Market Newsdesk

March 3, 2025 4:06 pm

Lightwave Logic to Host Special Call on March 13, 2025

PR Newswire

ENGLEWOOD, Colo.
, March 3, 2025 /PRNewswire/ — Lightwave Logic, Inc. (NASDAQ: LWLG) announced today that it will host a special call on Thursday, March 13, 2025, to further detail the industry application for electro-optic polymers, the Company’s competitive position, and its go-to-market strategy.

The call will be webcast at 4:30 pm Eastern Time via the Investor Relations section of the Company’s website at www.lightwavelogic.com. The call will include a question-and-answer session, and investors are invited to email questions in advance to [email protected].

Interested parties may access the webcast on the Company website’s ‘Events Calendar’ section or register at the following link (registration link).

A webcast replay will be made available on the Company’s website shortly after the call’s conclusion.

About Lightwave Logic, Inc.
Lightwave Logic, Inc. (NASDAQ: LWLG) www.lightwavelogic.com is a technology platform company leveraging its proprietary engineered electro-optic (EO) polymers to transmit data at higher speeds with less power in a small form factor. The Company’s high-activity and high-stability organic polymers allow it to create next-generation photonic EO devices that convert data from electrical signals into light/optical signals for applications in telecommunications and for data transmission potentially used to support generative AI.

Safe Harbor Statement

The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words “may,” “will,” “should,” “plans,” “explores,” “expects,” “anticipates,” “continue,” “estimate,” “project,” “intend,” and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, lack of available funding; general economic and business conditions; competition from third parties; intellectual property rights of third parties; regulatory constraints; changes in technology and methods of marketing; delays in completing various engineering and manufacturing programs; changes in customer order patterns; changes in product mix; success in technological advances and delivering technological innovations; shortages in components; production delays due to performance quality issues with outsourced components; those events and factors described by us in Item 1.A “Risk Factors” in our most recent Form 10-K and 10-Q; other risks to which our company is subject; other factors beyond the company’s control.

Contacts:

Ryan Coleman or Nick Teves
Alpha IR Group for Lightwave Logic
[email protected]
312-445-2870

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SOURCE Lightwave Logic, Inc.

March 3, 2025 4:06 pm

Heidrick & Struggles Posts 9% Revenue Growth in Q4 with Strong Profitability

PR Newswire

Quarterly Revenue Exceeds High End of Outlook

All Business Segments Contribute to Top Line Growth

Financial Highlights:

Q4 2024 net revenue of $276.2 million increased 9% year over year and full year net revenue of $1,098.6 million increased 7% year over year
Adjusted EBITDA in Q4 2024 was $26.1 million with adjusted EBITDA margin of 9.5% and full year adjusted EBITDA was $111.2 million with adjusted EBITDA margin of 10.1%
Q4 2024 adjusted net income was $22.9 million with adjusted diluted earnings per share of $1.08 and full year adjusted net income was $66.1 million with adjusted diluted earnings per share of $3.12
Q1 2025 revenue outlook between $263 million and $273 million
The Board of Directors declared a $0.15 per share cash dividend

CHICAGO
, March 3, 2025 /PRNewswire/ — Heidrick & Struggles International, Inc. (Nasdaq: HSII) (“Heidrick & Struggles”, “Heidrick” or the “Company”), a premier provider of global leadership advisory and on-demand talent solutions, today announced financial results for its fourth quarter and year ended December 31, 2024.

“We finished 2024 on a strong note, highlighted by a fourth quarter performance that exceeded our expectations,” said CEO Tom Monahan. “As we move into 2025, our team is energized and focused on the significant opportunity for client impact in a complex, volatile world. This opportunity – combined with the focus and caliber of our team – gives us great confidence that we can attain our long-term financial targets.

As we discussed at our inaugural investor day in December, we serve a large and growing market defined by urgent client needs. We’ve assembled a world class team and unique capabilities to meet those needs. With our iconic brand, powerful technology and valuable intellectual property, we are focused on rapidly achieving the long-term goals we shared and creating value for our clients and shareholders.”

Selected Consolidated Results
(Dollars in millions, except per share amounts)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Revenue before reimbursements (net revenue)	$ 276.2	$ 253.2	$ 1,098.6	$ 1,026.9

Adjusted results (a):
Adjusted EBITDA	$ 26.1	$ 35.8	$ 111.2	$ 125.6
Adjusted EBITDA margin	9.5 %	14.1 %	10.1 %	12.2 %
Adjusted net income	$ 22.9	$ 14.9	$ 66.1	$ 60.4
Adjusted diluted earnings per share	$ 1.08	$ 0.72	$ 3.12	$ 2.91


(a) Non-GAAP financial measures. See Non-GAAP Financial Measures, Reconciliations of Net Income (Loss) and Adjusted Net Income, and Reconciliations of Operating Income (Loss) to Adjusted EBITDA at the end of this press release for more information.

2024
Fourth Quarter Results

Consolidated net revenue increased 9.1% to $276.2 million in the 2024 fourth quarter compared to consolidated net revenue of $253.2 million in the 2023 fourth quarter (up 9.3%, or $23.5 million on a constant currency basis). The revenue increase was driven by year-over-year growth in each of the Company’s lines of business — Executive Search, On-Demand Talent, and Heidrick Consulting.

2024 fourth quarter net loss was $15.0 million and diluted loss per share was $0.73 which included a non-cash goodwill impairment charge of $43.3 million related to the Company’s On-Demand Talent segment and an earnout fair value reduction of $0.8 million related to the Heidrick Consulting segment. Excluding these charges, 2024 fourth quarter adjusted net income increased 54.2% to $22.9 million compared to adjusted net income of $14.9 million in the 2023 fourth quarter. 2024 fourth quarter adjusted diluted earnings per share was $1.08, with an adjusted effective tax rate of 22.8% compared to adjusted diluted earnings per share of $0.72 with an effective tax rate of 40.5% in the 2023 fourth quarter. On a comparable basis, applying a 40.5% effective tax rate in the 2024 fourth quarter, adjusted diluted earnings per share increased 16.7% to $0.84 from the year-ago period.

Adjusted EBITDA was $26.1 million in the 2024 fourth quarter compared to $35.8 million in the 2023 fourth quarter, and 2024 fourth quarter adjusted EBITDA margin was 9.5% compared to 14.1% in the 2023 fourth quarter.

Fiscal 2024 Results

Consolidated net revenue increased 7.0%, or $71.7 million to $1,098.6 million compared to $1,026.9 million in 2023 (up 6.9%, or $71.4 million on a constant currency basis).

2024 net income was $8.7 million and diluted earnings per share was $0.41, which included a non-cash goodwill impairment charge of $59.5 million, a restructuring charge of $6.9 million and earnout fair value adjustments of $0.4 million. This compares to 2023 net income of $54.4 million and diluted earnings per share of $2.62, which included a non-cash goodwill impairment charge of $7.2 million. Excluding the charges in both periods, adjusted net income increased 9.4% to $66.1 million in 2024 compared to $60.4 million in 2023 and adjusted diluted earnings per share increased 7.2% to $3.12 in 2024 compared to $2.91 in 2023.

Adjusted EBITDA was $111.2 million compared to $125.6 million in the prior year. Adjusted EBITDA margin was 10.1%, compared to 12.2% in the prior year.

Selected Executive Search Data
(Dollars in millions, except Average revenue per executive search in thousands)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Revenue before reimbursements (net revenue)	$ 202.5	$ 184.0	$ 818.4	$ 780.0
Ending number of consultants	418	414	418	414
Consultant productivity	$ 2.0	$ 1.8	$ 2.0	$ 1.9
Average revenue per executive search	$ 151	$ 138	$ 146	$ 140
Confirmations (% increase/decrease)	0.5 %	4.0 %	0.1 %	(10.5) %

Adjusted results (a):
Adjusted EBITDA	$ 50.5	$ 54.7	$ 202.4	$ 206.7
Adjusted EBITDA margin	25.0 %	29.7 %	24.7 %	26.5 %


(a) Non-GAAP financial measures. See Non-GAAP Financial Measures, Reconciliations of Net Income (Loss) and Adjusted Net Income, and Reconciliations of Operating Income (Loss) to Adjusted EBITDA at the end of this press release for more information.

Executive Search net revenue was $202.5 million in the 2024 fourth quarter compared to net revenue of $184.0 million in the 2023 fourth quarter, an increase of $18.6 million, or 10.1%. The increase in revenue was driven by increases of 11.1% in the Americas (up 11.7% on a constant currency basis), 8.1% in Europe (up 7.3% on a constant currency basis), and 7.6% in Asia Pacific (up 8.0% on a constant currency basis) when compared to the prior year fourth quarter.

Adjusted EBITDA was $50.5 million in the 2024 fourth quarter compared to $54.7 million in the 2023 fourth quarter, and 2024 fourth quarter adjusted EBITDA margin was 25.0% compared to 29.7% in the 2023 fourth quarter.

Selected On-Demand Talent Data
(Dollars in millions)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Revenue before reimbursements (net revenue)	$ 42.3	$ 41.1	$ 168.3	$ 152.5

Adjusted results (a):
Adjusted EBITDA	$ (1.2)	$ 0.8	$ (2.0)	$ 1.4
Adjusted EBITDA margin	(2.8) %	1.9 %	(1.2) %	0.9 %


(a) Non-GAAP financial measures. See Non-GAAP Financial Measures, Reconciliations of Net Income (Loss) and Adjusted Net Income, and Reconciliations of Operating Income (Loss) to Adjusted EBITDA at the end of this press release for more information.

On-Demand Talent net revenue was $42.3 million in the 2024 fourth quarter compared to net revenue of $41.1 million in the 2023 fourth quarter, an increase of $1.2 million or 3.0% (up $1.3 million, or 3.3% on a constant currency basis).

Adjusted EBITDA loss was $1.2 million in the 2024 fourth quarter compared to a gain of $0.8 million in the 2023 fourth quarter, and Adjusted EBITDA margin was (2.8%) compared to 1.9% in the 2023 fourth quarter.

Selected Heidrick Consulting Data
(Dollars in millions)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Revenue before reimbursements (net revenue)	$ 31.3	$ 28.1	$ 111.9	$ 94.3
Ending number of consultants	85	89	85	89

Adjusted results (a):
Adjusted EBITDA	$ (1.8)	$ 1.0	$ (6.2)	$ (5.8)
Adjusted EBITDA margin	(5.7) %	3.6 %	(5.6) %	(6.2) %


(a) Non-GAAP financial measures. See Non-GAAP Financial Measures, Reconciliations of Net Income (Loss) and Adjusted Net Income, and Reconciliations of Operating Income (Loss) to Adjusted EBITDA at the end of this press release for more information.

Heidrick Consulting net revenue was $31.3 million in the 2024 fourth quarter compared to net revenue of $28.1 million in the 2023 fourth quarter, an increase of $3.2 million or 11.5% (up $3.1 million, or 11.0% on a constant currency basis).

Adjusted EBITDA loss was $1.8 million in the 2024 fourth quarter compared to a gain of $1.0 million in the 2023 fourth quarter, and Adjusted EBITDA margin was (5.7%) compared to 3.6% in the 2023 fourth quarter.

Dividend

The Board of Directors declared a 2025 first quarter cash dividend of $0.15 per share payable on March 27, 2025, to shareholders of record at the close of business on March 13, 2025.

2025
First Quarter Outlook

The Company expects 2025 first quarter consolidated net revenue of between $263 million and $273 million, which may be impacted by external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions. In addition, this outlook is based on the average currency rates in December 2024 and reflects, among other factors, management’s assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, and consultant retention along with the current backlog.

