Market Newsdesk

February 6, 2025 8:04 am

Arrow Electronics Reports Fourth-Quarter and Full-Year 2024 Results

Arrow Electronics Reports Fourth-Quarter and Full-Year 2024 Results

— Fourth-Quarter Sales Above High End of Guidance —

— Fourth-Quarter Earnings Per Share of $1.86 and Non-GAAP Earnings Per Share of $2.97, Both Above High End of Guidance —

CENTENNIAL, Colo.–(BUSINESS WIRE)–
Arrow Electronics, Inc. (NYSE:ARW) today announced financial results for its fourth quarter and fiscal year ended Dec. 31, 2024.

“In the fourth quarter, the company executed well relative to our original expectations, generating total sales and earnings per share that were beyond the high end of our guidance ranges,” said Sean Kerins, Arrow’s president and chief executive officer.

“Reflecting on the past year, I believe that we were successful in taking several steps to strengthen our position in both segments,” said Mr. Kerins. “In global components, we expanded our linecard and customer base, realigned the business for global consistency, and remained committed to our value-added service offerings that differentiate us. And in enterprise computing solutions, we’ve unified our go-to-market strategy in both regions, and we’re poised to benefit from the growing demand trends in hybrid cloud and AI-related solutions.”


Arrow Consolidated
	Quarter Ended				Year Ended
		December 31,		December 31,		December 31,		December 31,
(in millions except per share data)		2024		2023		2024		2023
Consolidated sales	$	7,283	$	7,849	$	27,923	$	33,107
Net income attributable to shareholders		99		195		392		904
Net income per diluted share		1.86		3.54		7.29		15.84
Non-GAAP net income attributable to shareholders ⁽¹⁾		158		219		568		977
Non-GAAP net income per diluted share		2.97		3.98		10.56		17.12

In the fourth quarter of 2024, sales decreased 7 percent year over year. Changes in foreign currencies had negative impacts on growth of approximately $27 million on sales and $0.11 on earnings per share on a diluted basis compared to the fourth quarter of 2023.

Full-year 2024 sales decreased 16 percent year over year. Changes in foreign currencies had negative impacts on growth of approximately $33 million on sales and $0.13 on earnings per share on a diluted basis compared to 2023.

Global Components

“In our global components business, we continue to see incremental improvement in key leading indicators and, despite softer trends in the industrial and transportation markets, all three regions finished the quarter in line with or better than typical seasonal patterns,” said Mr. Kerins.


Global Components
	Quarter Ended				Year Ended
		December 31,		December 31,		December 31,		December 31,
(in millions)		2024		2023		2024		2023
Global components sales	$	4,814	$	5,636	$	19,983	$	25,420
Global components operating income, as reported		117		281		741		1,459
Global components non-GAAP operating income		173		288		827		1,486

In the fourth quarter of 2024, global component sales decreased 15 percent year over year and decreased 14 percent year over year on a constant currency basis. Americas components fourth-quarter sales decreased 10 percent year over year. EMEA² components fourth-quarter sales decreased 25 percent year over year. Asia-Pacific components fourth-quarter sales decreased 10 percent year over year.

Global Enterprise Computing Solutions

“In enterprise computing solutions, we delivered year-over-year billings, gross profit, and operating income growth,” said Mr. Kerins. “This strong performance reflects our alignment to the higher growth demand trends across enterprise IT along with our improving execution in North America.”


Global Enterprise Computing Solutions
	Quarter Ended				Year Ended
		December 31,		December 31,		December 31,		December 31,
(in millions)		2024		2023		2024		2023
Global ECS sales	$	2,469	$	2,213	$	7,940	$	7,687
Global ECS operating income, as reported		160		145		410		367
Global ECS non-GAAP operating income		161		146		414		372

In the fourth quarter of 2024, global enterprise computing solutions (“ECS”) sales increased 12 percent year over year. EMEA ECS fourth-quarter sales increased 22 percent year over year and increased 24 percent year over year on a constant currency basis. Americas ECS fourth-quarter sales increased 1 percent year over year and increased 2 percent year over year on a constant currency basis.

Other Financial Metrics

“During 2024, we generated over $1.1 billion in cash flow from operations and managed working capital efficiently, including lowering inventory by $1.1 billion compared to prior peak levels. The company also returned $250 million to shareholders through stock repurchases,” said Raj Agrawal, Arrow’s senior vice president and chief financial officer.

¹ A reconciliation of non-GAAP financial measures to GAAP financial measures is presented in the reconciliation tables included herein.

² Europe, the Middle East, and Africa.

First-Quarter 2025 Outlook

Consolidated sales of $5.98 billion to $6.58 billion, with global components sales of $4.35 billion to $4.75 billion, and global enterprise computing solutions sales of $1.63 billion to $1.83 billion
Net income per share on a diluted basis of $0.98 to $1.18, and non-GAAP net income per share on a diluted basis of $1.30 to $1.50
Average tax rate in the range of 23 to 25 percent
Interest expense of approximately $60 million to $65 million
Changes in foreign currencies to decrease sales by approximately $138 million, and earnings per share on a diluted basis by $0.13 compared to the first quarter of 2024
Changes in foreign currencies to decrease quarter-over-quarter growth in sales by $90 million and earnings per share on a diluted basis by $0.05 compared to the fourth quarter of 2024


First-Quarter 2025 GAAP to non-GAAP Outlook Reconciliation
NON-GAAP SALES RECONCILIATION
	Quarter Ended					Quarter Ended
	March 29,		March 30,			March 29,		December 31,
(in billions)	2025		2024		% Change	2025		2024		% Change

Global components sales, GAAP	$	4.35 – 4.75	$	5.19	(16%) – (8%)	$	4.35 – 4.75	$	4.81	(10%) – (1%)
Impact of changes in foreign currencies		—		(0.09)			—		(0.05)
Global components sales, constant currency	$	4.35 – 4.75	$	5.10	(15%) – (7%)	$	4.35 – 4.75	$	4.76	(9%) – (0%)

Global ECS sales, GAAP	$	1.63 – 1.83	$	1.73	(6%) – 6%	$	1.63 – 1.83	$	2.47	(34%) – (26%)
Impact of changes in foreign currencies		—		(0.05)			—		(0.04)
Global ECS sales, constant currency	$	1.63 – 1.83	$	1.68	(3%) – 9%	$	1.63 – 1.83	$	2.43	(33%) – (25%)

NON-GAAP EARNINGS RECONCILIATION

Reported GAAP measure

Intangible amortization expense

Restructuring & integration charges

Non-GAAP measure

Net income per diluted share

$0.98 to $1.18

$0.07

$0.25

$1.30 to $1.50

Earnings Presentation

Please refer to the earnings presentation, that can be found at investor.arrow.com, as a supplement to the company’s earnings release. The company uses its website as a tool to disclose important information about the company and to comply with its disclosure obligations under Regulation Fair Disclosure.

Webcast and Conference Call Information

Arrow Electronics will host a conference call to discuss fourth-quarter and full-year 2024 financial results on Feb. 6, 2025, at 1:00 PM ET.

A live webcast of the conference call will be available via the events section of investor.arrow.com or by accessing the webcast link directly at https://events.q4inc.com/attendee/886513367. Shortly after the conclusion of the conference call, a webcast replay will be available on the Arrow website for one year.

About Arrow Electronics

Arrow Electronics guides innovation forward for thousands of leading technology manufacturers and service providers. With 2024 sales of $28 billion, Arrow’s portfolio enables technology across major industries and markets. Learn more at arrow.com.

Key Business Metrics

Management uses gross billings as an operational metric to monitor operating performance of its global ECS reportable segment, including sales performance by geographic region, as it provides meaningful supplemental information to the reader in evaluating the overall performance of the global ECS business. The company uses this key metric to develop financial forecasts, make strategic decisions, and prepare and approve annual budgets. Gross billings represent amounts invoiced to customers for goods and services during a period and do not include the impact of recording sales on a net basis or sales adjustments, such as trade discounts and other allowances. The use of gross billings has certain limitations as an analytical tool and should not be considered in isolation or as a substitute for revenue.

Information Relating to Forward-Looking Statements

This press release includes “forward-looking” statements, as the term is defined under the federal securities laws, including but not limited to statements regarding: Arrow’s future financial performance, including its outlook on financial results for the first quarter of fiscal 2025 such as sales, net income per diluted share, non-GAAP net income per diluted share, average tax rate, interest and other expense, impact to sales due to changes in foreign currencies, intangible amortization expense per diluted share, restructuring & integration charges per diluted share, the timing of the completion of the Operating Expense Efficiency Plan (the “Plan”) and Arrow’s estimated costs and expected operating expense reductions from the Plan, industry trends and expectations regarding market demand and conditions and shareholder returns. These and other forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which could cause actual results or facts to differ materially from such statements for a variety of reasons, including, but not limited to: the incurrence of additional charges not currently contemplated and failure to realize contemplated cost savings due to unanticipated events that may occur, including in connection with the implementation of the Plan; unfavorable economic conditions; disruptions, shortages or inefficiencies in the supply chain; political instability and changes; impacts of military conflict and sanctions; industry conditions; changes in product supply, pricing and customer demand; trade protection measures, tariffs, and other restrictions, duties, and value-added taxes; competition; other vagaries in the global components and the global ECS markets; deteriorating economic conditions, including economic recession, inflation, tax rates, foreign currency exchange rates, or the availability of capital; the effects of natural or man-made catastrophic events; changes in relationships with key suppliers; increased profit margin pressure; changes in legal and regulatory matters; non-compliance with certain regulations, such as export, antitrust, and anti-corruption laws; foreign tax and other loss contingencies; breaches of security or privacy of business information and information system failures, including related to current or future implementations, integrations and upgrades; outbreaks, epidemics, pandemics, or public health crises; future regulatory trends and the resulting legal and reputation exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues; and the company’s ability to generate positive cash flow. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent Annual Report on Form 10-K, as well as in other filings the company makes with the Securities and Exchange Commission. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update publicly or revise any of the forward-looking statements.

