LEVITTOWN, Pa. (WPVI) -- After a fire ripped through their home, a Bucks County family has a lot to be grateful for this year. Alyssa Kapusta says her family was sound asleep one night in April of 2023 when a spark from an electrical meter on the side of their Levittown house caught on fire. Their dog started barking when he smelled smoke and woke the family. "My daughter was 9 months old and my other daughter was 4," Kapusta says, "we had to hurry up and run and get everyone out real quick." Kapusta says after they lost everything in the fire, a contractor they hired stole $200,000 and never rebuilt their house. Mike Lees and his team at Paul Davis Restoration stepped in to help. Their goal was to get the Kapustas back in their home in time for the holidays. "They were playing games with her and her little ones," Lees says. "She kept asking for me to get involved to get her back home." As for what homeowners should do in a similar situation, Lees says it's important to do your research! Don't rush. Take time to find a reputable contractor to rebuild your home before signing a contract. "I'm extremely grateful," Kapusta says, "It's been almost two years, so it's been a lot. To walk in and see it like this, it's amazing."
As you know, the C.E.O. of UnitedHealthcare, fifty-year-old Brian Thompson, was murdered on the street in midtown Manhattan, on Wednesday morning, twenty minutes before sunrise. He was in town for an investors’ convention, and had worked for UnitedHealthcare for more than two decades—a company that is part of UnitedHealth Group, a health-insurance conglomerate valued at five hundred and sixty billion dollars. UnitedHealthcare had two hundred and eighty-one billion dollars in revenue in 2023, and Thompson, who became C.E.O. in 2021, had raised annual profits from twelve billion dollars to sixteen billion dollars during his tenure. He received more than ten million dollars in compensation last year. Andrew Witty, the C.E.O. of UnitedHealth Group, remembered Thompson in a video message to employees as a “truly extraordinary person who touched the lives of countless people throughout our organization and far beyond.” Thompson lived in a suburb of Minneapolis, where UnitedHealthcare is based, and he is survived by his wife and two sons. The Lede Reporting and commentary on what you need to know today. The particulars of this murder are strange and remarkable: it occurred in public; the suspected shooter went to Starbucks beforehand; he got away from the scene via bicycle; he has not yet been found. But the public reaction has been even wilder, even more lawless. The jokes came streaming in on every social-media platform, in the comments underneath every news article. “I’m sorry, prior authorization is required for thoughts and prayers,” someone commented on TikTok, a response that got more than fifteen thousand likes. “Does he have a history of shootings? Denied coverage,” another person wrote, under an Instagram post from CNN. On X, someone posted , with the caption “My official response to the UHC CEO’s murder,” an infographic comparing wealth distribution in late eighteenth-century France to wealth distribution in present-day America. The whiff of populist anarchy in the air is salty, unprecedented, and notably across the aisle. New York Post comment sections are full of critiques of capitalism as well as self-enriching executives and politicians (like “Biden and his crime family”). On LinkedIn, where users post with their real names and employment histories, UnitedHealth Group had to turn off comments on its post about Thompson’s death—thousands of people were liking and hearting it, with a few even giving it the “clapping” reaction. The company also turned off comments on Facebook, where, as of midday Thursday, a post about Thompson had received more than thirty-six thousand “laugh” reactions. What on earth, some people must be asking, is happening to our country? Are we really so divided, so used to dehumanizing one another, that people are out here openly celebrating the cold-blooded murder of a hardworking family man? That people are making jokes about how the assassin could’ve won the Timothée Chalamet look-alike contest in Washington Square Park? That when a journalist at the American Prospect called an eighty-eight-year-old woman who was aggravated by her poor Medicare Advantage coverage for comment, she wisecracked that she wasn’t the killer—she can’t even ride a bike? There had been prior threats against Thompson, his wife told NBC News, motivated, she said, by, “I don’t know, a lack of coverage? . . . I just know that he said there were some people that had been threatening him.” There had been protests at the UnitedHealthcare headquarters, in Minnesota, in April and July; during the latter, eleven people were arrested. The group responsible for the protests, People’s Action, also confronted Witty, the UnitedHealth Group C.E.O., at a Senate hearing in May. In a statement, People’s Action leaders referenced endless hours on the phone trying to get medical care covered, and denials of coverage for lifesaving medication and surgery. A recent statement from the group, in response to Thompson’s death, read, “We know there is a crisis of gun violence in America. There is also a crisis of denials of care by private health insurance corporations including UnitedHealth.” They urged political leaders to “act on both.” UnitedHealthcare has the highest claim-denial rate of any private insurance company: at thirty-two per cent, it is double the industry average. And, though the shooter’s motive remains unknown, shell casings found on the scene had the words “deny,” “delay,” and possibly “depose” written on them, echoing the title of a 2010 book by Jay M. Feinman, “ Delay, Deny, Defend: Why Insurance Companies Don’t Pay Claims and What You Can Do About It ,” which by Thursday had leapt up one of Amazon’s best-seller charts. To most Americans, a company like UnitedHealth represents less the provision of medical care than an active obstacle to receiving it. UnitedHealthcare insures almost a third of the patients enrolled in Medicare Advantage, a government-funded program facilitated by private insurance companies, which receive a flat fee for each patient they cover and then produce their own profits by minimizing each patient’s care costs. Reporting in the Wall Street Journal has found that these private insurance companies, which cover more than a third of American seniors on Medicare, collect hundreds of billions of dollars from the government annually and overbill Medicare to the tune of around ten billion dollars per year; UnitedHealthcare has used litigation to fight its obligation to repay fees that were overpaid. In 2020, UnitedHealth acquired a company called NaviHealth, whose software provides algorithmic care recommendations for sick patients, and which is now used to help manage its Medicare Advantage program. A 2023 class-action lawsuit alleges that the NaviHealth algorithm has a “known error rate” of ninety per cent and cites appalling patient stories: one man in Tennessee broke his back, was hospitalized for six days, was moved to a nursing home for eleven days, and then was informed by UnitedHealth that his care