SANTA CLARA, Calif. (AP) — De'Vondre Campbell's decision to quit on his team in the middle of a game overshadowed the bigger issues for the San Francisco 49ers. An offense that was one of the most dynamic in the NFL during a run to the Super Bowl last season has been just ordinary for most of 2024 and was downright bad in a 12-6 loss to the Los Angeles Rams on Thursday night that just about ended San Francisco's playoff hopes. San Francisco (6-8) was held to its fewest yards (191) in a regular-season game in eight seasons under coach Kyle Shanahan and its fewest points since Shanahan's debut in 2017 on a rainy night that will be remembered mostly for Campbell walking off the field in the middle of the game with a towel draped over his head. The game also featured San Francisco going three-and-out on four drives as Brock Purdy struggled to connect with his receivers. Deebo Samuel dropped a potential touchdown pass after complaining earlier in the week about a lack of touches. Purdy then missed Ricky Pearsall on an underthrown deep shot in the fourth quarter before throwing an interception into the end zone that ended the Niners' comeback attempt. “I just feel like I had a lot of plays left out there that I could have made for our team,” Purdy said. “I thought the defense and special teams played so good. That’s what’s hurting me is I just feel like I failed the team. I could have been better for our offense and we could have put up more points.” Scoring has been an issue this season for the 49ers, who have been missing key playmakers like Christian McCaffrey and Brandon Aiyuk for much of the season. San Francisco is scoring 8.5 fewer points per game on offense than the Niners did through 14 games last season. Red-zone defense. After allowing touchdowns on 13 consecutive red-zone drives over the previous four games, the 49ers kept the Rams out of the end zone on all three drives that went inside the 20. Receivers. The 49ers failed to get much production from their wide receivers with Purdy going 6 for 20 for 63 yards with an INT and a 19.4 rating when targeting wideouts. Samuel had 16 yards on seven targets with the key drop. Jauan Jennings had two drops and was the target on the interception. Pearsall had one catch for 16 yards on four targets. LB Dre Greenlaw returned for the first time since tearing his left Achilles tendon in last season's Super Bowl. Greenlaw had eight tackles in the first half as he brought needed intensity and physical play that had been missing for much of the season. Campbell. The 49ers are deciding whether to waive or suspend Campbell, who lost his starting job when Greenlaw returned and then refused to play when he was needed. “His actions from the game just is not something you can do to your team or your teammates and still expect to be a part of our team,” Shanahan said. “We’re working through exactly the semantics of it right now, but we’ll handle the situation appropriately.” Greenlaw came out of the game feeling OK after leaving with soreness in his knee and Achilles tendon. He is day to day. ... S Ji’Ayir Brown (groin) and LB Dee Winters (neck) are also day to day. ... LT Trent Williams (ankle) is still trying to get back to play after missing the last four games. Shanahan said Williams' recovery has been "a lot slower than anticipated.” 0 — The Niners didn't reach the red zone once all game, with their deepest penetration into Rams territory being when they reached the 27 on a third-quarter field goal drive. This marked the first time since Week 11 in 2010 that the 49ers didn't run a single play inside the opponent's 25. The 49ers visit Miami on Dec. 22. AP NFL: https://apnews.com/hub/NFLWhat next for Assad and his family?
Middle East latest: Syrians celebrate Assad's fall as US seeks a peaceful political transition
Penn State is heading into the new calendar year in impressive fashion, but one final challenge awaits as the Nittany Lions square off against Penn on Sunday afternoon in University Park, Pa. The Nittany Lions (10-2) have enjoyed a strong season to this point, highlighted by a win over then-No. 8 Purdue earlier this month. Most recently, the team topped Drexel 75-64 last weekend as Yanic Konan Niederhauser scored 18 points and Ace Baldwin Jr. chipped in 15 points and six assists. Penn State outrebounded Drexel 40-31 and grabbed 19 offensive boards, including six by Puff Johnson and three by Konan Niederhauser. "Offensive rebounds are extra possessions," Nittany Lions coach Mike Rhoades said. "That gets us to where we want to go to. Number of possessions, it's a better chance to win all the time." Konan Niederhauser has shot at least 50 percent from the floor in every game except one this season and enters Sunday's clash averaging 13.0 points, which is second-best on the squad. Baldwin comes in with 14.2 points to go along with 8.5 assists, which ranks among the top marks in the nation. That duo, in addition to Penn State's bevy of 3-point shooters, should give Penn plenty to handle defensively. The Quakers (4-8) have allowed at least 80 points five times this season, including in Sunday's 85-53 trouncing at the hands of George Mason. Offense was another major issue in that game, as Penn shot just 32.2 percent from the floor and committed 15 turnovers. "We played 3 1/2 games of really good defense over the last three weeks and the defense was poor in the second half (against George Mason)," Penn coach Steve Donahue said. "On the defensive end, making sure late in the clock we don't let our guard down, keep guys in front, and limit them to one shot ... when we do those things -- those simple things -- we're a good basketball team." Penn and Penn State have met six times previously, but not since 2017. The Nittany Lions lead the all-time series 4-2. --Field Level MediaStock market today: Wall Street slips at the end of a bumpy week
