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7xm live (CNN) — Donald Trump has selected his son-in-law Jared Kushner’s father, Charles Kushner, to serve as the next US ambassador to France, the president-elect announced Saturday. Trump described Charles Kushner as a highly successful business leader, philanthropist and dealmaker, with deep experience in the real estate industry. “Charlie is the Founder & Chairman of Kushner Companies, one of the largest & most successful privately held Real Estate firms in the Nation. He was recognized as New Jersey Entrepreneur of the Year by Ernst & Young, appointed to the U.S. Holocaust Memorial Council, & served as a Commissioner, & Chairman, of the Port Authority of New York & New Jersey, as well as on the Boards of our top institutions, including NYU,” Trump wrote in a Truth Social post. Kushner was pardoned by Trump in 2020 after serving a prison sentence following a conviction on federal charges. This story is breaking and will be updated. The-CNN-Wire TM & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.PANDEF commends Tinubu for releasing Rivers allocations

Ekiti State Governor, Biodun Oyebanji , has said he is not worried over agitations from politicians ahead of the 2026 governorship election in the state. Naija News reports that Oyebanji spoke in Ado Ekiti on Friday night at the monthly Evening of Praise and Worship at the Jibowu Hall, Government House Ground. Oyebanji said he would not lose sleep over the election and advised politicians to stop sending him such text messages, stressing he was committed to good governance and fulfilling his electoral promises. He expressed confidence in God’s ability to work out things in his favour, maintaining that God, who did it for him in 2022, would do it again in 2026. Oyebanji, who attributed the significant progress that his administration recorded across critical sectors in the state to divine intervention despite the economic realities, said, “My focus remains on delivering good governance and fulfilling the promises I made to Ekiti people.” He said, “My belief is that God’s plan supersedes any human agenda. I will not lose sleep over the development as God is in control, my political future is in the hands of God, who has never failed me. “What God does not give a man, he cannot have it and when God makes up his mind, nobody can stop him. So, I am just saying this so that you can stop sending me text messages expressing anxieties about 2026. “God is in charge of everything including the 2026 that many people are anxious about. He will take care of everything. For now, let us concentrate on the work that has been given to us and let us do it very well. “For those that are worried about 2026, sending me text messages every day, don’t bother yourselves. God that did the last one will do it again. Don’t bother yourselves. Some complain that I am not a politician and that I don’t understand politics. I am not bothered about this, nothing is going to stop my peace because I serve the God of peace.”Littler, who won the Grand Slam of Darts last week, hit checkouts of 170, 164 and 136 as he threatened to overturn an early deficit, but Humphries held his nerve to win the last three legs. “I’m really, really proud of that one to be honest,” Humphries told Sky Sports. FOR THE SECOND TIME 🏆🏆 Luke Humphries retains his 2024 Ladbrokes Players Championship Finals title, beating Luke Littler 11-7 in the final. pic.twitter.com/QUhxvSbGeu — PDC Darts (@OfficialPDC) November 24, 2024 “I didn’t feel myself this week playing-wise, I felt like I was a dart behind in a lot of the scenarios but there’s something that Luke does to you. He really drives me, makes me want to be a better player and I enjoy playing him. “He let me in really early in that first session to go 4-1 up, I never looked back and I’m proud that I didn’t take my foot off the gas. These big games are what I live for. “Luke is a special talent and he was right – I said to him I’ve got to get these (titles) early before he wins them all. “I’d love to be up here and hitting 105 averages like Luke is all the time but he’s a different calibre, he’s probably the best player in the world right now but there’s something about me that never gives up. “This is a great way to go into the worlds.” HUMPHRIES GOES BACK-TO-BACK! 🏆 Luke Humphries retains his Players Championship Finals title! Cool Hand puts on an absolute clinic to defeat Luke Littler 11-7 in an epic final! 📺 https://t.co/AmuG0PMn18 #PCF2024 | Final pic.twitter.com/nZDWPUVjWE — PDC Darts (@OfficialPDC) November 24, 2024 Littler, who lost the world championship final to Humphries last year, said: “It was tough, missed a few doubles and if you don’t take chances early on, it’s a lot to come back. “I hit the 170 and the 164 but just didn’t have enough in the end. “It’s been a good past two weeks. I just can’t wait to go home, chill out, obviously practice at home for the worlds. That’s it now, leading up to the big one.”