Quarterly Webcast and Conference Call

Heidrick & Struggles will host a conference call to review its fourth quarter results today, March 3, 2025, at 5:00 pm Eastern Time. Participants may access the Company’s call and supporting slides through its website at http://www.heidrick.com or by dialing (800) 715-9871 or (646) 307-1963, conference ID# 4805686. For those unable to participate on the live call, a webcast and copy of the slides will be archived at http://www.heidrick.com and available for up to 30 days following the investor call.

About Heidrick & Struggles International, Inc.

Heidrick & Struggles (Nasdaq: HSII) is the world’s foremost advisor on executive leadership, driving superior client performance through premier human capital leadership advisory services. For more than 70 years, we’ve delivered value for our clients by leveraging unrivaled expertise to help organizations discover and enable outstanding leaders and teams. Learn more at www.heidrick.com.

Non-GAAP Financial Measures

To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Heidrick & Struggles presents certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.

Non-GAAP financial measures used within this earnings release are adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and net revenue excluding the impact of exchange rate fluctuations (referred to as constant currency). These measures are presented because management uses this information to monitor and evaluate financial results and allocate resources. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.

Adjusted net income and adjusted diluted earnings per share are net income and diluted earnings per share excluding goodwill impairment, restructuring charges and earnout fair value adjustments, net of tax.

Adjusted effective tax rate is effective tax rate excluding goodwill impairment, restructuring charges and earnout fair value adjustments, net of tax.

Adjusted EBITDA refers to net income before interest, taxes, depreciation and amortization, as adjusted, to the extent they occur, for earnout accretion, earnout fair value adjustments, contingent compensation, deferred compensation plan income or expense, certain reorganization costs, impairment charges and restructuring charges

Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.

The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the first quarter of 2025. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management’s beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients’ ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the fact that increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks could pose a risk to our systems, networks, solutions, services and data; the fact that our net revenue may be affected by adverse macroeconomic or labor market conditions, including impacts of inflation and effects of geopolitical instability; the aggressive competition we face; the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the conflict in Israel and the Gaza strip, the risks of an expansion or escalation of those conflicts and our ability to quickly and completely recover from any disruption to our business; the impact from actions by the new U.S. presidential administration and Congress; unfavorable tax law changes and tax authority rulings; our ability to realize the benefit of our net deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to maintain an effective system of disclosure controls and internal control over our financial reporting and produce accurate and timely financial statements; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2024, under the heading “Risk Factors” in Item 1A. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors & Analysts:

Suzanne Rosenberg, Vice President, Investor Relations
[email protected]

Media:

Bianca Wilson, Global Director, Public Relations
[email protected]

Heidrick & Struggles International, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended December 31,
	2024	2023	$ Change	% Change
Revenue
Revenue before reimbursements (net revenue)	$ 276,191	$ 253,162	$ 23,029	9.1 %
Reimbursements	4,695	4,228	467	11.0 %
Total revenue	280,886	257,390	23,496	9.1 %

Operating expenses
Salaries and benefits	180,298	151,036	29,262	19.4 %
General and administrative expenses	39,439	44,089	(4,650)	(10.5) %
Cost of services	30,792	30,221	571	1.9 %
Research and development	6,053	5,952	101	1.7 %
Impairment charges	43,254	—	43,254	NM
Reimbursed expenses	4,695	4,228	467	11.0 %
Total operating expenses	304,531	235,526	69,005	29.3 %

Operating income (loss)	(23,645)	21,864	(45,509)	NM

Non-operating income (loss)
Interest, net	5,154	3,950
Other, net	5,689	(840)
Net non-operating income	10,843	3,110

Income (loss) before income taxes	(12,802)	24,974

Provision for income taxes	2,174	10,119

Net income (loss)	(14,976)	14,855

Other comprehensive income, net of tax	(14,985)	7,951

Comprehensive income (loss)	$ (29,961)	$ 22,806

Weighted-average common shares outstanding
Basic	20,409	20,122
Diluted	21,125	20,670

Earnings (loss) per common share
Basic	$ (0.73)	$ 0.74
Diluted	$ (0.73)	$ 0.72

Salaries and benefits as a % of net revenue	65.3 %	59.7 %
General and administrative expenses as a % of net revenue	14.3 %	17.4 %
Cost of services as a % of net revenue	11.1 %	11.9 %
Research and development as a % of net revenue	2.2 %	2.4 %
Operating margin	(8.6) %	8.6 %

Heidrick & Struggles International, Inc.
Segment Information
(In thousands)
(Unaudited)

	Three Months Ended December 31,
	2024	2023	$ Change	% Change	2024 Margin¹	2023 Margin¹
Revenue
Executive Search
Americas	$ 138,642	$ 124,778	$ 13,864	11.1 %
Europe	40,312	37,275	3,037	8.1 %
Asia Pacific	23,567	21,912	1,655	7.6 %
Total Executive Search	202,521	183,965	18,556	10.1 %
On-Demand Talent	42,342	41,096	1,246	3.0 %
Heidrick Consulting	31,328	28,101	3,227	11.5 %
Revenue before reimbursements (net revenue)	276,191	253,162	23,029	9.1 %
Reimbursements	4,695	4,228	467	11.0 %
Total revenue	$ 280,886	$ 257,390	$ 23,496	9.1 %


Adjusted EBITDA
Executive Search
Americas	$ 43,812	$ 45,801	$ (1,989)	(4.3) %	31.6 %	36.7 %
Europe	3,578	5,759	(2,181)	(37.9) %	8.9 %	15.5 %
Asia Pacific	3,145	3,169	(24)	(0.8) %	13.3 %	14.5 %
Total Executive Search	50,535	54,729	(4,194)	(7.7) %	25.0 %	29.7 %
On-Demand Talent	(1,197)	774	(1,971)	NM	(2.8) %	1.9 %
Heidrick Consulting	(1,790)	1,025	(2,815)	NM	(5.7) %	3.6 %
Total segments	47,548	56,528	(8,980)	(15.9) %	17.2 %	22.3 %
Research and Development	(4,704)	(5,139)	435	8.5 %	(1.7) %	(2.0) %
Global Operations Support	(16,700)	(15,632)	(1,068)	(6.8) %	(6.0) %	(6.2) %
Total Adjusted EBITDA	$ 26,144	$ 35,757	$ (9,613)	(26.9) %	9.5 %	14.1 %


¹	Margin based on revenue before reimbursements (net revenue).

Heidrick & Struggles International, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands, except per share amounts)
(Unaudited)

	Twelve Months Ended December 31,
	2024	2023	$ Change	% Change
Revenue
Revenue before reimbursements (net revenue)	$ 1,098,573	$ 1,026,864	$ 71,709	7.0 %
Reimbursements	17,103	14,318	2,785	19.5 %
Total revenue	1,115,676	1,041,182	74,494	7.2 %

Operating expenses
Salaries and benefits	715,628	656,030	59,598	9.1 %
General and administrative expenses	166,995	156,494	10,501	6.7 %
Cost of services	118,950	109,039	9,911	9.1 %
Research and development	23,055	22,698	357	1.6 %
Impairment charges	59,478	7,246	52,232	NM
Restructuring charges	6,939	—	6,939	100.0 %
Reimbursed expenses	17,103	14,318	2,785	19.5 %
Total operating expenses	1,108,148	965,825	142,323	14.7 %

Operating income	7,528	75,357	(67,829)	(90.0) %

Non-operating income
Interest, net	14,422	11,617
Other, net	8,702	1,697
Net non-operating income	23,124	13,314

Income before income taxes	30,652	88,671

Provision for income taxes	21,924	34,261

Net income	8,728	54,410

Other comprehensive income (loss), net of tax	(14,174)	4,318

Comprehensive income (loss)	$ (5,446)	$ 58,728

Weighted-average common shares outstanding
Basic	20,293	20,029
Diluted	21,188	20,766

Earnings per common share
Basic	$ 0.43	$ 2.72
Diluted	$ 0.41	$ 2.62

Salaries and benefits as a % of net revenue	65.1 %	63.9 %
General and administrative expenses as a % of net revenue	15.2 %	15.2 %
Cost of services as a % of net revenue	10.8 %	10.6 %
Research and development as a % of net revenue	2.1 %	2.2 %
Operating margin	0.7 %	7.3 %

Heidrick & Struggles International, Inc.
Segment Information
(In thousands)
(Unaudited)

	Twelve Months Ended December 31,
	2024	2023	$ Change	% Change	2024 Margin¹	2023 Margin¹
Revenue
Executive Search
Americas	$ 556,944	$ 522,988	$ 33,956	6.5 %
Europe	165,018	166,379	(1,361)	(0.8) %
Asia Pacific	96,396	90,678	5,718	6.3 %
Total Executive Search	818,358	780,045	38,313	4.9 %
On-Demand Talent	168,325	152,506	15,819	10.4 %
Heidrick Consulting	111,890	94,313	17,577	18.6 %
Revenue before reimbursements (net revenue)	1,098,573	1,026,864	71,709	7.0 %
Reimbursements	17,103	14,318	2,785	19.5 %
Total revenue	$ 1,115,676	$ 1,041,182	$ 74,494	7.2 %


Adjusted EBITDA
Executive Search
Americas	$ 174,260	$ 173,358	$ 902	0.5 %	31.3 %	33.1 %
Europe	14,793	22,246	(7,453)	(33.5) %	9.0 %	13.4 %
Asia Pacific	13,327	11,070	2,257	20.4 %	13.8 %	12.2 %
Total Executive Search	202,380	206,674	(4,294)	(2.1) %	24.7 %	26.5 %
On-Demand Talent	(1,984)	1,434	(3,418)	NM	(1.2) %	0.9 %
Heidrick Consulting	(6,237)	(5,823)	(414)	(7.1) %	(5.6) %	(6.2) %
Total segments	194,159	202,285	(8,126)	(4.0) %	17.7 %	19.7 %
Research and Development	(19,016)	(20,535)	1,519	7.4 %	(1.7) %	(2.0) %
Global Operations Support	(63,905)	(56,133)	(7,772)	(13.8) %	(5.8) %	(5.5) %
Total Adjusted EBITDA	$ 111,238	$ 125,617	$ (14,379)	(11.4) %	10.1 %	12.2 %


¹	Margin based on revenue before reimbursements (net revenue).

Heidrick & Struggles International, Inc.
Reconciliation of Net Income (Loss) and Adjusted Net Income (Non-GAAP)
(In thousands, except per share amounts)
(Unaudited)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Net income (loss)	$ (14,976)	$ 14,855	$ 8,728	$ 54,410

Adjustments
Impairment charges, net of tax⁽¹⁾	37,621	—	51,811	6,038
Earnout fair value adjustment, net of tax⁽²⁾	(349)	—	439	—
Restructuring charges, net of tax⁽³⁾	615	—	5,131	—
Total adjustments	37,887	—	57,381	6,038

Adjusted net income	$ 22,911	$ 14,855	$ 66,109	$ 60,448

Weighted-average common shares outstanding
Basic	20,409	20,122	20,293	20,029
Diluted	21,125	20,670	21,188	20,766

Earnings (loss) per common share
Basic	$ (0.73)	$ 0.74	$ 0.43	$ 2.72
Diluted	$ (0.73)	$ 0.72	$ 0.41	$ 2.62

Adjusted earnings per common share
Basic	$ 1.12	$ 0.74	$ 3.26	$ 3.02
Diluted	$ 1.08	$ 0.72	$ 3.12	$ 2.91


¹	The Company recorded goodwill impairment charges of $43.3 million in the On-Demand Talent segment for the three months ended December 31, 2024. The Company recorded goodwill impairment charges of $58.0 million in the On-Demand Talent segment and $1.5 million in the Europe segment for the twelve months ended December 31, 2024. The Company recorded a goodwill impairment charge of $7.2 million in the Heidrick Consulting segment for the twelve months ended December 31, 2023.
²	The Company recorded a fair value adjustment to decrease the Heidrick Consulting earnout by $0.8 million for the three months ended December 31, 2024. The Company recorded a fair value adjustment to increase the On-Demand Talent earnout by $1.1 million and decrease the Heidrick Consulting earnout by $0.7 million for the twelve months ended December 31, 2024.
³	The Company recorded restructuring charges of $6.9 million for the twelve months ended December 31, 2024.

