Market Newsdesk

March 19, 2025 9:04 am

Apollo Funds to Acquire OEG, a Leading Provider of Core Services to the Offshore Energy Industry

LONDON and NEW YORK, March 19, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by Apollo affiliates (the “Apollo funds”) have agreed to acquire a majority stake in OEG Energy Group (“OEG” or the “Company”), a leading offshore energy solutions business, from funds managed by the Power Opportunities strategy of Oaktree Capital Management, LP (“Oaktree”) and other investors. The transaction implies a headline valuation of more than $1 billion for OEG, and Oaktree and others will retain a minority equity interest in the Company.

OEG is a scaled provider of core services across the offshore energy ecosystem, delivering development and operations solutions to oil & gas (O&G) and wind end markets for more than 50 years. The Company owns and operates one of the world’s largest fleets of cargo carrying units (CCUs), with 75,000+ units, enabling the safe transportation of essential cargo to and from offshore energy installations. OEG’s Renewables segment is a global, integrated provider of key technical solutions and services to the offshore wind sector.

John Heiton, CEO of OEG, said: “Since our company’s founding, we have worked hard to establish OEG as a global leader in delivering core services throughout the offshore energy value chain. As energy producers across Europe and around the globe continue to invest in energy transition, we are committed to expanding and enhancing our capabilities as a key partner. We look forward to working with Apollo as we enter this new and exciting chapter for our business and remain focused on supporting our customers with the same quality service they have come to expect.”

Wilson Handler, Partner at Apollo, said: “John and team have built OEG into a global leader and trusted provider of offshore equipment and services, with an integrated business model that has scaled across cycles. We see a tremendous opportunity to invest in the Company’s future growth as secular tailwinds drive demand for services enabling efficient energy production and renewable power. Bringing to bear the scale of Apollo’s integrated platform and deep expertise in energy services, we look forward to working with the talented team at OEG to unlock value for its various stakeholders and loyal customer base via organic and inorganic channels.”

Francesco Giuliani, Managing Director and Assistant Portfolio Manager in Oaktree’s Power Opportunities strategy, said: “We are proud of our partnership with the management team at OEG and the success achieved during Oaktree’s period of ownership. During that time, increased focus on the energy transition and global supply dynamics has made investment for core energy infrastructure even more important. We continue to have strong conviction in OEG’s growth trajectory and are thrilled to maintain a minority interest alongside Apollo funds.”

Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billionⁱ of climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in Q2 2025.

Banco Santander SA acted as financial advisor and Vinson & Elkins LLP served as legal counsel to the Apollo funds on the transaction.

Goldman Sachs International acted as financial adviser to Oaktree, while Gibson, Dunn & Crutcher LLP (corporate) and Latham & Watkins (financing & antitrust) served as legal advisers.

White & Case LLP served as legal counsel to OEG management.

___________________

_{ⁱ As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030. The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.}

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About OEG Energy Group

OEG is a leading offshore energy solutions business providing infrastructure assets, technologies and services to the global energy industry. From the company’s beginning in 1973, OEG has evolved significantly, growing both organically and through strategic acquisitions, to become a pivotal link in the global energy supply chain.

OEG delivers specialized and complementary solutions for above-water, on-water and below-water applications across the full energy lifecycle. From the provision of offshore logistics equipment and bespoke solutions, through to the delivery of integrated services for larger project work scopes, OEG plays an important role in supporting the production of the world’s energy needs whether that be electricity, gas or oil.

Headquartered in Aberdeen, UK, OEG has over 1,300 employees and operates in more than 65 countries.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $202 billion in assets under management as of December 31, 2024. The firm emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in credit, equity, and real estate. The firm has more than 1,200 employees and offices in 23 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
[email protected]

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
[email protected]

Oaktree Press Contacts

FGS Global
Rory King / Hannah Ratcliff
[email protected] / [email protected]

March 19, 2025 9:04 am

Know Labs Sensor Non-Invasively Identifies pH Levels in Real Time

Know Labs Sensor Non-Invasively Identifies pH Levels in Real Time

Significant Applications in Health Care, Food Quality and Safety and More

SEATTLE–(BUSINESS WIRE)–
Know Labs, Inc. (NYSE American: KNW) is pleased to announce that it has completed extensive research in its laboratory utilizing its patented Radio Frequency Dielectric Spectroscopy (RFDS) sensor technology to identify changes in pH levels in real time. The research has been submitted for peer reviewed publication. The research is available for review today here on the Company’s website at www.knowlabs.co.

An abstract of the paper states, “We describe an experiment in which we employ a radio frequency sensor to measure pH changes in a liquid solution. The experiment is novel in a few ways. First, the sensor does not have contact with the liquid but rather detects the change from the outside of a PVC pipe. Second, the change is detected using a Linear Discriminant Analysis model using values from an inverse Fourier transform of the frequency data as its features. We believe this to be the first use of Fourier analysis in contactless pH measurement using radio frequencies.”

The impetus for the Know Labs research on pH levels derives from the Company’s historic focus on medical diagnostics with an emphasis on its proof-of-concept work on blood glucose monitoring. At the same time, the Know Labs team explores other applications of its sensor technology. In this case, pH monitoring is important in medical diagnostics, pharmaceutical manufacturing and food quality and safety and more.

Medical Diagnostics

The importance of pH in medical diagnostics cannot be overstated. Accurate pH measurement provides critical insights into the body’s physiological state and helps healthcare providers detect, diagnose, and manage a wide range of health conditions. From blood and urine to saliva and cerebrospinal fluid, pH monitoring is an indispensable tool in modern medicine.

Pharmaceutical Manufacturing

The importance of pH in pharmaceutical manufacturing is significant. From drug formulation to production processes, and final product testing, pH control is essential for ensuring the efficacy, stability, and safety of pharmaceutical products. As technology advances, the precision and reliability of pH control will continue to improve, contributing to the development of high-quality pharmaceuticals that meet the needs of patients worldwide.

Food Safety and Food Quality

The pH level, a measure of acidity or alkalinity, is a pivotal factor in determining the quality and safety of food. It influences the taste, texture, color, and shelf-life of food products. Additionally, maintaining appropriate pH levels is essential for preventing the growth of harmful microorganisms, thereby ensuring food safety.

Food safety authorities worldwide recognize the importance of pH in food safety. Regulatory standards often specify pH ranges for different food products to ensure consumer safety. Compliance with these standards helps prevent foodborne illnesses and ensures that food products remain safe for consumption.

“The application of the Know Labs RFDS sensor technology to the medical diagnostics, pharmaceutical manufacturing, and food safety and quality is exactly what we had in mind when we created Know Labs Technology Licensing (KTL) program,” said Ron Erickson, CEO and Chairman at Know Labs. “KTL is committed to empowering global corporations, universities, and research institutions to harness RFDS technology securely, efficiently, and at scale across diverse industries and their respective value chains. And by so doing, we plan to bring low-cost, high-quality results to every realm of human activity.”

To explore IP licensing opportunities and learn more about KTL’s structured engagement process to leverage RFDS and e-RFDS^© across the enterprise, visit www.knowlabs.co.

About Know Labs Technology Licensing (KTL)

Know Labs Technology Licensing (KTL) is the dedicated licensing division of Know Labs, Inc. (NYSE American: KNW), facilitating the global adoption of its patented Radio Frequency Dielectric Spectroscopy (RFDS) technology. With an extensive intellectual property portfolio, a structured licensing framework, and the proprietary e-RFDS^© digital watermark, KTL enables corporations, universities, and research institutions to innovate with confidence while securing their developments from counterfeiting and unauthorized use.

About Know Labs, Inc.

