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Novatize Announces Strategic Partnership with Hivestack to Elevate eCommerce and Unified Commerce Solutions

Novatize Novatize executive team Novatize, a firm specializing in unified commerce, proudly announces a strategic partnership with Hivestack, a company that revolutionizes DOOH advertising. Our alliance with Hivestack enriches our ability to deliver targeted, efficient marketing strategies, elevating our clients’ advertising impact.”— Sébastien Gagnon, Director of digital Marketing at NovatizeQUEBEC, QC, CANADA, February 28, 2024 /EINPresswire.com/ — Novatize Announces Strategic Partnership with Hivestack to Elevate eCommerce and Unified Commerce SolutionsNovatize, a premier agency specializing in unified commerce, proudly announces a strategic partnership with Hivestack, the global, full stack adtech company that revolutionizes programmatic digital out-of-home (DOOH) advertising. This collaboration underscores Novatize’s commitment to integrating cutting-edge technology and innovative strategies to enhance eCommerce and unified commerce solutions for clients in the United States and Canada.Sébastien Gagnon, Director of digital Marketing at Novatize, shared his vision for the partnership, stating, “Our alliance with Hivestack enables us to solidify our expertise and offer a cohesive marketing vision. Leveraging Hivestack’s dominant market solution, we can now adeptly plan display face selections, execute multi-media campaigns, and crucially, analyze in-store traffic movements. This partnership enriches our ability to deliver targeted, efficient, and measurable marketing strategies, elevating our clients’ advertising impact.”This strategic partnership combines Novatize’s expertise in creating and optimizing eCommerce strategies focused on user experience with Hivestack’s unparalleled programmatic DOOH advertising capabilities. Hivestack’s platform is uniquely designed to empower marketers and DOOH media owners on both the buy and sell sides, enhancing real-time engagement with consumers through data-driven, behaviorally activated DOOH screens.About Hivestack: Hivestack is the global, full stack, adtech company that powers the buy and sell side of programmatic digital out-of-home (DOOH) advertising. On the buy side, marketers use Hivestack’s Demand Side Platform (DSP) to create measurable campaigns that activate DOOH screens in real-time based on consumer behavior and audience movement patterns. On the sell side, DOOH media owners use Hivestack’s Supply Side Platform (SSP) & Ad Exchange to attract programmatic revenue. DOOH media owners can also use Hivestack’s Ad Server to power impression-based, directly sold campaigns. Attribution is a first-class citizen throughout Hivestack’s platform, offering buyers and sellers the ability to measure business outcomes at all stages of the consumer sales funnel.About Novatize: We use composable commerce to unify experiences your customers are in touch with. We think, implement, and market digital strategies to generate business value you can measure. We deliver and optimize eCommerce strategies focused on user experience supported by powerful, unified technologies.The partnership between Novatize and Hivestack sets a new benchmark in digital advertising, offering innovative solutions that bridge the gap between online and offline consumer engagements. Both companies are excited about this collaboration, looking forward to driving the future of advertising with their combined expertise and technologies.Pascale TurpinNovatizeemail us hereVisit us on social media:FacebookLinkedInInstagram You just read: News Provided By February 28, 2024, 20:00 GMT EIN Presswire’s priority is source transparency. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content. As a user, if you see something we have missed, please do bring it to our attention. Your help is welcome. EIN Presswire, Everyone’s Internet News Presswire™, tries to define some of the boundaries that are reasonable in today’s world. Please see our Editorial Guidelines for more information. Source link The content is by EIN Presswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

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Magnite Reports Fourth Quarter and Full-Year 2023 Results