would be cut off in two days. (UnitedHealth says the lawsuit is unmerited.) After a couple rounds of appeals and reversals, the man left the nursing home and died four days later. The company has denied requests to release the analyses behind NaviHealth’s conclusions to patients and doctors, stating that the information is proprietary. At the same time that news was breaking about the NaviHealth algorithm, the company was fighting—ultimately unsuccessfully—a court decision that it had acted “ arbitrarily and capriciously ” in repeatedly denying coverage of long-term residential treatment to a middle-school-age girl who repeatedly attempted suicide, and has since died by suicide. Several years ago, government investigators found that UnitedHealth had used algorithms to identify mental-health-care providers who they believed were treating patients too often; these identified therapists would typically receive a call from a company “care advocate” who would question them and then cut off reimbursements. Though some states have ruled this practice illegal, it remains in play across the country. There is no single regulator for a private health-insurance company, even when it is found to be violating the law. For United’s practices to be curbed, mental-health advocates told ProPublica, every single jurisdiction in which it operates would have to successfully bring a case against it. Thompson’s murder is one symptom of the American appetite for violence; his line of work is another. Denied health-insurance claims are not broadly understood this way, in part because people in consequential positions at health-insurance companies, and those in their social circles, are likely to have experienced denied claims mainly as a matter of extreme annoyance at worst: hours on the phone, maybe; a bunch of extra paperwork; maybe money spent that could’ve gone to next year’s vacation. For people who do not have money or social connections at hospitals or the ability to spend weeks at a time on the phone, a denied health-insurance claim can instantly bend the trajectory of a life toward bankruptcy and misery and death. Maybe everyone knows this, anyway, and structural violence—another term for it is “social injustice”—is simply, at this point, the structure of American life, and it is treated as normal, whether we attach that particular name to it or not. The Norwegian sociologist Johan Galtung coined the term “structural violence” in 1969, in a paper that offers a taxonomy of violence—ways to distinguish between the forms that violence can take. It can be physical or psychological. It can be positive, enacted through active reward, or negative, enacted through punishment. It can hurt an object, or not; this object can be human, or not. There is either—Galtung notes that this is the most important distinction—a person who acts to commit the violence or there is not. Violence can be intended or unintended. It can be manifest, or latent. Traditionally, our society fixates on only one version of this: direct physical violence committed by a person intending harm. The pretty girl killed by a boyfriend, the C.E.O. shot on the street, the subway dancer strangled by the ex-marine. You don’t even need a human object—people are generally more troubled by the Zoomers throwing soup at paintings in a weird bid to raise attention about climate change than by the more than ten thousand farmers in India who die by suicide every year in part because of the way erratic and extreme weather renders their debts insurmountable. If one were to, hypothetically, blow up an unoccupied private jet in protest of the fact that the wealthiest one per cent of the global population accounts for more carbon emissions than the poorest sixty-six per cent, this would be seen by many people—like Thompson’s murder, and unlike the tens of thousands of human deaths per year already caused by climate change—as a sign of profoundly alarming social decay. On this point, though, everyone’s really in agreement. It’s just a matter of where you locate the decay—in the killing, or in the response to it, or in what led us here. The only way to end up in a situation where a C.E.O. of a health-insurance company is reflexively viewed as a dictatorial purveyor of suffering is through a history of socially sanctioned death. A person who posted on Reddit’s r/nurses forum, whose profile describes her as an I.C.U. nurse, wrote, “Honestly, I’m not wishing anyone harm, but when you’ve spent so much time and made so much money by increasing the suffering of the humanity around you, it’s hard for me to summon empathy that you died. I’m sure someone somewhere is sad about this. I am following his lead of indifference.” Reading this, I thought about the statistic, from 2018, that health-care workers account for seventy-three per cent of all nonfatal workplace injuries due to violence. Nurses, residents, aides, specialists—they are asked to absorb the rage and panic induced by the American health-care system, whose private insurers generate billions of dollars in profit and pay executives eight figures not despite but because of the fact that they routinely deny care to desperate people in need. Of course, the solution, in the end, can’t be indifference—not indifference to the death of the C.E.O., and not the celebration of it, either. But who’s going to drop their indifference first? At this point, it’s not going to be the people, who have a lifetime of evidence that health-insurance C.E.O.s do not care about their well-being. Can the C.E.O. class drop its indifference to the suffering and death of ordinary people? Is it possible to do so while achieving record quarterly profits for your stakeholders, in perpetuity? Thompson’s death resurfaced some unsavory details about his industry. We learned, for instance, that Thompson was one of several UnitedHealth executives under investigation by the D.O.J. for accusations of insider trading. (He had sold more than fifteen million dollars’ worth of company stock in February, shortly before it became public that the Department of Justice was investigating the company for antitrust violations, which caused the stock price to drop.) A new policy from Anthem Blue Cross Blue Shield also went viral: the company had announced that, in certain states, starting in 2025, it would no longer pay for anesthesia if a surgery passed a pre-allotted time limit. The cost of the “extra” anesthesia would be passed from Anthem—whose year-over-year net income was reported, in June, to have increased by more than twenty-four per cent, to $2.3 billion—to the patient. On Thursday, the company withdrew the change in response to the public outrage, if only in Connecticut, for now. It’s hard not to be curious about what, if anything, might happen to UnitedHealthcare’s claim-denial rates. I was at a show in midtown Manhattan on Thursday night, and when the comedians onstage cracked a joke about the shooter the entire place erupted in cheers. ♦ New Yorker Favorites The best albums of 2024. Little treats galore: a holiday gift guide . How Maria Callas lost her voice . Two teens went to prison for murder. Decades later, a juror learned she got it wrong . An objectively objectionable grammatical pet peeve . What happened when the Hallmark Channel “ leaned into Christmas .” Sign up for our daily newsletter to receive the best stories from The New Yorker .B.C. drummers help John Stamos perfect Beach Boys drum soloThe Pittsburgh Steelers made a shocking decision in the 2024 offseason to decline running back Najee Harris ' fifth-year option. Had the Steelers exercised it, Harris would have been guaranteed $6.79 million for the 2025 season. Instead, the decision makes him a free agent after 2024, creating uncertainty around his future with the team. This move sparked significant debate about Harris' standing among NFL running backs and whether he has lived up to the expectations of a first-round pick. Harris has been a solid contributor for Pittsburgh, but his career average of 3.9 yards per carry has left fans divided. While he’s shown flashes of brilliance, he has yet to join the ranks of the league’s elite backs, such as Derrick Henry, Saquon Barkley, and even Josh Jacobs—all of whom changed teams during the 2024 offseason. The Steelers’ decision highlights the league-wide trend of devaluing the running back position, raising questions about whether Pittsburgh views Harris as part of its long-term plans. Amid the debate, former Steelers star Le'Veon Bell weighed in on the state of the running back market through social media. Bell, who once faced similar contract issues with Pittsburgh, appeared to hint that the Steelers should retain Harris. While Harris isn’t on the level of top-tier backs, Bell’s comments align with the notion that letting a talented running back walk in free agency could be a mistake. Bell’s perspective adds another layer to the discussion, underscoring the growing challenges for running backs in today’s NFL. Giants let Saquon Barkley go ... Titans let Derrick Henry go ... Raiders let Josh Jacobs go ... Those 3 teams combined are 7-26 .. Those 3 RBs teams combined are 24-9. maybe elite running backs matter There are several ways to analyze these statistics, which make Bell's statement more nuanced than simply looking at win totals. For instance, the Tennessee Titans, Las Vegas Raiders, and even the New York Giants likely wouldn’t have been significantly better even if they had paid up to keep their star running backs. The reality is that these players left struggling teams and joined winning organizations. While the situation isn’t overly complicated, the records do raise some interesting questions. Steelers' Najee Harris Is Hard To Truly Rank Harris doesn’t quite fit into the category of an elite running back—at least not yet, and perhaps he never will. However, it’s undeniable that he has made a significant impact and has been a game-changing player at times. He has rushed for over 1,000 yards in three consecutive seasons and, remarkably, has never missed a game due to injury. Despite this, there are valid concerns about whether he’s worth a hefty contract or if the Steelers should consider finding a cheaper alternative. It's also been hard to truly rank Harris as he has played in a poor offensive system and behind a bad line for most of his career in Pittsburgh. The Steelers also have Jaylen Warren , who seems likely to remain with the team. Warren has emerged as a valuable asset in the backfield, but some question whether his success is tied to the dynamic created by his partnership with Harris. If Warren were to take on the role of a full-time starting running back, his efficiency might decline. This presents a challenging dilemma for the Steelers' front office to address after the season. Should they offer Harris at least $7 million to stay, or let him walk? The decision will undoubtedly shape the team’s future, and it will be intriguing to see how Harris’ situation unfolds in the Steel City. This article first appeared on SteelerNation.com and was syndicated with permission.
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THS ag barn may be finished before next school yearAlexander Hospital on Dec 3 launched a 128-page book titled Humanity: Behind Every Face. Partial proceeds from the book sales will go towards helping AH's needy patients. SINGAPORE – A stranger at his father’s wake taught Dr Khoo See Meng, chairman of the medical board at Alexandra Hospital (AH), a valuable life lesson. This stranger was the first to arrive and the last to leave on each night during the five-day wake in Muar, Malaysia, in 2012. Gripped by their loss, the family did not inquire about the man’s relationship with their late father, Mr Khoo Chee Pheng. A month later, Dr Khoo’s brother discovered that the man ran a newspaper stall. Their father – who was in his 70s when he died – had bought copies of newspapers, such as Sin Chew Daily and China Press, from the man daily to help sustain his struggling business. Dr Khoo, 55, said: “My family had a subscription for Sin Chew Daily, so the house would end up with two copies of the same paper every day, which got my mum really upset, and my brother puzzled.” This is one of the personal stories told by 50 individuals from Alexander Hospital in a 128-page book titled Humanity: Behind Every Face, which was launched on Dec 3. Partial proceeds from the book sales will go towards helping AH’s needy patients. The book was the brainchild of AH Deputy Chief Executive Officer Margaret Lee, who wanted it to be a testament to why they care, day after day, despite their personal trials and struggles. “The title ‘Humanity’ was chosen thoughtfully to encapsulate both the compassion and excellence we strive for in healthcare and the deeper, universal truth that connects us all,” said Ms Lee. In the foreword, Health Minister Ong Ye Kung wrote that it is a timely reminder to acknowledge and recognise healthcare workers. “In healthcare, the focus is often on clinical outcomes, and it is also easy to overlook the human element that is at the heart of this noble profession,” he noted. After the idea of the book was conceived in April 2023, communications manager Yvonne Lee and intern Chloe Tan spent many hours over six months interviewing the individuals, including healthcare staff, contract cleaners and others. Ms Lee, 38, said: “When some of them shared about their life-changing experiences, we got emotional and cried together.” Ms Tan, 20, a communications undergraduate at Nanyang Technological University, said: “They have spoken about parenthood, health scares, losing loved ones...and much more. I hope there is something in here – even just a line or two – for everyone to resonate with.” Among those featured in the book was corporate planning manager Ashley Nguyen, 39, who battled thyroid cancer twice, in 2015 and 2021. Now in remission, Ms Nguyen said: “My work involves meeting some foreign patients, many of whom have cancer. I often share with them about my own experience and assure them that cancer is not ‘the end’”. Senior project specialist Serene Poh, 65, had a golf ball-sized brain tumour in 2000 and underwent a 12-hour surgery that carried risks of paralysis, coma or even death. At that time, her husband was posted overseas for work, and their daughter was only four years old. As she was wheeled out from the recovery bay, she felt a burning pain from her wound each time the bed crossed a little