Charissa Thompson Has Message for NFL Fans Before 'Thursday Night Football'Introducing The Freebeat Boom Bike Basic: The Most Affordable Way To Transform Home WorkoutsNominates Bentina Chisolm Terry and Leland Weaver to Join Board of Directors Two Long-Tenured Directors to Retire at Upcoming 2025 Annual Meeting of Stockholders ATLANTA, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Mueller Water Products, Inc. (NYSE: MWA) announced that its Board of Directors has nominated Bentina Chisolm Terry and Leland Weaver to join the Board for election at the Company’s Annual Meeting of Stockholders on February 6, 2025. As part of the previously announced Board refreshment plan, Dr. Lydia Thomas and Ms. Shirley Franklin will retire from the Board at the Annual Meeting. “On behalf of the entire Board, I extend my gratitude to Lydia and Shirley for their contributions to Mueller and many years of service on the Board. Lydia’s and Shirley’s leadership, wisdom and expertise during their service have been enormously valuable to the Company and our management team as we have executed on our strategy to create value for shareholders. We also thank Brian Slobodow and Niclas Ytterdahl for their service,” said Stephen C. Van Arsdell, Non-Executive Chair of the Board. Mr. Van Arsdell continued, “Today’s announcement reflects our strong governance as we continue to drive value creation across our business. The continuing evolution of the Board is a testament to our commitment to bringing new viewpoints to the boardroom while continuing to benefit from the guidance and experience of our more tenured directors. With the addition of Bentina and Leland, who most recently joined us as Board Observers, we are on course to complete our board refreshment plan next year. We are confident that each of our new directors will bring significant value to our diverse Board.” The Board’s slate for the Annual Meeting is comprised of Christian A. Garcia, Thomas J. Hansen, Brian C. Healy, Christine Ortiz, Jeffery S. Sharritts, Bentina Chisolm Terry, Stephen C. Van Arsdell, Leland G. Weaver, and Marietta Edmunds Zakas. Following the Annual Meeting, the Board will comprise nine directors, eight of whom are independent and eight of whom will have been elected in the last six years. About Bentina Chisolm Terry Ms. Bentina Chisolm Terry currently serves as the President and CEO of Southern Linc and Southern Telecom, providing mission-critical LTE wireless and dark fiber networks and services to Southern Company electric utilities and external customers. She is an accomplished senior executive with more than 25 years of experience leading across a range of functions in the utility industry and a strong track record of driving growth and innovation. Prior to Southern Linc and Southern Telecom, Ms. Terry served as Senior Vice President of Customer Strategy and Solutions at Georgia Power. She joined Georgia Power in 2001, holding roles of increasing responsibility across multiple departments. Ms. Terry has led multiple environmental initiatives and has been responsible for health and safety. During her time serving as General Counsel for Southern Nuclear Operating Company, Ms. Terry led the Company to receiving the most significant rate increase in its history, ensuring continued service reliability and infrastructure upgrades. Ms. Terry received her Bachelor of Arts from North Carolina State University and a Juris Doctor from the University of Michigan. About Leland Weaver Mr. Leland Weaver currently serves as the President of DuPont Water & Protection. He is an accomplished senior executive with extensive experience across various industries and global markets. As President of the DuPont Water & Protection business, a global business with $6 billion in revenue, Mr. Weaver oversees 34 manufacturing sites and 7,000 employees, as well as the strategy to deliver sustainable, technology-based products and solutions for water, shelter, and safety. He previously held leadership roles within Dupont’s investor relations and business strategy arm. Mr. Weaver has deep experience in both operational and manufacturing as well as growth strategy and transformation, managing relationships with institutional investors, and playing a pivotal role in significant corporate transformation initiatives, including the spin-off of DuPont’s Nutrition & Biosciences business and its merger with International Flavors and Fragrances. Mr. Weaver has a strong track record of building high-performance teams, managing large-scale operations, and driving significant financial growth. Mr. Weaver received his Bachelor of Science from the