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In a concerning development, cybercriminals have devised a new tactic to deceive Gmail users, exploiting Google Prompts, the one-tap login feature designed for convenience and security. This method, actively employed in ongoing phishing campaigns, bypasses traditional password entry, adding a layer of complexity to the threat landscape. The attacks, first reported in late November 2024, highlight the evolving nature of cyber threats and the continuous need for user vigilance. Security researchers and Google itself are urging users to exercise caution and adopt preventive measures to safeguard their accounts. This new wave of attacks primarily targets Google Workspace users, particularly those in organizations with less stringent security protocols. By manipulating Google Prompts, attackers aim to harvest login credentials and gain unauthorized access to sensitive information. This alarming trend underscores the importance of understanding the mechanics of these attacks and adopting robust security practices. How the Attack Works: A Step-by-Step Breakdown The attack leverages the inherent trust users place in Google Prompts. Here’s how it unfolds: The Allure of Google Prompts for Attackers Google Prompts, introduced to enhance security by replacing traditional passwords, have ironically become a tool in the hands of cybercriminals. The reasons are multifold: Real-World Examples and Impact While specific details of ongoing attacks remain confidential to protect victims, security researchers have observed a surge in phishing campaigns employing this tactic. Reports from various cybersecurity firms indicate that these attacks are not limited to individuals but also target organizations, potentially leading to large-scale data breaches. Imagine this: You’re a project manager, and you receive an email seemingly from your CEO, requesting urgent access to a project proposal. You click on the link, land on a convincing Google login page, and receive a prompt on your phone. Assuming it’s you accessing the document from your laptop, you approve the prompt, unknowingly granting the attacker access to your entire Gmail account, including confidential project files, client communications, and potentially even financial information. The consequences of such attacks can be devastating, ranging from identity theft and financial loss to reputational damage and disruption of business operations. Google’s Response and User Protection Measures Google is aware of this emerging threat and is actively working to mitigate the risks. While the company has robust security measures in place to detect and prevent suspicious login attempts, the dynamic nature of these attacks demands continuous adaptation and user awareness. Here’s what Google is doing: What You Can Do to Stay Safe While Google is taking steps to combat these attacks, user vigilance remains crucial. Here are some essential precautions to protect yourself: Beyond Individual Responsibility: A Call for Collective Action While individual users must take responsibility for their online security, addressing this threat requires a collective effort. Organizations, educational institutions, and government agencies need to prioritize cybersecurity awareness and implement robust security protocols to protect their users and systems. This includes: The Future of Online Security in a Prompt-Driven World As technology evolves, so do the methods employed by cybercriminals. The exploitation of Google Prompts highlights the need for continuous innovation in security measures and user education. While prompts offer convenience and enhanced security in many ways, it’s crucial to recognize their potential vulnerabilities and adapt accordingly. The future of online security lies in a multi-faceted approach that combines advanced technology, robust security protocols, and a well-informed user base. By working together, we can create a safer online environment and mitigate the risks posed by ever-evolving cyber threats.
