Prosecutors may have violated the Constitution — and it could let a convicted senator walkOTTAWA — Hundreds of First Nations chiefs are gathering in Ottawa for three days this week to discuss economic reconciliation, reforming the First Nations child welfare system, the policing system and the carbon price at an Assembly of First Nations' special chiefs assembly. The gathering comes after a testy October assembly that saw chiefs vote down a $47.8-billion child welfare reform deal with Canada after decades of legal fights that found the federal government discriminated against First Nations children. It also comes as chiefs grow increasingly worried about a change in government, with a federal election looming and a gridlocked Parliament that means key pieces of legislation for First Nations people are not moving forward. The assembly's gatherings are often attended by federal politicians, including Prime Minister Justin Trudeau, whose address is set for Thursday according to a draft agenda. Conservative Leader Pierre Poilievre is not expected to be in attendance. His wife, Anaida, will speak on a panel about human trafficking on Wednesday. AFN National Chief Cindy Woodhouse Nepinak said in an interview the organization will continue to invite Poilievre to address chiefs, and that he can hopefully join them for discussions at the next assembly. Poilievre addressed the AFN at its annual general assembly in July, the first time he spoke to the assembly since he was named party leader. NDP Leader Jagmeet Singh and Bloc Québécois Leader Yves-Francois Blanchet are scheduled to address the assembly Thursday, followed by Justice Minister Arif Virani, Crown-Indigenous Relations Minister Gary Anandasangaree and Indigenous Services Minister Patty Hajdu. More than 1,700 chiefs, proxies and participants registered to attend. Nine resolutions are dedicated to reforming the First Nations child and family services program, with nearly half of Wednesday dedicated to the issue. That includes the $47.8-billion deal the AFN, Chiefs of Ontario and Nishnawbe Aski Nation struck with the federal government in July after a nearly two-decade long legal fight over the federal government’s underfunding of on-reserve child welfare services. The Canadian Human Rights Tribunal said Canada's underfunding was discriminatory because it meant kids living on reserve were given fewer services than those living off reserve. The tribunal tasked Canada with reaching an agreement with First Nations to reform the system, and also with compensating children who were torn from their families and put in foster care. The agreement was meant to cover 10 years of funding for First Nations to take control of their own child welfare services from the federal government, create a body to deal with complaints and set aside money for prevention, along with other items. Chiefs voted against the deal at a special assembly in October dedicated to child welfare, and passed resolutions calling for a new negotiation and legal team in hopes it would bring more transparency to the process. "We have to get to that place where we can find a way forward," Woodhouse Nepinak said in an interview. "If there's one thing that everybody can agree on, (it's) that the child welfare system in this country is broken." The AFN urged Canada to return to the negotiation table with a new mandate after the deal was struck down, but Woodhouse Nepinak said the AFN has yet to receive a response. Hajdu said after the October vote that she was disappointed with the outcome, but that the government would be looking at every option to make sure negotiations can continue. She also said the government was waiting for the AFN to come back with a plan. In a statement from her office Monday, that message was reiterated. "We are committed to building a system together where all First Nations children grow up surrounded by their culture, love, and their language," said spokesperson Jennifer Kozelj. The vast majority of resolutions up for debate at this week's assembly focus on First Nations in Canada, but one urges chiefs to bring their attention to the Middle East amid the ongoing Israel-Hamas war. Chief Louis Kwissiwa of Netmizaaggamig Nishnaabeg, formerly Pic Mobert First Nation, put forward a resolution calling on chiefs to "support the rights of Palestinian people to exercise