2024 Fourth Quarter and Annual Results Presentation Mar 19, 2025 1 Cautionary Note This presentation may contain forward-looking statements relating to the forecasts, targets, outlook, estimates of financial performance, opportunities, challenges, business developments, business plans and growth strategies of Tencent Holdings Limited (the "Company" or "Tencent") and its group companies. These forward-looking statements are based on information currently available to Tencent and are stated here on the basis ...

Corporate Governance - Whitehawk Therapeutics, Inc. has amended and restated its bylaws on multiple occasions, with the latest amendment on March 18, 2025[1]. - The company’s registered office will be fixed in its certificate of incorporation, which may be amended from time to time[6]. - Stockholder meetings can be held remotely as authorized by Delaware General Corporation Law, allowing flexibility in meeting arrangements[9]. - The annual meeting of stockholders is to be held each year, with the Board of Directors having the authority to cancel or reschedule meetings[10]. - Special meetings of stockholders can be called by the Board of Directors or certain executives, but not by other persons[11]. - Stockholders must provide timely notice for nominations or proposals at annual meetings, with specific deadlines outlined[15]. - A stockholder's notice must include detailed information about proposed director nominees, including their shareholdings and any compensatory arrangements[17]. - The company requires stockholders to provide a detailed notice for any business they wish to bring before the annual meeting, including a brief description and reasons for the proposal[18]. - Stockholders must disclose their material interests and any agreements related to the proposal, including beneficial ownership and affiliations[19]. - A stockholder's notice must include the number of shares held and any agreements that may affect voting rights or dividends[19]. - The company mandates that stockholders update their notices to ensure accuracy as of the record date and within specified timeframes[21]. - Nominations for directors must be submitted within a specific timeframe, no earlier than 120 days and no later than 10 days after the public announcement of the special meeting[23]. - Proposed nominees must provide a signed questionnaire and representations regarding their eligibility and compliance with company policies[24]. - The chairperson of the meeting has the authority to determine if nominations or business proposals were made in accordance with the bylaws[28]. - If a stockholder or their representative does not appear at the meeting, the nomination or business proposal will be disregarded[29]. - Compliance with the 1934 Act is required for all nominations and proposals made by stockholders[31]. - The company reserves the right to request additional information from stockholders to determine the propriety of proposed business items[18]. - The notice requirements for stockholder proposals are satisfied if the proposal complies with Rule 14a-8 and is included in the company's proxy statement[32]. - Stockholders must receive notice of meetings at least 10 days and no more than 60 days before the meeting date[33]. - A quorum for stockholder meetings requires a majority of the voting power of the capital stock issued and outstanding[34]. - If a quorum is not present, the meeting can be adjourned without further notice until a quorum is achieved[35]. - The chairperson of the meeting has the authority to determine the order of business and adjourn the meeting if necessary[37]. - Each stockholder is entitled to one vote per share of capital stock held[39]. - Actions by stockholders must occur at a duly called meeting and cannot be taken by written consent[41]. - The Board of Directors may fix a record date for determining stockholders entitled to notice and vote, which cannot be more than 60 days before the meeting[42]. - The company must prepare a complete list of stockholders entitled to vote at least 10 days before each meeting[48]. - Inspectors of election must be appointed to ensure the validity of votes and proxies at stockholder meetings[49]. Board of Directors - The Board of Directors may hold regular meetings without notice at times and places determined by the Board[63]. - Special meetings can be called by the chairperson, CEO, president, or a majority of the Board, with notice required at least 24 hours in advance[64][66]. - A majority of the Whole Board constitutes a quorum for business transactions[67]. - Actions can be taken without a meeting if all directors consent in writing or electronically[70]. - The Board has the authority to fix the compensation of directors[71]. - Directors may be removed by stockholders as specified in the certificate