Certain Non-GAAP Financial Information

In addition to disclosing financial results that are determined in accordance with accounting principles generally accepted in the United States (“GAAP”), the company also provides certain non-GAAP financial information. The company provides the following non-GAAP metrics: sales, operating income (including by business segment), income before income taxes, provision for income taxes, consolidated net income, noncontrolling interest, net income attributable to shareholders, effective tax rate and net income per share on a diluted basis. The foregoing non-GAAP measures are adjusted by certain of the following, as applicable: impact of changes in foreign currencies (referred to as “changes in foreign currencies” or “on a constant currency basis”) by re-translating prior-period results at current period foreign exchange rates; identifiable intangible asset amortization; restructuring, integration, and other; net gains and losses on investments; inventory write downs related to the wind down of businesses within the global components reportable segment (“impact of wind down”); loss on extinguishment of debt; and impact of tax legislation changes. Management believes that providing this additional information is useful to the reader to better assess and understand the company’s operating performance and future prospects in the same manner as management, especially when comparing results with previous periods. Management typically monitors the business as adjusted for these items, in addition to GAAP results, to understand and compare operating results across accounting periods, for internal budgeting purposes, for short- and long-term operating plans, and to evaluate the company’s financial performance. However, analysis of results on a non-GAAP basis should be used as a complement to, in conjunction with, and not as a substitute for, data presented in accordance with GAAP. For further discussion of our non-GAAP measures and related adjustments, refer to the section entitled “Management’s Discussion and Analysisof Financial Condition and Results of Operations” in the company’s most recent Quarterly Report on Form 10-Q and the company’s most recent Annual Report on Form 10-K.

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share data)

Quarter Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

(Unaudited)

(Unaudited)

Sales

$

7,282,877

$

7,849,157

$

27,923,324

$

33,107,120

Cost of sales

6,479,567

6,859,607

24,630,916

28,958,102

Gross profit

803,310

989,550

3,292,408

4,149,018

Operating expenses:

Selling, general, and administrative

547,511

590,039

2,217,940

2,412,822

Depreciation and amortization

39,638

43,168

162,994

181,116

Restructuring, integration, and other

21,058

39,664

142,917

83,916

608,207

672,871

2,523,851

2,677,854

Operating income

195,103

316,679

768,557

1,471,164

Equity in (losses) earnings of affiliated companies

(544)

2,034

1,368

6,407

(Loss) gain on investments, net

(4,070)

14,635

(4,830)

19,284

Loss on extinguishment of debt

—

—

(1,657)

—

Employee benefit plan expense, net

(1,393)

(1,267)

(4,285)

(3,777)

Interest and other financing expense, net

(60,392)

(82,052)

(269,834)

(328,724)

Income before income taxes

128,704

250,029

489,319

1,164,354

Provision for income taxes

28,816

53,823

95,812

254,991

Consolidated net income

99,888

196,206

393,507

909,363

Noncontrolling interests

680

1,669

1,433

5,858

Net income attributable to shareholders

$

99,208

$

194,537

$

392,074

$

903,505

Net income per share:

Basic

$

1.88

$

3.58

$

7.36

$

16.03

Diluted

$

1.86

$

3.54

$

7.29

$

15.84

Weighted-average shares outstanding:

Basic

52,723

54,396

53,282

56,359

Diluted

53,214

55,015

53,797

57,035

ARROW ELECTRONICS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands except par value)

December 31, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$

188,807

$

218,053

Accounts receivable, net

13,030,991

12,238,073

Inventories

4,709,706

5,187,225

Other current assets

471,909

684,126

Total current assets

18,401,413

18,327,477

Property, plant, and equipment, at cost:

Land

5,691

5,691

Buildings and improvements

194,061

195,579

Machinery and equipment

1,623,228

1,632,606

1,822,980

1,833,876

Less: Accumulated depreciation and amortization

(1,353,720

)

(1,303,136

)

Property, plant, and equipment, net

469,260

530,740

Investments in affiliated companies

57,299

62,741

Intangible assets, net

96,706

127,440

Goodwill

2,055,295

2,050,426

Other assets

677,734

627,344

Total assets

$

21,757,707

$

21,726,168

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

11,047,470

$

10,070,015

Accrued expenses

1,238,714

1,463,915

Short-term borrowings, including current portion of long-term debt

349,978

1,653,954

Total current liabilities

12,636,162

13,187,884

Long-term debt

2,773,783

2,153,553

Other liabilities

516,234

507,424

Equity:

Shareholders’ equity:

Common stock, par value $1:

Authorized – 160,000 shares in both 2024 and 2023

Issued – 55,592 and 57,691 shares in 2024 and 2023, respectively

55,592

57,691

Capital in excess of par value

562,080

553,340

Treasury stock (3,420 and 3,880 shares in 2024 and 2023, respectively), at cost

(328,078

)

(297,745

)

Retained earnings

5,980,826

5,790,217

Accumulated other comprehensive loss

(509,269

)

(298,039

)

Total shareholders’ equity

5,761,151

5,805,464

Noncontrolling interests

70,377

71,843

Total equity

5,831,528

5,877,307

Total liabilities and equity

$

21,757,707

$

21,726,168

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Quarter Ended

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Consolidated net income

$

99,888

$

196,206

Adjustments to reconcile consolidated net income to net cash provided by operations:

Depreciation and amortization

39,638

43,168

Amortization of stock-based compensation

4,444

6,701

Equity in losses (earnings) of affiliated companies

544

(2,034

)

Deferred income taxes

(79,579

)

(40,942

)

Loss (gain) on investments, net

4,183

(7,817

)

Other

1,134

18,512

Change in assets and liabilities, net of effects of acquired businesses:

Accounts receivable, net

(1,525,485

)

(1,396,096

)

Inventories

(241,622

)

664,333

Accounts payable

1,779,503

898,395

Accrued expenses

(330,408

)

126,949

Other assets and liabilities

574,224

(220,633

)

Net cash provided by operating activities

326,464

286,742

Cash flows from investing activities:

Acquisition of property, plant, and equipment

(22,548

)

(25,510

)

Cash consideration paid for acquired businesses, net of cash acquired

(18,909

)

—

Other

41

—

Net cash used for investing activities

(41,416

)

(25,510

)

Cash flows from financing activities:

Change in short-term and other borrowings

(560,840

)

63,980

Proceeds from (repayments of) long-term bank borrowings, net

410,189

(465,147

)

Proceeds from exercise of stock options

—

186

Repurchases of common stock

(50,790

)

(50,492

)

Net cash used for financing activities

(201,441

)

(451,473

)

Effect of exchange rate changes on cash

(142,800

)

75,000

Net decrease in cash and cash equivalents

(59,193

)

(115,241

)

Cash and cash equivalents at beginning of period

248,000

333,294

Cash and cash equivalents at end of period

$

188,807

$

218,053

ARROW ELECTRONICS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Year Ended

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Consolidated net income

$

393,507

$

909,363

Adjustments to reconcile consolidated net income to net cash provided by operations:

Depreciation and amortization

162,994

181,116

Amortization of stock-based compensation

34,631

41,569

Equity in earnings of affiliated companies

(1,368

)

(6,407

)

Deferred income taxes

(99,866

)

(93,980

)

Loss on extinguishment of debt

1,657

—

Loss (gain) on investments, net

5,260

(12,466

)

Other

5,328

22,590

Change in assets and liabilities, net of effects of acquired businesses:

Accounts receivable, net

(1,013,091

)

189,425

Inventories

421,063

139,313

Accounts payable

1,092,488

(457,382

)

Accrued expenses

(140,871

)

38,601

Other assets and liabilities

268,681

(246,293

)

Net cash provided by operating activities

1,130,413

705,449

Cash flows from investing activities:

Acquisition of property, plant, and equipment

(92,703

)

(83,285

)

Proceeds from sale of property, plant, and equipment

5,157

—

Cash consideration paid for acquired businesses, net of cash acquired

(34,834

)

—

Proceeds from collections of notes receivable

—

237

Proceeds from settlement of net investment hedge

10,635

10,725

Other

17,303

—

Net cash used for investing activities

(94,442

)

(72,323

)

Cash flows from financing activities:

Change in short-term and other borrowings

(1,155,909

)

866,012

Proceeds from (repayments of) long-term bank borrowings, net

470,347

(1,031,881

)

Redemption of notes

(1,000,000

)

(300,000

)

Net proceeds from note offering

989,564

496,268

Proceeds from exercise of stock options

5,354

17,010

Repurchases of common stock

(265,142

)

(770,200

)

Settlement of forward-starting interest rate swap

—

56,711

Other

(1,041

)

(142

)

Net cash used for financing activities

(956,827

)

(666,222

)

Effect of exchange rate changes on cash

(108,390

)

74,234

Net (decrease) increase in cash and cash equivalents

(29,246

)

41,138

Cash and cash equivalents at beginning of year

218,053

176,915

Cash and cash equivalents at end of year

$

188,807

$

218,053

ARROW ELECTRONICS, INC.

ECS Gross Billings

(In thousands)

(Unaudited)

Global Enterprise Computing Solutions – Gross Billings⁽¹⁾

Quarter Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2024

2023

2024

2023

Gross billings:

Americas ECS

$

2,942,118

$

2,814,076

$

10,323,375

$

10,542,285

EMEA ECS

3,144,823

2,732,695

9,204,833

8,473,855

Global ECS

$

6,086,941

$

5,546,771

$

19,528,208

$

19,016,140

______________________________

(1)

Refer to page 4 for discussion about key business metrics. Gross billings are not a substitute for revenue.

ARROW ELECTRONICS, INC.

