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Prospects for President Yoon's impeachment are dim with ruling party boycotting voteBEIJING : Chinese new energy vehicle companies plan to set up factories in Pakistan, and African countries like Kenya have purchased Chinese electric vehicles. “China’s energy innovation has made significant contributions to the world economy.” This was stated by Zafaruddin Mahmood, President of the Lahore-based think tank Understanding China Forum (UCF) and former Special Advisor to the Pakistani Prime Minister, during the 2024 Understanding China Conference (Guangzhou) in the recent week, China Economic Net reported. The conference, themed “Carry Through the Reform to the End: Chinese Modernization and New Opportunities for World Development,” aimed to infuse Chinese wisdom and the power of the times into the volatile and ever-changing global landscape. Over 600 Chinese and international delegates from politics, strategy, business, academia, and think tanks participated in the event, serving as a platform for the world to comprehend China’s long-term economic development plans. According to Zafaruddin Mahmood “China’s modernization is one of the most remarkable transformations in human history—a journey that has not only reshaped the nation’s destiny but has also become a beacon of hope for the developing world.” Zafaruddin, who has lived and worked in China for over four decades—from his student days in 1976 to his roles as Economic and Commercial Counselor at the Pakistani Embassy in China, Special Envoy for the China-Pakistan Economic Corridor, and founder of the UCF—praised China’s opening-up policy. “Every time I come to China, I witness new developments,” he shared. “China’s high-level opening-up is giving a boost to the world economy.” He emphasized that China provides a driving force for global development. “Most people in the world have used Chinese products, which shows China’s tremendous impact on the world economy,” he said. With the rapid development of Chinese technology, apps like WeChat have entered the lives of Pakistanis, and the threshold for technical services has been lowered considerably. China’s rapid industrialization has made it the “factory of the world,” producing a wide range of goods, from basic consumer items to cutting-edge technology. Companies such as Huawei, Alibaba, and BYD have become global leaders, reshaping industries and setting new benchmarks for innovation. Moreover, China’s modernization is deeply intertwined with its commitment to environmental sustainability. “China has pivoted toward a green development model and is now the world’s largest producer and consumer of renewable energy,” Zafaruddin noted. With significant investments in solar, wind, and hydropower technologies, China’s ambitious goal of achieving carbon neutrality by 2060 is not just a national commitment but a global responsibility. Citing Pakistan as an illustration, Zafaruddin said, “Chinese solar products are inexpensive and highly prevalent in Pakistan. Almost every household uses Chinese solar products, and I have them installed at my home too.” “China’s modernization journey is not just about achieving national greatness; it is about contributing to global progress,” he added. From leading the fight against climate change to advancing technologies that benefit humanity, China is shaping a future defined by collaboration and shared prosperity. Initiatives like the Global Development Initiative and the Belt and Road Initiative reflect China’s commitment to building a shared future for humanity. Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );1 Growth Stock Down 70% to Buy Right NowWhen it comes to building a great gaming setup, it is easy for costs to add up quickly. A gaming PC alone can set you back around $1,000, and that's before factoring in extras like a monitor or sound system. Modern consoles like the Xbox Series X|S and PlayStation 5 also cost several hundred dollars, so it makes sense to look for savings in other areas to keep your setup affordable. Thankfully, there are a lot of accessories and peripherals for your own gaming setup that are on the cheaper side of things. You can find a variety of items like controllers, headsets, and keyboards without breaking the bank if you know where to look. Going for the budget option doesn't mean you have to skimp on quality either, as all of these accessories can be used to build a great gaming setup — all at a fraction of the price you might have expected to pay. Redragon may not be one of the major gaming keyboard brands , but it offers great value for money. Among its range of gaming peripherals is the Redragon K552 Mechanical Gaming Keyboard , which is available for less than $30. It comes equipped with 19 backlight effects that can be customized with different brightness levels and colors or switched to one of the preset modes. Each key features an independent micro switch for fast responses and quiet operation with a tactile feel. As an added bonus, this keyboard includes 12 remappable multimedia keys and a non-slip design to stay firmly in place during gaming. According to reviews, this mechanical keyboard offers great value for money and handles the basics well. The RGB lighting, in particular, is praised for its quality — comparable to that of much pricier keyboards. With more than 50,000 user reviews, the Redragon K552 holds an impressive Amazon rating of 4.5 out of 5. There are a lot of controllers available for those who want to build a great setup and don't want to rely solely on a keyboard and mouse. Unfortunately, many of those from established brands are expensive, while cheaper alternatives often lack even basic features. But there are some controllers that strike a good balance between cost and usability, with 8bitdo being a good example of that. The 8bitdo Ultimate Bluetooth Controller with Charging Dock is available for around $50 and offers users a great controller that is equipped with a rechargeable battery. SlashGear has previously reviewed the 8bitdo Pro 2 controller and found plenty to like but the Ultimate Bluetooth Controller is an improvement in several ways. The design has been modernized, making it better suited for contemporary gaming setups rather than resembling a relic of retro consoles. It also includes a charging dock that keeps the controller secure and stylish when not in use. The controller can switch between Bluetooth and 2.4G for connecting to devices and offers a number of customization options, including the ability to create and switch profiles through the company's software suite. Complete with back paddles and a 20+ hour battery life, this is the perfect budget controller for any gamer. If you want to win more games, then you need a good gaming mouse , and there are certainly plenty of choices on the market. The SteelSeries Rival 3 is one of the best options for anyone who isn't looking to break the bank with a more expensive product that might set you back in excess of $100. This gaming mouse is available for less than $30 and includes many features you'd expect from a pricier counterpart. According to SteelSeries, the device is constructed from high-grade polymer to ensure durability over time.The TrueMove Core optical gaming sensor provides excellent precision, offering 8,500 CPI for a smooth and accurate performance. An ergonomic design means it is comfortable to use regardless of your hand size, and the lightweight build ensures it is ideal for long gaming sessions. The mouse also features a prism lighting system that allows you to program different light zones with millions of colors alongside the ability to remap every input on the product. No gaming setup is complete without a quality mouse pad. A good mouse pad can improve the accuracy of a mouse sensor, enhance comfort during use, and protect both your desk and mouse from any damage. The SteelSeries QcK Gaming Mouse Pad is an affordable option at just $14.99 and has garnered plenty of praise, with over 90,000 Amazon reviews giving it an average rating of 4.7 out of 5. Durability, quality, and comfort of the mouse pad are highlighted often in user reviews. You can be sure that this is a