HOUSTON--(BUSINESS WIRE)--Dec 4, 2024-- Crescent Energy Company (NYSE: CRGY) (“we” or “our”) announced today that its indirect subsidiary Crescent Energy Finance LLC (the “Issuer”) has priced its previously announced private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), to eligible purchasers of $400 million aggregate principal amount of 7.625% Senior Notes due 2032 (the “Additional Notes” and, together with the Existing Notes (as defined below), the “Notes”). The size of this offering was increased from the previously announced $300 million to $400 million. The Notes mature on April 1, 2032 and pay interest at the rate of 7.625% per year, payable on April 1 and October 1 of each year, with interest payments on the Additional Notes commencing on April 1, 2025. The Additional Notes were priced at 100.250% of par, plus accrued and unpaid interest from October 1, 2024. The Issuer intends to use the net proceeds from this offering, together with the net proceeds of the previously announced underwritten public offering of our Class A Common Stock (the “Equity Offering”), to fund the cash portion of the consideration for the previously announced acquisition of Ridgemar (Eagle Ford) LLC (the “Ridgemar Acquisition”). Pending the use of proceeds described in the previous sentence, the proceeds from each of this offering and the Equity Offering will be used to temporarily reduce the borrowings outstanding under our revolving credit facility and any remaining for general corporate purposes. If the Ridgemar Acquisition is not completed, the proceeds of this offering will be used to reduce the borrowings outstanding under our revolving credit facility or for general corporate purposes. This offering is not contingent on the completion of the Ridgemar Acquisition or the Equity Offering, and neither the Ridgemar Acquisition nor the Equity Offering is conditioned on the completion of this offering. This offering is expected to close on December 11, 2024, subject to customary closing conditions. The Additional Notes are being offered as additional notes under the indenture dated as of March 26, 2024, as supplemented (the “Indenture”), pursuant to which the Issuer has previously issued $700 million aggregate principal amount of 7.625% Senior Notes due 2032 (the “Existing Notes”). The Additional Notes will have substantially identical terms, other than the issue date, the first interest payment date and the initial offering price, as the Existing Notes, and the Additional Notes and the Existing Notes will be treated as a single series of securities under the Indenture and will vote together as a single class. The Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and, unless so registered, the Notes and the guarantees may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer plans to offer and sell the Additional Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Crescent Energy Company is a U.S. energy company with a portfolio of assets concentrated in Texas and the Rockies. This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “think”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “target”, “goal” and similar expressions identify forward-looking statements and express our expectations about future events. This communication includes statements regarding this private placement and the Equity Offering and the use of proceeds therefrom, respectively, and the Ridgemar Acquisition and the transactions related thereto that may contain forward-looking statements within the meaning of federal securities laws. We believe that our expectations are based on reasonable assumptions; however, no assurance can be given that such expectations will prove to be correct. A number of factors could cause actual results to differ materially from the expectations, anticipated results or other forward-looking information expressed in this communication, including weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, uncertainties inherent in estimating natural gas and oil reserves and in projecting future rates of production, our hedging strategy and results, federal and state regulations and laws, recent elections and associated political volatility, the severity and duration of public health crises, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil-producing countries, the impact of the armed conflict in Ukraine, continued hostilities in the Middle East, including the Israel-Hamas conflict and heightened tensions in Iran, Lebanon and Yemen, the impact of disruptions in the capital markets, the timing and success of business development efforts, including acquisition and disposition opportunities, our ability to integrate operations or realize any anticipated operational or corporate synergies and other benefits from the Ridgemar Acquisition and the acquisition of SilverBow Resources, Inc., our reliance on our external manager, sustained cost inflation, elevated interest rates and central bank policy changes associated therewith and other uncertainties. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to, those items identified as such in the most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q or Current Reports on Form 8-K and the risk factors described thereunder, filed by Crescent Energy Company with the U.S. Securities and Exchange Commission. Many of such risks, uncertainties and assumptions are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof. All subsequent written and oral forward-looking statements concerning this offering and the Equity Offering and the use of proceeds therefrom, respectively, and the Ridgemar Acquisition and the transaction related thereto, Crescent Energy Company and the Issuer or other matters and attributable thereto or to any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise these forward-looking statements based on new information, future events or otherwise. View source version on : KEYWORD: UNITED STATES NORTH AMERICA TEXAS INDUSTRY KEYWORD: OIL/GAS ENERGY SOURCE: Crescent Energy Copyright Business Wire 2024. PUB: 12/04/2024 05:15 PM/DISC: 12/04/2024 05:17 PMBoston College holds on down stretch to top Fairleigh Dickinson
