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The year-over-year increase was mainly driven by increased sales and marketing for new brands and products and higher personnel costs from sales and service network expansion. But a side note here is that NIO Capital has invested in a lot of AI companies, especially industry-leading AI companies. year over year and up 15.2%
as compared to the prior-year quarter driven by an overall record of capital units sold during the quarter. in the prior-year quarter, driven by operational improvements as well as lower inventory step-up amortization. Adjusted gross profit, which excludes the impact of step-up amortization, was 67.1% Q4 '24 U.S. versus 55.4%
Lifecycle services: Consulting, professionalservices (engineered-to-order solutions), cybersecurity, and asset management. ROK Return on Invested Capital data by YCharts. According to this chart, Rockwell has historically maintained the highest ROIC over time despite recently being matched by ABB.
One software company that's been busy trying to capitalize on the opportunity in AI is Appian (NASDAQ: APPN). million as revenue from professionalservices declined, which the company blamed on quarter-to-quarter fluctuations depending on the timing of large projects. Shares fell 15.5% Image source: Getty Images.
Turning next to capital on Slide 17, we return 1.7 billion of capital to our shareholders in the third quarter. As we think about the Basel III proposal, the RWA increase could consume the buffer above regulatory capital requirements if the proposal is adopted as written. This included common stock repurchase of 1.3
I'll begin today with a discussion about our business model, then I will walk you through some of our first-quarter results and provide an update on our capital deployment. million, or 13%, due to higher employee-related expenses, higher travel and meeting-related expenses, and increased professionalservices fees.
But the cash flow, cash flow from operations, which starts with net income and then you start adding back all the non-cash charges like depreciation, amortization, maybe stock-based compensation, and you do working capital adjustments. This is my favorite capital allocation move when I see companies doing this thing.
We also experienced an increase in professionalservices, including costs associated with our ERP implementation and the acquisition of our Brazilian distributor. Turning to the balance sheet and capital allocation. Maintaining a disciplined and balanced capital allocation approach remains a priority for us.
Dayforce is well positioned to capitalize on this opportunity in front of us. A global analytics professionalservices company with over 35,000 employees in 40 countries expanded its Dayforce use to 6000 U.K. And we're really well positioned to go and capitalize on some of that. and Canada. Thanks for taking my question.
Professionalservices revenues were $17.2 Professionalservices revenue growth was impacted by pressure on bill rates even as utilization from a billable hours perspective improved year over year. As a result, we recorded accelerated amortization to fully amortize the remaining trade name intangible asset.
Software product revenue as a percentage of total revenue remained in the range of 85% to 90%, with professionalservices forming the balance. Indeed, McKinsey recently issued a report on this trend of convergence and named Blackberries as being well positioned to capitalize on what they estimate to be a $750 billion TAM.
In anticipation of capital markets volatility, we [Inaudible] our balance sheet in the fourth quarter of 2022 with $560 million of forward equity raised at a net price of just over $67.50. The days of free money and ubiquitous capital are behind us, which demands a strong and strategic change in capital allocation philosophy.
General and administrative expenses decreased by 21% year over year to RMB 64 million for Q2, primarily due to decreased professionalservice fees, personnel-related expenses, and share-based compensation expenses. Please, could you share with us the overall strategy of capital allocation and the use of cash going forward?
With high-quality blocks of space getting absorbed, there are less options for large users seeking Class A space with well-capitalized landlords. Our balance sheet is in excellent shape and will enable us to capitalize on investment opportunities. With such strong new leasing volume, rents and term obviously comes more leasing capital.
And professionalservices and other revenue was $64.1 million, including an incremental $7 million of amortization expense related to the retired Ceridian trade name, and a $9 million earn-out expense related to the 2021 acquisition of DataFuzion. And the second is on the professionalservices and other.
We will continue to capitalize on opportunities to drive impactful innovation. The decrease in G&A was primarily driven by a decrease in incentive compensation and lower outside professionalservices as we lapped implementation cost for the Company's human capital management system in the prior year.
Quarterly adjusted gross profit margin, excluding depreciation and amortization, improved to 79.4%, nearly 300 basis points higher than last year. We continue to expand gross margins as we invest in our service model, and our customer support teams have done a great job elevating the experience for our customers this year.
We view our overseas initiatives as strategically important, providing revenue diversification while supporting our overall growth as we capitalize on opportunities arising from the overseas activities of Chinese game companies. Finally, let me provide an update on our capital allocation. Turning now to our overseas expansion.
These were partially offset by lower outside professionalservices, driven by lapping implementation costs for the company's human capital management system in the prior year. These were partially offset by higher depreciation and higher amortization of cloud computing arrangement costs. Adjusted EBITDA increased 1.8%
Once done, this will conclude a monumental migration undertaken by our R&D and professionalservices teams over the last few quarters aimed at ensuring that our Shopify-based merchants enjoy the best possible combination of Shopify's and Global-E's capabilities for a best-in-class international solution. million or 11.3%
General and administrative expenses decreased by 25% year over year to RMB 50 million for Q3 primarily due to decreased professionalservice fees and the personal related expenses. Could management help update our capital allocation strategy and the shareholder return plan in the future? Net income attributable to Huya Inc.