self-determination in their traditional lands and territories, and the rights of Palestinians displaced by the forces of settler colonialism to return to their lands." It also calls on Canada to recognize Palestinian statehood, and for the federal government to sanction the Israeli government and monitor or take action against Canadian citizens or charities that are involved in "illegal settlement activities in occupied Palestine." Another resolution calls for chiefs to support a legal challenge against the consumer carbon price. Woodhouse Nepinak said legislation to ensure First Nations have clean drinking water will likely be a main topic of discussion, along with First Nations policing. An emergency resolution slated for discussion on Tuesday calls for a national inquiry into systemic racism in policing and the deaths of First Nations people at the hands of police. That comes after six people were killed in September after interactions with police forces, in separate incidents across the country. "One thing that we need to get moving on is policing and public safety in our First Nations communities," Woodhouse Nepinak said. "First Nations are always an afterthought, and yet we have to deal with these issues every week." This report by The Canadian Press was first published Dec. 2, 2024. Alessia Passafiume, The Canadian Press
Flag football scours nation with talent camps to uncover next wave of stars
Canadian freestyle ski star Mikael Kingsbury seeks to extend recordIndia-US civil nuclear deal will remain a crowning glory of Manmohan Singh's prime ministershipAn Oakland County woman is ready to bid farewell to her job and take a well-deserved break after hitting a $2 million jackpot on the Michigan Lottery’s Ace of Spades instant game. The 47-year-old winner , who wishes to remain anonymous, said: "I buy lottery tickets regularly, always hoping to win big. When I scratched off my Ace of Spades ticket and saw I had won $2 million, I was thrilled and couldn’t believe it was real! I called my mom right away to tell her the big news." "Winning is a huge relief and will allow me to quit my job and relax," she expressed. She purchased her winning ticket at Perry’s Palace, located at 411 North Perry Street in Pontiac. California man claims he hasn't been paid $44 MILLION lottery prize months after winning Illinois Lottery player snags $10M jackpot prize on $50 scratch-off ticket After claiming her prize at the Lottery headquarters in Lansing, she revealed that she plans to quit her job, take a vacation, and save the rest of her winnings, in the most relatable statement from a lottery winner ever. Suzanna Shkreli, the Lottery Commissioner, congratulated the lucky player: "So many Lottery players dream of winning big, and that dream is now a reality for this lucky player thanks to a $2 million win playing the Ace of Spades instant game. Congratulations to the lucky player on her big win!" The last Michigan players to hit the Mega Millions or Powerball jackpot were the Breakfast Club lottery club, who scooped a whopping $842 million in June 2024. They plan to use their winnings to buy a Florida home and travel. In another lucky draw, a Maryland lottery player used the ages of her nearest and dearest before being left in 'total shock' at her Powerball win. The Charles County winner used the ages of her family’s children, siblings, and a grandchild for the $50,000, according to the Maryland Lottery . However, being doubtful of her chances, the woman had held onto her ticket for a month before checking it. In a lottery news release, she said: “I can’t believe I won using all of their ages" - before explaining how she planned to use the money to pay her bills. It comes after a lucky grandmother bought 18 lottery tickets in Washington - before winning the top prize on every single game. The woman from Yakima, Washington, scooped $180,000 after buying the Match 4 tickets at Wray’s Marketfresh Meadowbrook. This woman used her usual special numbers — a lucky mixture of her birthday and the day she got a "second chance at life,” lottery officials said. Doubtful of her chances, the woman went about her day —running errands and picking up her grandchildren from school—putting her tickets to one side. Later, she was at home to check her tickets before shrieking and asking her granddaughter to double-check the numbers.
