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Sprinklr Announces Second Quarter Fiscal 2024 Results

• Q2 Total Revenue of $178.5 million, up 18% year-over-year
• Q2 Subscription Revenue of $163.5 million, up 23% year-over-year
• Continued growth and operational improvements generate net cash provided by operating activities of $14.6 million and free cash flow* of $8.7 million in Q2
• RPO and cRPO up 35% and 22% year-over-year, respectively
• 120 $1 million customers, up 22% year-over-year

NEW YORK–(BUSINESS WIRE)–
Sprinklr (NYSE: CXM), the unified customer experience management (Unified-CXM) platform for modern enterprises, today reported financial results for its second quarter ended July 31, 2023.

“We had another solid quarter across the board with strength in Sprinklr Service product suite and a record level of profitability. Our teams continue to innovate across our unified-CXM platform with new features and enhancements to our AI+ strategy. We’re encouraged by customers’ growing demand to unify their front-office teams and technology leading to better customer experiences,” said Ragy Thomas, Founder and CEO at Sprinklr.

Second Quarter Fiscal 2023 Financial Highlights

• Revenue: Total revenue for the second quarter was $178.5 million, up from $150.6 million one year ago, an increase of 18% year-over-year. Subscription revenue for the second quarter was $163.5 million, up from $133.1 million one year ago, an increase of 23% year-over-year.
• Operating Income (Loss) and Margin*: Second quarter operating income was $5.5 million, compared to an operating loss of $21.7 million one year ago. Non-GAAP operating income was $21.3 million, compared to a non-GAAP operating loss of $4.9 million one year ago. For the second quarter, GAAP operating margin was 3% and non-GAAP operating margin was 12%.
• Net Income (Loss) Per Share*: Second quarter net income per share, basic was $0.04, compared to net loss per share, basic of $0.09 in the second quarter of fiscal year 2023. Non-GAAP net income per share, basic for the second quarter was $0.10, compared to non-GAAP net loss per share, basic of $0.03 in the second quarter of fiscal year 2023.
• Cash, Cash Equivalents and Marketable Securities: Total cash, cash equivalents and marketable securities as of July 31, 2023 was $628.4 million.

* Free cash flow, Non-GAAP operating income (loss), non-GAAP operating margin and non-GAAP net income (loss) per share are non-GAAP financial measures defined under “Non-GAAP Financial Measures,” and are reconciled to Net cash provided by operating activities, operating income (loss), net income (loss) or income (loss) per share, as applicable, the closest comparable GAAP measure, at the end of this release.

Financial Outlook

Sprinklr is providing the following guidance for the third fiscal quarter ending October 31, 2023:

• Subscription revenue between $164 million and $166 million.

• Total revenue between $179 million and $181 million.

• Non-GAAP operating income between $15 million and $17 million.

• Non-GAAP net income per share between $0.06 and $0.07, assuming 274 million basic weighted-average shares outstanding.

Sprinklr is providing the following guidance for the full fiscal year ending January 31, 2024:

• Subscription revenue between $658 million and $660 million.

• Total revenue between $719 million and $721 million.

• Non-GAAP operating income between $65 million and $67 million.

• Non-GAAP net income per share between $0.30 and $0.31, assuming 273 million basic weighted-average shares outstanding.

Non-GAAP Financial Measures

This press release and the accompanying tables contain the following non-GAAP financial measures associated with our condensed consolidated statements of operations:

• Non-GAAP gross profit and non-GAAP gross margin

• Non-GAAP operating income (loss) and non-GAAP operating margin

• Non-GAAP net income (loss) and non-GAAP net income (loss) per share

We define these non-GAAP financial measures as the respective U.S. GAAP measures, excluding, as applicable, stock-based compensation expense-related charges and amortization of acquired intangible assets. We believe that it is useful to exclude stock-based compensation expense-related charges and amortization of acquired intangible assets in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies over multiple periods. In periods of net loss, we calculate non-GAAP net income (loss) per share by using non-GAAP net income (loss) divided by basic weighted average shares for the period regardless of whether we are in a non-GAAP net income or (loss) position and assuming that all potentially dilutive securities are anti-dilutive.

In addition, the press release and the accompanying tables contain free cash flow which is defined as net cash provided by operating activities less cash used for purchases of property and equipment and capitalized internal-use software. We believe that free cash flow is a useful indicator of liquidity as it measures our ability to generate cash, or our need to access additional sources of cash, to fund operations and investments. We expect our free cash flow to fluctuate in future periods with changes in our operating expenses and as we continue to invest in our growth. We typically experience higher billings in the fourth quarter compared to other quarters and experience higher collections of accounts receivable in the first half of the year, which results in a decrease in accounts receivable in the first half of the year.

However, 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 measures as tools for comparison. As a result, our non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for our consolidated financial statements presented in accordance with GAAP.

Sprinklr has not reconciled its financial outlook expectations as to non-GAAP operating income, or as to non-GAAP net income per share, to their most directly comparable U.S. GAAP measures as a result of the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to Sprinklr’s results computed in accordance with U.S. GAAP.

Conference Call Information

Sprinklr will host a conference call today, September 6, 2023, to discuss second quarter fiscal 2024 financial results, as well as the third quarter and full year fiscal 2024 outlook, at 5:00 p.m. Eastern Time, 2:00 p.m. Pacific Time. Investors are invited to join the webcast by visiting: https://investors.sprinklr.com/. To access the call by phone, dial 877-459-3955 (domestic) or 201-689-8588 (international). The conference ID number is 13740665. The webcast will be available live, and a replay will be available following completion of the live broadcast for approximately 90 days.

