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SpaceX aims to notch another milestone in spaceflight reusability Wednesday night when it will not only launch its a flight-proven Falcon 9 rocket booster for the 350th time in program history, but also attempt the 300th successful booster landing. The Starlink 9-14 mission is targeting a liftoff from Space Launch Complex 4 East (SLC-4E) at Vandenberg Space Force Base at 7:05 p.m. PST (10:05 p.m. EST, 0305 UTC). However, in announcing the mission on its website though, SpaceX just broadly said, “The four-hour launch window opens at 4:06 p.m. PT.” For the third time in as many launches from California, SpaceX left the public in the dark as to whether or not the launch will be viewable via livestream. When it published details of the launch on its website Wednesday afternoon, it didn’t include a link to a webcast, nor did it mention the mission on social media. By contrast, SpaceX simultaneously published a launch page for the planned launch of SiriusXM’s SXM-9 satellite, which will lift off on a Falcon 9 rocket from NASA’s Kennedy Space Center late Thursday morning. Not only did SpaceX include a link to the livestream for the SXM-9 mission, but it also posted to its X account announcing the launch. The Starlink 6-70 mission which launched from Cape Canaveral earlier Wednesday also had a webcast of liftoff that was announced in advance. SpaceX did end up live streaming the two previous ascents from Vanenberg Space Force Base, NROL-126 and Starlink 9-13. However, in both cases, a live stream popped up well after the rockets had left the launch pad. The Falcon 9 first stage booster for the Starlink 9-14 mission, with the tailnumber B1081, is launching for a 12th time. It previously supported the launches of two missions to the International Space Station (Crew-7 and CRS-29), two climate-monitoring spacecraft (PACE and EarthCARE) and five previous Starlink missions. A little more than eight minutes after liftoff, B1081 will aim to complete the 300th successful droneship landing when it touches down on ‘Of Course I Still Love You,’ positioned in the Pacific Ocean. This will be the 379th overall booster landing for SpaceX, if successful. Onboard the mission are 20 Starlink V2 Mini satellites, including 13 that feature Direct to Cell capabilities. With this mission, SpaceX will have launched 349 DTC Starlink satellites since the first such launch on January 2. In late November, SpaceX received approval from the U.S. Federal Communications Commission to begin rolling out cellular service alongside its domestic telecom partner, T-Mobile. Thank you to @NASA , @NTIAgov , @NSF , for their coordination work with us, and all of our telco partners, especially @TMobile ! We hope to activate employee beta service in the US soon. — Ben Longmier (@longmier) November 26, 2024 The FCC allowed SpaceX to use its previously authorized up to 7,500 second generation Starlink satellites using the V-band frequency from 340 km to 360 km. “SpaceX is authorized to communicate with these satellites in the previously authorized Ku-, Ka-, E-, and V-band frequencies, in conformance with the technical specifications SpaceX has provided to the Commission, the conditions previously placed on its authorizations, and the conditions we adopt today,” the FCC wrote in a Nov. 26 filing. “Authorization to permit SpaceX to operate up to 7,500 Gen2 satellites in lower altitude shells will enable SpaceX to begin providing lower-latency satellite service to support growing demand in rural and remote areas that lack terrestrial wireless service options.16 This partial grant also strikes the right balance between allowing SpaceX’s operations at lower altitudes to provide low-latency satellite service and permitting the Commission to continue to monitor SpaceX’s constellation and evaluate issues previously raised on the record.”SAN FRANCISCO--(BUSINESS WIRE)--Nov 26, 2024-- PagerDuty, Inc. (NYSE:PD), a leader in digital operations management, today announced financial results for the third quarter of fiscal 2025, ended October 31, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241126811639/en/ (Graphic: Business Wire) “PagerDuty delivered a solid quarter with revenue and non-GAAP operating income results well above third quarter guidance ranges with annual recurring revenue increasing to $483 million, growing 10% year-over-year,” said Chairperson and CEO, Jennifer Tejada. “Consistent performance over the past four quarters has led to stabilization across all business segments, and along with improving leading indicators, positions the business on a strong upward trajectory.” Third Quarter Fiscal 2025 Financial Highlights Revenue was $118.9 million, an increase of 9.4% year over year. Loss from operations was $10.3 million; operating margin was negative 8.7%. Non-GAAP operating income was $25.0 million; non-GAAP operating margin was 21.0%. Net loss per share attributable to PagerDuty, Inc. common stockholders was $0.07. Non-GAAP net income per diluted share attributable to PagerDuty, Inc. common stockholders was $0.25. Net cash provided by operating activities was $22.1 million, with free cash flow of $19.4 million. Cash, cash equivalents, and investments were $542.2 million as of October 31, 2024. The section titled “Non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures and reconciliations between GAAP and non-GAAP financial information. Third Quarter and Recent Highlights Customers with annual recurring revenue over $100 thousand grew 6% to 825 as of October 31, 2024, compared to 778 a year ago. Dollar-based net retention rate was 107% as of October 31, 2024, compared to 110% a year ago. Free and paid customers totaled more than 30,000 as of October 31, 2024, representing approximately 11% growth year over year. Total paid customers were 15,050 as of October 31, 2024, compared to 15,049 a year ago. Remaining performance obligations were $405 million as of October 31, 2024. Of this amount, the Company expects to recognize revenue of approximately $278 million, or 69%, over the next 12 months with the balance to be recognized as revenue thereafter. (1) Lands and expands include: Alphonso Inc,, CFP Energy Limited, Cloudflare, Infosys, NVIDIA Corporation, Waste Management Inc., and Zscaler. Announced Jennifer Tejada as guest speaker during the 2024 AWS re:Invent keynote. Introduced enterprise-grade, AI-powered innovations. Released Total Economic Impact Study revealing a 249% return on investment over three years using the PagerDuty Operations Cloud. Recognized as a Leader in 2024 GigaOm Radar for AIOps. Showcased PagerDuty customer - Anaplan. Recognized by Fortune's Best Workplaces as one of the top 25 companies for women in their small and medium designation. (1) Beginning in the first quarter of fiscal 2025, the Company began to include contracts with an original term of less than 12 months in this disclosure which comprised $116 million of remaining non-cancelable performance obligations as of October 31, 2024. Financial Outlook For the fourth quarter of fiscal 2025, PagerDuty currently expects: Total revenue of $118.5 million - $120.5 million, representing a growth rate of 7% - 8% year over year. Non-GAAP net income per diluted share attributable to PagerDuty, Inc. common stockholders of $0.15 - $0.16 assuming approximately 93 million diluted shares and a non-GAAP tax rate of 23%. For the full fiscal year 2025, PagerDuty