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Recently, I've spotted several article headlines warning Nvidia (NASDAQ: NVDA) investors to be cautious because its stock's recent big run-up shares key similarities with Cisco Systems (NASDAQ: CSCO) stock's huge run-up in the 1990s before it crashed in 2000 when the dot-com bubble burst. The company went public in 1999.
False claims about a publiccompany's products and services relating to AI also might be part of a pump-and-dump scheme where fraudsters profit at the expense of unsuspecting investors. Use the SEC's EDGAR database to access disclosures for publiccompanies. The Commission has neither approved nor disapproved its content.
In addition to continued gains across our international markets, we anticipate Germany's legalization of cannabis will drive a significant increase in the size of the country's medical market as more doctors become comfortable prescribing cannabis and more patients explore its medical benefits. Operator Thank you.
Backed by surging demand post legalization, stores and vehicle posted revenue growth of over 100% in Germany within the quarter, which offset a decline in Australia due to the implementation of a regulatory change. Today, we'll be able to realize a fair amount of publiccompany synergies when that business becomes part of the CUSA platform.
[Operator instructions] At this time, I would like to turn the call over to Tryn Stimart, AbCellera's chief legal and compliance officer. Tryn Stimart -- Chief Legal and Compliance Officer Thank you. I'm Tryn Stimart, AbCellera's chief legal and compliance officer. You may proceed. that's what Andrew mentioned. That makes sense.
We've invested tens of millions of dollars and almost 10 years building a defensible combination of data, intelligence, and AI technology to collect, synthesize, and make sense of an exploding pace in volume of dynamic unstructured, regulatory, political, and legal information around the world and the soft workflows to help our customers respond.
federal legalization. In Germany, our medical cannabis revenue surged by 47% from the first to second quarter, demonstrating the rapidly rising demand in Germany's medical market since legalization and Canopy's positioning as one of the long-term players within that market. In Poland, our revenues grew 200% year over year.
Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. Before we turn to questions, I'd like to hand it over to our chief legal officer, Paul Grewal, to share an update on the status of our SEC case. On to expenses.
With our knowledge and expertise in medical cannabis and the regulatory compliance that applies, we're well-positioned to participate in a federally legalized medical market in the U.S. 1 market share position in Canada, the largest federally legal cannabis market in the world, with approximately 12.5% Similar to the U.S.,
Organizations are facing significant increases in regulatory complexity, and it is spreading globally, which creates uncertainty for all organizations and significant top-line and bottom-line impact for companies that operate globally as well. Second, we will pursue adjacencies to core products and fast-growing areas of risk and compliance.
I would pick that one because I think they're as close to a monopoly as you could find a legal monopoly in their niche. You just bought it with 3% of your portfolio and the next day you see a headline article on the cover of the Motley Fool, or out online somewhere that says, these are the three reasons I just sold Axon.
Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. First, capital requirements for our regulated legal entities. To be clear, we are an operating company and not an investment company. Ken, this is Paul Grewal.
If you want to judge by comparing us to some of our competitors, like Cutera, which is a publiccompany or Venus and others we're still selling, we're still making money, we still have a positive cash flow. We don't lay down or fire people right now because this is the assets of the company. We try to fight it.
According to the UN , “[a]t the current rate of progress, it is estimated that it will take up to 286 years to close gaps in legal protection and remove discriminatory laws, [and] 140 years for women to be represented equally in positions of power and leadership in the workplace.” Like this article? She is based in Washington, D.C.
In particular, the German government is currently working to deschedule cannabis in the first part of the legalization bill. And so, you know, we've got maybe heavier than you might expect for the legal regulatory [Inaudible] sort of framework. And on top of that, we do our publiccompany costs.
Do you have to reduce rev rec, will opex rise on increased legal costs? If you -- I know it's tricky to talk about legal things, but if you can shed any light on that, I'm sure it would be helpful. Rene Haas -- Chief Executive Officer Sure. So, I'll address what I can as it is an ongoing litigation.
To this effect, we have exited several members of the BioSteel leadership team and are considering all legal remedies available to us, including litigation to recover damages and costs associated with and resulting from the findings of the BioSteel review. But it certainly makes it easier when that business is put together all by itself.
I would like to turn the call over to Stanton Dodge, chief legal officer. Stanton Dodge -- Chief Legal Officer Good morning, everyone, and thank you for joining us today. And I mean we had the worst two-week stretch of support outcomes from a dollar cost basis that we've ever had as a publiccompany. You may begin.
This is our first acquisition since we became a publiccompany in 2021, and I'm excited about how this will enhance Freshservice, which is currently our fastest-growing business. The company says adopting Freddy Copilot on top of Freshservice has been a game changer.
We're demonstrating consistent growth across each of our business units, and we have a definitive meeting date scheduled for our shareholders to consider an amendment to our articles to create a new class of non-voting, nonparticipating exchangeable shares, which we expect to advance the Canopy USA structure.
Specific about your question in the monetization side, we are seeing some encouraging early results in certain verticals, including legal, education, and B2B services. We see strong adoption across sectors, including online education, social media, restaurant and food services, healthcare, legal consultation, and recruiting.
[Operator instructions] I would now like to pass the conference over to our host, Tryn Stimart, chief legal and compliance officer with AbCellera. Tryn Stimart -- Chief Legal and Compliance Officer Thank you. I'm Tryn Stimart, AbCellera's chief legal and compliance officer. Tryn, please go ahead. Happy to take that.