SANTA CLARA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Agora, Inc. (NASDAQ: API) (the “Company”), a pioneer and leader in real-time engagement technology, today announced its unaudited financial results for the third quarter ended September 30, 2024. “Recently, we launched our Conversational AI SDK in collaboration with OpenAI’s Realtime API to allow developers to bring voice-driven AI experiences to any app. We believe multimodal AI agents that can interact with human through natural voice will gain widespread adoption across many use cases such as customer support, education and wellness, and Agora is well positioned to become a key infrastructure provider for real-time conversational AI,” said Tony Zhao, founder, chairman and CEO of Agora. “To support this vision, we recently made some structural changes, aligning our organization to fully leverage the accelerating conversational AI opportunities, and operate in a faster, leaner, and more responsive fashion. These changes will help us build the next generation real-time engagement technology for the Generative AI era and strengthen our position as the leader in real-time engagement space.” Third Quarter 2024 Highlights Third Quarter 2024 Financial Results Revenues Total revenues were $31.6 million in the third quarter of 2024, a decrease of 9.8% from $35.0 million in the same period last year. Revenues of Agora were $15.7 million in the third quarter of 2024, an increase of 2.6% from $15.3 million in the same period last year, primarily due to our business expansion and usage growth in sectors such as live shopping. Revenues of Shengwang were RMB112.9 million ($15.9 million) in the third quarter of 2024, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the same period last year, primarily due to a decrease in revenues of RMB 17.5 million ($2.4 million) due to the end-of-sale of certain products and reduced usage from customers in certain sectors such as social and entertainment as a result of challenging macroeconomic and regulatory environment. Cost of Revenues Cost of revenues was $10.5 million in the third quarter of 2024, a decrease of 16.4% from $12.6 million in the same period last year, primarily due to the end-of-sale of certain products and the decrease in bandwidth usage and costs, which was offset partially by severance expenses for customer support teams of $0.3 million. Gross Profit and Gross Margin Gross profit was $21.0 million in the third quarter of 2024, a decrease of 6.1% from $22.4 million in the same period last year. Gross margin was 66.7% in the third quarter of 2024, an increase of 2.7% from 64.0% in the same period last year, mainly due to the end-of-sale of certain low-margin products, which was offset partially by higher severance expenses in the third quarter of 2024. Operating Expenses Operating expenses were $45.9 million in the third quarter of 2024, an increase of 24.3% from $36.9 million in the same period last year, primarily due to the increase in restructuring and severance expenses in the third quarter of 2024, which included share-based compensation of $11.4 million as a result of the cancellation of certain employees’ equity awards and immediate recognition of relevant remaining unrecognized compensation expenses, as well as severance expenses of $4.4 million. Loss from Operations Loss from operations was $24.7 million in the third quarter of 2024, compared to $13.9 million in the same period last year. Interest Income Interest income was $3.9 million in the third quarter of 2024, compared to $4.9 million in the same period last year, primarily due to the decrease in the average balance of cash, cash equivalents, bank deposits and financial products issued by banks and the decrease in average interest rate realized. Losses from equity in affiliates Losses from equity in affiliates were $4.2 million in the third quarter of 2024, primarily due to an impairment loss on an investment in certain private company of $4.1 million. Net Loss Net loss was $24.2 million in the third quarter of 2024, compared to $22.5 million in the same period last year. Net Loss per American Depositary Share attributable to ordinary shareholders Net loss per American Depositary Share (“ADS”)1 attributable to ordinary shareholders was $0.26 in the third quarter of 2024, compared to $0.23 in the same period last year. 1 One ADS represents four Class A ordinary shares. Share Repurchase Program During the three months ended September 30, 2024, the Company repurchased approximately 6.8 million of its Class A ordinary shares (equivalent to approximately 1.7 million ADSs) for approximately US$3.9 million under its share repurchase program, representing 1.9% of its US$200 million share repurchase program. As of September 30, 2024, the Company had repurchased approximately 129.4 million of its Class A ordinary shares (equivalent to approximately 32.3 million ADSs) for approximately US$113.7 million under its share repurchase program, representing 57% of its US$200 million share repurchase program. As of September 30, 2024, the Company had 368.3 million ordinary shares (equivalent to approximately 92.1 million ADSs) outstanding, compared to 449.8 million ordinary shares (equivalent to approximately 112.5 million ADSs) outstanding as of January 31, 2022 before the share repurchase program commenced. The current share repurchase program will expire at the end of February 2025. Executive Leadership Update Today the Company announced that Chief Security Officer Roger Hale will be leaving the Company, effective immediately. Mr. Hale has served in this role for the past 2.5 years, during which he made significant contributions to enhancing the Company’s security, compliance, and data protection protocols. Mr. Hale will work closely with senior leadership to ensure a smooth transition of his responsibilities. Moving forward, Patrick Ferriter and Robbin Liu will assume responsibility for security and compliance, reflecting the Company’s commitment to maintaining a strong and effective security