French retailer Carrefour has entered exclusive negotiations to sell its entire Romanian operations to Paval Holding. The deal value is based on an enterprise value of €823m ($976.02m). The planned disposal follows the strategic review launched by Carrefour at the start of 2025. If completed, the transaction would transfer all the group’s Romanian activities to Paval Holding, the family investment vehicle of the Paval family, owners of DIY chain Dedeman. Completion is subject to customary regulatory a ...

Core Viewpoint - The Auditing Standards Board (ASB) is seeking public comment on proposed updates to US attestation standards, focusing on sustainability-related information and emerging assurance areas [1][2]. Group 1: Proposed Revisions - The planned revisions aim to reflect changes in attestation practices, with accountants increasingly engaged in assurance beyond traditional financial statement audits, including sustainability reporting, digital assets, cybersecurity, and governance [2]. - The exposure draft will consist of two main components: updating core attestation standards to align with current practice developments and introducing two new AT-C sections specifically for sustainability information reporting [2][3]. Group 2: Consultation Process - The ASB has not yet determined the length of the consultation, but it will last for at least 120 days from the publication date [1]. - The exposure draft outlining the proposed amendments is scheduled for online release on February 26 [3]. Group 3: ASB's Role - The ASB is the senior committee of the AICPA authorized to set auditing, attestation, and quality management standards for audits of non-issuers and attestation engagements [4]. - It is responsible for developing a comprehensive framework to support practitioners in delivering objective audit and attestation services [5].

Core Insights - The Association of Chartered Certified Accountants (ACCA) has introduced a framework to connect environmental and social factors with investment strategies, published ahead of COP 30 [1] - The framework outlines a method for businesses to incorporate sustainability considerations into their investment planning [1] Summary by Sections Framework Overview - The ACCA framework identifies eight main steps for responsible investment: ESG integration, adopting sustainability frameworks, screening approaches, investor engagement, defining strategic objectives, selecting investment options, meeting regulatory standards, and tracking results [2] - There is currently no agreed definition of responsible investment, despite its increasing influence on investment decisions [2] Investment Assessment - Investors are assessing a mix of qualitative and quantitative extra-financial risks, which may include stakeholder interests, legal obligations, and dependencies [3] - The report indicates that many investees need to enhance their balance of financial, ecological, and social value creation to better access responsible finance [3] Academic and Industry Perspectives - The report is described as a comprehensive reference for investors, asset owners, and regulators in a complex investment landscape [3] - ACCA Sustainable Business head noted the lack of a unified approach to responsible investment despite the growing expectations on businesses to address climate change and social inequity [3] Climate Technology Insights - A report titled 'The Climate Tech Forecast' revealed that 66% of surveyed organizations consider climate technology essential or anticipate its growing importance [4] - The ACCA emphasizes the importance of integrating all risks and opportunities into investment analysis and capital allocation through their framework [4]

Summary of Workiva (WK) FY Conference Call - June 04, 2025 Company Overview - **Company**: Workiva (WK) - **Industry**: Integrated reporting and compliance solutions - **Market Focus**: Financial reporting, sustainability management, governance, risk, and compliance (GRC) Key Points Company and Platform Description - Workiva provides a platform for assured integrated reporting, enabling customers to manage both financial and non-financial reporting with audit capabilities [4][5] - The platform allows for consistent data reporting across various work products, enhancing efficiency and auditability [5][12] Total Addressable Market (TAM) - Workiva's TAM is estimated at **$35 billion**, with a breakdown as follows: - 50% from financial reporting - 20% from sustainability management - 20% from GRC - 10% from industry verticals [5][6] Growth Strategy - The company aims to increase revenue from Europe to **25-30%** of total revenues over time [6] - Workiva is focused on expanding its customer base and increasing the number of customers spending over **$300,000** and **$500,000** annually, both of which grew by **32%** in Q1 [19] Financial Guidance - Workiva expects a **20%** growth in subscription revenue for 2025 and aims for an operating margin of **16%** by 2027 [7][8][25] Macro Environment Impact - The company noted macroeconomic uncertainties affecting deal cycles, leading to cautious spending by customers [21][22] - Despite these challenges, Workiva maintained its revenue and operating margin guidance for the year [22][23] Sustainability Reporting Demand - Demand for sustainability reporting is driven by regulatory requirements and self-regulation initiatives, such as the Science Based Targets Initiative (SPTI) [30][31] - The Corporate Sustainability Reporting Directive (CSRD) in Europe is a significant regulatory driver, with large companies required to report by 2025 [33][36] ERP Migration Opportunities - Workiva is increasingly involved in ERP migrations, providing solutions during transitions from on-premise to cloud systems [43][44] - The company collaborates with partners to integrate its platform into larger ERP transformation projects [47] Capital Markets Activity - Workiva has shifted focus to serve large private companies, providing them with reporting solutions regardless of IPO plans [50] Go-to-Market Strategy - The company is evolving its sales strategy to enhance efficiency and effectiveness in selling its full platform [51][52] - Workiva is focusing on hiring sales representatives capable of closing larger deals, which require different skill sets compared to smaller contracts [55] Additional Insights - The company has seen strong growth in its sustainability management solutions, aligning them with financial reporting standards [17][18] - Workiva's platform is designed to streamline reporting processes, making it easier for auditors to verify data integrity [12][13] This summary encapsulates the key insights and strategic directions discussed during the Workiva FY Conference Call, highlighting the company's growth potential and market dynamics.