NON-GAAP SALES RECONCILIATION

(In thousands)

(Unaudited)

Quarter Ended

December 31, 2024

December 31, 2023

% Change

Consolidated sales, as reported

$

7,282,877

$

7,849,157

(7.2

)

%

Impact of changes in foreign currencies

—

(27,280

)

Consolidated sales, constant currency

$

7,282,877

$

7,821,877

(6.9

)

%

Global components sales, as reported

$

4,813,760

$

5,636,032

(14.6

)

%

Impact of changes in foreign currencies

—

(11,106

)

Global components sales, constant currency

$

4,813,760

$

5,624,926

(14.4

)

%

Americas components sales, as reported

$

1,603,710

$

1,784,764

(10.1

)

%

Impact of changes in foreign currencies

—

(763

)

Americas components sales, constant currency

$

1,603,710

$

1,784,001

(10.1

)

%

Asia components sales, as reported

$

1,947,730

$

2,163,421

(10.0

)

%

Impact of changes in foreign currencies

—

(2,923

)

Asia components sales, constant currency

$

1,947,730

$

2,160,498

(9.8

)

%

EMEA components sales, as reported

$

1,262,320

$

1,687,847

(25.2

)

%

Impact of changes in foreign currencies

—

(7,420

)

EMEA components sales, constant currency

$

1,262,320

$

1,680,427

(24.9

)

%

Global ECS sales, as reported

$

2,469,117

$

2,213,125

11.6

%

Impact of changes in foreign currencies

—

(16,174

)

Global ECS sales, constant currency

$

2,469,117

$

2,196,951

12.4

%

Americas ECS sales, as reported

$

1,162,227

$

1,145,754

1.4

%

Impact of changes in foreign currencies

—

(2,914

)

Americas ECS sales, constant currency

$

1,162,227

$

1,142,840

1.7

%

EMEA ECS sales, as reported

$

1,306,890

$

1,067,371

22.4

%

Impact of changes in foreign currencies

—

(13,260

)

EMEA ECS sales, constant currency

$

1,306,890

$

1,054,111

24.0

%

ARROW ELECTRONICS, INC.

NON-GAAP SALES RECONCILIATION

(In thousands)

(Unaudited)

Year Ended

December 31, 2024

December 31, 2023

% Change

Consolidated sales, as reported

$

27,923,324

$

33,107,120

(15.7

)

%

Impact of changes in foreign currencies

—

(33,434

)

Consolidated sales, constant currency

$

27,923,324

$

33,073,686

(15.6

)

%

Global components sales, as reported

$

19,983,267

$

25,419,899

(21.4

)

%

Impact of changes in foreign currencies

—

(35,319

)

Global components sales, constant currency

$

19,983,267

$

25,384,580

(21.3

)

%

Americas components sales, as reported

$

6,411,701

$

7,954,713

(19.4

)

%

Impact of changes in foreign currencies

—

(3,758

)

Americas components sales, constant currency

$

6,411,701

$

7,950,955

(19.4

)

%

Asia components sales, as reported

$

7,923,459

$

9,390,292

(15.6

)

%

Impact of changes in foreign currencies

—

(42,456

)

Asia components sales, constant currency

$

7,923,459

$

9,347,836

(15.2

)

%

EMEA components sales, as reported

$

5,648,107

$

8,074,894

(30.1

)

%

Impact of changes in foreign currencies

—

10,895

EMEA components sales, constant currency

$

5,648,107

$

8,085,789

(30.1

)

%

Global ECS sales, as reported

$

7,940,057

$

7,687,221

3.3

%

Impact of changes in foreign currencies

—

1,885

Global ECS sales, constant currency

$

7,940,057

$

7,689,106

3.3

%

Americas ECS sales, as reported

$

4,067,160

$

4,160,298

(2.2

)

%

Impact of changes in foreign currencies

—

(6,098

)

Americas ECS sales, constant currency

$

4,067,160

$

4,154,200

(2.1

)

%

EMEA ECS sales, as reported

$

3,872,897

$

3,526,923

9.8

%

Impact of changes in foreign currencies

—

7,983

EMEA ECS sales, constant currency

$

3,872,897

$

3,534,906

9.6

%

ARROW ELECTRONICS, INC.

NON-GAAP EARNINGS RECONCILIATION

(In thousands except per share data)

(Unaudited)

Three months ended December 31, 2024

Impact

Reported

Intangible

Restructuring

of

GAAP

amortization

& Integration

Wind

Non-GAAP

measure

expense

charges

Down⁽¹⁾

Other⁽²⁾

measure

Operating income

$

195,103

$

7,219

$

21,058

$

50,344

$

—

$

273,724

Income before income taxes

128,704

7,219

21,058

50,344

4,070

211,395

Provision for income taxes

28,816

1,786

4,318

16,692

977

52,589

Consolidated net income

99,888

5,433

16,740

33,652

3,093

158,806

Noncontrolling interests

680

135

—

—

—

815

Net income attributable to shareholders

$

99,208

$

5,298

$

16,740

$

33,652

$

3,093

$

157,991

Net income per diluted share ⁽⁴⁾

$

1.86

$

0.10

$

0.31

$

0.63

$

0.06

$

2.97

Effective tax rate ⁽⁵⁾

22.4

%

24.9

%

Three months ended December 31, 2023

Impact

Reported

Intangible

Restructuring

of

GAAP

amortization

& Integration

Wind

Non-GAAP

measure

expense

charges

Down⁽¹⁾

Other⁽²⁾

measure

Operating income

$

316,679

$

7,491

$

39,664

$

—

$

—

$

363,834

Income before income taxes

250,029

7,491

39,664

—

(14,635)

282,549

Provision for income taxes

53,823

1,863

9,331

—

(3,500)

61,517

Consolidated net income

196,206

5,628

30,333

—

(11,135)

221,032

Noncontrolling interests

1,669

131

—

—

—

1,800

Net income attributable to shareholders

$

194,537

$

5,497

$

30,333

$

—

$

(11,135)

$

219,232

Net income per diluted share ⁽⁴⁾

$

3.54

$

0.10

$

0.55

$

—

$

(0.20)

$

3.98

Effective tax rate ⁽⁵⁾

21.5

%

21.8

%

ARROW ELECTRONICS, INC.

NON-GAAP EARNINGS RECONCILIATION

(In thousands except per share data)

(Unaudited)

Year ended December 31, 2024

Impact

Reported

Intangible

Restructuring

of

Non

GAAP

amortization

& Integration

Wind

recurring

Non-GAAP

measure

expense

charges

Down⁽¹⁾

tax items

Other⁽³⁾

measure

Operating income

$

768,557

$

29,529

$

142,917

$

60,573

$

—

$

—

$

1,001,576

Income before income taxes

489,319

29,529

142,917

60,573

—

6,487

728,825

Provision for income taxes

95,812

7,348

35,138

19,139

—

1,557

158,994

Consolidated net income

393,507

22,181

107,779

41,434

—

4,930

569,831

Noncontrolling interests

1,433

541

—

—

—

—

1,974

Net income attributable to shareholders

$

392,074

$

21,640

$

107,779

$

41,434

$

—

$

4,930

$

567,857

Net income per diluted share ⁽⁴⁾

$

7.29

$

0.40

$

2.00

$

0.77

$

—

$

0.09

$

10.56

Effective tax rate ⁽⁵⁾

19.6

%

21.8

%

Year ended December 31, 2023

Impact

Reported

Intangible

Restructuring

of

Non

GAAP

amortization

& Integration

Wind

recurring

Non-GAAP

measure

expense

charges

Down⁽¹⁾

tax items

Other⁽²⁾

measure

Operating income

$

1,471,164

$

31,242

$

83,916

$

—

$

—

$

—

$

1,586,322

Income before income taxes

1,164,354

31,242

83,916

—

—

(19,284)

1,260,228

Provision for income taxes

254,991

7,824

19,969

—

(942)

(4,614)

277,228

Consolidated net income

909,363

23,418

63,947

—

942

(14,670)

983,000

Noncontrolling interests

5,858

539

—

—

—

—

6,397

Net income attributable to shareholders

$

903,505

$

22,879

$

63,947

$

—

$

942

$

(14,670)

$

976,603

Net income per diluted share ⁽⁴⁾

$

15.84

$

0.40

$

1.12

$

—

$

0.02

$

(0.26)

$

17.12

Effective tax rate ⁽⁵⁾

21.9

%

22.0

%

___________________

(1)

Includes write down of inventory related to the wind down of businesses.

(2)

Other includes loss (gain) on investments, net.

(3)

Other includes loss (gain) on investments, net and loss on extinguishment of debt.

(4)

The sum of the components for non-GAAP diluted EPS, as adjusted may not agree to totals, as presented, due to rounding.

(5)

The items as shown in this table, represent the reconciling items for the tax rate as reported and as a non-GAAP measure.

ARROW ELECTRONICS, INC.

SEGMENT INFORMATION

(In thousands)

(Unaudited)

Quarter Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Sales:

Global components

$

4,813,760

$

5,636,032

$

19,983,267

$

25,419,899

Global ECS

2,469,117

2,213,125

7,940,057

7,687,221

Consolidated

$

7,282,877

$

7,849,157

$

27,923,324

$

33,107,120

Operating income (loss):

Global components (a)

$

116,910

$

281,260

$

741,273

$

1,459,166

Global ECS (b)

160,421

145,053

410,075

367,004

Corporate (c)

(82,228

)

(109,634

)

(382,791

)

(355,006

)

Consolidated

$

195,103

$

316,679

$

768,557

$

1,471,164

(a)

Global components operating income includes charges of $50.3 million and $60.6 million in inventory write downs related to the wind down of businesses for the fourth quarter and twelve months of 2024, respectively. Global components operating income includes $62.2 million in settlement benefits recorded as a reduction to operating expense for the twelve months of 2023.

(b)

In 2023, global ECS operating income includes charges of $25.4 million to increase the allowance for credit losses related to one customer. During 2024, global ECS operating income includes a reversal of charges of $20.0 million for aged receivables that were collected, related to the same customer.

(c)

Corporate operating loss includes restructuring, integration, and other charges of $21.0 million and $142.9 million for the fourth quarter and twelve months of 2024, respectively, and $39.6 million and $83.9 million for the fourth quarter and twelve months of 2023, respectively.

ARROW ELECTRONICS, INC.