of incorporation[72]. - Committees may be designated by the Board to exercise powers in managing the business[74]. - Each committee must keep regular minutes of its meetings[75]. - The Board of Directors appoints the officers of the Company, including a president and a secretary[81][82]. Financial Matters - The Company may issue shares as partly paid, with the total consideration stated on the stock certificates[93]. - The Board of Directors has the authority to declare and pay dividends on the Company's capital stock, which may be in cash, property, or shares[97]. - Transfers of stock must be made on the Company's books by the holders, either in person or through an authorized attorney, and require the surrender of certificates if applicable[98]. - The Company can enter into agreements with stockholders to restrict the transfer of shares in compliance with the DGCL[99]. - The Company recognizes the exclusive rights of registered stockholders to receive dividends and vote, and is not bound to recognize claims from other parties[100]. Indemnification and Insurance - The Company may indemnify directors and officers to the fullest extent permitted by the DGCL for expenses incurred in legal proceedings, provided they acted in good faith[108]. - Indemnification is also available for directors and officers in actions brought by or in the right of the Company, subject to certain conditions[110]. - The Company may advance expenses incurred by officers or directors in defending proceedings, contingent upon a written request and an undertaking to repay if not entitled to indemnification[113]. - The Company has the power to purchase insurance for its directors, officers, and employees against liabilities incurred in their capacities[119]. - Rights to indemnification and advancement of expenses continue for individuals who have ceased to be directors or officers, benefiting their heirs[120]. - Amendments to the bylaws or certificate of incorporation cannot eliminate or impair rights to indemnification for acts occurring prior to such changes[121]. Miscellaneous Provisions - The Company has established a corporate seal that may be altered by the Board of Directors[127]. - The fiscal year of the Company will be determined by a resolution from the Board of Directors[126]. - The Board of Directors has the authority to authorize any officer or employee to enter into contracts on behalf of the Company[125]. - The Company will require a 66 2/3% affirmative vote from stockholders to amend certain bylaws[133]. - The Court of Chancery of the State of Delaware will be the exclusive forum for specific legal actions involving the Company[129]. - The federal district courts of the United States will handle complaints arising under the Securities Act of 1933 related to the Company's securities[130]. - References to "Company" include any constituent company involved in a merger or consolidation[123]. - The Company may adopt and use a corporate seal in various manners[127]. - The definitions and provisions in the DGCL will govern the construction of the Company's bylaws[128]. - The Board of Directors has the power to amend or repeal bylaws, but certain amendments require stockholder approval[133].

Financial Performance - Abeona Therapeutics reported a net loss of $63.7 million for the full year 2024, compared to a net loss of $54.2 million in 2023, representing a 17.5% increase in losses[7]. - Research and development expenses increased to $34.4 million in 2024 from $31.1 million in 2023, primarily due to increased headcount for manufacturing capacity expansion[7]. - General and administrative expenses rose to $29.9 million in 2024 from $19.0 million in 2023, reflecting increased costs related to commercial launch preparations[7]. Cash and Assets - Cash, cash equivalents, short-term investments, and restricted cash totaled $98.1 million as of December 31, 2024, up from $52.6 million as of December 31, 2023, indicating a 86.5% increase[5]. - The total assets of Abeona increased to $108.9 million as of December 31, 2024, compared to $64.0 million as of December 31, 2023[15]. - The company estimates its current resources are sufficient to fund operations into 2026, excluding potential revenue from pz-cel sales[6]. Product Development and Regulatory Updates - The FDA has set a PDUFA target action date of April 29, 2025, for the review of the pz-cel Biologics License Application (BLA)[3]. - Abeona anticipates treating the first patient with pz-cel in the third quarter of 2025, pending FDA approval[3]. - The company has engaged five treatment centers in the U.S. to become qualified treatment centers for pz-cel[3]. - Abeona has obtained two additional patents for pz-cel, extending patent protection for its use in treating RDEB to June 2037 and for its packaging system to July 2040[3].