bump on the floor. “I finally understood the perspective of a patient after I became one myself,” she said. “Now that I’m given a second chance in life, I am more patient-centric.” Ms Aishah Elshukrin, a senior social work coordinator, also found inspiration in her own struggles to give back in meaningful ways. The 27-year-old started working as a part-time banquet staff at age 16 to provide for her family after her mother was diagnosed with cancer. It was during this time when she saw how the medical social workers assisted her family. Ms Aishah is currently studying for a degree in social work at the Singapore University of Social Sciences to achieve her goal of becoming a medical social worker. “When I counsel a patient or their loved ones at the hospital, I know exactly how they feel,” she said. The book also features Mr Kesavan, an associate executive of ALPS Healthcare, which is AH’s procurement service provider. He lost his 19-year-old girlfriend in a road accident when he was 22 years old. He went into a state of shock, followed by a two-year isolation during which he stayed home all day. He was eventually coaxed out of despair by his family and friends. Now that the 33-year-old knows there is no guaranteed tomorrow, he believes there is no downside to being humble and nice. “I have become stronger and more loving, and I always look out for my colleagues now,” said Mr Kesavan, who goes by one name. The 18-month project was done entirely in-house except for the printing and distribution. One of the challenges for senior assistant communications manager Sheereen Yeow was getting her colleagues to pose naturally for the camera. She overcame this by getting them to retell their stories while their photographs were being taken around the hospital. The 18-month project was done entirely in-house except for the printing and distribution. ST PHOTO: LIM YAOHUI Ms Yeow, 34, who shot all the photos, said: “These are the colleagues you pass by every day, and you don’t really know what they are going through. I have learnt to be kinder to the people I see daily.” Added Dr Khoo: “This silent story that my family uncovered about my father...reminds me of the importance of taking an interest in the lives of seemingly random strangers. (It) stirred some of the deepest questions about the meaning of a man’s everyday engagement with the world.” Humanity: Behind Every Face is on sale at $29.90 at major bookstores, including Book Bar and Kinokuniya, and online stores such as Book Bar ( https://bookbar.sg/store/p/humanity ) and Amazon. Join ST's WhatsApp Channel and get the latest news and must-reads. Read 3 articles and stand to win rewards Spin the wheel now
A popular video game developer has decided to pull content featuring Irish MMA fighter Conor McGregor from sale, after a woman who said he raped her won a civil claim for damages against him. Nikita Hand, who accused the sportsman of raping her in a Dublin hotel in December 2018, won her claim against him for damages in a civil case at the High Court in the Irish capital. The jury delivered its verdict on Friday. The total amount of damages awarded to Hand by the jury was 248,603.60 euros (£206,714.31). Mr McGregor made no comment as he left court but later posted on social media that he intends to appeal. The Irish athlete has featured in multiple video games, including voice-acting a character bearing his likeness in additional downloadable content in the Hitman series. Mr McGregor’s character featured as a target for the player-controlled assassin in the game. In light of the recent court ruling regarding Conor McGregor, IO Interactive has made the decision to cease its collaboration with the athlete, effective immediately. We take this matter very seriously and cannot ignore its implications. Consequently, we will begin removing all... — HITMAN (@Hitman) November 25, 2024 IO Interactive, the Danish developer and publisher of Hitman, said in a statement: “In light of the recent court ruling regarding Conor McGregor, IO Interactive has made the decision to cease its collaboration with the athlete, effective immediately. “We take this matter very seriously and cannot ignore its implications. “Consequently, we will begin removing all content featuring Mr McGregor from our storefronts starting today.” Mr McGregor had faced an accusation that he “brutally raped and battered” Ms Hand at a hotel in south Dublin in December 2018. The Irish sports star previously told the court he had consensual sex with Ms Hand in a penthouse at the Beacon Hotel. Ms Hand was taken in an ambulance to the Rotunda Hospital the following day where she was assessed in the sexual assault treatment unit. A paramedic who examined Ms Hand the day after the assault had told the court she had not seen “someone so bruised” in a long time.PARIS (AP) — Howling winds couldn’t stop Notre Dame Cathedral ’s heart from beating again. With three resounding knocks on its doors by Paris Archbishop Laurent Ulrich, wielding a specially designed crosier carved from fire-scorched beams, the monument roared back to life Saturday evening. For the first time since a devastating blaze nearly destroyed it in 2019, the towering Gothic masterpiece reopened for worship, its rebirth marked by song, prayer, and awe beneath its soaring arches. The ceremony, initially planned to begin on the forecourt, was moved entirely inside due to unusually fierce December winds sweeping across the Île de la Cité, flanked by the River Seine. Yet the occasion lost none of its splendor. Inside the luminous nave, choirs sang psalms, and the cathedral’s mighty organ, silent for nearly five years, thundered to life in a triumphant interplay of melodies. The restoration, a spectacular achievement in just five years for a structure that took nearly two centuries to build, is seen as a moment of triumph for French President Emmanuel Macron, who championed the ambitious timeline — and a welcome respite from his domestic political woes . The evening’s celebration, attended by 1,500 dignitaries, including President-elect Donald Trump, US first lady Jill Biden, Britain’s Prince William, and Ukrainian President Volodymyr Zelenskyy, underscored Notre Dame’s enduring role as both a spiritual and cultural beacon. Observers see the event as Macron's, and his intention to pivot it into a fully fledged diplomatic gathering, while highlighting France’s ability to unite on the global stage despite internal political crises. As the cathedral’s largest bell, the 13-ton Emmanuel — which was not named after the French leader — tolled into the Paris night, signaling the start of the ceremony, the crowd inside Notre Dame fell into an expectant hush. Emmanuel, a legacy of King Louis XIV, had rung through centuries of French history, and its peal now resonated as a call to witness another epochal moment. Outside the cathedral’s monumental doors, Ulrich raised his fire-scarred crosier. “Brothers and sisters, let us enter now into Notre Dame,” he declared. “It is she who accompanies us on our path to peace.” With the congregation of over 2,500 people watching in silence, Ulrich struck the floodlit doors, the base of his crosier reverberating against the wood. Inside, the choir answered with