framework. Mr. Hale will continue to provide strategic advice as an advisor to the Company. “We are grateful for Roger’s dedication and expertise over the past two and a half years. His leadership has been invaluable in strengthening our security & compliance foundation,” said Tony Zhao, founder, chairman and CEO of Agora. “Security and compliance remain top priorities for Agora, and we will continue to uphold the highest standards to protect our customers and stakeholders.” Financial Outlook Based on currently available information, the Company expects total revenues for the fourth quarter of 2024 to be between $34 million and $36 million, compared to $31.6 million in the third quarter of 2024, and $33.3 million in the fourth quarter of 2023 if revenues from certain end-of-sale low-margin products were excluded. The Company also expects significant improvement in net income / (loss) in the fourth quarter. This outlook reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Earnings Call The Company will host a conference call to discuss the financial results at 5 p.m. Pacific Time / 8 p.m. Eastern Time on November 25, 2024. Details for the conference call are as follows: Event title: Agora, Inc. 3Q 2024 Financial Results The call will be available at https://edge.media-server.com/mmc/p/wie28zvr Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below. https://register.vevent.com/register/BIf58a0b6f500c4362b1a8c64f9fa4cea8 Please visit the Company’s investor relations website at https://investor.agora.io on November 25, 2024 to view the earnings release and accompanying slides prior to the conference call. Use of Non-GAAP Financial Measures The Company has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company uses these non-GAAP financial measures internally in analyzing its financial results and believe that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing its financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. The Company believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill that it includes in its cost of revenues, total operating expenses and net income (loss). The Company believes that all such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. 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 the Company’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of its historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation. Definitions of the Company’s non-GAAP financial measures included in this press release are presented below. Non-GAAP Net Income (Loss) Non-GAAP net income (loss) is defined as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. Free Cash Flow Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment (excluding the acquisition of land use right and the payment for the headquarters project). The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Operating Metrics The Company also uses other operating metrics included in this press release and defined below to assess the performance of its business. Active Customers An active customer at the end of any period is defined as an organization or individual developer from which the Company generated more than $100 of revenue during the preceding 12 months. Customers are counted based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications. Dollar-Based Net Retention Rate Dollar-Based Net Retention Rate is calculated for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. As the vast majority of revenue generated from Agora’s customers is denominated in U.S. dollars, while the vast majority of revenue generated from Shengwang’s customers is denominated in Renminbi, Dollar-Based Net Retention Rate is calculated in U.S. dollars for Agora and in Renminbi for Shengwang, which has substantially removed the impact of foreign currency translations. Shengwang excluded the revenues from certain end-of-sale products, Easemob’s CEC business and K12 academic tutoring sector. The Company believes Dollar-Based Net Retention Rate facilitates operating performance comparisons on a period-to-period basis. Safe Harbor Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Company’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; the Company’s ability to manage its growth and expand its operations; the continued impact of COVID-19 on global markets and the Company’s business, operations and customers; the Company’s ability to attract new developers and convert them into customers; the Company’s ability to retain existing customers and expand their usage of its platform and products; the Company’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; the Company’s fluctuating operating results; competition; the effect of broader technological and market trends on the Company’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. About Agora, Inc. Agora, Inc. is the Cayman Islands holding company of two independent divisions, under Agora brand and Shengwang brand, respectively, whose businesses are conducted through separate entities. Headquartered in Santa Clara, California, Agora is a pioneer and global leader in Real-Time Engagement Platform-as-a-Service (PaaS), providing developers with simple, flexible, and powerful application programming interfaces, or APIs, to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications. Headquartered in Shanghai, China, Shengwang is a pioneer and leading Real-Time Engagement PaaS provider in the China market. For more information on Agora, please visit: www.agora.io For more information on Shengwang, please visit: www.shengwang.cn Agora, Inc. Condensed Consolidated Balance Sheets (Unaudited, in US$ thousands) Agora, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in US$ thousands, except share and per ADS amounts) Agora, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in US$ thousands) Agora, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in US$ thousands, except share and per ADS amounts) Investor Contact: investor@agora.io Media Contact: press@agora.io
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