The Philadelphia Eagles listed three players on their initial injury report ahead of their Week 13 matchup against the Baltimore Ravens. The Ravens listed seven players on their initial injury report. Here's the Eagles-Ravens injury report, with analysis... Wednesday notes : • Smith did not play Week 12, but it didn't matter as Saquon Barkley ran all over the Rams. The Ravens are allowing 277.7 passing yards per game, second-worst in the NFL, so this is a game that the Eagles really need Smith to help exploit a Baltimore defensive weakness. • Slay suffered a concussion Week 12 against the Rams. He was replaced in the lineup by Isaiah Rodgers, who gave up a few completions, but also made one of the plays of the night when he forced a red zone fumble that was recovered by the Eagles. • Ringo did not play at all on defense Week 12 despite some garbage time opportunities late in the game. He likely got hurt earlier in the game. • Not shown above are Saquon Barkley, Mekhi Becton, London Dickerson, Lane Johnson, Cam Jurgens, Jordan Mailata, and Josh Sweat, who were all limited with "rest" days. Other notable players on IR, PUP, suspension, etc. • EDGE Brandon Graham (IR) : Graham tore his left triceps in the Eagles' win over the Rams. Before the season, Graham said that the 2024 season, his 15th in the NFL, would be his last. He played very well, and was arguably the team's best edge defender. If indeed his season is over, Graham will have finished with 20 tackles and 3.5 sacks, with his stats not truly showing his actual impact, as has been the case throughout his career. • S James Bradberry (IR) : The Eagles kept Bradberry on their active roster for no good reason at 53-man cutdowns, and then the next day he suffered a "lower body" injury that was originally supposed to keep him out 6-8 weeks. MORE : NFC Hierarchy/Obituary: Week 13 edition Wednesday notes : • The Ravens held a walkthrough, so this is just an estimation. • Roquan Smith is the Ravens' first-team All-Pro linebacker. On the season he has 110 tackles. He did not play Week 12 against the Chargers, but his projected ability to practice on Wednesday in a step in the direction of being able to play again, I guess? He did not practice at all last week. • Van Noy is in his 12th season. He co-leads the Ravens with 8 sacks. • Kolar has 9 catches for 131 yards and a TD this season. He has a broken arm and is out. He'll likely go on IR later in the week. • Maulet is a journeyman slot corner. Backup. Other notable players on IR, PUP, suspension, etc. • DT Michael Pierce : Rotational DT. 15 tackles, 1 sack this season. He had his 21-day practice window opened on Wednesday. • RS Deonte Harty : Ultra-small (5'6, 170) return specialist. MORE : Eagles film review: Josh Sweat is having a bounce-back season Follow Jimmy & PhillyVoice on Twitter: @JimmyKempski | thePhillyVoice Like us on Facebook: PhillyVoice Sports Add Jimmy's RSS feed to your feed readerPackers CB Jaire Alexander reveals what type of knee injury he had and what it means for his season
Add another quarterback to the 2025 NFL Draft class. Georgia signal-caller Carson Beck announced Saturday that he will be going pro after five seasons with the Bulldogs. Beck, in an emotional post on his Instagram account, thanked his coaches and teammates for his time in Athens. “The past five years at the University of Georgia have been nothing short of a dream come true and I will forever cherish the memories that have been made,” Beck wrote. “Thank you Dawg Nation for the time i’ve been here and to those who’ve supported and believed in me, thank you. It’s been an incredible journey and all these moments have ultimately led me to take the next step in my football career. With that being said, I will be declaring for the 2025 NFL Draft. Go Dawgs!” The 23-year-old’s career at Georgia has been a polarizing one. Beck took over the full-time starting reins in 2023, throwing for 3,941 yards (9.5 yards gained per pass attempt) with 24 touchdowns and just six interceptions. At that point, he was viewed by many pundits as a potential first-round pick, but he decided to stay at Georgia for 2024. This year, however, has seen him take a bit of a step back with fewer passing yards (3,485) and double the number of interceptions (12). Compounding matters, Beck got injured on the last play of the first half of the SEC title game against Texas, which forced him to get surgery on the ulnar collateral ligament in his right elbow. He will now miss College Football Playoff, but he is expected to make a full recovery. A little over two weeks ago, Sports Illustrated’s Albert Breer wrote that Beck’s draft stock could take a “very healthy hit” because of the injury. This year’s quarterback class is likely to include Colorado’s Shedeur Sanders and Miami’s Cam Ward at or near the very top of the draft.