Some 140 years after its first trailblazing luxury train chugged out of Paris’s Gare de l’Est bound for Constantinople, the Orient Express is having something of a rebirth. Arguably the most interesting in a flurry of announcements from the brand is the launch of Orient Express Silenseas, a new collection of yachts that are a collaboration between three French giants: global hospitality group Accor, luxury goods titan LVMH and shipbuilders Chantiers de l’Atlantique. Orient Express Corinthian is the world’s largest sailing yacht. The finished product looks like the lovechild of the fanciest superyacht and the most elegant sailing boat. The first yacht to be completed, Orient Express Corinthian, which at 220m long, with three 100m-high sails, is the world’s largest sailing yacht, won’t be taking paying guests until 2026, but the first images of its interiors have been released. Luxury hotel groups such as Ritz Carlton, Four Seasons and Aman have all announced launches of luxury yachts this year . But while they may be fabulous, they are smallish cruise ships, not yachts. Evrima, for example, the first in the Ritz-Carlton Yacht Collection, offers 224 suites. Then there’s Four Seasons, whose first “yacht”, when it launches in 2026, will have 14 decks and 95 suites. With just 50 cabins, Aman at Sea, which launches in 2027, is the closest of the offerings to a superyacht and also in scale to the 54-suite Orient Express Corinthian. But what Orient Express Corinthian has that none of the others do is sails. The interiors team took inspiration from classic French liners such as SS Normandie. There’s something much cooler and more adventurous-seeming about a great big yacht with sails than an all-bling one with just an engine. This is something that hasn’t escaped Jeff Bezos, who spent $500 million on his three-masted boat Koru , which at 127 metres was the world’s largest sailing yacht – until now. Inspired by the golden age of the French Riviera, Orient Express Corinthian has been designed by French architect and designer Maxime d’Angeac, who has also worked on a new Orient Express train that will launch in France around the same time. The two will combine on certain itineraries. Sustainability was central to the design process, seen through the minimal use of leather, no plastic and lots of walnut wood panelling. “The pillars of Orient Express are art deco, geometric patterns and strong colours, which both train and boat have,” says d’Angeac. “Train interiors can be much darker as this makes them feel cosy and luxurious. The boat [has] much more space and height, so its design feels more Riviera, like a villa on the Côte d’Azur. I’ve also replaced the really small windows you usually get in yacht cabins with huge, durable windows.” Orient Express Corinthian will have five restaurants, eight bars including a speakeasy, two swimming pools including a lap pool, an amphitheatre cabaret space and a private recording studio. In-room spa treatments and meditation sessions will also be available. The boats will spend summers in the Mediterranean and the Adriatic and winters in the Caribbean, with dining, shopping and cultural experiences offered at multiple stop-offs along the way. Sustainability has been at the forefront of the design process, as has working out how to be beautiful but also functional. For example, there is hardly any leather, no plastic and lots of walnut wood panelling, which as well as being elegant and warm is durable and lightweight. The team examined classic French liners such as SS Normandie for inspiration. There are lovely details at every turn: a long, daybed window seat that lifts up to reveal a wooden games box stocked with chess, dominoes and playing cards; luxurious velvet headboards and bathrooms lined in the most decadent-looking Violetta Calacatta marble with crimson walls behind. All of this will be accompanied by Orient Express service, with butlers on hand around the clock. The luxurious bathrooms feature Violetta Calacatta marble. Sustainability was central to the design process, seen through the minimal use of leather, no plastic and lots of walnut wood panellingThe luxurious bathrooms feature Violetta Calacatta marble “The in-room bar,” replies d’Angeac, when I ask him to name a small detail he particularly likes. “When I arrive at a hotel, I’m always excited to see what has been chosen. We are still deciding but I can tell you it will be the best artisan cocktails and chocolate, as opposed to big names. We will simply use small French companies offering the best things.” Silenseas is also debuting groundbreaking wind-harnessing technology that has been 20 years in the making: SolidSail, a rigid, foldable carbon sail and mast system that will provide more than 50 per cent of the yachts’ propulsion. “Wind technology is the future of cruising, everyone knows that,” says d’Angeac. “We