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RIYADH: Achieving food security and sustainability is a top priority for Saudi Arabia as it works toward building a more inclusive economy. The Kingdom aims to accomplish this by boosting domestic production and investing in international supply chains to secure key commodities that are unavailable locally. Strategic transformations as well as enhanced international cooperation are both essential in efforts to address global food insecurity, Abdulrahman Al-Fadley, Saudi Arabia’s minister of environment, water and agriculture, said at the recent meeting of G20 agriculture ministers in Brazil. “There is a pressing need to adopt a long-term transformation for food security and nutrition,” he told decision-makers on the second day of the conference. “This underscores the need to intensify our efforts and strengthen collaboration to develop pragmatic solutions for building sustainable, healthy and inclusive food systems.” The G20 agriculture, fisheries and aquaculture ministers met on Sept. 12-13 in Chapada dos Guimaraes, Brazil, to discuss strengthening the resilience and sustainability of food systems across economic, social and environmental dimensions. These sectors are key to achieving the 2030 Agenda for Sustainable Development. Increased efforts to boost Saudi Arabia’s food production resulted in the country announcing in September 2023 that it had achieved self-sufficiency in fresh dairy products and eggs, with surpluses available for export. In addition, the Kingdom has significantly increased domestic production of various crops, including potatoes, tomatoes, carrots and onions, as well as red meat. This progress comes from increased efforts to boost domestic food production by involving all stakeholders, including the private sector and civil society. One notable company is Topian, which was launched by NEOM in 2023. Topian aims to redefine food production, distribution, and consumption by creating sustainable, innovative solutions in five key areas: climate-proof agriculture, regenerative aquaculture, novel foods, personalized nutrition, and sustainable food supply and environmental, social and governance. Founded with the support of the Saudi Ministry of Environment, Water and Agriculture, Topian aligns with the goals of the Kingdom’s Vision 2030 plan for national development and diversification. The company is leading efforts to ensure food security, combat climate change, and achieve net-zero emissions by 2060. “As a wholly owned subsidiary of NEOM, Topian is fully aligned with NEOM’s commitment to providing high-quality food products to the market, and promoting food security and sustainability, while contributing to the Kingdom’s self-sufficiency objectives and long-term economic goals,” said Juan Carlos Motamayor, the company’s CEO. “Topian is leading the food-security conversation to create a resilient food supply in line with the Saudi Green Initiative and the UN’s Sustainable Development Goals. “We are not only committing to shaping a transformative global food system, but also to setting a global benchmark by pioneering new technologies and innovative solutions to overcome food-related challenges and create a more secure, sustainable and prosperous future for all.” Topian has formed several local and international strategic partnerships with organizations committed to reshaping the future of food. These agreements include collaborations with King Abdullah University of Science and Technology, Tabuk University, Tabuk Fish Company, BlueNalu, Van der Hoeven Horticultural Projects, and Cargill. Through these partnerships, it aims to drive research and development, leveraging expertise to create innovative and sustainable food-production methods. The company is also committed to the NEOM CARE partnership, which focuses on educational initiatives to promote local sustainable gastronomy and develop Saudi talent through training opportunities and chef camps. Another key Saudi initiative aimed at achieving food security is the Center of Excellence for Sustainable Food Security. Founded by KAUST in 2024, the center focuses on the advancement of technology-driven solutions to help enhance sustainable food production, particularly in arid environments. Its primary goal is to translate research into practical applications that minimize the environmental impact of food systems. The center is led by Mark Tester, an expert in plant science and agriculture in arid environments, and co-chaired by Brande Wulff, a leader in crop genetics, and Peiying Hong, an expert in environmental microbiology and wastewater treatment. It aims to address key challenges in resource