University of Alabama and his master’s degree in business from the University of Pennsylvania. About Mueller Water Products, Inc. Mueller Water Products, Inc. is a leading manufacturer and marketer of products and services used in the transmission, distribution and measurement of water in North America. Our broad product and service portfolio includes engineered valves, fire hydrants, pipe connection and repair products, metering products, leak detection, pipe condition assessment, pressure management products, and software that provides critical water system data. We help municipalities increase operational efficiencies, improve customer service and prioritize capital spending, demonstrating why Mueller Water Products is Where Intelligence Meets Infrastructure ® . Visit us at www.muellerwaterproducts.com. Mueller refers to one or more of Mueller Water Products, Inc. (MWP), a Delaware corporation, and its subsidiaries. MWP and each of its subsidiaries are legally separate and independent entities when providing products and services. MWP does not provide products or services to third parties. MWP and each of its subsidiaries are liable only for their own acts and omissions and not those of each other. Investor Relations Contact: Whit Kincaid 770-206-4116 wkincaid@muellerwp.com Media Contact: Jenny Barabas 470-806-5771 jbarabas@muellerwp.comSURREY, British Columbia, Dec. 18, 2024 (GLOBE NEWSWIRE) -- RecycLiCo Battery Materials Inc. (“ RecycLiCo ” or the “ Company ”) (TSX.V: AMY | OTCQB: AMYZF| FSE: ID4), a pioneer in the field of sustainable lithium-ion battery recycling technology, is pleased to announce the results of its 2024 Annual General Meeting of Shareholders held on December 12, 2024. The Company elected Richard Sadowsky, Paul Hildebrand, Andris Kikauka, Rod Langtry and Kurt Lageschulte to serve as directors until the next annual meeting of shareholders of the Company or until their successors are elected or appointed. In addition, the Company re-appointed De Visser Gray LLP to serve as the auditor of the Company until the close of the next annual meeting of shareholders of the Company. About RecycLiCo RecycLiCo Battery Materials Inc. is a battery materials company specializing in sustainable lithium-ion battery recycling and materials production. RecycLiCo has developed advanced technologies that efficiently recover battery-grade materials from lithium-ion batteries, addressing the global demand for environmentally friendly solutions in energy storage. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese, the patented, closed-loop hydrometallurgical process turns lithium-ion battery waste into battery-grade cathode precursor, lithium hydroxide, and lithium carbonate for direct integration into the re- manufacturing of new lithium-ion batteries. For more information, please contact: Teresa Piorun Senior Corporate Secretary Telephone: 778-574-4444 Email: InvestorServices@RecycLiCo.com Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain "forward-looking statements", which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

WVU Rockefeller Neuroscience Institute receives $25K from the Bowles Rice FoundationSagah (centre) being briefed on an app developed by one of the participating teams. – Photo by Sarawak Public Communications Unit KUCHING (Nov 23): Education, Innovation and Talent Development Minister Dato Sri Roland Sagah Wee Inn has proposed the development of mobile apps and tools to help students with learning loss catch up on their school work. He highlighted that there are students who are still unable to read, write and do simple arithmetics because their learning was affected due to school closures during the Covid-19 pandemic. “(There is) Another group of special needs, those who were involved in learning loss especially during the Covid-19. “Some students are not being able to catch up with school work, going to Primary 2, Primary 3 not knowing how to read and write, let alone to sum up things,” he said at the Girlscode Hackwnd here today. As such, he urged teachers and students involved in coding to create innovative apps and tools to support these students in overcoming these challenges. On a separate note, Sagah is proud of the achievement of Team Agape from SMK Sarikei, which won the Technology Award at the Technovation World Summit in the United States last month. He said this had proven that Sarawakians have the ability to excel on the global stage. “Their tool called Agape With Love designed to help children with special needs learn more effectively is a wonderful example of how we can use technology for good,” he said. On the Girlscode Hackwnd programme, he said it was one of the initiatives supported by his ministry to nurture the next generation of talents in science, technology, engineering and mathematics (STEM). At the event, Team Fusion Angel from SJKC Chung Hua Krokop, Miri won the ‘Junior’ Category (Primary School) while Team TPG from SMK Tinggi Kuching won the ‘Senior’ Category (Secondary School).