can’t just go on producing bigger and bigger boats with enormous polluting engines. Using less gasoline is really important to us, so we will adapt our routes to ensure we follow the wind, which will all be part of the experience.” This hybrid system will combine wind power with an engine running on liquified natural gas (LNG – typically at least 85 per cent methane). While LNG is by no means the perfect option, it is much cleaner than other fossil fuels such as coal, gas or oil, so makes for a better alternative while the infrastructure needed to handle fully renewable energy is still being developed. It was said that Orient Express founder Georges Nagelmackers was first inspired to design a luxury train on a transatlantic crossing to America in 1867, revelling in its luxurious suites, social scene and general grandeur. “I think he would have gone into luxury cruising eventually, had he not died so young,” says d’Agneac. Either way, this feels like a full-circle moment. The Telegraph, LondonChuck Woolery dies: Smooth-talking game show host of “Love Connection” and “Scrabble” was 83None

SEBI (Securities and Exchange Board of India), distraught by a huge upsurge in equity derivatives volume, particularly in the index derivatives, has implemented certain measures to curb the level of activity. Mandatory upfront collection of option premium from buyers, removal of calendar spread benefit on the expiry day, intraday monitoring of position limits, increase of contract value, restriction of weekly expiry to only one index per exchange and increase in margin requirement on expiry day are the steps implemented by the market regulator through a circular in October. While these actions come into effect on various dates, by February, all of these will be in place. Arguably, this will create a tighter environment for participants to operate in the equity F&O (futures and options) segment. To a certain degree, this could encourage traders to gravitate towards commodity F&O market. Those who consider making such a move to diversify their trading portfolio, should be aware of the differences between equity and commodity derivatives. Here we discuss the separating factors, products available and the rules of the game. While there are certain things of common interest for equity and commodity investors, such as global economy, political conditions, business environment etc, both have certain unique aspects too. Owning a stock means owning a fraction of a business. Stocks derive its value from how well the company performs. Outside of the broader economic conditions of the country in which the company operates profitability, balance sheet health, management quality etc. will carry a lot of weight during analysis. Commodities, on the other hand, are physical goods where the supply-demand dynamics lie at the core. So, here, investors resort to more of a macro approach. In general, commodities are more volatile, also making it riskier than stocks as they are subject to everchanging macroeconomic conditions and factors of production and consumption. To put things into perspective, the annualised volatility (based on daily returns over the past 10 years) of Nifty 500 index is 16 per cent, whereas for crude oil, it is 37 per cent. Gold, though, is relatively stable with 14 per cent volatility. In effect, stocks and commodities, being different asset classes, have their own influencing factors. Commodities can be broadly classified into four categories: Precious metals, base metals, energy and agricultural commodities. In this article, we will discuss the first three as the derivatives segment in agri commodities is not as active as the rest. Precious metals: Production and consumption numbers are indeed important for precious metals such as gold and silver. But there are certain factors that tend to have a quicker, significant impact on its prices. While the dollar movement can influence price of almost all commodities, it can be more pronounced for precious metals. The monetary policy actions by the US Federal Reserve and the geopolitical developments, too, play a crucial role. In recent years, the central bank’s accumulation of gold, the beginning of the rate cut cycle by the Fed and conflicts like the Russia-Ukraine war and Israel-Hamas war has been putting upward pressure on the prices. The impact of the above factors is evident from how gold and silver have performed since October 2022. The absolute return of gold and silver between October 2022 and November 2024 is 62 per cent and 64 per cent, respectively, significantly outperforming other commodities and even equities. For instance, the performance of Nifty 50, S&P 500, aluminium and copper stood at 37 per cent, 57 per cent, 19 per cent and 23 per cent respectively. Gold, in particular, is seen as a safe haven by investors and so, whenever there are concerns over global