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ANN ARBOR, Mich. — Michigan's defense of the national championship has fallen woefully short. The Wolverines started the season ranked No. 9 in the AP Top 25, making them the third college football team since 1991 to be ranked worse than seventh in the preseason poll after winning a national title. Michigan (6-5, 4-4 Big Ten) failed to meet those modest expectations, barely becoming eligible to play in a bowl and putting the program in danger of losing six or seven games for the first time since the Brady Hoke era ended a decade ago. The Wolverines potentially can ease some of the pain with a win against rival and second-ranked Ohio State (10-1, 7-1, No. 2 CFP) on Saturday in the Horseshoe, but that would be a stunning upset. Ohio State is a 21 1/2-point favorite, according to the BetMGM Sportsbook, and that marks just the third time this century that there has been a spread of at least 20 1/2 points in what is known as "The Game." People are also reading... Michigan coach Sherrone Moore doesn't sound like someone who is motivating players with an underdog mentality. "I don't think none of that matters in this game," Moore said Monday. "It doesn't matter the records. It doesn't matter anything. The spread, that doesn't matter." How did Michigan end up with a relative mess of a season on the field, coming off its first national title since 1997? Winning it all with a coach and star player contemplating being in the NFL for the 2024 season seemed to have unintended consequences for the current squad. The Wolverines closed the College Football Playoff with a win over Washington on Jan. 8; several days later quarterback J.J. McCarthy announced he was skipping his senior season; and it took more than another week for Jim Harbaugh to bolt to coach the Los Angeles Chargers. In the meantime, most quality quarterbacks wanting to transfer had already enrolled at other schools and Moore was left with lackluster options. Davis Warren beat out Alex Orji to be the team's quarterback for the opener and later lost the job to Orji only to get it back again. No matter who was under center, however, would've likely struggled this year behind an offensive line that sent six players to the NFL. The Wolverines lost one of their top players on defense, safety Rod Moore, to a season-ending injury last spring and another one, preseason All-America cornerback Will Johnson, hasn't played in more than a month because of an injury. The Buckeyes are not planning to show any mercy after losing three straight in the series. "We're going to attack them," Ohio State defensive end Jack Sawyer said. "We know they're going to come in here swinging, too, and they've still got a good team even though the record doesn't indicate it. This game, it never matters what the records are." While a win would not suddenly make the Wolverines' season a success, it could help Moore build some momentum a week after top-rated freshman quarterback Bryce Underwood flipped his commitment from LSU to Michigan. "You come to Michigan to beat Ohio," said defensive back Quinten Johnson, intentionally leaving the word State out when referring to the rival. "That's one of the pillars of the Michigan football program. "It doesn't necessarily change the fact of where we are in the season, but it definitely is one of the defining moments of your career here at Michigan." AP Sports Writer Mitch Stacy in Columbus, Ohio, contributed to this report. Get local news delivered to your inbox!

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More than half a million jobless young people are not looking for work, a leading think tank has warned. The Centre for Social Justice has sounded the alarm about nearly 946,000 people aged 16-24 who are not in education, employment or training – 552,000 of whom are not on the search for a job. It warns the size of this “inactive” age group has increased by more than half in just three years. Many of those not looking for work will suffer from ill-health or a disability. The CSJ wants specialist employment support and training opportunities for people with such challenges, as well as better help from employers. Labour went into the last election with a plan to “get two million people into work and deliver the highest employment levels in the G7”. James Heywood, an expert with the think tank, said: “The Government must commit to tackling economic inactivity, especially among young people. Without supporting people back into the labour market, its ambitious employment targets are simply unachievable. “The rising tide of long-term inactivity will cost the country billions of pounds if left unstemmed.” The CSJ warns that unless action is taken to “reverse the tide” of people stopping working for health reasons, taxpayers will face a “colossal £12billion hole in the public finances in five years time”. Up to £1.5billion of this will be made up of lost tax receipts, it claims. Work and Pensions Secretary Liz Kendall has pledged the Government “will not allow young people not to be in education, employment