Know Labs, Inc.’s platform technology uses radio frequency dielectric spectroscopy (RFDS) to direct electromagnetic energy through a substance or material to capture a unique molecular signature. The technology is designed to be able to integrate into a variety of wearable, mobile or bench-top form factors. The Company believes that this patented and patent-pending technology makes it possible to effectively identify and monitor analytes that could only previously be performed by invasive and/or expensive and time-consuming lab-based tests. Among the Company’s first expected applications of the technology will be in a product marketed as a non-invasive glucose monitor. The device is designed to provide the user with accessible and affordable real-time information on blood glucose levels. This product will require U.S. Food and Drug Administration (FDA) clearance prior to its introduction to the market. Other products, developed through KTL, may not require such prior FDA approval.

Safe Harbor Statement

This release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Know Labs, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy; and (iv) performance of products. You can identify these statements by the use of the words “may,” “will,” “could,” “should,” “would,” “plans,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” “likely,” “forecast,” “probable,” “potential,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Know Labs, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. These risks and uncertainties also include such additional risk factors as are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2024, Forms 10-Q and 8-K, and in other filings we make with the Securities and Exchange Commission from time to time. These documents are available on the SEC Filings section of the Investor Relations section of our website at www.knowlabs.co. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319336816/en/

Know Labs, Inc. Contact:

Investor Relations

T: 206-903-1351

[email protected]

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Biotechnology Retail Health Biometrics Other Health Supply Chain Management Pharmaceutical Medical Devices General Health Hospitals Supermarket Health Technology Food/Beverage Organic Food

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March 19, 2025 9:04 am

Case Study: bioAffinity Technologies’ Positive CyPath® Lung Result Leads to Detecting Breast Cancer Recurrence

Case Study: bioAffinity Technologies’ Positive CyPath® Lung Result Leads to Detecting Breast Cancer Recurrence

Case Demonstrates CyPath® Lung’s Potential in Guiding Oncological Care

SAN ANTONIO–(BUSINESS WIRE)–bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW) today released a study of a complex clinical case in which CyPath® Lung’s real-time assessment of the lung microenvironment identified a hidden recurrence of breast cancer in an 80-year-old high-risk patient.

“This case exemplifies how CyPath® Lung can play a crucial role not only in lung cancer diagnostics but also in broader oncological decision-making, helping to guide clinical strategies and improve patient outcomes while reducing risky invasive procedures,” bioAffinity Technologies’ President and Chief Executive Officer Maria Zannes said.

The patient, a former smoker with COPD who was treated successfully for breast cancer in 2019, was under surveillance for lung cancer due to her history. A routine low-dose CT scan detected indeterminate nodules, including an eight-millimeter non-calcified nodule in her left upper lung lobe. “Given her risk factors and the fact that I’ve been following her with CT scans, this finding was very worrisome,” Gordon H. Downie, MD, PhD, Director of the Pulmonary Nodule Clinic at Titus Regional Medical Center in Mount Pleasant, Texas, said.

Traditional diagnostic approaches presented challenges. A PET scan was unlikely to provide clarity due to the lesion’s small size, and serum markers were contraindicated because of her prior cancer. “The CyPath® Lung test afforded me the ability in real time to assess a small nodule in a high-risk patient,” Dr. Downie said. “The result was likely malignant which launched an aggressive, forward-looking diagnostic approach.”

Recognizing the patient’s history, her care team conducted a follow-up mammogram, which revealed a new breast cancer confirmed by biopsy.

“Each case study underscores the benefit of adding CyPath® Lung to the standard of care for evaluating indeterminate lung nodules,” Zannes said. “By providing earlier and more accurate diagnostic insights, CyPath® Lung can help reduce the need for costly, invasive follow-up procedures, ultimately lowering healthcare costs while improving patient outcomes. This growing body of evidence strengthens the case for broader adoption of CyPath® Lung, highlighting the significant financial and clinical benefits of our technology.”

A study published in the Journal of Health Economics Outcomes and Research and authored by pulmonologists Michael Morris, MD, and Sheila Habib, MD, found that an average cost savings of $2,773 per patient would have been achieved in 2022 if CyPath® Lung had been part of the standard of care for Medicare patients with a positive lung cancer screening, for a total of $379 million. The study attributes the savings to a reduction in follow-up diagnostic assessments, expensive follow-up procedures and procedure-related complications. The study also found that adding CyPath® Lung to the standard of care for private-payer patients with a positive lung cancer screening result could have saved even more, an average of $6,460 per patient, an estimated total savings of $895 million if all individuals screened in 2022 were covered by private insurance.

About CyPath® Lung

CyPath^® Lung uses proprietary advanced flow cytometry and artificial intelligence (AI) to identify cell populations in patient sputum that indicate malignancy. Automated data analysis helps determine if cancer is present or if the patient is cancer-free. CyPath® Lung incorporates a fluorescent porphyrin that is preferentially taken up by cancer and cancer-related cells. Clinical study results demonstrated that CyPath® Lung had 92% sensitivity, 87% specificity and 88% accuracy in detecting lung cancer in patients at high risk for the disease who had small lung nodules less than 20 millimeters. Diagnosing and treating early-stage lung cancer can improve outcomes and increase patient survival. For more information, visit www.cypathlung.com.

About bioAffinity Technologies, Inc.

bioAffinity Technologies, Inc. addresses the need for noninvasive diagnosis of early-stage cancer and other diseases of the lung and broad-spectrum cancer treatments. The Company’s first product, CyPath® Lung, is a noninvasive test that has shown high sensitivity, specificity and accuracy for the detection of early-stage lung cancer. CyPath® Lung is marketed as a Laboratory Developed Test (LDT) by Precision Pathology Laboratory Services, a subsidiary of bioAffinity Technologies. For more information, visit www.bioaffinitytech.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. These forward-looking statements are based upon current estimates and assumptions and include statements regarding CyPath® Lung playing a crucial role in lung cancer diagnostics and broader oncological decision-making, helping to guide clinical strategies and improve patient outcomes while reducing risky invasive procedures, and adding CyPath® Lung to the standard of care for indeterminate nodules lowering healthcare costs for both Medicare and private payers. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict, that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the ability of CyPath® Lung to increase diagnostic accuracy, lower healthcare costs, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made and predictions as to future facts and conditions. While the Company believes these forward-looking statements are reasonable, readers of this press release are cautioned not to place undue reliance on any forward-looking statements. The information in this release is provided only as of the date of this release, and the Company does not undertake any obligation to update any forward-looking statement relating to matters discussed in this press release, except as may be required by applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319645782/en/

bioAffinity Technologies

Julie Anne Overton

Director of Communications

[email protected]

Investor Relations

Dave Gentry

RedChip Companies Inc.

1-800-RED-CHIP (733-2447) or 407-491-4498

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Data Management Biotechnology Technology Health Oncology Health Technology Other Science Medical Devices Software Artificial Intelligence Science

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March 19, 2025 9:03 am

Amica Mutual Insurance Company Delivers Outstanding Customer Care with Strategy One

Amica Mutual Insurance Company Delivers Outstanding Customer Care with Strategy One

Strategy’s HyperIntelligence® improves call center operations and cultivates new revenue streams.

TYSONS CORNER, Va.–(BUSINESS WIRE)–
Strategy:

Highlights

Amica uses the HyperIntelligence® feature of the Strategy One platform, integrating insights into frontline representative workflows to facilitate high-quality customer care.

HyperIntelligence helps Amica generate significant operational efficiencies and cultivate new revenue streams while reducing system integration costs and time.

Amica technology leaders will discuss the business impact realized by adopting HyperIntelligence in a webinar on Tuesday, April 8 at 12 p.m. Eastern Time. <Register online>

News Summary

Strategy (Nasdaq: MSTR), a pioneer in AI-powered business intelligence, today announced that Amica Mutual Insurance Company is using the Strategy One platform and its HyperIntelligence® feature to improve call center operations, cultivate new revenue streams, and enhance how representatives apply data to provide excellent customer care. HyperIntelligence seamlessly integrates insights into representative workflows, improving operating efficiency and facilitating upsell to qualified customers.