efficiency, crop improvement, and sustainable biosystems, with the goal of enhancing food security in Saudi Arabia and beyond while minimizing environmental impacts. “To deliver food to our plates, we need to prepare the land, improve our crops, harvest, process and distribute,” Tester told Arab News. “Together, these activities are arguably the most environmentally impactful of all human activities, using half of all the land and three-quarters of all the water we use, and the food sector is probably the second-biggest emitter of greenhouse gases. “All steps in the process need to be improved to increase sustainability, from fertilizer production and the deployment of technologies to increasing our ability to grow fresh fruits and vegetables locally, through to education to improve nutrition and reduce waste.” The center uses advanced technologies to boost sustainability in the food sector, including artificial intelligence-machine learning, Internet of Things sensors, and computer vision and robotics, all key components of the Fourth Industrial Revolution. It also employs nanotechnology, such as heat-absorbing nanoparticles that reduce heat load in greenhouses, and biotechnologies such as genomics, gene editing and modifications to enhance crops in ways previously not possible. Tester said the center has also introduced the Sustainable Food Security Edible Education Program, which is designed to “help reconnect young people with the sources of their food — ultimately plants — and to do this in a way that is fun and engaging, and in a way that kids can immediately relate to; i.e., through food.” He added: “We all get hungry, several times a day, and if we are growing at least some of our food that we then eat, it reminds us of how our meals end up on our plates. In the Edible Education Program, we help children and their teachers grow plants in the schoolyard and use these for some of their school lunches. It is immediate, direct and fun.” Saudi Arabia has actively promoted domestic and foreign investments in agriculture, Al-Fadley, the environment, water and agriculture minister, said during the G20 meeting in Brazil. Over the past four years, agricultural loans have surged, contributing to growth of 35 percent in the Kingdom’s agricultural gross domestic product.The Christmas tradition has become nearly global in scope: Children from around the world track Santa Claus as he sweeps across the earth, delivering presents and defying time. Each year, at least 100,000 kids call into the North American Aerospace Defense Command to inquire about Santa’s location. Millions more follow online in nine languages , from English to Japanese. On any other night, NORAD is scanning the heavens for potential threats , such as last year’s Chinese spy balloon . But on Christmas Eve, volunteers in Colorado Springs are fielding questions like, “When is Santa coming to my house?” and, “Am I on the naughty or nice list?” “There are screams and giggles and laughter,” said Bob Sommers, 63, a civilian contractor and NORAD volunteer. Sommers often says on the call that everyone must be asleep before Santa arrives, prompting parents to say, “Do you hear what he said? We got to go to bed early.” NORAD’s annual tracking of Santa has endured since the Cold War , predating ugly sweater parties and Mariah Carey classics . Here’s how it began and why the phones keep ringing. It started with a child’s accidental phone call in 1955. The Colorado Springs newspaper printed a Sears advertisement that encouraged children to call Santa, listing a phone number. A boy called. But he reached the Continental Air Defense Command, now NORAD, a joint U.S. and Canadian effort to spot potential enemy attacks. Tensions were growing with the Soviet Union, along with anxieties about nuclear war. Air Force Col. Harry W. Shoup picked up an emergency-only “red phone” and was greeted by a tiny voice that began to recite a Christmas wish list. “He went on a little bit, and he takes a breath, then says, ‘Hey, you’re not Santa,’” Shoup told The Associated Press in 1999. Realizing an explanation would be lost on the youngster, Shoup summoned a deep, jolly voice and replied, “Ho, ho, ho! Yes, I am Santa Claus. Have you been a good boy?” Shoup said he learned from the boy’s mother that Sears mistakenly printed the top-secret number. He hung up, but the phone soon rang again with a young girl reciting her Christmas list. Fifty calls a day followed, he said. In the pre-digital age, the agency used a 60-by-80 foot (18-by-24 meter) plexiglass map of North America to track unidentified objects. A staff member jokingly drew Santa and his sleigh over the North Pole. The tradition