or training”. But the think tank cautions that the majority of these youngsters are not on the dole so expected “tougher benefit rules” may have limited impact. The CSJ warns there is no room for complacency in efforts to close the “employment gap” between disabled and non-disabled people. It states that between July and September of this year it stood at 27.5 per cent, with just 54.4 per cent of disabled adults in work. Employment minister Alison McGovern said: “These latest figures are yet more evidence of the significant challenges facing our young people, particularly the pandemic generation who have not received the support they need to reach their full potential. “Bold measures in our Get Britain Working white paper will turn this around. We will introduce a Youth Guarantee so every 18-21-year-old in England is earning or learning while we transform Jobcentres and introduce new health, work and skill plans to give everyone – including our young people – the support they need to build a better life.”Appoints Current Dana Director R. Bruce McDonald as Chairman and CEO Announces Plan to Sell Off-Highway Business Initiates $200 Million Cost Reduction Plan Confirms 2024 Full-Year Guidance Ranges for Sales, Adjusted EBITDA and Free Cash Flow MAUMEE, Ohio , Nov. 25, 2024 /PRNewswire/ -- Dana Incorporated (NYSE: DAN ) today announced the appointment of R. Bruce McDonald , a member of the Dana Board of Directors, as Chairman and Chief Executive Officer, effective immediately. Mr. McDonald's appointment follows the retirement of James Kamsickas as Chief Executive Officer and his departure from the Board. Mr. Kamsickas will remain as an advisor to the Company through March 2025 to support the transition. The Board has retained a leading executive search firm to identify the Company's next permanent CEO. Keith Wandell , Dana's Lead Independent Director, said, "Jim is an exceptional leader with more than 18 years as a CEO in the industry. He led Dana through one of the industry's most challenging periods while successfully building a high-performance culture, enabling a world-class manufacturing company and assembling a portfolio of leading products and technologies. The Board and Jim agreed that now is the right time to transition the leadership of Dana, and we thank Jim for his many contributions over his nine years leading the Company and wish him all the best." Mr. Kamsickas said, "I am proud of the work the Dana team has done over the past decade to grow revenues and successfully enhance the technology to serve all mobility markets no matter what type of propulsion they may use. It has been an honor to lead this talented global team during that time and I am confident the Company is well positioned for the future." Mr. Wandell continued, "We continue to have confidence in the long-term opportunity in the mobility industry, however it is undergoing a significant transformation, including protracted cost pressures and demand uncertainty. To address these challenges and deliver more value to customers and shareholders, Dana is taking action to streamline the business, unlock the value of its Off-Highway business and further reduce costs. Bruce is an experienced public company CEO in our industry with significant M&A expertise, and we are confident that he is the right person to oversee this transformation while the Board conducts a search for a permanent successor." Plan to Sell Off-Highway Business Dana today also announced it has engaged financial advisors Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC to sell its Off-Highway business, which the Board believes will unlock substantial value for shareholders. The Off-Highway business provides drive and motion systems for heavy-duty vehicles in markets such as agriculture, materials handling, mining, construction and forestry. A sale will position Dana with a streamlined go-to-market approach focused on serving its light and commercial vehicle customers, with traditional and electrified products that are largely shared across the remaining portfolio. Proceeds from a potential sale will enable Dana to strengthen its balance sheet through substantially reduced leverage, and to return capital to shareholders. While the Company and its advisors believe there is strong interest in the Off-Highway business, there can be no assurance that the sale process for Off-Highway will result in a transaction. There is no timeframe for the conclusion of the process, and the Company does not intend to comment further regarding this matter unless and until further disclosure is determined to be appropriate. Cost Reduction Actions While Dana continues to improve its profitability in a challenging operating environment, the Company announced further actions to support sustained long-term profitability and enhanced cash flow generation. This includes substantial reductions in selling, general & administrative costs across all the Company's businesses and engineering expenses to match current industry dynamics, including the ongoing delay in the adoption of electric vehicles. The