soaring hymns, their voices filling the nave. Illuminations on the cathedral facade heightened the drama. On the final strike, the heavy doors swung open, revealing the glowing interior of restored blond Lutetian limestone. Adding to the ceremony’s visual splendor, Ulrich and the clergy wore vibrant liturgical garments designed by French fashion designer Jean-Charles de Castelbajac. Known for his signature pop-art aesthetic, Castelbajac created 2,000 colorful pieces for 700 celebrants, blending modern elements with medieval touches. Flooded with light and song, the cathedral came alive in a moment of breathtaking spectacle. What had been a silent, soot-blackened ruin five years ago now blazed with renewed vitality, marking the culmination of a nearly $1 billion global effort to resurrect it. Speaking inside the cathedral, Macron expressed “gratitude” Saturday to those who saved, helped, and rebuilt Notre Dame, his voice reverberating through the nave. “I stand before you ... to express the gratitude of the French nation,” he said, before voices flooded the space with song, harmonies not heard in over five years. “Tonight, the bells of Notre Dame are ringing again. And in a moment, the organ will awaken,” sending the “music of hope” cascading through the luminous interior to Parisians, France, and the world beyond, he said. The celebration is expected to give a much-needed boost to the embattled French leader, whose prime minister was ousted this week , plunging the nation’s politics into more turmoil. Macron has called Notre Dame’s reopening “a jolt of hope.” Observers say he hoped the occasion would briefly silence his critics and showcase France’s unity and resilience under his leadership — a rare moment of grace in a presidency now facing a grave crisis. Inside Notre Dame, 42,000 square meters of stonework—equivalent to six soccer pitches—gleamed anew, revealing intricate carvings and luminous limestone. Above, 2,000 oak beams, nicknamed “the forest,” restored the cathedral’s iconic spire and roof. The great organ, dormant for over five years, roared back to life like a slumbering giant. With its 7,952 pipes—ranging from pen-sized to torso-wide—and a renovated console featuring five keyboards, 115 stops, and 30 foot pedals, it responded to Archbishop Laurent Ulrich’s command: “Wake up, organ, sacred instrument.” The first low rumble grew into a triumphant symphony as four organists pulled out the stops, weaving improvised responses to the archbishop’s invocations. Eight times, Ulrich addressed the organ; eight times, its voice filled the nave with breathtaking sound. Guests marveled at the spectacle, many capturing the moment on their phones. “It’s a sense of perfection,” said François Le Page of the Notre Dame Foundation, who last saw the cathedral cloaked in scaffolding in 2021. “It was somber then. Now, it’s night and day.” The Rev. Andriy Morkvas, a Ukrainian priest who leads the Volodymyr Le Grand church in Paris, reflected on his first visit to Notre Dame in over a decade. “I didn’t recognize it,” he said. “God is very powerful; He can change things.” He expressed hope that the cathedral’s revival could inspire peace in his homeland, drawing strength from the presence of Ukraine’s president. “I think that will have a big impact,” he said. “I hope Notre Dame and Mary will help us resolve this conflict.” The reopening of Notre Dame comes at a time of profound global unrest, with wars raging in Ukraine and the Middle East. For Catholics, Notre Dame’s rector said the cathedral “carries the enveloping presence of the Virgin Mary, a maternal and embracing presence.′′ “It is a magnificent symbol of unity,” Olivier Ribadeau Dumas said. “Notre Dame is not just a French monument — it is a magnificent sign of hope.” The international range of dignitaries coming to Paris underline the cathedral’s significance as a symbol of shared heritage and peace. Canadian visitor Noelle Alexandria, who had traveled to Paris for the reopening, was struck by the cathedral’s ability to inspire. “She’s been nearly ruined before, but she always comes back,” Alexandria said. “Not many of us could say the same after such tragedy, but Notre Dame can.” Guests entered through Notre Dame’s iconic western façade, whose arched portals adorned with biblical carvings were once a visual guide for medieval believers. Above the central Portal of the Last Judgment, the Archangel Michael is depicted weighing souls, as demons attempt to tip the scales. These stone figures, designed to inspire both awe and fear, set the stage for a ceremony steeped in history. Inside, the hum of hundreds of guests awaiting the service filled the cathedral with human sounds once more — a stark contrast to the construction din that echoed there for years. Tuners restoring the great organ often worked through the night to find the silence needed to perfect its 7,952 pipes, ranging from pen-sized to torso-wide. Notre Dame echoed to the sound of a sustained standing ovation after the showing of a short movie that documented the gargantuan rebuilding effort. Outside, the word “MERCI” — thank you — was projected against the cathedral’s iconic western facade. The movie showed the terrible wounds left by the inferno — the gaping holes torn into its vaulted ceilings and the burned roof. But that was followed by images of all types of artisans, many using traditional handicraft techniques, who collectively restored Notre Dame to look better now than ever. "We went from night to light," said one of the workers in the movie. Security will be high through the weekend, echoing measures taken during the Paris Olympics earlier this year. The Île de la Cité — the small island in the River Seine that is home to Notre Dame and the historic heart of Paris— is closed to tourists and non-residents. Police vans and barriers blocked cobblestoned streets in a large perimeter around the island, while soldiers in thick body armor and sniffer dogs patrolled embankments. A special security detail is following Trump. Public viewing areas along the Seine’s southern bank will accommodate 40,000 spectators, who can follow the celebrations on large screens. For many, Notre Dame’s rebirth is not just a French achievement but a global one — after the reopening, the cathedral is set to welcome 15 million visitors annually, up from 12 million before the fire. Sylvie Corbet, Yesica Brumec, Marine Lesprit and Mark Carlson in Paris contributed. Associated Press religion coverage receives support through The AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Dec 9, 2024-- Zuora, Inc. (NYSE: ZUO), a leading monetization suite for modern business, today announced financial results for its fiscal third quarter ended October 31, 2024. Third Quarter Fiscal 2025 Financial Results: Descriptions of our non-GAAP financial measures are contained in the section titled "Explanation of Non-GAAP Financial Measures" below and reconciliations of GAAP and non-GAAP financial measures are contained in the tables below. Proposed Acquisition; Conference Call and Guidance On October 17, 2024, we announced that Zuora entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with an affiliate of GIC Pte. Ltd. (“GIC”). The transaction is valued at $1.7 