“Part of our data strategy is to get consumable data into the hands of our end users as quickly as possible,” said Christina Perfetti, Managing Vice President, Actuarial, Amica. “Strategy plays an important role in our ability to democratize data for the broader Amica team.”

“HyperIntelligence proved a huge shortcut in helping us quickly share relevant insights and trusted data with Amica representatives to support customer service calls,” said Ray Zientara, Assistant Vice President, Enterprise Data Solutions, Amica. “HyperIntelligence gives our Claims and Sales and Client Services teams the information they need to provide the high-quality customer care Amica is known for on every call, while eliminating the high cost it would otherwise take to integrate systems.”

“Amica’s use of HyperIntelligence to drive quality, efficiency, and revenue is a great example of how Strategy makes data easily accessible to front line workers,” said PeggySue Werthessen, Vice President of Go-to-Market Strategy at Strategy. “We designed Strategy One to offer unmatched agility for our customers so they can harness the value of their data across the organization wherever and however that data is needed.”

Amica technology leaders will discuss the business impact realized by adopting HyperIntelligence in a webinar on Tuesday, April 8 at 12 p.m. Eastern Time. Register online

For more information about Strategy One, visit https://www.strategysoftware.com/strategyone.

About Strategy

Strategy (Nasdaq: MSTR) is the world’s first and largest Bitcoin Treasury Company. We are a publicly traded company that has adopted bitcoin as our primary treasury reserve asset. By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate bitcoin and advocate for its role as digital capital. Our treasury strategy is designed to provide investors varying degrees of economic exposure to bitcoin by offering a range of securities, including equity and fixed-income instruments. In addition, we provide industry-leading AI-powered enterprise analytics software, advancing our vision of Intelligence Everywhere. We leverage our development capabilities to explore innovation in Bitcoin applications, integrating analytics expertise with our commitment to digital asset growth. We believe our combination of operational excellence, strategic bitcoin reserve, and focus on technological innovation positions us as a leader in both the digital asset and enterprise analytics sectors, offering a unique opportunity for long-term value creation.

Strategy, MicroStrategy, MicroStrategy AI, Intelligence Everywhere, Intelligent Enterprise, and MicroStrategy Library are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319522296/en/

Strategy Public Relations

[email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Technology Finance Professional Services Digital Cash Management/Digital Assets Software Data Analytics Cryptocurrency Asset Management Artificial Intelligence

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March 19, 2025 9:03 am

Edible Garden Awarded Top 50 Ranking in 2024 FoodTech 500 Global Rankings for Innovation and Sustainability Leadership

Ranking Based on Business Size, Digital Footprint, and Sustainability Practices

2024 FoodTech 500

BELVIDERE, NJ, March 19, 2025 (GLOBE NEWSWIRE) — Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic and sustainable produce and products, today announced that it has been named a 2024 FoodTech 500 company by Forward Fooding, a leading AgriFoodTech organization.

The FoodTech 500 is a prestigious list that recognizes top global entrepreneurial companies at the intersection of food, technology, and sustainability. After evaluating more than 2,000 companies from over 50 countries, Edible Garden earned a place in the top 50 based on three key factors: business size, digital presence, and sustainability practices.

“We are incredibly honored to be recognized among the world’s leading FoodTech companies in the 2024 FoodTech 500 rankings, earning a spot in the top 50,” said Jim Kras, CEO of Edible Garden. “Being named alongside the most promising AgriFoodTech innovators is a testament to our team’s dedication and hard work in driving sustainability and resilience within the food system. Through our Zero-Waste Inspired® mission, we remain committed to tackling some of the most pressing challenges in food production today while pioneering solutions for a more sustainable future.”

“At Edible Garden, we are dedicated to harnessing cutting-edge technology to drive sustainability, efficiency, and food security. Our patented GreenThumb software and Self-watering displays, as well as advanced greenhouse growing techniques, and localized supply chain expertise enable us to maximize yields, minimize waste, and optimize costs. These innovations not only enhance operational efficiency but also extend product shelf life, reduce shrinkage, and contribute to a more sustainable food ecosystem—benefiting retailers, consumers, and the environment alike.”

“As we move forward, our goal is to further expand our footprint and continue leading the charge in sustainable food production. We are grateful for the recognition by Forward Fooding and remain committed to driving innovation in the AgriFoodTech sector, helping to build a future where food is produced responsibly, efficiently, and sustainably for generations to come.”

About The FoodTech 500

Inspired by the Fortune 500, the FoodTech 500 drafts the definitive list of the most groundbreaking global businesses at the intersection of food, technology & sustainability. The FoodTech 500’s mission is to shine a spotlight on the leading global innovators across the AgriFoodTech ecosystem, from farm to fork. These entrepreneurs and the companies they have founded are creating impactful solutions to better the global food system.

ABOUT EDIBLE GARDEN
®

Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products backed by Zero-Waste Inspired® next generation farming. Offered at over 5,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US 11,410,249 B2 and US 11,830, 088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company’s Kick. Sports Nutrition line features premium performance products that cater to today’s health-conscious athletes. Furthermore, Edible Garden offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products. For more information on Pulp products go to https://www.pulpflavors.com/. For more information on Vitamin Whey® products go to https://vitaminwhey.com/. For more information on Edible Garden go to https://ediblegardenag.com/.

Investor Contacts:

Crescendo Communications, LLC
212-671-1020
[email protected]

Attachment

2024 FoodTech 500

March 19, 2025 9:03 am

Williams-Sonoma, Inc. announces fourth quarter and fiscal year 2024 results

Williams-Sonoma, Inc. announces fourth quarter and fiscal year 2024 results

Q4 comparable brand revenue +3.1%

Record Q4 operating margin of 21.5%; Q4 diluted EPS of $3.28

Quarterly dividend increase of 16%

SAN FRANCISCO–(BUSINESS WIRE)–
Williams-Sonoma, Inc. (NYSE: WSM) today announced operating results for the fourth quarter and fiscal year ended February 2, 2025 (fiscal 2024). The fourth quarter fiscal 2024 consisted of 14 weeks, and the fourth quarter fiscal 2023 consisted of 13 weeks. Fiscal 2024 consisted of 53 weeks, and fiscal 2023 consisted of 52 weeks.

“We are proud of our strong finish to 2024. In Q4, our comp came in above expectations at positive 3.1%. We exceeded profitability estimates with an operating margin of 21.5% and earnings per share of $3.28. This success was fueled by the strength of our operating model, our standout seasonal offerings, our impactful collaborations, and a strong improvement in both retail and online furniture sales. On the full year, our comp ran down 1.6%. We delivered a record annual operating margin of 17.9% with full-year earnings per share of $8.50,” said Laura Alber, President and Chief Executive Officer.

Alber concluded, “Looking to 2025, we are confident in our strategies and competitive positioning. Despite an uncertain backdrop, we have been, and will continue to be, focused on returning to growth, enhancing our world-class customer service, and driving earnings. We are innovators and operators and are well set up for a great 2025.”

FOURTH QUARTER 2024 HIGHLIGHTS

Comparable brand revenue +3.1%.
Gross margin of 47.3% +130bps to LY driven by (i) occupancy leverage of +80bps, (ii) higher merchandise margins of +40bps and (iii) supply chain efficiencies of +10bps. Occupancy costs of $205 million, -1.6% to LY.
SG&A rate of 25.8% -10bps to LY driven by lower general expenses, partially offset by higher performance-based incentive compensation and advertising expenses. SG&A of $635 million, +7.6% to LY.
Operating income of $530 million with a record operating margin of 21.5%. +140bps to LY.
Diluted EPS of $3.28 per share. +20.6% to LY.
For the fourth quarter fiscal 2024, we estimate this additional week contributed +510bps to revenue growth and +60bps to operating margin.