Company expects to deliver annualized savings of approximately $200 million by 2026. Furthermore, the Company plans to reduce capital spending to reflect the revised market demand for electric vehicles. Bruce McDonald , Chief Executive Officer said, "Dana is committed to a strategy that accelerates value creation and has taken action to flex its cost structure and generate efficiencies by leveraging its core strengths through current market conditions. It is clear that further actions are needed, and I am confident that the new incremental cost reductions, paired with the benefits of a potential Off-Highway sale, will enhance shareholder value. Following the Off-Highway business sale, we believe Dana will have an adjusted EBITDA margin and free cash flow margin in excess of current levels." Mr. McDonald continued, "Dana is differentiated by leading technology innovation and a track record of continuous improvement. My conviction in our businesses, the team and the opportunities to capitalize on the EV transition over the long term remain strong. I look forward to stepping into my new role as CEO at such an important time for Dana and will work diligently alongside the Board and management team to deliver on these actions and drive value for Dana shareholders." Reaffirms 2024 Full-Year Guidance Ranges Dana is also reaffirming its previously announced guidance ranges for sales of $10.2 to $10.4 billion , Adjusted EBITDA of $855 to $895 million and free cash flow of $90 to $110 million for full year 2024, as outlined in the Company's third quarter 2024 earnings announcement on October 30, 2024 . About R. Bruce McDonald R. Bruce McDonald is a senior executive with over 30 years of experience in the automotive and manufacturing industries and significant expertise. Mr. McDonald has been a member of the Dana Board of Directors since 2014. He is also the retired chairman and chief executive officer of Adient plc., a global mobility supplier. He previously served as executive vice president and vice chairman of Johnson Controls, Inc., a global manufacturer of automotive, power and building solutions from 2014 to 2016. Mr. McDonald also served as executive vice president and chief financial officer of Johnson Controls from 2005 to September 2014 . Before joining Johnson Controls as vice president and corporate controller in 2001, he was vice president for finance at TRW Automotive. Prior to his appointment as Chairman of the Board, Mr. McDonald served on Dana's Audit Committee and as chair of the Nominating and Corporate Governance Committee. Forward-Looking Statements Certain statements and projections contained in this news release are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates, and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," and similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Dana's Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other Securities and Exchange Commission filings discuss important risk factors that could affect our business, results of operations and financial condition. The forward-looking statements in this news release speak only as of this date. Dana does not undertake any obligation to revise or update publicly any forward-looking statement for any reason. About Dana Incorporated Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe. The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions. Based in Maumee, Ohio , USA, the company reported sales of $10.6 billion in 2023 with 42,000 people in 31 countries across six continents. With a history dating to 1904, Dana was named among the "World's Most Ethical Companies" for 2023 and 2024 by Ethisphere and as one of "America's Most Responsible Companies 2023" by Newsweek. The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer. Learn more at dana.com. Craig Barber , +1-419-699-4990, [email protected] SOURCE Dana Incorporated

Calumet City Clerk Nyota Figgs’ effort to prevent Mayor Thaddeus Jones from reelection was undercut Friday after the city’s Election Board dismissed her claim that he cannot serve as both mayor and as an Illinois state representative. Figgs said she believes that based on a state Supreme Court ruling on Jones’ eligibility to run in 2021, a referendum not certified until after the election would disqualify him from holding top position in Calumet City government. However, a Cook County circuit court judge’s refusal earlier this week to substitute aldermen on the board with outside public members meant the decision did not come as a surprise to the clerk, who believes members Ald. Anthony Smith and Ramonde Williams are in Jones’ corner and vote accordingly. “I was disappointed in the Cook County courts ... in allowing Jones to run rampant,” Figgs said. “With him being a state representative and the mayor, he has a lot of political relationships, and I think that is what this is about.” Smith and Williams, in addition to public member and attorney Thomas Jaconetty who is board chair, agreed a law passed by the Illinois General Assembly renders an earlier passed referendum preventing Calumet City