NON-GAAP SEGMENT RECONCILIATIONS

(In thousands)

(Unaudited)

Quarter Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2024

2023

2024

2023

Global components gross profit, as reported

$

497,324

$

702,412

$

2,332,358

$

3,199,120

Impact of wind down to inventory

50,344

—

60,573

—

Global components non-GAAP gross profit

$

547,668

$

702,412

$

2,392,931

$

3,199,120

Global components gross profit as a percentage of sales, as reported

10.3

%

12.5

%

11.7

%

12.6

%

Global components non-GAAP gross profit as a percentage of sales

11.4

%

12.5

%

12.0

%

12.6

%

Global ECS gross profit, as reported

$

305,986

$

287,138

$

960,050

$

949,898

Global ECS gross profit as a percentage of sales, as reported

12.4

%

13.0

%

12.1

%

12.4

%

Quarter Ended

Year Ended

December 31,

December 31,

December 31,

December 31,

2024

2023

2024

2023

Global components operating income, as reported

$

116,910

$

281,260

$

741,273

$

1,459,166

Intangible assets amortization expense

6,162

6,436

25,296

26,500

Impact of wind down to inventory

50,344

—

60,573

—

Global components non-GAAP operating income

$

173,416

$

287,696

$

827,142

$

1,485,666

Global components operating income as a percentage of sales, as reported

2.4

%

5.0

%

3.7

%

5.7

%

Global components non-GAAP operating income as a percentage of sales

3.6

%

5.1

%

4.1

%

5.8

%

Global ECS operating income, as reported

$

160,421

$

145,053

$

410,075

$

367,004

Intangible assets amortization expense

1,057

1,055

4,233

4,742

Global ECS non-GAAP operating income

$

161,478

$

146,108

$

414,308

$

371,746

Global ECS operating income as a percentage of sales, as reported

6.5

%

6.6

%

5.2

%

4.8

%

Global ECS non-GAAP operating income as a percentage of sales

6.5

%

6.6

%

5.2

%

4.8

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206456512/en/

Investors:

Brad Windbigler,

Treasurer and Vice President, Investor Relations

720-654-9893

Media:

John Hourigan,

Vice President, Public Affairs and Corporate Marketing

303-824-4586

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Hardware Manufacturing Technology Engineering Software

MEDIA:

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Posted on February 6, 2025 8:03 am
Nautilus Biotechnology to Announce Fourth Quarter and Full Year 2024 Financial Results on February 27, 2025

SEATTLE, Feb. 06, 2025 (GLOBE NEWSWIRE) — Nautilus Biotechnology, Inc. (NASDAQ: NAUT; or “Nautilus”), a company pioneering a single molecule protein analysis platform, today announced it will report financial results for the fourth quarter and full year of 2024 before market open on Thursday, February 27, 2025.

The company’s management will webcast a corresponding conference call beginning at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss its results, business developments, and outlook. Live audio of the webcast will be available on the “Investors” section of the company website at: www.nautilus.bio.

About Nautilus Biotechnology, Inc.

With its corporate headquarters in Seattle, Washington and its research and development headquarters in San Carlos, California, Nautilus is a development stage life sciences company working to create a platform technology for quantifying and unlocking the complexity of the proteome. Nautilus’ mission is to transform the field of proteomics by democratizing access to the proteome and enabling fundamental advancements across human health and medicine. To learn more about Nautilus, visit www.nautilus.bio.

Media Contact

[email protected]

Investor Contact

[email protected]

Posted on February 6, 2025 8:03 am
Roblox Reports Fourth Quarter and Full Year 2024 Financial Results

Roblox Reports Fourth Quarter and Full Year 2024 Financial Results

Strong Year-Over-Year Growth Across Core Financial and Operating Metrics; Including Revenue, Bookings¹, DAUs, and Hours Engaged

SAN MATEO, Calif.–(BUSINESS WIRE)–
Roblox Corporation (NYSE: RBLX), a global platform bringing millions of people together through shared experiences, released its fourth quarter and full year 2024 financial and operational results and issued its first quarter and full year 2025 guidance today. Separately, Roblox posted a letter to shareholders and supplemental materials on the Roblox investor relations website at ir.roblox.com.

Fourth Quarter 2024 Financial, Operational, and Liquidity Highlights

Revenue was $988.2 million, up 32% year-over-year.

Bookings¹ were $1,361.6 million, up 21% year-over-year.

Net loss attributable to common stockholders was $219.6 million, while consolidated net loss was $221.1 million.

Adjusted EBITDA¹ was $65.6 million, which excludes adjustments for increases in deferred revenue and deferred cost of revenue of $381.8 million and $(65.2) million, respectively, or a total change in deferrals of $316.5 million.

Net cash and cash equivalents provided by operating activities was $184.5 million, up 29% year-over-year, while free cash flow was $120.6 million, up 54% year-over-year.

Average Daily Active Users (“DAUs”) were 85.3 million, up 19% year-over-year.

Average monthly unique payers were 18.9 million, up 19% year-over-year, and average bookings per monthly unique payer was $23.97, up 1% year-over-year.

Hours engaged were 18.7 billion, up 21%year-over-year.

Average bookings per DAU was $15.97, up 1% year-over-year.

Cash and cash equivalents, short-term investments, and long-term investments totaled $4.0 billion; net liquidity² was $3.0 billion.

Full Year 2024 Financial, Operational, and Liquidity Highlights

Revenue was $3,602.0 million, up 29% year-over-year.

Bookings¹ were $4,369.1 million, up 24% year-over-year.

Net loss attributable to common stockholders was $935.4 million, while consolidated net loss was $940.6 million.

Adjusted EBITDA¹ was $180.2 million, which excludes adjustments for increases in deferred revenue and deferred cost of revenue of $792.4 million and $(164.9) million, respectively, or a total change in deferrals of $627.5 million.

Net cash and cash equivalents provided by operating activities was $822.3 million, up 79% year-over-year, while free cash flow was $641.3 million, up 417% year-over-year.

Average DAUs were 82.9 million, up 21% year-over-year.

Hours engaged were 73.5 billion, up 23%year-over-year.

“Roblox had a strong 2024, driven by our commitment to innovation and community. We’re building a platform that goes beyond technology—it’s about fostering genuine connections. As we aim to support 10% of the global gaming content market, we’ll continue investing in our virtual economy, app performance, and AI-powered discovery and safety, empowering creators and enhancing the user experience,” said David Baszucki, founder and CEO of Roblox.

“We are pleased that we delivered Q4 2024 results at or above the guidance we provided on our Q3 2024 earnings call. In Q4, we also continued to exceed the long term financial goals we communicated at our investor day in November 2023. For FY 2024, revenue and bookings grew by 29% and 24%, respectively, year-over-year; margins improved by over 620 bps; and cash flow from operations grew by 79% to $822.3 million from $458.2 million in FY 2023 and free cash flow increased by 417% to $641.3 million, demonstrating the operating leverage in our business model,” said Michael Guthrie, chief financial officer of Roblox.

¹ Bookings, Adjusted EBITDA, and free cash flow are non-GAAP financial measures that we believe are useful in evaluating our performance and are presented for supplemental information purposes only and should not be considered in isolation from, or as a substitute for, financial information presented in accordance with GAAP. For further information, please refer to definitions and reconciliations provided below and in our annual and quarterly SEC filings.

² Net liquidity represents cash and cash equivalents, short-term investments, and long-term investments, less long-term debt, net.

Forward Looking Guidance

Roblox provides its first quarter and full year 2025 GAAP and non-GAAP guidance:

First Quarter 2025 Guidance

Revenue between $990 million and $1,015 million. Our revenue guidance assumes that there are no material changes in estimates used in our revenue recognition, such as the estimated average lifetime of a paying user.

Bookings between $1,125 million and $1,150 million.

Consolidated net loss between $(287) million and $(267) million.

Adjusted EBITDA between $20 million and $40 million, which excludes adjustments for:

Increase in deferred revenue of $140 million.

Increase in deferred cost of revenue of $(20) million.

The total of these changes in deferrals of $120 million.

Net cash and cash equivalents provided by operating activities between $360 million and $380 million.

Capital expenditures of $(20) million.

Free cash flow between $340 million and $360 million.

Full Year 2025 Guidance

Revenue between $4,245 million and $4,345 million. Our revenue guidance assumes that there are no material changes in estimates used in our revenue recognition, such as the estimated average lifetime of a paying user.

Bookings between $5,200 million and $5,300 million.

Consolidated net loss between $(1,070) million and $(995) million.

Adjusted EBITDA between $190 million and $265 million, which excludes adjustments for:

Increase in deferred revenue of $975 million.

Increase in deferred cost of revenue of $(150) million.

The total of these changes in deferrals of $825 million.

Net cash and cash equivalents provided by operating activities between $1,050 million and $1,110 million.

Capital expenditures of $(250) million.

Free cash flow between $800 million and $860 million.

Earnings Q&A Session

Roblox will host a live Q&A session to answer questions regarding its fourth quarter and full year 2024 results on Thursday, February 6, 2025 at 5:30 a.m. Pacific Time/8:30 a.m. Eastern Time. The webcast will be open to the public at ir.roblox.com or by clicking here.

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 vision to connect one billion global DAUs, our vision to reach 10% of the global gaming content market, our efforts to improve the Roblox Platform, our investments to pursue the highest standards of trust and safety on our platform, our immersive advertising efforts, including our ads manager and independent measurement partnerships, our efforts to provide a safe online environment for children, our efforts regarding content curation, and live operations, our efforts regarding real world commerce, the use of AI on our platform, our economy and product efforts related to creator earnings and platform monetization, our sponsored experiences, branding and new partnerships and our roadmap with respect to each, our business, product, strategy and user growth, our investment strategy, including our opportunities for and expectations of improvements in financial and operating metrics, including operating leverage, margin, free cash flow, operating expenses and capital expenditures, our expectation of successfully executing such strategies and plans, disclosures regarding the seasonality of our business and future growth rates, benefits from agreements with third-party cloud providers, disclosures about our infrastructure efficiency initiatives, changes to our estimated average lifetime of a paying user and the resulting effect on revenue, cost of revenue, deferred revenue and deferred cost of revenue, our expectations of future net losses and net cash and cash equivalents provided by operating activities, statements by our Chief Executive Officer and Chief Financial Officer, and our outlook and guidance for the first quarter and full year 2025, and future periods. These forward-looking statements are made as of the date they were first issued and were based on current plans, expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Words such as “expect,” “vision,” “envision,” “evolving,” “drive,” “anticipate,” “intend,” “maintain,” “should,” “believe,” “continue,” “plan,” “goal,” “opportunity,” “estimate,” “predict,” “may,” “will,” “could,” and “would,” 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 detailed in our filings with the Securities and Exchange Commission (the “SEC”), including our annual reports on Form 10-K, our quarterly reports on Form 10-Q and other filings and reports we make with the SEC from time to time. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: our ability to successfully execute our business and growth strategy; the sufficiency of our cash and cash equivalents to meet our liquidity needs, including the repayment of our senior notes; the demand for our platform in general; our ability to retain and increase our number of users, developers, and creators; the impact of inflation and global economic conditions on our operations; the impact of changing legal and regulatory requirements on our business, including the use of verified parental consent; our ability to develop enhancements to our platform, and bring them to market in a timely manner; our ability to develop and protect our brand and build new partnerships; any misuse of user data or other undesirable activity by third parties on our platform; our ability to maintain the security and availability of our platform; our ability to detect and minimize unauthorized use of our platform; and the impact of AI on our platform, users, creators, and developers. Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from our expectations is included in the reports we have filed or will file with the SEC, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q.