FISCAL YEAR 2024 HIGHLIGHTS

Comparable brand revenue -1.6%.
Gross margin of 46.5%, including a benefit of +70bps from the out-of-period freight adjustment in Q1 FY24. Without this adjustment, gross margin of 45.8%, which increased +320bps to LY GAAP basis, driven by (i) higher merchandise margins of +170bps, (ii) supply chain efficiencies of +130bps and (iii) occupancy leverage of +20bps. Occupancy costs of $793 million, -2.6% to LY GAAP basis.
Gross margin of 46.5%, including a benefit of +70bps from the out-of-period freight adjustment in Q1 FY24. Without this adjustment, gross margin of 45.8% which increased +310bps to LY non- GAAP basis, driven by (i) higher merchandise margins of +160bps, (ii) supply chain efficiencies of +130bps and (iii) occupancy leverage of +20bps. Occupancy costs of $793 million, -2.6% to LY non-GAAP basis.
SG&A rate of 27.9% +130bps to LY GAAP basis driven by higher performance-based incentive compensation and advertising expense, partially offset by lower general expenses. SG&A of $2.15 billion, +4.5% to LY GAAP basis.
SG&A rate of 27.9% +160bps to LY non-GAAP basis driven by higher performance-based incentive compensation and advertising expense, partially offset by lower general expenses. SG&A of $2.15 billion, +5.7% to LY non-GAAP basis.
Operating income of $1.43 billion with an operating margin of 18.6%, including a benefit of +70bps from the out-of-period freight adjustment in Q1 FY24. Without this adjustment, operating income of $1.38 billion with an operating margin of 17.9%, +180bps to LY GAAP basis and +150bps to LY non-GAAP basis.
Diluted EPS of $8.79, including a benefit of $0.29 per share from the out-of-period freight adjustment in Q1 FY24. Without this adjustment, diluted EPS of $8.50 per share, +16.8% to LY GAAP basis and +14.4% to LY non-GAAP basis.
ROIC of 54.0% driven primarily by net earnings.
Maintained strong liquidity position of $1.2 billion in cash and $1.4 billion in operating cash flow enabling the company to deliver returns to stockholders of nearly $1.1 billion through $807 million in stock repurchases and $280 million in dividends. Stock repurchase authorization of $1.2 billion remaining under our stock repurchase programs.
Fiscal 2024 results included a 53rd week, which we estimate contributed +150bps to revenue growth and +20bps to operating margin in fiscal 2024.

DIVIDENDS AUTHORIZATION

Increased our quarterly dividend 16%, or $0.09, to $0.66 per share.

OUTLOOK

Fiscal 2025 is a 52-week year. Our financial statements will be prepared on a 52-week basis in fiscal 2025 versus 53-week basis in fiscal 2024. However, we will report comps on a 52-week versus 52-week comparable basis. All other year-over-year comparisons will be 52-weeks in fiscal 2025 versus 53-weeks in fiscal 2024.
In fiscal 2025, we expect annual net revenues in the range of -1.5% to +1.5% due to the impact from the 53rd week in fiscal 2024, with comps in the range of flat to +3.0%; and an operating margin between 17.4% to 17.8%, inclusive of the impact of 20bps from the 53rd week in fiscal 2024.
Over the long term, we continue to expect mid-to-high single-digit annual net revenue growth with an operating margin in the mid-to-high teens.

FIRST QUARTER 2024 OUT-OF-PERIOD FREIGHT ADJUSTMENT

Subsequent to the filing of our fiscal 2023 Form 10-K, in April 2024, we determined that we over-recognized freight expense in fiscal 2021, 2022 and 2023 for a cumulative amount of $49 million. We evaluated the error, both qualitatively and quantitatively, and determined that no prior interim or annual periods were materially misstated. We then evaluated whether the cumulative amount of the over-accrual was material to our projected fiscal 2024 results, and determined the cumulative amount was not material. Therefore, our Consolidated Financial Statements for fiscal 2024 include an out-of-period adjustment of $49 million, recorded in the first quarter of fiscal 2024, to reduce cost of goods sold and accounts payable, which corrected the cumulative error on the balance sheet as of January 28, 2024.

SECOND QUARTER 2024 COMMON STOCK SPLIT

On July 9, 2024, we effected a 2-for-1 stock split of our common stock through a stock dividend. All historical share and per share amounts in this release have been retroactively adjusted to reflect the stock split.

CONFERENCE CALL AND WEBCAST INFORMATION

Williams-Sonoma, Inc. will host a live conference call today, March 19, 2025, at 7:00 A.M. (PT). The call will be open to the general public via live webcast and can be accessed at http://ir.williams-sonomainc.com/events. A replay of the webcast will be available at http://ir.williams-sonomainc.com/ events.

SEC REGULATION G — NON-GAAP INFORMATION

This press release includes non-GAAP financial measures. Exhibit 1 provides reconciliations of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward- looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items; these excluded items may include exit costs, reduction-in-force initiatives, impairment and early termination charges, among others. For the same reasons, we are unable to address the probable significance of such excluded items. We believe that these non-GAAP financial measures, when reviewed in conjunction with GAAP financial measures, can provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of current period performance on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. In addition, certain other items may be excluded from non-GAAP financial measures when the company believes this provides greater clarity to management and investors. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to the GAAP financial measures presented in this press release and our financial statements and other publicly filed reports. Non-GAAP measures as presented herein may not be comparable to similarly titled measures used by other companies.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they do not fully materialize or are proven incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Such forward-looking statements include, among other things, statements in the quotes of our President and Chief Executive Officer, our fiscal year 2025 outlook and long-term financial targets and dividend expectations.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include, without limitation: our ability to provide sustainable products at competitive prices; changes in U.S. (federal, state and local) and international tax laws and trade policies and regulations; the impact of current and potential future tariffs and our ability to mitigate such impacts; the plans, strategies, initiatives and objectives of management for future operations; our ability to execute strategic priorities and growth initiatives; our beliefs about our competitive advantages and areas of potential future growth in the market; the impact of general economic conditions, inflationary pressures, consumer disposable income, fuel prices, recession and fears of recession, unemployment, war and fears of war, outbreaks of disease, adverse weather, availability of consumer credit, consumer debt levels, conditions in the housing market, elevated interest rates, sales tax rates and rate increases, consumer confidence in future economic and political conditions, and consumer perceptions of personal well-being and security; the impact of periods of decreased home purchases; our ability to anticipate consumer preferences and buying trends overall and as they apply to specific brands; dependence on timely introduction and customer acceptance of our merchandise; effective inventory management; timely and effective sourcing of merchandise from our foreign and domestic suppliers and delivery of merchandise through our supply chain to our stores and customers; factors, including but not limited to fuel costs, labor disputes, union organizing activity, geopolitical instability, acts of terrorism and war, that can affect the global supply chain, including our third-party providers; our belief in the reasonableness of the steps taken to protect the security and confidentiality of the information we collect; multi-channel and multi-brand complexities; our brands, products and related initiatives, including our ability to introduce new products, product lines, new brands, brand extensions and bring in new customers; challenges associated with our increasing global presence; our global business and expansion efforts; disruptions in the financial markets; our ability to control employment, occupancy, supply chain, product, transportation and other operating costs; the adequacy of our insurance coverage; payment of dividends; the growth from our emerging brands; our ability to drive long-term sustainable returns; our capital allocation strategy in fiscal 2025; our planned use of cash in fiscal 2025; projections of earnings, revenues, growth and other financial items; and other risks and uncertainties described more fully in our public announcements, reports to stockholders and other documents filed with or furnished to the SEC, including our Annual Report on Form 10-K for the fiscal year ended January 28, 2024 and all subsequent quarterly reports on Form 10-Q and current reports on Form 8-K. We have not filed our Form 10-K for the fiscal year ended February 2, 2025. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time we file the Form 10-K for the fiscal year ended February 2, 2025. All forward- looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.