FDA Approvals and Designations - The FDA accepted and granted priority review for the Biologics License Application (BLA) for pz-cel, with a target action date set for May 25, 2024[15]. - The FDA has granted pz-cel multiple designations, including Regenerative Medicine Advanced Therapy (RMAT) and Breakthrough Therapy, which may provide market exclusivity and expedited review benefits[36]. - The FDA reviews a Biologics License Application (BLA) within 60 days to determine if it is substantially complete before acceptance for filing[96]. - The FDA aims to review 90% of standard BLAs in 10 months and 90% of priority BLAs in 6 months after acceptance for filing[101]. - The FDA may expedite the review of BLAs through programs like Fast Track, Breakthrough Therapy, Priority Review, and Accelerated Approval[104][105]. - Fast Track designation allows for rolling review of BLAs, enabling sections to be reviewed before the application is complete[104]. Clinical Development and Studies - The VIITAL™ study demonstrated statistically significant improvements in wound healing and pain reduction for pz-cel, with a mean duration of chronic wounds prior to treatment being 6.2 years[33]. - ABO-503 demonstrated robust RS1 expression in the retina, improved cone photoreceptor density, and overall photoreceptor cell survival in preclinical studies[39]. - A pre-IND meeting for ABO-503 with the FDA provided comprehensive feedback to support a future IND submission, with IND-enabling studies expected to complete by the end of 2025[39]. - ABO-504 aims to efficiently reconstitute the full-length ABCA4 gene using a dual AAV vector strategy, with preclinical data showing expression levels similar to endogenous ABCA4 in wild-type animals[42]. - A pre-IND meeting for ABO-504 with the FDA was conducted in June 2023, providing feedback to support a future IND submission[42]. - ABO-505 is designed to express a functional copy of human Opa1 in the retina, with initial efficacy results suggesting improved visual acuity in treated mutant mice[44]. Manufacturing and Facilities - The company has established cGMP manufacturing capabilities in Cleveland, Ohio, to support the planned commercial launch of pz-cel, if approved[37]. - The company has established a cGMP manufacturing facility in Cleveland, Ohio, enhancing supply chain control and manufacturing efficiency for clinical trials[49]. - The facility spans over 16,000 square feet, with the first phase completed in 2018 and the second phase in 2019, supporting quality control and process development[50]. Intellectual Property and Licensing - The company aims to expand its intellectual property portfolio by aggressively seeking patent rights for various aspects of its programs[22]. - The company has licensed technologies for the treatment of various diseases, including RDEB, with patents expected to expire in early 2037 and mid-2040[59]. - The company has licensed two patent families for treating CLN1 disease, with one U.S. patent (No. 11,504,435) issued on November 22, 2022, projected to expire on January 12, 2039[64]. - The company has licensed rights to a patent family from UNC related to gene therapy for Rett Syndrome, with patents expected to expire no earlier than 2039[65]. - The company owns a patent family for multipartite delivery of large transgenes using AAV vectors, with patents not expected to expire before 2041[66]. - The company has a patent family for novel AAV capsid proteins and treating ophthalmic diseases, with patents not expected to expire before 2042[67]. - A pending PCT application for treating dominant optic atrophy and X-linked retinoschisis is expected to have patents that do not expire before 2043[68]. Regulatory Compliance and Challenges - The FDA regulates biologic products, including gene therapy, under the FDCA and PHSA, requiring extensive testing and approval processes[69]. - The FDA's approval process for biologic products includes preclinical tests, IND submission, and clinical trials, with a focus on safety and efficacy[71]. - Manufacturers of biologics must comply with cGMP regulations and register with the FDA, ensuring consistent production quality[87]. - The approval process may involve inspections of manufacturing facilities to ensure compliance with cGMP requirements[98]. - The FDA has the authority to suspend licenses immediately if there is a danger to public health, and manufacturers must comply with strict manufacturing controls[109]. - Approved products are subject to annual user fee requirements, excluding orphan products, and manufacturers face periodic inspections for compliance with cGMP[110]. - Failure to comply with regulatory requirements can lead to severe consequences, including product recalls, fines, and exclusion from federal healthcare programs[115]. Market Access and Competition - The company is engaging with healthcare stakeholders to understand market access and potential pricing for pz-cel[37]. - The company