officials from simultaneously being a state representative or senator ineffective. Jones said the decision affirms what he is already certain of — that running for reelection is within his rights. He is expected to face Ald. James Patton, who sat beside Figgs during Friday’s election board hearings. “There is nothing they can do to stop me, because state law is clear,” Jones said. Still pending is an challenge Figgs filed alleging the mayor primarily resides outside of Calumet City. The board granted subpoenas Figgs’ attorneys sought to show Jones lives in South Holland with his wife, not on Paxton Avenue as he claims. The board will hear that challenge at 10 a.m. Dec. 20 at City Hall, 204 Pulaski Ave. Jones said his residency has been challenged in four elections, and his opponents have yet to prove he lives outside the city’s boundaries. He said the evidence presented by Figgs will lead the board to the same conclusion. Figgs faced her own residency challenge from Alyssia Benford, an auditor who previously worked for Calumet City. After a flurry of confusion over the evidence presented about Figgs’ home city, Benford’s attorney agreed to withdraw his objection. Figgs and Jones’ political feud has gone beyond election challenges, with the City Council recently getting involved in a lawsuit brought against Figgs for destroying city records. A majority of the council voted Wednesday on the City Hall front steps to dismiss the lawsuit, though Jones said the action was ineffective because he is the only person with authority over city litigation. Figgs said if the Election Board fails to remove Jones from the ballot in April, she will appeal the decision through the courts. “He should have to choose,” Figgs said. “If (the people) want him as a state representative, that’s fine. If they want him as mayor, that’s fine. But he shouldn’t be able to do both.” ostevens@chicagotribune.comThe for ( ) stock moved into a higher percentile Monday, as it got a lift from 67 to 75. This exclusive rating from Investor's Business Daily tracks market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the last 52 weeks stacks up against all the other stocks in our database. Decades of market research reveals that the market's biggest winners typically have an RS Rating north of 80 in the early stages of their moves. See if Unity Software stock can continue to show renewed price strength and hit that benchmark. Is Unity Software Stock A Buy? Unity Software stock is still inside a buy zone after breaking past a 23.40 buy point in a . The proper buying range is up to 5% above the initial entry. Once a stock moves above that range, it's best to wait for it to set up another buying opportunity.. The video game engine developer reported 0% EPS growth last quarter, while sales growth came in at -18%. Unity Software stock earns the No. 11 rank among its peers in the Computer Software-Design industry group. ( ), ( ) and ( ) are among the top 5 highly rated stocks within the group.

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Milton High School faces Lee County High School in the 2024 GHSA State Semifinal Football Playoff Game on Friday, Dec. 6 at 7:30 p.m. ET. Here’s how you can watch the game on NFHS Network. Watch: Milton VS. Lee County LIVE STREAM How can I watch Milton vs. Lee County? Fans can subscribe to NFHS Sports Network , a nationwide streaming platform for more than 9,000 high school sports. You can find the list of available schools here. How much does an NFHS subscription cost? Is there a free trial to NFHS Network ? An annual subscription costs $79.99, or you can pay monthly for $11.99 per month. Can you watch NFHS on your phone or TV? NFHS Network is available on smart TVs like Apple TV, Roku, Amazon Fire and Google Chromecast, as well as on iOS and Android smartphones. Top 25 high school football rankings (MaxPreps) 1. Mater Dei (Santa Ana, California) 2. Milton (Milton, Georgia) 3. Duncanville (Duncanville, Texas) 4. Bishop Gorman (Las Vegas, Nevada) 5. Carrollton (Carrollton, Georgia) 6. North Shore (Houston, Texas) 7. St. John Bosco (Bellflower, California) 8. St. Frances Academy (Baltimore, Maryland) 9. North Crowley (Fort Worth, Texas) 10. Buford (Buford, Georgia) 11. Archbishop Spalding (Severn, Maryland) 12. Lakeland (Lakeland, Florida) 13. Orange Lutheran (Orange, California) 14. Chaminade-Madonna (Hollywood, Florida) 15. Centennial (Corona, California) 16. Corner Canyon (Draper, Utah) 17. Mission Viejo (Mission Viejo, California) 18. IMG Academy (Bradenton, Florida) 19. Venice (Venice, Florida) 20. Atascocita (Humble, Texas) 21. Bergen Catholic (Oradell, New Jersey) 22. De La Salle (Concord, California) 23. DeMatha (Hyattsville, Maryland) RECOMMENDED • nj .com How to watch the Milton vs. Lee County game today (12/6/24) | LIVE STREAM for Georgia state playoffs game Dec. 6, 2024, 6:00 p.m. Parker vs. Saraland LIVE STREAM (12/6/24) | How to watch Alabama state playoffs game Dec. 6, 2024, 6:00 p.m. 24. DeSoto (DeSoto, Texas) 25. Lee County (Leesburg) Thank you for relying on us to provide the journalism you can trust.