ABOUT WILLIAMS-SONOMA, INC.

Williams-Sonoma, Inc. is the world’s largest digital-first, design-led and sustainable home retailer. The company’s products, representing distinct merchandise strategies — Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, Mark and Graham, and GreenRow — are marketed through e-commerce websites, retail stores and direct-mail catalogs. These brands are also part of The Key Rewards, our loyalty and credit card program that offers members exclusive benefits across the Williams-Sonoma family of brands. We operate in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offer international shipping to customers worldwide, and have unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations.

WSM-IR

Condensed Consolidated Statements of Earnings (unaudited)

	For the Fourteen Weeks Ended				For the Thirteen Weeks Ended
	February 2, 2025				January 28, 2024
(In thousands, except per share amounts)	$		% of Revenues		$		% of Revenues
Net revenues	$	2,462,218	100.0	%	$	2,278,937	100.0	%
Cost of goods sold		1,296,593	52.7			1,230,322	54.0
Gross profit		1,165,625	47.3			1,048,615	46.0
Selling, general and administrative expenses		635,484	25.8			590,524	25.9
Operating income		530,141	21.5			458,091	20.1
Interest income, net		12,485	0.5			13,147	0.6
Earnings before income taxes		542,626	22.0			471,238	20.7
Income taxes		131,908	5.4			116,799	5.1
Net earnings	$	410,718	16.7	%	$	354,439	15.6	%
Earnings per share (EPS):
Basic	$	3.33			$	2.76
Diluted	$	3.28			$	2.72
Shares used in calculation of EPS:
Basic		123,201				128,286
Diluted		125,228				130,295

4th Quarter Net Revenues and Comparable Brand Revenue Growth (Decline)¹

	Net Revenues				Comparable Brand Revenue Growth (Decline)
(In millions, except percentages)	Q4 24		Q4 23		Q4 24		Q4 23
Pottery Barn	$	919	$	874	(0.5	)%	(9.6	)%
West Elm		501		453	4.2		(15.3	)
Williams Sonoma		573		524	5.7		1.6
Pottery Barn Kids and Teen		339		311	3.5		(2.5	)
Other²		130		117	N/A		N/A
Total	$	2,462	$	2,279	3.1	%	(6.8	)%
1 See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue, which is calculated on a 14-week to 14-week basis for Q4 2024 and a 13- week to 13-week basis for Q4 2023, and includes business-to-business revenues.
2 Primarily consists of net revenues from Rejuvenation, Mark and Graham, our international franchise operations and GreenRow.


Condensed Consolidated Statements of Earnings (unaudited)

	For the Fiscal Year Ended
	February 2, 2025				January 28, 2024
(In thousands, except per share amounts)	$		% of Revenues		$		% of Revenues
Net revenues	$	7,711,541	100.0	%	$	7,750,652	100.0	%
Cost of goods sold		4,129,242	53.5			4,447,051	57.4
Gross profit		3,582,299	46.5			3,303,601	42.6
Selling, general and administrative expenses		2,152,115	27.9			2,059,408	26.6
Operating income		1,430,184	18.6			1,244,193	16.1
Interest income, net		55,548	0.7			29,162	0.4
Earnings before income taxes		1,485,732	19.3			1,273,355	16.4
Income taxes		360,481	4.7			323,593	4.2
Net earnings	$	1,125,251	14.6	%	$	949,762	12.3	%
Earnings per share (EPS):
Basic	$	8.91			$	7.35
Diluted	$	8.79			$	7.28
Shares used in calculation of EPS:
Basic		126,242				129,148
Diluted		128,041				130,543

Fiscal Year Net Revenues and Comparable Brand Revenue Growth (Decline)¹

	Net Revenues				Comparable Brand Revenue Growth (Decline)
(In millions, except percentages)	FY 24		FY 23		FY 24		FY 23
Pottery Barn	$	3,040	$	3,206	(6.2	)%	(9.7	)%
West Elm		1,841		1,855	(2.0	)	(18.8	)
Williams Sonoma		1,303		1,260	2.4		(0.7	)
Pottery Barn Kids and Teen		1,107		1,060	3.0		(5.5	)
Other²		421		370	N/A		N/A
Total	$	7,712	$	7,751	(1.6	)%	(9.9	)%
1 See the Company’s 10-K and 10-Q filings for the definition of comparable brand revenue, which is calculated on a 53-week to 53-week basis for fiscal 2024 and a 52- week to 52-week basis for fiscal 2023, and includes business-to-business revenues.
2 Primarily consists of net revenues from Rejuvenation, our international franchise operations, Mark and Graham and GreenRow.


Condensed Consolidated Balance Sheets (unaudited)

	As of
(In thousands, except per share amounts)	February 2, 2025			January 28, 2024
Assets
Current assets
Cash and cash equivalents	$	1,212,977		$	1,262,007
Accounts receivable, net		117,678			122,914
Merchandise inventories, net		1,332,429			1,246,369
Prepaid expenses		66,914			59,466
Other current assets		24,611			29,041
Total current assets		2,754,609			2,719,797
Property and equipment, net		1,033,934			1,013,189
Operating lease right-of-use assets		1,177,805			1,229,650
Deferred income taxes, net		120,657			110,656
Goodwill		77,260			77,306
Other long-term assets, net		137,342			122,950
Total assets	$	5,301,607		$	5,273,548
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	645,667		$	607,877
Accrued expenses		286,033			264,306
Gift card and other deferred revenue		584,791			573,904
Income taxes payable		67,696			96,554
Operating lease liabilities		234,180			234,517
Other current liabilities		93,607			103,157
Total current liabilities		1,911,974			1,880,315
Long-term operating lease liabilities		1,113,135			1,156,104
Other long-term liabilities		134,079			109,268
Total liabilities		3,159,188			3,145,687
Stockholders’ equity
Preferred stock: $0.01 par value; 7,500 shares authorized, none issued		—			—
Common stock: $0.01 par value; 253,125 shares authorized; 123,125 and 128,301 shares issued and outstanding at February 2, 2025 and January 28, 2024, respectively		1,232			1,284
Additional paid-in capital		571,585			587,960
Retained earnings		1,591,630			1,555,595
Accumulated other comprehensive loss		(21,593	)		(15,552	)
Treasury stock, at cost		(435	)		(1,426	)
Total stockholders’ equity		2,142,419			2,127,861
Total liabilities and stockholders’ equity	$	5,301,607		$	5,273,548

Retail Store Data (unaudited)

	Beginning of quarter			End of quarter	As of
	October 27, 2024	Openings	Closings	February 2, 2025	January 28, 2024
Pottery Barn	186	—	(5)	181	184
Williams Sonoma	160	3	(9)	154	156
West Elm	122	—	(1)	121	121
Pottery Barn Kids	46	—	(1)	45	46
Rejuvenation	11	—	—	11	11
Total	525	3	(16)	512	518

Condensed Consolidated Statements of Cash Flows (unaudited)