Fulgent Genetics president sells $28,372 in stockIt was a big Week 14 for both of these teams, as the 49ers ended a three-game skid and the Rams had one of their biggest wins of the season. Now, the two meet up on a short week on national TV. San Francisco pounded the Bears at home last week while the Rams upended the Bills, 44-42. The Rams previously beat the Niners, 27-24, in September, so Brock Purdy & Co. are looking for payback. They’ll have to do it without both of their leading running backs, Christian McCaffrey and Jordan Mason, who were both injured a couple of weeks ago. Fans looking to watch this week’s “Thursday Night Football” game need to be an Amazon Prime Member to watch it on Prime Video , which offers a 30-day free trial for new users when they sign up. After the 30-day free trial ends, an Amazon Prime membership costs $14.99 per month or $139 per year. You can cancel at any time, including before the free trial ends. Who: 49ers vs. Rams When : 8:15 PM ET, December 12, 2024 Where : Levi’s Stadium Stream : Prime Video with an Amazon Prime membership. Amazon Prime membership costs $14.99 per month or $139 per year and offers a 30-day free trial for new users. FuboTV (free trial); DirecTV Stream (free trial) ; Sling ; NFL+ More College Football What is FuboTV? FuboTV is an internet television service that offers more than 200 channels across sports and entertainment including Paramount+ with SHOWTIME . From the UEFA Champions League to the WNBA to international tournaments ranging across sports, there’s plenty of options available on FuboTV, which offers a free trial, and $20 off the first month for new costumers. What is DirecTV Stream? DirecTV Stream offers practically everything DirecTV provides, except for a remote and a streaming device to connect to your television. Sign up now and get three free months of premium channels including MAX , Paramount+ with SHOWTIME and Starz. What is SlingTV? SlingTV offers a variety of live programing ranging from news and sports and starting as low as $20 a month for your first month. Subscribers also get a month of DVR Plus free if they sign up now. Choose from a variety of sports packages without long-term contracts and with easy cancelation. What is NFL+? NFL+ and NFL+ Premium allow fans access to the most NFL content available online. From game replays, coaches film and all-22 field angles of the games to NFL Network original programing, NFL+ and NFL + Premium allow fans to stay fully locked in with every NFL team no matter where you are in the country. RELATED CONTENT: Deebo Samuel says frustration led to now-deleted social media post about lack of opportunities By JOSH DUBOW AP Pro Football Writer SANTA CLARA, Calif. (AP) — The least productive four-game stretch of Deebo Samuel’s career sent the frustrated wide receiver for the San Francisco 49ers to social media. In a now-deleted post on X, formerly known as Twitter, Samuel tried to give an explanation on why he has gained only 97 yards from scrimmage the past four games as the big plays that made him an All-Pro in 2021 are no longer coming. “Not struggling at all just not getting the ball!!!!!!!” he wrote on Monday. Samuel later deleted the post, but not after it caused a bit of a social media firestorm. Asked on Tuesday if he wanted to expand on what he wrote, Samuel simply said, “You read what you read. A little frustrated, for sure.” Coach Kyle Shanahan said Tuesday that he would prefer if Samuel had kept his frustrations off social media, but said it wasn’t a distraction to the players and coaches in the building as the Niners prepare to host the Los Angeles Rams on Thursday night. Shanahan said he and Samuel talk often about his role and getting Samuel more touches is always a priority for the Niners. “I mean I understand Deebo saying that,” Shanahan said. “Deebo wants to help us out and the only way he helps us out is getting the ball more and we’d like to get it to him more. We’ll continue to work at that.” Samuel had a breakthrough season in 2021 starting with a midseason game against the Rams when he caught five passes for 97 yards and a TD and was also used as a runner out of the backfield with five carries for 36 yards and another score. Samuel helped carry the Niners to the NFC title game that season in his new role as a “wide back” who split time lining up as a wide receiver and a running back. He finished that season with 1,770 yards and 14 touchdowns from scrimmage, leading to a lucrative contract extension that offseason. Samuel couldn’t match that output the past two seasons, but has hit some lows this season at age 28 as he says the element of surprise is gone. “We’ve been doing it almost three years now ... they know what’s going on,” he said. He is averaging just 2.9 yards on his 32 carries as teams are more prepared for when he runs the ball and is on pace for his worst season in terms of catches and receiving yards per game with 40 receptions for 553 yards. He hasn’t scored a TD since Week 6. Quarterback Brock Purdy called Samuel one of his best friends on the team and said that he just needs more opportunities. Purdy said defenses have been taking away some of the chances for Samuel to excel. “I want to get Deebo the ball every play if I could,” Purdy said. “I want to have him break all the records as best as possible. I want Deebo to do Deebo things. We all do in this building. It’s just how the games have gone. I love my guy and I’m going to do whatever I can to get him the ball.” NOTES: RB Isaac Guerendo (foot), DE Nick Bosa (oblique), LT Trent Williams (ankle), OL Ben Bartch (ankle) all were expected to miss the team’s walkthrough with injuries. ... LB Dre Greenlaw (Achilles tendon), DL Yetur Gross-Matos (knee), S Malik Mustapha (chest, shoulder), LB Dee Winters (ankle) and LB Demetrius Flannigan-Fowles (knee) were all limited. ___ AP NFL: https://apnews.com/hub/NFL The Associated Press contributed to this article
