Technology
Bright Scholar Announces Unaudited Financial Results for the First Quarter of Fiscal Year 2025
Published
1 year agoon
By
SG&A expenses from continuing operations decreased 33.0% YoY
Management to hold a conference call today at 7:00 a.m. Eastern Time
CAMBRIDGE, England and FOSHAN, China, Jan. 24, 2025 /PRNewswire/ — Bright Scholar Education Holdings Limited (“Bright Scholar,” the “Company,” “we” or “our”) (NYSE: BEDU), a global premier education service company, today announced its unaudited financial results for its first quarter of fiscal year 2025, ended November 30, 2024.
Effective the first quarter of fiscal year 2025, the Company changed its presentation currency from Renminbi (“RMB”) to Great Britain Pound (“GBP”) to better align with the Company’s business activities and reflect the Company’s performance. In this announcement, the unaudited financial results for the quarter ended November 30, 2024, are stated in GBP. Prior period numbers have been recast into the new reporting currency.
FIRST QUARTER OF FISCAL YEAR 2025 FINANCIAL HIGHLIGHTS
Revenue from continuing operations was GBP44.7 million, compared to GBP53.3 million for the same quarter last fiscal year.Overseas Study Counselling revenue from continuing operations increased by 5.8% to GBP9.6 million.Net income from continuing operations was GBP4.0 million, compared to GBP5.0 million for the same quarter last fiscal year. Adjusted net income[1] was GBP4.4 million, compared to GBP5.1 million for the same quarter last fiscal year.
Revenue from continuing operations by Segment[2]
(GBP in millions except for
percentage)
For the first quarter
ended
November 30,
YoY
% Change
% of total
revenue in
F1Q2025
2024
2023
Schools[3]
25.7
28.2
-9.0 %
57.4 %
Overseas Study Counselling[4]
9.6
9.1
5.8 %
21.4 %
Others[5]
9.4
16.0
-40.9 %
21.2 %
Total
44.7
53.3
-16.1 %
100.0 %
[1]. Adjusted net income/(loss) is a non-GAAP financial measure, which is defined as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax.
[2]. Effective the first quarter of fiscal year 2025, the Company has updated its segment reporting to better reflect its strategic priorities. As a result, the Company now reports segments as Schools, Overseas Study Counselling, and Others. The segment revenue from continuing operations for the first quarter ended November 30, 2023, has been revised to be consistent with the presentation in the first quarter ended November 30, 2024. See “Change in Segment Reporting” in this release.
[3]. Schools business refers to the previous Overseas Schools segment.
[4]. Overseas Study Counselling business is part of the previous Complementary Education Services segment.
[5]. Others include the previous Domestic Kindergartens & K-12 Operation Services and Complementary Education Services segments (excluding Overseas Study Counselling).
For more information on these adjusted financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this release.
MANAGEMENT COMMENTARY
Mr. Robert Niu, Chief Executive Officer of Bright Scholar, commented, “We are pleased to deliver solid first quarter results for fiscal year 2025 amid an evolving external environment, demonstrating the effectiveness of our reorganized business structure and focus on our “dual-engine” growth strategy. During the quarter, we continued to propel the expansion of our Schools business while also improving operational efficiency and quality, freeing our resources to promote educational excellence. In addition, we consistently advanced our global recruitment initiatives aimed at attracting prospective international students, successfully expanding our product and service offerings to more international markets. Looking ahead, we will persist in streamlining our global operations and enhancing efficiency while simultaneously seizing the market’s extensive growth opportunities to strengthen our market share and our position as a leading global education service provider.”