	For the Fiscal Year Ended
(In thousands)	February 2, 2025			January 28, 2024
Cash flows from operating activities:
Net earnings
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:	$	1,125,251		$	949,762
Depreciation and amortization		229,802			232,590
Loss on disposal/impairment of assets		5,539			21,869
Non-cash lease expense		255,923			255,286
Deferred income taxes		(9,741	)		(29,085	)
Stock-based compensation expense		98,983			84,754
Other		(2,603	)		(2,796	)
Changes in:
Accounts receivable		5,004			(7,461	)
Merchandise inventories		(88,085	)		209,168
Prepaid expenses and other assets		(19,832	)		1,016
Accounts payable		15,360			99,043
Accrued expenses and other liabilities		27,023			4,935
Gift card and other deferred revenue		11,587			95,005
Operating lease liabilities		(265,131	)		(269,162	)
Income taxes payable		(28,858	)		35,349
Net cash provided by operating activities		1,360,222			1,680,273
Cash flows from investing activities:
Purchases of property and equipment		(221,567	)		(188,458	)
Other		360			201
Net cash used in investing activities		(221,207	)		(188,257	)
Cash flows from financing activities:
Repurchases of common stock		(807,477	)		(313,001	)
Payment of dividends		(280,058	)		(232,475	)
Tax withholdings related to stock-based awards		(94,214	)		(52,831	)
Other		(2,474	)		—
Net cash used in financing activities		(1,184,223	)		(598,307	)
Effect of exchange rates on cash and cash equivalents		(3,822	)		954
Net (decrease) increase in cash and cash equivalents		(49,030	)		894,663
Cash and cash equivalents at beginning of period		1,262,007			367,344
Cash and cash equivalents at end of period	$	1,212,977		$	1,262,007

Exhibit 1
GAAP to Non-GAAP Reconciliation (unaudited)

	For the Fourteen Weeks Ended				For the Thirteen Weeks Ended				For the Fiscal Year Ended
	February 2, 2025				January 28, 2024				February 2, 2025				January 28, 2024
(In thousands, except per share data)	$		% of revenues		$		% of revenues		$		% of revenues		$			% of revenues
Occupancy costs	$	204,792	8.3	%	$	208,020	9.1	%	$	793,141	10.3	%	$	814,290		10.5	%
Exit Costs¹		—				—				—				(239	)
Non-GAAP occupancy costs	$	204,792	8.3	%	$	208,020	9.1	%	$	793,141	10.3	%	$	814,051		10.5	%


Gross profit	$	1,165,625	47.3	%	$	1,048,615	46.0	%	$	3,582,299	46.5	%	$	3,303,601		42.6	%
Exit Costs¹		—				—				—				2,141
Non-GAAP gross profit	$	1,165,625	47.3	%	$	1,048,615	46.0	%	$	3,582,299	46.5	%	$	3,305,742		42.7	%


Selling, general and administrative expenses	$	635,484	25.8	%	$	590,524	25.9	%	$	2,152,115	27.9	%	$	2,059,408		26.6	%
Exit Costs¹		—				—				—				(15,790	)
Reduction-in-force Initiatives²		—				—				—				(8,316	)
Non-GAAP selling, general and administrative expenses	$	635,484	25.8	%	$	590,524	25.9	%	$	2,152,115	27.9	%	$	2,035,302		26.3	%


Operating income	$	530,141	21.5	%	$	458,091	20.1	%	$	1,430,184	18.6	%	$	1,244,193		16.1	%
Exit Costs¹		—				—				—				17,931
Reduction-in-force Initiatives²		—				—				—				8,316
Non-GAAP operating income	$	530,141	21.5	%	$	458,091	20.1	%	$	1,430,184	18.6	%	$	1,270,440		16.4	%

	$		Tax rate		$		Tax rate		$		Tax rate		$			Tax rate
Income taxes	$	131,908	24.3	%	$	116,799	24.8	%	$	360,481	24.3	%	$	323,593		25.4	%
Exit Costs¹		—				—				—				4,690
Reduction-in-force Initiatives²		—				—				—				2,174
Non-GAAP income taxes	$	131,908	24.3	%	$	116,799	24.8	%	$	360,481	24.3	%	$	330,457		25.4	%


Diluted EPS	$	3.28			$	2.72			$	8.79			$	7.28
Exit Costs¹		—				—				—				0.10
Reduction-in-force Initiatives²		—				—				—				0.05
Non-GAAP diluted EPS³	$	3.28			$	2.72			$	8.79			$	7.43
1 During Q1 2023, we incurred exit costs of $17.9 million, including $9.3 million associated with the closure of our West Coast manufacturing facility and $8.6 million associated with the exiting of Aperture, a division of our Outward, Inc. subsidiary. 2 During Q1 2023, we incurred costs related to reduction-in-force initiatives of $8.3 million primarily in our corporate functions. 3 Per share amounts may not sum due to rounding to the nearest cent per diluted share.

Return on Invested Capital (“ROIC”)

We believe ROIC is a useful financial measure for investors in evaluating the efficient and effective use of capital, and is an important component of long-term stockholder return.

The following table presents the calculation of ROIC, together with a reconciliation of net earnings to non-GAAP net operating profit after tax (“NOPAT”):

	For the Fiscal Year Ended
	February 2,			January 28,
(In thousands)	2025			2024
Net earnings	$	1,125,251		$	949,762
Interest income, net		(55,548	)		(29,162	)
Income taxes		360,481			323,593
Operating income		1,430,184			1,244,193
Out-of-period Freight Adjustment ¹		(48,972	)		—
Exit Costs ²		—			17,931
Reduction-in-force Initiatives ²		—			8,316
Operating lease costs		299,105			296,779
Adjusted Operating Income		1,680,317			1,567,219
Income tax adjustment ³		(408,317	)		(398,074	)
NOPAT (numerator)	$	1,272,000		$	1,169,145
1 During Q1 2024, we determined that we over-recognized freight expense in fiscal 2021, 2022 and 2023. Therefore, we recorded an out-of-period adjustment to reduce cost of goods sold.
2 For more information on the nature of these adjustments, see the footnotes to the GAAP to Non-GAAP Reconciliation.
3 Adjustment reflects a hypothetical provision for income taxes on adjusted operating income, using the Company’s effective tax rate of 24.3% for fiscal 2024 and 25.4% for fiscal 2023.

	As of
(In thousands)	February 2, 2025			January 28, 2024			January 29, 2023
Total assets	$	5,301,607		$	5,273,548		$	4,663,016
Total current liabilities		(1,911,974	)		(1,880,315	)		(1,636,451	)
Cash in excess of $200 million		(1,012,977	)		(1,062,007	)		(167,344	)
Invested capital	$	2,376,656		$	2,331,226		$	2,859,221

Average invested capital (denominator)	$	2,353,941		$	2,595,224

Return on invested capital		54.0	%		45.0	%

SEC Regulation G – Non-GAAP Information

These tables include non-GAAP occupancy costs, gross profit, gross margin, selling, general and administrative expense, operating income, Adjusted Operating Income, operating margin, income taxes, effective tax rate and diluted EPS. We believe that these non-GAAP financial measures provide meaningful supplemental information for investors regarding the performance of our business and facilitate a meaningful evaluation of our quarterly actual results on a comparable basis with prior periods. Our management uses these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319426848/en/

Jeff Howie EVP, Chief Financial Officer – (415) 402 4324

-or-

Jeremy Brooks SVP, Chief Accounting Officer & Head of Investor Relations – (415) 733 2371

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Interior Design Online Retail Retail Catalog Home Goods Construction & Property

MEDIA:

March 19, 2025 9:03 am

Affirm Expands Credit Reporting with Experian to Include All Pay-Over-Time Products

Affirm Expands Credit Reporting with Experian to Include All Pay-Over-Time Products

New move advances efforts to help consumers build credit histories and support positive credit outcomes

SAN FRANCISCO–(BUSINESS WIRE)–
Affirm Holdings, Inc. (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, today announced it is expanding its credit reporting to Experian^® to include all of Affirm’s pay-over-time products beginning April 1, 2025.

By furnishing information about all of its pay-over-time transactions to Experian, Affirm is helping to drive greater transparency and responsible lending. The industry-leading move will enable consumers and lenders to make more informed decisions and help consumers build their credit histories.