popular product, with SteelSeries claiming to have sold over 10 million sales of its QcK range. Made from micro-woven cloth and a rubber base, the SteelSeries QcK Gaming Mouse Pad is designed to be soft to the touch and stay securely in place. The brand claims that the high thread count and smooth surface of the pad should increase accuracy with mouse sensors, making it a preferred choice for many professional gamers. The sheer number of devices in a gaming setup means there is a constant need to keep things charged and ready to play. The advent of powerful gaming machines like the Nintendo Switch and Steam Deck also means gamers often need a portable solution to keep products working on the go. Thankfully, power banks such as the Anker Portable Charger are exactly what any player who likes to keep their gaming setup mobile should have in their collection. Available for around $25, the Anker Portable Charger is a compact device that is just over half an inch thick and weighs under nine ounces. Despite the small size, it has a 10,000mAh capacity along with a 20W USB-C port and a 12W USB-A port, so you can charge two devices simultaneously. A series of MultiProtect safety systems regulate the temperature of the charger and make it extra resistant to damage, keeping it safe when you are traveling. Anker's reputation as one of the best power bank brands gives you added assurance that you are getting a high-quality and reliable product that won't let you down. HyperX, the gaming brand of HP, has built a solid reputation for producing quality peripherals at the mid-range level that are still budget-friendly. In fact, HyperX has some of the best cheap headphones that come with surround sound support with the likes of the HyperX Cloud 3. While those headphones might still be a bit pricey for anyone building a setup on a tight budget, the brand provides other options, particularly the HyperX Cloud Stinger 2 . You can grab this wired gaming headset for under $50, and for that money, you get an over-ear headset that is complete with a swivel-to-mute microphone and DTS technology. What this means for users is that the HyperX Cloud Stinger 2 can provide immersive 3D spatial audio, so you can pinpoint the direction of in-game sounds. Adjustable rotating memory foam ear cushions give extra comfort while the 50mm drivers provide quality sound that is ideal for gaming. The headset also includes easy-access audio controls on the device for adjusting volume and other settings. A good gaming setup isn't all about building a powerful gaming PC. Many players choose to game on consoles, like the Nintendo Switch. For any lover of the portable hybrid system, a decent carry case is an essential Nintendo Switch accessory — especially given how the console is designed to be carried around with you. After all, the device has a large screen that could easily be damaged in transit. The Amazon Basics Carrying Case for Nintendo Switch proves that you don't have to spend a fortune to get a reliable carry case that does the job perfectly well. Available on Amazon for a little under $15, this carry case has a hard shell for solid exterior protection and a cushioned velvet interior to ensure nothing inside gets bumped around. There's also a net compartment to store accessories such as an AC adapter, USB cables, and a spare pair of Joy-Con controllers. A dedicated section provides space for up to 10 game cards, which are held securely in place. The Logitech G413 SE is a rare product that, despite being an apparently budget version of its range, might actually be superior to the standard version. Launched in 2022, it is the second generation of the original Logitech G413 but carries the SE branding, suggesting it is a lower-cost alternative. While this is true in terms of cost — costing around $80 — it actually boasts a number of improvements over its predecessor. These improvements include a set of Polybutylene Terephthalate (PBT) keycaps, which most people prefer over the ABS plastic keycaps used in the original Logitech G413 as they offer better feel and durability. However, it isn't quite as stylish as other RGB keyboards, as this model has a more traditional look. That said, that the traditional design also means it includes a full layout with a Num Pad. Anyone who wants a no-frills mechanical keyboard should look deeper at the Logitech G413 SE and see if it has everything they want. Although they are not essential for a gaming setup, LED lights can put the finishing touches on a space and make a room look the part. That is because these lights create a luminescent glow that gives an atmospheric ambiance, helping set the mood for gaming without making the room too bright. They can be especially useful for those who stream and want to have their face and room visible on camera without blowing out the picture with traditional light bulbs that may be too bright and lack quick customization options. The only challenge is the sheer number of LED light options available, from strips to immersive light bars. While more expensive options can sync up with your gameplay, that doesn't mean that more budget-friendly offerings can't have a similar effect. The Keelixin 65.6ft LED Lights strip provides over 60 feet of lighting that you can easily mount around your room or accessories. It also comes with a remote control and supports a smartphone app, which allows users to fully customize the color and style of the lights at a price of under $10. While it is true that modern games will perform better when installed on an SSD, that doesn't mean the older standard HDD doesn't have a place. With AAA titles often running into hundreds of gigabytes of storage, it may simply not be possible for gamers to install every game they want on their computer's SSD, as these drives can fill up incredibly quickly. That's where external HDDs like the UnionSine 750GB 2.5" Ultra Slim Portable External Hard Drive come in. They allow players to download and store games, which can later be transferred to an SSD when they're ready to play — a process that's often much quicker than relying on unpredictable internet speeds. The UnionSine 750GB 2.5" Ultra Slim Portable External Hard Drive is available for under $40 and works with PCs, Macs, and gaming consoles such as the Xbox One and PlayStation 4. Offering 750GB of additional storage, it provides the space needed to download more games or take your favorite titles with you. Thanks to the USB 3.0 support, it has read and write speeds of over 100MB/s and is lightweight enough to easily carry around. The Crownful Mini Fridge is another example of an accessory that isn't exactly essential for a gaming setup but can help enhance your gaming area and take it to the next level. After all, who doesn't want to be able to quickly grab a can or a snack from right where they are without having to get up and leave their room? Having a small personal refrigerator like this can allow you to fully concentrate on gaming without having to risk pausing games or leaving multiplayer matches unattended. This model from Crownful offers four liters of space — enough to easily store six standard-sized soda cans or a range of snacks and other products that need to stay chilled. It has a basic but stylish white exterior with a chrome handle and operates quietly at just 25dB, so it won't compete with the sound from your games. It is also small enough to fit comfortably on most desks or on the floor without being obtrusive. No gaming setup is complete without a gaming chair. Aside from the computer or console you are using to play and the monitor to see the action, a chair might actually be one of the most important aspects. But where do you start when there are so many different models on the market, and you don't want to spend your rent money on a gaming chair ? In these cases, the Homall Gaming Chair may be the solution you are looking for. A good gaming chair needs to be comfortable, sturdy, and long-lasting — and it doesn't hurt if they look pretty good too. The Homall Gaming Chair checks all these boxes without the hefty price tag you might expect. Available for around $100 on Amazon and other retailers, it features high-density shaping foam for