Total Revenue up 7% & Contribution ex-TAC(1) up 6% in Fourth Quarter Adjusted EBITDA Margin(2) of 43% in Fourth Quarter Full-Year 2023 CTV Ad Spend(3) Growth Over 20% NEW YORK, Feb. 28, 2024 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company, today reported its results of operations for the fourth quarter and year ended December 31, 2023. Recent Highlights: Revenue of $186.9 million for Q4 2023, up 7% from Q4 2022Contribution ex-TAC(1) of $165.3 million for Q4 2023, exceeded guidance of $158 to $162 million, and was up 6% from Q4 2022Contribution ex-TAC(1) attributable to CTV for Q4 2023 was $63.5 million, exceeded guidance of $61 to $63 million, and was down 2% year-over-yearContribution ex-TAC(1) attributable to DV+ for Q4 2023 was $101.8 million, exceeded guidance of $97 to $99 million, and was up 11% year-over-yearNet income for Q4 2023 of $30.9 million, or $0.16 per diluted share, compared to a net loss of $36.4 million, or $0.27 per share for Q4 2022Adjusted EBITDA(1) of $70.4 million in Q4 2023 representing a 43% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $64.2 million, a margin of 41% for Q4 2022Non-GAAP diluted earnings per share(1) of $0.29 for Q4 2023, compared to $0.24 non-GAAP diluted earnings per share(1) for Q4 2022Operating cash flow(4) in Q4 2023 was $58.6 million Expectations: Total Contribution ex-TAC(1) for Q1 2024 to be between $122 and $126 millionContribution ex-TAC(1) attributable to CTV for Q1 2024 to be between $49 and $51 millionContribution ex-TAC(1) attributable to DV+ for Q1 2024 to be between $73 and $75 millionAdjusted EBITDA operating expenses(5) for Q1 2024 to be between $106 and $108 millionAdjusted EBITDA operating expenses(5) for Q2 2024 to be between $101 and $103 millionTotal Contribution ex-TAC(1) growth of approximately 10% for the full-year 2024, with CTV growing faster than DV+Adjusted EBITDA margin(2) expansion of 100 basis points for 2024Double digit percentage growth of Adjusted EBITDA(1) for 2024, and even higher growth in free cash flow(6) “We delivered a strong fourth quarter with CTV and DV+ revenue both exceeding the high end of our guidance ranges. We are even more encouraged to see improving top line trends to start 2024, particularly in CTV” said Michael G. Barrett, President and CEO of Magnite. “For the full-year, we delivered solid results despite a muted ad spend environment, combined our two CTV platforms and launched ClearLine, our direct buying solution that allows buyers to transact in CTV inventory with a greatly streamlined supply path. We are expanding our relationships with leading streaming partners as they continue to invest in programmatic, which we believe will drive strong top line growth and profitability for us.” Magnite Fourth Quarter 2023 Results Summary (in millions, except per share amounts and percentages) Three Months Ended Year Ended December 31, 2023 December 31, 2022 ChangeFavorable/ (Unfavorable) December 31, 2023 December 31, 2022 ChangeFavorable/ (Unfavorable)Revenue$186.9 $175.4 7% $619.7 $577.1 7%Gross profit$116.9 $64.4 82% $209.8 $269.9 (22)%Contribution ex-TAC(1)$165.3 $156.6 6% $549.1 $514.6 7%Net income (loss)$30.9 ($36.4) 185% ($159.2) ($130.3) (22)%Adjusted EBITDA(1)$70.4 $64.2 10% $171.4 $178.8 (4)%Adjusted EBITDA margin(2)43% 41% 2 ppt 31% 35% (4) pptBasic earnings (loss) per share$0.22 ($0.27) 181% ($1.17) ($0.98) (19)%Diluted earnings (loss) per share$0.16 ($0.27) 159% ($1.17) ($0.98) (19)%Non-GAAP earnings per share(1)$0.29 $0.24 21% $0.54 $0.64 (16%) Notes:(1)Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings (loss) per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.(2)Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.(3)Advertising spend, or ad spend, is defined as the total volume of spending between buyers and sellers transacted on our platform.(4)Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.(5)Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.(6)Free cash flow is defined as operating cash flow (Adjusted EBITDA less capital expenditures) less net interest expense. Fourth Quarter 2023 Results Conference Call and Webcast: The Company will host a conference call on February 28, 2024 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its fourth quarter of 2023. Live conference call Toll free number:(844) 875-6911 (for domestic callers)Direct dial number:(412) 902-6511 (for international callers)Passcode:Ask to join the Magnite conference callSimultaneous audio webcast:http://investor.magnite.com, under “Events and Presentations” Conference call replay Toll free number:(877) 344-7529 (for domestic callers)Direct dial number:(412) 317-0088 (for international callers)Passcode:5127377Webcast link:http://investor.magnite.com, under “Events and Presentations” About MagniteWe’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform. Publishers use our technology to monetize their content across all screens and formats, including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile-high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC. Forward-Looking Statements:This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning acquisitions by the Company, including the acquisition of SpotX, Inc. (“SpotX,” and such acquisition the “SpotX Acquisition”), the acquisition of SpringServe, LLC (“SpringServe,” and such acquisition the “SpringServe Acquisition”), and the merger with Telaria, Inc. (“Telaria,” and such merger the “Telaria Merger”), or the anticipated benefits thereof; statements concerning potential synergies from the Company’s acquisitions; statements concerning macroeconomic conditions or concerns related thereto; our anticipated financial performance; key strategic objectives; industry growth rates for ad-supported connected television (“CTV”) and the shift in video consumption from linear TV to CTV; anticipated benefits of new offerings, including the introduction of our new Magnite Streaming platform and our ClearLine solution; the success of the consolidation of our two CTV platforms; the effects of our cost reduction initiatives; scope and duration of client relationships; the fees we may charge in the future; business mix; sales growth; benefits from supply path optimization; the development of identity solutions; client utilization of our offerings; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. Risks that our business faces include, but are not limited to, the following: our ability to realize the anticipated benefits of the SpotX Acquisition, SpringServe Acquisition, and other acquisitions; the impact of macroeconomic challenges on the overall demand for advertising and the advertising marketplace; CTV spend on our platform may grow more slowly than we expect if growth occurs disproportionately through platforms that we cannot access, industry growth rates for ad supported CTV are not accurate, if CTV sellers fail to adopt programmatic advertising solutions or if we are unable to maintain or increase access to CTV advertising inventory; we may be unsuccessful in our supply path optimization efforts with buyers; our ability to introduce new offerings and bring them to market in a timely manner, and potential responses or reactions of clients, vendors, and competitors to the announcement of new products and offerings; uncertainty of our estimates and expectations associated with new offerings, including our SpringServe ad server, ClearLine solution, and our developing identity solutions; potential negative impacts associated with the integration of our CTV platforms and the introduction of Magnite Streaming; we must increase the scale and efficiency of our technology infrastructure to support our growth and recent developments in artificial intelligence and machine learning may accelerate or exacerbate potential risks related to technological developments; the emergence of header bidding has increased competition from other demand sources and may cause infrastructure strain and added costs; our access to mobile inventory may be limited by third-party technology or lack of direct relationships with mobile sellers; we may experience lower take rates, which may not be offset by increases in ad spend; the impact of requests for discounts, fee concessions, rebates, refunds or favorable payment terms; our business may be subject to sales and use tax, advertising and other taxes; failure by us or our clients to meet advertising and inventory content standards; the freedom of buyers and sellers to direct their spending and inventory to competing sources of inventory and demand, and to establish direct relationships and integrations without the use of our platform; our reliance on large aggregators of advertising inventory, and the concentration of CTV among a small number of large sellers that enjoy