currently expects: Total revenue of $464.5 million - $466.5 million (compared to the previous guidance of $463.0 million - $467.0 million), representing a growth rate of 8% year over year. Non-GAAP net income per diluted share attributable to PagerDuty, Inc. common stockholders of $0.78 - $0.79 (up from $0.67 - $0.72) assuming approximately 95 million diluted shares and a non-GAAP tax rate of 23%. These statements are forward-looking and actual results may differ materially. Please refer to the section titled "Forward-Looking Statements" below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. PagerDuty has not reconciled forward-looking net loss per share attributable to PagerDuty, Inc. common stock holders to forward-looking non-GAAP net income per share attributable to PagerDuty, Inc. common stockholders because certain items are out of PagerDuty's control or cannot be reasonably predicted. Accordingly, such reconciliation is not available without unreasonable effort. Conference Call Information PagerDuty will host a conference call and live webcast (Zoom meeting ID 975 4160 6140) for analysts and investors at 2:00 p.m. Pacific Time on November 26, 2024. For audio only, the dial-in number 1-312-626-6799 may be used. This news release with the financial results will be accessible from PagerDuty’s website at investor.pagerduty.com prior to the conference call. A live webcast of the conference call will be accessible from the PagerDuty investor relations website at investor.pagerduty.com . Supplemental Financial and Other Information Supplemental financial and other information can be accessed through PagerDuty’s investor relations website at investor.pagerduty.com . PagerDuty uses the investor relations section on its website as the means of complying with its disclosure obligations under Regulation FD. Accordingly, we recommend that investors monitor PagerDuty’s investor relations website in addition to following PagerDuty’s press releases, SEC filings, social media, including PagerDuty’s LinkedIn account ( https://www.linkedin.com/company/482819 ), X (formerly Twitter) account @pagerduty, the X account @jenntejada and Facebook page (facebook.com/pagerduty), and public conference calls and webcasts. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our future financial performance and outlook, and market positioning. Words such as “expect,” “extend,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “accelerate,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks and other factors detailed in our Annual Report on Form 10-K/A filed with the Securities and Exchange Commission (SEC) on March 18, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended October 31, 2024 and other filings and reports that we may file from time to time with the SEC. In particular, the following risks and uncertainties, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the effect of unfavorable conditions in our industry or the global economy, or reductions in information technology spending on our business and results of operations; our ability to achieve and maintain future profitability; our ability to attract new customers and retain and sell additional functionality and services to our existing customers; our ability to sustain and manage our growth; our dependence on revenue from a single product; our ability to compete effectively in an increasingly competitive market; and general global market, political, economic, and business conditions. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. We undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. About PagerDuty, Inc. PagerDuty, Inc. (NYSE:PD) is a global leader in digital operations management, enabling customers to achieve operational efficiency at scale with the PagerDuty Operations Cloud. The PagerDuty Operations Cloud combines AIOps, Automation, Customer Service Operations and Incident Management with a powerful generative AI assistant to create a flexible, resilient and scalable platform to increase innovation velocity, grow revenue, reduce cost, and mitigate the risk of operational failure. Half of the Fortune 500 and nearly 70% of the Fortune 100 rely on PagerDuty as essential infrastructure for the modern enterprise. To learn more and try PagerDuty for free, visit www.pagerduty.com . The PagerDuty Operations Cloud The PagerDuty Operations Cloud is the platform for mission-critical, time-critical operations work in the modern enterprise. Through the power of AI and automation, it detects and diagnoses disruptive events, mobilizes the right team members to respond, and streamlines infrastructure and workflows across your digital operations. The Operations Cloud is essential infrastructure for revolutionizing digital operations to compete and win as a modern digital business. PAGERDUTY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Revenue $ 118,946 $ 108,720 $ 346,053 $ 319,582 Cost of revenue (1) 20,268 19,705 59,691 57,474 Gross profit 98,678 89,015 286,362 262,108 Operating expenses: Research and development (1) 34,267 34,272 106,878 104,221 Sales and marketing (1) 49,272 49,630 148,737 143,155 General and administrative (1) 25,432 25,955 78,800 77,547 Total operating expenses 108,971 109,857 334,415 324,923 Loss from operations (10,293 ) (20,842 ) (48,053 ) (62,815 ) Interest income (2) 6,912 6,029 21,408 15,242 Interest expense (2,377 ) (1,454 ) (6,888 ) (4,184 ) Gain on partial extinguishment of convertible senior notes — 3,970 — 3,970 Other income (expense), net (2) 346 (834 ) 212 (960 ) Loss before (provision for) benefit from income taxes (5,412 ) (13,131 ) (33,321 ) (48,747 ) (Provision for) benefit from income taxes (715 ) 41 (1,335 ) 197 Net loss $ (6,127 ) $ (13,090 ) $ (34,656 ) $ (48,550 ) Net loss attributable to redeemable non-controlling interest (203 ) (324 ) (681 ) (1,513 ) Net loss attributable to PagerDuty, Inc. $ (5,924 ) $ (12,766 ) $ (33,975 ) $ (47,037 ) Less: Adjustment attributable to redeemable non-controlling interest 634 2,359 9,881 4,088 Net loss attributable to PagerDuty, Inc. common stockholders $ (6,558 ) $ (15,125 ) $ (43,856 ) $ (51,125 ) Weighted average shares used in calculating net loss per share, basic and diluted 91,438 93,104 92,530 92,257 Net loss per share, basic and diluted, attributable to PagerDuty, Inc. common stockholders $ (0.07 ) $ (0.16 ) $ (0.47 ) $ (0.55 ) (1) Includes stock-based compensation expense as follows: Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Cost of revenue $ 1,432 $ 1,820 $ 4,696 $ 5,860 Research and development 11,576 11,128 34,640 34,002 Sales and marketing 7,639 8,094 23,702 22,362 General and administrative 11,126 10,786 34,041 32,686 Total $ 31,773 $ 31,828 $ 97,079 $ 94,910 (2) Includes a reclassification for the three and nine months ended October 31, 2023 for a portion of other income to the interest income line item to conform to current period presentation. PAGERDUTY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) October 31, 2024 January 31, 2024 Assets Current assets: Cash and cash equivalents $ 326,440 $ 363,011 Investments 215,722 208,178 Accounts receivable, net of allowance for credit losses of $803 and $1,382 as of October 31, 2024 and January 31, 2024, respectively 75,182 100,413 Deferred contract costs, current 19,632 19,502 Prepaid expenses and other current assets 17,157 12,094 Total current assets 654,133 703,198 Property and equipment, net 19,573 17,632 