Deep-pocketed investors have adopted a bearish approach towards Qualcomm QCOM , and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in QCOM usually suggests something big is about to happen. We gleaned this information from our observations today when Benzinga's options scanner highlighted 19 extraordinary options activities for Qualcomm. This level of activity is out of the ordinary. The general mood among these heavyweight investors is divided, with 26% leaning bullish and 42% bearish. Among these notable options, 7 are puts, totaling $664,115, and 12 are calls, amounting to $1,189,524. What's The Price Target? Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $140.0 to $180.0 for Qualcomm during the past quarter. Volume & Open Interest Development Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Qualcomm's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Qualcomm's substantial trades, within a strike price spectrum from $140.0 to $180.0 over the preceding 30 days. Qualcomm Option Volume And Open Interest Over Last 30 Days Noteworthy Options Activity: Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume QCOM CALL SWEEP BULLISH 06/20/25 $23.75 $23.3 $23.75 $140.00 $474.6K 142 200 QCOM CALL SWEEP BEARISH 02/21/25 $2.29 $2.13 $2.14 $180.00 $242.0K 2.8K 20 QCOM PUT SWEEP BULLISH 12/20/24 $15.05 $14.5 $14.5 $165.00 $211.7K 1.2K 26 QCOM PUT SWEEP BEARISH 01/17/25 $5.9 $5.7 $5.75 $150.00 $129.3K 8.2K 390 QCOM PUT SWEEP NEUTRAL 01/17/25 $18.15 $17.85 $18.01 $170.00 $90.0K 8.6K 346 About Qualcomm Qualcomm develops and licenses wireless technology and designs chips for smartphones. The company's key patents revolve around CDMA and OFDMA technologies, which are standards in wireless communications that are the backbone of all 3G, 4G, and 5G networks. Qualcomm's IP is licensed by virtually all wireless device makers. The firm is also the world's largest wireless chip vendor, supplying nearly every premier handset maker with leading-edge processors. Qualcomm also sells RF-front end modules into smartphones, as well as chips into automotive and Internet of Things markets. Current Position of Qualcomm With a volume of 4,767,794, the price of QCOM is up 1.8% at $153.1. RSI indicators hint that the underlying stock is currently neutral between overbought and oversold. Next earnings are expected to be released in 40 days. What The Experts Say On Qualcomm A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $180.0. Unusual Options Activity Detected: Smart Money on the Move Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access .* An analyst from Melius Research has revised its rating downward to Hold, adjusting the price target to $180. Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Qualcomm with Benzinga Pro for real-time alerts. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.SAN FRANCISCO--(BUSINESS WIRE)--Dec 3, 2024-- Salesforce (NYSE: CRM), the #1 AI CRM, today announced results for its third quarter fiscal 2025 ended October 31, 2024. "We delivered another quarter of exceptional financial performance across revenue, margin, cash flow, and cRPO,” said Marc Benioff, Chair and CEO, Salesforce. “Agentforce, our complete AI system for enterprises built into the Salesforce Platform, is at the heart of a groundbreaking transformation. The rise of autonomous AI agents is revolutionizing global labor, reshaping how industries operate and scale. With Agentforce, we’re not just witnessing the future—we’re leading it, unleashing a new era of digital labor for every business and every industry." “We continue to drive disciplined profitable growth with third quarter GAAP operating margin of 20.0%, up 280 basis points year-over-year, and non-GAAP operating margin of 33.1%, up 190 basis points year-over-year,” said Amy Weaver, President and CFO of Salesforce. “To date, our total capital returns have surpassed $20 billion and we remain focused on driving shareholder value.” Third quarter GAAP diluted net income per share was $1.58 and non-GAAP diluted net income per share was $2.41. During the three months ended October 31, 2024, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) on a U.S. tax rate of 24.5% and non-GAAP diluted net income per share by $(0.18) on a non-GAAP tax rate of 