This is the 13th consecutive quarter as a publiccompany in which we have met or exceeded our revenue guidance range. And we've saved, you know, God knows how many person weeks of legal associates, where now they can just edit it and get it done. We ended the quarter with $723.3 None of this should have come as a surprise.
Early adopters from the education, legal, and B2B sectors are pioneering ERNIE agents and have already seen a notable increase in effective sales leads. We were the first publiccompany globally to launch a GPT-like model in March of last year. And I'm confident we will maintain our leadership going forward.
As I mentioned before, and it's even more clear to me now, there were missed opportunities in the past to rationalize systems, processes, legal entities, go-to-market, and delivery functions. I know that, as you've mentioned, in the short history of this publiccompany, there have been previous restructurings. Great question.
And our stock-based comp expense in Q2 was the lowest in our history as a publiccompany. As previously disclosed, the first payment of our class action legal settlement was made in the second quarter which reduces the cash flow in the quarter by $29 million.
Second, we are on track to separate NCR into two publiccompanies in the fourth quarter of 2023. Additionally, there are areas of shared services functions such as legal, tax, HR, treasury, IT, and others that are well underway in the process of preparing for the separation. And so, that's the path we expect to execute.
We drove strong financial performance in the fourth quarter, delivering an impressive finish to our first year as a publiccompany. and foreign operations related to a legal entity restructuring implemented in anticipation of the IPO and separation. First, let's discuss our performance in the fourth quarter.
Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. We had our first quarter of GAAP profitability as a publiccompany in Q2. We also anticipate some short-term elevated legal expenses related to the historical regulatory matters I mentioned earlier.
Kash Rangan -- Goldman Sachs -- Analyst First of all, Vlad, I've got to say congratulations on a 10-year stint as publiccompany CEO. or some other international base business with offices in India, then we would be able to deliver a local dial tone in a legal manner. Please go ahead. So what it means, if you have a U.S.
Joining me on today's call are Brian Armstrong, co-founder and CEO; Emilie Choi, president and COO; Alesia Haas, CFO; and Paul Grewal, chief legal officer. Paul Grewal -- Chief Legal Officer Thanks, Anil. But as in everything we do, we're going to do it in a compliant and trusted, legal, regulated way. We expect to win.
listed publiccompany, etc., Lately, there's been a lot of media reports indicating that the Greens party in the country have been trying to legalize cannabis for recreational purposes. There is always a little bit of SG&A that's driven by the revenue, the volumes, whether sales commissions or what have you.
Meade -- General Counsel and Chief Legal Officer Good morning, everyone. We celebrated the 25th anniversary of BlackRock becoming a publiccompany, and we closed our acquisition of Global Infrastructure Partners. Kapito, and General Counsel Christopher J. Operator instructions] Thank you. Christopher J.
As you know, we have a very high variable margin and sort of everything else, sort of the largest being some of the G&A costs that we need to be a stand-alone publiccompany and some of the legal costs we have as we pursue protecting CleanCap and our IP.
per share and are primarily legal expenses and expense transaction pursuit costs. Houston is the differentiator for us because we're the only publiccompany that has any meaningful presence. Noncore FFO adjustments for the year are anticipated to be approximately $0.10 The midpoint of $1.68 represents a $0.05
The nation’s market regulator, the Securities and Exchange Commission (SEC), last month stayed the implementation of its climate-related disclosures by publiccompanies in the face of multiple legal challenges from attorneys general of several Republican-led states. billion language industry , which is projected to grow to $95.3
This year, through the co-pilot program, we will launch a constellation of AI agents that include quick applications catered to our individual customer personas that automate the day-to-day work of creating legislation, drafting regulatory and legal analysis, advocacy outreach, and constituent communications or regulatory responses.
This $6 million increase is primarily driven by investments to support our growth, performance-based incentive compensation, recurring publiccompany costs, and legal accruals. Shifting to overall performance, our general and administrative expenses for the quarter, excluding stock-based compensation, was $21.3
Corporate shared service expenses, including the impact adjusted EBITDA, which includes centralized functions such as human resources, finance and accounting, legal, IT and the incremental expenses associated with being a publiccompany, totaled $16 million in the first quarter, down almost $2 million from the comparable first quarter of 2023.
This article will provide a list of questions and scenarios that will help you decide on the best choice for your finances. Pre-IPO companies typically have restrictions on liquidity which may prevent you from selling your shares and enjoying the financial benefits when you want.
Actual results could differ materially from our expectations, and we have no duty to provide updates, unless legally required. In Q2, we reached GAAP profitability for the first time as a publiccompany. Before getting started, I want to remind you that today's call will contain forward-looking statements.
As the front-runner in AI, Baidu probably became the first publiccompany globally to launch a GPT model with our EB 4.0 ERNIE continues to gain market recognition as evidenced by ERNIE API costs from multiple well-known companies. standing tall as the most powerful foundation model in China.
What's always important in driving any enterprise, from a start-up to a $20 billion publiccompany, is that we need to encourage people to be the best versions of themselves, but also to challenge each other, just as our customers will challenge us, and to share in a common mission with a culture that encourages us to do our best work.
is on pace to deliver similar rates as 2022 while exiting the year with significantly less activity as publiccompanies continue to demonstrate discipline. Strong inventory draws since the start of the year have pulled oil inventories below five-year averages, and refinery utilization remains high. Production growth in the U.S.
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