Heidrick & Struggles International, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)

	December 31, 2024	December 31, 2023

Current assets
Cash and cash equivalents	$ 515,627	$ 412,618
Marketable securities	47,896	65,538
Accounts receivable, net	134,331	133,128
Prepaid expenses	28,718	23,597
Other current assets	39,935	47,923
Income taxes recoverable	6,470	10,410
Total current assets	772,977	693,214

Non-current assets
Property and equipment, net	51,685	35,752
Operating lease right-of-use assets	83,518	86,063
Assets designated for retirement and pension plans	9,976	11,105
Investments	58,290	47,287
Other non-current assets	25,500	17,071
Goodwill	137,861	202,252
Other intangible assets, net	12,483	20,842
Deferred income taxes	41,898	28,005
Total non-current assets	421,211	448,377

Total assets	$ 1,194,188	$ 1,141,591

Current liabilities
Accounts payable	$ 25,088	$ 20,837
Accrued salaries and benefits	353,531	322,744
Deferred revenue	51,085	45,732
Operating lease liabilities	17,653	21,498
Other current liabilities	21,369	21,823
Income taxes payable	14,287	6,057
Total current liabilities	483,013	438,691

Non-current liabilities
Accrued salaries and benefits	58,547	52,108
Retirement and pension plans	72,138	62,100
Operating lease liabilities	83,152	78,204
Other non-current liabilities	42,905	41,808
Deferred income taxes	1,616	6,402
Total non-current liabilities	258,358	240,622

Total liabilities	741,371	679,313

Stockholders’ equity	452,817	462,278

Total liabilities and stockholders’ equity	$ 1,194,188	$ 1,141,591

Heidrick & Struggles International, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Three Months Ended December 31,
	2024	2023
Cash flows – operating activities
Net income (loss)	$ (14,976)	$ 14,855
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	5,207	5,076
Deferred income taxes	(17,361)	12,448
Stock-based compensation expense	2,824	3,499
Accretion expense related to earnout payments	513	457
Gain on marketable securities	(340)	(878)
Loss on disposal of property and equipment	190	17
Impairment charges	43,254	—
Changes in assets and liabilities, net of effects of acquisition:
Accounts receivable	47,187	59,118
Accounts payable	17,917	1,526
Accrued expenses	88,403	54,668
Restructuring accrual	(484)	—
Deferred revenue	5,109	3,657
Income taxes recoverable and payable, net	11,979	(13,309)
Retirement and pension plan assets and liabilities	(364)	796
Prepaid expenses	(1,479)	5,004
Other assets and liabilities, net	2,609	8,979
Net cash provided by operating activities	190,188	155,913

Cash flows – investing activities
Acquisition of businesses, net of cash acquired	—	(11,905)
Capital expenditures	(16,668)	(3,814)
Purchases of marketable securities and investments	(48,003)	(65,518)
Proceeds from sales of marketable securities and investments	46,237	48,183
Net cash used in investing activities	(18,434)	(33,054)

Cash flows – financing activities
Cash dividends paid	(3,314)	(3,154)
Payment of employee tax withholdings on equity transactions	(17)	—
Net cash used in financing activities	(3,331)	(3,154)

Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	(16,032)	6,442

Net increase in cash, cash equivalents and restricted cash	152,391	126,147
Cash, cash equivalents and restricted cash at beginning of period	363,422	286,471
Cash, cash equivalents and restricted cash at end of period	$ 515,813	$ 412,618

Heidrick & Struggles International, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

	Twelve Months Ended December 31,
	2024	2023
Cash flows – operating activities
Net income	$ 8,728	$ 54,410
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	18,857	18,508
Deferred income taxes	(19,421)	11,900
Stock-based compensation expense	12,725	10,830
Accretion expense related to earnout payments	1,926	1,554
Gain on marketable securities	(2,663)	(2,918)
Loss on disposal of property and equipment	454	209
Impairment charges	59,478	7,246
Changes in assets and liabilities:
Accounts receivable	(4,520)	6,913
Accounts payable	4,625	(131)
Accrued expenses	47,031	(145,118)
Restructuring accrual	2,506	—
Deferred revenue	6,272	2,035
Income taxes recoverable and payable, net	12,326	(6,692)
Retirement and pension plan assets and liabilities	6,021	7,493
Prepaid expenses	(5,536)	1,233
Other assets and liabilities, net	1,622	5,736
Net cash provided by (used in) operating activities	150,431	(26,792)

Cash flows – investing activities
Acquisition of business, net of cash acquired	—	(49,858)
Capital expenditures	(26,315)	(13,433)
Purchases of marketable securities and investments	(163,611)	(140,982)
Proceeds from sales of marketable securities and investments	175,307	337,872
Net cash provided by (used in) investing activities	(14,619)	133,599

Cash flows – financing activities
Repurchases of common stock	—	(904)
Cash dividends paid	(12,923)	(12,537)
Payment of employee tax withholdings on equity transactions	(3,817)	(4,141)
Acquisition earnout payments	—	(35,946)
Net cash used in financing activities	(16,740)	(53,528)

Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	(15,877)	3,850

Net increase in cash, cash equivalents and restricted cash	103,195	57,129
Cash, cash equivalents and restricted cash at beginning of period	412,618	355,489
Cash, cash equivalents and restricted cash at end of period	$ 515,813	$ 412,618

Heidrick & Struggles International, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA (Non-GAAP)
(In thousands)
(Unaudited)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Revenue before reimbursements (net revenue)	$ 276,191	$ 253,162	$ 1,098,573	$ 1,026,864

Net income (loss)	(14,976)	14,855	8,728	54,410
Interest, net	(5,154)	(3,950)	(14,422)	(11,617)
Other, net	(5,689)	840	(8,702)	(1,697)
Provision for income taxes	2,174	10,119	21,924	34,261
Operating income (loss)	(23,645)	21,864	7,528	75,357

Adjustments
Depreciation	3,302	2,550	10,782	9,113
Intangible amortization	1,905	2,526	8,075	9,395
Earnout accretion	513	457	1,926	1,554
Earnout fair value adjustments	(773)	—	438	—
Acquisition contingent consideration	2,595	3,223	10,815	11,934
Deferred compensation plan	(1,007)	3,823	5,257	6,132
Reorganization costs	—	1,314	—	4,886
Impairment charges	43,254	—	59,478	7,246
Restructuring charges	—	—	6,939	—
Total adjustments	49,789	13,893	103,710	50,260

Adjusted EBITDA	$ 26,144	$ 35,757	$ 111,238	$ 125,617
Adjusted EBITDA margin	9.5 %	14.1 %	10.1 %	12.2 %

Heidrick & Struggles International, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Line of Business (Non-GAAP)
(In thousands)
(Unaudited)

	Three Months Ended December 31, 2024
	Executive Search	On-Demand Talent	Heidrick Consulting	Research & Development	Global Operations Support	Total

Revenue before reimbursements (net revenue)	$ 202,521	$ 42,342	$ 31,328	$ —	$ —	$ 276,191

Operating income (loss)¹	49,015	(48,153)	(1,578)	(6,053)	(16,876)	(23,645)

Adjustments
Depreciation	1,352	177	229	1,365	179	3,302
Intangible amortization	15	1,519	371	—	—	1,905
Earnout accretion	—	428	85	—	—	513
Earnout fair value adjustments	—	—	(773)	—	—	(773)
Acquisition contingent compensation	1,122	1,578	(105)	—	—	2,595
Deferred compensation plan	(969)	—	(19)	(16)	(3)	(1,007)
Impairment charges	—	43,254	—	—	—	43,254
Total adjustments	1,520	46,956	(212)	1,349	176	49,789

Adjusted EBITDA	$ 50,535	$ (1,197)	$ (1,790)	$ (4,704)	$ (16,700)	$ 26,144
Adjusted EBITDA margin	25.0 %	(2.8) %	(5.7) %	(1.7) %	(6.0) %	9.5 %

	Three Months Ended December 31, 2023
	Executive Search	On-Demand Talent	Heidrick Consulting	Research & Development	Global Operations Support	Total

Revenue before reimbursements (net revenue)	$ 183,965	$ 41,096	$ 28,101	$ —	$ —	$ 253,162

Operating income (loss)¹	49,086	(4,616)	(852)	(5,952)	(15,802)	21,864

Adjustments
Depreciation	1,310	74	247	754	165	2,550
Intangible amortization	28	2,060	438	—	—	2,526
Earnout accretion	—	399	58	—	—	457
Acquisition contingent compensation	640	1,543	1,040	—	—	3,223
Deferred compensation plan	3,665	—	94	59	5	3,823
Reorganization costs	—	1,314	—	—	—	1,314
Total adjustments	5,643	5,390	1,877	813	170	13,893

Adjusted EBITDA	$ 54,729	$ 774	$ 1,025	$ (5,139)	$ (15,632)	$ 35,757
Adjusted EBITDA margin	29.7 %	1.9 %	3.6 %	(2.0) %	(6.2) %	14.1 %

The Company does not allocate interest income or expense, other income or expense, and the provision for income taxes to the Company’s reportable operating segments. As such, the Company has concluded that operating income (loss) represents the most directly comparable measure of financial performance presented in accordance with U.S. GAAP for the reconciliation of Adjusted EBITDA in this presentation.

Heidrick & Struggles International, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA (Non-GAAP)
(In thousands)
(Unaudited)

	Twelve Months Ended December 31, 2024
	Executive Search	On-Demand Talent	Heidrick Consulting	Research & Development	Global Operations Support	Total

Revenue before reimbursements (net revenue)	$ 818,358	$ 168,325	$ 111,890	$ —	$ —	$ 1,098,573

Operating income (loss)¹	187,638	(76,733)	(14,785)	(23,055)	(65,537)	7,528

Adjustments
Depreciation	4,845	600	735	3,957	645	10,782
Intangible amortization	69	6,447	1,559	—	—	8,075
Earnout accretion	—	1,679	247	—	—	1,926
Earnout fair value adjustments	—	1,125	(687)	—	—	438
Acquisition contingent compensation	996	6,597	3,222	—	—	10,815
Deferred compensation plan	5,059	—	105	82	11	5,257
Impairment charges	1,463	58,015	—	—	—	59,478
Restructuring charges	2,310	286	3,367	—	976	6,939
Total adjustments	14,742	74,749	8,548	4,039	1,632	103,710

Adjusted EBITDA	$ 202,380	$ (1,984)	$ (6,237)	$ (19,016)	$ (63,905)	$ 111,238
Adjusted EBITDA margin	24.7 %	(1.2 %)	(5.6 %)	(1.7 %)	(5.8) %	10.1 %

	Twelve Months Ended December 31, 2023
	Executive Search	On-Demand Talent	Heidrick Consulting	Research & Development	Global Operations Support	Total

Revenue before reimbursements (net revenue)	$ 780,045	$ 152,506	$ 94,313	$ —	$ —	$ 1,026,864

Operating income (loss)¹	190,009	(16,437)	(18,729)	(22,698)	(56,788)	75,357

Adjustments
Depreciation	5,238	400	754	2,073	648	9,113
Intangible amortization	173	7,797	1,425	—	—	9,395
Earnout accretion	—	1,381	173	—	—	1,554
Acquisition contingent compensation	3,089	5,687	3,158	—	—	11,934
Deferred compensation plan	5,885	—	150	90	7	6,132
Reorganization costs	2,280	2,606	—	—	—	4,886
Impairment charges	—	—	7,246	—	—	7,246
Total adjustments	16,665	17,871	12,906	2,163	655	50,260

Adjusted EBITDA	$ 206,674	$ 1,434	$ (5,823)	$ (20,535)	$ (56,133)	$ 125,617
Adjusted EBITDA margin	26.5 %	0.9 %	(6.2 %)	(2.0 %)	(5.5 %)	12.2 %

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SOURCE Heidrick & Struggles

March 3, 2025 4:06 pm

Trex Ranked Among Barron’s 100 Most Sustainable Companies for 2025

Trex Ranked Among Barron’s 100 Most Sustainable Companies for 2025

Outdoor Living Brand Moves Up 20 Spots in 2^nd Year on Prestigious List

WINCHESTER, Va.–(BUSINESS WIRE)–Trex Company (NYSE:TREX), the world’s largest manufacturer of wood-alternative composite decking and railing, and a leader in high-performance, low-maintenance outdoor living products, is proud to announce its inclusion in Barron’s 2025 ranking of the 100 Most Sustainable U.S. Companies. In its second consecutive year on the prestigious list, Trex earned the #48 spot, moving up 20 places since its debut appearance in 2024.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250303707679/en/

2025 marks Trex’s second consecutive appearance on the Barron’s list of Most Sustainable Companies.(Photo: Business Wire)

Barron’s, a leading financial publication, annually identifies and honors companies that demonstrate outstanding leadership in environmental, social and governance (ESG) practices. For its eight annual ranking, Barron’s engaged Calvert Research and Management to score the 1,000 largest publicly traded companies across 230 performance indicators. Trex’s commitment to sustainability, innovation and corporate responsibility stood out, securing the company a coveted spot on the esteemed list.