22.0%. Our guidance includes GAAP and non-GAAP financial measures. Total Revenue $9.90 - $10.10 Billion $37.8 - $38.0 Billion Y/Y Growth 7 - 9% 8 - 9% FX Impact (1) ($25M) Y/Y FX ($100M) Y/Y FX Subscription & Support Revenue Growth (Y/Y) (2)(3) N/A Slightly below 10%, Approx 10% CC GAAP Operating Margin N/A 19.8% Non-GAAP Operating Margin (3) N/A 32.9% GAAP Diluted Net Income per Share (3) $1.55 - $1.60 $6.15 - $6.20 Non-GAAP Diluted Net Income per Share (3) $2.57 - $2.62 $9.98 - $10.03 Operating Cash Flow Growth (Y/Y) N/A 24% to 26% Current Remaining Performance Obligation Growth (Y/Y) Approximately 9% N/A FX Impact (4) ($100M) Y/Y FX N/A (1) Revenue FX impact is calculated by taking the current period rates compared to the prior period average rates. (2) Subscription & Support revenue excludes professional services revenue. (3) Non-GAAP CC revenue growth, non-GAAP operating margin and non-GAAP Diluted net income per share are non-GAAP financial measures. See below for an explanation of non-GAAP financial measures. The Company's shares used in computing GAAP Diluted net income per share guidance and non-GAAP Diluted net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program. (4) Current Remaining Performance Obligation FX impact is calculated by taking the current period rates compared to the prior period ending rates. (5) Guidance assumes contributions from acquisitions of Zoomin Software Ltd. and Own Data Company Ltd., which closed in November 2024. The following is a reconciliation of GAAP operating margin guidance to non-GAAP operating margin guidance for the full year: GAAP operating margin (1) 19.8% Plus Amortization of purchased intangibles (2) 4.3% Stock-based compensation expense (2)(3) 8.4% Restructuring (2)(3) 0.4% Non-GAAP operating margin (1) 32.9% (1) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. (2) The percentages shown above have been calculated based on the midpoint of the low and high ends of the revenue guidance for full year FY25. (3) The percentages shown in the restructuring line have been calculated based on charges associated with the Company's restructuring initiatives. Stock-based compensation expense excludes stock-based compensation expense related to the Company's restructuring initiatives, which is included in the restructuring line. The following is a per share reconciliation of GAAP diluted net income per share to non-GAAP diluted net income per share guidance for the next quarter and the full year: GAAP diluted net income per share range (1)(2) $1.55 - $1.60 $6.15 - $6.20 Plus Amortization of purchased intangibles $ 0.36 $ 1.66 Stock-based compensation expense $ 0.83 $ 3.27 Restructuring (3) $ 0.01 $ 0.17 Less Income tax effects and adjustments (4) $ (0.18 ) $ (1.27 ) Non-GAAP diluted net income per share (2) $2.57 - $2.62 $9.98 - $10.03 Shares used in computing basic net income per share (millions) (5) 960 962 Shares used in computing diluted net income per share (millions) (5) 978 975 (1) The Company's GAAP tax provision is expected to be approximately 26.0% for the three months ended January 31, 2025 and approximately 20.0% for the year ended January 31, 2025. The GAAP tax rates may fluctuate due to discrete tax items and related effects in conjunction with certain provisions in the Tax Cuts and Jobs Act, future acquisitions or other transactions. (2) The Company's projected GAAP and non-GAAP diluted net income per share assumes no change to the value of our strategic investment portfolio as it is not possible to forecast future gains and losses. The impact of future gains or losses from the Company’s strategic investment portfolio could be material. (3) The estimated impact to GAAP diluted net income per share is in connection with the Company's restructuring initiatives. (4) The Company’s non-GAAP tax provision uses a long-term projected tax rate of 22.0%, which reflects currently available information and could be subject to change. (5) The Company's shares used in computing GAAP net income per share guidance and non-GAAP net income per share guidance excludes any impact to share count from potential Q4 FY25 repurchase activity under our share repurchase program. For additional information regarding non-GAAP financial measures see the reconciliation of results and related explanations below. Management will provide further commentary around these guidance assumptions on its earnings call. Three times a year Salesforce delivers new product releases, services, or enhancements to current products and services. These releases are a result of significant research and development investments made over multiple years, designed