faces significant uncertainty regarding coverage and reimbursement for its products, as third-party payors are increasingly reducing reimbursements for medical products and services[138]. - In the EU, pricing and reimbursement schemes vary widely, with some countries requiring a reimbursement price agreement before marketing products, leading to high barriers for new product entry[139]. - The company anticipates intense competition as new product candidates enter the market, with competitors potentially having greater financial and technical resources[144]. - Mergers and acquisitions in the biotechnology and pharmaceutical industries may concentrate resources among fewer competitors, increasing competitive pressure[145]. - The company may face challenges in obtaining regulatory approval for its product candidates, as competitors could achieve approval more rapidly, establishing a strong market position[148]. Employment and Workforce - As of December 31, 2024, the company had 136 full-time employees[153]. - The company has never experienced employment-related work stoppages and maintains good relations with its personnel[153]. - The company competes for skilled personnel with numerous pharmaceutical and biotechnology firms[152]. - The company has contracts with scientific consultants and research organizations to support drug development[153]. Legal and Regulatory Environment - The company must comply with various healthcare laws and regulations, including the federal Anti-Kickback Statute and the Physician Payments Sunshine Act, which may constrain its business arrangements[134]. - The General Data Protection Regulation (GDPR) imposes strict rules on data privacy and security, affecting how the company processes personal data[140]. - The company is subject to environmental protection laws that govern the use and disposal of hazardous substances, which could result in liability if operations lead to contamination[142].

Financial Performance - Net revenue for Q2 fiscal year 2025 was $6.7 billion, slightly down from $6.8 billion in Q2 fiscal year 2024[5]. - U.S. GAAP operating income for Q2 was $245 million, compared to $1.1 billion in the same quarter last year[17]. - Core diluted earnings per share (Non-GAAP) for Q2 was $1.94, down from $7.31 in Q2 fiscal year 2024[17]. - The company reported a net income of $117 million for Q2, significantly lower than $927 million in Q2 fiscal year 2024[17]. - Net income for the six months ended February 28, 2025, was $217 million, a decrease from $1,121 million for the same period in 2024, representing a decline of approximately 80.7%[19]. - Operating income (U.S. GAAP) for the six months ended February 28, 2025, was $442 million, down from $1,434 million in the prior year, reflecting a decrease of about 69.1%[20]. - Diluted earnings per share (U.S. GAAP) for the six months ended February 28, 2025, was $1.93, down from $8.66 in the same period of 2024, a decline of approximately 77.7%[20]. Revenue Outlook - The company expects third quarter net revenue to be between $6.7 billion and $7.3 billion[3]. - Fiscal year 2025 net revenue outlook is set at $27.9 billion, with a core operating margin of 5.4%[4]. Cash Flow and Assets - Adjusted free cash flow for fiscal year 2025 is projected to exceed $1.2 billion[4]. - Total current assets as of February 28, 2025, were $12.6 billion, a decrease from $12.8 billion as of August 31, 2024[15]. - Cash and cash equivalents at the end of the period were $1,592 million, down from $2,566 million at the end of the same period in 2024, a decrease of about 37.9%[19]. - The company reported a net cash provided by operating activities of $646 million for the six months ended February 28, 2025, compared to $666 million for the same period in 2024, a slight decrease of 3%[22]. - Adjusted free cash flow (Non-GAAP) for the six months ended February 28, 2025, was $487 million, significantly higher than $221 million for the same period in 2024, indicating an increase of approximately 120%[22]. - Total cash flows used in financing activities for the six months ended February 28, 2025, were $746 million, compared to $1,455 million in the same period of 2024, a decrease of about 48.8%[19]. - The company reported a decrease in cash flows from investing activities, with a net cash used of $503 million for the six months ended February 28, 2025, compared to a net cash provided of $1,558 million in the prior year[19]. Business Operations - Jabil's diversified portfolio continues to show resilience, particularly in capital equipment and cloud infrastructure markets[2]. - The company incurred $361 million in cash paid for business and intangible asset acquisitions, net of cash, during the six months ended February 28, 2025, compared to $93 million in the prior year[19]. - The company recorded a gain from the divestiture of businesses of $942 million in the prior year, which significantly impacted the year-over-year comparison[20].