was born. “Note to the kiddies,” began an AP story from Colorado Springs on Dec. 23, 1955. “Santa Claus Friday was assured safe passage into the United States by the Continental Air Defense Command.” In a likely reference to the Soviets, the article noted that Santa was guarded against possible attack from “those who do not believe in Christmas.” Some grinchy journalists have nitpicked Shoup’s story, questioning whether a misprint or a misdial prompted the boy’s call. In 2014, tech news site Gizmodo cited an International News Service story from Dec. 1, 1955, about a child’s call to Shoup. Published in the Pasadena Independent, the article said the child reversed two digits in the Sears number. “When a childish voice asked COC commander Col. Harry Shoup, if there was a Santa Claus at the North Pole, he answered much more roughly than he should — considering the season: ‘There may be a guy called Santa Claus at the North Pole, but he’s not the one I worry about coming from that direction,’” Shoup said in the brief piece. In 2015, The Atlantic magazine doubted the flood of calls to the secret line, while noting that Shoup had a flair for public relations. Phone calls aside, Shoup was indeed media savvy. In 1986, he told the Scripps Howard News Service that he recognized an opportunity when a staff member drew Santa on the glass map in 1955. A lieutenant colonel promised to have it erased. But Shoup said, “You leave it right there,” and summoned public affairs. Shoup wanted to boost morale for the troops and public alike. “Why, it made the military look good — like we’re not all a bunch of snobs who don’t care about Santa Claus,” he said. Shoup died in 2009. His children told the StoryCorps podcast in 2014 that it was a misprinted Sears ad that prompted the phone calls. “And later in life he got letters from all over the world,” said Terri Van Keuren, a daughter. “People saying ‘Thank you, Colonel, for having, you know, this sense of humor.’” NORAD’s tradition is one of the few modern additions to the centuries-old Santa story that have endured, according to Gerry Bowler, a Canadian historian who spoke to the AP in 2010. Ad campaigns or movies try to “kidnap” Santa for commercial purposes, said Bowler, who wrote “Santa Claus: A Biography.” NORAD, by contrast, takes an essential element of Santa’s story and views it through a technological lens. In a recent interview with the AP, Air Force Lt. Gen. Case Cunningham explained that NORAD radars in Alaska and Canada — known as the northern warning system — are the first to detect Santa. He leaves the North Pole and typically heads for the international dateline in the Pacific Ocean. From there he moves west, following the night. “That’s when the satellite systems we use to track and identify targets of interest every single day start to kick in,” Cunningham said. “A probably little-known fact is that Rudolph’s nose that glows red emanates a lot of heat. And so those satellites track (Santa) through that heat source.” NORAD has an app and website, www.noradsanta.org , that will track Santa on Christmas Eve from 4 a.m. to midnight, Mountain Standard Time. People can call 1-877-HI-NORAD to ask live operators about Santa’s location from 6 a.m. to midnight, mountain time.
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WASHINGTON — The man tapped to be Donald Trump’s top legislative liaison will face challenges on both ends of Pennsylvania Avenue as he manages a mercurial boss and tough math in both chambers of Congress. If the president-elect’s late-night and pre-sunrise social media blasts about legislation and lawmakers don’t prove challenging enough for former congressional aide James Braid and his incoming White House legislative affairs staff, the tight margins in what will be the Republican-run House and Senate will likely only further complicate matters. But Republican sources say Braid’s history in conservative circles should help the Trump team clear any potential hurdles, predicting several legislative wins next year. Braid is a former policy director for the hard-line conservative House Freedom Caucus and was a staffer for former South Carolina GOP Rep. Mark Sanford and for North Carolina Republican Ted Budd, when he served in the House. He most recently was a senior aide to Ohio Sen. JD Vance, the incoming vice president. “James is a very serious staffer. He works so hard and puts a lot of blood, sweat and tears into whatever he’s working on,” a former Senate GOP aide who has worked directly with Braid said this week. “I could see James and Trump getting along very well. Both are very ‘America First.’ They’re both very boisterous and full of energy — and they’re both hardcore and get-down-to-business guys.” A veteran of the first Trump administration as a legislative affairs aide in the White House Office of Management and Budget, Braid will be able to “tap into his vast well of knowledge about the appropriations process,” according to the former Senate GOP aide. “He’s a strategic thinker and has a lot of political savvy, and is someone who has a history of working with coalitions to get things done,” the former aide added. ‘One of the toughest jobs’ Several Republican sources this week said Trump and his incoming team were eager to, as one said, “put points on the board early.” That means Braid will be busy even before Day 1, as sources noted that House and Senate Republicans and their aides already have begun to look toward the new Congress and advancing Trump’s agenda. G. William Hoagland, a former senior Senate Republican staffer, said in an email that Braid will have “one of the toughest jobs in the White House.” “I would expect there could be some real shouting matches, or at least difficult discussions, with Trump as to why [Braid] cannot get certain House members to fall in line, unlike 2017, when Republicans had nearly a 40-seat majority,” added Hoagland, now with the Bipartisan Policy Center. “I don’t envy his job at all and he will be inundated with outside advisers — Elon Musk, etc. — not to mention new Cabinet officers and [OMB Director pick] Russ Vought.” Vought, who also served as acting OMB director toward the end of Trump’s initial term, could push Braid particularly hard from the White House side of Pennsylvania Avenue. Vought was also a key driver of the conservative Heritage Foundation-led “Project 2025” initiative which calls for deep cuts to federal programs and spending as well as a major overhaul of the federal apparatus — all of which would need Congress’ blessing. “Based on the conversations that I’ve had with the Trump team and some folks who are probably going in [the administration], a big part of what that will be, at least at the start, will be going after the ‘woke’ and weaponized pieces of appropriations,” the former Senate GOP aide said. “And also dealing with Ukraine aid, if that conflict isn’t already over by March,” when a potential pre-recess stopgap spending measure could be due to expire. (Lawmakers are expected this month to extend government funding through the early spring.) Braid did not respond to a message seeking an interview. Nor did Vance’s Senate office. Working the margins Republicans expect to move out on fast-track budget legislation under Congress’ special reconciliation rules, but crafting legislation that both moderate and conservative members can support has been tricky in the past. Finding a way to get that done will be crucial, GOP sources said, because any reconciliation legislation likely would not garner a single Democratic vote in either chamber. “It may be that James’ biggest issue for his future in that position is to quickly establish a good working relationship with the House leadership team including both the speaker’s and minority leader’s offices,” Hoagland said. “This is critical, given the margins.” With the last House race being called by The Associated Press early Wednesday, House Republicans will hold just a paper-thin majority next year — 220-215, assuming full attendance. That margin is, at least temporarily, on track to shrink in the early months of next year. Former Florida Rep. Matt Gaetz, who resigned from Congress last month shortly before withdrawing from consideration to be Trump’s attorney general, has said he will not return next year despite winning a fifth term in November. Two other members are expected to depart to join the new administration — New York Rep. Elise Stefanik, the House GOP conference chair who is Trump’s pick to be U.S. ambassador to the United Nations, and Florida Rep. Michael Waltz, the incoming national security adviser. While special elections are organized and held for those seats, Braid will have his work cut out for him maneuvering members of a House GOP conference that the former senior aide quipped “can go at each other often.” But in doing so, the former aide noted, Braid will have a political reality on his side during the sometimes-testy talks about the contents of legislation. “Remember, all those House members are up for reelection in two years,” he said. “So going against Trump won’t be very wise if they don’t want a primary opponent. I’d expect them to, eventually, fall in line.” Aaron Cutler, a former House GOP leadership aide, said in an email this week that “with tight margins in both chambers, Braid’s task will be to maximize every opportunity for