Julen Lopetegui says West Ham were worthy winners at NewcastleAfter snow last night in Turin, New Zealand held their captain's run in icy wind blowing off nearby mountains ahead of tomorrow morning's game against Italy. The temperature will plunge below zero tonight and again tomorrow for kickoff. Captain Scott Barrett says they must embrace the conditions. Live commentary from 9am tomorrow on Newstalk ZB, Gold Sport and iHeart Radio. INTERNATIONAL RUGBY COVERAGE WITH ACCESS SOLUTIONS. ELEVATING YOU AND YOUR BUSINESS TO A HIGHER LEVEL.None
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LONDON (Reuters) - The French government collapsed on Wednesday after losing a no-confidence vote, thrusting the euro zone's second-largest economy further into political crisis, and threatening its capacity to legislate and repair its precarious finances. This is the first French government to be forced out by a no-confidence vote since 1962. The euro showed little immediate reaction, trading around $1.0517 against the dollar, but dipping against other European currencies, such as the Swiss franc and the pound. French stock and bond futures nudged up modestly. The country's bonds and stocks have come under selling pressure from the escalating crisis in recent days, with the closely-watched gap, or spread, between 10-year French and German bond yields rising to as much as 90 basis points, its widest since the height of the euro zone debt crisis in 2012. COMMENTS: JAMES ATHEY, FIXED INCOME MANAGER, MARLBOROUGH, LONDON: “This was not an unexpected event.” MORE: “But it is going to nag at investors until we have clarity and we can’t have clarity until July.” “Austerity is better from a pure OAT investor perspective but it is likely to reduce support for the centre (parties) and that reduces the chances of a market-friendly outcome in an election next summer.” “There’s nothing likely to make the outlook materially worse in the short term and (French bond risk premia) is likely to chop around in the range it has been.” “When we get into the new year and people take a fresh look it could drift wider.” MATHIEU SAVARY, CHIEF INVESTMENT STRATEGIST, BCA RESEARCH, MONTREAL: "Paralysis will remain the dominant feature of French politics for the next two years, which means that the debt is unlikely to be fundamentally addressed. So we will remain in an environment of volatility around French bonds. That to me means there is still not enough protection embedded in the current level of spreads. So that's why I don't recommend my clients buy French bonds. I think Spanish bonds are more attractive. If we move to 100 bps in terms of spreads here, based on my conversations with investors, it's likely that we'll see a bit of a rally in French bonds at this level, but very short-lived, it's not the end of the travail. We'll remain in that 'elevated spread and high volatility' no matter what. So that's why I'm not keen on French bonds at all." "The potential threat rather to the credit rating of France is something that will keep investors at bay and prevent a significant narrowing (in the risk premium). Because here, the odds that France is being downgraded are rising since the political paralysis means that anything meaningful, any meaningful moves to decrease the deficit, will be challenged." NICK REES, SENIOR FX MARKET ANALYST, MONEX EUROPE, LONDON: “I’m amazed the euro hasn’t moved much. The French government has collapsed. It should be lower.” “There are two major powers in Europe, France and Germany, both of which right now are emasculated.” “I don’t see that as a good position to be in when (U.S. President-elect Donald) Trump is coming into office and probably going to hit Europe with tariffs. I don’t like that risk environment and the euro shouldn’t like that risk environment. It should be trading a lot lower.” “Some of this was expected but markets haven’t got around to the realisation that is really bad.” “This is a big blow to sentiment in France and that will be negative for growth.” (Reporting by Naomi Rovnick and Amanda Cooper; Editing by Ira Iosebashvili) Copyright 2024 Thomson Reuters .CAMPBELL, Calif.--(BUSINESS WIRE)--Dec 4, 2024-- Holdings, Inc. (NYSE:CHPT) (“ChargePoint”), a leading provider of networked solutions for charging electric vehicles (EVs), today reported results for its third quarter of fiscal year 2025 ended October 31, 2024. “We are encouraged by record EV sales in the industry, and we continue to see network utilization driving the need for more charging infrastructure,” said Rick Wilmer, CEO of ChargePoint. “Our third quarter results exceeded our expectations, and demonstrate that our strategy, focus on operational excellence, and rigorous cash management are translating to tangible results.” For reconciliation of GAAP and non-GAAP results, please see the tables below. For the fourth fiscal quarter ending January 31, 2025, ChargePoint expects revenue of $95 million to $105 million. The Company is concentrating on returning to growth and streamlining operations to continue on its path to positive non-GAAP Adjusted EBITDA, which is targeted for a quarter in fiscal year 2026. ChargePoint is not able to present a reconciliation of its forward-looking non-GAAP Adjusted EBITDA goal to the corresponding GAAP measure because certain potential future adjustments, which may be significant and may include, among other items, stock-based compensation expense, are uncertain or out of its control, or cannot be reasonably predicted without unreasonable effort. The actual amounts of such reconciling items could have a significant impact on ChargePoint's GAAP Net Loss. ChargePoint will host a webcast today at 1:30 p.m. Pacific / 4:30 p.m. Eastern to review its third quarter fiscal 2025 financial results. Investors may access the webcast, supplemental financial information and investor presentation at ChargePoint’s investor relations website ( ) under the “Events and Presentations” section. A replay will be available after the conclusion of the webcast and archived for one year. ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds of thousands of places to charge in North America and Europe. For more information, visit the , the , or contact the or or . This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our projected revenue for the fourth quarter of fiscal year 2025 and our goal to achieve positive non-GAAP Adjusted EBITDA. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: macroeconomic trends including changes in or sustained inflation, interest rate volatility, or other events beyond our control on the overall economy which may reduce demand for our products and services, geopolitical events and conflicts, adverse impacts to our business and those of our customers and suppliers, including due to supply chain disruptions, tariffs, component shortages, and associated logistics expense increases; our limited operating history as a public company; our ability as an organization to successfully acquire, integrate or partner with other companies, products or technologies in a successful manner; our dependence on widespread acceptance and adoption of EVs, including auto manufacture's plans and strategies to transition to predominately manufacture EV and any corresponding increased demand for installation of charging stations; our current dependence on sales of charging stations for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; our ability, and our reliance on our customers, to successfully implement, construct and manage National Electric Vehicle Infrastructure (NEVI) grant opportunities in accordance with the respective terms of the NEVI program in order to validly secure and obtain awarded funding and win additional NEVI grant opportunities; our reliance on contract manufacturers, including those located outside the United States, may result in supply chain interruptions, delays and expense increases which may adversely affect our sales, revenue and gross margins; our ability to expand our operations and market share in Europe; the need to attract additional fleet operators as customers; potential adverse effects on our revenue and gross margins due to delays and costs associated with new product introductions, inventory obsolescence, component shortages and related expense increases; adverse impact to our revenues and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by us; the effects of competition; risks related to our dependence on our intellectual property; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on September 9, 2024, which is available on our website at and on the SEC’s website at . Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law. ChargePoint has provided financial information in this press release that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). ChargePoint uses these non-GAAP financial measures internally in analyzing its financial results. ChargePoint believes that the use of these non-GAAP financial measures is useful to investors to evaluate ongoing operating results and trends and believes they provide meaningful supplemental information to investors regarding ChargePoint’s underlying operating performance because they exclude items the Company believes are unrelated to, and may not be indicative of, its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with ChargePoint’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of ChargePoint’s historical non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. ChargePoint defines non-GAAP gross profit as gross profit excluding stock-based compensation expense, amortization expense of acquired intangible assets and restructuring costs for severances and employment-related termination costs, facility and other contract terminations. Non-GAAP gross margin is non-GAAP gross profit as a percentage of revenue. ChargePoint defines non-GAAP cost of revenue and operating expenses as cost of revenue and operating expenses excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt. ChargePoint defines non-GAAP net loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses and professional service fees related to the modification of the convertible debt. These amounts reflect the impact of any related tax effects. Non-GAAP pre-tax net loss is non-GAAP net loss adjusted for provision for income taxes. . ChargePoint defines non-GAAP adjusted EBITDA loss as net loss excluding stock-based compensation expense, restructuring costs for severances and employment-related termination costs, facility and other contract terminations, amortization expense of acquired intangible assets, non-cash charges related to tax liabilities and litigation settlements, including associated non-recurring legal expenses, professional service fees related to the modification of the convertible debt, and further adjusted for provision of income taxes, depreciation, interest income and expense, and other income and expense (net). Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures to analyze financial results and trends. In particular, many of the adjustments to ChargePoint’s GAAP financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future, such as stock-based compensation, which is an important part of ChargePoint’s employees’ compensation and impacts hiring, retention and performance. Furthermore, these non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP, and the components that ChargePoint excludes in its calculation of non-GAAP financial measures may differ from the components that other companies exclude when they report their non-GAAP results. In the future, ChargePoint may also exclude other expenses it determines do not reflect the performance of ChargePoint’s operating results. CHPT-IR Networked charging systems $ 52,662 $ 73,893 $ 182,182 $ 286,788 Subscriptions 36,417 30,559 106,053 86,935 Other 10,533 5,831 26,959 17,084 Total revenue 99,612 110,283 315,194 390,807 Networked charging systems 52,852 109,452 173,152 317,335 Subscriptions 17,512 19,999 53,812 53,495 Other 6,462 4,778 16,249 12,263 Total cost of revenue 76,826 134,229 243,213 383,093 22,786 (23,946 ) 71,981 7,714 Research and development 38,299 56,524 110,861 165,563 Sales and marketing 34,678 39,834 106,376 116,545 General and administrative 17,975 33,463 52,794 82,627 Total operating expenses 90,952 129,821 270,031 364,735 (68,166 ) (153,767 ) (198,050 ) (357,021 ) Interest income 1,604 1,868 6,930 6,168 Interest expense (9,315 ) (3,820 ) (22,486 ) (9,673 ) Other income (expense), net (202 ) (2,815 ) (1,090 ) (2,173 ) (76,079 ) (158,534 ) (214,696 ) (362,699 ) Provision for (benefit from) income taxes 1,511 (315 ) 3,567 162 $ (77,590 ) $ (158,219 ) $ (218,263 ) $ (362,861 ) Net loss per share, basic and diluted $ (0.18 ) $ (0.43 ) $ (0.51 ) $ (1.01 ) Weighted average shares outstanding, basic and diluted 435,331,445 376,182,783 428,757,738 360,818,131 Current assets: Cash and cash equivalents $ 219,409 $ 327,410 Restricted cash 400 30,400 Accounts receivable, net 111,854 124,049 Inventories 221,988 198,580 Prepaid expenses and other current assets 66,467 62,244 Total current assets 620,118 742,683 Property and equipment, net 37,909 42,446 Intangible assets, net 71,662 80,555 Operating lease right-of-use assets 14,782 15,362 Goodwill 214,303 213,750 Other assets 7,564 8,567 Current liabilities: Accounts payable $ 74,056 $ 71,081 Accrued and other current liabilities 143,163 159,104 Deferred revenue 102,787 99,968 Total current liabilities 320,006 330,153 Deferred revenue, noncurrent 134,056 131,471 Debt, noncurrent 299,410 283,704 Operating lease liabilities 16,019 17,350 Deferred tax liabilities 10,343 11,252 Other long-term liabilities 5,523 1,757 Total liabilities 785,357 775,687 Stockholders' equity: Common stock 44 42 Additional paid-in capital 2,028,722 1,957,932 Accumulated other comprehensive loss (15,150 ) (15,926 ) Accumulated deficit (1,832,635 ) (1,614,372 ) Total stockholders' equity 180,981 327,676 Net loss $ (218,263 ) $ (362,861 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 22,205 21,160 Non-cash operating lease cost 2,700 3,257 Stock-based compensation 61,083 91,946 Amortization of deferred contract acquisition costs 2,388 2,112 Inventory impairment — 70,000 Non-cash interest expense 12,750 — Reserves and other 17,104 7,486 Changes in operating assets and liabilities: Accounts receivable, net 6,267 8,693 Inventories (24,207 ) (183,569 ) Prepaid expenses and other assets (6,250 ) (6,135 ) Accounts payable, operating lease liabilities, and accrued and other liabilities (25,291 ) 31,738 Deferred revenue 5,249 28,685 Net cash used in operating activities (144,265 ) (287,488 ) Purchases of property and equipment (10,136 ) (14,671 ) Maturities of investments — 105,000 Net cash provided by (used in) investing activities (10,136 ) 90,329 Debt issuance costs related to the revolving credit facility — (2,853 ) Proceeds from the issuance of common stock under employee equity plans, net of tax withholding 7,742 10,957 Proceeds from issuance of common stock in connection with ATM offerings, net of issuance costs 2,970 287,198 Change in driver funds and amounts due to customers 5,681 8,935 Settlement of contingent earnout liability — (3,537 ) Net cash provided by financing activities 16,393 300,700 Effect of exchange rate changes on cash, cash equivalents, and restricted cash 7 (691 ) Net increase (decrease) in cash, cash equivalents, and restricted cash (138,001 ) 102,850 Cash, cash equivalents, and restricted cash at beginning of period 357,810 294,562 Cash, cash equivalents, and restricted cash at end of period $ 219,809 $ 397,412 Stock-based compensation expense (1,260 ) (1,847 ) (3,870 ) (4,780 ) Amortization of intangible assets (774 ) (759 ) (2,301 ) (2,291 ) Restructuring costs (1) (961 ) (996 ) (961 ) (996 ) Stock-based compensation expense 1,260 1,847 3,870 4,780 Amortization of Intangible Assets 774 759 2,301 2,291 Restructuring costs (1) 961 996 961 