About Sprinklr Inc.

Sprinklr is a leading enterprise software company for all customer-facing functions. With advanced AI, Sprinklr’s unified customer experience management (Unified-CXM) platform helps companies deliver human experiences to every customer, every time, across any modern channel. Headquartered in New York City with employees around the world, Sprinklr works with more than 1,400 global enterprises — brands like Microsoft, P&G, Samsung and more than 50% of the Fortune 100.

Forward-Looking Statements

This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the third quarter and full year fiscal 2024, our growth strategy and the ability of our platform to deliver a unified experience to address our customers’ demands. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance, or achievement to differ materially and adversely from those anticipated or implied in the statements, including: our rapid growth may not be indicative of our future growth; our revenue growth rate has fluctuated in prior periods; our ability to achieve or maintain profitability; we derive the substantial majority of our revenue from subscriptions to our Unified-CXM platform; our ability to manage our growth and organizational change; the market for Unified-CXM solutions is new and rapidly evolving; our ability to attract new customers in a manner that is cost-effective and assures customer success; our ability to attract and retain customers to use our products; our ability to drive customer subscription renewals and expand our sales to existing customers; our ability to effectively develop platform enhancements, introduce new products or keep pace with technological developments; the market in which we participate is new and rapidly evolving and our ability to compete effectively; our business and growth depend in part on the success of our strategic relationships with third parties; our ability to develop and maintain successful relationships with partners who provide access to data that enhances our Unified-CXM platform’s artificial intelligence capabilities; the majority of our customer base consists of large enterprises, and we currently generate a significant portion of our revenue from a relatively small number of enterprises; our investments in research and development; our ability to expand our sales and marketing capabilities; our sales cycle with enterprise and international clients can be long and unpredictable; certain of our results of operations and financial metrics may be difficult to predict; our ability to maintain data privacy and data security; we rely on third-party data centers and cloud computing providers; the sufficiency of our cash and cash equivalents to meet our liquidity needs; our ability to comply with modified or new laws and regulations applying to our business; our ability to successfully enter into new markets and manage our international expansion; the attraction and retention of qualified employees and key personnel; our ability to effectively manage our growth and future expenses and maintain our corporate culture; our ability to maintain, protect, and enhance our intellectual property rights; unstable market and economic conditions, including as a result of increases in inflation rates, higher interest rates, recent bank closures or instability, public health crises and geopolitical actions, such as war and terrorism or the perception that such hostilities may be imminent; and our ability to successfully defend litigation brought against us. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are or will be discussed in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2023, filed with the SEC on June 5, 2023, under the caption “Risk Factors,” and in other filings that we make from time to time with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Sprinklr at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Sprinklr assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Key Business Metrics

RPO. RPO, or remaining performance obligations, represents contracted revenue that have not yet been recognized, and include deferred revenue and amounts that will be invoiced and recognized in future periods.

cRPO. cRPO, or current RPO, represents contracted revenue that have not yet been recognized, and include deferred revenue and amounts that will be invoiced and recognized in the next 12 months.

Sprinklr, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
	July 31, 2023			January 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	147,683		$	188,387
Marketable securities		480,725			390,239
Accounts receivable, net of allowance for doubtful accounts of $3.6 million and $3.2 million, respectively		177,442			205,038
Prepaid expenses and other current assets		72,039			78,865
Total current assets		877,889			862,529
Property and equipment, net		27,622			22,885
Goodwill and other intangible assets		50,254			50,349
Operating lease right-of-use assets		30,094			15,725
Other non-current assets		86,794			73,503
Total assets	$	1,072,653		$	1,024,991
Liabilities and stockholders’ equity
Liabilities
Current liabilities:
Accounts payable	$	22,791		$	30,101
Accrued expenses and other current liabilities		70,800			97,524
Operating lease liabilities, current		6,868			7,134
Deferred revenue		322,944			324,140
Total current liabilities		423,403			458,899
Deferred revenue, non-current		488			1,371
Deferred tax liability, non-current		1,303			1,289
Operating lease liabilities, non-current		24,984			9,633
Other liabilities, non-current		5,189			4,467
Total liabilities		455,367			475,659
Commitments and contingencies
Stockholders’ equity
Class A common stock		4			3
Class B common stock		4			6
Treasury stock		(23,831)			(23,831)
Additional paid-in capital		1,128,689			1,074,149
Accumulated other comprehensive loss		(4,262)			(4,384)
Accumulated deficit		(483,318)			(496,611)
Total stockholders’ equity		617,286			549,332
Total liabilities and stockholders’ equity	$	1,072,653		$	1,024,991