Financial Data and Key Metrics Changes - Subscription revenue grew 20% year over year, while total revenue increased by 17% year over year, exceeding the high end of guidance [6][37] - Operating margin for Q1 was 2.4%, slightly ahead of guidance, with gross margin improving by 100 basis points to 79% [7][38] - The number of customers reached 6,385, an increase of 311 from the previous year, with a gross retention rate of 97% and a net retention rate of 110% [39] Business Line Data and Key Metrics Changes - The number of contracts valued over $100,000 increased by 23%, contracts over $300,000 rose by 32%, and those over $500,000 also increased by 32% compared to Q1 2024 [8][40] - Professional services revenue remained flat at $21 million, with higher XBRL services offset by a decline in setup and consulting services [37] Market Data and Key Metrics Changes - The company noted a more cautious buying environment towards the end of Q1, influenced by uncertainties in regulatory changes and the new U.S. Administration's policies [9][18] - Demand for sustainability solutions remained strong, with significant multi-six figure deals in Europe, indicating continued growth in this market despite regulatory changes [50][51] Company Strategy and Development Direction - The company remains focused on executing its long-term growth strategy and productivity initiatives, believing it has a competitive differentiation to meet its targets for 2025 and beyond [9][33] - The introduction of new capabilities for SEC reporting and a fund reporting solution for public funds reflects the company's commitment to product innovation and market expansion [30][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term market opportunity and growth strategy, despite the cautious buying environment [33][42] - The company reaffirmed its full-year revenue guidance, expecting subscription revenue growth of approximately 20% at the midpoint [42][43] Other Important Information - The company repurchased approximately 462,000 shares for $40 million as part of its share repurchase program [41] - The European Union's proposed changes to the CSRD regulation are expected to create demand for the company's GRC solutions [22][23] Q&A Session Summary Question: Guidance and cautious buying environment - Management maintained the full-year revenue guidance despite a cautious buying environment, citing strong Q1 performance and confidence in long-term market opportunities [46][47] Question: Demand for ESG and sustainability solutions - Sustainability remained a top booking solution, with clarity from the CSRD bringing opportunities for large companies to report [48][50] Question: Impact of market volatility on capital markets - The outlook for capital markets remains consistent, with no changes expected in contributions for the year [85] Question: Pricing philosophy - The company focuses on providing value and expanding accounts rather than squeezing additional dollars from renewals [80][81] Question: Opportunities in fund reporting - The market for public funds is significant, with over 12,000 public funds globally, presenting a strong opportunity for the company [92]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached $200 million, representing a 20% increase compared to Q4 2023, while subscription revenue grew by 22% to $181 million [10][64] - For the full year 2024, total revenue was $739 million, up 17% from 2023, with subscription revenue at $668 million, a 20% increase [70] - Non-GAAP operating margin improved to 4.3% for the full year, up from 1.6% in 2023, and Q4 operating margin was 7.4% [11][72] - Free cash flow margin for 2024 was 11.7%, exceeding guidance by 170 basis points [11][73] Business Line Data and Key Metrics Changes - Subscription revenue growth was driven by both new customers and account expansions, with new customers contributing 42% to the Q4 subscription revenue increase [65] - The number of contracts valued over $100,000 increased by 26% year-over-year, with contracts over $300,000 and $500,000 growing by 34% and 32%, respectively [69] - Professional services revenue for Q4 was $19 million, slightly up from Q4 2023, driven by higher XBRL services [65] Market Data and Key Metrics Changes - 17.5% of total worldwide revenue in 2024 came from outside the Americas, an increase of 280 basis points from 2023 [15] - The sustainability market is expected to grow, with companies increasingly investing in sustainability reporting to meet regulatory demands [22][41] Company Strategy and Development Direction - The company is focused on broad-based demand across its platform, emphasizing multi-solution deals and vendor consolidation [14][88] - Workiva aims to leverage its Assured Integrated Reporting platform, which integrates financial reporting, sustainability, and governance risk and compliance [16][62] - The company is prioritizing AI capabilities to enhance customer workflows and streamline processes [55][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite macroeconomic uncertainties, including policy and geopolitical risks [61][84] - The guidance for 2025 includes a 20% growth in subscription revenue, reflecting a balanced approach to market conditions [61][92] Other Important Information - The company has seen a significant increase in demand for its sustainability solutions, with a notable rise in companies committing to science-based targets [33][41] - Workiva's platform is recognized for its ability to address both financial and non-financial reporting needs, which is becoming increasingly important in the current regulatory environment [30][41] Q&A Session Summary Question: What are the main policy uncertainties affecting guidance? - Management indicated that general uncertainty, including tariffs and exchange rates, is influencing the guidance, rather than any single factor [82][84] Question: How does the multiproduct strategy impact the pipeline? - The multiproduct strategy is seen as a significant differentiator, with broad-based demand across the platform and opportunities for cross-selling and upselling [86][88] Question: What is the outlook for sustainability revenue? - Sustainability revenue continues to be a top booking solution, expected to play a balanced role in 2025, although specific revenue splits are not provided [94][95] Question: How is the shift to partner-led services impacting deployment speed? - The company is seeing improved deployment speed and customer satisfaction as partners develop tools and capabilities around the platform [101][102] Question: Is there a risk of deferring sustainability projects? - Management has not observed any trends indicating that customers are deferring sustainability-related projects [108][109] Question: How is back-office digitization impacting demand? - There is strong demand for the platform driven by new ERP systems and upgrades, with significant opportunities arising from finance transformations [118][120] Question: What is the contribution of CSRD to growth in Europe? - Growth in Europe is attributed to broad-based demand across the portfolio, not solely driven by CSRD-related activities [123][124]