to help customers drive cost savings, boost efficiency, and build trust. To view our major product releases and other highlights as part of the Winter 2025 Product Release, visit: . To learn more about our latest initiatives and priorities, review our Stakeholder Impact Report: . Salesforce plans to host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay details of the event will be available on the Salesforce Investor Relations website at . Salesforce helps organizations of any size reimagine their business for the world of AI. With Agentforce, Salesforce's trusted platform, organizations can bring humans together with agents to drive customer success—powered by AI, data, and action. Visit for more information. "Safe harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements about the Company's financial and operating results and guidance, which include, but are not limited to, expected GAAP and non-GAAP financial and other operating and non-operating results, including revenue, net income, net income per share, operating cash flow growth, operating margin, expected revenue growth, expected foreign currency exchange rate impact, expected current remaining performance obligation growth, expected tax rates or provisions, stock-based compensation expenses, amortization of purchased intangibles, shares outstanding, market growth, strategic investments, expected restructuring expense or charges and expected timing of product releases and enhancements. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results or outcomes could differ materially and adversely from those expressed or implied by our forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements. The risks and uncertainties referred to above include -- but are not limited to -- risks associated with: Further information on these and other factors that could affect the Company’s actual results or outcomes is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings it makes with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Financials section of the Company’s website at . Salesforce, Inc. assumes no obligation and does not intend to revise or update publicly any forward-looking statements for any reason, except as required by law. © 2024 Salesforce, Inc. All rights reserved. Salesforce and other marks are trademarks of Salesforce, Inc. Other brands featured herein may be trademarks of their respective owners. Revenues: Subscription and support $ 8,879 $ 8,141 $ 26,228 $ 23,789 Professional services and other 565 579 1,674 1,781 Total revenues 9,444 8,720 27,902 25,570 Cost of revenues (1)(2): Subscription and support 1,501 1,571 4,617 4,596 Professional services and other 604 584 1,809 1,797 Total cost of revenues 2,105 2,155 6,426 6,393 Gross profit 7,339 6,565 21,476 19,177 Operating expenses (1)(2): Research and development 1,356 1,204 4,073 3,631 Sales and marketing 3,323 3,173 9,786 9,440 General and administrative 711 632 2,069 1,902 Restructuring 56 55 163 815 Total operating expenses 5,446 5,064 16,091 15,788 Income from operations 1,893 1,501 5,385 3,389 Losses on strategic investments, net (217 ) (72 ) (217 ) (242 ) Other income 70 58 282 158 Income before provision for income taxes 1,746 1,487 5,450 3,305 Provision for income taxes (219 ) (263 ) (961 ) (615 ) Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Basic net income per share $ 1.60 $ 1.26 $ 4.66 $ 2.76 Diluted net income per share (3) $ 1.58 $ 1.25 $ 4.60 $ 2.73 Shares used in computing basic net income per share 956 972 963 976 Shares used in computing diluted net income per share 965 981 975 985 (1) Amounts include amortization of intangible assets acquired through business combinations, as follows: Cost of revenues $ 131 $ 245 $ 600 $ 743 Sales and marketing 223 223 669 668 (2) Amounts include stock-based compensation expense, as follows: Cost of revenues $ 135 $ 109 $ 386 $ 324 Research and development 278 238 814 735 Sales and marketing 312 275 911 815 General and administrative 95 71 267 223 Restructuring 0 0 2 16 (3) During the three months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.06) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.18) and $(0.06) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. During the nine months ended October 31, 2024 and 2023, losses on strategic investments impacted GAAP diluted net income per share by $(0.17) and $(0.19) based on a U.S. tax rate of 24.5%, and non-GAAP diluted net income per share by $(0.17) and $(0.19) based on a non-GAAP tax rate of 22.0% and 23.5%, respectively. Revenues: Subscription and support 94 % 93 % 94 % 93 % Professional services and other 