growth, geopolitical uncertainties etc, the demand for gold goes up. To know about the developments in gold and silver, one can follow the World Gold Council and The Silver Institute respectively. These institutes put out several reports in various frequencies, including production and consumption data. Base metals: Aluminium, copper, lead, nickel and zinc are the commonly traded ones. Also referred to as industrial metals, the fate of these commodities largely hinges on China, the largest consumer and producer of base metals with over 50 per cent market share in both production and consumption. Therefore, an expanding Chinese economy is positive for these metals and vice versa. One should keep a watch on metal-specific developments too. For instance, in 2023, when most of the metals were reeling under pressure, copper outperformed the rest by returning a marginal gain of 2 per cent. The reason was a huge demand in China for applications in renewable energy (installation of 300 gigawatts – 60 per cent of the total global addition in that year – of green capacity took place that year) and EVs (electric vehicles), which use more copper than a normal vehicle. Copper plays a key role in green technologies due to its physical and chemical properties. Likewise, the auto sector is a major consumer of aluminium and so, broadly tracking this industry can help form a view on the metal. There are other factors that can disrupt the supply-demand equation. Take, for instance, social unrest in the South American countries Peru and Chile, largest producers of copper and zinc with considerable mining capacity, towards 2022-end. Social issues lead to a supply-side strain, leading to a spike in price. Authorities for base metals include International Aluminium Institute, International Copper Study Group, International Lead and Zinc Study Group. They publish data related to supply and demand, latest developments with respect to change in production/mining capacity etc. Energy commodities: Because of its significance, crude oil and natural gas are often in the news, making them the most volatile among the lot. The annualised volatility of crude oil and natural gas is 37 per cent and 55 per cent, respectively. Tracking inventory statistics, high frequency data, is imperative. If the stockpiles of crude oil and natural gas increase more than expected, it could mean lower demand, weighing on the prices and vice versa. For natural gas, the use case in electric power generation for heating, especially from Europe in the winter, is a significant contributor to the demand. So, if the winter is colder than usual, the need for natural gas can go higher, an upward risk for price. Not to mention the impact of the Russia-Ukraine war. Following the Russian invasion in 2022, the price of natural gas surged as Russia is the second-largest producer and the biggest supplier of natural gas to the European countries. However, plagued by oversupply and warmer winters in Europe in recent years, the price started to collapse in the last quarter of calendar year 2022. For crude oil, the Organization of Petroleum Exporting Countries Plus (OPEC+) production policy is crucial as this grouping produces about half of the global oil. When they announced a delay in reversal of production cuts in early 2024, the price rallied. However, as production has been outpacing demand, the crude oil price has been under pressure since April this year. Oversupply has kept the prices lower despite so many tensions in West Asia, a significant region when it comes to oil. For any news and data related to energy commodities, the US Energy Information Administration’s Short Term Energy Outlook (STEO), released every month, is a solid source. For commodity traders, keeping track of the developments, as mentioned above, aids in better decision-making. Almost all brokerage houses that offer equity derivatives provide access to commodity derivatives. Both segments can be operated from the same trading account. Commodity market runs longer (between 9 a.m. and 11:30/11:55 p.m.) when compared to the equity segment (between 9:15 a.m. and 3:30 p.m.). However, 223 stocks are available in F&O, whereas the list is much smaller in commodities. Below are other notable differences. Spot market: As the name ‘derivatives’ suggests, these contracts derive its value from an asset which is called the underlying. For equity derivatives, equity indices or individual stocks can be the underlying. One stark difference between equity and commodity derivatives is, in India, the spot (cash) market for equities is vibrant, whereas the same for commodities is not active and traders cannot participate in it. In fact, India is a price taker in commodities, another reason why tracking performance of commodities in the international market is critical. Therefore, the exchange rate of rupee against the dollar