Financial Performance - Revenues for the year ended December 31, 2024, amounted to $31.8 million, representing an increase of $5.3 million, or 20%, compared to $26.5 million for the year ended December 31, 2023[276]. - Adjusted EBITDA for the year ended December 31, 2024, was $9.4 million, compared to $5.2 million in 2023, reflecting a significant improvement[257]. - Non-IFRS net profit for the year ended December 31, 2024, was $8.4 million, compared to a loss of $4.7 million in 2023[257]. - The operating profit for the year ended December 31, 2024, was $6.7 million, compared to a loss of $5.5 million in 2023[273]. - The gross profit for the year ended December 31, 2024, was $23.9 million, compared to $18.8 million in 2023, indicating improved profitability[273]. - Gross profit for 2024 increased by $5.1 million to $23.9 million, representing a 27% increase compared to 2023[280]. - Net cash provided by continuing operating activities was $8.9 million in 2024, an increase of $4.3 million from $4.6 million in 2023[297]. - Cash and cash equivalents as of December 31, 2024, were approximately $15.1 million, with an additional $9.9 million in long-term debt investments[294]. Revenue Segments - The web data collection segment revenues increased by $9.6 million, or 45%, from $21.3 million to $30.9 million, attributed to an increase in sales volume[276]. - The consumer internet access segment revenues decreased by $4.3 million, or 83%, from $5.2 million to $0.9 million, due to the cessation of advertising services and scaling down of operations[276]. - Approximately 41% of data collection revenue in 2024 derived from 42 customers purchasing services between $100,000 and $1,000,000[260]. Operating Expenses - Total operating expenses decreased from $24.3 million in 2023 to $17.2 million in 2024, primarily due to the absence of goodwill impairment[273]. - Total cost of revenues for 2024 was $7.9 million, a 3% increase from $7.7 million in 2023, primarily due to a $2.1 million rise in web data collection segment costs[279]. - Research and development expenses rose to $4.5 million in 2024, a 26% increase from $3.6 million in 2023, driven by higher payroll costs in the web data collection segment[282]. - Sales and marketing expenses decreased by 30% to $7.0 million in 2024 from $10.0 million in 2023, mainly due to a reduction in consumer segment costs[284]. - General and administrative expenses increased by 32% to $5.7 million in 2024, primarily due to higher payroll and share-based compensation[287]. Shareholder Information - As of March 10, 2025, the company had approximately 69.3 million Ordinary Shares issued and outstanding, with an additional 10.3 million Ordinary Shares issuable upon exercise of outstanding warrants and employee options, which may dilute current shareholders' holdings[134]. - The company does not anticipate paying any cash dividends in the foreseeable future, and has never declared or paid cash dividends[137]. - Holders of ADSs may not receive the same distributions or dividends as those made to holders of Ordinary Shares, and may not receive any value for them if it is illegal or impractical to make them available[135]. - The issuance of additional Ordinary Shares due to outstanding warrants and options may depress the company's share price and create a "market overhang" effect[134]. Compliance and Regulatory Risks - The company is subject to U.S. and Israeli export control laws, which could limit its ability to compete in international markets if compliance issues arise[96]. - The company may be classified as a "passive foreign investment company" (PFIC) for U.S. federal income tax purposes, which could have negative tax consequences for U.S. taxpayers holding its ADSs or Ordinary Shares[142]. - The company regained compliance with Nasdaq's minimum bid requirement after changing the ratio of its ADSs to Ordinary Shares, following a failure to comply in 2022[133]. - Delisting from Nasdaq could adversely affect the company's business and the trading of its Ordinary Shares, potentially leading to trading in less efficient over-the-counter markets[133]. Intellectual Property Risks - The company’s reverse access technology is patent protected in several jurisdictions, including the