Deferred contract costs, non-current 24,167 25,118 Lease right-of-use assets 2,436 3,789 Goodwill 137,401 137,401 Intangible assets, net 23,698 32,616 Other assets 5,346 5,552 Total assets $ 866,754 $ 925,306 Liabilities, redeemable non-controlling interest, and stockholders’ equity Current liabilities: Accounts payable $ 7,116 $ 6,242 Accrued expenses and other current liabilities 15,801 15,472 Accrued compensation 34,474 30,239 Deferred revenue, current 214,058 223,522 Lease liabilities, current 3,550 6,180 Convertible senior notes, net, current 57,332 — Total current liabilities 332,331 281,655 Convertible senior notes, net, non-current 392,697 448,030 Deferred revenue, non-current 2,659 4,639 Lease liabilities, non-current 6,119 6,809 Other liabilities 4,859 5,280 Total liabilities 738,665 746,413 Redeemable non-controlling interest 16,493 7,293 Stockholders' equity Common stock — — Additional paid-in capital 699,633 774,768 Accumulated other comprehensive loss (502 ) (733 ) Accumulated deficit (586,410 ) (552,435 ) Treasury stock (1,125 ) (50,000 ) Total stockholders’ equity 111,596 171,600 Total liabilities, redeemable non-controlling interest, and stockholders' equity $ 866,754 $ 925,306 PAGERDUTY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Cash flows from operating activities: Net loss attributable to PagerDuty, Inc. common stockholders $ (6,558 ) $ (15,125 ) $ (43,856 ) $ (51,125 ) Net loss and adjustment attributable to redeemable non-controlling interest 431 2,035 9,200 2,575 Net loss (6,127 ) (13,090 ) (34,656 ) (48,550 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 5,071 5,025 15,526 15,016 Amortization of deferred contract costs 5,555 5,123 16,261 15,286 Amortization of debt issuance costs 671 523 1,950 1,456 Gain on extinguishment of convertible senior notes — (3,970 ) — (3,970 ) Stock-based compensation 31,773 31,828 97,079 94,910 Non-cash lease expense 903 1,106 2,538 3,425 Other (1,387 ) (1,524 ) (3,852 ) (1,426 ) Changes in operating assets and liabilities: Accounts receivable (8,406 ) (5,420 ) 24,751 18,983 Deferred contract costs (5,311 ) (5,520 ) (15,441 ) (12,285 ) Prepaid expenses and other assets (2,217 ) (1,289 ) (5,079 ) (2,674 ) Accounts payable (176 ) (757 ) 603 (1,002 ) Accrued expenses and other liabilities (473 ) 781 (1,302 ) 767 Accrued compensation 4,823 5,706 4,002 (13,086 ) Deferred revenue (1,070 ) (119 ) (11,386 ) (12,547 ) Lease liabilities (1,556 ) (1,486 ) (4,505 ) (4,484 ) Net cash provided by operating activities 22,073 16,917 86,489 49,819 Cash flows from investing activities: Purchases of property and equipment (552 ) (245 ) (1,646 ) (1,193 ) Capitalized internal-use software costs (2,078 ) (1,441 ) (5,019 ) (3,812 ) Purchases of available-for-sale investments (54,721 ) (43,927 ) (153,121 ) (151,984 ) Proceeds from maturities of available-for-sale investments 54,250 56,500 147,827 164,064 Proceeds from sales of available-for-sale investments — — 2,237 — Purchases of non-marketable equity investments — — — (200 ) Net cash (used in) provided by investing activities (3,101 ) 10,887 (9,722 ) 6,875 Cash flows from financing activities: Proceeds from issuance of convertible senior notes, net of issuance costs — 391,543 (403 ) 391,543 Purchases of capped calls related to convertible senior notes — (55,102 ) — (55,102 ) Repurchases of convertible senior notes — (223,471 ) — (223,471 ) Investment from redeemable non-controlling interest holder — — — 1,781 Repurchases of common stock (70,310 ) (50,000 ) (97,523 ) (50,000 ) Proceeds from employee stock purchase plan — — 5,735 6,292 Proceeds from issuance of common stock upon exercise of stock options 723 973 1,527 8,390 Employee payroll taxes paid related to net share settlement of restricted stock units (8,531 ) (9,786 ) (22,659 ) (25,772 ) Net cash (used in) provided by financing activities (78,118 ) 54,157 (113,323 ) 53,661 Effects of foreign currency exchange rates on cash, cash equivalents, and restricted cash (86 ) (177 ) (109 ) (451 ) Net change in cash, cash equivalents, and restricted cash (59,232 ) 81,784 (36,665 ) 109,904 Cash, cash equivalents, and restricted cash at beginning of period 389,234 302,139 366,667 274,019 Cash, cash equivalents, and restricted cash at end of period $ 330,002 $ 383,923 $ 330,002 $ 383,923 Non-GAAP Financial Measures This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to PagerDuty, Inc. common stockholders, non-GAAP net income per share attributable to PagerDuty, Inc. common stockholders, free cash flow, and free cash flow margin. PagerDuty believes that non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance and can assist in comparisons with other companies, some of which use similar non-GAAP financial measures to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in PagerDuty’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by PagerDuty’s management about which expenses and income are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP. Specifically, PagerDuty excludes the following from its historical and prospective non-GAAP financial measures, as applicable: Stock-based compensation: PagerDuty utilizes stock-based compensation to attract and retain employees. It is principally aimed at aligning their interests with those of its stockholders and at long-term retention, rather than to address operational performance for any particular period. As a result, stock-based compensation expenses vary for reasons that are generally unrelated to financial and operational performance in any particular period. Employer taxes related to employee stock transactions: PagerDuty views the amount of employer taxes related to its employee stock transactions as an expense that is dependent on its stock price, employee exercise and other award disposition activity, and other factors that are beyond PagerDuty’s control. As a result, employer taxes related to employee stock transactions vary for reasons that are generally unrelated to financial and operational performance in any particular period. Amortization of acquired intangible assets: PagerDuty views amortization of acquired intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are evaluated for impairment regularly, amortization of the cost of purchased intangibles is an expense that is not typically affected by operations during any particular period. Acquisition-related expenses: PagerDuty views acquisition-related expenses, such as transaction costs, acquisition-related retention payments, and acquisition-related asset impairment, as events that are not necessarily reflective of operational performance during a period. In particular, PagerDuty believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses. Amortization of debt issuance costs: The imputed interest rates of the Company's convertible senior notes (the "2025 Notes" and the "2028 Notes" or, collectively, the "Notes") was approximately 1.91% for the 2025 Notes and 2.13% for the 2028 Notes. This is a result of the debt issuance costs, which reduce the carrying value of the convertible debt instruments. The debt issuance costs are amortized as interest expense. The expense for the amortization of the debt issuance costs is a non-cash item, and we believe the exclusion of this interest expense will provide for a more useful comparison of our operational performance in different periods. Restructuring costs: PagerDuty views restructuring costs, such as employee severance-related