is a noteworthy factor while conducting forecasts. For example, copper, in terms of dollars, has lost 7.5 per cent since September-end. Consequent to the rupee deprecation of about 2.2 per cent against the dollar in this period, in rupee terms, copper is down only 3.6 per cent. Options: Another point of difference is something related to options. Unlike in equities, where the stock is the underlying, for commodity options it is the futures contract of that commodity. So, when stock options which are in-the-money (ITM) are exercised, you will have to either deliver or buy the underlying stock depending on whether you hold a long/short position on calls and puts. Whereas ITM commodity options devolve (convert) into future contracts. When a long call (put) option expires ITM, it will devolve into futures long (short). When a short call (put) option expires ITM, it will devolve into futures short (long). Example: Suppose you are holding a gold 77,000-call option and the price of its underlying — gold future expires at ₹80,000. As the underlying price is greater than strike price of the call option, this is said to have expired ITM. This trade will be settled with a long position on gold futures, which will have a purchase price as ₹77,000 (strike price of the option). Once you have this position in your trading account, you can opt to exit or continue to hold based on your outlook. Traders can avoid exercising options by giving a ‘contrary instruction’ before expiry, essentially denoting not to go ahead with exercising. On such events, the trades will be settled in cash. With respect to futures, precious metals and base metals are compulsory delivery contracts, similar to equities. But energy commodities and commodity index derivatives are cash settled. But note that the margin requirement will go up as we near the expiry date. For example, margin obligation for gold (aluminium) futures will start increasing five (three) days before expiry. This is referred to as the delivery period during which margin requirements might even increase to 25 per cent of contract value. Contract value: Some level of standardisation is followed in maintaining the contract value of equity futures. After the new SEBI rules are implemented, the value will be maintained between ₹15 lakh and ₹20 lakh. Earlier, it was ₹5-10 lakh. This will be checked twice a year. In case the value tops ₹20 lakh, the lot size will be trimmed; if it falls below ₹15 lakh, the lot size will be increased so as to bring the contract value back to the ₹15-20 lakh range. But such modifications will not happen in commodities. This is why we can see a wide range of contract values, leading to huge margin obligations in some cases. In general, the upfront margin requirement will be the sum of initial margin and Extreme Loss Margin (ELM). For all gold futures, they are 6 per cent and 1 per cent respectively, taking the upfront margin to 7 per cent. So, for example, the current contract value of gold futures (trading unit: 1 kg) is over ₹77 lakh, but that of gold petal futures (trading unit: 1 gm) is ₹7,700. So, the margin for trading in the former is ₹5.4 lakh, whereas for the latter is ₹540. During certain scenarios where the price of a commodity witnesses unusually-high volatility, exchanges can stipulate additional margin on top of the existing upfront margin. There have been instances where margin requirements shot up to 50 per cent. In addition to this, traders should maintain a MTM (mark-to-market) margin to adjust for any possible unrealised losses. Daily price limits: Price limits or price bands are the boundaries set for a day of trading to check excessive speculation. In equities, both index and stock futures have a range of 10 per cent of the base price. Once these levels are reached, trading will be paused for 15 minutes, called cooling period, before trading resumes. Coming to commodities, broadly, there are two initial limits – 3 per cent for a low-volatility commodity like gold and 4 per cent for a high-volatility commodity like natural gas. Once these levels are reached, the next step in both cases will be the expansion of the limit to 6 per cent. There will be a cooling period of 15 minutes when the 6 per cent range is reached. Post this, the limits will be widened to 9 per cent. In case price movement in international markets is more than the maximum daily price limit of 9 per cent, the same may be further relaxed in steps of 3 per cent. Risks: As mentioned earlier, commodities are riskier than stocks. So, traders who participate in commodity derivatives should maintain more vigil. While this does not mean trading in equity derivatives is not risky, happenings like price dropping below zero have not taken place in stocks. In 2020, crude oil prices briefly dropped below $0 a barrel, triggered by supply glut and a drop in demand. Another incident is the nickel short squeeze in early 2022 as a result of the Russia-Ukraine war. Short sellers quickly liquidated their positions, leading to price surging over 100 per cent in less than three months. Comments