Ms. Cindy Zhang, Chief Financial Officer of Bright Scholar, added, “Fiscal year 2025 is off to an encouraging start, highlighted by a significant reduction in SG&A expenses and year-over-year growth in our Overseas Study Counselling business in the first quarter. Our total revenue from continuing operations was GBP44.7 million, with Overseas Study Counselling revenue from continuing operations increasing by 5.8% year over year to GBP9.6 million. Moreover, we decreased SG&A expenses by 33.0% year over year through ongoing efforts to optimize our cost structure and streamline operations. In addition, we have initiated a share repurchase plan underscoring our commitment to enhancing shareholder value. By maintaining a healthy balance sheet and consistently executing our “dual-engine” growth strategy, we are confident of creating sustainable value for our customers and shareholders over the long term.”
UNAUDITED FINANCIAL RESULTS FOR THE FIRST FISCAL QUARTER ENDED NOVEMBER 30, 2024
Revenue from Continuing Operations
Revenue was GBP44.7 million, compared to GBP53.3 million for the same quarter last fiscal year.
Schools: Revenue contribution was GBP25.7 million, compared to GBP28.2 million for the same quarter last fiscal year.
Overseas Study Counselling: Revenue contribution was GBP9.6 million, compared to GBP9.1 million for the same quarter last fiscal year.
Others: Revenue contribution was GBP9.4 million, compared to GBP16.0 million for the same quarter last fiscal year.
Cost of Revenue from Continuing Operations
Cost of revenue was GBP31.7 million, compared to GBP35.4 million for the same quarter last fiscal year.
Gross Profit, Gross Margin and Adjusted Gross Profit from Continuing Operations
Gross profit was GBP13.0 million, compared to GBP17.9 million for the same quarter last fiscal year. Gross margin was 29.2%, compared to 33.5% for the same quarter last fiscal year.
Adjusted gross profit[6] from continuing operations was GBP13.2 million, compared to GBP18.0 million for the same quarter last fiscal year.
Selling, General and Administrative (SG&A) Expenses from Continuing Operations
Total SG&A expenses were GBP8.4 million, representing a 33.0% decrease from GBP12.6 million for the same quarter last fiscal year. The decrease was mainly due to the improvement in operational efficiency in our Schools business.
Operating Income, Operating Margin and Adjusted Operating Income from Continuing Operations
Operating income was GBP4.8 million, compared to GBP6.3 million for the same quarter last fiscal year. Operating margin was 10.7%, compared to 11.8% for the same quarter last fiscal year.
Adjusted operating income[7] was GBP5.2 million, compared to GBP6.4 million for the same quarter last fiscal year.
Net Income and Adjusted Net Income
Net income was GBP4.0 million, compared to GBP6.6 million for the same quarter last fiscal year.
Adjusted net income was GBP4.4 million, compared to GBP5.1 million for the same quarter last fiscal year.
Adjusted EBITDA[8]
Adjusted EBITDA was GBP6.4 million, compared to GBP7.6 million for the same quarter last fiscal year.
Net income per Ordinary Share/ADS and Adjusted Net Earnings per Ordinary Share/ADS
Basic and diluted net income per ordinary share attributable to ordinary shareholders from continuing operations were GBP0.03 each, compared to GBP0.04 each for the same quarter last fiscal year.
Adjusted basic and diluted net income per ordinary share[9] attributable to ordinary shareholders were GBP0.04 and GBP0.03, compared to GBP0.04 and GBP0.04 for the same quarter last fiscal year, respectively.
Basic and diluted net income per ADS attributable to ADS holders from continuing operations were GBP0.13 each, compared to GBP0.16 each for the same quarter last fiscal year.
Adjusted basic and diluted net income per ADS[10] attributable to ADS holders were GBP0.14 each, compared to GBP0.16 each for the same quarter last fiscal year.
[6]. Adjusted gross profit from continuing operations is a non-GAAP financial measure, which is defined as gross profit from continuing operations, excluding amortization of intangible assets.
[7]. Adjusted operating income/(loss) from continuing operations is a non-GAAP financial measure, which is defined as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets.
[8]. Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax.
[9]. Adjusted basic and diluted earnings/(loss) per share is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ordinary shareholders divided by the weighted average number of basic and diluted ordinary shares.