MARKHAM, ON , Dec. 12, 2024 /CNW/ - Enghouse Systems Limited ENGH announces its fourth quarter (unaudited) and audited year-end financial results for the period ended October 31, 2024 . All figures are denominated in Canadian dollars unless otherwise indicated. Fourth Quarter and Annual Financial Highlights: Revenue increased 2.1% to $125 .7 million from $123 .1 million in the fourth quarter last year and 10.7% for the fiscal year to $502 .5 million from $454 .0 million last year; Recurring revenue, which includes SaaS and maintenance services, grew 1.1% to $88.2 million compared to $87.2 million in Q4 2023, and represents 70.2% of total revenue. For the fiscal year, recurring revenue increased to $346.6 million from $297.6 million in the prior year, an increase of 16.4%, as we continue to see increased demand for SaaS; Results from operating activities decreased to $33 .4 million compared to $35 .7 million in Q4 2023 and increased in the fiscal year to $133 .8 million, from $122 .1 million in the prior year; Net income was $22.6 million compared to $25.1 million in Q4 2023 and $81 .3 million in the fiscal year compared to $72 .2 million last year as we continue to grow our business with a focus on profitability; Adjusted EBITDA decreased to $35 .6 million compared to $37.9 million , while achieving a 28.3% margin for the quarter. Annual adjusted EBITDA was $143.8 million compared to $133 .8 million in the prior year, an increase of 7.5%; Cash flow from operating activities, excluding changes in working capital, was $40 .3 million compared to $43 .5 million in the prior year's fourth quarter and $151 .8 million for the fiscal year compared to $140 .5 million in the prior year. Cash and cash equivalents increased to record levels of $274.2 million as at October 31, 2024 . Fiscal 2024 yielded a third year of consecutive revenue growth following the COVID period, which saw an unprecedented spike in demand for our Vidyo applications. We achieved a significant milestone, with revenue for the fiscal year exceeding $500 million , representing double digit growth of 10.7%. During the year we deployed cash of $43.4 million on acquisitions and returned $53.1 million to our shareholders through dividends. At the same time, we increased our cash reserves to $274.2 million , with no external debt, which positions the Company well for further acquisition growth. We are also pleased to announce record annual SaaS and maintenance services revenue of $346.6 million , an increase of $49 .0 million or 16.4% compared to the prior year. SaaS and maintenance services continue to be an important source of revenue characterized by their predictable and recurring nature. They now represent 69.0% of total revenues for the year compared to 65.6% in the prior year. In addition to the SaaS and maintenance growth, our professional services and hardware revenue showed marked increases for the year. In the current business environment, demand for on-premise, perpetual software licenses has declined as more customers are choosing SaaS solutions that require less upfront capital investment. During this market transition, we continue to focus on maintaining profitability as demonstrated by the 12.6% increase in our net income to $81.3 million from $72.2 million in the prior year. We closed the year with a double digit increase in revenue and net income, significant expansion of our recurring revenue, record cash reserves and no external debt, positioning us to pursue opportunities that meet our acquisition criteria while continuing to pay dividends to our shareholders. The growth in revenue was achieved through our ability to acquire and effectively integrate new acquisitions into our business model. Quarterly dividends: Today, the Board of Directors approved the Company's eligible quarterly dividend of $0.26 per common share payable on February 28, 2025 to shareholders of record at the close of business on February 14, 2025 . Enghouse Systems Limited Financial Highlights (unaudited, in thousands of Canadian dollars) For the period ended October 31 Three months (Unaudited) Twelve months 2024 2023 Var ($) Var (%) 2024 2023 Var ($) Var (%) Revenue $ 125,702 $ 123,129 2,573 2.1 $ 502,505 $ 454,022 48,483 10.7 Direct costs 44,967 41,213 3,754 9.1 175,586 149,999 25,587 17.1 Revenue, net of direct costs $ 80,735 $ 81,916 (1,181) (1.4) $ 326,919 $ 304,023 22,896 7.5 As a % of revenue 64.2 % 66.5 % 65.1 % 67.0 % Operating expenses 47,133 46,115 1,018 2.2 191,464 179,438 12,026 6.7 Special charges 169 117 52 44.4 