“Affirm operates on the principles of transparency and putting consumers first, which is why we have been actively engaged with Experian and across our industry to build upon our credit reporting practices,” said Libor Michalek, President at Affirm. “Having all loans reflected in a consumer’s financial profile will help protect and empower borrowers. The buy now, pay later industry must evolve from simply providing flexible payment options to helping consumers build their credit histories and better manage their finances, and we are pleased to be taking this step with Experian.”

“Greater transparency in buy now, pay later activity is key to helping consumers build their credit histories and supporting responsible lending,” said Scott Brown, Group President, Financial Services, Experian North America. “We have a longstanding history working with Affirm and applaud them for expanding the reporting of their pay-over-time products. This is the right thing to do for consumers, the industry and the economy at large. Our role as the first credit reporting agency to establish this partnership with Affirm underscores our shared commitment to improve consumer financial health and foster more informed lending decisions.”

Beginning April 1, 2025, Affirm plans to report to Experian all pay-over-time loan products issued from that date, including Pay in 4, in addition to its existing reporting of monthly installments of longer-term loans. The new loan reporting will not be factored into consumers’ traditional credit scores in the near term, but may in the future as new credit scoring models are developed.

With the new furnishing policy, consumers will be able to see on their Experian credit file information on all Affirm loans issued from April 1, 2025 onward. As more pay-over-time providers report account information to Experian, lenders who request Experian credit reports will also be able to see consumers’ pay-over-time history.

With these changes, Affirm and Experian aim to help support the responsible extension of credit by enabling lenders to make more informed decisions when determining whether to extend credit offers. Affirm will also work closely with other credit reporting agencies to furnish all loan products.

Consumers can receive an updated version of their Experian credit report at no cost daily by enrolling in a free membership and visiting www.experian.com or via Experian’s mobile app.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network – one based on trust, transparency and putting people first – we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As an FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

AFRM-A

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319542289/en/

Affirm: [email protected]

Experian: [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Technology Personal Finance Payments Finance Fintech Electronic Commerce Professional Services Software Data Analytics

MEDIA:

March 19, 2025 9:03 am

Cloudflare Introduces Cloudflare for AI, a Comprehensive Suite of Tools to Safeguard AI for Businesses at Scale

Cloudflare Introduces Cloudflare for AI, a Comprehensive Suite of Tools to Safeguard AI for Businesses at Scale

Advanced suite of AI security capabilities provides an easy, safe, and reliable way for companies of all sizes to protect AI model deployment, data, and integrity

SAN FRANCISCO–(BUSINESS WIRE)–Cloudflare, Inc. (NYSE: NET), the leading connectivity cloud company, today unveiled Cloudflare for AI, a suite of tools to provide comprehensive visibility, security and control for AI applications–from model deployment to usage and defense against abuse. Now, Cloudflare customers will be able to protect themselves against the most pressing threats facing today’s AI models, including employee misuse of tools, toxic prompts, personally identifiable information (PII) leakage, and other emerging vulnerabilities.

AI is rapidly reshaping business operations, driving organizations to aggressively develop and integrate new models into critical areas that touch everything from how to price products, restock grocery store shelves, analyze medical data, and more. At the same time, AI models have become more accessible than ever—organizations of all sizes can leverage AI technology without the need for massive investments. As AI experimentation becomes increasingly widespread, new risks emerge–cybercriminals are targeting AI applications, while security teams struggle to keep pace with the rapid speed of innovation. Organizations that fail to securely use and deploy AI models run the risk of exposing themselves to emerging cyber threats that could compromise their core operations and company data.

“Over the next decade, an organization’s AI strategy will determine its fate–innovators will thrive, and those who resist will disappear. The adage ‘move fast, break things’ has become the mantra as organizations race to implement new models and experiment with AI to drive innovation,” said Matthew Prince, co-founder and CEO at Cloudflare. “But there is often a missing link between experimentation and safety. Cloudflare for AI allows customers to move as fast as they want in whatever direction, with the necessary safeguards in place to enable rapid deployment and usage of AI. It solves customers’ most pressing concerns without putting the brakes on innovation.”

With Cloudflare for AI, organizations can protect against a range of potential threats that can be weaponized against critical AI models. Cloudflare can help customers to:

Discover all AI applications in use–both authorized and unauthorized: CISOs are now responsible for securing the use of AI across their entire company network. But often, security teams don’t have visibility into where AI is being used. With Firewall for AI, Cloudflare can now automatically discover and label all AI applications with ease. Once discovered, security teams can review and implement any necessary measures to safeguard usage.
Monitor and manage how employees and teams are using AI: From customer insights and pricing to automation and human resources, AI models are being leveraged across a wide range of teams within an organization. But once sensitive customer or business information is exposed, it becomes impossible to regain control and effectively secure it again. Cloudflare’s AI Gateway, once configured, provides visibility across an organization’s AI apps, and allows you to gather insights on prompts and usage patterns.
Stop employees and users from leaking or submitting sensitive information: The massive mainstream adoption of AI means people are using tools to boost productivity and efficiency in their daily work tasks. Even if it seems harmless, pasting confidential company information–like proprietary business strategies, customer information, or internal documents–into a chatbot could potentially lead to data breaches or legal repercussions. Organizations can now use Cloudflare’s Firewall for AI to identify sensitive data leaks by alerting and potentially blocking them before they cause additional harm.
Detect prompt toxicity, sentiment and topics submitted by employees or users: If inappropriate prompts or topics are submitted to an AI model, it could cause the model to provide incorrect and misleading outputs. Cloudflare’s AI Gateway now integrates with Llama Guard to allow administrators to set rules to stop harmful prompts–ultimately maintaining the integrity of models in line with intended usage.
Develop powerful, scalable AI applications without sacrificing security: In today’s competitive landscape, businesses need to run AI models that are simple, affordable, and secure. CloudflareWorkers AI delivers the market’s most powerful platform to build and deploy AI applications, with GPUs in more than 190 cities around the world. This allows companies to implement AI solutions efficiently and close to the user, no matter where in the world they are, with security built in.

Increase the resilience of AI applications: AI applications built by both a vendor, or those developed internally, are increasingly popular targets for attacks and abuse from automated crawlers and malicious users. Cloudflare’s Application Security and Performance features stop unwanted access and halt attacks on organizations’ most critical AI applications. Simultaneously Cloudflare routes, loads balance and optimizes traffic to increase reliability.

Many of today’s top AI companies rely on Cloudflare to provide the tools needed to serve up real-time inferences, images, conversations and more–all while ensuring their models and data remain secure.

All products included in the Cloudflare for AI are now generally available and can be found at https://www.cloudflare.com/lp/cloudflare-for-ai/. To learn more, please check out the resources below:

Blog: Cloudflare for AI: supporting AI adoption at scale with a security-first approach

Cloudflare for AI

Cloudflare Firewall for AI

Cloudflare AI Gateway

About Cloudflare

Cloudflare, Inc. (NYSE: NET) is the leading connectivity cloud company on a mission to help build a better Internet. It empowers organizations to make their employees, applications and networks faster and more secure everywhere, while reducing complexity and cost. Cloudflare’s connectivity cloud delivers the most full-featured, unified platform of cloud-native products and developer tools, so any organization can gain the control they need to work, develop, and accelerate their business.

Powered by one of the world’s largest and most interconnected networks, Cloudflare blocks billions of threats online for its customers every day. It is trusted by millions of organizations – from the largest brands to entrepreneurs and small businesses to nonprofits, humanitarian groups, and governments across the globe.