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. However, 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.

Special Note Regarding Operating Metrics

Additional information regarding our core financial and operating metrics disclosed above is included in the reports we have filed or will file with the SEC, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We encourage investors and others to review these reports in their entirety.

ROBLOX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par values)

(unaudited)

As of December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

711,683

$

678,466

Short-term investments

1,697,862

1,514,808

Accounts receivable—net of allowances

614,838

505,769

Prepaid expenses and other current assets

75,415

74,549

Deferred cost of revenue, current portion

628,232

501,821

Total current assets

3,728,030

3,275,413

Long-term investments

1,610,215

1,043,399

Property and equipment—net

659,589

695,360

Operating lease right-of-use assets

665,885

665,107

Deferred cost of revenue, long-term

321,824

283,326

Intangible assets, net

34,153

53,060

Goodwill

141,688

142,129

Other assets

13,619

10,284

Total assets

$

7,175,003

$

6,168,078

Liabilities and Stockholders’ equity

Current liabilities:

Accounts payable

$

42,885

$

60,087

Accrued expenses and other current liabilities

275,754

271,121

Developer exchange liability

339,600

314,866

Deferred revenue—current portion

3,004,969

2,406,292

Total current liabilities

3,663,208

3,052,366

Deferred revenue—net of current portion

1,567,007

1,373,250

Operating lease liabilities

670,051

646,506

Long-term debt, net

1,006,371

1,005,000

Other long-term liabilities

59,712

22,330

Total liabilities

6,966,349

6,099,452

Stockholders’ equity

Common stock, $0.0001 par value; 5,000,000 authorized as of December 31, 2024 and December 31, 2023, 666,419 and 631,221 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively; Class A common stock—4,935,000 shares authorized as of December 31, 2024 and December 31, 2023, 618,116 and 581,135 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively; Class B common stock—65,000 shares authorized as of December 31, 2024 and December 31, 2023, 48,303 and 50,086 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively

62

61

Additional paid-in capital

4,220,916

3,134,946

Accumulated other comprehensive income/(loss)

(3,895

)

1,536

Accumulated deficit

(3,995,637

)

(3,060,253

)

Total Roblox Corporation Stockholders’ equity

221,446

76,290

Noncontrolling interest

(12,792

)

(7,664

)

Total Stockholders’ equity

208,654

68,626

Total Liabilities and Stockholders’ equity

$

7,175,003

$

6,168,078

ROBLOX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2024

2023

2024

2023

Revenue⁽¹⁾

$

988,183

$

749,939

$

3,601,979

$

2,799,274

Cost and expenses:

Cost of revenue⁽¹⁾⁽²⁾

218,741

171,664

801,162

649,115

Developer exchange fees

280,610

221,750

922,821

740,752

Infrastructure and trust & safety

222,822

223,310

915,418

878,361

Research and development

355,034

341,129

1,444,207

1,253,598

General and administrative

105,323

98,776

407,507

390,055

Sales and marketing

49,765

48,503

174,181

146,460

Total cost and expenses

1,232,295

1,105,132

4,665,296

4,058,341

Loss from operations

(244,112

)

(355,193

)

(1,063,317

)

(1,259,067

)

Interest income

46,260

39,530

179,531

141,818

Interest expense

(10,331

)

(10,298

)

(41,184

)

(40,707

)

Other income/(expense), net

(10,221

)

898

(11,530

)

(527

)

Loss before income taxes

(218,404

)

(325,063

)

(936,500

)

(1,158,483

)

Provision for/(benefit from) income taxes

2,648

277

4,114

454

Consolidated net loss

(221,052

)

(325,340

)

(940,614

)

(1,158,937

)

Net loss attributable to noncontrolling interest

(1,479

)

(1,642

)

(5,230

)

(6,991

)

Net loss attributable to common stockholders

$

(219,573

)

$

(323,698

)

$

(935,384

)

$

(1,151,946

)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.33

)

$

(0.52

)

$

(1.44

)

$

(1.87

)

Weighted-average shares used in computing net loss per share attributable to common stockholders—basic and diluted

660,900

626,817

647,482

616,445

Beginning April 1, 2024, the estimated average lifetime of a paying user changed from 28 months to 27 months. Based on the carrying amount of deferred revenue and deferred cost of revenue as of March 31, 2024, the change resulted in an increase in revenue and cost of revenue during the three months ended December 31, 2024 of $12.7 million and $2.6 million, respectively, and $98.0 million and $20.4 million, respectively, during the twelve months ended December 31, 2024. Refer to “Basis of Presentation and Summary of Significant Accounting Policies — Revenue Recognition” as described in the Company’s consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for further background on the Company’s process to estimate the average lifetime of a paying user.

Depreciation of servers and infrastructure equipment included in infrastructure and trust & safety.

ROBLOX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Cash flows from operating activities:

Consolidated net loss

$

(221,052

)

$

(325,340

)

$

(940,614

)

$

(1,158,937

)

Adjustments to reconcile net loss including noncontrolling interest to net cash and cash equivalents provided by operations:

Depreciation and amortization expense

51,311

54,531

226,437

208,142

Stock-based compensation expense

258,236

250,679

1,015,794

867,967

Operating lease non-cash expense

29,527

26,262

118,119

97,063

(Accretion)/amortization on marketable securities, net

(22,393

)

(20,943

)

(82,835

)

(73,162

)

Amortization of debt issuance costs

348

334

1,371

1,316

Impairment expense, (gain)/loss on investment and other asset sales, and other, net

722

1,222

3,072

8,969

Changes in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable

(229,939

)

(219,346

)

(110,479

)

(126,172

)

Prepaid expenses and other current assets

(6,480

)

(10,909

)

(3,140

)

(12,770

)

Deferred cost of revenue

(66,206

)

(77,805

)

(165,697

)

(139,879

)

Other assets

1,546

228

(3,376

)

(5,961

)

Accounts payable

(3,123

)

(7,330

)

(7,527

)

(3,475

)

Accrued expenses and other current liabilities

12,573

11,279

(2,705

)

8,680

Developer exchange liability

9,329

75,438

24,734

83,162

Deferred revenue

385,613

382,196

795,422

742,294

Operating lease liabilities

(22,807

)

(3,617

)

(77,428

)

(50,454

)

Other long-term liabilities

7,286

6,426

31,168

11,397

Net cash and cash equivalents provided by operating activities

184,491

143,305

822,316

458,180

Cash flows from investing activities:

Acquisition of property and equipment

(63,860

)

(65,197

)

(179,646

)

(320,667

)

Payments related to business combination, net of cash acquired

—

—

(2,840

)

(3,859

)

Purchases of intangible assets

—

—

(1,370

)

(13,500

)

Purchases of investments

(1,168,353

)

(788,063

)

(4,642,540

)

(4,591,974

)

Maturities of investments

920,200

686,709

3,351,970

1,642,719

Sales of investments

227,501

115,416

622,354

462,182

Net cash and cash equivalents used in investing activities

(84,512

)

(51,135

)

(852,072

)

(2,825,099

)

Cash flows from financing activities:

Proceeds from issuance of common stock

13,148

5,910

70,344

53,226

Financing payments related to acquisitions

—

—

(4,450

)

(750

)

Proceeds from debt issuances

—

—

—

14,700

Net cash and cash equivalents provided by financing activities

13,148

5,910

65,894

67,176

Effect of exchange rate changes on cash and cash equivalents

(4,075

)

337

(2,921

)

735

Net increase/(decrease) in cash and cash equivalents

109,052

98,417

33,217

(2,299,008

)

Cash and cash equivalents

Beginning of period

602,631

580,049

678,466

2,977,474

End of period

$

711,683

$

678,466

$

711,683

$

678,466

Non-GAAP Financial Measures

This press release and the accompanying tables contain the non-GAAP financial measure bookings, Adjusted EBITDA, and free cash flow.

We use this non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information may be helpful to investors because it provides consistency and comparability with past financial performance.

Bookings is defined as revenue plus the change in deferred revenue during the period and other non-cash adjustments. Substantially all of our bookings are generated from sales of virtual currency, which can ultimately be converted to virtual items on the Roblox Platform. Sales of virtual currency reflected as bookings include one-time purchases and monthly subscriptions purchased via payment processors or through prepaid cards. Bookings also include an insignificant amount from advertising and licensing arrangements. We believe bookings provide a timelier indication of trends in our operating results that are not necessarily reflected in our revenue as a result of the fact that we recognize the majority of revenue over the estimated average lifetime of a paying user. The change in deferred revenue constitutes the vast majority of the reconciling difference from revenue to bookings. By removing these non-cash adjustments, we are able to measure and monitor our business performance based on the timing of actual transactions with our users and the cash that is generated from these transactions. Adjusted EBITDA represents our GAAP consolidated net loss, excluding interest income, interest expense, other income/(expense), provision for/(benefit from) income taxes, depreciation and amortization expense, stock-based compensation expense, and certain other nonrecurring adjustments. We believe that, when considered together with reported GAAP amounts, Adjusted EBITDA is useful to investors and management in understanding our ongoing operations and ongoing operating trends. Our definition of Adjusted EBITDA may differ from the definition used by other companies and therefore comparability may be limited. Free cash flow represents the net cash and cash equivalents provided by operating activities less purchases of property, equipment, and intangible assets acquired through asset acquisitions. We believe that free cash flow is a useful indicator of our unit economics and liquidity that provides information to management and investors about the amount of cash generated from our core operations that, after the purchases of property, equipment, and intangible assets acquired through asset acquisitions, can be used for strategic initiatives.

Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial information as a tool for comparison. As a result, our non-GAAP financial information is presented for supplemental informational purposes only and should not be considered in isolation from, or as a substitute for financial information presented in accordance with GAAP.

Reconciliation tables of the most comparable GAAP financial measure to the non-GAAP financial measure used in this press release are included below. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measures.

GAAP to Non-GAAP Financial Measures Reconciliations

The following table presents a reconciliation of revenue, the most directly comparable financial measure calculated in accordance with GAAP, to bookings, for each of the periods presented (in thousands, unaudited):

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Reconciliation of revenue to bookings:

Revenue

$

988,183

$

749,939

$

3,601,979

$

2,799,274

Add (deduct):

Change in deferred revenue

381,777

382,196

792,434

742,308

Other

(8,319

)

(5,313

)

(25,317

)

(20,802

)

Bookings

$

1,361,641

$

1,126,822

$

4,369,096

$

3,520,780

The following table presents a reconciliation of consolidated net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, for each of the periods presented (in thousands, unaudited):

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Reconciliation of consolidated net loss to Adjusted EBITDA:

Consolidated net loss

$

(221,052

)

$

(325,340

)

$

(940,614

)

$

(1,158,937

)

Add (deduct):

Interest income

(46,260

)

(39,530

)

(179,531

)

(141,818

)

Interest expense

10,331

10,298

41,184

40,707

Other (income)/expense, net

10,221

(898

)

11,530

527

Provision for/(benefit from) income taxes

2,648

277

4,114

454

Depreciation and amortization expense^(A)

51,311

54,531

226,437

208,142

Stock-based compensation expense

258,236

250,679

1,015,794

867,967

RTO severance charge^(B)

173

5,228

1,274

5,228

Other non-cash charges^(C)

—

—

—

6,988

Adjusted EBITDA

$

65,608

$

(44,755

)

$

180,188

$

(170,742

)

(A)

For the twelve months ended December 31, 2024, includes a one-time charge of $17.9 million related to the re-assessment of the estimated useful life of certain software licenses, resulting in the acceleration of their remaining depreciation within infrastructure and trust & safety expenses in the third quarter of 2024.

(B)

Relates to cash severance costs associated with the Company’s return-to-office (“RTO”) plan announced in October 2023, which required a subset of the Company’s remote employees to begin working from the San Mateo headquarters for three days a week, beginning in the summer of 2024.

(C)

Includes impairment expenses related to certain operating lease right-of-use assets and related property and equipment.

The following table presents a reconciliation of net cash and cash equivalents provided by operating activities, the most directly comparable financial measure calculated in accordance with GAAP, to free cash flow, for each of the periods presented (in thousands, unaudited):

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Reconciliation of net cash and cash equivalents provided by operating activities to free cash flow:

Net cash and cash equivalents provided by operating activities

$

184,491

$

143,305

$

822,316

$

458,180

Deduct:

Acquisition of property and equipment

(63,860

)

(65,197

)

(179,646

)

(320,667

)

Purchase of intangible assets

—

—

(1,370

)

(13,500

)

Free cash flow

$

120,631

$

78,108

$

641,300

$

124,013

Forward Looking Guidance: GAAP to Non-GAAP Financial Measures Reconciliations

The following table presents a reconciliation of revenue, the most directly comparable financial measure calculated in accordance with GAAP, to bookings, for each of the periods presented (in thousands):

Guidance

Three Months Ended

March 31, 2025

Twelve Months Ended

December 31, 2025

Low

High

Low

High

Reconciliation of revenue to bookings:

Revenue

$

990,000

$

1,015,000

$

4,245,000

$

4,345,000

Add (deduct):

Change in deferred revenue

140,000

140,000

975,000

975,000

Other

(5,000

)

(5,000

)

(20,000

)

(20,000

)

Bookings

$

1,125,000

$

1,150,000

$

5,200,000

$

5,300,000

The following table presents a reconciliation of consolidated net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, for each of the periods presented (in thousands):

Guidance

Three Months Ended

March 31, 2025

Twelve Months Ended

December 31, 2025

Low

High

Low

High

Reconciliation of consolidated net loss to Adjusted EBITDA:

Consolidated net loss

$

(287,000

)

$

(267,000

)

$

(1,070,000

)

$

(995,000

)

Add (deduct):

Interest income

(40,000

)

(40,000

)

(160,000

)

(160,000

)

Interest expense

11,000

11,000

42,000

42,000

Provision for/(benefit from) income taxes

1,000

1,000

3,000

3,000

Depreciation and amortization expense

55,000

55,000

225,000

225,000

Stock-based compensation expense

280,000

280,000

1,150,000

1,150,000

Adjusted EBITDA

$

20,000

$

40,000

$

190,000

$

265,000

The following table presents a reconciliation of net cash and cash equivalents provided by operating activities, the most directly comparable financial measure calculated in accordance with GAAP, to free cash flow, for each of the periods presented (in thousands):

Guidance

Three Months Ended

March 31, 2025

Twelve Months Ended

December 31, 2025

Low

High

Low

High

Reconciliation of net cash and cash equivalents provided by operating activities to free cash flow:

Net cash and cash equivalents provided by operating activities

$

360,000

$

380,000

$

1,050,000

$

1,110,000

Deduct:

Acquisition of property and equipment

(20,000

)

(20,000

)

(250,000

)

(250,000

)

Free cash flow

$

340,000

$

360,000

$

800,000

$

860,000

About Roblox

Roblox is an immersive gaming and creation platform that offers people millions of ways to be together, inviting its community to explore, create and share endless unique experiences. Our vision is to reimagine the way people come together– in a world that’s safe, civil, and optimistic. To achieve this vision, we are building an innovative company that, together with the Roblox community, has the ability to strengthen our social fabric and support economic growth for people around the world. For more about Roblox, please visit corp.roblox.com.

ROBLOX and the Roblox logo are among the registered and unregistered trademarks of Roblox Corporation in the United States and other countries. © 2025 Roblox Corporation. All rights reserved.

Source: Roblox Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206476916/en/

Stefanie Notaney

Roblox Corporate Communications

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Entertainment Apps/Applications Technology Online Software Internet Electronic Games

MEDIA:

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Posted on February 6, 2025 8:03 am
Westwater Resources Supports ITC Preliminary Determination on Chinese Graphite

Westwater Resources Supports ITC Preliminary Determination on Chinese Graphite

CENTENNIAL, Colo.–(BUSINESS WIRE)–Westwater Resources, Inc. (NYSE American: WWR), an energy technology and battery-grade natural graphite company (“Westwater” or the “Company”), supports the preliminary determination of the U.S. International Trade Commission (“ITC”) that China’s exports of graphite have materially impeded the establishment of a U.S. domestic graphite industry.

The American Active Anode Materials Producers (“AAAMP”) filed a trade case with the U.S. government in December 2024 seeking tariffs as high as 920% on imports of natural and synthetic graphite from China for use in producing lithium-ion batteries. The ITC issued a preliminary determination on January 31, 2025, which is in agreement with the AAAMP claim based on the U.S. Department of Commerce’s own calculation of graphite dumping margins up to 915%.

Jon Jacobs, Westwater’s Chief Commercial Officer, commented, “This quantitative validation and rapid acknowledgement by the U.S. government that China-subsidized graphite is impeding the establishment of a U.S. industry is a huge win for U.S. producers of natural graphite anode material like Westwater. We expect this announcement to have an immediately positive effect on our off-take interest.”

With this preliminary determination by the ITC, the case will now proceed for further review. An additional update is expected from the Department of Commerce and ITC in March, followed by a preliminary determination to be announced on May 27^th as to whether graphite is being sold at less than fair value.

About Westwater Resources, Inc.

Westwater Resources is an energy technology company that is focused on developing battery-grade natural graphite. Westwater Resources’ primary project is the Kellyton Graphite Processing Plant that is under construction in east-central Alabama. In addition, Westwater Resource’s Coosa Graphite Deposit is the largest and most advanced natural flake graphite deposit in the contiguous United States — and is located across 41,965 acres (~17,000 hectares) in Coosa County, Alabama. For more information, visit westwaterresources.net.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expect,” “further review,” “immediate,” “preliminary,” “positive effect,” and other similar words or phrases. Forward looking statements include, among other things, statements concerning: the importance of critical minerals including battery-grade graphite; establishing a graphite industry in the U.S., tariffs associated with the importation of natural and synthetic graphite into the U.S., the Company’s business plans for its Kellyton Graphite Plant; and efforts to manage existing off-take agreements or to put new off-take agreements into place for the products from that Plant. The Company cautions that there are factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of the Company; accordingly, there can be no assurance that such suggested results will be realized. Those uncertainties and other factors are discussed in Westwater’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings, and they could cause actual results to differ materially from management expectations.

Contacts

Westwater Resources, Inc.

Email: [email protected]

Investor Relations

Email: [email protected]

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “guidance,” “positively effects,” “supports,” “applaud,” “accelerate,” and other similar words. Forward-looking statements in this release include, among other things, statements concerning: Westwater’s future sales of domestically produced natural graphite, including CSPG and Fines products, to customers, including the amounts, timing, and types of products included within those sales; the continued construction and planned annual production from Phase I of Kellyton Graphite Plan; and future demand of domestic graphite products. Westwater cautions that there are certain factors that could cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Westwater; accordingly, there can be no assurance that such suggested results will be realized. Additional risks facing Westwater‘s future prospects are discussed in the Westwater Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent securities filings.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206059722/en/

Westwater Resources, Inc.