SANTA CLARA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Agora, Inc. 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 Total revenues for the quarter were $31.6 million, a decrease of 9.8% from $35.0 million in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of $2.4 million. Agora : $15.7 million for the quarter, an increase of 2.6% from $15.3 million in the third quarter of 2023. Shengwang : RMB112.9 million ($15.9 million) for the quarter, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of RMB17.5 million ($2.4 million). Active Customers Agora : 1,762 as of September 30, 2024, an increase of 5.9% from 1,664 as of September 30, 2023. Shengwang : 3,641 as of September 30, 2024, a decrease of 9.7% from 4,034 as of September 30, 2023. Dollar-Based Net Retention Rate Agora : 94% for the trailing 12-month period ended September 30, 2024. Shengwang : 78% for the trailing 12-month period ended September 30, 2024. Net loss for the quarter was $24.2 million, which included expenses of $11.4 million in relation to the cancellation of certain employees' equity awards, severance expenses of $4.8 million, and losses from equity in affiliates of $4.2 million, compared to net loss of $22.5 million in the third quarter of 2023. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $10.4 million, compared to the non-GAAP net loss of $15.6 million in the third quarter of 2023. Total cash, cash equivalents, bank deposits and financial products issued by banks as of September 30, 2024 was $362.6 million. Net cash used in operating activities for the quarter was $4.6 million, compared to $3.0 million in the third quarter of 2023. Free cash flow for the quarter was negative $6.0 million, compared to negative $3.2 million in the third quarter of 2023. 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. Research and development expenses were $29.3 million in the third quarter of 2024, an increase of 46.1% from $20.0 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $9.0 million due to equity award cancellation and severance expenses of $3.6 million. Sales and marketing expenses were $6.9 million in the third quarter of 2024, a decrease of 11.9% from $7.8 million in the same period last year, primarily due to a decrease in personnel costs as the Company optimized its global workforce, which was offset partially by severance expenses of $0.7 million in the third quarter of 2024. General and administrative expenses were $9.7 million in the third quarter of 2024, an increase of 7.4% from $9.1 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $2.4 million as a result of the equity award cancellation, which was offset partially by a decrease in personnel costs as the Company optimized its global workforce. 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) As of As of September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents 32,118 36,894 Short-term bank deposits 161,906 86,924 Short-term financial products issued by banks 106,638 84,853 Short-term investments 3,066 7,983 Accounts receivable, net 37,381 34,668 Prepayments and other current assets 21,087 9,059 Contract assets 1,127 1,048 Total current assets 363,323 261,429 Property and equipment, net 4,238 5,365 Construction in progress for the headquarters project 35,429 17,343 Operating lease right-of-use assets 4,476 4,011 Intangible assets 741 1,274 Long-term bank deposits 20,500 143,127 Long-term financial products issued by banks 41,400 20,000 Long-term investments 41,012 43,893 Land use right, net 166,434 167,246 Other non-current assets 13,943 10,907 Total assets 691,496 674,595 Liabilities and shareholders' equity Current liabilities: Accounts payable 15,196 12,996 Advances from customers 8,155 7,765 Taxes payable 1,686 906 Current operating lease liabilities 1,924 2,447 Accrued expenses and other current liabilities 32,148 32,780 Total current liabilities 59,109 56,894 Long-term operating lease liabilities 2,429 1,726 Deferred tax liabilities 113 196 Long-term borrowings for the headquarters project 33,762 11,027 