We also experienced increase in professionalservices, including costs associated with our ERP implementation and the acquisition of our Brazilian distributor. Now, we'll discuss a word about our balance sheet and capital allocation strategy. But there were other costs that did not qualify for capitalization.
million of amortization expense related to the retired Ceridian trade name, which was not in the Q2 2023 comparison financials. In our SEC filings, we've included a very simple reconciliation from operating cash flow to free cash flow, simply reducing operating cash by capital expenditures. Powerpay recurring revenue was $24.6
Adjusted gross profit margin, excluding depreciation and amortization, improved to 79%, 110 basis points higher than the prior year while elevating our client experience. Our next question comes from the line of Daniel Jester with BMO Capital Markets. Kyle Aberasturi -- BMO Capital Markets -- Analyst Hi. Operator Thank you.
Adjusted gross profit margin, excluding depreciation and amortization, was 80%, in line with our long-term targets. Next question comes from the line of Daniel Jester with BMO Capital Markets. Dan Jester -- BMO Capital Markets -- Analyst Great. Dan Jester -- BMO Capital Markets -- Analyst Great. Operator Thank you.
Q3 revenue also benefited from a stronger contribution of our professionalservices, driven by elevated breach activity across legacy and competing platforms. It reflects the continuing success of our proactive efforts to enhance working capital and thoughtfully manage our costs. This is tremendous progress. Thank you very much.
This decision reflects who we are today, an enterprise-grade full suite human capital management company. A global analytics professionalservices company with 35,000 employees in 40 countries recently, we have live with Dayforce HR and payroll for 17,000 employees in the U.S. in fiscal year '22.
As a reminder, beginning in the fourth quarter of 2023, amortization of in-licensed rights and income tax expense are no longer excluded from non-GAAP results. Our next question is going to come from the line of Brian Abrahams with RBC Capital Markets. Unknown speaker -- RBC Capital Markets -- Analyst Hi. million and $120.9
Importantly, this win was in one of our gold verticals, which include healthcare, financial and professionalservices, retail and public sector. We are now reporting and will guide to free cash flow, defined as net cash provided by operating activities less capitalized expenditures. Moving to free cash flow.
Yet we aren't fully capitalizing on this because of how we currently operate. And the primary reason that our professionalservices revenue is modeled to decline in fiscal '25 is because a portion of it is transitioning to DxP over time. In fiscal '24, the $82 million was primarily related to FX movements and working capital.
In general, a consulting business is a professionalservices firm that provides expertise and guidance to clients on a wide range of topics, such as management, strategy, operations, finance, and more. Before delving into the specifics of valuing a consulting business, it is important to define what we mean by a consulting business.
Our goal is to drive our cost of doing business, which is our total operating expenses excluding depreciation and amortization, toward 30% of net sales over time. Now, a word about our balance sheet and capital allocation strategy. In addition, we continue to return capital to our shareholders through regular dividends and buybacks.
A reconciliation of forward-looking non-GAAP guidance is not available without reasonable effort due to the challenges in practicality with estimating some of the items, such as share-based compensation expense, depreciation and amortization expense, and payroll tax expense, the effect of which could be significant.
Before we get to the results, I just wanted to flag that beginning in the fourth quarter of 2023, amortization of in-licensed rights and income tax expense or benefit are no longer excluded from non-GAAP results. Our next question comes from the line of Brian Abrahams with RBC Capital Markets. million and $120.5 Operator Thank you.
Given some of these items on a GAAP basis, operating loss was $132 million in the second quarter, which includes the impact of acquisition-related amortization expenses, as well as restructuring expenses for the wind down of Verse and Clear Bay in certain markets and write-downs for certain real estate facilities among other items.
So, I want to briefly talk about how we're thinking about deploying capital in our BD strategy. Our strong fundamentals should somewhat insulate us from the macro environment and allow us to strategically deploy capital where appropriate. Our next question will be coming from Brian Abrahams of RBC Capital. million and $24.9 $9
For awareness, beginning in the fourth quarter of 2023 amortization of in-licensed rights and income tax that will benefit expense are no longer excluded from the non-GAAP results. We remain well capitalized with approximately $1.4 On a GAAP basis, we recorded $200.4 million and $245.7 A year-over-year decrease of $45.3
A large professionalservices company tested ransomware protection from SentinelOne against two of our close competitors. We will continue to grow market share and capitalize on large TAMs with disruptive technologies. These non-GAAP measures are not intended to be a substitute for our GAAP results.
million, which was due to a decline in professionalservices revenue, in line with Appian's strategy of pushing more of that revenue toward partners like consultants that help sell the product. Appian has an opportunity to capitalize on that opportunity. Overall revenue was up just 12% to $154.1 million to a profit of $10.8
This laid the foundation for us to capitalize on the fast-growing voice AI market. We have capital flexibility to do the right things and our vision is now being realized. Adjusted for noncash amortization of purchased intangibles and employee stock compensation, our non-GAAP gross margin was 52%. The balance sheet is strong.
While this exceeded our expectations in Q4 as we concluded the program, the majority of deals that closed with customer commitment packages in the quarter included additional product or Flex dollars rather than extended time and professionalservices. billion, while professionalservices revenue was $50.2
Our multifaceted demand strategy helps brands and agencies scale, while our modular approach and professionalservices supports retailer's growth in the fastest-growing advertising channel. In 2024, we deployed a record $225 million of capital, or 124% of our free cash flow for the year for share repurchases. Thanks, Todd.
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