Email: [email protected]

Investor Relations

Email: [email protected]

KEYWORDS: Alabama Colorado United States North America

INDUSTRY KEYWORDS: Technology Automotive General Automotive Public Relations/Investor Relations Other Energy Other Technology Communications Energy Mining/Minerals Natural Resources

MEDIA:

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Posted on February 6, 2025 8:03 am
FIS Launches Its New Revenue Insight Solution to Transform Accounts Receivable Management and Optimize Collections

FIS Launches Its New Revenue Insight Solution to Transform Accounts Receivable Management and Optimize Collections

Key Facts

The FIS Revenue Insight solution harnesses artificial intelligence (AI) as it seeks to provide a comprehensive tool for giving actionable insights into cash at risk without manual, error-prone processes.

The patented solution enables finance teams across any industry to identify high-risk accounts, prioritize collection efforts and proactively manage cash flow across the money lifecycle.

The FIS Revenue Insight product empowers businesses to turn the office of the CFO from a cost center to a true strategic advantage by removing friction in money movement and creating revenue opportunities to help businesses grow.

JACKSONVILLE, Fla.–(BUSINESS WIRE)–FIS^® (NYSE: FIS), a global leader in financial technology across the full money lifecycle, today announced the launch of FIS Revenue Insight, a predictive analytics solution designed to help businesses optimize collections. Through proprietary patented technology powered by artificial intelligence (AI), FIS Revenue Insight aims to deliver actionable insights into cash at risk, enabling companies to proactively identify risks, accelerate revenue and drive business growth.

The FIS Revenue Insight solution is part of the FIS Automated Finance suite, which delivers data-driven receivables automation, payables automation and revenue optimization solutions for the office of the CFO in any industry, enabling the seamless flow of money in motion.

Why Revenue Insight Matters

Today’s finance leaders across industries face growing pressure to modernize their accounts receivable management. According to a recent survey,¹ 81% of businesses have experienced an increase in delayed payments, with 50% experiencing late payments from customers and 77% of AR teams falling behind on their metrics. Even the best finance departments face questions about which accounts will or will not pay, and who will self-correct or who will go into severe delinquency.

The FIS Revenue Insight product can help CFOs bring technology harmony to the money lifecycle, employing AI to analyze customer data, identify high-risk accounts and address potential issues before they escalate. This tool uncovers patterns and trends that might go unnoticed by human analysis, allowing finance teams to shift from manual tasks to strategic activities and reduce days sales outstanding. Additionally, when paired with FIS’ award-winning GETPAID™ credit-to-cash solution, users may see enhanced cash flow and working capital optimization, deeper insights into portfolio risk and greater levels of automation. With the proprietary Revenue Insight scoring model, businesses can prioritize accounts that are at the highest risk of payment delays, ensuring their collection efforts are more targeted and efficient.

“Revenue Insight, as part of the FIS Automated Finance suite, can revolutionize the way CFOs manage cash flow in today’s fast-paced environment. Our vision is to provide systems that turn finance from a cost center into a growth partner, taking the friction out of finance through visibility, real-time insights and innovation that maximizes revenue and strengthens customer relationships,” said Seamus Smith, group president of Automated Finance, FIS. “A data-driven, proactive approach to accounts receivable management is critical for our clients to balance money in motion while maintaining a competitive edge and financial stability. With the help of Revenue Insight, our clients can take the guesswork out of collections.”

FIS Revenue Insight’s versatile application can benefit a broad range of sectors, including accounts receivables, financial institutions, supply chain financing, debt collectors, insurance premiums and utilities.

For more information on Revenue Insight, visit www.fisglobal.com/products/automated-finance.

About FIS

FIS is a financial technology company providing solutions to financial institutions, businesses and developers. We unlock financial technology to the world across the money lifecycle underpinning the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit FISglobal.com. Follow FIS on LinkedIn, Facebook and X.

¹ American Express, Meeting the Growing Need for AR Modernization – The B2B and Digital Payments Tracker® Series

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206592455/en/

Kim Snider, 904.438.6278

Senior Vice President

FIS Global Marketing and Communications

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Data Management Banking Technology Professional Services Payments Other Technology Software Artificial Intelligence Mobile/Wireless Hardware Finance

MEDIA:

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Posted on February 6, 2025 8:03 am
The Hartford Unveils Refreshed Brand With Modernized Stag Logo

The Hartford Unveils Refreshed Brand With Modernized Stag Logo

As part of the brand launch, company expands philanthropy programs, renames holding company and business segments

HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford launched its new brand, featuring a bold, contemporary look for its iconic stag logo that honors the company’s rich history while demonstrating its modern, visionary spirit.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206857870/en/

Evolution of The Hartford’s logo. (Photo: Business Wire)

“As we embrace an ambitious growth-and-innovation strategy centered on our customers and their changing needs, our brand must evolve with the business,” said The Hartford’s Chairman and CEO Christopher Swift. “The new brand celebrates The Hartford’s strength, built on centuries of trust from the businesses, workers, and people we support every day. The modern design points to our bold future, inspired by innovation and a relentless focus on our customers.”

The company’s stag logo remains the centerpiece of the brand, symbolizing strength, confidence and resilience. The new design reflects the grandeur of “The Monarch of the Glen,” a painting completed in 1851 by Sir Edwin Landseer, which has been an inspiration for The Hartford’s logo since 1875. This modern representation showcases the stag looking over his herd and gazing confidently into the future.

“Our modernized brand is a representation of who we are as an insurance leader and how we demonstrate to customers, through our actions, that we prioritize their needs and uphold our commitments,” said The Hartford’s Chief Marketing and Communications Officer Claire Burns. “This is a valuable opportunity to create lasting impressions and deepen relationships with customers, employees and the world at large.”

The company updated its color palette and typography to create a vibrant new identity that leaves a memorable impact. The new core colors are – black for stability, claret for the company’s heritage, and fuchsia for modernity. Additionally, white and warm-gray will enhance the design of company materials, providing clarity and balance.

Starting today, the company’s brand will be visible to the public on TV, digital platforms and The Hartford’s refreshed website. Following the initial launch, the company will roll out advertising for specific business lines and continue to update its branding across platforms and materials over the next few years.

The Hartford worked with agency partners Pentagram and Solve to develop the refreshed brand identity and new campaign.

Philanthropy Focus On Small Businesses, Mental Health

As part of the refreshed brand, the company is increasing its annual philanthropy spending by more than 30%, to help support small businesses, revitalize main streets in historic downtown neighborhoods, and address mental health stigma in the workplace. This includes an expansion of the company’s Small Business Accelerator pilot with Main Street America (MSA), which creates commercial space and repurposes blighted storefronts helping small businesses with access to affordable commercial real estate and restoring vibrancy to communities. Over the next three years, in partnership with MSA, The Hartford will develop multi-use commercial space in 15 communities across the country benefiting 1,500 small businesses.

In addition, the company is expanding its partnership with Active Minds, providing mental health resources and support for the next generation of workers. This includes sponsorship of the Send Silence Packing^® exhibit featuring 100 backpacks with 100 personal stories covering themes of loss, survival and resilience. With The Hartford’s support, Active Minds will bring the educational event to 60-80 colleges and communities this year, reaching more than half a million youth and young adults in the U.S.

Name Changes For Holding Company And Business Segments

In conjunction with the brand launch, The Hartford updated its holding company name to The Hartford Insurance Group, Inc., effective today. The company’s ticker symbol (NYSE: HIG) will not change and its common stock will begin trading on the New York Stock Exchange as The Hartford Insurance Group, Inc., on Feb. 18, 2025.

Additionally, some of the business segments will be renamed. Commercial Lines will become Business Insurance; Personal Lines will be Personal Insurance; and Group Benefits will be Employee Benefits. There is no change to Hartford Funds’ name.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com.

The Hartford Insurance Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

HIG-C

Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2023 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.

From time to time, The Hartford may use its website and/or social media channels to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206857870/en/

Media:

Matthew Sturdevant

860-547-8664

[email protected]

Investor:

Susan Spivak Bernstein

860-547-6233

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Insurance Professional Services

MEDIA:

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Evolution of The Hartford’s logo. (Photo: Business Wire)

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The Hartford’s new logo (Graphic: Business Wire)

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Posted on February 6, 2025 8:01 am
Peabody Board Declares Dividend on Common Stock

PR Newswire

ST. LOUIS
, Feb. 6, 2025 /PRNewswire/ — Peabody (NYSE: BTU) announced today that its Board of Directors has declared a quarterly dividend on its common stock of $0.075 per share, payable on March 11, 2025 to stockholders of record on February 19, 2025.

Peabody is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.

Contact:

Vic Svec

[email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “targets,” “would,” “will,” “should,” “goal,” “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events, or developments that Peabody expects will occur in the future are forward-looking statements. They may include estimates of sales and other operating performance targets, cost savings, capital expenditures, dividends, share repurchases, other expense items, actions relating to strategic initiatives, demand for the company’s products, liquidity, capital structure, market share, industry volume, other financial items, descriptions of management’s plans or objectives for future operations and descriptions of assumptions underlying any of the above. The declaration and payment of future quarterly dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash flow and cash requirements, future prospects, and other factors deemed relevant by the Board. All forward-looking statements speak only as of the date they are made and reflect Peabody’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond Peabody’s control, that are described in Peabody’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody’s website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

View original content to download multimedia:https://www.prnewswire.com/news-releases/peabody-board-declares-dividend-on-common-stock-302370155.html

SOURCE Peabody

Posted on February 6, 2025 7:58 am
Koppers Holdings Inc. Schedules Fourth Quarter and Full-Year 2024 Conference Call

PR Newswire

PITTSBURGH
, Feb. 6, 2025 /PRNewswire/ — Koppers Holdings Inc. (NYSE: KOP), an integrated global provider of treated wood products, wood treatment chemicals, and carbon compounds, today announced that the company plans to release its financial results for the fourth quarter and full-year 2024 before the market opens on Thursday, February 27, 2025, and discuss its outlook on a conference call later that day at 11:00 a.m. Eastern Time. Presentation materials will be available at least 15 minutes before the call on www.koppers.com in the Investor Relations section of the company’s website.

Interested parties may access the live audio broadcast toll free by dialing 833-366-1128 in the United States and Canada, or 412-902-6774 for international, Conference ID number 10196723. Participants are requested to access the call at least five minutes before the scheduled start time to complete a brief registration. The conference call will be broadcast live on www.koppers.com and can also be accessed here.