1,609 2,477 (868) (35.0) Results from operating activities $ 33,433 $ 35,684 (2,251) (6.3) $ 133,846 $ 122,108 11,738 9.6 As a % of revenue 26.6 % 29.0 % 26.6 % 26.9 % Amortization of acquired software and customer relationships (9,322) (11,205) 1,883 16.8 (40,505) (39,605) (900) (2.3) Foreign exchange gains (losses) 1,870 2,753 (883) 32.1 (1,680) 1,266 (2,946) (232.7) Interest expense – lease obligations (126) (164) 38 23.2 (556) (695) 139 20.0 Finance income 2,825 2,581 244 9.5 10,121 6,264 3,857 61.6 Finance expenses (8) (27) 19 70.4 (49) (163) 114 69.9 Other (expense) income (424) 17 (441) (2594.1) 89 (1,950) 2,039 104.6 Income before income taxes $ 28,248 $ 29,639 (1,391) (4.7) $ 101,266 $ 87,225 14,041 16.1 Provision for income taxes 5,607 4,517 1,090 24.1 19,938 14,977 4,961 33.1 Net Income for the period $ 22,641 $ 25,122 (2,481) (9.9) $ 81,328 $ 72,248 9,080 12.6 Basic earnings per share 0.41 0.45 (0.04) (8.9) 1.47 1.31 0.16 12.2 Diluted earnings per share 0.41 0.45 (0.04) (8.9) 1.47 1.31 0.16 12.2 Cash flows from operating activities 31,583 28,318 3,265 11.5 132,071 115,298 16,773 14.5 Cash flows from operating activities excluding changes in working capital 40,270 43,504 (3,234) (7.4) 151,803 140,492 11,311 8.1 Adjusted EBITDA Results from operating activities 33,433 35,684 (2,251) (6.3) 133,846 122,108 11,738 9.6 Depreciation 655 627 28 4.5 2,347 2,451 (104) (4.2) Depreciation of right-of-use assets 1,375 1,491 (116) (7.8) 5,981 6,764 (783) (11.6) Special charges 169 117 52 44.4 1,609 2,477 (868) (35.0) Adjusted EBITDA $ 35,632 $ 37,919 (2,287) (6.0) $ 143,783 $ 133,800 9,983 7.5 Adjusted EBITDA margin 28.3 % 30.8 % 28.6 % 29.5 % Adjusted EBITDA per diluted share $ 0.64 $ 0.69 ( 0.05) (7.2) $ 2.60 $ 2.42 0.18 7.4 Consolidated Statements of Financial Position (in thousands of Canadian dollars) As at October 31, 2024 As at October 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 274,240 $ 239,532 Short-term investments 487 827 Accounts receivable 92,348 93,383 Prepaid expenses and other assets 16,100 15,515 Income taxes recoverable - 114 383,175 349,371 Non-current assets: Property and equipment 4,192 3,273 Right-of-use assets 11,473 12,242 Intangible assets 98,594 109,659 Goodwill 309,831 280,241 Deferred income tax assets 26,228 28,884 450,318 434,299 $ 833,493 $ 783,670 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 70,087 $ 67,769 Income tax payable 5,525 - Dividends payable 14,397 12,156 Provisions 1,834 2,238 Deferred revenue 114,080 109,019 Lease obligations 5,344 6,322 211,267 197,504 Non-current liabilities: Income taxes payable - 1,333 Deferred income tax liabilities 10,500 13,340 Deferred revenue 8,094 8,170 Net employee defined benefit obligation 2,081 1,912 Lease obligations 5,744 6,080 26,419 30,835 237,686 228,339 Shareholders' equity Share capital 118,217 107,701 Contributed surplus 9,764 10,404 Retained earnings 446,748 426,397 Accumulated other comprehensive income 21,078 10,829 595,807 555,331 $ 833,493 $ 783,670 Consolidated Statement of Operations and Comprehensive Income ( in thousands of Canadian dollars , except per share amounts) Three months Twelve months Periods ended October 31 2024 (unaudited) 2023 (Unaudited) 2024 2023 Revenue Software licenses $ 15,860 $ 17,467 $ 72,906 $ 80,054 SaaS and maintenance services 88,196 87,196 346,579 297,635 Professional services 18,469 16,483 70,046 67,273 Hardware 3,177 1,983 12,974 9,060 125,702 123,129 502,505 454,022 Direct costs Software licenses 397 622 3,501 2,910 Services 43,043 39,108 165,221 141,802 Hardware 1,527 1,483 6,864 5,287 44,967 41,213 175,586 149,999 Revenue, net of direct costs 80,735 81,916 326,919 304,023 Operating expenses Selling, general and administrative 22,642 23,702 94,303 90,889 Research and development 22,461 20,295 88,833 79,334 Depreciation 655 627 2,347 2,451 Depreciation of right-of-use assets 1,375 1,491 5,981 6,764 Special charges 169 117 1,609 2,477 47,302 46,232 193,073 181,915 Results from operating activities 33,433 35,684 133,846 122,108 Amortization of acquired software and customer relationships (9,322) (11,205) (40,505) (39,605) Foreign exchange gains (losses) 1,870 2,753 (1,680) 1,266 Interest expense – lease obligations (126) (164) (556) (695) Finance income 2,825 2,581 10,121 6,264 Finance expenses (8) (27) (49) (163) Other (expense) income (424) 17 89 (1,950) Income before income taxes 28,248 29,639 101,266 87,225 Provision for income taxes 5,607 4,517 19,938 14,977 Net income for the period $ 22,641 $ 25,122 $ 81,328 $ 72,248 Items that may be subsequently reclassified to income: Cumulative translation adjustment 2,882 12,394 10,249 19,800 Other comprehensive income 2,882 12,394 10,249 19,800 Comprehensive income $ 25,523 $ 37,516 $ 91,577 $ 92,048 Earnings per share Basic $ 0.41 $ 0.45 $ 1.47 $ 1.31 Diluted $ 0.41 $ 0.45 $ 1.47 $ 1.31 Consolidated Statements of Cash Flows ( in thousands of Canadian dollars ) Three months Twelve months Periods ended October 31 2024 (Unaudited) 2023 (Unaudited) 2024 2023 OPERATING ACTIVITIES Net income for the period $ 22,641 $ 25,122 $ 81,328 $ 72,248 Adjustments for non-cash items Depreciation 655 627 2,347 2,451 Depreciation of right-of-use assets 1,375 1,491 5,981 6,764 Interest expense – lease obligations 126 164 556 695 Amortization of acquired software and customer relationships 9,322 11,205 40,505 39,605 Stock-based compensation expense 112 368 1,188 1,639 Provision for income taxes 5,607 4,517 19,938 14,977 Finance expenses and other (income) expense 432 10 (40) 2,113 40,270 43,504 151,803 140,492 Changes in non-cash operating working capital (7,674) (11,624) (7,920) (11,244) Income taxes paid (1,013) (3,562) (11,812) (13,950) Net cash provided by operating activities 31,583 28,318 132,071 115,298 INVESTING ACTIVITIES Purchase of property and equipment, net (516) (453) (1,977) (1,060) Acquisitions, net of cash acquired* - (27,189) (43,448) (55,167) Recovery (payment) of purchase consideration for prior-year acquisitions - 13 171 (999) Sale (purchase) of short-term investments - 65 - (4) Net cash used in investing activities ( 516) (27,564) (45,254) (57,230) FINANCING ACTIVITIES Issuance of share capital 2,990 - 9,085 604 Normal course issuer bid share repurchases (3,088) (425) (5,994) (425) Repayment of lease obligations (1,283) (1,440) (7,030) (7,194) Dividends paid (14,397) (12,159) (53,139) (44,765) Net cash used in financing activities (15,778) (14,024) (57,078) (51,780) Impact of foreign exchange on cash and cash equivalents 1,238 4,018 4,969 8,140 Increase (decrease) in cash and cash equivalents 16,527 (9,252) 34,708 14,428 Cash and cash equivalents - beginning of period 257,713 248,784 239,532 225,104 Cash and cash equivalents - end of period $ 274,240 $ 239,532 $ 274,240 $ 239,532 * Acquisitions are net of cash acquired of nil and $742 for the quarter and year ended October 31, 2024 , respectively and nil and $2,088 for the quarter and year ended October 31, 2023 , respectively. Enghouse Systems Limited Segment Reporting Information (in thousands of Canadian dollars) For the period ended October 31, 2024 Three months Twelve months IMG AMG Total IMG AMG Total Revenue $ 74,731 $ 50,971 $ 125,702 $ 308,920 $ 193,585 $ 502,505 Direct costs (25,900) (19,067) (44,967) (102,390) (73,196) (175,586) Revenue, net of direct costs 48,831 31,904 80,735 206,530 120,389 326,919 Operating expenses excluding special charges (21,235) (13,071) (34,306) (90,871) (47,238) (138,109) Depreciation (416) (239) (655) (1,574) (773) (2,347) Depreciation of right-of-use assets (940) (435) (1,375) (3,870) (2,111) (5,981) Segment profit $ 26,240 $ 18,159 $ 44,399 $ 110,215 $ 70,267 $ 180,482 Special charges (169) (1,609) Corporate and shared service expenses (10,797) (45,027) Results from operating activities $ 33,433 $ 133,846 For the period ended October 31, 2023 Three months Twelve months IMG AMG Total IMG AMG Total Revenue $ 78,578 $ 44,551 $ 123,129 $ 265,311 $ 188,711 $ 454,022 Direct costs (24,337) (16,876) (41,213) (78,788) (71,211) (149,999) Revenue, net of direct costs 54,241 27,675 81,916 186,523 117,500 304,023 Operating expenses excluding special charges (21,807) (10,450) (32,257) (84,493) (45,169) (129,662) Depreciation (485) (142) (627) (1,969) (482) (2,451) Depreciation of right-of-use assets (904) (587) (1,491) (4,184) (2,580) (6,764) Segment profit $ 31,045 $ 16,496 $ 47,541 $ 95,877 $ 69,269 $ 165,146 Special charges (117) (2,477) Corporate and shared service expenses (11,740) (40,561) Results from operating activities $ 35,684 $ 122,108 About - Enghouse Enghouse Systems Limited is a Canadian publicly traded company ENGH that provides mission-critical vertically focused enterprise software solutions. Our core technologies are used for contact centers, video communications, virtual healthcare, education, telecommunications, networks, IPTV, public safety and transit. The Company's two-pronged strategy to grow earnings focuses on both organic growth and acquisitions, which, to date, have been funded through cash flows from operating activities as the Company has no outstanding external debt financing. The Company is organized around two business segments, the Interactive Management Group ("IMG") and the Asset Management Group ("AMG") due to their unique customer segments and technology offerings. Further information about Enghouse may be obtained from the Company's website at www.enghouse.com . Conference Call and Webcast A conference call to discuss the results will be held on Friday, December 13, 2024 at 8:45 a.m. EST . To participate, please call +1-289-514-5100 or North American Toll-Free +1-800-717-1738. Confirmation code: 59402 A webcast is also available at: https://www.enghouse.com/investors.php . The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA per diluted share as measures of operating performance. Therefore, these collective Adjusted EBITDA measures may not be comparable to similar measures presented by other issuers. Adjusted EBITDA is calculated based on results from operating activities adjusted for depreciation of property and equipment and right-of-use assets and special charges for acquisition related restructuring costs. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income and restructuring costs primarily related to acquisitions. SOURCE Enghouse Systems Limited View original content: http://www.newswire.ca/en/releases/archive/December2024/12/c8792.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