significant negotiating leverage with respect to take rates and other terms; our ability to provide value to both buyers and sellers of advertising without being perceived as favoring one over the other or being perceived as competing with them through our service offerings; our reliance on large sources of advertising demand, including demand side platforms (“DSPs”) that may have or develop high-risk credit profiles or fail to pay invoices when due; our sales efforts may require significant time and expense and may not yield the results we seek; we may be exposed to claims from clients for breach of contract; the effects of seasonal trends on our results of operations; we operate in an intensely competitive market that includes companies that have greater financial, technical and marketing resources than we do; the effects of consolidation in the ad tech industry or among our publisher clients; our ability to differentiate our offerings and compete effectively to combat commodification and disintermediation; potential limitations on our ability to collect or use data as a result of consumer tools, regulatory restrictions and technological limitations; the deprecation of third-party cookies and other identifiers, and the development of new targeting and identity solutions, may disrupt the programmatic ecosystem, cause reduced CPMs and fill rates, result in a shift of ad spend towards “walled gardens,” require additional investment and resources, and cause the overall performance of our platform to decline; the industry may not adopt or may be slow to adopt the use of first-party publisher segments as an alternative to third-party cookies; the impact of antitrust regulations or enforcement actions targeting the digital advertising ecosystem; our ability to comply with, and the effect on our business of, evolving legal standards and regulations, particularly concerning data protection and privacy; evolving corporate governance and public disclosure regulations and expectations, including with respect to cyber security, environmental, social and governance matters; errors or failures in the operation of our solution, interruptions in our access to network infrastructure or data, and breaches of our computer systems including as a result of cyber security incidents; our ability to ensure a high level of brand safety for our clients and to detect “bot” traffic and other fraudulent or malicious activity; our ability to attract and retain qualified employees and key personnel; costs associated with enforcing our intellectual property rights or defending intellectual property infringement; our ability to comply with the terms of our financing arrangements; restrictions in our Credit Agreement may limit our ability to make strategic investments, respond to changing market conditions, or otherwise operate our business; increases in our debt leverage may put us at greater risk of defaulting on our debt obligations, subject us to additional operating restrictions and make it more difficult to obtain future financing on favorable terms; conversion of our Convertible Senior Notes would dilute the ownership interest of existing stockholders; the Capped Call Transactions subject us to counterparty risk and may affect the value of the Convertible Senior Notes and our common stock; the conditional conversion feature of the Convertible Senior Notes, if triggered, may adversely affect our financial condition and operating result; failure to successfully execute our international growth plans; failure to maintain an effective system of internal control over financial reporting, which could adversely affect investor confidence; the use of our net operating losses and tax credit carryforwards may be subject to certain limitations; our ability to raise additional capital if needed; volatility in the price of our common stock; the impact of our repurchase program on our stock price and cash reserves; competition for investors and the impact of negative analyst or investor research reports; and provisions of our charter documents and Delaware law may inhibit a potential acquisition of the company and limit the ability of stockholders to cause changes in company management. We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q for 2024. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Non-GAAP Financial Measures and Operational Measures: In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below. These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net income (loss) to Adjusted EBITDA,” “Reconciliation of net income (loss) to non-GAAP income (loss),” and “Reconciliation of GAAP earnings (loss) per share to non-GAAP earnings (loss) per share” included as part of this press release. We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors. Contribution ex-TAC: Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in assessing the performance of Magnite and facilitates a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis. Adjusted EBITDA: We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, non-operational real estate and other expense (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons: Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include: Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses and expenses associated with earn-out amounts.Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, non-operational real estate expenses or income, or contractual commitments.Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure. Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP. Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share: We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss). MAGNITE, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)(unaudited) December 31, 2023 December 31, 2022ASSETS Current assets: Cash and cash equivalents$326,219 $326,254 Accounts receivable, net 1,176,276 976,506 Prepaid expenses and other current assets 20,508 23,501 TOTAL CURRENT ASSETS 1,523,003 1,326,261 Property and equipment, net 47,371 44,969 Right-of-use lease asset 60,549 78,211 Internal use software development costs, net 21,926 23,671 Intangible assets, net 51,011 253,501 Goodwill 978,217 978,217 Other assets, non-current 6,729 7,383 TOTAL ASSETS$2,688,806 $2,712,213 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses$1,372,176 $1,094,321 Lease liabilities – current portion 20,402 21,172 Debt, current 3,600 3,600 Other current liabilities 5,957 5,939 TOTAL CURRENT LIABILITIES 1,402,135 1,125,032 Debt, non-current, net of debt issuance costs 532,986 722,757 Lease liabilities, non-current 49,665 66,331 Deferred tax liabilities, net 680 5,072 Other liabilities, non-current 1,657 1,723 TOTAL LIABILITIES 1,987,123 1,920,915 STOCKHOLDERS’ EQUITY Common stock 2 2 Additional paid-in capital 1,387,715 1,319,221 Accumulated other comprehensive loss (2,076) (3,151)Accumulated deficit (683,958) (524,774)TOTAL STOCKHOLDERS’ EQUITY 701,683 791,298 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$2,688,806 $2,712,213 MAGNITE, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share amounts)(unaudited) Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022Revenue$186,932 $175,399 $619,710 $577,069 Expenses(1)(2): Cost of revenue 70,025 111,015 409,906 307,165 Sales and marketing 37,575 48,406 173,982 200,081 Technology and development 23,183 22,543 94,318 93,757 General and administrative 21,025 21,977 89,048 81,382 Merger, acquisition, and restructuring costs — — 7,465 7,468 Total expenses 151,808 203,941 774,719 689,853 Income (loss) from operations 35,124 (28,542) (155,009) (112,784)Other expense: Interest expense, net 8,100 7,987 32,369 29,260 Foreign exchange (gain) loss, net 3,495 3,913 1,953 (1,129)Gain on extinguishment of debt (8,348) — (26,480) — Other income (1,287) (1,327) (5,304) (5,318)Total other expense, net 1,960 10,573 2,538 22,813 Income (loss) before income taxes 33,164 (39,115) (157,547) (135,597)Provision (benefit) for income taxes 2,250 (2,730) 1,637 (5,274)Net income (loss)$30,914 $(36,385) $(159,184) $(130,323)Net earnings (loss) per share: Basic$0.22 $(0.27) $(1.17) $(0.98)Diluted$0.16 $(0.27) $(1.17) $(0.98)Weighted average shares used to compute net earnings (loss) per share: Basic 138,212 133,706 136,620 132,887 Diluted 143,793 133,706 136,620 132,887 (1) Stock-based compensation expense included in our expenses was as follows: Three Months Ended Year EndedDecember 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022Cost of revenue$436 $475 $1,809 $1,666Sales and marketing 6,394 5,301 27,263 21,558Technology and development 4,624 3,316 20,542 19,961General and administrative 5,701 4,833 22,860 18,929Merger, acquisition, and restructuring costs — — 143 2,004Total stock-based compensation expense$17,155 $13,925 $72,617 $64,118 (2) Depreciation and amortization expense included in our expenses was as follows: Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022Cost of revenue$13,901 $61,977 $211,956 $142,616Sales and marketing 2,628 15,072 27,584 71,887Technology and development 188 216 779 913General and administrative 103 146 501 636Total depreciation and amortization expense$16,820 $77,411 $240,820 $216,052 MAGNITE, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(unaudited) Year Ended December 31, 2023 December 31, 2022OPERATING ACTIVITIES: Net loss$(159,184) $(130,323)Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 240,820 216,052 Stock-based compensation 72,617 64,118 Impairment of intangible assets — 3,320 Gain on extinguishment of debt (26,480) — (Gain) loss on disposal of property and equipment 311 (86)Provision for (recovery of) doubtful accounts 4,666 (163)Amortization of debt discount and issuance costs 6,279 6,785 Non-cash lease expense (1,712) 1,485 Deferred income taxes (2,379) (8,802)Unrealized foreign currency (gain) loss, net 1,266 (271)Other items, net 2,696 — Changes in operating assets and liabilities, net of effect of business acquisitions: Accounts receivable (220,102) (46,325)Prepaid expenses and other assets 1,004 (4,228)Accounts payable and accrued expenses 294,677 91,377 Other liabilities (112) (389)Net cash provided by operating activities 214,367 192,550 INVESTING ACTIVITIES: Purchases of property and equipment (26,764) (30,815)Capitalized internal use software development costs (10,619) (13,582)Mergers and acquisitions, net of cash acquired and indemnification claims holdback — (20,755)Net cash used in investing activities (37,383) (65,152)FINANCING ACTIVITIES: Proceeds from exercise of stock options 2,166 2,234 Proceeds from issuance of common stock under employee stock purchase plan 3,513 3,744 Repayment of debt (3,600) (3,600)Repurchase of Convertible Senior Notes (165,518) — Repayment of financing lease (276) (807)Purchase of treasury stock — (15,663)Taxes paid related to net share settlement (11,814) (14,498)Payment of indemnification claims holdback (2,313) (1,582)Net cash used in financing activities (177,842) (30,172)EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH 575 (1,417)CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (283) 95,809 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period 326,502 230,693 CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period$326,219 $326,502 MAGNITE, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)(In thousands)(unaudited) Year Ended December 31, 2023 December 31, 2022RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO CONSOLIDATED BALANCE SHEETS: Cash and cash equivalents$326,219 $326,254Restricted cash included in prepaid expenses and other current assets — 248Total cash, cash equivalents and restricted cash$326,219 $326,502 SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION: Cash paid for income taxes$5,357 $4,932Cash paid for interest$37,028 $26,320Capitalized assets financed by accounts payable and accrued expenses and other liabilities$1,690 $1,295Capitalized stock-based compensation$2,012 $2,704Operating lease right-of-use assets obtained in exchange for operating lease liabilities$4,017 $20,131Purchase consideration – indemnification claims holdback$— $2,293 MAGNITE, INC.CALCULATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE(In thousands, except per share data)(unaudited) Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Basic and Diluted Earnings (Loss) Per Share: Net income (loss)$30,914 $(36,385) $(159,184) $(130,323)Weighted-average common shares outstanding used to compute basic earnings (loss) per share 138,212 133,706 136,620 132,887 Basic earnings (loss) per share$0.22 $(0.27) $(1.17) $(0.98) Diluted Earnings (Loss) Per Share: Net income (loss)$30,914 $(36,385) $(159,184) $(130,323)Adjustments: Interest expense, Convertible Senior Notes, net of tax 508 — — — Gain on extinguishment of debt, net of tax (8,151) — — — Net income (loss) for calculation of diluted income (loss)$23,271 $(36,385) $(159,184) $(130,323) Weighted-average common shares used in basic earnings (loss) per share 138,212 133,706 136,620 132,887 Dilutive effect of weighted-average restricted stock units 545 — — — Dilutive effect of weighted-average common stock options 1,156 — — — Dilutive effect of weighted-average performance stock units — — — — Dilutive effect of weighted-average ESPP shares 15 — — — Dilutive effect of weighted-average convertible notes 3,865 — — — Weighted-average shares used to compute diluted net earnings (loss) per share 143,793 133,706 136,620 132,887 Diluted net earnings (loss) per share$0.16 $(0.27) $(1.17) $(0.98) MAGNITE, INC.RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC(In thousands)(unaudited) Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022Revenue$186,932 $175,399 $619,710 $577,069Less: Cost of revenue 70,025 111,015 409,906 307,165Gross Profit 116,907 64,384 209,804 269,904Add back: Cost of revenue, excluding TAC 48,373 92,233 339,343 244,711Contribution ex-TAC$165,280 $156,617 $549,147 $514,615 MAGNITE, INC.RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA(In thousands)(unaudited) Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022Net income (loss)$30,914 $(36,385) $(159,184) $(130,323)Add back (deduct): Depreciation and amortization expense, excluding amortization of acquired intangible assets 9,198 8,365 38,330 31,658 Amortization of acquired intangibles 7,622 69,046 202,490 184,394 Stock-based compensation expense 17,155 13,925 72,617 64,118 Merger, acquisition, and restructuring costs, excluding stock-based compensation expense — — 7,322 5,464 Non-operational real estate and other expense, net 20 107 310 622 Interest expense, net 8,100 7,987 32,369 29,260 Foreign exchange (gain) loss, net 3,495 3,913 1,953 (1,129)Gain on extinguishment of debt (8,348) — (26,480) — Provision (benefit) for income taxes 2,250 (2,730) 1,637 (5,274)Adjusted EBITDA$70,406 $64,228 $171,364 $178,790 MAGNITE, INC.RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS)(In thousands)(unaudited) Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022Net income (loss)$30,914 $(36,385) $(159,184) $(130,323)Add back (deduct): Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense 7,622 69,046 209,812 189,858 Stock-based compensation expense 17,155 13,925 72,617 64,118 Non-operational real estate and other expense, net 20 107 310 622 Foreign exchange (gain) loss, net 3,495 3,913 1,953 (1,129)Interest expense, Convertible Senior Notes 508 250 2,620 1,000 Gain on extinguishment of debt (8,348) — (26,480) — Tax effect of Non-GAAP adjustments(1) (10,218) (16,197) (23,740) (32,487)Non-GAAP income$41,148 $34,659 $77,908 $91,659 (1)Non-GAAP income (loss) includes the estimated tax impact from the reconciling items reconciling between net income (loss) and non-GAAP income (loss). MAGNITE, INC.RECONCILIATION OF GAAP EARNINGS (LOSS) PER SHARE TO NON-GAAP EARNINGS PER SHARE(In thousands, except per share amounts)(unaudited) Three Months Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022GAAP net earnings (loss) per share (1): Basic$0.22 $(0.27) $(1.17) $(0.98)Diluted$0.16 $(0.27) $(1.17) $(0.98) Non-GAAP income (2)$41,148 $34,659 $77,908 $91,659 Non-GAAP earnings per share$0.29 $0.24 $0.54 $0.64 Weighted-average shares used to compute basic net earnings (loss) per share 138,212 133,706 136,620 132,887 Dilutive effect of weighted-average common stock options, RSAs, RSUs, and PSUs 1,701 2,883 3,258 3,494 Dilutive effect of weighted-average ESPP shares 15 2 31 18 Dilutive effect of weighted-average Convertible Senior Notes 3,865 6,262 4,981 6,262 Non-GAAP weighted-average shares outstanding (3) 143,793 142,853 144,890 142,661 (1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute net income (loss) per share as included in the consolidated statement of operations.(2) Refer to reconciliation of net income (loss) to non-GAAP income (loss).(3) Non-GAAP earnings per share is computed using the same weighted-average number of shares that are used to compute GAAP net income (loss) per share in periods where there is both a non-GAAP loss and a GAAP net loss. MAGNITE, INC.CONTRIBUTION EX-TAC BY CHANNEL(In thousands, except percentages)(unaudited) Contribution ex-TAC Three Months Ended December 31, 2023 December 31, 2022 Channel: CTV$63,530 38% $64,623 41%Mobile 71,566 44 61,117 39 Desktop 30,184 18 30,877 20 Total$165,280 100% $156,617 100% Contribution ex-TAC Year Ended December 31, 2023 December 31, 2022 Channel: CTV$218,494 40% $214,803 42%Mobile 226,826 41 188,116 36 Desktop 103,827 19 111,696 22 Total$549,147 100% $514,615 100% Source link The content is by Globe Newswire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.