[10]. Adjusted basic and diluted earnings/(loss) per American Depositary Share (“ADS”) is a non-GAAP financial measure, which is defined as adjusted net income/(loss) attributable to ADS shareholders divided by the weighted average number of basic and diluted ADSs.
Cash and Working Capital
As of November 30, 2024, the Company had cash and cash equivalents and restricted cash of GBP47.5 million, compared to GBP54.3 million as of August 31, 2024.
Change in Segment Reporting
Starting in the first quarter of fiscal year 2025, the Company updated its segment reporting to reflect its strategic focus. The Company now reports the Overseas Schools business as the Schools business, the overseas study counselling portion of Complementary Education Services as the Overseas Study Counselling business, and Domestic Kindergartens & K-12 Operation Services and Complementary Education Services (excluding overseas study counselling) as Others. Prior period segment information has been retrospectively revised to conform to the current presentation.
Authorization of Share Repurchase Plan
On January 22, 2025, BEDU’s board of directors authorized a share repurchase plan under which the Company may repurchase up to US$1.2 million of the Company’s ADSs over the next 12 months.
The Company may periodically repurchase its ADSs for cash in various means, including without limitation, open market purchases, block transactions and privately negotiated transactions, in compliance with applicable federal securities laws. In addition, the share repurchase program may be modified, suspended or terminated by the Board any time without prior notice. The number of ADSs repurchased and the timing of repurchases will depend on a number of factors, including without limitation, price, trading volume and general market conditions, along with the Company’s working capital requirements, general business conditions and other factors. Repurchases under the share repurchase program will be funded from the Company’s existing cash and cash equivalents or future cash provided by operating activities.
CONFERENCE CALL
The Company’s management will host an earnings conference call at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong Kong Time) on January 24, 2025.
Dial-in details for the earnings conference call are as follows:
Mainland China: 4001-201203
Hong Kong: 800-905945
United States: 1-888-346-8982
International: 1-412-902-4272
Participants should dial in at least 5 minutes before the scheduled start time and ask to be connected to the call for “Bright Scholar Education Holdings Limited.”
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.brightscholar.com/.
A replay of the conference call will be accessible after the conclusion of the live call until January 31, 2025, by dialing the following telephone numbers:
United States Toll Free: 1-877-344-7529
International: 1-412-317-0088
Replay Passcode: 6100559
CONVENIENCE TRANSLATION
The Company’s reporting currency is GBP. However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars using the prevailing exchange rates at the balance sheet date for the convenience of readers. Translations of balances in the condensed consolidated balance sheets, the related condensed consolidated statements of operations, and cash flows from GBP into U.S. dollars as of and for the quarter ended November 30, 2024, are solely for the readers’ convenience and were calculated at the rate of GBP1.00=US$1.2699, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on November 29, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on November 29, 2024, or at any other rate.
NON-GAAP FINANCIAL MEASURES
In evaluating our business, we consider and use certain non-GAAP measures, including primarily adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted gross profit/(loss) from continuing operations as gross profit/(loss) from continuing operations excluding amortization of intangible assets. We define adjusted EBITDA as net income/(loss) excluding interest income/(expense), net, income tax expense/(benefit), depreciation and amortization, share-based compensation expenses, and income/(loss) from discontinued operations, net of tax. We define adjusted net income/(loss) as net income/(loss) excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax. We define adjusted operating income/(loss) from continuing operations as operating income/(loss) from continuing operations excluding share-based compensation expenses and amortization of intangible assets. Additionally, we define adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted, as adjusted net income/(loss) attributable to ordinary shareholders/ADS holders (net income/(loss) to ordinary shareholders/ADS holders excluding share-based compensation expenses, amortization of intangible assets, tax effect of amortization of intangible assets, and income/(loss) from discontinued operations, net of tax) divided by the weighted average number of basic and diluted ordinary shares or ADSs.