Sprinklr, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
	Three Months Ended July 31,						Six Months Ended July 31,
		2023			2022			2023			2022
Revenue:
Subscription	$	163,452		$	133,075		$	321,117		$	260,395
Professional services		15,013			17,555			30,711			35,213
Total revenue		178,465			150,630			351,828			295,608
Costs of revenue:
Costs of subscription (1)		27,783			25,402			55,259			50,510
Costs of professional services (1)		15,684			16,757			30,145			33,370
Total costs of revenue		43,467			42,159			85,404			83,880
Gross profit		134,998			108,471			266,424			211,728
Operating expense:
Research and development (1)		24,323			19,989			45,084			37,323
Sales and marketing (1)		80,118			86,942			169,320			173,880
General and administrative (1)		25,068			23,215			49,724			45,328
Total operating expense		129,509			130,146			264,128			256,531
Operating income (loss)		5,489			(21,675)			2,296			(44,803)
Other income (expense), net		7,237			(84)			11,996			211
Income (loss) before provision for income taxes		12,726			(21,759)			14,292			(44,592)
Provision for income taxes		2,241			2,168			999			4,623
Net income (loss)	$	10,485		$	(23,927)		$	13,293		$	(49,215)
Net income (loss) per share, basic	$	0.04		$	(0.09)		$	0.05		$	(0.19)
Weighted average shares used in computing net income (loss) per share, basic		268,900			258,785			267,271			257,860
Net income (loss) per share, diluted	$	0.04		$	(0.09)		$	0.05		$	(0.19)
Weighted average shares used in computing net income (loss) per share, diluted		283,853			258,785			282,951			257,860

⁽¹⁾ Includes stock-based compensation expense, net of amounts capitalized, as follows:

	Three Months Ended July 31,						Six Months Ended July 31,
(in thousands)		2023			2022			2023			2022
Costs of subscription	$	290		$	389		$	590		$	798
Costs of professional services		405			779			808			1,402
Research and development		3,897			3,148			6,964			5,496
Sales and marketing		6,311			7,809			12,266			13,665
General and administrative		3,962			4,072			7,547			7,350
Stock-based compensation expense, net of amounts capitalized	$	14,865		$	16,197		$	28,175		$	28,711

Sprinklr, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Six Months Ended July 31,
		2023			2022
Cash flow from operating activities:
Net income (loss)	$	13,293		$	(49,215)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		7,329			5,502
Bad debt expense		1,149			1,484
Stock-based compensation expense, net of amounts capitalized		28,175			28,711
Non-cash lease expense		2,998			3,002
Deferred income taxes		(3,402)			—
Net amortization/accretion on marketable securities		(7,998)			577
Other non-cash items, net		39			—
Changes in operating assets and liabilities:
Accounts receivable		26,474			18,452
Prepaid expenses and other current assets		7,917			14,245
Other non-current assets		(4,874)			(393)
Accounts payable		(7,897)			22,618
Operating lease liabilities		(2,896)			(3,730)
Accrued expenses and other current liabilities		(25,632)			(18,714)
Litigation settlement		—			(12,000)
Deferred revenue		(2,156)			(6,280)
Other liabilities		616			(1,285)
Net cash provided by operating activities		33,135			2,974
Cash flow from investing activities:
Purchases of marketable securities		(288,727)			(448,083)
Sales of marketable securities		380			2,838
Maturities of marketable securities		205,911			267,699
Purchases of property and equipment		(4,413)			(2,352)
Capitalized internal-use software		(5,744)			(5,016)
Net cash used in investing activities		(92,593)			(184,915)
Cash flow from financing activities:
Proceeds from issuance of common stock upon exercise of stock options		21,350			10,429
Proceeds from issuance of common stock upon ESPP purchase		3,970			6,213
Net cash provided by financing activities		25,320			16,642
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash		(89)			(1,919)
Net change in cash, cash equivalents and restricted cash		(34,227)			(167,218)
Cash, cash equivalents and restricted cash at beginning of period		188,387			321,426
Cash, cash equivalents and restricted cash at end of period	$	154,160		$	154,208

Sprinklr, Inc.
Reconciliation of Non-GAAP Measures
(in thousands)
(unaudited)
	Three Months Ended July 31,						Six Months Ended July 31,
		2023			2022			2023			2022
Non-GAAP gross profit and non-GAAP gross margin:
U.S. GAAP gross profit	$	134,998		$	108,471		$	266,424		$	211,728
Stock-based compensation expense-related charges (1)		710			1,212			1,423			2,246
Non-GAAP gross profit	$	135,708		$	109,683		$	267,847		$	213,974
Gross margin		76 %			72 %			76 %			72 %
Non-GAAP gross margin		76 %			73 %			76 %			72 %
Non-GAAP operating income (loss):
U.S. GAAP operating income (loss)	$	5,489		$	(21,675)		$	2,296		$	(44,803)
Stock-based compensation expense-related charges (2)		15,724			16,615			29,839			29,319
Amortization of acquired intangible assets		50			133			100			265
Non-GAAP operating income (loss)	$	21,263		$	(4,927)		$	32,235		$	(15,219)
Operating margin		3 %			(14) %			1 %			(15) %
Non-GAAP operating margin		12 %			(3) %			9 %			(5) %
Free cash flow:
Net cash provided by operating activities	$	14,574		$	5,884		$	33,135		$	2,974
Purchase of property and equipment		(2,788)			(1,714)			(4,413)			(2,352)
Capitalized internal-use software		(3,061)			(2,728)			(5,744)			(5,016)
Free cash flow	$	8,725		$	1,442		$	22,978		$	(4,394)

⁽¹⁾ Employer payroll tax related to stock-based compensation for the periods ended July 31, 2023 and 2022 was immaterial as it relates to the impact to gross profit.

⁽²⁾ Includes $0.9 million and $0.4 million of employer payroll tax related to stock-based compensation expense for the three months ended July 31, 2023 and 2022, respectively, and $1.7 million and $0.6 million of employer payroll tax related to stock-based compensation expense for the six months ended July 31, 2023 and 2022, respectively.