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Sec 144 Clamped Around Inter Exam Centres

Hyderabad: In order to maintain public order, peace and prevent obstructions of any lawful assembly around intermediate examination centres, Cyberabad police commissioner Avinash Mohanty has imposed 144 sections in certain police stations.He said in a release here on Wednesday that assembly of five or more persons is barred within the 200-metre radius of centres. The order will remain in force from 6 am to 6 pm till March 19, the last of the examination, which began on Wednesday.Only police and military personnel, home guards on duty, and flying squads will be allowed entry to the centres. Funeral processions will be allowed to pass through, Mohanty said.

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TD-JS alliance will win, declare Naidu and Pawan

KAKINADA: Telugu Desam supremo and former chief minister N. Chandrababu Naidu and Jana Sena chief and film star Pawan Kalyan have together appealed to people of Andhra Pradesh to vote their alliance into power and save Andhra Pradesh from the clutches of the YSRC government.At the same time, they both declared that the monstrous Jagan Mohan Reddy regime will be trounced in the coming elections and the TD-Jana Sena alliance will emerge victorious with a huge margin.The two leaders addressed their joint Jenda (flag) public meeting near the Tadepalligudem highway adjacent to Prathipadu village in Pentapadu mandal of West Godavari district on Wednesday.Chandrababu Naidu and Pawan Kalyan arrived at the meeting in two separate helicopters and joined hands on the dais. Speaking first, Naidu underlined that the RD-JS alliance must win in the interests of the state and democracy. “Otherwise, the future of youth and all other sections of society will be in great jeopardy,” he warned.He said YSRC leaders have attacked BCs, SCs, STs and minorities. A YSRC leader had even killed a Dalit youth and delivered his body in his car to the youth’s parents.The TD chief declared that he will create wealth and streamline the state. He emphasised that Telugu Desam and Jana Sena have joined hands to protect the interests of AP and its people and not to grab power at any cost.Chandrababu Naidu compared himself to fire and Pawan as wind. “This wildfire that has ignited will consume the Jagan Mohan Reddy government in the coming elections,” he thundered.Jana Sena chief Pawan Kalyan began his speech challenging the Chief Minister to take on the alliance in the coming elections. He said he wants the TD-Jana Sena to come to power and Narendra Modi to become Prime Minister in the coming elections.Praising Naidu, Pawan Kalyan repeatedly referred to him as “a great political veteran who has seen many ups and downs during the past 46 years.” The JS chief said he felt very pained when the former chief minister had been sent to central prison without any reason. He asked people to be eternally vigilant and safeguard democracy by consciously defeating the ruling party.The film star took a dig at retired political veterans who have taken it upon themselves to advise him. “I don’t need your advice. I have agreed for 24 Assembly and three Lok Sabha seats, keeping in view the strength and weaknesses of my fledgling party. The TD, with more than 40 years of experience, has the organisational strength and the Jana Sena the youthful exuberance to defeat YSRC,” he stated.Pawan Kalyan compared himself to Vamana who sought three feet place and trounced the emperor Bali. In the same way, he declared, he will trounce YSRC with his 24 MLAs.Meanwhile, Telugu Desam national general secretary N. Lokesh and TD senior leader Yanamala Ramakrishnudu did not attend the first Telugu Desam and Jana Sena alliance meeting at Tadepalligudem in West Godavari district on Wednesday.According to Telugu Desam senior leaders, Lokesh is concentrating on Mangalagiri constituency.