US President-elect Donald Trump has announced the nomination of Charles Kushner as the United States Ambassador to France. Kushner, a prominent New York real estate developer, is the father of Jared Kushner, Trump's son-in-law, who played a significant role in the previous administration. In his announcement, Trump highlighted Kushner's accomplishments as a business leader and philanthropist, noting his leadership of Kushner Companies and his previous appointments, including as a Commissioner and Chairman for the Port Authority of New York and New Jersey. Trump emphasized Kushner's potential as a strong advocate for US interests abroad, particularly in strengthening ties with France. However, Kushner's past legal troubles were notable; he served time in prison for financial crimes before being pardoned by Trump in 2020. Despite this history, Trump expressed confidence in Kushner's ability to represent the country effectively. (With inputs from agencies.)Greens livid over delay in probe into elephant death case

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Applications for new Zip Oyster photocards for children aged five to 16+ are now being accepted by Transport for London (TfL), after they were temporarily paused following a recent brutal cyber attack. Zip Oyster cards for children come in three categories - 5-10, 11-15 and 16-17. It follows TfL reopening Oystercard concessions for pensioners, students and others in recent weeks . It means all photocard concessions are available once again. TfL intends to refund customers who have paid more for their travel than they should have, due to TfL not being able to accept new photocard applications. TfL plans to write to photocard customers who were impacted by not being able to apply for a new Photocard with further details about how to apply for refunds and the criteria for processing these. TfL says it has been continually monitoring its systems to ensure only those authorised can gain access, following a serious cyber attack on September 1. TfL identified suspicious activity and took immediate action to secure its network, ensuring all safety critical systems and processes were maintained. Shashi Verma, Chief Technology Officer at TfL said: "We’re pleased that we can now accept photocard applications for all concessions managed by TfL and will be working hard to process these as quickly as possible. We apologise for any inconvenience that this has caused our customers. "Following the recent highly sophisticated cyber security incident, we have been working to restore systems which we had to take offline as part of our mitigations. We are now able to start processing refunds for those requiring refunds for journeys made using Oyster or paper tickets. We hope to shortly contact all new photocard customers who those who were impacted by not being able to apply for their new photocard, as well as continue work to allow us to begin processing refunds for contactless journeys, and for customers to be able to see their full journey history again." TfL has worked closely with the National Crime Agency and the National Cyber Security Centre following the hack attack and notified the Information Commissioner's Office. As part of the measures to deal with the incident, TfL decided to pause new concession photocard applications while it undertook security checks. With the concession photocard website now fully back online again , TfL is working to process all new photocard applications as quickly as possible. Already, more than 30,000 18+ Student photocards, more than 10,000 60+ London Oyster photocards and nearly 600 Apprentice photocards have been processed and dispatched since applications reopened. TfL and train operating companies across London continue to accept expired 5-10 and 11-15 Zip Oyster photocards, where they are normally valid, in light of the cyber security incident until December 31, 2024. This gives expired Zip photocard holders plenty of time to apply for their new concession photocard. Parents and guardians of those with expired Zip photocards are encouraged to apply as soon as possible for a new photocard for their children or dependent to help ensure that they receive one before the end of the year. Expired photocards will not be accepted for travel on TfL or train operating company services from 1 January 2025. Photocard applications can be made via photocard.tfl.gov.uk . For the latest information on TfL’s recovery from the cyber security incident can found here – tfl.gov.uk/campaign/cyber-security-incident . Looking for more from MyLondon? Subscribe to our daily newsletters here for the latest and greatest updates from across London.