We incur amortization expense of intangible assets related to various acquisitions that have been made in recent years. These intangible assets are valued at the time of acquisition and are then amortized over a period of several years after the acquisition. We believe that exclusion of these expenses allows greater comparability of operating results that are consistent over time for the Company’s newly-acquired and long-held business, as the related intangibles do not have a significant connection to the growth of the business. Therefore, we provide exclusion of amortization of intangible assets to define adjusted gross profit from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net income/(loss), and adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted. In addition, the strategic move to dispose of the non-core businesses is viewed as discontinued operations, which is a non-recurring item. The exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we provide exclusion of income/(loss) from discontinued operations, net of tax, to define adjusted net income/(loss), adjusted EBITDA, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders, basic and diluted.
We present the non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. Such non-GAAP measures include adjusted EBITDA, adjusted net income/(loss), adjusted gross profit/(loss) from continuing operations, adjusted operating income/(loss) from continuing operations, adjusted net earnings/(loss) per share attributable to ordinary shareholders/ADS holders basic and diluted. Non-GAAP financial measures enable our management to assess our operating results without considering the impact of non-cash charges, including depreciation and amortization and share-based compensation expenses, and without considering the impact of non-operating items such as interest income/(expense), net; income tax expense/benefit; share-based compensation expenses; amortization of intangible assets, tax effect of amortization of intangible assets, and without considering the impact of non-recurring item, i.e. income/(loss) from discontinued operations. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Interest income/(expense), net; income tax expense/benefit; depreciation and amortization; share-based compensation expense; tax effect of amortization of intangible assets have been and may continue to be incurred in our business and are not reflected in the presentation of these non-GAAP measures, including adjusted EBITDA or adjusted net income/(loss). Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.
About Bright Scholar Education Holdings Limited
Bright Scholar is a premier global education service Group. The Company primarily provides quality international education to global students and equips them with the critical academic foundation and skillsets necessary to succeed in the pursuit of higher education.
For more information, please visit: https://ir.brightscholar.com/.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s business plans and development, which can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
IR Contact:
Email: BEDU@thepiacentegroup.com
Phone: +86 (10) 6508-0677/ +1-212-481-2050
Media Contact:
Email: media@brightscholar.com
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
As of
August 31,
November 30,
2024
2024
GBP
GBP
USD
ASSETS
Current assets
Cash and cash equivalents
52,991
47,147
59,872
Restricted cash
1,307
331
420
Accounts receivable, net
2,018
2,054
2,608
Amounts due from related parties, net
1,548
2,064
2,621
Other receivables, deposits and other
assets, net
13,303
12,317
15,641
Inventories
125
821
1,043
Total current assets
71,292
64,734
82,205
Restricted cash – non-current
27
27
34
Property and equipment, net
37,522
36,245
46,028
Intangible assets, net
5,327
5,230
6,642
Goodwill, net
56,634
56,975
72,353
Long-term investments, net
2,623
2,655
3,372
Deferred tax assets, net
206
112
142
Other non-current assets, net
1,013
985
1,251
Operating lease right-of-use assets –
non-current
152,451
151,437
192,310
Total non-current assets
255,803
253,666
322,132
TOTAL ASSETS
327,095
318,400
404,337
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-CONTINUED
(Amounts in thousands)
As of
August 31,
November 30,
2024
2024
GBP
GBP
USD
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
9,864
11,384
14,457
Contract liabilities – current
47,872
39,011
49,540
Accrued expenses and other current
liabilities
20,538
21,026
26,701