	Three Months Ended July 31,
	2023									2022
	(in thousands)			Per Share-Basic			Per Share-Diluted			(in thousands)			Per Share-Basic			Per Share-Diluted
Non-GAAP Net Income (Loss) reconciliation to Net Income (Loss)
Net income (loss)	$	10,485		$	0.04		$	0.04		$	(23,927)		$	(0.09)		$	(0.09)
Add:
Stock-based compensation expense-related charges		15,724			0.06			0.05			16,615			0.06			0.06
Amortization of acquired intangible assets		50			0.00			0.00			133			0.00			0.00
Total additions, net		15,774			0.06			0.05			16,748			0.06			0.06
Non-GAAP Net Income (Loss)	$	26,259		$	0.10		$	0.09		$	(7,179)		$	(0.03)		$	(0.03)
Weighted-average shares outstanding used in computing net income (loss) per share, basic		268,900									258,785
Weighted average shares outstanding used in computing net income (loss) per share, diluted		283,853									258,785
	Six Months Ended July 31,
								2023									2022
	(in thousands)			Per Share-Basic			Per Share-Diluted			(in thousands)			Per Share-Basic			Per Share-Diluted
Non-GAAP Net Income (Loss) reconciliation to Net Income (Loss)
Net income (loss)	$	13,293		$	0.05		$	0.05		$	(49,215)		$	(0.19)		$	(0.19)
Add:
Stock-based compensation expense-related charges		29,839			0.11			0.10			29,319			0.11			0.11
Amortization of acquired intangible assets		100			0.00			0.00			265			0.00			0.00
Total additions, net		29,939			0.11			0.10			29,584			0.11			0.11
Non-GAAP Net Income (Loss)	$	43,232		$	0.16		$	0.15		$	(19,631)		$	(0.08)		$	(0.08)
Weighted-average shares outstanding used in computing net income (loss) per share, basic		267,271									257,860
Weighted average shares outstanding used in computing net income (loss) per share, diluted		282,951									257,860

 

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Argan, Inc. Reports Second Quarter Fiscal 2024 Results

ROCKVILLE, Md.–(BUSINESS WIRE)–Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its second quarter of fiscal year 2024, ended July 31, 2023. The Company will host an investor conference call today, September 6, 2023, at 5 p.m. ET.

Consolidated Financial Highlights

($ in thousands, except per share data)

		July 31,
For the Quarter Ended:			2023				2022			Change
Revenues		$	141,349			$	118,110			$	23,239
Gross profit			23,742				24,387				(645	)
Gross margin %			16.8	%			20.6	%			(3.8	)%
Net income		$	12,767			$	4,222			$	8,545
Diluted per share			0.94				0.30				0.64
EBITDA			17,945				14,888				3,057
Cash dividends per share			0.25				0.25				—
		July 31,
For the Six Months Ended:			2023				2022			Change
Revenues		$	245,024			$	218,387			$	26,637
Gross profit			37,966				44,125				(6,159	)
Gross margin %			15.5	%			20.2	%			(4.7	)%
Net income		$	14,876			$	11,707			$	3,169
Diluted per share			1.10				0.80				0.30
EBITDA			21,594				25,621				(4,027	)
Cash dividends per share			0.50				0.50				—
		July 31,				January 31,
As of:			2023				2023			Change
Cash, cash equivalents and investments		$	346,415			$	325,458			$	20,957
Net liquidity (1)			239,526				236,199				3,327
Share repurchase treasury stock, at cost			92,329				88,641				3,688
Project backlog			824,000				822,000				2,000

(1)		Net liquidity, or working capital, is defined as total current assets less total current liabilities.

David Watson, President and Chief Executive Officer of Argan, commented, “Our second quarter performance reflected increased momentum as demonstrated by significant revenue growth, improved bottom line profitability and continuing strength in our balance sheet. During the quarter we were pleased to see our consolidated gross margin percentage return to a range more in line with expected levels based on our revenue mix. Backlog at the close of the second quarter is the third straight quarter in excess of $0.8 billion as new contracts continue to offset the conversion of existing backlog into revenue. For example, APC received full notice to proceed with the Shannonbridge Power Project in Ireland, which upon completion, will contribute to the availability of reliable electricity supply throughout Ireland during critical situations and emergencies. Additionally, Gemma has received limited notices to proceed on three solar and battery projects in Illinois representing a combined 160 MW of electrical power and 22 MW of energy storage. Both projects demonstrate the growing diversity of our backlog and our leadership position as a full-service partner in the planning and construction of all types of power facilities. Our pipeline is strong and we’re energized by the opportunities we’re seeing related to marketplace recognition of our capabilities related to both traditional and renewable power resources.”

Second Quarter Results

Consolidated revenues for the quarter ended July 31, 2023 were $141.3 million, an increase of $23.2 million, or 19.7%, from consolidated revenues of $118.1 million reported for the comparable prior year period. The Company experienced increased revenues at several projects, including the Shannonbridge Power Project, the Trumbull Energy Center, a large combined cycle, gas-fired power plant under construction near Lordstown, Ohio, the three ESB FlexGen peaker plants being built in Dublin, Ireland; and the Kilroot Power Station under construction near Belfast in Northern Ireland. The increase in revenues were partially offset by decreased revenues at the Guernsey Power Station and the Maple Hill Solar energy facility, as those projects are generally near or at completion.

For the three-month period ended July 31, 2023, Argan reported consolidated gross profit of approximately $23.7 million, which represented a gross profit percentage of approximately 16.8% of corresponding consolidated revenues. This was a decrease from gross profit percentage of approximately 20.6% for the three-month period ended July 31, 2022, primarily due to change in the Company’s revenue mix.