costs and real estate impairment costs, as events that are not necessarily reflective of operational performance during a period. In particular, PagerDuty believes the consideration of measures that exclude such expenses can assist in the comparison of operational performance in different periods which may or may not include such expenses. Gains (or losses) on partial extinguishment of convertible senior notes: PagerDuty views gains (or losses) on partial extinguishment of debt as events that are not necessarily reflective of operational performance during a period. PagerDuty believes that the consideration of measures that exclude such gain (or loss) impact can assist in the comparison of operational performance in different periods which may or may not include such gains (or losses). Adjustment attributable to redeemable non-controlling interest: PagerDuty adjusts the value of redeemable non-controlling interest of its joint venture PagerDuty K.K. according to the operating agreement. PagerDuty believes this adjustment is not reflective of operational performance during a period and exclusion of such adjustments can assist in comparison of operational performance in different periods. Income tax effects and adjustments: Based on PagerDuty's financial outlook for fiscal 2025, PagerDuty is utilizing a projected non-GAAP tax rate of 23% in order to provide better consistency across the interim reporting periods by eliminating the impact of non-recurring and period specific items, which can vary in size and frequency. PagerDuty's estimated tax rate on non-GAAP income is determined annually and may be adjusted during the year to take into account events or trends that PagerDuty believes materially impact the estimated annual rate including, but not limited to, significant changes resulting from tax legislation, material changes in the geographic mix of revenue and expenses and other significant events. Non-GAAP gross profit and non-GAAP gross margin We define non-GAAP gross profit as gross profit excluding the following expenses typically included in cost of revenue: stock-based compensation expense, employer taxes related to employee stock transactions, amortization of acquired intangible assets, and restructuring costs. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue. Non-GAAP operating expenses We define non-GAAP operating expenses as operating expenses excluding stock-based compensation expense, employer taxes related to employee stock transactions, amortization of acquired intangible assets, acquisition-related expenses, which include transaction costs, acquisition-related retention payments, and asset impairment, and restructuring costs which are not necessarily reflective of operational performance during a given period. Non-GAAP operating income and non-GAAP operating margin We define non-GAAP operating income as loss from operations excluding stock-based compensation expense, employer taxes related to employee stock transactions, amortization of acquired intangible assets, acquisition-related expenses, which include transaction costs, acquisition-related retention payments, and asset impairment, and restructuring costs which are not necessarily reflective of operational performance during a given period. We define non-GAAP operating margin as non-GAAP operating income as a percentage of revenue. Non-GAAP net income attributable to PagerDuty, Inc. common stockholders We define non-GAAP net income attributable to PagerDuty, Inc. common stockholders as net loss attributable to PagerDuty, Inc. common stockholders excluding stock-based compensation expense, employer taxes related to employee stock transactions, amortization of debt issuance costs, amortization of acquired intangible assets, acquisition-related expenses, which include transaction costs, acquisition-related retention payments and asset impairment, restructuring costs, adjustment attributable to redeemable non-controlling interest, and income tax adjustments, which are not necessarily reflective of operational performance during a given period. Non-GAAP net income per share, basic and diluted We define non-GAAP net income per share, basic as non-GAAP net income attributable to PagerDuty, Inc. common stockholders divided by weighted average shares outstanding at the end of the reporting period. We define non-GAAP net income per share, diluted as non-GAAP net income attributable to PagerDuty, Inc. common stockholders divided by weighted average diluted shares outstanding at the end of the reporting period. Free cash flow and free cash flow margin We define free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment and capitalization of internal-use software costs. We define free cash flow margin as free cash flow as a percentage of revenue. In addition to the reasons stated above, we believe that 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 in order to enhance the strength of our balance sheet and further invest in our business and potential strategic initiatives. A limitation of the utility of free cash flow as a measure of our liquidity is that it does not represent the total increase or decrease in our cash balance for the period. We use free cash flow in conjunction with traditional U.S. GAAP measures as part of our overall assessment of our liquidity, including the preparation of our annual operating budget and quarterly forecasts and to evaluate the effectiveness of our business strategies. There are a number of limitations related to the use of free cash flow as compared to net cash provided by operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made. PagerDuty encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate PagerDuty’s business. Please see the reconciliation tables at the end of this release for the reconciliation of non-GAAP financial measures to their most-comparable GAAP financial measures. PAGERDUTY, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (in thousands, except percentages and per share data) (unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Non-GAAP gross profit and non-GAAP gross margin Gross profit $ 98,678 $ 89,015 $ 286,362 $ 262,108 Add: Stock-based compensation 1,432 1,820 4,696 5,860 Employer taxes related to employee stock transactions 29 21 112 138 Amortization of acquired intangible assets 2,200 2,087 6,875 6,260 Restructuring costs — — (2 ) 137 Non-GAAP gross profit $ 102,339 $ 92,943 $ 298,043 $ 274,503 Revenue $ 118,946 $ 108,720 $ 346,053 $ 319,582 Gross Margin 83.0 % 81.9 % 82.8 % 82.0 % Non-GAAP gross margin 86.0 % 85.5 % 86.1 % 85.9 % Non-GAAP operating expenses Research and development $ 34,267 $ 34,272 $ 106,878 $ 104,221 Less: Stock-based compensation 11,576 11,128 34,640 34,002 Employer taxes related to employee stock transactions 173 210 691 930 Acquisition-related expenses 227 161 750 484 Amortization of acquired intangible assets — 88 116 262 Restructuring costs — — (2 ) (5 ) Non-GAAP research and development $ 22,291 $ 22,685 $ 70,683 $ 68,548 Sales and marketing $ 49,272 $ 49,630 $ 148,737 $ 143,155 Less: Stock-based compensation 7,639 8,094 23,702 22,362 Employer taxes related to employee stock transactions 128 39 463 589 Amortization of acquired intangible assets 632 610 1,897 1,830 Restructuring costs — (1 ) (10 ) (49 ) Non-GAAP sales and marketing $ 40,873 $ 40,888 $ 122,685 $ 118,423 General and administrative $ 25,432 $ 25,955 $ 78,800 $ 77,547 Less: Stock-based