maximum comfort. It can swivel 360 degrees and has a recline function that can go back as far as 180 degrees. There's also a range of designs available, from the understated black and white version to neon green and even bright pink, so you should be able to find a version that complements your gaming setup. If you regularly play racing games and take titles like "Forza" and "Gran Turismo" seriously, then a racing wheel is something that your setup simply has to have. Racing wheels make these types of games feel more realistic, provide extra precision with your inputs, and deliver better feedback for how you are driving. Thrustmaster is a respected name in the field and produces some of the top-rated racing wheels . However, models like the Thrustmaster T300RS aren't exactly suitable for a budget gaming setup. Fortunately, the company also sells cheaper options that won't set you back several hundred dollars. The Thrustmaster T128X is one such example, with the racing wheel available for around $150 depending on the platform you need it for. The standard package comes with a force-feedback-enabled racing wheel, magnetic pedals, and a table clamp to keep it securely in place. The buttons, paddles, and mini-sticks can all be customized and moved around as well, giving gamers the opportunity to personalize their racing wheel to suit their preferences.
ATLANTA (AP) — Jimmy Carter, the peanut farmer who tried to restore virtue to the White House after the Watergate scandal and Vietnam War, then rebounded from a landslide defeat to become a global advocate of human rights and democracy, has died. He was 100 years old . The Carter Center said the 39th president died Sunday afternoon, more than a year after entering hospice care , at his home in Plains, Georgia, where he and his wife, Rosalynn, who died in November 2023, lived most of their lives. The center said he died peacefully, surrounded by his family. A moderate Democrat, Carter ran for president in 1976 as a little-known Georgia governor with a broad grin, effusive Baptist faith and technocratic plans for efficient government. His promise to never deceive the American people resonated after Richard Nixon’s disgrace and U.S. defeat in southeast Asia. “If I ever lie to you, if I ever make a misleading statement, don’t vote for me. I would not deserve to be your president,” Carter said. Carter’s victory over Republican Gerald Ford, whose fortunes fell after pardoning Nixon, came amid Cold War pressures, turbulent oil markets and social upheaval over race, women’s rights and America’s role in the world. His achievements included brokering Mideast peace by keeping Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin at Camp David for 13 days in 1978. But his coalition splintered under double-digit inflation and the 444-day hostage crisis in Iran. His negotiations ultimately brought all the hostages home alive, but in a final insult, Iran didn’t release them until the inauguration of Ronald Reagan, who had trounced him in the 1980 election. Humbled and back home in Georgia, Carter said his faith demanded that he keep doing whatever he could, for as long as he could, to try to make a difference. He and Rosalynn co-founded The Carter Center in 1982 and spent the next 40 years traveling the world as peacemakers, human rights advocates and champions of democracy and public health. Awarded the Nobel Peace Prize in 2002, Carter helped ease nuclear tensions in North and South Korea, avert a U.S. invasion of Haiti and negotiate cease-fires in Bosnia and Sudan. By 2022, the center had monitored at least 113 elections around the world. Carter was determined to eradicate guinea worm infections as one of many health initiatives. Swinging hammers into their 90s, the Carters built homes with Habitat for Humanity. The common observation that he was better as an ex-president rankled Carter. His allies were pleased that he lived long enough to see biographers and historians revisit his presidency and declare it more impactful than many understood at the time. Propelled in 1976 by voters in Iowa and then across the South, Carter ran a no-frills campaign. Americans were captivated by the earnest engineer, and while an election-year Playboy interview drew snickers when he said he “had looked on many women with lust. I’ve committed adultery in my heart many times,” voters tired of political cynicism found it endearing. The first family set an informal tone in the White House, carrying their own luggage, trying to silence the Marine Band’s traditional “Hail to the Chief" and enrolling daughter, Amy, in public schools. Carter was lampooned for wearing a cardigan and urging Americans to turn down their thermostats. But Carter set the stage for an economic revival and sharply reduced America's dependence on foreign oil by deregulating the energy industry along with airlines, trains and trucking. He established the departments of Energy and Education, appointed record numbers of women and nonwhites to federal posts, preserved millions of acres of Alaskan wilderness and pardoned most Vietnam draft evaders. Emphasizing human rights , he ended most support for military dictators and took on bribery by multinational corporations by signing the Foreign Corrupt Practices Act. He persuaded the Senate to ratify the Panama Canal treaties and normalized relations with China, an outgrowth of Nixon’s outreach to Beijing. But crippling turns in foreign affairs took their toll. When OPEC hiked crude prices, making drivers line up for gasoline as inflation spiked to 11%, Carter tried to encourage Americans to overcome “a crisis of confidence.” Many voters lost confidence in Carter instead after the infamous address that media dubbed his “malaise" speech, even though he never used that word. After Carter reluctantly agreed to admit the exiled Shah of Iran to the U.S. for medical treatment, the American Embassy in Tehran was overrun in 1979. Negotiations to quickly free the hostages broke down, and then eight Americans died when a top-secret military rescue attempt failed. Carter also had to reverse course on the SALT II nuclear arms treaty after the Soviets invaded Afghanistan in 1979. Though historians would later credit Carter's diplomatic efforts for hastening the end of the Cold war, Republicans labeled his soft power weak. Reagan’s “make America great again” appeals resonated, and he beat Carter in all but six states. Born Oct. 1, 1924, James Earl Carter Jr. married fellow Plains native Rosalynn Smith in 1946, the year he graduated from the Naval Academy. He brought his young family back to Plains after his father died, abandoning his Navy career, and they soon turned their ambitions to politics . Carter reached the state Senate in 1962. After rural white and Black voters elected him governor in 1970, he drew national attention by declaring that “the time for racial discrimination is over.” Carter published more than 30 books and remained influential as his center turned its democracy advocacy onto U.S. politics, monitoring an audit of Georgia’s 2020 presidential election results. After a 2015 cancer diagnosis, Carter said he felt “perfectly at ease with whatever comes.” “I’ve had a wonderful life,” he said. “I’ve had thousands of friends, I’ve had an exciting, adventurous and gratifying existence.” Contributors include former AP staffer Alex Sanz in Atlanta.
Annamayya SP calls for peace in Rayachoti, condemns adverse reports in social mediaEverton striker Neal Maupay has sparked outrage among Toffees fans by taking a swipe at his parent club in a post on social media. Maupay also had a dig at Everton when he departed on loan to Marseille in the summer and his latest taunt has further angered the Premier League club’s supporters. The 28-year-old said on X after Sean Dyche’s side had lost 2-0 to Nottingham Forest at Goodison Park on Sunday: “Whenever I’m having a bad day I just check the Everton score and smile.” Whenever I’m having a bad day I just check the Everton score and smile 🙂 — Neal Maupay (@nealmaupay_) December 29, 2024 Former boxer Tony Bellew was among the Toffees’ supporters who responded to Maupay, with the ex-world cruiserweight champion replying on X with: “P****!” Maupay endured a miserable spell at Everton, scoring just one league goal in 29 appearances after being signed by the Merseysiders for an undisclosed fee in 2022. He departed on a season-long loan to his former club Brentford for the 2023-24 season and left Goodison for a second time in August when Marseille signed him on loan with an obligation to make the deal permanent. After leaving Everton in the summer, Maupay outraged their fans by posting on social media a scene from the film Shawshank Redemption, famous for depicting the main character’s long fight for freedom.Zuora: Fiscal Q3 Earnings Snapshot