Selling, general and administrative expenses declined by $0.5 million, to $10.5 million for the quarter ended July 31, 2023, from $11.0 million in the comparable prior year period.

For the quarter ended July 31, 2023, Argan achieved net income of $12.8 million, or $0.94 per diluted share, compared to $4.2 million, or $0.30 per diluted share, for last year’s comparable quarter. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended July 31, 2023 was $17.9 million compared to $14.9 million in the same period of last year. These results benefitted from an increase in earnings on our invested funds as yields between periods increased meaningfully and from a reduction in income tax expense between periods due to the unfavorable research and development credits adjustment recorded in the prior year quarter.

First Six Months Results

Consolidated revenues for the six months ended July 31, 2023 were $245.0 million, an increase of $26.6 million, or 12.2%, from consolidated revenues of $218.4 million reported for the comparable prior year period, with the improvement primarily due to the growth in revenues for the second quarter of the current year.

For the six months ended July 31, 2023, consolidated gross profit declined to approximately $38.0 million, or consolidated gross margin of 15.5% compared to consolidated gross profit of $44.1 million or consolidated gross margin of 20.2% reported for the six months ended July 31, 2022. The decline in gross profit was primarily due to the change in the mix of major projects for the six months ended July 31, 2023.

Selling, general and administrative expenses declined slightly to $21.1 million for the six months ended July 31, 2023, from $21.6 million incurred in the comparable prior year period.

For the six months ended July 31, 2023, Argan achieved net income of $14.9 million, or $1.10 per diluted share, versus net income of $11.7 million, or $0.80 per diluted share, for last year’s comparable period. EBITDA for the six months ended July 31, 2023 was $21.6 million compared to $25.6 million in the same period of last year. These results, reflect the reduction in consolidated gross profit between periods, offset by an increase in earnings on our invested funds and the reduction in income tax expense between periods due to the aforementioned research and development credits adjustment recorded in the prior year.

As of July 31, 2023, cash and liquid investments totaled $346 million and balance sheet net liquidity was $240 million; furthermore, the Company had no debt.

Share Repurchase Program

During the quarter ended July 31, 2023, the Company repurchased 77,132 shares of common stock at a cost of $3.1 million. Since the start of the program to repurchase shares of our common stock which began in November 2021, the Company has repurchased approximately 2.6 million shares of common stock, or approximately 16% of its outstanding shares at that time, at a cost of approximately $95.3 million, under the $125.0 million share repurchase plan authorized by the Company’s board of directors.

Conference Call and Webcast

Argan will host a conference call and webcast for investors today, September 6, 2023, at 5 p.m. ET.

Domestic stockholders and interested parties may participate in the conference call by dialing (888) 506-0062 and international participants should dial (973) 528-0011; all callers shall use access code: 405007. The call and the accompanying slide deck will also be webcast at:

https://www.webcaster4.com/Webcast/Page/2961/48950

The conference call and slide deck may also be accessed via the Investor Center section of the Company’s website at https://arganinc.com/investor-center/. Please allow extra time prior to the call to visit the site.

A replay of the teleconference will be available until September 20, 2023, and can be accessed by dialing 877-481-4010 (domestic) or 919-882-2331 (international). The replay access code is 48950. A replay of the webcast can be accessed until September 6, 2024.

About Argan

Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.

ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited)
		Three Months Ended								Six Months Ended
		July 31,								July 31,
			2023				2022				2023				2022
REVENUES		$	141,349			$	118,110			$	245,024			$	218,387
Cost of revenues			117,607				93,723				207,058				174,262
GROSS PROFIT			23,742				24,387				37,966				44,125
Selling, general and administrative expenses			10,501				10,984				21,092				21,559
INCOME FROM OPERATIONS			13,241				13,403				16,874				22,566
Other income, net			4,118				505				3,489				1,100
INCOME BEFORE INCOME TAXES			17,359				13,908				20,363				23,666
Income tax expense			4,592				9,686				5,487				11,959
NET INCOME			12,767				4,222				14,876				11,707
Foreign currency translation adjustments			(185	)			(687	)			255				(1,951	)
Net unrealized losses on available-for-sale securities			(683	)			—				(720	)			—
COMPREHENSIVE INCOME		$	11,899			$	3,535			$	14,411			$	9,756
NET INCOME PER SHARE
Basic		$	0.95			$	0.30			$	1.11			$	0.81
Diluted		$	0.94			$	0.30			$	1.10			$	0.80
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Basic			13,403				14,134				13,408				14,516
Diluted			13,542				14,247				13,544				14,616
CASH DIVIDENDS PER SHARE		$	0.25			$	0.25			$	0.50			$	0.50