6 7 6 7 Total revenues 100 100 100 100 Cost of revenues (1)(2): Subscription and support 16 18 17 18 Professional services and other 6 7 6 7 Total cost of revenues 22 25 23 25 Gross profit 78 75 77 75 Operating expenses (1)(2): Research and development 14 14 15 14 Sales and marketing 35 36 35 37 General and administrative 8 7 7 8 Restructuring 1 1 1 3 Total operating expenses 58 58 58 62 Income from operations 20 17 19 13 Losses on strategic investments, net (3 ) (1 ) 0 (1 ) Other income 1 1 1 1 Income before provision for income taxes 18 17 20 13 Provision for income taxes (2 ) (3 ) (4 ) (2 ) Net income 16 % 14 % 16 % 11 % (1) Amounts include amortization of intangible assets acquired through business combinations as a percentage of total revenues, as follows: Cost of revenues 2 % 3 % 2 % 3 % Sales and marketing 2 2 3 3 (2) Amounts include stock-based compensation expense as a percentage of total revenues, as follows: Cost of revenues 2 % 1 % 2 % 1 % Research and development 3 3 3 3 Sales and marketing 3 3 3 3 General and administrative 1 1 1 1 Restructuring 0 0 0 0 (unaudited) Current assets: Cash and cash equivalents $ 7,997 $ 8,472 Marketable securities 4,760 5,722 Accounts receivable, net 4,741 11,414 Costs capitalized to obtain revenue contracts, net 1,836 1,905 Prepaid expenses and other current assets 2,091 1,561 Total current assets 21,425 29,074 Property and equipment, net 3,416 3,689 Operating lease right-of-use assets, net 2,167 2,366 Noncurrent costs capitalized to obtain revenue contracts, net 2,121 2,515 Strategic investments 4,845 4,848 Goodwill 49,093 48,620 Intangible assets acquired through business combinations, net 4,119 5,278 Deferred tax assets and other assets, net 4,209 3,433 Total assets $ 91,395 $ 99,823 Current liabilities: Accounts payable, accrued expenses and other liabilities $ 5,331 $ 6,111 Operating lease liabilities, current 572 518 Unearned revenue 13,472 19,003 Debt, current 0 999 Total current liabilities 19,375 26,631 Noncurrent debt 8,432 8,427 Noncurrent operating lease liabilities 2,420 2,644 Other noncurrent liabilities 2,643 2,475 Total liabilities 32,870 40,177 Stockholders’ equity: Common stock 1 1 Treasury stock, at cost (19,414 ) (11,692 ) Additional paid-in capital 63,114 59,841 Accumulated other comprehensive loss (225 ) (225 ) Retained earnings 15,049 11,721 Total stockholders’ equity 58,525 59,646 Total liabilities and stockholders’ equity $ 91,395 $ 99,823 Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (1) 814 862 2,600 3,006 Amortization of costs capitalized to obtain revenue contracts, net 525 482 1,568 1,428 Stock-based compensation expense 820 693 2,380 2,113 Losses on strategic investments, net 217 72 217 242 Changes in assets and liabilities, net of business combinations: Accounts receivable, net 655 550 6,681 5,905 Costs capitalized to obtain revenue contracts, net (430 ) (300 ) (1,105 ) (906 ) Prepaid expenses and other current assets and other assets (272 ) (407 ) (1,263 ) (750 ) Accounts payable and accrued expenses and other liabilities 32 172 (503 ) (1,607 ) Operating lease liabilities (144 ) (139 ) (387 ) (474 ) Unearned revenue (1,761 ) (1,677 ) (5,555 ) (4,816 ) Net cash provided by operating activities 1,983 1,532 9,122 6,831 Business combinations, net of cash acquired (179 ) (82 ) (517 ) (82 ) Purchases of strategic investments (67 ) (103 ) (374 ) (390 ) Sales of strategic investments 13 80 118 102 Purchases of marketable securities (1,239 ) (661 ) (5,041 ) (2,827 ) Sales of marketable securities 554 315 3,652 1,117 Maturities of marketable securities 905 563 2,439 1,810 Capital expenditures (204 ) (166 ) (504 ) (589 ) Net cash used in investing activities (217 ) (54 ) (227 ) (859 ) Repurchases of common stock (1,285 ) (1,925 ) (7,753 ) (5,928 ) Proceeds from employee stock plans 321 274 1,056 1,085 Principal payments on financing obligations (100 ) (114 ) (505 ) (506 ) Repayments of debt 0 0 (1,000 ) (1,182 ) Payments of dividends (382 ) 0 (1,154 ) 0 Net cash used in financing activities (1,446 ) (1,765 ) (9,356 ) (6,531 ) (5 ) (32 ) (14 ) (4 ) 315 (319 ) (475 ) (563 ) 7,682 6,772 8,472 7,016 $ 7,997 $ 6,453 $ 7,997 $ 6,453 (1) Includes amortization of intangible assets acquired through business combinations, depreciation of fixed assets and amortization and impairment of right-of-use assets. Remaining performance obligation ("RPO") represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods. RPO is influenced by several factors, including seasonality, the timing of renewals, the timing of term license deliveries, average contract terms and foreign currency exchange rates. Remaining