U.S., Europe, Israel, China, and Hong Kong[105]. - The company may face challenges in obtaining and maintaining effective patent rights, which could impair its competitive position[108]. - The company relies on trade secret protection and confidentiality agreements to safeguard proprietary information, but these measures may not be fully effective[110]. - The company may face challenges in commercializing products due to potential infringement of third-party intellectual property rights, which could lead to costly litigation or licensing requirements[112]. - The company’s ability to develop and commercialize products may be blocked if third-party patents cover aspects of its formulations or processes[117]. Market and Economic Conditions - The company may experience challenges in meeting ESG expectations, which could impact its reputation and stakeholder relations[169]. - The company’s ability to generate future global revenues may be adversely affected by weakened economic conditions[167]. - The ongoing political unrest in Israel may deter foreign investment and lead to increased currency fluctuations and interest rates[160]. - The Israeli government downgraded its credit rating from A1 to A2 in October 2023, with a further downgrade to Baa1 and a negative outlook expected by September 2024[159]. - Geopolitical events, such as the conflict between Russia and Ukraine, may adversely affect the company's international business and economic conditions[97]. Risks Related to Operations - The company is exposed to foreign currency risk, with the NIS depreciating by 0.6% against the U.S. dollar in 2024, impacting net income due to higher expenses incurred in NIS[94]. - The company faces risks associated with global operations, including longer collection periods and higher costs of doing business internationally[165]. - The company is exposed to potential cybersecurity threats due to its association with Israeli operations[159]. - Insurance policies do not cover losses from war and terrorism, and government coverage may not be sufficient to cover potential damages[158]. - Political and military instability in Israel may adversely affect the company's operations and financial condition[150]. - The company has not been materially adversely affected by the ongoing war since October 7, 2023, but the future impact remains uncertain[157].

Financial Performance - Fourth quarter comparable sales declined by 3.0%, showing a 190 basis point improvement compared to the third quarter of 2024[1] - Fourth quarter diluted GAAP EPS was $1.89, above the midpoint of updated guidance provided[1] - Net sales for the fourth quarter were $1,676.9 million, a decrease of 6.6% from $1,794.8 million in the same quarter last year[2] - Fiscal 2024 net sales totaled $5,933.4 million, down 3.7% from $6,159.3 million in fiscal 2023[3] - Net sales for the fiscal quarter ended February 1, 2025, were $1,676,920, a decrease of 6.6% compared to $1,794,828 for the same period in 2024[28] - For the fiscal year ended February 1, 2025, net sales were $5,933,450, down 3.7% from $6,159,291 in 2024[30] - Net income for the fiscal quarter was $133,631, a decrease of 20.6% from $168,167 in the same quarter last year[28] - Net income for the fiscal year ended February 1, 2025, was $418.447 million, a decrease of 19.4% from $519.190 million for the fiscal year ended February 3, 2024[34] - Adjusted EBITDA for the fiscal year ended February 1, 2025, was $720.246 million, down 15.0% from $846.045 million for the fiscal year ended February 3, 2024[36] - Adjusted Net Income for the fiscal year ended February 1, 2025, was $439.487 million, compared to $539.471 million for the fiscal year ended February 3, 2024, reflecting a decrease of 18.5%[40] - Adjusted Earnings Per Common Share, Diluted, for the fiscal year ended February 1, 2025, was $6.02, down from $6.96 for the fiscal year ended February 3, 2024[40] Future Outlook - The company plans to open 20-25 new stores in 2025, following the opening of 16 new stores in 2024[8] - For fiscal 2025, the company expects net sales between $6,090 million and $6,265 million, representing a 4.2% increase compared to fiscal 2024[16] - The company anticipates a gross margin rate improvement to between 34.0% and 34.5% in fiscal 2025, up