compensation 11,126 10,786 34,041 32,686 Employer taxes related to employee stock transactions 122 145 463 658 Acquisition-related expenses — 530 (1 ) 530 Amortization of acquired intangible assets — 21 29 65 Restructuring costs — 133 24 1,451 Non-GAAP general and administrative $ 14,184 $ 14,340 $ 44,244 $ 42,157 Note: Certain figures may not sum due to rounding. PAGERDUTY, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in thousands, except percentages and per share data) (unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Non-GAAP operating income and non-GAAP operating margin Loss from operations $ (10,293 ) $ (20,842 ) $ (48,053 ) $ (62,815 ) Add: Stock-based compensation 31,773 31,828 97,079 94,910 Employer taxes related to employee stock transactions 452 415 1,729 2,315 Amortization of acquired intangible assets 2,832 2,806 8,917 8,417 Acquisition-related expenses 227 691 749 1,014 Restructuring costs — 132 10 1,534 Non-GAAP operating income $ 24,991 $ 15,030 $ 60,431 $ 45,375 Revenue $ 118,946 $ 108,720 $ 346,053 $ 319,582 Operating margin (8.7 )% (19.2 )% (13.9 )% (19.7 )% Non-GAAP operating margin 21.0 % 13.8 % 17.5 % 14.2 % Non-GAAP net income attributable to PagerDuty, Inc. common stockholders Net loss attributable to PagerDuty, Inc. common stockholders $ (6,558 ) $ (15,125 ) $ (43,856 ) $ (51,125 ) Add: Stock-based compensation 31,773 31,828 97,079 94,910 Employer taxes related to employee stock transactions 452 415 1,729 2,315 Amortization of debt issuance costs 671 523 1,950 1,456 Amortization of acquired intangible assets 2,832 2,806 8,917 8,417 Acquisition-related expenses 227 691 749 1,014 Restructuring costs — 132 10 1,534 Gain on extinguishment of convertible senior notes — (3,970 ) — (3,970 ) Adjustment attributable to redeemable non-controlling interest 634 2,359 9,881 4,088 Income tax effects and adjustments (6,310 ) (466 ) (16,402 ) (1,920 ) Non-GAAP net income attributable to PagerDuty, Inc. common stockholders $ 23,721 $ 19,193 $ 60,057 $ 56,719 Non-GAAP net income per share, basic Net loss per share, basic, attributable to PagerDuty, Inc. common stockholders $ (0.07 ) $ (0.16 ) $ (0.47 ) $ (0.55 ) Non-GAAP adjustments to net loss attributable to PagerDuty, Inc. common stockholders 0.33 0.37 1.12 1.16 Non-GAAP net income per share, basic, attributable to PagerDuty, Inc. common stockholders $ 0.26 $ 0.21 $ 0.65 $ 0.61 Non-GAAP net income per share, diluted (1) Net loss per share, diluted, attributable to PagerDuty, Inc. common stockholders $ (0.07 ) $ (0.16 ) $ (0.47 ) $ (0.55 ) Non-GAAP adjustments to net loss attributable to PagerDuty, Inc. common stockholders 0.32 0.36 1.10 1.13 Non-GAAP net income per share, diluted, attributable to PagerDuty, Inc. common stockholders $ 0.25 $ 0.20 $ 0.63 $ 0.58 Weighted-average shares used in calculating net loss per share, basic and diluted 91,438 93,104 92,530 92,257 Weighted-average shares used in calculating non-GAAP net income per share Basic 91,438 93,104 92,530 92,257 Diluted 94,036 96,235 95,549 100,834 Note: Certain figures may not sum due to rounding. (1) On October 13, 2023, the Company provided written notice to the trustee and the note holders of the 2025 Notes that it had irrevocably elected to settle the principal amount of its convertible senior notes in cash and pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election, in respect to the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the 2025 Notes being converted. The company uses the if-converted method to calculate the non-GAAP net income per diluted share attributable to PagerDuty, Inc. related to the convertible notes due 2025 prior to the election on October 13, 2023. As such, approximately 5.8 million and 6.7 million shares related to the convertible notes due 2025 were included in the non-GAAP diluted outstanding share number for the three and nine months ended October 31, 2023, respectively, related to the period prior to the election on October 13, 2023. Similarly, for the three and nine months ended October 31, 2023, the numerator used to compute this measure was increased by $0.7 million and $2.5 million, respectively, for after-tax interest expense savings related to our convertible notes. PAGERDUTY, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (continued) (in thousands, except percentages) (unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Free cash flow and free cash flow margin Net cash provided by investing activities $ 22,073 $ 16,917 $ 86,489 $ 49,819 Purchases of property and equipment (552 ) (245 ) (1,646 ) (1,193 ) Capitalization of internal-use software costs (2,078 ) (1,441 ) (5,019 ) (3,812 ) Free cash flow $ 19,443 $ 15,231 $ 79,824 $ 44,814 Net cash (used in) provided by investing activities $ (3,101 ) $ 10,887 $ (9,722 ) $ 6,875 Net cash (used in) provided by financing activities $ (78,118 ) $ 54,157 $ (113,323 ) $ 53,661 Revenue $ 118,946 $ 108,720 $ 346,053 $ 319,582 Free cash flow margin 16.3 % 14.0 % 23.1 % 14.0 % View source version on businesswire.com : https://www.businesswire.com/news/home/20241126811639/en/ CONTACT: Investor Relations Contact: Tony Righetti investor@pagerduty.comMedia Contact: Debbie O'Brien media@pagerduty.comSOURCE PagerDuty KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY ARTIFICIAL INTELLIGENCE DATA MANAGEMENT SOURCE: PagerDuty, Inc. Copyright Business Wire 2024. PUB: 11/26/2024 04:05 PM/DISC: 11/26/2024 04:05 PM http://www.businesswire.com/news/home/20241126811639/enNebraska plans not to get caught sleeping vs. South Dakota
PHILADELPHIA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products and services company which operates a portfolio of global consumer brands including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly brands, today announced record third quarter net income of $102.9 million and earnings per diluted share of $1.10 for the three months ended October 31, 2024. For the nine months ended October 31, 2024, net income was $282.2 million and earnings per diluted share were $2.99. Total Company net sales for the three months ended October 31, 2024, increased 6.3% to a record $1.36 billion. Total Retail segment net sales increased 3.2%, with comparable Retail segment net sales increasing 1.5%. The increase in Retail segment comparable net sales was driven by low single-digit positive growth in both digital channel sales and retail store sales. Comparable Retail segment net sales increased 5.8% at Anthropologie and 5.3% at Free People and decreased 8.9% at Urban Outfitters. Nuuly segment net sales increased by 48.4% primarily driven by a 51% increase in average active subscribers in the current quarter versus the prior year quarter. Wholesale segment net sales increased 17.4% driven by a 20.3% increase in Free People wholesale sales due to an increase in sales to specialty customers and department stores, partially offset by a decrease in Urban Outfitters wholesale sales. For the nine months ended October 31, 2024, total Company net sales increased 6.7% to a record $3.91 billion. Total Retail segment net sales increased 4.0%, with comparable Retail segment net sales increasing 2.6%. The increase in Retail segment comparable net sales was driven by mid single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. Comparable Retail segment net sales increased 9.3% at Free People and 7.5% at Anthropologie and decreased 10.6% at Urban Outfitters. Nuuly segment net sales increased by 