Neal Maupay: Whenever I’m having a bad day I check Everton score and smileLucknow: The Gorakhpur link expressway , a flagship infrastructure project of the UP govt, is on the verge of completion with 98% of construction work finished. The 91.35-km expressway, built at a cost of Rs 7,283.28 crore, is ready for vehicular movement and awaits formal inauguration in the New Year. The expressway, which connects Gorakhpur to Azamgarh while passing through four districts, represents a significant engineering achievement, particularly given the challenging low-lying terrain in the Gorakhpur region, officials said. Starting from Gorakhpur Bypass NH-27 near Jaitpur village and ending at Salarpur in Azamgarh, it will facilitate vehicular movement via Purvanchal Expressway , enabling faster travel to Lucknow, Agra and Delhi. According to the UP expressway industrial development authority (UPEIDA), the main carriageway's clearing and earthwork are 100% complete. Of the 343 proposed structures, 337 have been constructed, with the remaining works progressing rapidly. "The expressway will reduce travel time from Gorakhpur to Lucknow to just 3.5 hours via the Purvanchal Expressway," said a senior UPEIDA official, adding, "This connectivity will significantly boost regional development." The project benefits four districts — Gorakhpur, Ambedkarnagar, Sant Kabir Nagar and Azamgarh — and is expected to drive social and economic development in the region. The controlled-access highway will help reduce fuel consumption and environmental pollution while improving travel efficiency. The UP govt is also developing an industrial corridor along both sides of the expressway, which is expected to boost agriculture, commerce, tourism and industrial growth. The expressway will serve as a crucial link between various production units, development centres and agricultural zones to the national capital. "This project showcases our govt's commitment to infrastructure development," said the officer. Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , Location Guesser and Mini Crossword .Rupert Murdoch, owner of Fox News and the Wall Street Journal, is seeking to put his son Lachlan in control of the media empire. A United States probate commissioner has ruled against billionaire media baron Rupert Murdoch ‘s bid to change his family trust to put his global television and publishing empire under the control of his eldest son Lachlan, The New York Times has reported. Nevada commissioner Edmund Gorman concluded that Murdoch and his son Lachlan, who run Fox Corp and News Corp, the owners of Fox News and The Wall Street Journal, had acted in “bad faith” in their effort to amend the irrevocable trust, the Times reported on Monday, citing a sealed court document. The trust currently would divide control of the company equally among Murdoch’s four oldest children – Lachlan, James, Elisabeth and Prudence – after his death. In his opinion, Gorman said the plan to change the trust was a “carefully crafted charade” to “permanently cement Lachlan Murdoch’s executive roles” inside the empire “regardless of the impacts such control would have over the companies or the beneficiaries” of the family trust, the Times said. A lawyer for Rupert Murdoch, Adam Streisand, said they were disappointed with the ruling and intended to appeal, the Times reported. The Murdochs’ conservative media empire is poised to play an important role in the political future of the US as President-elect Donald Trump is set to return to the White House in January. Fox News has bounced back after losing an $800m defamation lawsuit last year due to its handling of the 2020 election results. Rupert Murdoch was one of the most prominent Trump detractors to line up behind the former president during the recent election campaign, with the full-throated support of Fox News. The succession battle for control of Murdoch’s media holdings has been going on behind closed doors for three months in a Reno, Nevada, courtroom. Married five times, the 93-year-old Murdoch retired last year and is attempting to change the terms of the family’s trust to ensure that after he dies, the media companies remain under the control of Lachlan Murdoch. Rupert Murdoch’s proposed amendment would block any interference by three of Lachlan’s siblings, who are more politically moderate, The New York Times has reported. Lachlan Murdoch already runs Fox and is the sole chair of News Corp. Lachlan Murdoch is viewed as ideologically aligned with his conservative father. James Murdoch, who has donated to progressive political groups, resigned in 2020 from the News Corp board, citing disagreements over editorial content. The Murdoch trust was formed around the time of Rupert Murdoch’s divorce from his second wife, Anna, in 1999. The trust is the vehicle through which the elder Murdoch controls News Corp and Fox, with roughly a 40 percent stake in voting shares of each company.
da-kuk The recent election victory of Donald Trump has catalyzed a remarkable surge in cryptocurrency related assets, with MicroStrategy ( NASDAQ: MSTR ) shares rallying more than 46% in just two weeks. This political development has fueled optimism about a more favorable regulatory environment for Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Pep Guardiola sure 75 per cent of Premier League clubs want Man City relegatedMeet the Stock-Split Stock That Soared 10,610% Over the Past 15 Years. It's Poised to Join Apple, Nvidia, Microsoft, Amazon, Alphabet, and Meta in the $1 Trillion Club by 2025.
Jimmy Carter, 39th US president, Nobel winner, dies at 100Ministers warned of cuts as ‘every pound’ of spending to face review1 2 Kolkata: To help students avoid missing classes due to various reasons, several city schools are encouraging them to continue their education with live online classrooms . They are introducing apps for submitting classwork and taking online tests as well. South City International School is allowing children to attend live classes if they are not in the city or country, or if there is an emergency. Principal Satabdi Bhattacharjee said, "Earlier, if children had emergencies, including health and family-related matters, they had no other option choice but to miss classes. So, we decided to provide online support that allows them to attend classes along with other students. They can communicate during classes, ask questions to the teachers, and experience the classroom atmosphere while away from the school." From this year, South City International has introduced online admission tests for different classes. Conducting exams, interactions, and publishing results are all done online. "There are many students from outside the city who wanted to take exams but could not because they were unable to attend physically. So, we made it more flexible through our online platform, and several students from outside Bengal were able to participate," Bhattacharjee said. There are several other schools in and around the city are using digital platforms if a child misses classes. Ashok Hall Girls' Higher Secondary School, GD Birla Centre for Education, and Mahadevi Birla Shishu Vihar have introduced mobile applications to provide class assignments, homework, performance updates, and real-time attendance updates. GD Birla Centre for Education principal Craig Lucas said, "The new website is designed to be more informative, illustrative, and interactive, while our ERP will facilitate better communication, accurate information, and a closer connection between our parents and the school team of teachers and leaders. The changing times demand that we reimagine, reinvent, and redefine the way we transact education. Students will get all the class updates even if they are not in the classroom and will receive details of homework even if they miss attending classes for some reason. Everything will be uploaded immediately after classes are over. Parents can monitor their wards while they are in school through technological support." Ashok Hall Higher Secondary School's principal Atreyee Sengupta emphasised that these tools enhance collaboration and streamline communication for a brighter future.