from 33.9% in fiscal 2024[16] - Adjusted net income for fiscal 2025 is projected to be between $400 million and $435 million, a decrease of 4.9% compared to fiscal 2024[16] - The company anticipates future growth through the opening of new stores and expansion into new markets, although actual results may vary due to various risks and uncertainties[25] - The company expects Adjusted Net Income for the fiscal year ending January 31, 2026, to be in the range of $400.0 million to $435.0 million[42] Dividend and Shareholder Returns - The quarterly dividend was increased by 18% per share, now at $0.13, payable on April 17, 2025[7] - The company repurchased $364.912 million of common stock for retirement during the fiscal year ended February 1, 2025, compared to $202.796 million in the previous fiscal year[34] Operational Metrics - Gross margin for the fiscal quarter was 32.2%, down from 33.3% in the previous year[28] - Operating income for the fiscal quarter was $154,696, representing 9.2% of sales, compared to $203,965 or 11.4% of sales in the prior year[28] - The company reported a gross margin of 33.9% for the fiscal year, compared to 34.3% in the previous year[30] - Operating income for the fiscal year was $538,639, which is 9.1% of sales, down from 11.0% in the prior year[30] Cash Flow and Capital Expenditures - Net cash provided by operating activities for the fiscal year ended February 1, 2025, was $528.082 million, slightly lower than $535.779 million for the fiscal year ended February 3, 2024[34] - Adjusted Free Cash Flow for the fiscal year ended February 1, 2025, was $341.962 million, compared to $329.640 million for the fiscal year ended February 3, 2024, indicating an increase of 3.9%[44] - Capital expenditures for the fiscal year ended February 1, 2025, were $199.589 million, a decrease from $207.770 million for the fiscal year ended February 3, 2024[34] Assets and Liabilities - The company’s total assets increased to $4,900,963 as of February 1, 2025, compared to $4,676,713 a year earlier[31] - Current liabilities rose to $960,881 from $879,858 in the previous year[31] Other Income - The company reported a $15.0 million gain from a litigation settlement and a $7.1 million gain on a sale-leaseback transaction during the fiscal year ended February 1, 2025[40]

Financial Performance - Revenues for the second quarter of fiscal 2025 were $16.7 billion, representing a 5% increase in U.S. dollars and an 8.5% increase in local currency compared to the second quarter of fiscal 2024[73]. - Diluted earnings per share increased by 7% to $2.82, compared to $2.63 in the second quarter of fiscal 2024[73]. - Operating margin improved to 13.5%, up from 13.0% in the second quarter of fiscal 2024[73]. - Operating income for the second quarter of fiscal 2025 increased by $198 million, or 10%, compared to the same period in fiscal 2024, with an operating margin of 13.5%[101]. - For the six months ended February 28, 2025, operating income rose by $582 million, or 13%, with an operating margin of 15.1%[101]. - Interest income for the second quarter of fiscal 2025 was $76 million, an increase of $11 million, or 17%, compared to the second quarter of fiscal 2024[108]. - Interest expense for the second quarter of fiscal 2025 was $65 million, an increase of $54 million compared to the same period in fiscal 2024[109]. - The effective tax rate for the second quarter of fiscal 2025 was 20.4%, up from 18.4% in the same quarter of fiscal 2024[111]. Revenue Breakdown - Consulting revenues grew by 3% in U.S. dollars and 6% in local currency, driven by strong growth in the Americas and EMEA[75]. - Managed services revenues increased by 8% in U.S. dollars and 11% in local currency, supported by demand for application modernization and cloud enablement[76]. - Revenues in the Americas increased by 9% in Q2 fiscal 2025 compared to Q2 fiscal 2024, driven by growth in Insurance and Utilities[87]. - Revenues for Q2 fiscal 2025 increased to $16.659 billion, a 5% increase from $15.800 billion in Q2 fiscal 2024[85]. Bookings and Workforce - New bookings totaled $20.9 billion, reflecting a 3% decrease in U.S. dollars and flat growth in local currency[73]. - Total new bookings for Q2 fiscal 2025 were $20.9 billion, a decrease of 3% compared