- Raising the mid-points of billings, revenue, margins, earnings per share, and free cash flow guidance ranges. - Janesh Moorjani appointed as chief financial officer. SAN FRANCISCO , Nov. 26, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK ) today reported financial results for the third quarter of fiscal 2025. All growth rates are compared to the third quarter of fiscal 2024, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document. Third Quarter Fiscal 2025 Financial Highlights Total revenue increased 11 percent to $1.57 billion ; GAAP operating margin was 22 percent, down 2 percentage points; Non-GAAP operating margin was 36 percent, down 3 percentage points; GAAP income from operations was $346 million , compared to $334 million ; Non-GAAP income from operations was $573 million , compared to $547 million ; GAAP diluted EPS was $1.27 ; Non-GAAP diluted EPS was $2.17 ; Cash flow from operating activities was $209 million ; free cash flow was $199 million . "Autodesk is leading the industry in modernizing its go-to-market motion. These initiatives enable us to build larger and more durable direct relationships with our customers and to serve them more efficiently. We have already seen significant benefits from these optimization initiatives and there's more to come in the next phase," said Andrew Anagnost , Autodesk president and CEO. "We will continue to deploy capital to offset and buy forward dilution, a practice which has reduced our share count over the last three years, and have significantly extended the duration of our repurchase program by increasing our stock repurchase authorization. Our goal is to deliver sustainable shareholder value over many years." "We generated broad-based underlying growth across products and regions. Overall, macroeconomic, policy, and geopolitical challenges, and the underlying momentum of the business, were consistent with the last few quarters with continued strong renewal rates and headwinds to new business growth," said Betsy Rafael , Autodesk interim CFO. "Given Autodesk's sustained momentum in the third quarter, and smooth launch of the new transaction model in Western Europe , we are raising the midpoints of our billings, revenue, margins, earnings per share, and free cash flow guidance ranges." Additional Financial Details Total billings increased 28 percent to $1.54 billion . Total revenue was $1.57 billion , an increase of 11 percent as reported, and 12 percent on a constant currency basis. Recurring revenue represents 97 percent of total. Design revenue was $1.30 billion , an increase of 9 percent as reported, and 10 percent on a constant currency basis. On a sequential basis, Design revenue increased 3 percent as reported and on a constant currency basis. Make revenue was $171 million , an increase of 28 percent as reported and on a constant currency basis. On a sequential basis, Make revenue increased 6 percent as reported and 5 percent on a constant currency basis. Subscription plan revenue was $1.46 billion , an increase of 11 percent as reported, and 12 percent on a constant currency basis. On a sequential basis, subscription plan revenue increased 3 percent as reported and 4 percent on a constant currency basis. Net revenue retention rate remained within the range of 100 to 110 percent, on a constant currency basis. GAAP income from operations was $346 million , compared to $334 million . GAAP operating margin was 22 percent, down 2 percentage points. Total non-GAAP income from operations was $573 million , compared to $547 million . Non-GAAP operating margin was 36 percent, down 3 percentage points. GAAP diluted net income per share was $1.27 , compared to $1.12 . Non-GAAP diluted net income per share was $2.17 , compared to $2.07 . Deferred revenue decreased 9 percent to $3.66 billion . Unbilled deferred revenue was $2.45 billion , an increase of $1.24 billion . Remaining performance obligations ("RPO") increased 17 percent to $6.11 billion . Current RPO increased 14 percent to $4.01 billion . Cash flow from operating activities was $209 million , an increase of $191 million . Free cash flow was $199 million , an increase of $186 million . Third Quarter Fiscal 2025 Business Highlights Net Revenue by Geographic Area Net Revenue by Product Family Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). Business Outlook The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full-year fiscal 2025 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2025 GAAP and non-GAAP estimates is provided below or in the tables following this press release. Fourth Quarter Fiscal 2025 Full Year Fiscal 2025 The fourth quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 20 percent and 19 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings. Earnings Conference Call and Webcast Autodesk will host its third quarter conference call today at 5 p.m. ET . The live broadcast can be accessed at autodesk.com/investor . A transcript of the opening commentary will also be available following the conference call. A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor . This replay will be maintained on Autodesk's website for at least 12 months. Investor Presentation Details An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor . Key Performance Metrics To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP. Glossary of Terms Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period. Cloud Service Offerings : Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering. Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods. Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design. Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate. Free Cash Flow: Cash flow from operating activities minus capital expenditures. Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection. Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year. Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make. Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison. Other Revenue: Consists of revenue from consulting, and other products and services, and is recognized as the products are delivered and services are performed. Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation. Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Solution Provider : Solution Provider is the name of our channel partners who primarily serve our new transaction model customers worldwide. Solution Providers may also be resellers in relation to Autodesk solutions. Spend : The sum of cost of revenue and operating expenses. Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions. Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs. Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current interpretations of existing tax law and could be affected by changing interpretations, further guidance, and additional tax legislation. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims 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. About Autodesk The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts. Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2024 Autodesk, Inc. All rights reserved. SOURCE Autodesk, Inc.Pa. PUC settlements ease rate hikes for electric, gas customersArtificial intelligence (AI) was hot again this week, and it wasn't just Nvidia 's ( NVDA -3.22% ) earnings that were in focus. Super Micro Computer ( SMCI 11.62% ) was the huge winner, as it put forth a plan to become compliant with Nasdaq listing requirements. According to data provided by S&P Global Market Intelligence , Super Micro Computer's shares were up as much as 85% this week, C3.ai ( AI 6.94% ) was up 43.9%, and BigBear.ai Holdings ( BBAI 11.87% ) jumped 47.6%. At 3 p.m. ET on Friday, the stocks were up 78.1%, 42.8%, and 45.3%, respectively, for the week. Super Micro Computer's new plan On Wednesday, Super Micro Computer announced it had submitted a plan to Nasdaq to regain compliance to be listed on the exchange. That includes filing the company's annual 10-K for fiscal 2024 and the first quarter of fiscal 2025 10-Q. A key to the plan was Monday's announcement that BDO has been hired as the company's auditor. The company's previous auditor, Ernst & Young, resigned on concerns about management's governance and transparency. When a company's auditor quits, it can be a sign there are hidden risks that investors aren't anticipating. And the remedy can take months or even years, potentially ending with being delisted from the exchange. This doesn't solve Supermicro's problems, but it puts the company on a path to normal reporting again. C3.ai's big announcement At Microsoft Ignite, C3.ai announced a strategic alliance with Microsoft to "accelerate the adoption of Enterprise AI on Microsoft Azure." This includes initiatives like technical integration, product development, and joint sales and marketing. This is a natural partnership, given the common enterprise customers the companies have in common and the scale Microsoft can bring. Nvidia is the elephant in the room On top of these company-specific news items, Nvidia's earnings were the big news this week, as the company released fiscal third-quarter 2025 financial results. Revenue was up 94% to $35.1 billion, and net income jumped 109% to $19.3 billion, or $0.78 per share. Management continued to say demand is greater than supply for AI systems, and guidance for the fiscal fourth quarter (which Nvidia usually beats) was for $37.5 billion in revenue, continuing the growth march. The one trend that weakened for Nvidia was gross margins, which have fallen from 75.5% in the fiscal second quarter of 2025 to a guided range of 73% to 73.5% in the fiscal fourth quarter. This indicates that pricing power isn't quite as high as it once was for Nvidia, which makes sense as the company grows and AI chips become more competitive. The AI momentum continues It's been an incredible two years for AI, but the momentum doesn't seem to be stopping. And with Nvidia indicating that there's at least a few more quarters of growth, investors may see more gains ahead. Even companies like BigBear.ai that didn't announce anything significant this week are benefiting from the rising tide lifting all stocks. Someday, the tide will turn, but it certainly didn't this week.