performance obligation is also impacted by acquisitions. Unbilled portions of RPO denominated in foreign currencies are revalued each period based on the period end exchange rates. The portion of RPO that is unbilled is not recorded on the condensed consolidated balance sheets. RPO consisted of the following (in billions): As of October 31, 2024 $ 26.4 $ 26.7 $ 53.1 As of July 31, 2024 26.5 27.0 53.5 As of April 30, 2024 26.4 27.5 53.9 As of January 31, 2024 27.6 29.3 56.9 As of October 31, 2023 23.9 24.4 48.3 Unearned revenue represents amounts that have been invoiced in advance of revenue recognition and is recognized as revenue when transfer of control to customers has occurred or services have been provided. The change in unearned revenue was as follows (in millions): Unearned revenue, beginning of period $ 15,222 $ 14,237 $ 19,003 $ 17,376 Billings and other (1) 7,620 6,876 22,158 20,536 Contribution from contract asset 63 167 189 218 Revenue recognized over time (9,023 ) (8,249 ) (26,446 ) (24,264 ) Revenue recognized at a point in time (421 ) (471 ) (1,456 ) (1,306 ) Unearned revenue from business combinations 11 4 24 4 Unearned revenue, end of period $ 13,472 $ 12,564 $ 13,472 $ 12,564 (1) Other includes, for example, the impact of foreign currency translation. Subscription and support revenues consisted of the following (in millions): Sales $ 2,119 $ 1,906 $ 6,188 $ 5,611 Service 2,288 2,074 6,727 6,087 Platform and Other 1,825 1,686 5,329 4,891 Marketing and Commerce 1,334 1,230 3,924 3,638 Integration and Analytics (1) 1,313 1,245 4,060 3,562 $ 8,879 $ 8,141 $ 26,228 $ 23,789 (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau. Revenues by geographical region consisted of the following (in millions): Americas $ 6,220 $ 5,862 $ 18,483 $ 17,113 Europe 2,228 1,998 6,557 5,923 Asia Pacific 996 860 2,862 2,534 $ 9,444 $ 8,720 $ 27,902 $ 25,570 Subscription and support revenues constant currency growth rates by the Company's service offerings were as follows: Sales 11% 10% 10% Service 10% 11% 11% Platform and Other 8% 10% 11% Marketing and Commerce 8% 7% 8% Integration and Analytics (1) 5% 14% 22% Total growth 9% 10% 12% (1) In the fourth quarter of fiscal 2024, the Company renamed the service offering previously referred to as Data to Integration and Analytics, which includes Mulesoft and Tableau. Revenue constant currency growth rates by geographical region were as follows: Americas 6% 8% 9% Europe 9% 11% 10% Asia Pacific 14% 16% 21% Total growth 8% 9% 10% Current remaining performance obligation constant currency growth rates were as follows: Total growth 10% 11% 13% The following tables reflect selected GAAP results reconciled to Non-GAAP results. (in millions, except per share data) (Unaudited) GAAP income from operations $ 1,893 $ 1,501 $ 5,385 $ 3,389 Plus: Amortization of purchased intangibles (1) 354 468 1,269 1,411 Stock-based compensation expense (2)(3) 820 693 2,378 2,097 Restructuring 56 55 163 815 Non-GAAP income from operations $ 3,123 $ 2,717 $ 9,195 $ 7,712 Total revenues $ 9,444 $ 8,720 $ 27,902 $ 25,570 GAAP operating margin (4) 20.0 % 17.2 % 19.3 % 13.3 % Non-GAAP operating margin (4) 33.1 % 31.2 % 33.0 % 30.2 % GAAP net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Plus: Amortization of purchased intangibles (1) 354 468 1,269 1,411 Stock-based compensation expense (2)(3) 820 693 2,378 2,097 Restructuring 56 55 163 815 Income tax effects and adjustments (436 ) (372 ) (1,076 ) (1,177 ) Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 GAAP diluted net income per share $ 1.58 $ 1.25 $ 4.60 $ 2.73 Plus: Amortization of purchased intangibles (1) 0.37 0.48 1.30 1.43 Stock-based compensation expense (2)(3) 0.85 0.71 2.44 2.13 Restructuring 0.06 0.06 0.17 0.83 Income tax effects and adjustments (0.45 ) (0.39 ) (1.10 ) (1.19 ) Non-GAAP diluted net income per share $ 2.41 $ 2.11 $ 7.41 $ 5.93 Shares used in computing non-GAAP diluted net income per share 965 981 975 985 (1) Amortization of purchased intangibles was as follows: Cost of revenues $ 131 $ 245 $ 600 $ 743 Sales and marketing 223 223 669 668 $ 354 $ 468 $ 1,269 $ 1,411 (2) Stock-based compensation expense, excluding stock-based compensation expense related to restructuring, was as follows: Cost of revenues $ 135 $ 109 $ 386 $ 324 Research and development 278 238 814 735 Sales and marketing 312 275 911 815 General and administrative 95 71 267 223 $ 820 $ 693 $ 2,378 $ 2,097 (3) Stock-based compensation expense included in the GAAP to non-GAAP reconciliation tables above excludes stock-based compensation expense related to restructuring activities for each of the three months