SAN FRANCISCO--(BUSINESS WIRE)--Dec 9, 2024-- Planet Labs PBC (NYSE: PL) (“Planet” or the “Company”), a leading provider of daily data and insights about Earth, today announced financial results for the period ended October 31, 2024. "We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead. The third quarter represented Planet’s largest ever quarter of ACV bookings, helping lay the foundation for future growth," said Will Marshall, Planet’s Co-Founder, Chief Executive Officer and Chairperson. "We continue to see strong demand for our data, particularly where enhanced with AI-enabled solutions. We also saw first light from our Tanager satellite, released the first set of over 300 CO2 and methane detections, and are progressing towards commercializing its hyperspectral data. The success of this program has led us to actively pursue other opportunities that similarly advance our technology roadmap while enhancing our financial position. Ultimately, we believe Planet is well positioned for growth going forward." Ashley Johnson, Planet’s President and Chief Financial Officer, added, “We saw significant improvement in the fundamentals of the business during the quarter, as evident in the year-over-year and sequential improvement in margins, as well as the continued progress on our path to profitability. I’m pleased to confirm that we’re on track to achieve our target of Adjusted EBITDA profitability next quarter. Meanwhile, we’re reducing our cash burn and our balance sheet remains strong with approximately $242 million of cash, cash equivalents, and short-term investments as of the end of the quarter, and we continue to have no debt.” Third Quarter of Fiscal 2025 Financial and Key Metric Highlights: Recent Business Highlights: Growing Customer and Partner Relationships New Technologies and Products Impact and ESG Fourth Quarter Financial Outlook For the fourth quarter of fiscal year 2025, ending January 31, 2025, Planet expects revenue to be in the range of approximately $61 million to $63 million. Non-GAAP Gross Margin is expected to be in the range of approximately 63% to 65%. Adjusted EBITDA is expected to be in the range of approximately $0 to $2 million for the quarter. Capital Expenditures are expected to be in the range of approximately $8 million and $11 million for the quarter. Planet has not reconciled its Non-GAAP financial outlook to the most directly comparable GAAP measures because certain reconciling items, such as stock-based compensation expenses and depreciation and amortization are uncertain or out of Planet’s control and cannot be reasonably predicted. The actual amount of these expenses during the fourth quarter of fiscal year 2025 will have a significant impact on Planet’s future GAAP financial results. Accordingly, a reconciliation of Planet’s Non-GAAP outlook to the most comparable GAAP measures is not available without unreasonable efforts. The foregoing forward-looking statements reflect Planet’s expectations as of today’s date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. Webcast and Conference Call Information Planet will host a conference call at 5:00 p.m. ET / 2:00 p.m. PT today, December 9, 2024. The webcast can be accessed at www.planet.com/investors/ . A replay will be available approximately 2 hours following the event. If you would prefer to register for the conference call, please go to the following link: https://www.netroadshow.com/events/login?show=00196caf&confId=74075 . You will then receive your access details via email. Additionally, a supplemental presentation has been provided on Planet’s investor relations page. About Planet Labs PBC Planet is a leading provider of global, daily satellite imagery and geospatial solutions. Planet is driven by a mission to image the world every day, and make change visible, accessible and actionable. Founded in 2010 by three NASA scientists, Planet designs, builds, and operates the largest Earth observation fleet of imaging satellites. Planet provides mission-critical data, advanced insights, and software solutions to over 1,000 customers, comprising the world’s leading agriculture, forestry, intelligence, education and finance companies and government agencies, enabling users to simply and effectively derive unique value from satellite imagery. Planet is a public benefit corporation listed on the New York Stock Exchange as PL. To learn more visit www.planet.com and follow us on X (formerly Twitter) or tune in to HBO’s ‘Wild Wild Space’. Channels for Disclosure of Information Planet intends to announce material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, webcasts, the investor relations section of its website (investors.planet.com) and its blog (planet.com/pulse) in order to achieve broad, non-exclusionary distribution of information to the public and for complying with its disclosure obligations under Regulation FD. It is possible that the information Planet posts on its blog could be deemed to be material information. As such, Planet encourages investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Planet’s Use of Non-GAAP Financial Measures This press release includes Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described further below, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share, Adjusted EBITDA and Backlog, which are non-GAAP measures the Company uses to supplement its results presented in accordance with U.S. GAAP. The Company includes these non-GAAP financial measures because they are used by management to evaluate the Company’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Non-GAAP Gross Profit and Non-GAAP Gross Margin: The Company defines and calculates Non-GAAP Gross Profit as gross profit adjusted for stock-based compensation, amortization of acquired intangible assets classified as cost of revenue, restructuring costs, and employee transaction bonuses in connection with the Sinergise business combination. The Company defines Non-GAAP Gross Margin as Non-GAAP Gross Profit divided by revenue. Non-GAAP Expenses: The Company defines and calculates Non-GAAP cost of revenue, Non-GAAP research and development expenses, Non-GAAP sales and marketing expenses, and Non-GAAP general and administrative expenses as, in each case, the corresponding U.S. GAAP financial measure (cost of revenue, research and development expenses, sales and marketing expenses, and general and administrative expenses) adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, that are classified within each of the corresponding U.S. GAAP financial measures. Non-GAAP Loss from Operations: The Company defines and calculates Non-GAAP Loss from Operations as loss from operations adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. Non-GAAP Net Loss and Non-GAAP Net Loss per Diluted Share: The Company defines and calculates Non-GAAP Net Loss as net loss adjusted for stock-based compensation, amortization of acquired intangible assets, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination, and the income tax effects of the non-GAAP adjustments. The Company defines and calculates Non-GAAP Net Loss per Diluted Share as Non-GAAP Net Loss divided by diluted weighted-average common shares outstanding. Adjusted EBITDA: The Company defines and calculates Adjusted EBITDA as net income (loss) before the impact of interest income and expense, income tax expense and depreciation and amortization, and further adjusted for the following items: stock-based compensation, change in fair value of warrant liabilities, non-operating income and expenses such as foreign currency exchange gain or loss, restructuring costs, certain litigation expenses, and employee transaction bonuses in connection with the Sinergise business combination. The Company presents Non-GAAP Gross Profit, Non-GAAP Gross Margin, certain Non-GAAP Expenses described above, Non-GAAP Loss from Operations, Non-GAAP Net Loss, Non-GAAP Net Loss per Diluted Share and Adjusted EBITDA because the Company believes these measures are frequently used by analysts, investors and other interested parties to evaluate companies in Planet’s industry and facilitates comparisons on a consistent basis across reporting periods. Further, the Company believes these measures are helpful in highlighting trends in its operating results because they exclude items that are not indicative of the Company’s core operating performance. Backlog: The Company defines and calculates Backlog as remaining performance obligations plus the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty and written orders where funding has not been appropriated. Backlog does not include unexercised contract options. Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized, which includes both deferred revenue and non-cancelable contracted revenue that will be invoiced and recognized in revenue in future periods. Remaining performance obligations do not include contracts which provide the customer with a right to terminate for convenience without incurring a substantive termination penalty, written orders where funding has not been appropriated and unexercised contract options. An increasing and meaningful portion of the Company’s revenue is generated from contracts with the U.S. government and other government customers. Cancellation provisions, such as termination for convenience clauses, are common in contracts with the U.S. government and certain other government customers. The Company presents Backlog because the portion of its customer contracts with such cancellation provisions represents a meaningful amount of the Company’s expected future revenues. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes Backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business. Customer cancellation provisions relating to termination for convenience clauses and funding appropriation requirements are outside of the Company’s control, and as a result, the Company may fail to realize the full value of such contracts. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented are not based on any standardized methodology prescribed by U.S. GAAP and are not necessarily comparable to similarly-titled measures presented by other companies, which may have different definitions from the Company’s. Further, certain of the non-GAAP financial measures presented exclude stock-based compensation expenses, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of its compensation strategy. Other Key Metrics ACV and EoP ACV Book of Business: In connection with the calculation of several of the key operational and business metrics we utilize, the Company calculates Annual Contract Value (“ACV”) for contracts of one year or greater as the total amount of value that a customer has contracted to pay for the most recent 12 month period for the contract, excluding customers that are exclusively Sentinel Hub self-service paying users. For short-term contracts (contracts less than 12 months), ACV is equal to total contract value. The Company also calculates EoP ACV Book of Business in connection with the calculation of several of the key operational and business metrics we utilize. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users. Active contracts exclude any contract that has been canceled, expired prior to the last day of the period without renewing, or for any other reason is not expected to generate revenue in the subsequent period. For contracts ending on the last day of the period, the ACV is either updated to reflect the ACV of the renewed contract or, if the contract has not yet renewed or extended, the ACV is excluded from the EoP ACV Book of Business. The Company does not annualize short-term contracts in calculating its EoP ACV Book of Business. The Company calculates the ACV of usage-based contracts based on the committed contracted revenue or the revenue achieved on the usage-based contract in the prior 12-month period. Percent of Recurring ACV: Percent of Recurring ACV is the portion of the total EoP ACV Book of Business that is recurring in nature. The Company defines EoP ACV Book of Business as the sum of the ACV of all contracts that are active on the last day of the period pursuant to the effective dates and end dates of such contracts, excluding customers that are exclusively Sentinel Hub self-service paying users. The Company defines Percent of Recurring ACV as the dollar value of all data subscription contracts and the committed portion of usage-based contracts (excluding customers that are exclusively Sentinel Hub self-service paying users) divided by the total dollar value of all contracts in our EoP ACV Book of Business. The Company believes Percent of Recurring ACV is useful to investors to better understand how much of the Company’s revenue is from customers that have the potential to renew their contracts over multiple years rather than being one-time in nature. The Company tracks Percent of Recurring ACV to inform estimates for the future revenue growth potential of our business and improve the predictability of our financial results. There are no significant estimates underlying management’s calculation of Percent of Recurring ACV, but management applies judgment as to which customers have an active contract at a period end for the purpose of determining EoP ACV Book of Business, which is used as part of the calculation of Percent of Recurring ACV. EoP Customer Count: The Company defines EoP Customer Count as the total count of all existing customers at the end of the period excluding customers that are exclusively Sentinel Hub self-service paying users. For EoP Customer Count, the Company defines existing customers as customers with an active contract with the Company at the end of the reported period. For the purpose of this metric, the Company defines a customer as a distinct entity that uses the Company’s data or services. The Company sells directly to customers, as well as indirectly through its partner network. If a partner does not provide the end customer’s name, then the partner is reported as the customer. Each customer, regardless of the number of active opportunities with the Company, is counted only once. For example, if a customer utilizes multiple products of Planet, the Company only counts that customer once for purposes of EoP Customer Count. A customer with multiple divisions, segments, or subsidiaries are also counted as a single unique customer based on the parent organization or parent account. For EoP Customer Count, the Company does not include users that only utilize the Company’s self-service Sentinel Hub web based ordering system, which the Company acquired in August 2023, and which offers standard starter packages on a monthly or annual basis. The Company believes excluding these users from EoP Customer Count creates a more useful metric, as the Company views the Sentinel Hub starter packages as entry points for smaller accounts, leading to broader awareness of the Company’s solutions throughout their networks and organizations. The Company believes EoP Customer Count is a useful metric for investors and management to track as it is an important indicator of the broader adoption of the Company’s platform and is a measure of the Company’s success in growing its market presence and penetration. Management applies judgment as to which customers are deemed to have an active contract in a period, as well as whether a customer is a distinct entity that uses the Company’s data or services. Capital Expenditures as a Percentage of Revenue: The Company defines capital expenditures as purchases of property and equipment plus capitalized internally developed software development costs, which are included in our statements of cash flows from investing activities. The Company defines Capital Expenditures as a Percentage of Revenue as the total amount of capital expenditures divided by total revenue in the reported period. Capital Expenditures