legislative success,” adding: “By focusing on shared priorities and leveraging the president’s strong connection with the Republican base, they’ll have an opportunity to secure wins even in a closely divided Congress.” Beyond the fast-track reconciliation bills, however, Trump and Braid would need to secure at least some Democratic votes for other priorities. Some members of the opposition party already this week were giving Republicans some subtle advice. “Our divisions still run very deep, but our task in this chamber cannot and will not change,” Senate Democratic leader Charles E. Schumer, fresh off being elected by his conference to continue in his role, said Tuesday. “We are sent here to make life better for the American people.” ©2024 CQ-Roll Call, Inc., All Rights Reserved. Visit cqrollcall.com. Distributed by Tribune Content Agency, LLC.
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Deal on Elgin Marbles ‘still some distance’ away, says George OsborneWASHINGTON — President-elect Donald Trump has identified what he sees as an all-purpose fix for what ails America: Slap huge new tariffs on foreign goods entering the United States. On Monday, Trump sent shockwaves across the nation's northern and southern borders, vowing sweeping new tariffs on Mexico, Canada , as well as China, as soon as he takes office as part of his effort to crack down on illegal immigration and drugs. In a pair of posts on his Truth Social site Trump railed against an influx of immigrants lacking permanent legal status, even though southern border apprehensions have been hovering near four-year lows. He said he would impose a 25% tax on all products entering the country from Canada and Mexico, and an additional 10% tariff on goods from China, as one of his first executive orders. He said the new tariffs would remain in place “until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” The president-elect asserts that tariffs — basically import taxes — will create more factory jobs, shrink the federal deficit, lower food prices and allow the government to subsidize childcare. Economists are generally skeptical, considering tariffs to be a mostly inefficient way for governments to raise money. They are especially alarmed by Trump’s latest proposed tariffs. Carl B. Weinberg and Rubeela Farooqi, economists with High Frequency Economics said Tuesday that energy, automobiles and food supplies will be particularly hit hard. “Imposing tariffs on trade flows into the United States without first preparing alternative sources for the goods and services affected will raise the price of imported items at once," Weinberg and Farooqi wrote. "Since many of these goods are consumer goods, households will be made poorer.” High Frequency Economics believes the threats are not meant to support new trade policy and are instead a tool to elicit some changes along the borders and for imports from Canada, Mexico and China. Though Vice President Kamala Harris criticized Trump’s tariff threats as unserious during her failed bid for the presidency, the Biden-Harris administration retained the taxes the Trump administration imposed on $360 billion in Chinese goods. And it imposed a 100% tariff on Chinese electric vehicles. Indeed, the United States in recent years has gradually retreated from its post-World War II role of promoting global free trade and lower tariffs. That shift has been a response to the loss of U.S. manufacturing jobs, widely attributed to unfettered trade and an increasingly aggressive China. Tariffs are a tax on imports They are typically charged as a percentage of the price a buyer pays a foreign seller. In the United States, tariffs are collected by Customs and Border Protection agents at 328 ports of entry across the country. The tariff rates range from passenger cars (2.5%) to golf shoes (6%). Tariffs can be lower for countries with which the United States has trade agreements. For example, most goods can move among the United States, Mexico and Canada tariff-free because of Trump’s US-Mexico-Canada trade agreement. There's much misinformation about who actually pays tariffs Trump insists that tariffs are paid for by foreign countries. In fact, its is importers — American companies — that pay tariffs, and the money goes to U.S. Treasury. Those companies, in turn, typically pass their higher costs on to their customers in the form of higher prices. That's why economists say consumers usually end up footing the bill for tariffs. Still, tariffs can hurt foreign countries by making their products pricier and harder to sell abroad. Yang Zhou, an economist at Shanghai’s Fudan University, concluded in a study that Trump’s tariffs on Chinese