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Benqi Price Prediction 2024-2030

Article Content: Benqi Performance, Benqi Price Prediction 2024-2030, Is Benqi a Good Investment, About Benqi and Where to buy Benqi? Latest QI Price USD BENQI Price Performance so far QI faces resistance at $0.027 and finds support at $0.016. What are the Signals and Predictions? The current price of QI is closer to resistance ($0.027) than support ($0.016), indicating a potential upward trend. However, it’s important to note that the price hasn’t broken through resistance yet, suggesting some uncertainty in the market. The price being closer to resistance and a recent upward trend in RSI suggest potential bullishness. The price not yet breaking through resistance and the RSI not being significantly overbought suggest a market that may be exhibiting consolidation or a lack of strong bullish momentum. Influencer Targets Crypto GVR: $0.1 – $0.2 in long-term hold Benqi Next 24 Hours Price Prediction [Algorithm] BENQI Price Prediction in the next 24 hours is between $0.0194 and $0.0265BENQI Price Prediction this week is between $0.0182 and $0.0305 Benqi Crypto: Buy or Sell Poll [New] Net Buy Rating = Buy% – Sell% Benqi Price Prediction 2024-2025-2030, Aggregated BENQI Price Prediction 2024 is $0.0514BENQI Price Prediction 2025 is $0.0608BENQI Price Prediction 2026 is $0.0867BENQI Price Prediction 2027 is $0.117BENQI Price Prediction 2028 is $0.137BENQI Price Prediction 2029 is $0.187BENQI Price Prediction 2030 is $0.267 Benqi Price Prediction 2024: About Benqi Benqi (QI) is a decentralized non-custodial liquidity market protocol built on the Avalanche blockchain. It enables users to: Lend: Users can deposit their crypto assets and earn interest on them. The interest comes from borrowers who pay interest to use the borrowed funds. Borrow: Users can borrow crypto assets against their deposited collateral. Earn: Users can also earn additional rewards by staking the QI token, the native token of the Benqi protocol. Key Features of Benqi: Decentralized: Benqi operates on a peer-to-peer (P2P) lending and borrowing model, meaning there are no intermediaries involved. Non-custodial: Users retain ownership and control of their deposited assets throughout the lending process. Security: Benqi utilizes smart contracts to automate the lending and borrowing process, enhancing security. Variety of supported assets: Benqi supports various popular cryptocurrencies like AVAX, USDC, USDT, and ETH. Benqi offers users several compelling benefits in the decentralized finance (DeFi) space. Users can leverage their crypto holdings to earn passive income by participating in interest-bearing opportunities, providing an alternative to letting their assets remain idle. Additionally, Benqi allows users to borrow crypto for diverse purposes, whether for trading, investing, or other financial needs. Furthermore, there is the potential for users to unlock additional rewards by staking QI tokens, enhancing the overall value proposition for participants in the Benqi ecosystem. Benqi Price Prediction 2024: Is Benqi a Good Investment? Investing in any cryptocurrencies comes with its benefits and risks. Therefore, it is impossible to tell whether Benqi is a good investment or not but the following benefits and risks can be considered before investing in Benqi: Benefits of Investing in Benqi: Investing in Benqi (QI) presents multiple advantages. Firstly, you can earn passive income by accruing interest on your deposited crypto assets, offering a lucrative option for long-term investors. Benqi also provides borrowing opportunities for trading, investing, or hedging, allowing you to leverage your crypto holdings without selling. Additionally, staking QI tokens offers the potential for extra rewards on top of lending interest, contributing to enhanced overall returns. Moreover, investing in Benqi provides exposure to the expanding decentralized finance (DeFi) market, presenting the opportunity for QI’s value to potentially increase as the DeFi sector grows. Risks of Investing in Benqi: The price of QI can change a lot in a short time because the cryptocurrency market is unpredictable. Benqi uses smart contracts, which can have issues and lead to losing money. Like other DeFi platforms, Benqi can be a target for hackers, risking the safety of your money. Changes in cryptocurrency rules might also affect Benqi’s success and the value of QI tokens. There’s strong competition in the DeFi space, and if Benqi doesn’t do well against others, it could impact the value of QI. Lastly, Benqi relies on the Avalanche blockchain, so any problems with it could affect how Benqi works and potentially make QI tokens less valuable. In conclusion, it is also important to research and understand the risks and potential rewards involved before investing in any cryptocurrency. Benqi Price Prediction 2024-2030: How to Buy QI? To acquire QI, you can opt for either Centralized Exchanges (CEXs) like Binance, KuCoin, or Coinbase, offering a user-friendly experience with various payment methods but involving KYC procedures and potentially higher fees. Alternatively, Decentralized Exchanges (DEXs) such as Pangolin and SushiSwap on Avalanche allow peer-to-peer trading, generally don’t require KYC, but may have higher transaction fees and be more complex. Carefully research and choose a platform based on factors like security, fees, and supported payment methods. Once chosen, fund your platform using your preferred method, locate the QI trading pair, place your order, and, for security, transfer your purchased QI to a reputable crypto wallet compatible with the Avalanche network. Where to buy Benqi tokens? You can find QI tokens on various platforms. Centralized Exchanges (CEXs) like Binance and KuCoin are potential options, where user funds are managed by the company, facilitating trading. However, note that Coinbase does not currently list QI. Decentralized Exchanges (DEXs) like Pangolin, the native DEX for Avalanche, and SushiSwap on Avalanche offer a peer-to-peer trading experience without intermediaries. Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.