as a Percentage of Revenue is a performance measure that we use to evaluate the appropriate level of capital expenditures needed to support demand for the Company’s data services and related revenue, and to provide a comparable view of the Company’s performance relative to other earth observation companies, which may invest significantly greater amounts in their satellites to deliver their data to customers. The Company uses an agile space systems strategy, which means we invest in a larger number of significantly lower cost satellites and software infrastructure to automate the management of the satellites and to deliver the Company’s data to clients. As a result of the Company’s strategy and business model, the Company’s capital expenditures may be more similar to software companies with large data center infrastructure costs. Therefore, the Company believes it is important to look at the level of capital expenditure investments relative to revenue when evaluating the Company’s performance relative to other earth observation companies or to other software and data companies with significant data center infrastructure investment requirements. The Company believes Capital Expenditures as a Percentage of Revenue is a useful metric for investors because it provides visibility to the level of capital expenditures required to operate the Company and the Company’s relative capital efficiency. Forward-looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Planet’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “target,” “anticipate,” “intend,” “develop,” “evolve,” “plan,” “seek,” “may,” “will,” “could,” “can,” “should,” “would,” “believes,” “predicts,” “potential,” “strategy,” “opportunity,” “aim,” “conviction,” “continue,” “positioned” or the negative of these words or other similar terms or expressions that concern Planet’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding Planet’s financial guidance and outlook, Planet’s path to profitability (including on an Adjusted EBITDA basis) and target for achieving Adjusted EBITDA profitability, Planet’s growth opportunities, Planet’s expectations regarding future product development and performance, and Planet’s expectations regarding its strategies with respect to its markets and customers, including trends in customer demand. Planet’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment and risks regarding Planet’s ability to forecast Planet’s performance due to Planet’s limited operating history. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Planet’s filings with the Securities and Exchange Commission (“SEC”), including Planet’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024, and any subsequent filings with the SEC Planet may make. All forward-looking statements reflect Planet’s beliefs and assumptions only as of the date of this press release. Planet undertakes no obligation to update forward-looking statements to reflect future events or circumstances, except as may be required by law. Planet’s results for the quarter ended October 31, 2024, are not necessarily indicative of its operating results for any future periods. PLANET CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 138,969 $ 83,866 Restricted cash and cash equivalents, current 6,525 8,360 Short-term investments 103,255 215,041 Accounts receivable, net 38,853 43,320 Prepaid expenses and other current assets 13,992 19,564 Total current assets 301,594 370,151 Property and equipment, net 116,920 113,429 Capitalized internal-use software, net 18,259 14,973 Goodwill 137,411 136,256 Intangible assets, net 29,231 32,448 Restricted cash and cash equivalents, non-current 4,437 9,972 Operating lease right-of-use assets 20,829 22,339 Other non-current assets 2,083 2,429 Total assets $ 630,764 $ 701,997 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 3,572 $ 2,601 Accrued and other current liabilities 43,670 44,779 Deferred revenue 66,462 72,327 Liability from early exercise of stock options 6,275 8,964 Operating lease liabilities, current 9,105 7,978 Total current liabilities 129,084 136,649 Deferred revenue 11,230 5,293 Deferred hosting costs 6,665 7,101 Public and private placement warrant liabilities 1,835 2,961 Operating lease liabilities, non-current 13,819 16,952 Contingent consideration 2,871 5,885 Other non-current liabilities 655 9,138 Total liabilities 166,159 183,979 Stockholders’ equity Common stock 28 28 Additional paid-in capital 1,631,077 1,596,201 Accumulated other comprehensive income 1,347 1,594 Accumulated deficit (1,167,847 ) (1,079,805 ) Total stockholders’ equity 464,605 518,018 Total liabilities and stockholders’ equity $ 630,764 $ 701,997 PLANET CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Revenue $ 61,266 $ 55,380 $ 182,798 $ 161,844 Cost of revenue 23,749 29,350 81,288 81,375 Gross profit 37,517 26,030 101,510 80,469 Operating expenses Research and development 25,216 33,002 78,055 87,929 Sales and marketing 16,795 20,774 62,013 66,209 General and administrative 18,114 20,112 58,198 62,161 Total operating expenses 60,125 73,888 198,266 216,299 Loss from operations (22,608 ) (47,858 ) (96,756 ) (135,830 ) Interest income 2,414 3,445 8,292 11,753 Change in fair value of warrant liabilities 198 6,833 1,126 14,004 Other income (expense), net (60 ) (69 ) 660 894 Total other income, net 2,552 10,209 10,078 26,651 Loss before provision for income taxes (20,056 ) (37,649 ) (86,678 ) (109,179 ) Provision for income taxes 25 355 1,364 1,244 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Basic and diluted net loss per share attributable to common stockholders $ (0.07 ) $ (0.13 ) $ (0.30 ) $ (0.40 ) Basic and diluted weighted-average common shares outstanding used in computing net loss per share attributable to common stockholders 293,338,324 284,197,733 290,674,554 277,252,951 PLANET CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Other comprehensive income (loss), net of tax: Foreign currency translation adjustment 52 (1,667 ) (159 ) (1,543 ) Change in fair value of available-for-sale securities 48 89 (88 ) (970 ) Other comprehensive income (loss), net of tax 100 (1,578 ) (247 ) (2,513 ) Comprehensive loss $ (19,981 ) $ (39,582 ) $ (88,289 ) $ (112,936 ) PLANET CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Nine Months Ended October 31, (In thousands) 2024 2023 Operating activities Net loss $ (88,042 ) $ (110,423 ) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 36,365 36,033 Stock-based compensation, net of capitalized cost 36,467 44,611 Change in fair value of warrant liabilities (1,126 ) (14,004 ) Change in fair value of contingent consideration 3,161 (923 ) Other (932 ) (3,538 ) Changes in operating assets and liabilities Accounts receivable 5,487 (3,872 ) Prepaid expenses and other assets 8,499 9,483 Accounts payable, accrued and other liabilities (7,731 ) (20,706 ) Deferred revenue 71 19,557 Deferred hosting costs (298 ) (92 ) Net cash used in operating activities (8,079 ) (43,874 ) Investing activities Purchases of property and equipment (32,694 ) (29,086 ) Capitalized internal-use software (4,145 ) (3,266 ) Maturities of available-for-sale securities 57,046 142,903 Sales of available-for-sale securities 162,341 40,072 Purchases of available-for-sale securities (105,582 ) (166,169 ) Business acquisition, net of cash acquired (1,068 ) (7,542 ) Purchases of licensed imagery intangible assets (4,558 ) — Other (300 ) (944 ) Net cash provided by (used in) investing activities 71,040 (24,032 ) Financing activities Proceeds from the exercise of common stock options 332 6,770 Payments for withholding taxes related to the net share settlement of equity awards (7,328 ) (7,112 ) Proceeds from employee stock purchase program 1,083 — Payments of contingent consideration for business acquisitions (8,783 ) — Other (606 ) (15 ) Net cash used in financing activities (15,302 ) (357 ) Effect of exchange rate changes on cash and cash equivalents, and restricted cash and cash equivalents 74 (65 ) Net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents 47,733 (68,328 ) Cash and cash equivalents, and restricted cash and cash equivalents at the beginning of the period 102,198 188,076 Cash and cash equivalents, and restricted cash and