to $21.6 billion in Q2 fiscal 2024[82]. - The workforce increased to approximately 801,000, up from approximately 742,000 a year earlier, reflecting hiring to meet demand[78]. - For Q2 fiscal 2025, annualized attrition was 13%, consistent with Q2 fiscal 2024[79]. Expenses and Margins - Operating expenses for Q2 fiscal 2025 increased by $662 million, or 5%, totaling $14.415 billion[90]. - Cost of services for Q2 fiscal 2025 increased by $763 million, or 7%, and represented 70.1% of revenues[93]. - Gross margin for Q2 fiscal 2025 decreased to 29.9% from 30.9% in Q2 fiscal 2024[93]. - Sales and marketing expenses for Q2 fiscal 2025 increased by $46 million, or 3%, totaling $1.677 billion[95]. - General and administrative costs for Q2 fiscal 2025 decreased by $32 million, or 3%, totaling $1.053 billion[96]. Shareholder Returns - Cash returned to shareholders amounted to $2.4 billion, including $929 million in dividends and $1.4 billion in share repurchases[73]. - During the six months ended February 28, 2025, Accenture plc repurchased a total of 6,527,646 shares for $2,342 million, including 4,611,999 shares purchased in open-market transactions for $1,656 million[123]. - The company plans to continue utilizing a significant portion of cash generated from operations for share repurchases throughout fiscal 2025, with the number of shares repurchased depending on various market conditions[125]. Cash and Liquidity - As of February 28, 2025, cash and cash equivalents totaled $8.5 billion, up from $5.0 billion as of August 31, 2024[117]. - Net cash provided by operating activities for the six months ended February 28, 2025 was $3,876 million, an increase of $1,276 million from the prior year[117]. Corporate Governance and Risk - Accenture's management has evaluated the effectiveness of its disclosure controls and procedures, concluding they were effective at the reasonable assurance level as of the end of the reporting period[129]. - There have been no changes in internal control over financial reporting that materially affected the company during the second quarter of fiscal 2025[130]. - There were no material changes to market risk exposure during the six months ended February 28, 2025, as disclosed in the Annual Report for the year ended August 31, 2024[128]. - The company has not been required to make significant payments under indemnification arrangements with clients[127].

4Q 2024 Earnings Presentation March 20, 2025 Disclaimer This presentation does not constitute an offer to sell or issue or solicitation of an offer to buy or acquire securities of Baozun Inc. (the "Company") in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation does not contain all relevant information relating to the Company or its securities, particul ...

Financial Performance - Avalo Therapeutics reported a net loss of $35.1 million for 2024, an increase of 11.4% from the net loss of $31.5 million in 2023[8]. - Basic net loss per share was $7.94 for 2024, compared to $113.58 for 2023, reflecting a significant increase in the number of shares outstanding[8]. Cash Position - Cash and cash equivalents were approximately $134.5 million as of December 31, 2024, supported by $185 million in gross proceeds from a private placement in 2024[8]. - Total assets increased to $150.7 million as of December 31, 2024, compared to $21.0 million in 2023[9]. Research and Development - Research and development expenses increased to $24.4 million in 2024, up 78% from $13.7 million in 2023, primarily due to costs associated with the Phase 2 LOTUS trial[8]. - The Phase 2 LOTUS trial for AVTX-009 is expected to enroll approximately 180 adults, with topline data anticipated in 2026[5]. - The company plans to explore additional indications for AVTX-009 beyond hidradenitis suppurativa[5]. Administrative Expenses - General and administrative expenses rose to $17.2 million in 2024, an increase of 67% from $10.3 million in 2023, driven by higher employee compensation and professional fees[8]. Strategic Appointments and Focus - The company appointed Jennifer Riley as Chief Strategy Officer, effective January 1, 2025, to guide strategy and pipeline planning[5]. - Avalo's primary focus for 2025 is executing the LOTUS trial and releasing data in 2026[2].