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Grandparents, doctor arrested for abandoning newborn girl

A couple, along with a doctor and three others, was arrested by the Surat Police on Wednesday for allegedly abandoning their newborn grandchild, a girl, at the doorstep of an orphanage at Katargam. The police lodged the case after the child died at the New Civil Hospital on Tuesday. The police said a passerby found the newborn, wrapped in white cloth, crying on the doorstep of the orpghanage on Monday morning, as ants swarmed her body. She was taken to the hospital, where she died on Tuesday evening. Medical Superintendent at the hospial, Dr Ganesh Govekar, said: “When the girl was brought in, her condition was not good. Born a day ago, her weight was 1.8 kg. she was also premature. The body bore marks of ant bites.” Following the death, the Katargam police on Tuesday lodged a case under sections 317 (abandonment of child under 12 years by a parent or person having care of it) and 304 (punishment for culpable homicide not amounting to murder) under the Indian Penal Code against unknown persons. While checking CCTV camera footage, the police zeroed in on an autorickshaw who had stopped near the orphanage. The autorickshaw driver was picked up for questioning, who spilled the beans, said police. Deputy Commissioner of Police (Zone 3) Pinakin Parmar said, “A 17-year old girl from Maharashtra had became pregnant when she was in a relationship with her neighbour. To hide her pregnancy, the girl’s parents brought her to Surat. On February 18, the minor delivered a girl at a private nursing home in Surat.” “The next day, the doctor’s assistant, alongwith the minor’s parents, left the newborn at the doorstep of the orphanage. they thought the child will be taken in by the orphanage. However, a passerby spotted the newborn and admitted her to the hospital, where she died.” “We have arrested the parents of the minor, the autorickshaw driver, a doctor and her assistant. We are also coordinating with the Maharashtra Police. seeking that an offence under POCSO Act be registered against the man who had developed physical relations with the minor,” Parmar added.

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MVA seat sharing: VBA gives proposal to contest 27 seats, candidature to Jarange Patil from Jalna

Even as the three parties in Maharashtra Vikas Aghadi (MVA) Congress, NCP-Sharadchandra Pawar and Shiv Sena UBT concluded their final meeting for discussion on the seat sharing allocation of Lok Sabha polls on Wednesday, the Vanchit Bahujan Aghadi put forth their proposal of contesting 27 seats out of the 48 LS seats in the state. Sources in the MVA however have said that it is unlikely to give 27 seats to VBA and it looked like the VBA is causing difficulties in making alliance work and resolving the issue of seat sharing. The second rung leaders of Congress, Sharad Pawar led NCP and Sena UBT held their last meeting to discuss the seat sharing formula on Wednesday in Mumbai. VBA leader and deputy president Dhairyavardhan Pundkar also attended the meeting and put forward four proposals in the meeting with a letter which had a list of 27 seats which the VBA wished to contest. The VBA proposed that Maratha quota activist Manoj Jarange Patil from Jalna and Dr Abhijit Vaidya from Pune LS constituencies should be common candidates of MVA. Along with that, 15 seats should be given to candidates from OBC category and three seats should be given to the candidates from the minority. Pundkar said that he has submitted a list of 27 seats in the meeting and the party is willing to discuss the issue in Delhi to resolve the issue. “We have submitted a proposal for 27 LS seats during the meeting. We are willing to discuss and negotiate on seats except for some seats. We have proposed that Manoj Jarange Patil from Jalna and Dr Abhijit Vaidya from Pune LS constituencies should be common candidates of MVA. Along with that, we have also proposed to give 15 seats to OBCs and three seats to minority candidates,” Pundkar said further adding that, “The MVA wrote letters and offered many times to include us in Maha Vikas Aghadi(MVA). The decision should be taken after discussing with the Constituent parties. We are willing to discuss it in Delhi and resolve the issue regarding seat allocation.” Responding to the proposal of VBA, Sena UBT MP Sanjay Raut said that VBA has not staked claim or has proposed to contest on 27 seats but has only expressed the wish of contesting on 27 seats. “We are discussing the proposal of VBA. VBA has not staked claim on the 27 seats but have expressed a wish of contesting on the 27 seats. No further meetings means that seat sharing is completed. Now the chiefs of the four parties including Sharad Pawar, Uddhav Thackeray, Sonia Gandhi ji and Prakash Ambedkar will meet and declare the seat sharing,” Raut said. Speaking on the proposal of Manoj Jarange Patil as a common candidate of MVA, Jarange is not a political leader and no such proposal has been given by the VBA. Jarange however refused to clear his stand on the issue, simply stating that “Politics is not my agenda and the most important issue in front of him is Maratha reservation.”

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Kolkata exhibition on Jamini Roy runs into controversy, group of artists claim paintings fake, file police complaint

An exhibition of master painter Jamini Roy’s paintings in Kolkata has run into a controversy after a section of artists claimed that the artworks showcased at the weeklong exhibition were not the original works of Roy. While a complaint has been filed at Park Street Police Station, the group of artists has demanded an examination of the displayed artworks by the Archaelogical Survey of India (ASI), which had declared all Jamini Roy’s works a “national treasure” in 1976. The exhibition, which concluded on Wednesday, was held at Kolkata’s Middleton Art Gallery by an art collector, Kamal Parekh. A group of artists held a meeting on Tuesday to discuss the issue and resolved that they would petition the Centre to initiate appropriate action. “These artworks (displayed at the exhibition) are against the character of Jamini Roy’s patterns. We had not seen such a type of work. Because of this, we are demanding that the Archaeological Survey of India examine these pictures and find out whether they are the original works of Jamini Roy,” said artist Pranab Ranjan Roy. Another artist Hiran Mitra said, “After seeing these artworks, we think that these are all synthetic works. Let the Archeological Survey of India check these pictures.” Parekh, who organised the exhibition, denied the charges and said that he collected the artworks of Jamini Roy from various places. “I have collected two paintings by Jamini Roy from the Grand Hotel exhibition in 1993. I have the authentication and affidavit of each photo. No picture is fake. I will not sell these pictures. They are kept for exhibition only. I have 80 to 90 paintings by Jamini Roy. Some of the artists may be angry and therefore have said it,” Parekh said. But the group of artists said there was no record of any such exhibition being held in 1993 at Kolkata’s Grand Hotel. Born in 1887 in Bengal’s Bankura district, Roy, one of India’s earliest modernists, was awarded the Viceroy’s Gold Medal in 1935, the Padma Bhushan in 1955, and elected a fellow of the Lalit Kala Akademi in 1956. He was also declared a National Treasure artist by the government of India in 1976.