53.9% primarily driven by a 50% increase in average active subscribers in the current period versus the prior year period. Wholesale segment net sales increased 12.3% driven by a 15.1% increase in Free People wholesale sales due to an increase in sales to specialty customers and department stores, partially offset by a decrease in Urban Outfitters wholesale sales. “We are pleased to announce record third quarter sales and earnings, both of which exceeded our expectations. These results were driven by outperformance across all three business segments – Retail, Subscription and Wholesale,” said Richard A. Hayne, Chief Executive Officer. “Additionally, we're optimistic about the outlook for Holiday demand and believe total comparable sales could be similar to our third quarter results,” finished Mr. Hayne. Net sales by brand and segment for the three and nine-month periods were as follows: (1) Anthropologie includes the Anthropologie and Terrain brands. (2) Free People includes the Free People and FP Movement brands. For the three months ended October 31, 2024, the gross profit rate increased by 105 basis points compared to the three months ended October 31, 2023. Gross profit dollars increased 9.4% to $497.3 million from $454.4 million in the three months ended October 31, 2023. The increase in gross profit rate for the three months ended October 31, 2024 was primarily due to higher initial merchandise markups for all segments primarily driven by Company cross-functional initiatives. Additionally, Retail segment merchandise markdowns improved driven by lower merchandise markdowns at Urban Outfitters, which were partially offset by an increase at Free People. For the nine months ended October 31, 2024, the gross profit rate increased by 80 basis points compared to the nine months ended October 31, 2023. Gross profit dollars increased 9.2% to $1.40 billion from $1.28 billion in the nine months ended October 31, 2023. The increase in gross profit rate for the nine months ended October 31, 2024 was primarily due to higher initial merchandise markups for all segments primarily driven by Company cross-functional initiatives. The increase in gross profit dollars for both periods was due to higher net sales and the improved gross profit rate. As of October 31, 2024, total inventory increased by $72.3 million, or 10.0%, compared to total inventory as of October 31, 2023. Total Retail segment inventory increased 8.1% due to a Retail segment comparable inventory increase of 3.7% and planned early receipts of holiday merchandise. Wholesale segment inventory increased by 41.6% due to the timing of receipts and to support increased sales. For the three months ended October 31, 2024, selling, general and administrative expenses increased by $23.2 million, or 6.7%, compared to the three months ended October 31, 2023, and expressed as a percentage of net sales, deleveraged 11 basis points. For the nine months ended October 31, 2024, selling, general and administrative expenses increased by $81.8 million, or 8.4%, compared to the nine months ended October 31, 2023, and expressed as a percentage of net sales, deleveraged 42 basis points. The deleverage in selling, general and administrative expenses as a rate to net sales for both periods was primarily related to increased marketing expenses to support customer growth and increased sales in the Retail and Nuuly segments. The dollar growth in selling, general and administrative expenses for both periods was primarily related to increased marketing expenses to support customer growth and increased sales in the Retail and Nuuly segments, as well as increased store payroll expenses to support the Retail segment stores comparable net sales growth. The Company’s effective tax rate for the three months ended October 31, 2024 was 24.2%, compared to 24.3% in the three months ended October 31, 2023. The Company's effective tax rate for the nine months ended October 31, 2024 was 23.6%, compared to 24.5% in the nine months ended October 31, 2023. The decrease in the effective tax rate for the three and nine months ended October 31, 2024 was primarily due to the favorable impact of equity vestings in the current year. Net income for the three months ended October 31, 2024 was a record $102.9 million or $1.10 per diluted share. Net income for the nine months ended October 31, 2024 was $282.2 million or $2.99 per diluted share. On June 4, 2019, the Company’s Board of Directors authorized the repurchase of 20 million common shares under a share repurchase program. During the nine months ended October 31, 2024, the Company repurchased and subsequently retired 1.2 million shares for approximately $52 million. As of October 31, 2024, 18.0 million common shares were remaining under the program. During the nine months ended October 31, 2024, the Company opened a total of 36 new retail locations including: 20 Free People stores (including 12 FP Movement stores), 9 Anthropologie stores and 7 Urban Outfitters stores; and closed 11 retail locations including: 5 Urban Outfitters stores, 4 Anthropologie stores and 2 Free People stores. Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of 264 Urban Outfitters stores in the United States, Canada and Europe and websites; 242 Anthropologie stores in the United States, Canada and Europe, catalogs and websites; 216 Free People stores (including 50 FP Movement stores) in the United States, Canada and Europe, catalogs and websites, 9 Menus & Venues restaurants, 7 Urban Outfitters franchisee-owned stores and 2 Anthropologie franchisee-owned stores as of October 31, 2024. Free People, FP Movement and Urban Outfitters wholesale sell their products through department and specialty stores worldwide, digital businesses and the Company’s Retail segment. Nuuly is a women's apparel subscription rental service which offers a wide selection of rental product from the Company's own brands, third-party brands and one-of-a-kind vintage pieces. A conference call will be held today to discuss third quarter results and will be webcast at 5:15 pm. ET at: https://edge.media-server.com/mmc/p/9zt6ekqe/. As used in this document, unless otherwise defined, "Anthropologie" refers to the Company's Anthropologie and Terrain brands and "Free People" refers to the Company's Free People and FP Movement brands. This news release is being made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Certain matters contained in this release may contain forward-looking statements. When used in this release, the words “project,” “believe,” “plan,” “will,” “anticipate,” “expect” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any one, or all, of the following factors could cause actual financial results to differ materially from those financial results mentioned in the forward-looking statements: overall economic and market conditions (including current levels of inflation) and worldwide political events and the resultant impact on consumer spending patterns and our pricing power, the difficulty in predicting and responding to shifts in fashion trends, changes in the level of competitive pricing and promotional activity and other industry factors, the effects of the implementation of the United Kingdom's withdrawal from membership in the European Union (commonly referred to as “Brexit”), including currency fluctuations, economic conditions and legal or regulatory changes, any effects of war, including geopolitical