Financial Data and Key Metrics Changes - In Q4 2024, total revenue reached $200 million, reflecting a 20% increase compared to Q4 2023, while subscription revenue grew by 22% to $181 million [10][64] - For the full year 2024, total revenue was $739 million, up 17% from 2023, with subscription revenue at $668 million, a 20% increase [70] - Non-GAAP operating margin improved to 4.3% for the full year 2024, up from 1.6% in 2023, with a free cash flow margin of 11.7% [11][72] Business Line Data and Key Metrics Changes - Subscription revenue growth was driven by both new customers and account expansions, with new customers contributing 42% to the Q4 subscription revenue increase [65] - The number of contracts valued over $100,000 increased by 26% year-over-year, with contracts over $300,000 and $500,000 rising by 34% and 32%, respectively [69] Market Data and Key Metrics Changes - 17.5% of total worldwide revenue in 2024 came from outside the Americas, an increase of 280 basis points from 2023 [15] - The sustainability market is expected to grow, with companies increasingly investing in sustainability reporting to meet regulatory demands [22][41] Company Strategy and Development Direction - The company is focused on broad-based demand across its platform, emphasizing multi-solution deals and vendor consolidation [14][87] - Workiva aims to leverage its Assured Integrated Reporting platform to integrate financial reporting, sustainability, and governance risk and compliance [16][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite macroeconomic uncertainties, including policy and geopolitical risks [61][84] - The guidance for 2025 includes a 20% growth in subscription revenue, reflecting a balanced approach to market conditions [61][76] Other Important Information - The company has seen a significant increase in demand for its sustainability solutions, with a notable rise in companies committing to science-based targets [33][41] - AI has been prioritized as a key innovation area, with customers increasingly adopting AI capabilities to enhance productivity [55][56] Q&A Session Summary Question: What are the main policy uncertainties affecting the company? - Management indicated that general uncertainty, including tariffs and exchange rates, is impacting guidance, but not any specific policy [82][84] Question: How does the multiproduct strategy affect the pipeline? - The multiproduct strategy is seen as a significant differentiator, with broad-based demand across the platform and opportunities for cross-selling [86][87] Question: What is the outlook for sustainability revenue? - Sustainability revenue continues to be a top booking solution, expected to play a balanced role in 2025, although specific revenue splits are not provided [94][95] Question: How is the transition to partner-led services impacting deployment? - The transition to partners has improved deployment speed and customer satisfaction, with partners developing tools to enhance value [101][102] Question: Is there a risk of deferring sustainability projects? - Management has not observed any trends indicating deferrals in sustainability projects, despite the typical Q1 filing season [108][109] Question: How is the company addressing back-office digitization? - New ERP systems and upgrades are driving demand for the platform, with strong partnerships facilitating these opportunities [118][120] Question: What is the impact of CSRD on European revenue? - The company has seen broad-based demand in Europe, with significant growth not solely attributed to CSRD but also to overall platform execution [123][125]