“At Trex, sustainability is at the core of everything we do. This recognition from Barron’s is a testament to our ongoing dedication to environmental responsibility, ethical business practices and creating positive impacts for our employees and the communities in which we operate,” said Bryan Fairbanks, president and CEO of Trex Company. “We are pleased to have these efforts recognized and to be named among so many other companies that share our commitment to conducting business in a sustainable manner.”

Trex has long been a pioneer in sustainable outdoor living solutions, providing consumers with eco-friendly, durable and low-maintenance product offerings. The company’s signature product, Trex^® composite decking, is made from a unique blend of up to 95% recycled materials, including reclaimed wood and recycled plastic film. This innovative approach not only diverts millions of pounds of waste from landfills each year but also reduces the demand for virgin materials.

“Trex was founded on eco-minded principles and continues to make sustainability a priority,” noted Fairbanks. “As consumer awareness of sustainable practices continues to grow, we strive to stand out as a brand that not only provides high-quality products but also aligns with the values of environmentally conscious consumers.”

Trex’s repeated inclusion in Barron’s 100 Most Sustainable U.S. Companies ranking highlights its role as an industry leader committed to making a positive impact. The full list for 2025 can be found here.

To learn more about Trex Company and its commitment to sustainability or to download the company’s latest Sustainability Report, visit Trex.com.

About Trex Company, Inc.

For more than 30 years, Trex Company [NYSE: TREX] has invented, reinvented and defined the composite decking category. Today, the company is the world’s #1 brand of sustainably made, wood-alternative decking and residential railing, and a leader in high performance, low-maintenance outdoor living products. The undisputed global leader, Trex boasts the industry’s strongest distribution network with products sold through more than 6,700 retail outlets across six continents. Through strategic licensing agreements, the company offers a comprehensive outdoor living portfolio that includes deck drainage, flashing tapes, LED lighting, outdoor kitchen components, pergolas, spiral stairs, fencing, lattice, cornhole and outdoor furniture – all marketed under the Trex^® brand. Based in Winchester, Va., Trex is proud to have been named America’s Most Trusted^® Outdoor Decking** 5 Years in a Row (2021-2025). The company was also recently named one of America’s Most Responsible Companies 2024 by Newsweek and ranked as one of the 100 Best ESG Companies by Investor’s Business Daily. For more information, visit Trex.com. You may also follow Trex on Facebook (trexcompany), Instagram (trexcompany), X (Trex_Company), LinkedIn (trex-company), TikTok (trexcompany), Pinterest (trexcompany) and Houzz (trex-company-inc), or view product and demonstration videos on the brand’s YouTube channel (TheTrexCo).

**2021-2025 DISCLAIMER: Trex received the highest numerical score in the proprietary Lifestory Research 2021-2025 America’s Most Trusted® Outdoor Decking studies. Study results are based on the experiences and perceptions of people surveyed. Your experiences may vary. Visit www.lifestoryresearch.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250303707679/en/

Corinne Racine or Taylor Spanbauer

L.C. Williams & Associates

312/565-3900

[email protected] or [email protected]

KEYWORDS: Virginia United States North America

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2025 marks Trex’s second consecutive appearance on the Barron’s list of Most Sustainable Companies.(Photo: Business Wire)

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March 3, 2025 4:05 pm

Adverum Biotechnologies Initiates ARTEMIS Phase 3 Study Evaluating Ixo-vec for Wet AMD

Ixo-vec is a potential best-in-class one-time gene therapy designed to deliver long-term efficacy, reduce the burden of frequent anti-VEGF and improve vision outcomes for patients with wet AMD
ARTEMIS is the first-ever initiation of a registrational intravitreal gene therapy trial in patients with wet AMD
Non-inferiority study to evaluate a single Ixo-vec injection compared to on-label aflibercept 2mg in both treatment-naïve and previously treated patients

REDWOOD CITY, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Adverum Biotechnologies, Inc. (Nasdaq: ADVM), a clinical-stage company pioneering the use of gene therapy to preserve sight for life in highly prevalent ocular diseases, today announced the initiation of the ARTEMIS Phase 3 study. This pivotal trial is designed to evaluate the efficacy and safety of Ixo-vec (ixoberogene soroparvovec) as a one-time intravitreal (IVT) injection for patients with neovascular (wet) age-related macular degeneration (AMD).

ARTEMIS is a US-based study evaluating a single administration of Ixo-vec (6E10 vg/eye) compared to aflibercept (2mg) every 8 weeks in approximately 284 patients with wet AMD, including both treatment-naïve and previously treated patients. The primary endpoint is mean change from baseline in best corrected visual acuity (BCVA) at one year (average of weeks 52 and 56) with a non-inferiority (NI) margin of -4.5 letters. Per FDA guidance, all patients will receive three loading doses of aflibercept prior to receiving Ixo-vec. Patients in both arms will be eligible for supplemental injections of aflibercept and will receive prophylactic steroid eye drops.

ARTEMIS is the first of two planned Phase 3 registrational trials to evaluate Ixo-vec in patients with wet AMD. Details on the second study, named AQUARIUS and to be conducted globally, will be forthcoming.

“Gene therapy is recognized as the most exciting modality on the horizon for the treatment of wet AMD. Initiation of the Phase 3 ARTEMIS trial demonstrates our commitment to transforming the landscape with a one-time IVT injection to help restore vision and prevent blindness,” stated Laurent Fischer, M.D., president and chief executive officer of Adverum Biotechnologies. “With over 4 years of experience, we are at the forefront and believe Ixo-vec is positioned as a best-in-class therapy to provide potentially lifelong benefit to patients who depend on frequent injections to preserve their sight. Huge kudos to my colleagues at Adverum who have worked expeditiously to initiate ARTEMIS, a pioneering effort, and who have consistently outperformed our ambitious timelines.”

“Leveraging our robust data for Ixo-vec, the ARTEMIS Phase 3 trial was designed to enhance the potential for clinical, regulatory and commercial success,” stated Rabia Gurses Ozden, MD, Chief Medical Officer at Adverum. “We have been thrilled by the enthusiasm of retina specialists for this design, including studying Ixo-vec in both treatment-naïve and previously treated patients, which we expect will increase the speed of enrollment and generate a registrational dataset representative of real-world patient demographics. We are eager to generate the data necessary to seek regulatory approval and ultimately establish Ixo-vec as a transformative treatment option for a broad spectrum of wet AMD patients.”

“There continues to be tremendous unmet need for longer-acting anti-VEGF therapies. Underscoring the unmet need, recent data indicate that up to 42% of patients stop treatment for wet AMD after 2 years, which results in poor long-term vision outcomes. Ixo-vec’s potential to dramatically reduce treatment burden, provide lifelong injection freedom and enhance long-term vision outcomes could deliver a compelling benefit for a large proportion of wet AMD patients,” said Dr. Dante Pieramici, Medical Director of Research, California Retina Consultants and an investigator for ARTEMIS. “Consistent with the strong patient preference for Ixo-vec indicated by LUNA patients, there is great interest from my patients when they hear about a therapy like Ixo-vec that has the potential to treat their disease with a single injection. I’m delighted to have served as an investigator for both OPTIC and LUNA, and I look forward to working with the Adverum team on the ARTEMIS pivotal study.”

“When designing registrational trials for patients with wet AMD, it’s not always feasible to study the therapeutic agent in a patient population that closely represents the real-world. Adverum’s inclusion in ARTEMIS of both treatment-naive and treatment-experienced patients is intended to address a broad patient population, including those with the highest treatment burden,” said Dr. Sean Adrean, Partner, Retina Consultants of Orange County and an investigator for ARTEMIS. “Based on its design, I expect the data coming out of the ARTEMIS trial will be highly informative and answer the key question of how Ixo-vec is expected to perform in those patients with high injection burdens and would most benefit from gene therapy. Looking back over 2 years ago, it was a pleasure to kick-off enrollment in LUNA, Ixo-vec’s Phase 2 clinical trial, and be part of that successful trial. Now today, it’s a thrill to be one of the first sites to begin screening patients and contribute to Ixo-vec’s Phase 3 clinical trial.”

“Delivering continuous levels of aflibercept to reduce treatment burden and improve visual outcomes may be even more profound in treatment naïve patients,” said Dr. Carl Danzig, Rand Eye Institute and an investigator for ARTEMIS. “In OPTIC and LUNA, Ixo-vec has demonstrated the ability to durably produce therapeutic levels of aflibercept with an acceptable long-term safety profile, suggesting a potential lifelong benefit with a therapy that is well tolerated. It’s a great pleasure to be a part of this registrational program, and I look forward to working with the Adverum team to generate data to more fully elucidate Ixo-vec’s therapeutical potential for my patients.”

About the ARTEMIS Phase 3 Study

The Phase 3 ARTEMIS trial (NCT06856577) is designed to evaluate the safety and efficacy of Ixo-vec in a randomized (1:1), double-masked, sham-controlled, two-arm study. The US-based trial is intended to randomize approximately 284 patients, including both patients who are treatment naïve and patients who have been previously treated.

The primary endpoint, measured at an average of weeks 52 and 56, is NI in mean BCVA change from baseline with a NI margin of -4.5 letters. The key secondary endpoint is reduction of injection burden as measured by mean number of injections received. All patients will receive three monthly loading doses of aflibercept prior to receiving Ixo-vec. Patients in both arms will be eligible for supplemental injections of aflibercept and will receive topical steroid eye drops.

About Wet Age-Related Macular Degeneration

Wet AMD, also known as neovascular AMD or nAMD, is a VEGF driven advanced form of AMD affecting approximately 10% of patients living with AMD associated with the build-up of fluid in the macula and the retina. Wet AMD is a leading cause of blindness in people over 65 years of age, with approximately 20 million individuals worldwide living with this condition. New cases of wet AMD are expected to grow significantly worldwide as populations age. AMD is expected to impact 288 million people worldwide by 2040, with wet AMD accounting for approximately 10% of those cases. Additionally, wet AMD is a bilateral disease, and incidence of nAMD in the second eye is up to 42% in the first two to three years. The current standard of care requires frequent life-long repeated bolus injections of anti-VEGF in the eye. IVT gene therapy has the promise to preserve vision and reduce most or all injections for the life of the patient by delivering stable therapeutic levels of anti-VEGF to control macular fluid.