instability, impacts of the conflict in the Middle East and impacts of the war between Russia and Ukraine and from related sanctions imposed by the United States, European Union, United Kingdom and others, terrorism and civil unrest, natural disasters, severe or unseasonable weather conditions (including as a result of climate change) or public health crises (such as the coronavirus (COVID-19)), labor shortages and increases in labor costs, raw material costs and transportation costs, availability of suitable retail space for expansion, timing of store openings, risks associated with international expansion, seasonal fluctuations in gross sales, response to new concepts, our ability to integrate acquisitions, risks associated with digital sales, our ability to maintain and expand our digital sales channels, any material disruptions or security breaches with respect to our technology systems, the departure of one or more key senior executives, import risks (including any shortage of transportation capacities or delays at ports), changes to U.S. and foreign trade policies (including the enactment of tariffs, border adjustment taxes or increases in duties or quotas), the unexpected closing or disruption of, or any damage to, any of our distribution centers, our ability to protect our intellectual property rights, failure of our manufacturers and third-party vendors to comply with our social compliance program, risks related to environmental, social and governance activities, changes in our effective income tax rate, changes in accounting standards and subjective assumptions, regulatory changes and legal matters and other risks identified in our filings with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update forward-looking statements even if experience or future changes make it clear that actual results may differ materially from any projected results expressed or implied therein. (Tables follow)The sought-after PlayStation 5 is at an all-time low price on AmazonProtecting and projecting national interest
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NEW YORK--(BUSINESS WIRE)--Nov 26, 2024-- BlackRock, Inc. (NYSE:BLK) today announced that Martin S. Small, Chief Financial Officer, is scheduled to speak at the 2024 Goldman Sachs US Financial Services Conference on December 10 th, 2024, beginning at approximately 2:20 p.m. ET. A live webcast will be accessible via the “Investor Relations” section of BlackRock’s website, www.blackrock.com . A replay of the webcast will be available within 24 hours of the presentation and will remain accessible through the Company’s website for three months. About BlackRock BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate View source version on businesswire.com : https://www.businesswire.com/news/home/20241126954913/en/ CONTACT: Investor Relations Caroline Rodda 212-810-3442 caroline.rodda@blackrock.comMedia Relations Patrick Scanlan 212-810-3622 patrick.scanlan@blackrock.com KEYWORD: UNITED STATES NORTH AMERICA NEW YORK INDUSTRY KEYWORD: FINANCE CONSULTING BANKING PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES SOURCE: BlackRock Copyright Business Wire 2024. PUB: 11/26/2024 03:00 PM/DISC: 11/26/2024 03:01 PM http://www.businesswire.com/news/home/20241126954913/enRain and field goals. The Los Angeles Rams got a crucial win at the San Francisco 49ers on Thursday Night Football , with both sides just exchanging field goals in a 12-6 result. > Watch NBC Bay Area News 📺 Streaming free 24/7 Matthew Stafford endured a poor start but the Rams just showed enough over a 49ers side that didn't receive production from Brock Purdy, whose key turnover proved costly in a game of small margins. Purdy had a chance at a Hail Mary on the final play, but didn't even get the ball out, dropping San Francisco to 6-8 in what, though not mathematically, likely ends its postseason hopes. Los Angeles has won seven of its last nine and are 8-6, very well in the mix of things with three games to play. Let's analyze the game further with winners and losers: WINNER: Kyren Williams, Rams When it became clear the game would be affected by rain, Sean McVay turned to his RB1 to deliver. And Williams paid off the faith. Williams rushed for 108 yards on 29 carries, a 3.7 average that may not seem big but definitely had its impact on the Rams' final drive that killed the clock to under 20 seconds in the fourth. LOSER: Brock Purdy, 49ers Purdy is due to get paid soon by the 49ers, and though he obviously deserves a raise given his achievements with the team on a low contract, San Francisco will need to be careful. The former Mr. Irrelevant threw for 142 yards on 14 of 31 completions with a pick, which ultimately turned the game in favor of Los Angeles. PICKED! Darious Williams gets the ball back for the @RamsNFL . #LARvsSF on Prime Video Also streaming on #NFLPlus pic.twitter.com/aFav3TtBcs Purdy still has the mental capacity to improve, but his fundamental struggles limit the team and his inability to get going when the weather gets shaky is not the best sign. WINNER: Ahkello Witherspoon, Rams In a more delayed revenge game, former 49ers cornerback Witherspoon turned up against his old side. The Ram logged five tackles (four solo) but primarily stood out in coverage, recording three passes defended. LOSER: Deebo Samuel Sr., 49ers In his first game since publicly taking to social media to complain about not getting the ball enough, Samuel Sr. didn't prove much on the field. He recorded just 16 receiving yards on three catches and seven targets, with two rushes for three yards. One inexcusable drop in the third quarter drew audible groans and boos from the home crowd. Deebo... pic.twitter.com/SQlA70izqV It will be interesting to see what the 49ers do with Samuel Sr. long term, as he just hasn't provided enough since getting a major pay day. When they've needed to see him do more, he's consistently failed to help. WINNER: Kickers These are the types of games where kickers really earn their pay. With no touchdowns from either side, Rams' Joshua Karty nailed all four of his attempts. 49ers' Jake Moody made both, too, with his 53-yard attempt just sneaking in amid a second straight inconsistent season.
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Canada obligated under international law to arrest Netanyahu if he enters country: TrudeauThe British Columbia government is increasing tax incentives for both local and international film and TV projects in an effort to attract more major productions to the province. Premier David Eby said the tax credit for international projects made in B.C. will jump from 28 to 36 per cent, and an incentive for Canadian-content productions will increase from 35 to 36 per cent. There’s also a special bonus to attract blockbuster productions with budgets of $200 million. Speaking on Thursday at the Martini Town studio, a New-York-themed backlot in Langley, B.C., Eby said tax incentives are the province’s “competitive advantage” and increasing them will help the industry that has been battered by the pandemic, labour disruptions and changes to industry practices. “This is a sector that’s taken some hits. The decision by major studios to ... reduce some of their budgets on production, the impact of labour disruptions, other jurisdictions competing with British Columbia for these productions with significant subsidies for the industry, means that we need to respond,” Eby said, the Manhattan