Amounts due to related parties
8,417
4,478
5,687
Income tax payable
8,483
8,298
10,538
Refund liabilities – current
1,060
1,083
1,375
Operating lease liabilities – current
11,420
11,614
14,749
Total current liabilities
107,654
96,894
123,047
Deferred tax liabilities, net
3,348
3,166
4,021
Operating lease liabilities – non-
current
150,901
149,867
190,316
Non-current contract liabilities
93
103
131
Total non-current liabilities
154,342
153,136
194,468
TOTAL LIABILITIES
261,996
250,030
317,515
EQUITY
Share capital
1
1
1
Additional paid-in capital
220,901
221,246
280,960
Statutory reserves
2,073
2,409
3,059
Accumulated other comprehensive
income
(3,777)
(4,042)
(5,133)
Accumulated deficit
(165,693)
(162,292)
(206,095)
Shareholders’ equity
53,505
57,322
72,792
Non-controlling interests
11,594
11,048
14,030
TOTAL EQUITY
65,099
68,370
86,822
TOTAL LIABILITIES AND EQUITY
327,095
318,400
404,337
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for shares and per share data, income per share, income per ADS)
Three Months Ended November 30,
2023
2024
GBP
GBP
USD
Continuing operations
Revenue
53,306
44,732
56,805
Cost of revenue
(35,443)
(31,689)
(40,242)
Gross profit
17,863
13,043
16,563
Selling, general and administrative expenses
(12,559)
(8,410)
(10,680)
Other operating income
983
138
175
Operating income
6,287
4,771
6,058
Interest income, net
94
59
75
Investment income
115
2
4
Other expenses
(65)
(6)
(8)
Income before income taxes and share of equity in profit of unconsolidated affiliates
6,431
4,826
6,129
Income tax expense
(1,449)
(814)
(1,034)
Share of equity in profit of unconsolidated affiliates
20
–
–
Net income from continuing operations
5,002
4,012
5,095
Income from discontinued operations, net of tax
1,599
–
–
Net income
6,601
4,012
5,095
Net income attributable to non-controlling interests
Continuing operations
312
275
349
Discontinued operations
191
–
–
Net income attributable to ordinary shareholders
Continuing operations
4,690
3,737
4,746
Discontinued operations
1,408
–
–
Net income per share attributable to
ordinary shareholders
—Basic and diluted
Continuing operations
0.04
0.03
0.04
Discontinued operations
0.01
–
–
Weighted average shares used in
calculating net income per ordinary share:
—Basic
Continuing operations and discontinued operations
118,669,795
118,669,795
118,669,795
—Diluted
Continuing operations and discontinued operations
118,669,795
119,283,889
119,283,889
Net income per ADS
—Basic and diluted
Continuing operations
0.16
0.13
0.16
Discontinued operations
0.05
–
–
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Three Months Ended November 30,
2023
2024
GBP
GBP
USD
Net cash used in operating activities
(2,327)
(5,657)
(7,207)
Net cash (used in)/ generated from investing activities
(1,965)
3,561
4,522
Net cash used in financing activities
(210)
(4,442)
(5,641)
Effect of exchange rate changes on cash and cash equivalents, and restricted cash
627
(263)
(333)
Net change in cash and cash equivalents,
(3,875)
(6,819)
(8,658)
and restricted cash
Cash and cash equivalents, and restricted cash
61,697
54,325
68,987
at beginning of the period
Cash and cash equivalents, and restricted cash
57,822
47,506
60,329
at end of the period
BRIGHT SCHOLAR EDUCATION HOLDINGS LIMITED
Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except for shares and per share data, income per share, income per ADS)
Three Months Ended November 30,
2023
2024
GBP
GBP
USD
Gross profit from continuing operations
17,863
13,043
16,563
Add: Amortization of intangible assets
116
113
143
Adjusted gross profit from continuing operations
17,979
13,156
16,706
Operating income from continuing operations
6,287
4,771
6,058
Add: Share-based compensation expenses
–
345
438
Add: Amortization of intangible assets
116
113
143
Adjusted operating income from continuing operations
6,403
5,229
6,639
Net income
6,601
4,012
5,095
Add: Share-based compensation expenses
–
345
438
Add: Amortization of intangible assets
116
113
143
Add: Tax effect of amortization of intangible assets
(23)
(23)
(29)
Less: Income from discontinued operations, net of tax
1,599
–
–
Adjusted net income
5,095
4,447
5,647
Net income attributable to ordinary shareholders
6,098
3,737
4,746
Add: Share-based compensation expenses
–
345
438
Add: Amortization of intangible assets
88
86
109
Add: Tax effect of amortization of intangible assets
(18)
(18)
(23)
Less: Income from discontinued operations, net of tax
1,408
–
–
Adjusted net income attributable to ordinary shareholders