An audio replay will be available approximately two hours after the completion of the call at 877-344-7529 for U.S. toll free, 855-669-9658 for Canada toll free, or 412-317-0088 for international, using replay access code 5314690. The recording will be available for replay through May 27, 2025.

About Koppers
Koppers (NYSE: KOP) is an integrated global provider of essential treated wood products, wood preservation technologies and carbon compounds. Our team of 2,100 employees create, protect and preserve key elements of our global infrastructure – including railroad crossties, utility poles, outdoor wooden structures, and production feedstocks for steel, aluminum and construction materials, among others – applying decades of industry-leading expertise while constantly innovating to anticipate the needs of tomorrow. Together we are providing safe and sustainable solutions to enable rail transportation, keep power flowing, and create spaces of enjoyment for people everywhere. Protecting What Matters, Preserving The Future. Learn more at Koppers.com.

Inquiries from the media should be directed to Ms. Jessica Franklin Black at [email protected] or 412-227-2025. Inquiries from the investment community should be directed to Ms. Quynh McGuire at [email protected] or 412-227-2049.

For Information:

Quynh McGuire, Vice President, Investor Relations

412 227 2049

[email protected]

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SOURCE KOPPERS HOLDINGS INC.

Posted on February 6, 2025 7:54 am
Dr. Reddy’s enters into collaboration with Henlius for commercialization of HLX15 (daratumumab), a biosimilar candidate to Darzalex® & Darzalex Faspro® in the U.S., and Europe

Dr. Reddy’s enters into collaboration with Henlius for commercialization of HLX15 (daratumumab), a biosimilar candidate to Darzalex® & Darzalex Faspro® in the U.S., and Europe

Dr. Reddy’s gets exclusive rights to commercialize the subcutaneous as well as intravenous formulations of HLX15 in the U.S. and Europe

HYDERABAD, India–(BUSINESS WIRE)–
Dr. Reddy’s Laboratories SA, wholly-owned subsidiary of Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY, along with its subsidiaries hereafter referred to as “Dr. Reddy’s”), today announced that it has entered into a license agreement with Shanghai Henlius Biotech, Inc. (2696.HK) related to the development and commercialization of HLX15, Henlius’s investigational daratumumab biosimilar candidate to Darzalex® & Darzalex Faspro®.

HLX15 is a recombinant anti-CD38 fully human monoclonal antibody injection, with intravenous as well as subcutaneous formulations. HLX15 is being developed as a biosimilar of Darzalex® & Darzalex Faspro®*, which are indicated for the treatment of multiple myeloma.

The agreement combines Dr. Reddy’s global commercial presence with Henlius’ proven capabilities in developing biosimilars for markets worldwide. Under the terms of the agreement, Henlius will be responsible for development, manufacturing and commercial supply, and may receive up to a total of $131.6 million, including an upfront payment of $33 million and milestone payments. In addition, Henlius is eligible to receive royalties on annual net sales of the product. Dr. Reddy’s gets exclusive rights to commercialize the subcutaneous as well as intravenous formulations of HLX15 in the United States (U.S.) and Europe.

Erez Israeli, Chief Executive Officer of Dr. Reddy’s, said: “We are pleased to collaborate with Henlius to make this daratumumab biosimilar available to patients in the U.S. and Europe. Over the years, we have created a portfolio of biosimilar products that are being marketed in several emerging markets. The launch of our pegfilgrastim through our collaborator in the U.S. in 2023, and bevacizumab in the United Kingdom last year marked the start of our biosimilars journey in regulated markets. Last year, we also signed a collaboration with Alvotech for the commercialization of their denosumab biosimilar in the U.S. and Europe. This latest collaboration with Henlius further progresses our regulated markets journey in biosimilars. Additionally, oncology has been a top focus therapy area for us. We look forward to leveraging our strong commercial capabilities in these markets to ensure patients receive access to best-in-class therapies and affordable treatment options.”

“This collaboration with Dr. Reddy’s on HLX15 is a significant step in our response to global health needs and improving access to advanced biologics,” said Dr. Jason Zhu, Executive Director and Chief Executive Officer of Henlius. “Dr. Reddy’s has a long-standing dedication to oncology, driven by the purpose of ‘Good Health Can’t Wait’, and is committed to timely access to affordable and high-quality medicines, which complement Henlius’ focus on addressing unmet medical needs in research and development. We are confident that this partnership will enhance the global market competitiveness of both organizations in oncology treatment, ultimately allowing us to reach and support more patients around the world.”

About HLX15:

HLX15 is a fully human anti-CD38 IgG1κ monoclonal antibody independently developed by Henlius, and is a biosimilar candidate to Darzalex® & Darzalex Faspro®*. In accordance with the biosimilar guidelines of NMPA, EMA, and USFDA, HLX15 is being developed following the principles of stepwise development. HLX15 and reference daratumumab are considered comparable based on analytical similarity assessment and pre-clinical studies. In June 2024, the Phase 1 clinical study (NCT05679258) of HLX15 was successfully completed, meeting its primary endpoint. The findings indicate that HLX15 had similar pharmacokinetic characteristics, as well as comparable safety and immunogenicity profiles to the US-, EU-, and CN-sourced daratumumab. Comparative efficacy studies are currently underway.

*Darzalex® & Darzalex Faspro® are registered trademarks of Johnson & Johnson.

About Henlius: Henlius (2696.HK) is a global biopharmaceutical company with the vision to offer high-quality, affordable and innovative biologic medicines for patients worldwide with a focus on oncology, autoimmune diseases and ophthalmic diseases. Up to date, 6 products have been launched in China, 4 have been approved for marketing in overseas markets, and 4 marketing applications have been accepted for review in China, the U.S. and the EU, respectively. Since its inception in 2010, Henlius has built an integrated biopharmaceutical platform with core capabilities of high-efficiency and innovation embedded throughout the whole product life cycle including R&D, manufacturing and commercialization. It has established global innovation centre and Shanghai-based commercial manufacturing facilities certificated by China, the EU and U.S. GMP. Henlius has pro-actively built a diversified and high-quality product pipeline covering over 50 molecules and has continued to explore immuno-oncology combination therapies with proprietary HANSIZHUANG (anti-PD-1 mAb) as the backbone. To date, the company’s launched products include HANLIKANG (rituximab), the first China-developed biosimilar, HANQUYOU (trastuzumab, trade name: HERCESSI™ in the U.S., Zercepac^® in Europe), a China-developed mAb biosimilar approved in China, Europe and U.S., HANDAYUAN (adalimumab), HANBEITAI (bevacizumab), HANSIZHUANG (serplulimab, trade name: Hetronifly^® in the EU), the world’s first anti-PD-1 mAb for the first-line treatment of SCLC, and HANNAIJIA (neratinib). What’s more, Henlius has conducted over 30 clinical studies for 16 products, expanding its presence in major markets as well as emerging markets. To learn more about Henlius, visit https://www.henlius.com/en/index.html and connect with us on LinkedIn at https://www.linkedin.com/company/henlius/.

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan ahead and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words “may”, “will”, “should”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates, interest rates, persistency levels and frequency / severity of insured loss events, (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization, including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the “Risk Factors” and “Forward-Looking Statements” sections of our Annual Report on Form 20-F for the year ended March 31, 2024. The company assumes no obligation to update any information contained herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206161649/en/

INVESTOR RELATIONS

RICHA PERIWAL

[email protected]

MEDIA RELATIONS

USHA IYER

[email protected]

KEYWORDS: North America United States Asia Pacific Europe India

INDUSTRY KEYWORDS: Science Other Science Biotechnology Research Pharmaceutical Oncology Health Diabetes

MEDIA:

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Posted on February 6, 2025 7:53 am
Charles Blankenship Elected to Fluor’s Board of Directors

Charles Blankenship Elected to Fluor’s Board of Directors

IRVING, Texas–(BUSINESS WIRE)–Fluor Corporation (NYSE: FLR) announced today that Charles (Chip) P. Blankenship Jr., Chairman and Chief Executive Officer (CEO) of Woodward Inc., a global energy control solutions company, has been elected to its Board of Directors effective March 1, 2025. Blankenship will serve on the Board’s Audit Committee and the Commercial Strategies and Operational Risk Committee, bringing the total number of Fluor Board members to 11, of whom 10 are independent.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250206282258/en/

Charles Blankenship (Photo: Business Wire)

“With Chip Blankenship’s appointment to Fluor’s Board of Directors, the company gains another distinguished advisor and business leader, known for his transformative leadership in the industrial and aerospace sectors,” said David E. Constable, Chairman and Chief Executive Officer of Fluor. “Chip’s strategic and operational expertise, paired with his ability to drive innovation, will support Fluor’s growth as we pursue opportunities in advanced manufacturing, life sciences, mining, chemicals and the energy markets, among others.”

Prior to becoming Woodward’s CEO in May 2022, Blankenship’s leadership roles included serving as CEO of Arconic, an aerospace advanced alloys and components company, and a 24-year career at General Electric (GE). While at GE, he held significant leadership roles in aviation, energy and appliances, including CEO of GE Appliances and Vice President and General Manager of Commercial Aircraft Engines. He was also General Manager of GE’s Aero Energy.

Blankenship serves on the Board of Directors of the National Association of Manufacturers and the Board of Governors of the Aerospace Industries Association. He is a member of the National Academy of Engineering and served as the Montgomery Distinguished Professor of Practice at the University of Virginia (UVA) School of Engineering and Applied Sciences.

Blankenship holds a Ph.D. in materials science and engineering from UVA and a bachelor’s degree from Virginia Polytechnic Institute and State University.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s nearly 34,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $15.5 billion in 2023 and is ranked 265 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than a century. For more information, please visit www.fluor.com or follow Fluor on Facebook, Instagram, LinkedIn, X and YouTube.

#corporate

View source version on businesswire.com: https://www.businesswire.com/news/home/20250206282258/en/

Brett Turner

Media Relations

864.281.6976

Jason Landkamer

Investor Relations

469.398.7222

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Other Manufacturing Commercial Building & Real Estate Construction & Property Engineering Manufacturing Other Natural Resources Mining/Minerals Architecture Other Construction & Property Natural Resources

MEDIA:

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Charles Blankenship (Photo: Business Wire)

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