street scene behind him decorated for Christmas. “We need to make sure that we continue to be competitive.” Government numbers show the film industry generated $2.7 billion in GDP in 2022 — roughly one per cent of provincial GDP — and $2 billion in 2023, a year affected by strike action and a decrease in global production A government statement says the incentives begin with productions that have principal photography starting Jan. 1, 2025, and projects with costs of greater than $200 million in B.C. will receive a two per cent bonus. Gemma Martini, chair of industry organization Screen BC and CEO of Martini Film Studios, told the news conference that it has been a “tumultuous” year for film and television, which supports tens of thousands of jobs. “It is clear that British Columbia is a well respected and preferred global production partner, but we must be able to compete at the bottom line,” she said. “We expect, we know, our government’s announcement will put B.C. back in the game to earn our true ‘Hollywood north’ reputation.” Foreign film and TV work makes up an average of 80 per cent of total production spending in B.C., and the government says maintaining strong international relationships is critical for the industry to continue to thrive. The government says it also intends to restore regional and distant-location tax credits that were cut last year for companies with a brick-and-mortar presence outside of Metro Vancouver, the Fraser Valley and Whistler and Squamish. Eby first promised to increase the tax credits as part of his election campaign earlier this year. Just days after the new B.C. cabinet was announced in November, a delegation that included Finance Minister Brenda Bailey and Arts and Culture Minister Spencer Chandra Herbert travelled to California to pitch B.C.‘s film and TV industry. Chandra Herbert told the news conference that during the trip they met industry representatives who are now looking at B.C. “in a bigger way” because of the new incentives. He said the additional two per cent bonus for productions over $200 million is a way to encourage larger productions to come and stay in B.C. “This is a way of making sure that the workers in this industry, and the companies, know that we’re here for them for the long term. You can make these investments long term. You can grow the industry today, tomorrow and into the years ahead,” he said. This report by The Canadian Press was first published Dec. 12, 2024.Most of Bill C-63, the Liberals’ online harms act, now seems to be dead on arrival. On Dec. 4 , in a post-caucus scrum, Justice Minister Arif Virani said that the bill was going to be split. Bill C-63 is an unwieldy piece of government legislation that combines all kinds of things that have no reason to go together. If the Liberals go just one small step further, there is an opportunity to pass the uncontroversial part of the bill alone, and for everyone to go home with a political win. There are four parts to the bill. Part 1 would create obligations for social media platforms, including a “duty to act responsibly,” enforced by a new bureaucracy known as the Digital Safety Commission. Part 2 would create new criminal offences and penalties for hate speech, including penalties of up to life imprisonment, as well as peace bonds for future speech crimes not yet committed. Part 3 would create a new human rights mechanism whereby members of the public could seek civil damages for “hate” they see online. And part 4 would create urgently needed mandatory reporting and storage requirements for internet child pornography. During his scrum last week, Virani said that parts 1 and 4 will be split off into a new bill and prioritized over parts 2 and 3. This is overall positive news. Parts 2 and 3 are the most censorious and have always been the most controversial. Many civil liberties groups have called for the bill to be split, or threatened legal challenges of parts 2 and 3 should they pass. The Canadian Constitution Foundation assisted more than 9,000 members of the public to write to their MPs about fixing these issues with Bill C-63. It is obvious that the government doesn’t want to talk about these broadly unpopular provisions anymore. Now that the bill has been split, its most draconian and constitutionally problematic aspects are far less likely to become law. In splitting the bill, Virani, or perhaps the Prime Minister’s Office, may be hoping to eke out some sort of win after watching the bill flounder since it was introduced in May. But combining parts 1 and 4 of the legislation remains a cynical move by the government. The issue of the online sexual exploitation of children (part 4) is urgent and serious and should not be lumped in with the government’s plan to create a broadly defined $200-million “Digital Safety” bureaucracy (part 1). Part 1 would require online platforms to monitor and remove seven categories of “harmful” content and penalize platforms with fines of up to $10 million or 6 per cent of gross global revenue for failing to comply. While penalties for platforms that refuse to take down child pornography or “revenge porn” make sense, as usual, the Trudeau government takes things too far. Penalties would also apply to more subjective content, like speech that “foments hatred” and “bullying.” These terms have amorphous and highly subjective definitions. When combined with high penalties, this will undoubtedly lead to a chilling effect online. For example, does misgendering someone rise to the level of bullying? If you thought the pre-Elon Musk days of Twitter were censorious, when accounts could be frozen for debates about gender and race, part 1 of Bill C-63 would not just bring us back, but mandate we go back. It is contemptuous of the democratic process to tie the creation of a large new bureaucracy that would oversee all types of online speech to a plan to crack down on child sexual abuse. If the Trudeau government narrowed the focus of part 1 to child sexual abuse and revenge porn, and considered ways to ensure sexual abusers also faced stricter criminal penalties, they would likely be met with greater support. Instead, they have combined different types of content under the purview of a large and expensive new bureaucracy. Meanwhile, newspapers are full of shameful stories of a court system that lacks the resources to hear cases in a timely manner, causing sex abuse cases to be dismissed for delay. Worst of all has been the Trudeau government’s decision to tie part 4 of Bill C-63 to all the other parts of the bill. Part 4 deals with mandatory reporting of child pornography online by internet service providers. Part 4 is considered urgent to prevent harm to children, and likely could have passed unanimously if it had been introduced on its own in May. If the Liberals were actually serious about addressing the issue of child sexual abuse, they would have proposed part 4 alone and passed it months ago, and would work on stiffer criminal penalties for sex offenders, who often receive shockingly lenient sentences . On Dec. 11, the Conservatives proposed that parts 1, 2 and 3 of Bill C-63 be abandoned and that part 4 proceed as a separate bill. The Trudeau government should accept this offer and take the win. It would be good for the country, good for Canadian children, and for once, it’s actually good politics all around. National Post
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