billion, with Silver Lake and GIC to acquire all outstanding shares of Zuora common stock for $10.00 per share in cash. The acquisition is expected to close in the first calendar quarter of 2024, subject to customary closing conditions and approvals, including the receipt of the required regulatory approvals. Upon completion of the transaction, Zuora will become a privately held company. Given the proposed acquisition of Zuora, we will not be holding a conference call or live webcast to discuss Zuora's third quarter of fiscal 2025 financial results, we will not be providing any forward looking guidance, and we are withdrawing all previously provided goals, outlook, and guidance. Key Operational and Financial Metrics: Explanation of Key Operational and Financial Metrics: Annual Contract Value (ACV) . We define ACV as the subscription revenue we would contractually expect to recognize from a customer over the next twelve months, assuming no increases or reductions in their subscriptions. We define the number of customers at the end of any particular period as the number of parties or organizations that have entered into a distinct subscription contract with us and for which the term has not ended. Each party with whom we have entered into a distinct subscription contract is considered a unique customer, and in some cases, there may be more than one customer within a single organization. Dollar-based Retention Rate (DBRR) . We calculate DBRR as of a period end by starting with the sum of the ACV from all customers as of twelve months prior to such period end, or prior period ACV. We then calculate the sum of the ACV from these same customers as of the current period end, or current period ACV. Current period ACV includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes revenue from new customers added in the current period. We then divide the current period ACV by the prior period ACV to arrive at our dollar-based retention rate. Annual Recurring Revenue (ARR). ARR represents the annualized recurring value at the time of initial booking or contract modification for all active subscription contracts at the end of a reporting period. ARR excludes the value of non-recurring revenue such as professional services revenue as well as contracts with new customers with a term of less than one year. ARR should be viewed independently of revenue and deferred revenue, and is not intended to be a substitute for, or combined with, any of these items. ARR growth is calculated by dividing the ARR as of a period end by the ARR for the corresponding period end of the prior fiscal year. Explanation of Non-GAAP Financial Measures: In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain non-GAAP financial measures including: non-GAAP cost of subscription revenue; non-GAAP subscription gross margin; non-GAAP cost of professional services revenue; non-GAAP professional services gross margin; non-GAAP gross profit; non-GAAP gross margin; non-GAAP income from operations; non-GAAP operating margin; non-GAAP net income; non-GAAP net income per share; and adjusted free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. We use non-GAAP financial measures in conjunction with GAAP measures as part of our overall assessment of our performance, including the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our Board of Directors concerning our financial performance. We believe these non-GAAP measures provide investors consistency and comparability with our past financial performance and facilitate period-to-period comparisons of our operating results. We also believe these non-GAAP measures are useful in evaluating our operating performance compared to that of other companies in our industry, as they generally eliminate the effects of certain items that may vary for different companies for reasons unrelated to overall operating performance. We exclude the following items from one or more of our non-GAAP financial measures: Additionally, we disclose "adjusted free cash flow", which is a non-GAAP measure that includes adjustments to operating cash flows for cash impacts related to Shareholder matters and Acquisition-related expenses described above, and net purchases of property and equipment. We include the impact of net purchases of property and equipment in our adjusted free cash flow calculation because we consider these capital expenditures to be a necessary component of our ongoing operations. We believe this measure is meaningful to investors because management reviews cash flows generated from operations excluding such expenditures that are not related to our ongoing operations. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The non-GAAP measures we use may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP items excluded from these non-GAAP financial measures. Forward-Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties. Words such as “believes,” “may,” “will,” “determine,” “estimates,” “potential,” “continues,” “anticipates,” “intends,” “expects,” “could,” “would,” “projects,” “plans,” “targets,” “strategy,” “likely,” and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this release include statements regarding the proposed acquisition of Zuora, including the expected timing of the closing of the acquisition, and expectations for Zuora following the completion of the acquisition. Forward-looking statements are based on management's expectations as of the date of this filing and are subject to a number of risks, uncertainties and assumptions, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our Form 10-Q filed with the Securities and Exchange Commission on August 29, 2024 as well as other documents that may be filed by us from time to time with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the possibility that the closing conditions to the proposed acquisition are not satisfied (or waived), including the risk that required approvals from Zuora’s stockholders for the proposed acquisition or required regulatory approvals to consummate the acquisition are not obtained in a timely manner (or at all); the outcome of the current complaint and any potential litigation relating to the proposed acquisition; uncertainties as to the timing of the consummation of the proposed acquisition; the ability of each party to consummate the proposed acquisition; our ability to attract new customers and retain and expand sales to existing customers; our ability to manage our future revenue and profitability plans effectively; adoption of monetization platform software and related solutions, as well as consumer adoption of products and services that are provided through such solutions; our ability to develop and release new products and services, or successful enhancements, new features and modifications; challenges related to growing our relationships with strategic partners; loss of key employees; our ability to compete in our markets; adverse impacts on our business and financial condition due to macroeconomic or market conditions; the impact of actions to improve operational efficiencies and operating costs; our history of net losses and ability to achieve or sustain profitability; market acceptance of our products; the success of our product development efforts; risks associated with currency exchange rate fluctuations; risks associated with our debt obligations; successful deployment of our solutions by customers after entering into a subscription agreement with us; the success of our sales and product initiatives; our security measures; our ability to adequately protect our intellectual property; interruptions or performance problems; litigation and other shareholder related costs; the anticipated benefits of acquisitions and ability to integrate operations and technology of any acquired company; geopolitical conflicts or destabilizing events; other business effects, including those related to industry, market, economic, political, regulatory and global health conditions and other risks and uncertainties. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Important Information and Where to Find It In connection with the proposed acquisition, Zuora has filed with the Securities and Exchange Commission (the “SEC”) a proxy statement in preliminary form on November 25, 2024, a definitive version of which will be mailed or otherwise provided to its stockholders. The Company and affiliates of the Company have jointly filed a transaction statement on Schedule 13E-3 (the Schedule 13E-3). Zuora may also file other documents with the SEC regarding the potential transaction. BEFORE MAKING ANY VOTING DECISION, ZUORA’S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND THE SCHEDULE 13E-3 IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED WITH THE SEC AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS THERETO IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the proxy statement, the Schedule 13E-3 and other documents that Zuora files with the SEC from the SEC’s website at www.sec.gov and Zuora’s website at investor.zuora.com . In addition, the proxy statement, the Schedule 13E-3 and other documents filed by Zuora with the SEC (when available) may be obtained from Zuora free of charge by directing a request to Zuora’s Investor Relations at investorrelations@zuora.com . Participants in the Solicitation Zuora and certain of its directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from Zuora’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of the stockholders of Zuora in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise will be set forth in the proxy statement and Schedule 13E-3 and other materials to be filed with the SEC. You may also find additional information about Zuora’s directors and executive officers in Zuora’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on May 16, 2024 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by potential participants (or the identity of such participants) have changed since the information printed in the Annual Meeting Proxy Statement, such information has been or will be reflected in Zuora’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You can obtain free copies of these documents from Zuora using the contact information above. About Zuora, Inc. Zuora provides a leading monetization suite to build, run and grow a modern business through a dynamic mix of usage-based models, subscription bundles and everything in between. From pricing and packaging, to billing, payments and revenue accounting, Zuora’s flexible, modular software platform is designed to help companies evolve monetization strategies with customer demand. More than 1,000 customers around the world, including BMC Software, Box, Caterpillar, General Motors, The New York Times, Schneider Electric and Zoom use Zuora’s leading combination of technology and expertise to turn recurring relationships and recurring revenue into recurring growth. Zuora is headquartered in Silicon Valley with offices in the Americas, EMEA and APAC. To learn more, please visit zuora.com . © 2024 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, Subscription Economy Index, Zephr, and Subscription Experience Platform are trademarks or registered trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. SOURCE: ZUORA, INC. ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenue: Subscription $ 105,253 $ 98,048 $ 308,263 $ 283,232 Professional services 11,676 11,801 33,831 37,760 Total revenue 116,929 109,849 342,094 320,992 Cost of revenue: Subscription 1 23,954 20,378 67,207 62,304 Professional services 1 14,383 14,650 43,483 47,851 Total cost of revenue 38,337 35,028 110,690 110,155 Gross profit 78,592 74,821 231,404 210,837 Operating expenses: Research and development 1 26,833 27,504 76,853 79,428 Sales and marketing 1 36,597 40,245 108,579 124,488 General and administrative 1 26,880 15,893 71,351 54,160 Total operating expenses 90,310 83,642 256,783 258,076 Loss from operations (11,718 ) (8,821 ) (25,379 ) (47,239 ) Change in fair value of debt derivative and warrant liabilities (20,174 ) 6,997 (29,115 ) 2,241 Interest expense (7,045 ) (5,610 ) (20,781 ) (14,604 ) Interest and other income (expense), net 6,505 2,272 19,988 13,639 Loss before income taxes (32,432 ) (5,162 ) (55,287 ) (45,963 ) Income tax (benefit) provision (226 ) 340 (2,152 ) 1,396 Net loss (32,206 ) (5,502 ) (53,135 ) (47,359 ) Comprehensive loss: Foreign currency translation adjustment 462 (696 ) 386 (1,383 ) Unrealized gain (loss) on available-for-sale securities 248 (18 ) 63 494 Comprehensive loss $ (31,496 ) $ (6,216 ) $ (52,686 ) $ (48,248 ) Net loss per share, basic and diluted $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Weighted-average shares outstanding used in calculating net loss per share, basic and diluted 152,263 141,488 149,457 138,789 (1) Stock-based compensation expense was recorded in the following cost and expense categories: Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Cost of subscription revenue $ 2,331 $ 2,350 $ 6,291 $ 6,889 Cost of professional services revenue 2,598 2,747 7,359 8,997 Research and development 7,697 7,165 21,680 20,661 Sales and marketing 7,613 8,191 20,609 24,857 General and administrative 4,694 5,648 13,163 16,569 Total stock-based compensation expense $ 24,933 $ 26,101 $ 69,102 $ 77,973 ZUORA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 277,615 $ 256,065 Short-term investments 280,909 258,120 Accounts receivable, net 82,414 124,602 Deferred commissions, current portion 15,995 15,870 Prepaid expenses and other current assets 25,183 23,261 Total current assets 682,116 677,918 Property and equipment, net 27,403 25,961 Operating lease right-of-use assets 20,591 22,462 Purchased intangibles, net 23,146 10,082 Deferred commissions, net of current portion 24,941 27,250 Goodwill 73,903 56,657 Other assets 4,972 3,506 Total assets $ 857,072 $ 823,836 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 761 $ 3,161 Accrued expenses and other current liabilities 45,167 32,157 Accrued employee liabilities 29,860 37,722 Deferred revenue, current portion 177,436 199,615 Operating lease liabilities, current portion 7,030 6,760 Total current liabilities 260,254 279,415 Long-term debt 368,348 359,525 Deferred revenue, net of current portion 860 2,802 Operating lease liabilities, net of current portion 32,573 37,100 Deferred tax liabilities 4,066 3,725 Other long-term liabilities 6,781 7,582 Total liabilities 672,882 690,149 Stockholders’ equity: Class