Learn more about Cloudflare’s connectivity cloud at cloudflare.com/connectivity-cloud. Learn more about the latest Internet trends and insights at https://radar.cloudflare.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “explore,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words, or other similar terms or expressions that concern Cloudflare’s expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the capabilities and effectiveness of Cloudflare for AI suite of products, as well as Cloudflare’s other products and technology, the benefits to Cloudflare’s customers from using Cloudflare for AI products and Cloudflare’s other products and technology, Cloudflare’s technological development, future operations, growth, initiatives, or strategies, and comments made by Cloudflare’s CEO and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Cloudflare’s filings with the Securities and Exchange Commission (SEC), including Cloudflare’s Annual Report on Form 10-K filed on February 20, 2025, as well as other filings that Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Cloudflare undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in Cloudflare’s forward-looking statements, and you should not place undue reliance on Cloudflare’s forward-looking statements.

© 2025 Cloudflare, Inc. All rights reserved. Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and/or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319916199/en/

Cloudflare, Inc.

Daniella Vallurupalli

Vice President, Head of Global Communications

[email protected]

KEYWORDS: Southeast Asia Singapore North America Asia Pacific Europe United States Ireland United Kingdom California

INDUSTRY KEYWORDS: Software Networks Internet Artificial Intelligence Data Management Technology Apps/Applications Security

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Posted on March 19, 2025 9:00 am
New FlexBreeze™ Pro Mist & HydroGo™ by Shark™ Are the Next Generation of Cooling — At Home and On-the-Go

New FlexBreeze™ Pro Mist & HydroGo™ by Shark™ Are the Next Generation of Cooling — At Home and On-the-Go

Revolutionary Shark™ Misting Fans Deliver Incredible Power, Portability, and Performance Designed for Indoor and Outdoor Comfort

NEEDHAM, Mass.–(BUSINESS WIRE)–
SharkNinja, Inc. (NYSE: SN), a global product design and technology company is proud to announce the expansion of its fan-favorite FlexBreeze™ product lineup with two groundbreaking new fan models — FlexBreeze™ Pro Mist and FlexBreeze™ HydroGo™ — designed to deliver customizable cooling comfort, whether at home or on the move.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250319208587/en/

New FlexBreeze™ Pro Mist & HydroGo™ by Shark™

As demand for outdoor fans surges, Shark is committed to offering innovative solutions that keep consumers cool and comfortable, wherever they are and whenever they need it. With cutting-edge misting technology and powerful airflow up to 70 feet, these new additions bring next-level cooling to any environment. Building on the sold-out success of the original FlexBreeze™, these two new models deliver innovative cooling features for every lifestyle. From transforming your backyard and beyond into a breezy oasis with Pro Mist to providing a portable cooling escape for all life’s adventures with HydroGo™, SharkNinja’s latest innovations offer the perfect balance of customizable airflow, temperature-dropping mist, and flexible portability to fit the way you live.

Shark™ FlexBreeze™ Pro Mist

Beating the heat has never been easier thanks to FlexBreeze™ Pro Mist. For those seeking high-performance cooling inside or outside of their home, FlexBreeze™ Pro Mist offers a new integrated misting tank for the ultimate cooling relief. Its durable, sleek design provides exceptional performance indoors and outdoors.

Key Features:

Integrated Misting Experience – The new built-in misting tank reduces temperatures by up to 12°F* without the need for a hose hookup. Experience convenient heat relief for patios, decks, or any outdoor spaces in need of extra cooling.

Customizable Comfort – Choose from three outdoor misting modes with up to 60 minutes of continuous operation on a single fill and five powerful fan speeds, giving you full control over your cooling experience.

Powerful Airflow Coverage – With up to a 70-foot reach and 180° oscillation, FlexBreeze™ Pro Mist ensures every corner stays cool, whether you’re hosting a backyard BBQ or winding down at the end of a warm day.

Ultra-Flexible Design – Seamlessly switch between pedestal and tabletop modes, and enjoy both corded and cordless operation for convenient, hassle-free cooling and misting.

Shark™ FlexBreeze™ HydroGo™

Bring the breeze wherever you need it most with FlexBreeze™ HydroGo.™ It’s the lightweight, portable cooling solution that blends remarkable portability with powerful airflow and cutting-edge misting technology that you can enjoy inside and out.

Key Features:

Packed with Power – Experience up to 70 feet of airflow at its highest speed in a compact design. At just 5 lbs., HydroGo™ is designed for effortless portability, featuring a built-in handle and refillable misting tank, so you can stay cool on hikes, at the beach, on the sidelines, or even while working.

Personal Evaporative Misting – With five fan speeds and personal evaporative misting technology you can use inside and outside, HydroGo™ creates a spa-like cooling effect that drops temperatures by up to 5°F**.

Long-Lasting Battery – Enjoy up to 12 hours*** of cooling on a single charge, ensuring long-lasting comfort wherever your day takes you.

A Fan for Every Style – Available in sleek neutrals like Dove and Charcoal, as well as eye-catching hues like Quartz Pink, Honeydew Green, Glacier Blue, and Lavender, HydroGo™ is as stylish as it is powerful.

“We start with the consumer in everything we do at SharkNinja, and we heard their frustrations with many of the current fans on the market,” said Julie Saldarriaga, VP of Marketing at SharkNinja. “They often lack power, create too much noise, and offer little versatility. Consumers want more from their cooling solutions — more innovation, and more functionality. So, we reimagined what a fan could be.

With the latest additions to our FlexBreeze™ fan line, we’re redefining personal and home cooling with powerful, quiet, flexible solutions that go beyond airflow to deliver revolutionary cooling and misting technologies. Whether at home or on the go, customers now have a smarter, more versatile, more customizable way to beat the heat — inside and out.”

FlexBreeze™ Pro Mist retails for $249.99 and FlexBreeze™ HydroGo™ is available for $129.99, now in the U.S. at SharkClean.com. FlexBreeze™ HydroGo™ will be launching across select retailers throughout the spring. Plans are underway to launch internationally this year.

^{*Based on testing in controlled environment with ice added to water tank. Optimal cooling temperature at 9 feet from fan. Performance may vary.}

^{**Based on testing in controlled environment on fan speed 3. Optimal cooling temperature at 3 feet from fan. Performance may vary.}

^{***Speed 1 – 12hrs, Speed 3 – 4hrs, Speed 5 – 1.5hrs; Without mist.}

About SharkNinja

SharkNinja is a global product design and technology company, with a diversified portfolio of 5-star rated lifestyle solutions that positively impact people’s lives in homes around the world. Powered by two trusted, global brands, Shark and Ninja, the company has a proven track record of bringing disruptive innovation to market and developing one consumer product after another has allowed SharkNinja to enter multiple product categories, driving significant growth and market share gains. Headquartered in Needham, Massachusetts with more than 3,600 associates, the company’s products are sold at key retailers, online and offline, and through distributors around the world. For more information, please visit sharkninja.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250319208587/en/

Investor Relations: [email protected]

Public Relations: [email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Home Goods Hardware Consumer Electronics Technology Online Retail Luxury Retail Department Stores

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New FlexBreeze™ Pro Mist & HydroGo™ by Shark™

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New FlexBreeze™ HydroGo™ by Shark™

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Posted on March 19, 2025 8:58 am
NYSE Content advisory: Pre-Market Update + Federal Reserve Decision Due

PR Newswire

NEW YORK
, March 19, 2025 /PRNewswire/ — The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today’s NYSE Pre-market update for market insights before trading begins.

Kristen Scholer delivers the pre-market update on March 19th

Traders are preparing for the Federal Reserve’s next interest rate decision this afternoon.

Tencent Music Entertainment was an outperformer yesterday, closing up nearly 16 percent after reporting better than expected results, boosted by streaming demand.

The S&P 500 shed one point one percent in Tuesday’s session after a two-day relief rally. 

Watch NYSE TV Live every weekday 9:00-10:00am ET

View original content to download multimedia:https://www.prnewswire.com/news-releases/nyse-content-advisory-pre-market-update–federal-reserve-decision-due-302405830.html

SOURCE New York Stock Exchange

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