About Ixo-vec in Wet AMD

Adverum is developing ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), its clinical-stage gene therapy product candidate, for the treatment of wet AMD. Ixo-vec utilizes a proprietary vector capsid, AAV.7m8, carrying an aflibercept coding sequence under the control of a proprietary expression cassette. Unlike other ophthalmic gene therapies that require surgery to administer the gene therapy under the retina (sub-retinal approach), Ixo-vec is designed to be administered as a one-time IVT injection in the physician’s office, deliver long-term efficacy, reduce the burden of frequent anti-VEGF, optimize patient compliance and improve vision outcomes for patients with wet AMD. In recognition of the need for new treatment options for wet AMD, FDA granted Fast Track and Regenerative Medicine Advanced Therapy (RMAT) designations for Ixo-vec for the treatment of wet AMD. Ixo-vec has also received PRIME designation from the EMA and the Innovation Passport from the United Kingdom’s Medicines and Healthcare Products Regulatory Agency for the treatment of wet AMD.

About Adverum Biotechnologies

Adverum Biotechnologies (NASDAQ: ADVM) is a clinical-stage company that aims to establish gene therapy as a new standard of care for highly prevalent ocular diseases with the aspiration of developing functional cures to restore vision and prevent blindness. Leveraging the capabilities of its proprietary IVT platform, Adverum is developing durable, single-administration therapies, designed to be delivered in physicians’ offices, to eliminate the need for frequent ocular injections to treat these diseases. Adverum is evaluating its novel gene therapy candidate, ixoberogene soroparvovec (Ixo-vec, formerly referred to as ADVM-022), as a one-time, IVT injection for patients with neovascular or wet age-related macular degeneration. Additionally, by overcoming the challenges associated with current treatment paradigms for debilitating ocular diseases, Adverum aspires to transform the standard of care, preserve vision, and create a profound societal impact around the globe. For more information, please visit www.adverum.com.

Forward-looking Statements

Statements contained in this press release regarding events or results that may occur in the future are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements regarding: the long-term potential best-in-class product profile of Ixo-vec; potential benefits of Ixo-vec, including potential life-long benefits; the trial design of the Ixo-vec Phase 3 pivotal program and the planned initiation of a second Phase 3 registrational trial; the potential of Ixo-vec to be transformative and a best-in-class therapy; the potential of Ixo-vec to shift the treatment paradigm for patients with wet AMD; the ability to establish gene therapy as a standard of care for wet AMD patients; and other statements that are not a historical fact. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including risks inherent to, without limitation: Adverum’s novel technology, which makes it difficult to predict the timing of commencement and completion of clinical trials; regulatory uncertainties; enrollment uncertainties; the results of early clinical trials not always being predictive of future clinical trials and results; the potential for future complications or side effects in connection with use of Ixo-vec; and risks associated with market condition. Additional risks and uncertainties facing Adverum are set forth under the caption “Risk Factors” and elsewhere in Adverum’s Securities and Exchange Commission (SEC) filings and reports, including Adverum’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 4, 2024 and subsequent filings with the SEC. All forward-looking statements contained in this press release speak only as of the date on which they were made. Adverum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Inquiries:

Adverum Investor Relations

Email: [email protected]

March 3, 2025 4:05 pm

loanDepot Appoints Industry Veteran Alec Hanson to New Role as SVP, Revenue Development and Growth

loanDepot Appoints Industry Veteran Alec Hanson to New Role as SVP, Revenue Development and Growth

IRVINE, Calif.–(BUSINESS WIRE)–
loanDepot, Inc. (“LDI” or “Company”) (NYSE: LDI), a leading provider of products and services that power the homeownership journey, has appointed industry veteran Alec Hanson to a newly created role leading revenue development and growth initiatives, effective immediately. Hanson, who joined loanDepot in 2011 and currently serves as the company’s chief marketing officer, brings two decades of mortgage experience to the position. He will report to LDI Mortgage President Jeff Walsh.

Executive Vice President TJ Freeborn will retain overall responsibility for the company’s marketing function, with a title change to chief marketing and customer experience officer. Among other things, Freeborn was responsible for the company’s sponsorship deals with Major League Baseball and the Miami Marlins, and her creative and content work led loanDepot to become one of the most recognized brands in the industry. She will continue to report directly to loanDepot President and CEO Frank Martell.

In his new role, Hanson will play a critical role in advancing the company’s Project North Star strategic plan by capitalizing on new revenue opportunities, including the expansion of strategic partnerships and the development of a digital end-to-end customer nurture ecosystem. He will oversee the deployment of loanDepot’s next-generation customer relationship management platform, which will optimize customer engagement throughout the homeownership lifecycle while driving operational efficiencies. And, leveraging his roots and passion as a Retail loan originator, he will be responsible for taking the company’s best-in-class coaching and professional growth platform for In-Market Retail loan consultants to the next level, equipping originators with the support, tools and platform they need to achieve their goals.

“I can think of no better leader than Alec to help us capture new and innovative top-line revenue growth opportunities,” said Walsh. “His knowledge, industry network, and experience as an originator, production leader, and marketing leader make him uniquely positioned to help us drive the goals of Project North Star. We’re excited to see where his leadership will take us.”

Hanson’s career as an originator began in 2004 when he was named Rookie of the Year by Scotsman Guide. He received HousingWire’s Rising Star award three times, in 2017, 2019 and 2021, and is the author of “Bypassed: A Modern Guide for Local Mortgage Pros Left Behind by the Digital Customer” and loanDepot’s “Modern Lending Playbook.” An industry thought leader with a strong entrepreneurial spirit, Hanson brought an originator’s mindset to the company’s marketing efforts. Among his accomplishments was transforming the company’s field-marketing capabilities into a true differentiator and helping drive the success of a number of high-impact digital marketing initiatives.

Added Hanson, “I’ve always loved the entrepreneurial spirit that remains such a significant part of our culture, and I’m proud of the career I’ve built as I’ve come up the ranks. What drives me every day is the opportunity to make an impact on the success of our company by improving our platform so that our team can continue to win. With our Project North Star strategic plan, we have many opportunities to lead with our customers and our industry. I can’t wait to get started.”

About loanDepot

At loanDepot (NYSE: LDI), we know home means everything. That’s why we are on a mission to support homeowners with a suite of products and services that fuel the American Dream. Our portfolio of digital-first home purchase, home refinance and home equity lending products make homeownership more accessible, achievable, and rewarding, especially for the increasingly diverse communities of first-time homebuyers we serve. Headquartered in Southern California with local market offices nationwide, loanDepot and its sister real estate and home services company, mellohome, are dedicated to helping customers put down roots and bring dreams to life – all while building stronger communities and a better tomorrow.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250303783201/en/

Media Contact

Jonathan Fine

VP, Public Relations

(781) 248-3963

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Finance Banking Professional Services Residential Building & Real Estate Construction & Property

MEDIA:

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March 3, 2025 4:05 pm

Biodesix Announces Fourth Quarter and Fiscal Year 2024 Results

Total Revenue of $71.3 million for FY2024, growing 45% over FY2023;

Gross margins of 78% for FY2024, up 5% points over FY2023
;

FY2025 Total Revenue Guidance of $92-95 million;

Conference Call and Webcast Today at 4:30 p.m. ET

LOUISVILLE, Colo., March 03, 2025 (GLOBE NEWSWIRE) — Biodesix, Inc. (Nasdaq: BDSX), a leading diagnostic solutions company, today announced its financial and operating results for the fourth quarter and year ended December 31, 2024 (fiscal 2024).

“Biodesix concluded a strong 2024, advancing our key initiatives and delivering on our financial and operational goals,” said Scott Hutton, Chief Executive Officer. “We exceeded our revenue targets, with total revenue reaching $71.3 million, driven by a 43% increase in Lung Diagnostics and a 70% growth in Biopharma Services. Our team successfully implemented operational efficiencies improving our Gross Margins to 78% for the year, strengthened clinical and commercial capabilities, and secured new partnerships and reimbursement coverage. We are well-positioned for continued growth and success and expect that 2025 will be a transformative year for Biodesix.”

Fourth Quarter and Full Year 2024 Financial Results

Total revenue of $20.4 million and $71.3 million for the fourth quarter and fiscal 2024, respectively, an increase of 39% and 45% over the respective prior year comparable periods;
- Lung Diagnostic Testing revenue of $17.2 million and $64.7 million for the fourth quarter and fiscal 2024, respectively, an increase of 34% and 43% over the respective prior year comparable periods; primarily driven by an increase in total tests delivered;
- Diagnostic Development Services revenue of $3.2 million and $6.6 million for the fourth quarter and fiscal 2024, respectively, an increase of 72% and 70% over the respective prior year comparable periods;
Gross margin was $16.1 million or 79% and $55.8 million or 78% for the fourth quarter and fiscal 2024, respectively, as a percentage of revenue compared to 77% and 73% in the prior year comparable periods, primarily driven by growth in Lung Diagnostic testing and optimization of testing workflows that resulted in improvements in costs per test and the ongoing expansion of our Diagnostic Development Services business;
Operating expenses (excluding direct costs and expenses) of $22.7 million and $90.2 million for the fourth quarter and fiscal 2024, an increase of 25% and 17% over the respective prior year comparable periods;
- Increase in operating expenses is primarily attributed to an increase in sales and marketing costs to support Lung Diagnostic sales growth, as well as to enhance Biodesix awareness and drive product adoption;
- Includes non-cash stock compensation expense of $1.3 million and $6.6 million during the fourth quarter and fiscal 2024, respectively, an increase of 17% and 24% over the respective prior year comparable periods;
Net loss of $8.3 million and $42.9 million for the fourth quarter and fiscal 2024, respectively, an improvement of 10% and 18% over the respective prior year comparable periods;
Adjusted EBITDA was a loss of $3.9 million and $22.1 million for the fourth quarter and fiscal 2024, respectively, an improvement of 19% and 32% over the respective prior year comparable periods;
Cash and cash equivalents of $26.2 million as of December 31, 2024. Subsequent to quarter end, we amended our term loan facility with Perceptive Advisors to extend the availability of the $10 million Tranche C loan.

2025 Financial Outlook

The Company anticipates generating between $92 million to $95 million in total revenue in 2025.

Conference call and webcast information

Listeners can register for the webcast via this link. Analysts who wish to participate in the question-and-answer session should use this link. A replay of the webcast will be available via the Company’s investor relations page on the website approximately two hours after the call’s conclusion. Participants are advised to join 15 minutes prior to the start time.

For a full list of Biodesix press releases and webinars, please visit biodesix.com.

About Biodesix

Biodesix is a leading diagnostic solutions company, driven to improve clinical care and outcomes for patients. Biodesix Diagnostic Tests, marketed as Nodify Lung® Nodule Risk Assessment and IQLung™ Cancer Treatment Guidance, support clinical decisions to expedite personalized care and improve outcomes for patients with lung disease. Biodesix Diagnostic Development Services enable the world’s leading biopharmaceutical, life sciences, and research institutions with scientific, technological, and operational capabilities that fuel the development of diagnostic tests, tools, and therapeutics. For more information, visit biodesix.com.

Trademarks: Biodesix, Biodesix Logo, Nodify Lung, and IQLung are trademarks or registered trademarks of Biodesix, Inc.

Use of Non-GAAP Financial Measure

Biodesix reported results are presented in accordance with generally accepted accounting principles in the United States (GAAP). Biodesix has provided in this press release financial information that has not been prepared in accordance with GAAP. Biodesix uses the non-GAAP financial measure, Adjusted EBITDA, internally in analyzing its financial results and believes that use of this non-GAAP financial measure is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Biodesix financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Biodesix financial statements prepared in accordance with GAAP. A reconciliation of Biodesix historical non-GAAP financial measure to the most directly comparable GAAP measure has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Adjusted EBITDA is a key performance measure that our management uses to assess our financial performance and is also used for internal planning and forecasting purposes. We believe that this non-GAAP financial measure is useful to investors and other interested parties in analyzing our financial performance because it provides a comparable overview of our operations across historical periods. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation.