4,760
4,150
5,270
Net income
6,601
4,012
5,095
Add: Interest income, net
(94)
(59)
(75)
Add: Income tax expense
1,449
814
1,034
Add: Depreciation and amortization
1,279
1,266
1,608
Add: Share-based compensation expenses
–
345
438
Less: Income from discontinued operations, net of tax
1,599
–
–
Adjusted EBITDA
7,636
6,378
8,100
Weighted average shares used
in calculating adjusted net income per ordinary share:
—Basic
118,669,795
118,669,795
118,669,795
—Diluted
118,669,795
119,283,889
119,283,889
Adjusted net income per share attributable
to ordinary shareholders
—Basic
0.04
0.04
0.04
—Diluted
0.04
0.03
0.04
Adjusted net income per ADS
—Basic and diluted
0.16
0.14
0.18
View original content:https://www.prnewswire.com/news-releases/bright-scholar-announces-unaudited-financial-results-for-the-first-quarter-of-fiscal-year-2025-302359512.html
SOURCE Bright Scholar Education Holdings Ltd.
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“Federal agencies need a planning tool they can trust to protect their data and still move fast,” said Ben Pierce, general manager, Workday Adaptive Planning. “With FedRAMP authorization, Workday Adaptive Planning gives them a secure, modern way to make budgeting and workforce planning less painful and a lot more useful.”
As part of Workday Government Cloud, Workday Adaptive Planning works alongside Workday human capital management and financial solutions, helping agencies plan with connected data. By bringing planning into the same platform that powers HR and finance, Workday Government helps agencies move beyond systems that simply record work to a modern, connected foundation for planning safely and collaboratively.
Workday Adaptive Planning is expected to be available to Workday Government customers in early 2027.
For More Information
Explore how Workday Adaptive Planning gives government organizations the power to plan, budget, and forecast the future here.Learn about the mission of Workday Government here.
About Workday Government
Workday Government is a wholly owned subsidiary of Workday, the enterprise AI platform for HR, finance, and IT. Workday Government is dedicated to serving the U.S. government by unifying HR and finance on one intelligent platform with AI at the core, empowering agencies at every level with the clarity, confidence, and insights they need to adapt quickly, make better decisions, and deliver on their missions. Workday Government supports a range of agencies across the civilian, defense, and intelligence communities. For more information about Workday Government, visit workday.com/federal. For more information about Workday visit workday.com.
Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday’s plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission (“SEC”), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.
Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday’s discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.
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SOURCE Workday Inc.
Technology
Ontinue Wins Gold Stevie® Award for Advancing the Future of Managed Security Operations
Published
3 minutes agoon
July 23, 2026By
Recognition Honors the Innovation Behind Ontinue’s Agentic SOC, Where AI Agents And Expert Cyber Defenders Work Together to Deliver Autonomous, Governed Security Operations
ZURICH, July 23, 2026 /PRNewswire/ — Ontinue, a leading MXDR partner providing nonstop managed security operations through its Agentic SOC, today announced it received a Gold Stevie® for Technology Excellence Award, recognizing the innovation behind its ION MXDR platform and Agentic SOC. The award was presented in the New Product of the Year – Information Technology (Cybersecurity) category, honoring Ontinue’s continued advancement of AI-powered security operations.
Ontinue was recognized for pioneering the Agentic SOC, a new operating model that treats security decision-making itself as software: governed, measurable, and built to scale with attackers who now operate at machine speed. Rather than layering AI onto existing workflows, Ontinue re-engineered its ION MXDR platform around a multi-agent architecture, with specialized agents spanning threat hunting, investigation, response, and posture hardening, that reason over each customer’s accumulated context and progressively take on more decision-making as trust is earned, while Ontinue’s Cyber Defenders retain governance and accountability throughout.