goods inflicted more than three times as much damage to the Chinese economy as they did to the U.S. economy Tariffs are intended mainly to protect domestic industries By raising the price of imports, tariffs can protect home-grown manufacturers. They may also serve to punish foreign countries for committing unfair trade practices, like subsidizing their exporters or dumping products at unfairly low prices. Before the federal income tax was established in 1913, tariffs were a major revenue driver for the government. From 1790 to 1860, tariffs accounted for 90% of federal revenue, according to Douglas Irwin, a Dartmouth College economist who has studied the history of trade policy. Tariffs fell out of favor as global trade grew after World War II. The government needed vastly bigger revenue streams to finance its operations. In the fiscal year that ended Sept. 30, the government is expected to collect $81.4 billion in tariffs and fees. That's a trifle next to the $2.5 trillion that's expected to come from individual income taxes and the $1.7 trillion from Social Security and Medicare taxes. Still, Trump wants to enact a budget policy that resembles what was in place in the 19th century. He has argued that tariffs on farm imports could lower food prices by aiding America’s farmers. In fact, tariffs on imported food products would almost certainly send grocery prices up by reducing choices for consumers and competition for American producers. Tariffs can also be used to pressure other countries on issues that may or may not be related to trade. In 2019, for example, Trump used the threat of tariffs as leverage to persuade Mexico to crack down on waves of Central American migrants crossing Mexican territory on their way to the United States. Trump even sees tariffs as a way to prevent wars. “I can do it with a phone call,’’ he said at an August rally in North Carolina. If another country tries to start a war, he said he’d issue a threat: “We’re going to charge you 100% tariffs. And all of a sudden, the president or prime minister or dictator or whoever the hell is running the country says to me, ‘Sir, we won’t go to war.’ ” Economists generally consider tariffs self-defeating Tariffs raise costs for companies and consumers that rely on imports. They're also likely to provoke retaliation. The European Union, for example, punched back against Trump’s tariffs on steel and aluminum by taxing U.S. products, from bourbon to Harley-Davidson motorcycles. Likewise, China responded to Trump’s trade war by slapping tariffs on American goods, including soybeans and pork in a calculated drive to hurt his supporters in farm country. A study by economists at the Massachusetts Institute of Technology, the University of Zurich, Harvard and the World Bank concluded that Trump’s tariffs failed to restore jobs to the American heartland. The tariffs “neither raised nor lowered U.S. employment’’ where they were supposed to protect jobs, the study found. Despite Trump’s 2018 taxes on imported steel, for example, the number of jobs at U.S. steel plants barely budged: They remained right around 140,000. By comparison, Walmart alone employs 1.6 million people in the United States. Worse, the retaliatory taxes imposed by China and other nations on U.S. goods had “negative employment impacts,’’ especially for farmers, the study found. These retaliatory tariffs were only partly offset by billions in government aid that Trump doled out to farmers. The Trump tariffs also damaged companies that relied on targeted imports. If Trump’s trade war fizzled as policy, though, it succeeded as politics. The study found that support for Trump and Republican congressional candidates rose in areas most exposed to the import tariffs — the industrial Midwest and manufacturing-heavy Southern states like North Carolina and Tennessee.None
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Pope Francis said the story of Jesus' birth as a poor carpenter's son should instil hope that all people can make an impact on the world, as the pontiff on Tuesday led the world's Roman Catholics into Christmas. Francis, celebrating the 12th Christmas of his pontificate, presided at a solemn Christmas Eve Mass in St. Peter's Basilica and opened the 2025 Catholic Holy Year, which the Vatican expects will bring some 32 million tourists to Rome next year. In a sermon focused on the virtue of hope, which is also the theme of the Holy Year, the pontiff said hope "is a summons not to tarry, to be kept back by our old habits, or to wallow in mediocrity or laziness". "Hope calls us ... to be upset with things that are wrong and to find the courage to change them," he said. A Catholic Holy