ARGAN, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share data)
		July 31,				January 31,
			2023				2023
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents		$	204,799			$	173,947
Investments			141,616				151,511
Accounts receivable, net			44,532				50,132
Contract assets			20,747				24,778
Other current assets			43,438				38,334
TOTAL CURRENT ASSETS			455,132				438,702
Property, plant and equipment, net			10,457				10,430
Goodwill			28,033				28,033
Intangible assets, net			2,413				2,609
Deferred taxes, net			3,910				3,689
Right-of-use and other assets			5,763				6,024
TOTAL ASSETS		$	505,708			$	489,487
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable		$	31,530			$	56,375
Accrued expenses			67,620				49,867
Contract liabilities			116,456				96,261
TOTAL CURRENT LIABILITIES			215,606				202,503
Noncurrent liabilities			5,066				6,087
TOTAL LIABILITIES			220,672				208,590
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.10 per share – 500,000 shares authorized; no shares issued and outstanding			—				—
Common stock, par value $0.15 per share – 30,000,000 shares authorized; 15,828,289 shares issued; 13,353,653 and 13,441,590 shares outstanding at July 31, 2023 and January 31, 2023, respectively			2,374				2,374
Additional paid-in capital			162,323				162,208
Retained earnings			216,009				207,832
Less treasury stock, at cost – 2,474,636 and 2,386,699 shares at July 31, 2023 and January 31, 2023, respectively			(92,329	)			(88,641	)
Accumulated other comprehensive loss			(3,341	)			(2,876	)
TOTAL STOCKHOLDERS’ EQUITY			285,036				280,897
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	505,708			$	489,487

ARGAN, INC. AND SUBSIDIARIES RECONCILIATIONS TO EBITDA (In thousands) (Unaudited)
		Three Months Ended
		July 31,
			2023			2022
Net income, as reported		$	12,767		$	4,222
Income tax expense			4,592			9,686
Depreciation			488			747
Amortization of intangible assets			98			233
EBITDA		$	17,945		$	14,888
		Six Months Ended
		July 31,
			2023			2022
Net income, as reported		$	14,876		$	11,707
Income tax expense			5,487			11,959
Depreciation			1,035			1,556
Amortization of intangible assets			196			399
EBITDA		$	21,594		$	25,621

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230906382408/en/

Company Contact:

David Watson

301.315.0027

Investor Relations Contact:

John Nesbett/Jennifer Belodeau

IMS Investor Relations

203.972.9200

KEYWORDS: Europe United States United Kingdom North America Maryland

INDUSTRY KEYWORDS: Other Manufacturing Technology Construction & Property Other Energy Other Technology Oil/Gas Alternative Energy Manufacturing Energy Other Construction & Property

MEDIA:

Posted on September 6, 2023 7:41 pm

Y-mAbs to Participate at Upcoming Investor Conferences in September

NEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) — Y-mAbs Therapeutics, Inc. (the “Company” or “Y-mAbs”) (Nasdaq: YMAB), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel, antibody-based therapeutic products for the treatment of cancer, today announced that the Company will participate at the following upcoming investor conferences:

• Thomas Gad, Founder, President and Interim Chief Executive Officer, will participate in a fireside chat at the H.C. Wainwright 25^th Annual Global Investment Conference in New York, NY on Monday, September 11, 2023 at 11:30 a.m. ET.
• Mr. Gad and and Bo Kruse, Chief Financial Officer, will participate in one-on-one meetings at the Morgan Stanley 21^st Annual Global Healthcare Conference in New York, NY on Tuesday, September 12, 2023.

About Y-mAbs

Y-mAbs is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel, antibody-based therapeutic cancer products. In addition to conventional antibodies, the Company’s technologies include bispecific antibodies generated using the Y-BiClone platform and the SADA platform. The Company’s broad and advanced product pipeline includes one FDA-approved product, DANYELZA® (naxitamab-gqgk), which targets tumors that express GD2, and one product candidate, OMBLASTYS® (omburtamab), which targets tumors that express B7-H3.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, statements about our business model, including the Company’s plans and strategies, development, commercialization and product distribution plans; expectations with respect to our products and product candidates, including the potential of DANYELZA and product candidates based on the SADA technology and the potential benefits thereof; and other statements that are not historical facts.. Words such as ‘‘anticipate,’’ ‘‘believe,’’ “contemplate,” ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ “hope,” ‘‘intend,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘should,’’ ‘‘target,’’ “will”, ‘‘would’’, “guidance,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our product candidates and related technologies are novel approaches to cancer treatment that present significant challenges. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including but not limited to: risks associated with our financial condition and need for additional capital; the risks that actual results of our restructuring plan and revised business plan will not be as expected; risks associated with our development work; cost and success of our product development activities and clinical trials; the risks of delay in the timing of our regulatory submissions or failure to receive approval of our drug candidates; the risks related to commercializing any approved pharmaceutical product including the rate and degree of market acceptance of our product candidates; development of our sales and marketing capabilities and risks associated with failure to obtain sufficient reimbursement for our products; the risks related to our dependence on third parties including for conduct of clinical testing and product manufacture; our inability to enter into partnerships; the risks related to government regulation; risks related to market approval, risks associated with protection of our intellectual property rights; risks related to employee matters and managing growth; risks related to our common stock, risks associated with macroeconomic conditions, including the conflict between Russia and Ukraine and sanctions related thereto, inflation, increased interest rates, uncertain global credit and capital markets and disruptions in banking systems; and other risks and uncertainties affecting the Company including those described in the “Risk Factors” section included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 and future filings and reports by the Company. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

DANYELZA®, OMBLASTYS® and Y-mAbs® are registered trademarks of Y-mAbs Therapeutics, Inc.

Investor Contact:

Courtney Dugan
VP, Head of Investor Relations
[email protected]

Posted on September 6, 2023 7:37 pm

Cidara to Present at the 25th Annual H.C. Wainwright Global Investment Conference

SAN DIEGO, Sept. 06, 2023 (GLOBE NEWSWIRE) — Cidara Therapeutics, Inc. (NASDAQ: CDTX), a biotechnology company using its proprietary Cloudbreak^® platform to develop drug-Fc conjugate (DFC) immunotherapies designed to save lives and improve the standard of care for patients facing serious diseases, today announced that Jeffrey Stein, Ph.D., President and Chief Executive Officer, will present at the 25^th Annual H.C. Wainwright Global Investment Conference.