ended October 31, 2024 and 2023 of $0 million and for the nine months ended October 31, 2024 and 2023 of $2 million and $16 million, respectively, which are included in the restructuring line. (4) GAAP operating margin is the proportion of GAAP income from operations as a percentage of GAAP revenue. Non-GAAP operating margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the amortization of purchased intangibles, stock-based compensation expense and charges associated with the Company's restructuring activities. (in millions, except per share data) (Unaudited) Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Basic net income per share $ 1.60 $ 1.26 $ 4.66 $ 2.76 Shares used in computing basic net income per share 956 972 963 976 Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Non-GAAP basic net income per share $ 2.43 $ 2.13 $ 7.50 $ 5.98 Shares used in computing non-GAAP basic net income per share 956 972 963 976 Net income $ 1,527 $ 1,224 $ 4,489 $ 2,690 Diluted net income per share $ 1.58 $ 1.25 $ 4.60 $ 2.73 Shares used in computing diluted net income per share 965 981 975 985 Non-GAAP net income $ 2,321 $ 2,068 $ 7,223 $ 5,836 Non-GAAP diluted net income per share $ 2.41 $ 2.11 $ 7.41 $ 5.92 Shares used in computing non-GAAP diluted net income per share 965 981 975 985 (in millions) (Unaudited) GAAP net cash provided by operating activities $ 1,983 $ 1,532 $ 9,122 $ 6,831 Capital expenditures (204 ) (166 ) (504 ) (589 ) Free cash flow $ 1,779 $ 1,366 $ 8,618 $ 6,242 This press release includes information about non-GAAP operating margin, non-GAAP net income per share, non-GAAP tax rates, free cash flow, constant currency revenue, constant currency subscription and support revenue growth rate and constant currency current remaining performance obligation growth rates (collectively the “non-GAAP financial measures”). These non-GAAP financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Management uses both GAAP and non-GAAP measures when planning, monitoring and evaluating the Company’s performance. The primary purpose of using non-GAAP measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does. Management believes that supplementing GAAP disclosure with non-GAAP disclosure provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further to the extent that other companies use similar methods in calculating non-GAAP measures, the provision of supplemental non-GAAP information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP operating results. Non-GAAP Operating Margin is the proportion of non-GAAP income from operations as a percentage of GAAP revenue. Non-GAAP income from operations excludes the impact of the following items: stock-based compensation expense, amortization of acquisition-related intangibles and charges associated with the Company's restructuring activities. Non-GAAP net income per share excludes, to the extent applicable, the impact of the following items: stock-based compensation expense, amortization of purchased intangibles, charges related to the Company's restructuring activities and income tax adjustments. These items are excluded because the decisions that give rise to them are not made to increase revenue in a particular period, but instead for the Company’s long-term benefit over multiple periods. As described above, the Company excludes or adjusts for the following in its non-GAAP results and guidance: The Company presents constant currency information to provide a framework for assessing how the Company's underlying business performed excluding the effect of foreign currency rate fluctuations. To present constant currency revenue growth rates, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the weighted average exchange rate for the quarter being compared to rather than the actual exchange rates in effect during that period. To present current remaining performance obligation growth rates on a constant currency basis, current remaining performance obligation balances in local currencies in previous comparable periods are converted using the United States dollar currency exchange rate as of the most recent balance sheet date. The Company defines the non-GAAP measure free cash flow as GAAP net cash provided by operating activities, less capital expenditures. View source version on : CONTACT: Mike Spencer Salesforce Investor Relations Guss Salesforce Public Relations 415-536-4966 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: PROFESSIONAL SERVICES BUSINESS TECHNOLOGY SOFTWARE CONSULTING ARTIFICIAL INTELLIGENCE SOURCE: Salesforce Copyright Business Wire 2024. PUB: 12/03/2024 04:01 PM/DISC: 12/03/2024 04:02 PM