Adjusted EBITDA is used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net loss or Loss from operations. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items and may not be directly comparable to similarly titled metrics used by other companies.

We calculate Adjusted EBITDA as Net loss adjusted to exclude interest, income tax expense, if any, depreciation and amortization, share-based compensation expense, loss on debt extinguishments, net, COVID-19 revenue, COVID-19 direct costs and expenses, change in fair value of warrant liabilities, net, other income, net, and other non-recurring items. Non-recurring items are excluded as they are not representative of our underlying operating performance. We also exclude revenue and direct costs and expenses associated with COVID-19 because we believe that these revenues and expenses do not reflect expected future operating results as they do not represent our Lung Diagnostic Testing and Diagnostic Development Services business. Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for Loss from operations, Net loss, and other GAAP measures.

Note Regarding Forward-Looking Statements

This press release may contain forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,” “opportunity,” “goals,” or “should,” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors. Biodesix has based these forward-looking statements largely on its current expectations and projections about future events and trends. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions. Forward-looking statements may include information concerning the impact of backlog and the timing and assumptions regarding collection of revenues on projections, availability of funds and future capital including under the term loan facility, the anticipated impact and benefits of new clinical data, reimbursement coverage and research partnerships, and the impact of a pandemic, epidemic, or outbreak on Biodesix and its operations and financial performance. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Other factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of Biodesix most recent annual report on Form 10-K, filed March 3, 2025. Biodesix undertakes no obligation to revise or publicly release the results of any revision to such forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contacts:

Media:

Natalie St. Denis
[email protected]
(720) 925-9285

Investors:

Chris Brinzey
[email protected]
(339) 970-2843


Biodesix, Inc. Condensed Balance Sheets (unaudited) (in thousands, except share data)

	December 31, 2024			December 31, 2023
Assets
Current assets
Cash and cash equivalents	$	26,245		$	26,284
Accounts receivable, net of allowance for credit losses of $481 and $65		8,603			7,679
Other current assets		4,636			5,720
Total current assets		39,484			39,683
Non‑current assets
Property and equipment, net		27,828			27,867
Intangible assets, net		5,874			7,911
Operating lease right-of-use assets		1,767			1,745
Goodwill		15,031			15,031
Other long-term assets		7,260			6,859
Total non‑current assets		57,760			59,413
Total assets	$	97,244		$	99,096

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	2,194		$	2,929
Accrued liabilities		10,064			7,710
Deferred revenue		678			324
Current portion of operating lease liabilities		719			252
Current portion of contingent consideration		—			21,857
Current portion of notes payable		21			51
Other current liabilities		641			293
Total current liabilities		14,317			33,416
Non‑current liabilities
Long‑term notes payable, net of current portion		36,408			35,225
Long-term operating lease liabilities		24,828			25,163
Other long-term liabilities		815			712
Total non‑current liabilities		62,051			61,100
Total liabilities		76,368			94,516
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value, 5,000,000 authorized; 0 (2024 and 2023) issued and outstanding		—			—
Common stock, $0.001 par value, 200,000,000 authorized; 145,491,569 (2024) and 96,235,883 (2023) shares issued and outstanding		145			96
Additional paid‑in capital		483,228			424,050
Accumulated deficit		(462,497	)		(419,566	)
Total stockholders’ equity		20,876			4,580
Total liabilities and stockholders’ equity	$	97,244		$	99,096


Biodesix, Inc. Condensed Statements of Operations (unaudited) (in thousands, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenues
Lung Diagnostic Testing	$	17,205		$	12,797		$	64,708		$	45,192
Development Services		3,224			1,871			6,615			3,895
Total revenues		20,429			14,668			71,323			49,087
Direct costs and expenses		4,342			3,374			15,573			13,010
Research and development		2,414			1,889			9,559			9,988
Sales, marketing, general and administrative		20,219			16,251			80,451			67,387
Impairment loss on intangible assets		103			24			238			44
Total operating expenses		27,078			21,538			105,821			90,429
Loss from operations		(6,649	)		(6,870	)		(34,498	)		(41,342	)
Other (expense) income:
Interest expense		(1,752	)		(2,329	)		(8,258	)		(9,536	)
Loss on extinguishment of liabilities		—			—			(248	)		—
Change in fair value of warrant liability, net		—			58			—			(1,274	)
Other income, net		150			2			73			6
Total other expense		(1,602	)		(2,269	)		(8,433	)		(10,804	)

Net loss	$	(8,251	)	$	(9,139	)	$	(42,931	)	$	(52,146	)
Net loss per share, basic and diluted	$	(0.06	)	$	(0.10	)	$	(0.33	)	$	(0.64	)
Weighted-average shares outstanding, basic and diluted		146,603			92,325			129,670			82,113


Biodesix, Inc. Reconciliation of Net Loss to Adjusted EBITDA (unaudited) (in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Net loss	$	(8,251	)	$	(9,139	)	$	(42,931	)	$	(52,146	)
Interest expense		1,752			2,329			8,258			9,536
Depreciation and amortization		1,449			977			5,773			3,328
Share-based compensation expense		1,265			1,081			6,638			5,373
Loss on extinguishment of liabilities		—			—			248			—
COVID-19 Revenue		—			(44	)		—			(57	)
COVID-19 Direct costs and expenses		—			—			—			1
Change in fair value of warrant liability, net		—			(58	)		—			1,274
Other income, net		(150	)		(2	)		(73	)		(6	)
Adjusted EBITDA	$	(3,935	)	$	(4,856	)	$	(22,087	)	$	(32,697	)

March 3, 2025 4:05 pm

Okta Announces Fourth Quarter And Fiscal Year 2025 Financial Results

Okta Announces Fourth Quarter And Fiscal Year 2025 Financial Results

Q4 revenue and subscription revenue grew 13% year-over-year
Remaining performance obligations (RPO) grew 25% year-over-year; current remaining performance obligations (cRPO) grew 15% year-over-year
Record operating profitability
Record operating cash flow of $286 million and free cash flow of $284 million

SAN FRANCISCO–(BUSINESS WIRE)–
Okta, Inc. (Nasdaq: OKTA), the leading independent Identity partner, today announced financial results for its fourth quarter and fiscal year ended January 31, 2025.

“Okta’s strong financial results were highlighted by accelerating RPO and cRPO, coupled with record profitability and cash flow,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “In a rapidly evolving IT and security landscape, organizations are turning to Okta as their identity partner for our ability to deliver the broadest array of modern identity security with the flexibility to meet their demands. We’re entering the new fiscal year laser focused on serving our customers with even more innovation on the Okta and Auth0 platforms while further elevating the industry with the Okta Secure Identity Commitment.”

Fourth Quarter Fiscal 2025 Financial Highlights:

Revenue: Total revenue was $682 million, an increase of 13% year-over-year. Subscription revenue was $670 million, an increase of 13% year-over-year.
RPO: RPO, or subscription backlog, was $4.215 billion, an increase of 25% year-over-year. cRPO, which represents subscription backlog expected to be recognized over the next 12 months, was $2.248 billion, up 15% compared to the fourth quarter of fiscal 2024.
GAAP Operating Income/Loss: GAAP operating income was $8 million, or 1% of total revenue, compared to a GAAP operating loss of $83 million, or (14)% of total revenue, in the fourth quarter of fiscal 2024.
Non-GAAP Operating Income: Non-GAAP operating income was $168 million, or 25% of total revenue, compared to a non-GAAP operating income of $129 million, or 21% of total revenue, in the fourth quarter of fiscal 2024.
GAAP Net Income/Loss: GAAP net income was $23 million, compared to a GAAP net loss of $44 million in the fourth quarter of fiscal 2024. GAAP basic and diluted net income per share were $0.13, compared to a GAAP basic and diluted net loss per share of $0.26 in the fourth quarter of fiscal 2024.
Non-GAAP Net Income: Non-GAAP net income was $141 million, compared to non-GAAP net income of $113 million in the fourth quarter of fiscal 2024. Non-GAAP diluted net income per share was $0.78, compared to non-GAAP diluted net income per share of $0.63 in the fourth quarter of fiscal 2024.
Cash Flow: Net cash provided by operations was $286 million, or 42% of total revenue, compared to net cash provided by operations of $174 million, or 29% of total revenue, in the fourth quarter of fiscal 2024. Free cash flow was $284 million, or 42% of total revenue, compared to $166 million, or 28% of total revenue, in the fourth quarter of fiscal 2024.
Cash, cash equivalents, and short-term investments were $2.523 billion at January 31, 2025.

Full Year Fiscal 2025 Financial Highlights:

Revenue: Total revenue was $2.610 billion, an increase of 15% year-over-year. Subscription revenue was $2.556 billion, an increase of 16% year-over-year.
GAAP Operating Loss: GAAP operating loss was $74 million, or (3)% of total revenue, compared to a GAAP operating loss of $516 million, or (23)% of total revenue for fiscal 2024.
Non-GAAP Operating Income: Non-GAAP operating income was $587 million, or 22% of total revenue, compared to non-GAAP operating income of $310 million, or 14% of total revenue for fiscal 2024.
GAAP Net Income/Loss: GAAP net income was $28 million, compared to a GAAP net loss of $355 million, for fiscal 2024. GAAP basic and diluted net income per share were $0.16 and $0.06, respectively, compared to a GAAP basic and diluted net loss per share of $2.17, for fiscal 2024.
Non-GAAP Net Income: Non-GAAP net income was $510 million, compared to non-GAAP net income of $286 million for fiscal 2024. Non-GAAP diluted net income per share was $2.81, compared to non-GAAP diluted net income per share of $1.60 for fiscal 2024.
Cash Flow: Net cash provided by operations was $750 million, or 29% of total revenue, compared to $512 million, or 23% of total revenue, for fiscal 2024. Free cash flow was $730 million, or 28% of total revenue, compared to $489 million, or 22% of total revenue, for fiscal 2024.

The section titled “Non-GAAP Financial Measures” below contains a description of the non-GAAP financial measures, and reconciliations between GAAP and non-GAAP information are contained in the tables below.

Financial Outlook:

We’re taking a prudent approach to forward guidance that factors in our previously announced go-to-market specialization.

For the first quarter of fiscal 2026, the Company expects:

Total revenue of $678 million to $680 million, representing a growth rate of 10% year-over-year;
Current RPO of $2.185 billion to $2.190 billion, representing a growth rate of 12% year-over-year;
Non-GAAP operating income of $168 million to $170 million, which yields a non-GAAP operating margin of 25%;
Non-GAAP diluted net income per share of $0.76 to $0.77, assuming diluted weighted-average shares outstanding of approximately 184 million and a non-GAAP tax rate of 26%; and
Non-GAAP free cash flow margin of approximately 25%, inclusive of the expected cash impact of approximately $11 million related to the organizational restructuring expected to be paid out in the first quarter.

For the full year fiscal 2026, the Company now expects:

Total revenue of $2.850 billion to $2.860 billion, representing a growth rate of 9% to 10% year-over-year;
Non-GAAP operating income of $705 million to $715 million, which yields a non-GAAP operating margin of 25%;
Non-GAAP diluted net income per share of $3.15 to $3.20, assuming diluted weighted-average shares outstanding of approximately 186 million and a non-GAAP tax rate of 26%; and
Non-GAAP free cash flow margin of approximately 26%.

These statements are forward-looking and actual results may differ materially. Refer to the “Forward-Looking Statements” safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Okta has not reconciled its forward-looking non-GAAP financial measures to their most directly comparable GAAP measures because certain items are out of Okta’s control or cannot be reasonably predicted. Accordingly, reconciliations for forward-looking non-GAAP financial measures are not available without unreasonable effort.