A common stock 15 14 Class B common stock 1 1 Additional paid-in capital 1,067,329 964,141 Accumulated other comprehensive loss (410 ) (859 ) Accumulated deficit (882,745 ) (829,610 ) Total stockholders’ equity 184,190 133,687 Total liabilities and stockholders’ equity $ 857,072 $ 823,836 ZUORA, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended October 31, 2024 2023 Cash flows from operating activities: Net loss $ (53,135 ) $ (47,359 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation, amortization and accretion 14,715 13,684 Stock-based compensation 69,102 77,973 Provision for credit losses 2,117 457 Amortization of deferred commissions 13,946 14,415 Reduction in carrying amount of right-of-use assets 3,470 4,876 Change in fair value of debt derivative and warrant liabilities 29,115 (2,241 ) Other (2,418 ) 2,630 Changes in operating assets and liabilities: Accounts receivable 40,149 12,476 Prepaid expenses and other assets (2,657 ) 878 Deferred commissions (12,107 ) (12,013 ) Accounts payable (2,529 ) (634 ) Accrued expenses and other liabilities 6,843 (82,904 ) Accrued employee liabilities (7,986 ) 509 Deferred revenue (24,439 ) (7,461 ) Operating lease liabilities (7,476 ) (10,962 ) Net cash provided by (used in) operating activities 66,710 (35,676 ) Cash flows from investing activities: Purchases of property and equipment (9,252 ) (6,913 ) Purchases of short-term investments (240,093 ) (66,665 ) Maturities of short-term investments 222,279 175,128 Cash paid for acquisition, net of cash acquired (24,786 ) (4,524 ) Net cash (used in) provided by investing activities (51,852 ) 97,026 Cash flows from financing activities: Proceeds from issuance of common stock upon exercise of stock options 3,372 1,000 Proceeds from issuance of common stock under employee stock purchase plan 4,481 4,765 Payment for taxes related to net share settlement of stock options (1,547 ) — Proceeds from issuance of convertible senior notes, net of issuance costs — 145,861 Net cash provided by financing activities 6,306 151,626 Effect of exchange rates on cash and cash equivalents 386 (1,383 ) Net increase in cash and cash equivalents 21,550 211,593 Cash and cash equivalents, beginning of period 256,065 203,239 Cash and cash equivalents, end of period $ 277,615 $ 414,832 ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (in thousands, except percentages) (unaudited) Subscription Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of subscription revenue: GAAP cost of subscription revenue $ 23,954 $ 20,378 $ 67,207 $ 62,304 Less: Stock-based compensation (2,331 ) (2,350 ) (6,291 ) (6,889 ) Amortization of acquired intangibles (1,164 ) (607 ) (2,706 ) (2,083 ) Workforce reductions (228 ) — (796 ) (38 ) Acquisition-related expenses (12 ) — (103 ) — Asset impairment — (439 ) — (439 ) Shareholder matters — — (20 ) — Non-GAAP cost of subscription revenue $ 20,219 $ 16,982 $ 57,291 $ 52,855 GAAP subscription gross margin 77 % 79 % 78 % 78 % Non-GAAP subscription gross margin 81 % 83 % 81 % 81 % Professional Services Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of cost of professional services revenue: GAAP cost of professional services revenue $ 14,383 $ 14,650 $ 43,483 $ 47,851 Less: Stock-based compensation (2,598 ) (2,747 ) (7,359 ) (8,997 ) Acquisition-related expenses (22 ) — (22 ) — Shareholder matters — — (28 ) — Workforce reductions — — (5 ) (46 ) Non-GAAP cost of professional services revenue $ 11,763 $ 11,903 $ 36,069 $ 38,808 GAAP professional services gross margin (23 )% (24 )% (29 )% (27 )% Non-GAAP professional services gross margin (1 )% (1 )% (7 )% (3 )% ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except percentages) (unaudited) Total Gross Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of gross profit: GAAP gross profit $ 78,592 $ 74,821 $ 231,404 $ 210,837 Add: Stock-based compensation 4,929 5,097 13,650 15,886 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 228 — 801 84 Acquisition-related expenses 34 — 125 — Asset impairment — 439 — 439 Shareholder matters — — 48 — Non-GAAP gross profit $ 84,947 $ 80,964 $ 248,734 $ 229,329 GAAP gross margin 67 % 68 % 68 % 66 % Non-GAAP gross margin 73 % 74 % 73 % 71 % Operating (Loss) Income and Operating Margin Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of (loss) income from operations: GAAP loss from operations $ (11,718 ) $ (8,821 ) $ (25,379 ) $ (47,239 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP income from operations $ 25,100 $ 15,990 $ 69,287 $ 31,620 GAAP operating margin (10 )% (8 )% (7 )% (15 )% Non-GAAP operating margin 21 % 15 % 20 % 10 % ZUORA, INC. RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED) (in thousands, except per share data) (unaudited) Net (Loss) Income and Net (Loss) Income Per Share Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of net (loss) income: GAAP net loss $ (32,206 ) $ (5,502 ) $ (53,135 ) $ (47,359 ) Add: Stock-based compensation 24,933 26,101 69,102 77,973 Change in fair value of debt derivative and warrant liabilities 20,174 (6,997 ) 29,115 (2,241 ) Acquisition-related expenses 10,299 19 17,100 211 Amortization of acquired intangibles 1,164 607 2,706 2,083 Workforce reductions 241 — 1,518 265 Shareholder matters 181 (3,508 ) 4,240 (3,265 ) Asset impairment — 1,592 — 1,592 Non-GAAP net income $ 24,786 $ 12,312 $ 70,646 $ 29,259 GAAP net loss per share, basic and diluted 1 $ (0.21 ) $ (0.04 ) $ (0.36 ) $ (0.34 ) Non-GAAP net income per share, basic and diluted 1 $ 0.16 $ 0.09 $ 0.47 $ 0.21 (1) For the three months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 152.3 million and 141.5 million basic and diluted weighted-average shares of common stock, respectively. For the nine months ended October 31, 2024 and 2023, GAAP and Non-GAAP net (loss) income per share are calculated based upon 149.5 million and 138.8 million basic and diluted weighted-average shares of common stock, respectively. Adjusted Free Cash Flow Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Reconciliation of adjusted free cash flow: Net cash provided by (used in) operating activities (GAAP) $ 22,408 $ (55,657 ) $ 66,710 $ (35,676 ) Add: Acquisition-related expenses 5,587 28 7,300 135 Shareholder matters 824 71,377 4,379 72,130 Less: Purchases of property and equipment (3,330 ) (3,075 ) (9,252 ) (6,913 ) Adjusted free cash flow (non-GAAP) $ 25,489 $ 12,673 $ 69,137 $ 29,676 Net cash provided by (used in) investing activities (GAAP) $ 18,999 $ 2,005 $ (51,852 ) $ 97,026 Net cash (used in) provided by financing activities (GAAP) $ (1,295 ) $ 145,899 $ 6,306 $ 151,626 View source version on businesswire.com : https://www.businesswire.com/news/home/20241209614914/en/ CONTACT: Investor Relations Contact: Luana Wolk investorrelations@zuora.com 650-419-1377Media Relations Contact: Margaret Juhnke press@zuora.com 619-609-3919 KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SOFTWARE PAYMENTS ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY ELECTRONIC COMMERCE FINTECH OTHER TECHNOLOGY SOURCE: Zuora, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:10 PM/DISC: 12/09/2024 04:08 PM http://www.businesswire.com/news/home/20241209614914/en Copyright Business Wire 2024.None
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