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Sharad Pawar was in corrupt UPA govt which looted Vidarbha farmers: Modi

Prime Minister Narendra Modi on Wednesday directed his attack against former union agriculture minister Sharad Pawar, alleging the then corrupt UPA government deprived farmers of their legitimate rights in Vidarbha region. Modi was addressing a women’s self-help group conclave at Bhari village in Yavatmal district in Vidarbha region. Ahead of the crucial 2024 Lok Sabha polls, Modi’s visit to Yavatmal set the stage for a pre-poll campaign, where he pitched a slew of welfare schemes for farmers, the youth and the poor. “When a Maharashtra union agriculture minister ( Sharad Pawar) was in the corrupt UPA government at the Centre, the package for farmers were announced in Delhi. Unfortunately, the middle men looted the funds allocated for farmers. As a result and despite the agrarian crisis, farmers in backward regions of Vidarbha were deprived of their rightful share,” PM Modi said. “Look, today I just pressed one button, and within seconds Rs 21,000 crore has been credited in the individual bank accounts of farmers across country. In Yavatmal alone, through central and state schemes, Rs 900 crore has been credited in farmers’ accounts. It is a huge amount. Through the PM Krishi Samman Yojna and Maha Namo Shetkari Samman Yojna, each farmer annually receives Rs 1,200. For a small farmer it is an amount which matters. This is what is called Modi Guarantee.” While outlining reforms taken up by his government over the last ten years across various sectors, especially those targeted towards the poor, the youth, farmers and women, Modi said, “The policies and programmes implemented in the last ten years during my regime has laid a strong foundation for the next 25 years. Therefore, when we say Modi’s guarantee, it means promises made are fulfilled. Our trust has been empowered by dalits, adivasis and small and marginal farmers. We believe in empowerment of the poor, farmers, the youth and women who are integral for transformational change in any society, state and country.” The PM referred to the Vishwakarma Yojana and Lakhpati Didi Yojana as a means of emancipating the poor and women. “We allocated Rs 13,000 crore under Vishwakarma yojana. Our goal is to make one lakh crore women lakhpati didis.” Modi, who had visited Yavatmal before the 2014 Lok Sabha polls, held a chai pe charcha with in distressed districts of Vidarbha. Before the 2019 Lok Sabha polls he addressed women’s self-help groups. “In 2014 when I came to Yavatmal, you blessed me. NDA crossed 300 seats. In 2019, my visit led to people giving greater support to NDA and crossed 350 seats. In 2024, as I visit Yavatmal, I am confident of your support, which will see NDA cross 400 seats.” Modi, who focused on agriculture and farmers, directed his attack towards the previous Congress-NCP government led by Sharad Pawar to emphasise their failure to tackle farmer problems. “Since Independence, the Congress was in power for the longest period. But what did they do for Vidarbha farmers who have been reeling under farm crisis and water problems?” He said. “When we came to power in 2014, we emphatically pushed the irrigation projects which were languishing for several decades. Out of 100 mega irrigation projects sanctioned through PMKSY, the highest number, 26, were from Maharashtra. We expedited and completed some. Out of these, 13 are completed and work on others are underway. The Gosikhurd National Irrigation Development project, which is integral for Vidarbha, was put on hold for the past several decades. We fast tracked the project with our government allocating maximum funds. Earlier, the Nilwande Dam in Ahmednagar district (North Maharashtra) was put on hold for 30 years. We completed it providing much needed relief to farmers. Apart from these, there are 91 state irrigation projects under the Baliraja Krishi Sinchan Yojana, which promises to irrigate 80,000 hectares of land.” Emphasising the importance of making women self reliant, Modi spoke about their role in operating drones. “Through proper training we will soon have women operating drones in the agriculture sector. The Centre’s decision to raise the minimum support price of sugar cane to Rs 340 per quintal will go a long way in uplifting cane cultivators and farm workers.” “Through PMAY, the poor, OBCs, dalits and adivasis are getting homes which they were deprived of in the past. Out of 100 houses, only 20 had access to water through taps or pipelines. We ensured 80 out of 100 households get tap water. Our thrust is to make water accessible to every household.” During his visit to Yavatmal, Modi inauguarted the Deendayal Upadhyaya statue which depicts his life and works. “Deendayal Upadhyaya through selfless service gave us the concept of antyodaya. We are taking it forward to ensure the fruits of development reaches every person” he said.

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Rajya Sabha Election: Congress wins 3 seats in Karnataka, BJP 1

The ruling Congress in Karnataka won three seats and the BJP one in the Rajya Sabha elections in Karnataka on Tuesday. The candidates who were selected to Rajya Sabha are Syed Naseer Hussain, GC Chandrasekhar and Ajay Maken who belong to the Congress, and Narayansa K Bhandage of the BJP. Karnataka Deputy Chief Minister CM DK Shivakumar said this shows the unity and integrity of Congress. He thanked all the MLAs, party workers and the media. He said he is very happy that all the candidates from Congress won. He thanked all the voters, chief minister and the party workers and the AICC president also. He said he would like to thank Sonia Gandhi, Rahul Gandhi and Mallikarjun Kharge. Congress candidates Naseer Hussain and former union minster Ajay Maken won with 47 votes, while GC Chandrasekhar secured 45 votes. The BJP won 1 Rajya Sabha seat from Karnataka with candidate Narayansa Bhandage securing 47 votes. Each Rajya Sabha candidate needed at least 45 votes in the 224-MLA Karnataka Assembly to win a Rajya Sabha seat from the state. With 135 MLAs, the Congress had the exact number to elect its three candidates. The BJP has 66 MLAs, which secured a comfortable win for party worker Narayansa Bhandage. The Rajya Sabha seats fell vacant following the retirement of 4 members – Union Minister Rajeev Chandrasekhar (BJP) and Congress’s GC Chandrashekhar, Syed Naseer Hussain and L Hanumanthaiah 5 candidates contested for the 4 Rajya Sabha seats in the elections, including JD(S) contestant D Kupendra Reddy. The elections were marred by cross-voting. One of the BJP MLAs, ST Somasekhar voted for the Congress’s Maken, the other, A Shivaram Hebbar, abstained. Leader of Opposition R Ashoka said they would seek action against Somahekhar, and termed the MLA’s decision political suicide. Soon after voting, Somashekhar told the media that he voted as per his conscience.

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