Webcast Information:

Okta will host a live video webcast at 2:00 p.m. Pacific Time on March 3, 2025 to discuss the results and outlook. The prepared remarks and the news release with the financial results will be accessible from the Company’s website at investor.okta.com prior to the webcast. The live video webcast will be accessible from the Okta investor relations website at investor.okta.com. A replay will be available on the Okta investor relations website following the completion of the event.

Supplemental Financial and Other Information:

Supplemental financial and other information can be accessed through the Company’s investor relations website at investor.okta.com. Okta uses its investor.okta.com website and okta.com/blog websites (including the Security Blog, Okta Developer Blog and Auth0 Developer Blog) as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations and okta.com/blog websites in addition to following our press releases, SEC filings and public conference calls and webcasts.

Non-GAAP Financial Measures:

This press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, non-GAAP net margin, non-GAAP diluted net income per share, non-GAAP tax rate, free cash flow and free cash flow margin. Certain of these non-GAAP financial measures exclude stock-based compensation, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, restructuring costs related to severance and termination benefits and lease impairments in connection with the closing of certain leased facilities, certain non-ordinary course legal settlements and related expenses, amortization of debt issuance costs and gain on early extinguishment of debt. Acquisition and integration-related expenses include transaction costs and other non-recurring incremental costs incurred through the one-year anniversary of the transaction close.

Stock-based compensation is non-cash in nature and is generally fixed at the time the stock-based instrument is granted and amortized over a period of several years. Although stock-based compensation is an important aspect of the compensation of our employees and executives, the expense for the fair value of the stock-based instruments we use may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. We believe excluding stock-based compensation provides meaningful supplemental information regarding the long-term performance of our core business and facilitates comparison of our results to those of peer companies.

We also exclude non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, restructuring costs related to severance and termination benefits and lease impairments in connection with the closing of certain leased facilities, certain non-ordinary course legal settlements and related expenses, amortization of debt issuance costs and gain on early extinguishment of debt from the applicable non-GAAP financial measures because these adjustments are considered by management to be outside of our core operating results.

In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We use a fixed long-term projected tax rate of 26% in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. The non-GAAP tax rate could be subject to change for a variety of reasons, including changes in tax laws and regulations, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. We will periodically reevaluate the projected long-term tax rate, as necessary, for significant events based on our ongoing analysis of relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant acquisitions.

We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities, less cash used for purchases of property and equipment, net of sales proceeds, and capitalized software. Free cash flow margin is calculated as free cash flow divided by total revenue. We use free cash flow as a measure of financial progress in our business, as it balances operating results, cash management, and capital efficiency. We believe information regarding free cash flow provides investors and others with an important perspective on the cash available to make strategic acquisitions and investments, to fund ongoing operations, and to fund other capital expenditures. Free cash flow can be volatile and is sensitive to many factors, including changes in working capital and timing of capital expenditures. Working capital at any specific point in time is subject to many variables, including seasonality, the discretionary timing of expense payments, discounts offered by vendors, vendor payment terms, and fluctuations in foreign exchange rates.

We periodically reassess the components of our non-GAAP adjustments for changes in how we evaluate our performance and changes in how we make financial and operational decisions, and consider the use of these measures by our competitors and peers to ensure the adjustments remain relevant and meaningful.

Okta believes that non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by the Company’s management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.

Okta encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

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 financial outlook, business strategy and plans, market trends and market size, opportunities and positioning. These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control. For example, macroeconomic conditions have in the past and could in the future reduce demand for our solutions; we and our third-party service providers have in the past and could in the future experience cybersecurity incidents; we may be unable to manage or sustain our revenue growth and profitability; our financial resources may be insufficient to effectively compete in our market; we may be unable to attract new customers, or retain or sell additional solutions to existing customers; we may fail to maintain strategic partnerships to promote or enhance our solutions; we may experience challenges successfully expanding our existing marketing and sales capabilities, including further specializing our go-to-market organization; customer growth has slowed in recent periods and could continue to decelerate in the future; we could experience interruptions or performance problems associated with our technology, including a service outage; and we and our third-party service providers have failed, or were perceived as having failed, to fully comply with various privacy and security provisions to which we are subject, and similar incidents could occur in the future. Further information on potential factors that could affect our financial results is included in our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release represent our views only as of the date of this press release and we assume no obligation and do not intend to update these forward-looking statements.

About Okta

Okta, Inc. is The World’s Identity Company™. We secure Identity, so everyone is free to safely use any technology. Our customer and workforce solutions empower businesses and developers to use the power of Identity to drive security, efficiencies, and success — all while protecting their users, employees, and partners. Learn why the world’s leading brands trust Okta for authentication, authorization, and more at okta.com.

OKTA, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (dollars in millions, shares in thousands, except per share data) (unaudited)

	Three Months Ended January 31,						Twelve Months Ended January 31,
		2025			2024			2025			2024
Revenue:
Subscription	$	670		$	591		$	2,556		$	2,205
Professional services and other		12			14			54			58
Total revenue		682			605			2,610			2,263
Cost of revenue:
Subscription⁽¹⁾		142			126			549			502
Professional services and other⁽¹⁾		16			19			69			79
Total cost of revenue		158			145			618			581
Gross profit		524			460			1,992			1,682
Operating expenses:
Research and development⁽¹⁾		157			156			642			656
Sales and marketing⁽¹⁾		235			249			965			1,036
General and administrative⁽¹⁾		113			110			448			450
Restructuring and other charges		11			28			11			56
Total operating expenses		516			543			2,066			2,198
Operating income (loss)		8			(83	)		(74	)		(516	)
Interest expense		(1	)		(1	)		(5	)		(8	)
Interest income and other, net		24			25			106			81
Gain on early extinguishment of debt		—			15			19			106
Interest and other, net		23			39			120			179
Income (loss) before provision for income taxes		31			(44	)		46			(337	)
Provision for income taxes		8			—			18			18
Net income (loss)	$	23		$	(44	)	$	28		$	(355	)

Net income (loss) per share, basic	$	0.13		$	(0.26	)	$	0.16		$	(2.17	)
Net income (loss) per share, diluted	$	0.13		$	(0.26	)	$	0.06		$	(2.17	)

Weighted-average shares used to compute net income (loss) per share, basic		171,936			166,002			169,569			163,634
Weighted-average shares used to compute net income (loss) per share, diluted		175,280			166,002			175,086			163,634

⁽¹⁾Amounts include stock-based compensation expense as follows:

	Three Months Ended January 31,				Twelve Months Ended January 31,
		2025		2024		2025		2024
Cost of subscription revenue	$	21	$	18	$	82	$	75
Cost of professional services and other		3		4		12		15
Research and development		48		65		216		277
Sales and marketing		32		37		131		156
General and administrative		27		37		124		161
Total stock-based compensation expense	$	131	$	161	$	565	$	684

OKTA, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in millions) (unaudited)

	January 31,			January 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	409		$	334
Short-term investments		2,114			1,868
Accounts receivable, net of allowances		621			559
Deferred commissions		140			113
Prepaid expenses and other current assets		132			106
Total current assets		3,416			2,980
Property and equipment, net		43			48
Operating lease right-of-use assets		74			83
Deferred commissions, noncurrent		267			242
Intangible assets, net		138			182
Goodwill		5,448			5,406
Other assets		51			48
Total assets	$	9,437		$	8,989
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	13		$	12
Accrued expenses and other current liabilities		103			115
Accrued compensation		207			167
Convertible senior notes, net		509			—
Deferred revenue		1,691			1,488
Total current liabilities		2,523			1,782
Convertible senior notes, net, noncurrent		349			1,154
Operating lease liabilities, noncurrent		94			112
Deferred revenue, noncurrent		27			23
Other liabilities, noncurrent		39			30
Total liabilities		3,032			3,101

Stockholders’ equity:
Preferred stock		—			—
Class A common stock		—			—
Class B common stock		—			—
Additional paid-in capital		9,219			8,724
Accumulated other comprehensive loss		(12	)		(6	)
Accumulated deficit		(2,802	)		(2,830	)
Total stockholders’ equity		6,405			5,888
Total liabilities and stockholders’ equity	$	9,437		$	8,989

OKTA, INC. SUMMARY OF CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in millions) (unaudited)

	Twelve Months Ended January 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	28		$	(355	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation		565			684
Depreciation, amortization and accretion		88			84
Amortization of deferred commissions		130			104
Deferred income taxes		2			6
Lease impairment charges		—			28
Gain on early extinguishment of debt		(19	)		(106	)
Other, net		9			13
Changes in operating assets and liabilities:
Accounts receivable		(63	)		(79	)
Deferred commissions		(186	)		(158	)
Prepaid expenses and other assets		(37	)		(32	)
Operating lease right-of-use assets		20			23
Accounts payable		1			—
Accrued compensation		41			68
Accrued expenses and other liabilities		(3	)		21
Operating lease liabilities		(33	)		(39	)
Deferred revenue		207			250
Net cash provided by operating activities		750			512
Cash flows from investing activities:
Capitalized software		(12	)		(15	)
Purchases of property and equipment		(8	)		(8	)
Purchases of securities available-for-sale and other		(1,812	)		(1,709	)
Proceeds from maturities and redemption of securities available-for-sale		1,571			2,134
Proceeds from sales of securities available-for-sale and other		3			62
Payments for business acquisitions, net of cash acquired		(56	)		(22	)
Purchases of intangible assets		—			(1	)
Net cash provided by (used in) investing activities		(314	)		441
Cash flows from financing activities:
Payments for repurchases of convertible senior notes		(280	)		(937	)
Taxes paid related to net share settlement of equity awards		(148	)		—
Payments for warrants related to convertible senior notes		—			(7	)
Proceeds from stock option exercises		27			15
Proceeds from shares issued in connection with employee stock purchase plan		42			46
Net cash used in financing activities		(359	)		(883	)
Effects of changes in foreign currency exchange rates on cash, cash equivalents and restricted cash		(4	)		1
Net increase in cash, cash equivalents and restricted cash		73			71
Cash, cash equivalents and restricted cash at beginning of period		342			271
Cash, cash equivalents and restricted cash at end of period	$	415		$	342

OKTA, INC.

Reconciliation of GAAP to Non-GAAP Data

(dollars in millions, shares in thousands, except per share data)

(unaudited)

Non-GAAP Gross Profit and Non-GAAP Gross Margin

We define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin, adjusted for stock-based compensation expense included in cost of revenue, amortization of acquired intangibles and acquisition and integration-related expenses.

	Three Months Ended January 31,						Twelve Months Ended January 31,
		2025			2024			2025			2024
Gross profit	$	524		$	460		$	1,992		$	1,682
Add:
Stock-based compensation expense included in cost of revenue		24			22			94			90
Amortization of acquired intangibles		10			12			44			47
Non-GAAP gross profit	$	558		$	494		$	2,130		$	1,819
Gross margin		77	%		76	%		76	%		74	%
Non-GAAP gross margin		82	%		82	%		82	%		80	%

Non-GAAP Operating Income and Non-GAAP Operating Margin

We define non-GAAP operating income and non-GAAP operating margin as GAAP operating income (loss) and GAAP operating margin, adjusted for stock-based compensation expense, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, restructuring costs related to severance and termination benefits and lease impairments in connection with the closing of certain leased facilities and certain non-ordinary course legal settlements and related expenses.

In fiscal 2025, we updated our definition of non-GAAP operating income and non-GAAP operating margin to include certain non-ordinary course legal settlements and related expenses.