Presentation details are as follows:

Event: 25^th Annual H.C. Wainwright Global Investment Conference
Date: Monday, September 11, 2023
Time: 10:00m ET
Webcast: https://journey.ct.events/view/d6eea6e4-f704-4857-80b1-def62bc206ec

Cidara’s presentation will be available on-demand from the above date/time in the investors section on the Company’s website at www.cidara.com. The replay of the presentation will be available for 90 days.

About Cidara Therapeutics

Cidara Therapeutics is using its proprietary Cloudbreak^® platform to develop novel drug-Fc conjugates (DFCs). These targeted immunotherapies offer the unique opportunity to create “single molecule cocktails” comprised of targeted small molecules and peptides coupled to a human antibody fragment (Fc). DFCs are designed to save lives and improve the standard of care for patients facing cancers and other serious diseases by inhibiting specific disease targets while simultaneously engaging the immune system. In addition, Cidara received FDA approval for REZZAYO™ (rezafungin for injection), which it has licensed to multiple partners to commercialize in the U.S. and ex-U.S. Cidara is headquartered in San Diego, California. For more information, please visit www.cidara.com.

INVESTOR CONTACT:

Brian Ritchie
LifeSci Advisors
(212) 915-2578
[email protected]

MEDIA CONTACT:

Veronica Eames
LifeSci Communications
646-970-4682
[email protected]

Posted on September 6, 2023 7:36 pm

Amundi US Declares Monthly Distributions for Pioneer Closed-End Funds

Amundi US Declares Monthly Distributions for Pioneer Closed-End Funds

BOSTON–(BUSINESS WIRE)–
Amundi US today announced the declaration of dividends for six Pioneer closed-end funds for September 2023.

Ex-Date:			September 19, 2023
Record Date:			September 20, 2023
Payable:			September 29, 2023

Ticker		Taxable Funds		Distribution Per Share		Change From Previous Month
HNW		Pioneer Diversified High Income Fund, Inc.		$0.09001		–
PHD		Pioneer Floating Rate Fund, Inc.		$0.0925		–
PHT		Pioneer High Income Fund, Inc.		$0.0550		–
Ticker		Tax-Exempt Funds		Distribution Per Share		Change From Previous Month
MAV		Pioneer Municipal High Income Advantage Fund, Inc.		$0.02751		–
MHI		Pioneer Municipal High Income Fund, Inc.		$0.02751		–
MIO		Pioneer Municipal High Income Opportunities Fund, Inc.		$0.04251		–

		Market Price		Market Price Distribution Rate		NAV		NAV Distribution Rate
Pioneer Diversified High Income Fund, Inc.		$10.38		10.40%		$11.94		9.05%
Pioneer Floating Rate Fund, Inc.		$9.10		12.20%		$10.23		10.85%
Pioneer High Income Fund, Inc.		$6.89		9.58%		$7.75		8.52%
Pioneer Municipal High Income Advantage Fund, Inc.		$7.35		4.49%		$8.74		3.78%
Pioneer Municipal High Income Fund, Inc.		$7.95		4.15%		$9.46		3.49%
Pioneer Municipal High Income Opportunities Fund, Inc.		$10.18		5.01%		$12.00		4.25%

¹ At this time, it is believed that a portion of the Fund’s current monthly distribution may be comprised of amounts from sources other than net investment income.

If any Fund estimates that any portion of its distribution may be comprised of amounts from sources other than net investment income, the Fund will provide shareholders a separate written notice. These notices are provided for informational purposes only, and should not be used for tax reporting purposes. The final determination of tax characteristics of each Fund’s distributions will occur after the end of its fiscal year, at which time it will be reported to shareholders. A return of capital is not a distribution of income or capital gains from the Fund, does not necessarily reflect the Fund’s investment performance, and should not be considered “yield” or “income.”

­The closing market price and NAV are based on data as of September 5, 2023. The Market Price Distribution Rate is calculated by dividing the latest declared monthly distribution per share (annualized) by the market price. The NAV Distribution Rate is calculated by dividing the latest declared monthly distribution per share (annualized) by the NAV per share.

The funds are closed-end investment companies. Five of these funds trade on the New York Stock Exchange (NYSE) under the following symbols: PHD, MHI, MAV, PHT, and MIO; HNW trades on the NYSEAMER.

Keep in mind, distribution rates are not guaranteed. A fund’s distribution rate may be affected by numerous factors, including changes in actual or projected investment income, the level of undistributed net investment income, if any, and other factors. Shareholders should not draw any conclusions about a fund’s investment performance based on a fund’s current distributions. Closed-end funds, unlike open-end funds, are not continuously offered. Once issued, common shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of common shares outstanding. For performance data on Amundi US’s closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.

About Amundi US

Amundi US is the US business of Amundi, Europe’s largest asset manager by assets under management and ranked among the ten largest globally¹. Boston is one of Amundi’s six main global investment hubs² and offers a broad range of fixed-income, equity, and multi-asset investment solutions in close partnership with wealth management firms, distribution platforms, and institutional investors across the Americas, Europe, and Asia-Pacific.

With our financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape. Amundi clients benefit from the expertise and advice of 5,400³ team members and market professionals in 35 countries³. A subsidiary of the Crédit Agricole group and listed on the Paris stock exchange, Amundi currently manages approximately $2.13 trillion of assets³.