996 Stock-based compensation expense (9,831 ) (14,451 ) (28,864 ) (39,804 ) Restructuring costs (1) (2,867 ) (4,183 ) (2,867 ) (4,183 ) Stock-based compensation expense (4,518 ) (6,467 ) (14,422 ) (17,393 ) Amortization of intangible assets (2,304 ) (2,249 ) (6,829 ) (6,794 ) Restructuring costs (1) (5,067 ) (1,343 ) (5,067 ) (1,343 ) Stock-based compensation expense (5,107 ) (10,118 ) (13,927 ) (29,969 ) Restructuring costs (1) (933 ) (9,079 ) (933 ) (9,079 ) Other adjustments (2) (1,728 ) (788 ) (5,729 ) (893 ) Stock-based compensation expense (19,456 ) (31,036 ) (57,213 ) (87,166 ) Amortization of intangible assets (2,304 ) (2,249 ) (6,829 ) (6,794 ) Restructuring costs (1) (8,867 ) (14,605 ) (8,867 ) (14,605 ) Other adjustments (2) (1,728 ) (788 ) (5,729 ) (893 ) Stock-based compensation expense 20,716 32,883 61,083 91,946 Amortization of intangible assets 3,078 3,008 9,130 9,085 Restructuring costs (1) 9,828 15,601 9,828 15,601 Other adjustments (2) 1,728 788 5,729 893 Provision for (benefit from) income taxes 1,511 (315 ) 3,567 162 Depreciation 4,230 4,135 13,074 12,076 Interest income (1,604 ) (1,868 ) (6,930 ) (6,168 ) Interest expense 9,315 3,820 22,486 9,673 Other expense (income), net 202 2,815 1,090 2,173 (1) (2) View source version on : CONTACT: Investor Relations Nandan Amladi Vice President, Finance and Investor Relations John Paolo Canton Vice President, Communications Gosselin Director, Corporate Communications KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: TECHNOLOGY ALTERNATIVE VEHICLES/FUELS EV/ELECTRIC VEHICLES AUTOMOTIVE VEHICLE TECHNOLOGY ALTERNATIVE ENERGY SOFTWARE ENERGY BATTERIES SOURCE: ChargePoint Holdings, Inc. Copyright Business Wire 2024. PUB: 12/04/2024 04:10 PM/DISC: 12/04/2024 04:17 PMEnzo Maresca savoured chants of ‘we’ve got our Chelsea back’ from travelling fans following a 5-1 Premier League thrashing of 10-man Southampton at St Mary’s. Blues supporters also sang the name of head coach Maresca during the closing stages of an emphatic success sealed by goals from Axel Disasi, Christopher Nkunku, Noni Madueke, Cole Palmer and substitute Jadon Sancho. Bottom club Southampton briefly levelled through Joe Aribo but were a man down from the 39th minute after captain Jack Stephens was sent off for pulling the hair of Marc Cucurella. Chelsea, who have endured an underwhelming period since Todd Boehly’s consortium bought the club in 2022, climbed above Arsenal and into second place on goal difference, seven points behind leaders Liverpool. “It was a very good feeling, especially because you can see that they are happy, that is our target,” Maresca said of the atmosphere in the away end. “We work every day to keep them happy and tonight was a very good feeling, especially the one that they can see that Chelsea’s back. This is an important thing.” Maresca rotated his squad in Hampshire, making seven changes following Sunday’s impressive 3-0 win over Aston Villa. Following a sloppy start, his side, who stretched their unbeaten run to six top-flight games, could easily have won by more as they hit the woodwork three times, in addition to squandering a host of chances. “I’m very happy with the five we scored,” said the Italian. “I’m not happy with the first 15, 20 minutes, where we struggled. The reason why we struggled is because we prepared the game to press them man to man and the first 15, 20 minutes we were not pressing them man to man. “After 15, 20 minutes we adjust that and the game was much better. For sure we could score more but five goals they are enough.” Southampton manager Russell Martin rued a costly “moment of madness” from skipper Stephens. The defender’s ridiculous red card was the headline mistake of a catalogue of errors from the beleaguered south-coast club as they slipped seven points from safety following an 11th defeat of a dismal season. “I don’t think anyone will be as disappointed as Jack,” Martin said of Stephens, who was sent off for the second time this term after tugging the curls of Cucurella as Saints prepared to take a corner. “I haven’t got to sit down and talk with him about that at all. He will be hurt more than anyone and it’s changed the game for us tonight, which is disappointing. “I think they have to describe it as violent conduct; it’s not violent really but there’s no other explanation for that really. It’s a moment of madness that’s really cost us and Jack.” Southampton repeatedly invited pressure with their risky attempts to play out from defence, with goalkeeper Joe Lumley gifting Chelsea their second goal, scored by Nkunku. While Saints were booed off at full-time, Martin, who was missing a host of key players due to injuries and suspensions, praised the effort of his depleted team. “When they see such a big scoreline and a couple of the goals we concede, I understand it (the jeers),” he said. “It’s football, it’s emotive, people feel so much about it, it’s why it’s such a special sport in this country and so big. “I understand it but I feel really proud of the players tonight, some of the football we played at 11 v 11 was amazing. “For an hour with 10 men we’ve dug in so deep, there were some big performances. I’m proud of them for that and I’m grateful for that because that’s not easy in that circumstance.”
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