Other non-current liabilities 19,543 3 Total liabilities 114,956 69,846 Shareholders' equity: Class A ordinary shares 39 39 Class B ordinary shares 8 8 Additional paid-in-capital 1,148,502 1,138,346 Treasury shares, at cost (77,316) (79,716) Accumulated other comprehensive loss (7,907) (10,027) Accumulated deficit (486,786) (443,901) Total shareholders' equity 576,540 604,749 Total liabilities and shareholders' equity 691,496 674,595 Agora, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in US$ thousands, except share and per ADS amounts) Three Month Ended Nine Month Ended September 30, September 30, 2024 2023 2024 2023 Real-time engagement service revenues 30,356 32,718 95,716 100,798 Real-time engagement on-premise solution and other revenues 1,217 2,298 3,087 4,699 Total revenues 31,573 35,016 98,803 105,497 Cost of revenues 10,524 12,594 36,304 38,693 Gross profit 21,049 22,422 62,499 66,804 Operating expenses: Research and development 29,271 20,040 65,551 61,356 Sales and marketing 6,860 7,789 19,944 26,903 General and administrative 9,741 9,070 26,349 27,100 Total operating expenses 45,872 36,899 111,844 115,359 Other operating income 134 620 914 1,515 Impairment of goodwill - - - (31,928 ) Loss from operations (24,689 ) (13,857 ) (48,431 ) (78,968 ) Exchange gain (loss) 43 20 108 (191 ) Interest income 3,924 4,850 13,244 14,006 Interest expense (86 ) - (251 ) - Investment income (loss) 839 (13,356 ) (4,033 ) (18,497 ) Losses from extinguishment of convertible note - - - (1,230 ) Other income - - - 550 Loss before income taxes (19,969 ) (22,343 ) (39,363 ) (84,330 ) Income taxes - (164 ) (149 ) (323 ) (Losses) income from equity in affiliates (4,211 ) (6 ) (3,373 ) 45 Net loss (24,180 ) (22,513 ) (42,885 ) (84,608 ) Net loss attributable to ordinary shareholders (24,180 ) (22,513 ) (42,885 ) (84,608 ) Other comprehensive loss: Foreign currency translation adjustments 3,197 1,164 2,119 (6,097 ) Gain on available-for-sale debt securities - - - 1,385 Total comprehensive loss attributable to ordinary shareholders (20,983 ) (21,349 ) (40,766 ) (89,320 ) Net loss per ADS attributable to ordinary shareholders, basic and diluted (0.26 ) (0.23 ) (0.46 ) (0.84 ) Weighted-average shares used in computing net loss per ADS attributable to ordinary shareholders, basic and diluted 371,733,050 389,359,207 372,336,342 405,036,312 Share-based compensation expenses included in: Cost of revenues 31 129 184 576 Research and development expenses 10,776 3,769 15,886 10,668 Sales and marketing expenses 241 800 838 3,705 General and administrative expenses 2,599 1,945 4,332 5,953 Agora, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in US$ thousands) Three Month Ended Nine Month Ended September 30, September 30, 2024 2023 2024 2023 Cash flows from operating activities: Net loss (24,180 ) (22,513 ) (42,885 ) (84,608 ) Adjustments to reconcile net loss to net cash used in operating activities: Share-based compensation expenses 13,647 6,643 21,240 20,902 Allowance for current expected credit losses 2,415 1,857 7,263 5,358 Depreciation of property and equipment 788 1,558 2,726 5,680 Amortization of intangible assets 131 345 533 1,036 Amortization of land use right 856 850 2,572 2,312 Deferred tax benefit (20 ) (53 ) (82 ) (159 ) Amortization of right-of-use asset and interest on lease liabilities 687 704 2,035 2,218 Investment (income) loss (839 ) 13,356 4,033 18,497 Losses from extinguishment of convertible note - - - 1,230 Interest income on debt securities and investments - - - (105 ) Losses (income) from equity in affiliates 4,211 6 3,373 (45 ) Loss (gain) on disposal of property and equipment 1 34 16 (10 ) Impairments of goodwill - - - 31,928 Changes in assets and liabilities, net of effect of acquisition: Accounts receivable (1,627 ) (4,503 ) (9,418 ) (7,856 ) Contract assets (38 ) (86 ) (67 ) (942 ) Prepayments and other current assets 347 (659 ) (12,129 ) (1,008 ) Other non-current assets (472 ) (2,104 ) 6,668 (5,160 ) Accounts payable (2,531 ) 2,653 2,042 3,639 Advances from customers (41 ) 100 316 (559 ) Taxes payable 107 31 761 (802 ) Operating lease liabilities (677 ) (324 ) (2,319 ) (1,869 ) Deferred income 256 - 62 (160 ) Accrued expenses and other liabilities 2,357 (928 ) (5,404 ) (6,808 ) Net cash used in operating activities (4,622 ) (3,033 ) (18,664 ) (17,291 ) Cash flows from investing activities: Purchase of property and equipment (1,333 ) (206 ) (2,297 ) (656 ) Purchase of short-term bank deposits - (58,000 ) (43,100 ) (187,521 ) Purchase of short-term financial products issued by banks (50,300 ) (19,525 ) (70,391 ) (29,899 ) Purchase of short-term investments - (789 ) - (789 ) Proceeds from maturity of short-term bank deposits 37,000 86,000 111,241 434,058 Proceeds from maturity of short-term financial products issued by banks 59,482 - 69,511 8,310 Purchase of long-term bank deposits (10,500 ) - (20,500 ) (143,127 ) Purchase of long-term financial products issued by banks (32,000 ) - (41,400 ) (20,000 ) Purchase of long-term investments (562 ) - (562 ) (15 ) Purchase of land use right - - - (5,133 ) Payment for the headquarters project (10,918 ) (1,839 ) (21,895 ) (4,326 ) Cash received for business disposal - - - 5,769 Cash received from disposal of property and equipment 2 36 58 87 Cash paid for a business combination - - - (3,680 ) Cash received from disposal of long-term investments 28 - 155 - Net cash (used in) provided by investing activities (9,101 ) 5,677 (19,180 ) 53,078 Cash flows from financing activities: Proceeds from long-term borrowings for headquarters project 11,123 - 22,177 - Deposits returned for business disposal - - - (1,000 ) Proceeds from exercise of employees' share options 175 74 550 590 Deposit received in relation to headquarters project - - 19,280 - Repurchase of Class A ordinary shares (3,913 ) (12,462 ) (9,667 ) (52,829 ) Net cash provided by (used in) financing activities 7,385 (12,388 ) 32,340 (53,239 ) Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 819 53 678 (1,286 ) Net decrease in cash, cash equivalents and restricted cash (5,519 ) (9,691 ) (4,826 ) (18,738 ) Cash balance recorded in held-for sale assets at beginning of period - - - 1,488 Cash, cash equivalents and restricted cash at beginning of period * 37,867 38,268 37,174 45,827 Cash, cash equivalents and restricted cash at end of period ** 32,348 28,577 32,348 28,577 Supplemental disclosure of cash flow information: Income taxes paid 24 33 133 65 Cash payments included in the measurement of operating lease liabilities 677 324 2,319 1,869 Right-of-use assets obtained in exchange for operating lease obligations 1,812 - 2,325 4,088 Non-cash financing and investing activities: Proceeds receivable from exercise of employees' share options 328 25 328 25 Payables for property and equipment 33 24 33 24 Payables for construction in progress for the headquarters project 11,614 6,458 11,614 6,458 Payables for treasury shares, at cost 24 301 24 301 * includes restricted cash balance 280 280 280 154 ** includes restricted cash balance 230 280 230 280 Agora, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in US$ thousands, except share and per ADS amounts) Three Month Ended Nine Month Ended September 30, September 30, 2024 2023 2024 2023 GAAP net loss (24,180 ) (22,513 ) (42,885 ) (84,608 ) Add: Share-based compensation expenses 13,647 6,643 21,240 20,902 Acquisition related expenses - 13 - (400 ) Amortization expenses of acquired intangible assets 129 345 531 1,035 Income tax related to acquired intangible assets (20 ) (53 ) (82 ) (159 ) Impairment of goodwill - - - 31,928 Non-GAAP net loss (10,424 ) (15,565 ) (21,196 ) (31,302 ) Net cash used in operating activities (4,622 ) (3,033 ) (18,664 ) (17,291 ) Purchase of property and equipment (1,333 ) (206 ) (2,297 ) (656 ) Free Cash Flow (5,955 ) (3,239 ) (20,961 ) (17,947 ) Net cash (used in) provided by investing activities (9,101 ) 5,677 (19,180 ) 53,078 Net cash provided by (used in) financing activities 7,385 (12,388 ) 32,340 (53,239 ) © 2024 Benzinga.com. 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