Amundi, a Trusted Partner, working every day in the interest of our clients and society

www.amundi.com/us

Follow us on linkedin.com/company/amundi-us/ and twitter.com/amundi_us.

¹ Source: IPE “Top 500 Asset Managers” published in June 2023, based on assets under management as of December 31, 2022.

² Boston, Dublin, London, Milan, Paris, and Tokyo

³ Amundi data as of 6/30/2023

Shareholder Inquiries: Please contact your financial advisor or visit www.amundi.com/us.

Amundi Distributor US, Inc., Member SIPC

60 State Street, Boston, MA 02109

©2023 Amundi Asset Management US, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230906838155/en/

Broker/Advisor Inquiries Please Contact: 800-622-9876

Media Inquiries Please Contact: Geoff Smith, 617-504-8520

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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Dun & Bradstreet Launches Global Business Optimism Insights

Dun & Bradstreet^® Global Business Optimism Insights point to divergent global growth in Q3 2023, with deterioration in advanced economies and improvement in emerging economies

JACKSONVILLE, Fla.–(BUSINESS WIRE)–
Dun & Bradstreet (NYSE:DNB), a leading global provider of business decisioning data and analytics, today announced Dun & Bradstreet Global Business Optimism Insights, its inaugural quarterly report gauging the optimism levels of businesses around the world. The report provides a unique and comprehensive view into the thinking behind the operational and investment expectations of business leaders.

Dun & Bradstreet Global Business Optimism Insights is an amalgamation of five indices for 32 economies including the Global Business Optimism Index,Global Business Supply Chain Continuity Index,Global Business Financial Confidence Index,Global Business Investment Confidence Index,andGlobal Business ESG Index.

The Q3 2023 Global Business Optimism Insights report finds that the global economy is expected to grow, though slower than it did last quarter, due to the decline in advanced economies in contrast with the growth in emerging economies. Nordic businesses are the most pessimistic about their supply chain continuity, followed by U.S. based businesses. The Global Business Investment Confidence Index has improved the most for Russian businesses, yet it remains the lowest among the 32 economies.

Additional key insights:

• The Global Business Optimism Index declined 1.5% in Q3 2023, compared with Q2 2023; it declined 2% for advanced economies and grew 0.4% for emerging economies, indicating that businesses exposed to advanced economies should exercise caution and revisit their growth strategies, such as enhancing client coverage across emerging economies. Economic growth will be asymmetric, posing risks and presenting pockets of opportunity. The impact of the economic cycle will be amplified by the depth of corporate linkages, including suppliers, vendors, and customers, spread across other regions.
  • Moreover, businesses across Financial Services, Automotive, and Metals & Mining are least optimistic, whereas those across Utilities, Trade, and Hospitality are the most optimistic for growth.

• The Global Business Supply Chain Continuity Index declined 5.8% in Q3 2023, compared with Q2 2023, due to increased delivery time and cost. Businesses need to consider supply chain linkages to have a comprehensive view of their upstream and downstream risks. Given the economic uncertainty and regulations, it is advisable to review supply chain resilience and look for opportunities presented by reshoring, nearshoring, and friendshoring trends.
  • Strengthening climate and emission regulations have lowered supply chain continuity for businesses in Mining & Metals, Construction, and Transportation, reiterating the importance of sustainability across all tiers of suppliers.

• The Global Business Financial Confidence Index declined marginally in Q3 2023 due to continued stress on balance sheets and unprecedented monetary tightening, suggesting that businesses must recognize that the current economic landscape necessitates a more proactive approach to credit risk mitigation. Having visibility into credit risk across the entire global portfolio can help inform treatment strategies and prioritize collections.
  • Businesses in the Czech Republic, France, Mexico, Spain, and the U.S. are the least confident about their financial conditions, whereas those in Japan, South Korea, and Turkey are the most confident.

• The Global Business Investment Confidence Index increased slightly in Q3 2023 as businesses expect the capacity utilization rate to go up this year, indicating optimism around investment recovery through 2023.
  • Technology and R&D investments top the list of expected capital expenditures, with nearly 40% of businesses anticipating 6-10% growth in investments for these categories, indicating that businesses exposed to these sectors can leverage underlying growth opportunities.

• The Global Business ESG Index for continental Europe lags the U.S. and Asia due to differing energy security interests and approaches to renewable energy within the region.

“The declines in Global Business Optimism, Supply Chain Continuity, and Financial Confidence indices reflect the underlying stress in the global economy,” said Arun Singh, Global Chief Economist, Dun & Bradstreet. “While the unprecedented monetary tightening has helped control inflation in some countries, it has also introduced the specter of an economic slowdown and stress in the balance sheets of businesses. However, the global economy has not fared as badly as feared, as most businesses anticipate a 2% to 6% growth in their investment levels across technology, real estate, product development, and sustainability initiatives, offering hope for improvement in economic conditions.”

Dun & Bradstreet Global Business Optimism Insights were created by synthesizing findings from a survey of approximately 10,000 businesses across 32 economies, along with insights from Dun & Bradstreet’s proprietary data and economic expertise. The indices range from 0 to 100, with a reading above 50 indicating an improvement and below 50 a deterioration.

View the full report here.

About Dun & Bradstreet

Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230906303971/en/

Media:

Dawn McAbee

904-648-6328

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Data Management Technology Professional Services Other Communications Marketing Communications Other Technology Data Analytics Software Networks Internet

MEDIA:

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