cash equivalents at the end of the period $ 149,931 $ 119,748 PLANET RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Interest income (2,414 ) (3,445 ) (8,292 ) (11,753 ) Income tax provision 25 355 1,364 1,244 Depreciation and amortization 10,117 13,625 36,365 36,033 Change in fair value of warrant liabilities (198 ) (6,833 ) (1,126 ) (14,004 ) Stock-based compensation 11,829 12,598 36,467 44,611 Restructuring costs (1) 25 7,341 10,524 7,341 Employee transaction bonuses in connection with the Sinergise business combination (2) — 2,317 — 2,317 Certain litigation expenses (3) 395 — 395 — Other (income) expense, net 60 69 (660 ) (894 ) Adjusted EBITDA $ (242 ) $ (11,977 ) $ (13,005 ) $ (45,528 ) (1) As part of the 2024 headcount reduction, we recognized immaterial severance and other employee costs for the three months ended October 31, 2024 and $10.5 million of severance and other employee costs for the nine months ended October 31, 2024. For the three and nine months ended October 31, 2024, the restructuring related stock-based compensation benefit of $1.4 million is included on its respective line item. As part of the 2023 headcount reduction, we recognized $7.3 million of severance and other employee costs for the three and nine months ended October 31, 2023. For the three and nine months ended October 31, 2023, the restructuring related stock-based compensation benefit of $1.5 million is included on its respective line item. (2) Certain employees of Sinergise, which became employees of Planet, were paid cash transaction bonuses in connection with the closing of the Sinergise acquisition. The cost of the transaction bonuses was allocated from the purchase consideration we paid for the acquisition. (3) Expenses relating to the Delaware class action lawsuit. PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Reconciliation of cost of revenue: GAAP cost of revenue $ 23,749 $ 29,350 $ 81,288 $ 81,375 Less: Stock-based compensation 745 888 2,563 2,855 Less: Amortization of acquired intangible assets 759 796 2,298 1,674 Less: Restructuring costs 128 563 1,312 563 Less: Employee transaction bonuses in connection with the Sinergise business combination — 267 — 267 Non-GAAP cost of revenue $ 22,117 $ 26,836 $ 75,115 $ 76,016 Reconciliation of gross profit: GAAP gross profit $ 37,517 $ 26,030 $ 101,510 $ 80,469 Add: Stock-based compensation 745 888 2,563 2,855 Add: Amortization of acquired intangible assets 759 796 2,298 1,674 Add: Restructuring costs 128 563 1,312 563 Add: Employee transaction bonuses in connection with the Sinergise business combination — 267 — 267 Non-GAAP gross profit $ 39,149 $ 28,544 $ 107,683 $ 85,828 GAAP gross margin 61 % 47 % 56 % 50 % Non-GAAP gross margin 64 % 52 % 59 % 53 % PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands) 2024 2023 2024 2023 Reconciliation of operating expenses: GAAP research and development $ 25,216 $ 33,002 $ 78,055 $ 87,929 Less: Stock-based compensation 4,294 5,655 12,120 18,555 Less: Restructuring costs (76 ) 3,297 3,464 3,297 Less: Employee transaction bonuses in connection with the Sinergise business combination — 1,891 — 1,891 Non-GAAP research and development $ 20,998 $ 22,159 $ 62,471 $ 64,186 GAAP sales and marketing $ 16,795 $ 20,774 $ 62,013 $ 66,209 Less: Stock-based compensation 1,655 1,626 6,863 7,827 Less: Amortization of acquired intangible assets 129 261 473 665 Less: Restructuring costs 24 1,943 4,457 1,943 Less: Employee transaction bonuses in connection with the Sinergise business combination — 41 — 41 Non-GAAP sales and marketing $ 14,987 $ 16,903 $ 50,220 $ 55,733 GAAP general and administrative $ 18,114 $ 20,112 $ 58,198 $ 62,161 Less: Stock-based compensation 5,135 4,429 14,921 15,374 Less: Amortization of acquired intangible assets 36 93 151 254 Less: Restructuring costs (51 ) 1,538 1,291 1,538 Less: Employee transaction bonuses in connection with the Sinergise business combination — 118 — 118 Less: Certain litigation expenses 395 — 395 — Non-GAAP general and administrative $ 12,599 $ 13,934 $ 41,440 $ 44,877 Reconciliation of loss from operations GAAP loss from operations $ (22,608 ) $ (47,858 ) $ (96,756 ) $ (135,830 ) Add: Stock-based compensation 11,829 12,598 36,467 44,611 Add: Amortization of acquired intangible assets 924 1,150 2,922 2,593 Add: Restructuring costs 25 7,341 10,524 7,341 Add: Employee transaction bonuses in connection with the Sinergise business combination — 2,317 — 2,317 Add: Certain litigation expenses 395 — 395 — Non-GAAP loss from operations $ (9,435 ) $ (24,452 ) $ (46,448 ) $ (78,968 ) PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) Three Months Ended October 31, Nine Months Ended October 31, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Reconciliation of net loss GAAP net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Add: Stock-based compensation 11,829 12,598 36,467 44,611 Add: Amortization of acquired intangible assets 924 1,150 2,922 2,593 Add: Restructuring costs 25 7,341 10,524 7,341 Add: Employee transaction bonuses in connection with the Sinergise business combination — 2,317 — 2,317 Add: Certain litigation expenses 395 — 395 — Income tax effect of non-GAAP adjustments 914 — 1,326 — Non-GAAP net loss $ (5,994 ) $ (14,598 ) $ (36,408 ) $ (53,561 ) Reconciliation of net loss per share, diluted GAAP net loss $ (20,081 ) $ (38,004 ) $ (88,042 ) $ (110,423 ) Non-GAAP net loss $ (5,994 ) $ (14,598 ) $ (36,408 ) $ (53,561 ) GAAP net loss per share, basic and diluted (1) $ (0.07 ) $ (0.13 ) $ (0.30 ) $ (0.40 ) Add: Stock-based compensation 0.04 0.04 0.13 0.16 Add: Amortization of acquired intangible assets — — 0.01 0.01 Add: Restructuring costs — 0.03 0.04 0.03 Add: Employee transaction bonuses in connection with the Sinergise business combination — 0.01 — 0.01 Add: Certain litigation expenses — — — — Income tax effect of non-GAAP adjustments — — — — Non-GAAP net loss per share, diluted (2) (3) $ (0.02 ) $ (0.05 ) $ (0.13 ) $ (0.19 ) Weighted-average shares used in computing GAAP net loss per share, basic and diluted (1) 293,338,324 284,197,733 290,674,554 277,252,951 Weighted-average shares used in computing Non-GAAP net loss per share, diluted (1) 293,338,324 284,197,733 290,674,554 277,252,951 (1) Basic and diluted GAAP net loss per share was the same for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (2) Non-GAAP net loss per share, diluted is calculated using weighted-average shares, adjusted for dilutive potential shares assumed outstanding during the period. No adjustment was made to weighted-average shares for each period presented as the inclusion of all potential Class A common stock and Class B common stock outstanding would have been anti-dilutive. (3) Totals may not sum due to rounding. Figures are calculated based upon the respective underlying non-rounded data. PLANET RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited) The table below reconciles Backlog to remaining performance obligations for the periods indicated: (in thousands) October 31, 2024 January 31, 2024 Remaining performance obligations $ 145,890 $ 132,571 Cancellable amount of contract value 86,250 109,821 Backlog $ 232,140 $ 242,392 For remaining performance obligations as of October 31, 2024, the Company expects to recognize approximately 82% over the next 12 months, approximately 98% over the next 24 months, and the remainder thereafter. For Backlog as of October 31, 2024, the Company expects to recognize approximately 70% over the next 12 months, approximately 91% over the next 24 months, and the remainder thereafter. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209391021/en/ CONTACT: Investor Contact Chris Genualdi / Cleo Palmer-Poroner Planet Labs PBC ir@planet.comPress Contact Claire Bentley Dale Planet Labs PBC comms@planet.com KEYWORD: CALIFORNIA BRAZIL UNITED STATES SOUTH AMERICA NORTH AMERICA LATIN AMERICA EUROPE GERMANY INDUSTRY KEYWORD: SOFTWARE MOBILE/WIRELESS NETWORKS OTHER DEFENSE PROFESSIONAL SERVICES HARDWARE DATA MANAGEMENT TECHNOLOGY DEFENSE SATELLITE OTHER TECHNOLOGY ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) SOURCE: Planet Copyright Business Wire 2024. PUB: 12/09/2024 04:08 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209391021/en