Year, also known as a Jubilee, is considered a time of peace, forgiveness and pardon. They normally occur every 25 years. Pilgrims coming to Rome during the year can obtain special indulgences, or remission of their sins. This Jubilee will run through Jan. 6, 2026. At the beginning of Tuesday's ceremony, Francis oversaw the opening of a special bronze-panelled "Holy Door" at St. Peter's, which is only open during Jubilee years. The Vatican expects up to 100,000 pilgrims to walk through the door each day next year. At the papal Mass for an estimated 6,000 people in St. Peter's Basilica and 25,000 more watching on screens in the square outside, the pope also repeated an earlier call for developed nations to use the Jubilee to reduce the debt burden faced by low-income countries. "The Jubilee calls us to spiritual renewal and commits us to the transformation of our world," said the pontiff. "A time of jubilee for the poorer countries burdened beneath unfair debts; a time of jubilee for all those who are in bondage to forms of slavery old and new." A call for direct debt cancellation made by the late Pope John Paul II during the Jubilee year in 2000 sparked a campaign that resulted in $130 billion of debt cancellation between 2000 and 2015. Francis, who turned 88 this month, has been suffering from what the Vatican has described as a cold. He appeared on good form Tuesday evening, although his voice was a little raspy. On Wednesday, the pope will deliver his Christmas Day "Urbi et Orbi" (to the city and the world) message and blessing. (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)‘So LAZY this year’: The internet is furious that Spotify Wrapped embraced AI—and got boringSAN FRANCISCO , Dec. 5, 2024 /PRNewswire/ -- Docusign, Inc. (NASDAQ: DOCU) today announced results for its fiscal quarter ended October 31, 2024. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast. "Docusign delivered powerful new innovation for customers highlighted by new capabilities to its Intelligent Agreement Management ("IAM") platform," said Allan Thygesen , CEO of Docusign. "In Q3, early IAM momentum outpaced expectations, and we continued to drive improvement in our core business with strong revenue growth and operating profit." Third Quarter Financial Highlights A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures and Other Key Metrics." Key Business Highlights: IAM Product Releases and Highlights : Docusign announced new product capabilities to its IAM platform. Highlights from recent product releases include: Contract Lifecycle Management ("CLM") Product Releases and Highlights : Developer Ecosystem: Guidance The company currently expects the following guidance: Total revenue $758 to $762 Subscription revenue $741 to $745 Billings $870 to $880 Non-GAAP gross margin 81.0 % to 82.0 % Non-GAAP operating margin 27.5 % to 28.5 % Non-GAAP diluted weighted-average shares outstanding 209 to 214 Total revenue $2,959 to $2,963 Subscription revenue $2,885 to $2,889 Billings $3,056 to $3,066 Non-GAAP gross margin 81.9 % to 82.1 % Non-GAAP operating margin 29.5 % to 29.7 % Non-GAAP diluted weighted-average shares outstanding 210 to 212 A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Webcast Conference Call Information The company will host a conference call on December 5, 2024 at 2:00 p.m. PT ( 5:00 p.m. ET ) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com . Prepared remarks and the news release with the financial results will also be accessible on Docusign's website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EST) December 19, 2024 using the passcode 13750095. About Docusign Docusign brings agreements to life. Over 1.6 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign's IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com . Copyright 2024. Docusign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP). Investor Relations: Docusign Investor Relations investors@docusign.com Media Relations: Docusign Corporate Communications media@docusign.com 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, that are based on our management's beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under "Guidance" above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, as well as statements related to our expectations regarding the benefits, rollout and customer demand of the Docusign IAM platform. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates, and market volatility on the global economy; our ability to estimate the size and growth of our total addressable market; our ability to compete effectively in an evolving and competitive market; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; our ability to effectively sustain and manage our growth and future expenses and maintain or increase future profitability; our ability to attract new customers and maintain and expand our existing customer base; our ability to effectively implement and execute our restructuring plans; our ability to scale and update our platform to respond to customers' needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products; our ability to successfully execute our technical developments, go-to-market and sales strategy for our IAM platform; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility or other indebtedness; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of regional and global conflicts; and our ability to maintain proper and effective internal controls. Additional risks and uncertainties that could affect our financial results are included in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the fiscal year ended January 31, 2024 filed on March 21, 2024 , our quarterly report on Form 10-Q for the quarter ended October 31, 2024 , which we expect to file on December 6, 2024 with the Securities and Exchange Commission (the "SEC"), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law. Non-GAAP Financial Measures and Other Key Metrics To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results. Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share : We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs, fair value adjustments to strategic investments, acquisition-related expenses, lease-related impairment and lease-related charges, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024 and fiscal 2025, we have determined the projected non-GAAP tax rate to be 20%. Free cash flow : We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Billings : We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenue: Subscription $ 734,693 $ 682,352 $ 2,143,542 $ 1,991,026 Professional services and other 20,127 18,069 56,945 58,470 Total revenue 754,820 700,421 2,200,487 2,049,496 Cost of revenue: Subscription 134,587 114,227 393,561 339,354 Professional services and other 21,950 28,418 67,887 85,360 Total cost of revenue 156,537 142,645 461,448 424,714 Gross profit 598,283 557,776 1,739,039 1,624,782 Operating expenses: Sales and marketing 290,597 292,473 859,705 867,916 Research and development 151,101 136,640 432,992 387,964 General and administrative 97,555 108,215 277,162 316,910 Restructuring and other related charges — 710 29,721 30,293 Total operating expenses 539,253 538,038 1,599,580 1,603,083 Income from operations 59,030 19,738 139,459 21,699 Interest expense (462) (1,577) (1,150) (5,135) Interest income and other income, net 13,006 17,673 41,745 47,373 Income before provision for (benefit from) income taxes 71,574 35,834 180,054 63,937 Provision for (benefit from) income taxes 9,151 (2,971) (804,340) 17,198 Net income $ 62,423 $ 38,805 $ 984,394 $ 46,739 Net income per share attributable to common stockholders: Basic $ 0.31 $ 0.19 $ 4.81 $ 0.23 Diluted $ 0.30 $ 0.19 $ 4.69 $ 0.23 Weighted-average shares used in computing net income per share: Basic 203,567 204,456 204,674 203,609 Diluted 208,706 208,054 209,755 208,317 Stock-based compensation expense included in costs and expenses: Cost of revenue—subscription $ 14,862 $ 13,705 $ 44,636 $ 38,143 Cost of revenue—professional services and other 4,765 7,343 14,465 21,359 Sales and marketing 49,347 53,715 154,396 150,604 Research and development 53,184 48,310 150,816 129,458 General and administrative 31,070 36,337 91,239 111,271 Restructuring and other related charges — 8 4,836 4,996 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 610,870 $ 797,060 Investments—current 331,506 248,402 Accounts receivable, net 300,444 439,299 Contract assets—current 13,645 15,922 Prepaid expenses and other current assets 75,412 66,984 Total current assets 1,331,877 1,567,667 Investments—noncurrent 112,805 121,977 Property and equipment, net 278,623 245,173 Operating lease right-of-use assets 113,365 123,188 Goodwill 455,678 353,138 Intangible assets, net 83,307 50,905 Deferred contract acquisition costs—noncurrent 445,987 409,627 Deferred tax assets—noncurrent 816,538 2,031 Other assets—noncurrent 132,028 97,584 Total assets $ 3,770,208 $ 2,971,290 Liabilities and Equity Current liabilities Accounts payable $ 18,144 $ 19,029 Accrued expenses and other current liabilities 94,591 104,037 Accrued compensation 158,779 195,266 Contract liabilities—current 1,307,749 1,320,059 Operating lease liabilities—current 19,507 22,230 Total current liabilities 1,598,770 1,660,621 Contract liabilities—noncurrent 22,931 21,980
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