	Three Months Ended January 31,						Twelve Months Ended January 31,
		2025			2024			2025			2024
Operating income (loss)	$	8		$	(83	)	$	(74	)	$	(516	)
Add:
Stock-based compensation expense		131			161			565			684
Non-cash charitable contributions		—			2			5			6
Amortization of acquired intangibles		18			19			73			78
Acquisition and integration-related expenses		—			2			—			2
Restructuring costs		11			28			11			56
Legal settlements and related expenses		—			—			7			—
Non-GAAP operating income	$	168		$	129		$	587		$	310
Operating margin		1	%		(14	)%		(3	)%		(23	)%
Non-GAAP operating margin		25	%		21	%		22	%		14	%

Non-GAAP Net Income, Non-GAAP Net Margin and Non-GAAP Diluted Net Income Per Share

We define non-GAAP net income and non-GAAP net margin as GAAP net income (loss) and GAAP net margin, adjusted for stock-based compensation expense, non-cash charitable contributions, amortization of acquired intangibles, acquisition and integration-related expenses, amortization of debt issuance costs, gain on early extinguishment of debt, restructuring costs related to severance and termination benefits and lease impairments in connection with the closing of certain leased facilities and certain non-ordinary course legal settlements and related expenses. In addition, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We use a fixed long-term projected tax rate of 26% in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods.

In fiscal 2025, we updated our definition of non-GAAP net income and non-GAAP net margin to include certain non-ordinary course legal settlements and related expenses.

We define non-GAAP diluted net income per share, as non-GAAP net income divided by GAAP weighted-average shares used to compute net income (loss) per share, basic, adjusted for the potentially dilutive effect of (i) employee equity incentive plans, excluding the impact of unrecognized stock-based compensation expense, and (ii) convertible senior notes outstanding and related warrants. In addition, non-GAAP net income per share, diluted, includes the impact of our capped call agreements on convertible senior notes outstanding. The capped call agreements are intended to offset potential dilution to our Class A common stock upon any conversion or settlement of the convertible senior notes under certain circumstances. Accordingly, we did not record any adjustments for the potential impact of the convertible senior notes outstanding under the if-converted method.

	Three Months Ended January 31,						Twelve Months Ended January 31,
		2025			2024			2025			2024
Net income (loss)	$	23		$	(44	)	$	28		$	(355	)
Add:
Stock-based compensation expense		131			161			565			684
Non-cash charitable contributions		—			2			5			6
Amortization of acquired intangibles		18			19			73			78
Acquisition and integration-related expenses		—			2			—			2
Amortization of debt issuance costs		—			—			2			3
Gain on early extinguishment of debt		—			(15	)		(19	)		(106	)
Restructuring costs		11			28			11			56
Legal settlements and related expenses		—			—			7			—
Tax adjustment		(42	)		(40	)		(162	)		(82	)
Non-GAAP net income	$	141		$	113		$	510		$	286

Net margin		3	%		(7	)%		1	%		(16	)%
Non-GAAP net margin		21	%		19	%		20	%		13	%

Weighted-average shares used to compute net income (loss) per share, basic		171,936			166,002			169,569			163,634
Non-GAAP weighted-average effect of potentially dilutive securities		9,636			13,247			12,020			14,763
Non-GAAP weighted-average shares used to compute non-GAAP net income per share, diluted		181,572			179,249			181,589			178,397

Net income (loss) per share, diluted	$	0.13		$	(0.26	)	$	0.06		$	(2.17	)
Non-GAAP net income per share, diluted	$	0.78		$	0.63		$	2.81		$	1.60

OKTA, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(dollars in millions)

(unaudited)

Free Cash Flow and Free Cash Flow Margin

	Three Months Ended January 31,						Twelve Months Ended January 31,
		2025			2024			2025			2024
Net cash provided by operating activities	$	286		$	174		$	750		$	512
Less:
Purchases of property and equipment		(1	)		(3	)		(8	)		(8	)
Capitalized software		(1	)		(5	)		(12	)		(15	)
Free cash flow	$	284		$	166		$	730		$	489
Net cash provided by (used in) investing activities	$	(177	)	$	(133	)	$	(314	)	$	441
Net cash used in financing activities	$	(7	)	$	(109	)	$	(359	)	$	(883	)
Operating cash flow margin		42	%		29	%		29	%		23	%
Free cash flow margin		42	%		28	%		28	%		22	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250302847108/en/

Investor Contact:

Dave Gennarelli

[email protected]

Media Contact:

Kyrk Storer

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Data Management Online Privacy Security Apps/Applications Technology Software Networks

MEDIA:

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March 3, 2025 4:05 pm

Oracle Sets the Date for its Third Quarter Fiscal Year 2025 Earnings Announcement

PR Newswire

Earnings Results to be released on March 10, 2025, After the Close of the Market

AUSTIN, Texas
, March 3, 2025 /PRNewswire/ — Oracle Corporation today announced that its third quarter fiscal year 2025 results will be released on Monday, March 10th, after the close of the market. Oracle will host a conference call and live webcast at 4:00 p.m. Central Time to discuss the financial results. The live webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor.

About Oracle

Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle (NYSE: ORCL), please visit us at www.oracle.com.

Trademarks

Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

View original content to download multimedia:https://www.prnewswire.com/news-releases/oracle-sets-the-date-for-its-third-quarter-fiscal-year-2025-earnings-announcement-302390338.html

SOURCE Oracle Corporation

March 3, 2025 4:04 pm

Kuke Announces Plan to Implement ADS Ratio Change

Beijing, March 03, 2025 (GLOBE NEWSWIRE) — Kuke Music Holding Limited (“Kuke” or the “Company”) (NYSE: KUKE), a leading classical music service platform in China, today announced that, it will change the ratio of its American depositary shares (“ADSs”) to its Class A ordinary shares (the “ADS Ratio”) from one (1) ADS representing one (1) Class A ordinary shares to one (1) ADS representing ten (10) Class A ordinary shares.

For the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split. A post-effective amendment to the ADS Registration Statement on Form F-6 will be filed with the SEC to reflect the change in the ADS Ratio. The Company anticipates that the change in the ADS Ratio will be effective on or about March 13, 2025 (U.S. Eastern Time), subject to the effectiveness of the post-effective amendment to the ADS Registration Statement on Form F-6 on or before that date.

Each ADS holder of record at the close of business on the date when the change in ADS Ratio is effective will be required to surrender and exchange every ten (10) existing ADSs then held for one (1) new ADS. Deutsche Bank Trust Company Americas, as the depositary bank for the Company’s ADS program, will arrange for the exchange of the current ADSs for the new ones.

No fractional new ADSs will be issued in connection with the change in the ADS Ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses, where applicable) will be distributed to the applicable ADS holders by the depositary bank. The change in the ADS Ratio will have no impact on the Company’s underlying Class A ordinary shares, and no Class A ordinary shares will be issued or cancelled in connection with the change in the ADS Ratio. The Company’s ADSs will continue to be traded on the New York Stock Exchange under the ticker symbol “KUKE.”

As a result of the change in ADS Ratio, the ADS trading price is expected to increase proportionately, although the Company can give no assurance that the ADS trading price after the change in the ADS Ratio will be equal to or greater than ten times the ADS trading price before the change.

About Kuke Music Holding Limited (NYSE: KUKE)

Kuke is a leading classical music service platform in China encompassing the entire value chain from content provision to music learning services, with approximately 3 million audio and video music tracks. By collaborating with its strategic global business partner Naxos, the largest independent classical music content provider in the world, the foundation of Kuke’s extensive classical music content library is its unparalleled access to more than 900 top-tier labels and record companies. Leveraging its market leadership in international copyrighted classical music content, Kuke provides highly scalable classical music licensing services to various online music platforms, and classical music subscription services to over 800 universities, libraries and other institutions across China. In addition, it has hosted Beijing Music Festival (“BMF”), the most renowned music festival in China, for 24 consecutive years. Through KUKEY, the Company’s proprietary smart music learning solutions, Kuke aims to democratize music learning via technological innovation, bring fascinating music content and professional music techniques to more students, and continuously improve the efficiency and penetration of music learning in China. For more information about Kuke, please visit https://ir.kuke.com/. Kuke routinely posts important updates on its website.

Forward-looking Statements

This announcement contains forward looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Kuke’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including those in Kuke’s registration statement filed with the Securities and Exchange Commission. Further information regarding these and other risks is included in Kuke’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Kuke undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For further information, please contact:

Kuke Music Holding Limited

Investor Relations
Email: [email protected]

March 3, 2025 4:04 pm

Cytokinetics to Participate in March Investor Conferences

SOUTH SAN FRANCISCO, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Cytokinetics, Incorporated (Nasdaq: CYTK) today announced that the company is scheduled to participate in the following investor conferences in March:

Leerink
Global Biopharma Conference: Robert I. Blum, President and Chief Executive Officer, and Andrew Callos, Executive Vice President and Chief Commercial Officer, will participate in a fireside chat on Monday, March 10, 2025 at 11:20 AM Eastern Time at the W South Beach Hotel in Miami Beach, FL.
Jefferies Biotech on the Beach Summit: Management will participate in one-on-one meetings on Tuesday, March 11, 2025 at the Ritz Carlton South Beach Hotel in Miami Beach, FL.
Barclays
27th Annual Global Healthcare Conference: Robert I. Blum, President and Chief Executive Officer, and Andrew Callos, Executive Vice President and Chief Commercial Officer, will participate in a fireside chat on Wednesday, March 12, 2025 at 1:30 PM Eastern Time at the Loews Miami Beach Hotel in Miami Beach, FL.

Interested parties may access the live webcasts of the fireside chats by visiting the Investors & Media section of the Cytokinetics website at http://www.cytokinetics.com. The webcast replays will be archived on the Cytokinetics website for 90 days following the conclusion of the event.

About Cytokinetics

Cytokinetics is a leading muscle biology specialty biopharmaceutical company focused on discovering, developing and commercializing muscle biology-directed drug candidates as potential treatments for debilitating diseases in which muscle performance is compromised. As a pioneer in muscle and the mechanics of muscle performance, Cytokinetics is intent on meaningfully improving the lives of patients through global access to innovative medicines. Cytokinetics is readying for potential regulatory approvals and commercialization of aficamten, a potential next-in-class cardiac myosin inhibitor following positive results from SEQUOIA-HCM, the pivotal Phase 3 clinical trial in patients with obstructive hypertrophic cardiomyopathy (HCM). Aficamten is also being evaluated in additional clinical trials enrolling patients with obstructive and non-obstructive HCM. Cytokinetics is also developing omecamtiv mecarbil, a cardiac myosin activator, in patients with heart failure with severely reduced ejection fraction (HFrEF), CK-586, a cardiac myosin inhibitor with a mechanism of action distinct from aficamten, for the potential treatment of heart failure with preserved ejection fraction (HFpEF) and CK-089, a fast skeletal muscle troponin activator with potential therapeutic application to a specific type of muscular dystrophy and other conditions of impaired skeletal muscle function.

For additional information about Cytokinetics, visit www.cytokinetics.com and follow us on X, LinkedIn, Facebook and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Cytokinetics disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Cytokinetics’ and its partners’ research and development activities of Cytokinetics’ product candidates. Such statements are based on management’s current expectations, but actual results may differ materially due to various risks and uncertainties, including, but not limited to the risks related to Cytokinetics’ business outlined in Cytokinetics’ filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and Cytokinetics’ actual results of operations, financial condition and liquidity, and the development of the industry in which it operates, may differ materially from the forward-looking statements contained in this press release. Any forward-looking statements that Cytokinetics makes in this press release speak only as of the date of this press release. Cytokinetics assumes no obligation to update its forward-looking statements whether as a result of new information, future events or otherwise, after the date of this press release.

CYTOKINETICS® and the CYTOKINETICS and C-shaped logo are registered trademarks of Cytokinetics in the U.S. and certain other countries.

Contact:
Cytokinetics
Diane Weiser
Senior Vice President, Corporate Affairs
(415) 290-7757