Ontinue defines an Agentic SOC as a security operations model in which software agents progressively assume responsibility for security decisions and actions, under continuous human governance, using accumulated context, policy, and learned behavior. In December 2024, this model went live in production for every ION MXDR customer, extending autonomous investigation to Tier 2-level incidents for the first time in the industry. The result is a platform that acts less like a tool and more like a team.
Ontinue’s Agentic SOC, by the numbers:
Autonomously investigates incidents within minutesCuts mean time to investigate by 50 percentResolves 99.5 percent of incidents without customer involvementDrives median response time for high-severity incidents under nine minutesPre-approves 97 percent of response actions, based on trust earned directly from customers
For Ontinue’s customers, that translates directly into business outcomes, such has stronger Secure Scores, security teams freed from alert fatigue, and hundreds of analyst hours returned to work that actually moves the business forward.
“The cybersecurity industry doesn’t need more AI features, it needs a fundamentally better way to operate security,” said Moritz Mann, Chief Executive Officer at Ontinue. “This recognition validates the work our teams have done over the past two years to transform AI from an assistant into a trusted operational capability. It’s recognition of an operating model that is already delivering measurable outcomes for customers every day.”
“We congratulate all of the winners in the third annual Stevie® Awards for Technology Excellence for their outstanding achievements,” said Stevie Awards President Maggie Miller. “Their innovations are helping shape the future of technology across every industry, and we look forward to celebrating their success on October 28.”
The Stevie Awards for Technology Excellence celebrate the remarkable accomplishments of individuals, teams, and organizations shaping the future of technology across all industry sectors. More than 700 nominations from organizations of all sizes in 37 nations and territories were submitted this year for consideration in a wide range of tech-related categories. More than 180 professionals worldwide participated in the judging process to select this year’s honorees.
Details about the Stevie Awards for Technology Excellence and the list of 2026 Stevie winners are available at http://Tech.StevieAwards.com.
About Ontinue
As a leading provider of AI-powered managed security operations, Ontinue is on a mission to give every organization the freedom to focus on what they do best; by making nonstop security excellence accessible, not just aspirational. By combining advanced AI with deep human expertise, Ontinue delivers managed security operations that are tailored to each organization’s unique environment, operational needs, and risk profile.
Ontinue’s ION SecOps Platform integrates AI-driven insights, automation, and real-time collaboration to continuously prevent, detect, and respond to threats. With deep expertise in Microsoft security technologies, Ontinue helps customers maximize the value of their existing investments while achieving stronger, more scalable security outcomes.
Continuous protection. AI-powered Nonstop SecOps. That’s Ontinue.
About the Stevie Awards
Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Great Employers, the Stevie Awards for Women in Business, the Stevie Awards for Technology Excellence and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
CONTACT: Alison Raymond, araymond@ontinue.com
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SOURCE Ontinue
Technology
New Harris Poll and Ruth AI Study: 81% of Americans Would Let an AI Agent Handle Part of Their Job Search
Published
3 minutes agoon
July 23, 2026By
Nearly half would let AI negotiate their salary, while 76% have never heard that AI can provide biased career guidance
SAN FRANCISCO, July 23, 2026 /PRNewswire/ — Artificial intelligence has become a mainstream source of career and financial advice for American workers, according to a national survey of 2,131 U.S. adults conducted by The Harris Poll in collaboration with Ruth AI, the AI career strategist built for women.
The full study, The Trust Gap, is available at https://ruthapp.ai/research and has already drawn coverage from Fast Company.
Nearly half of Americans (45%) have used an AI platform such as ChatGPT, Claude, or Gemini for career or work-related advice. That rises to 66% of Millennials and 63% of Gen Z. One in three U.S. adults has used AI for advice about money at work, including salary, raises, bonuses, or negotiating pay.
Americans are also increasingly willing to let AI act on their behalf. Eighty-one percent would be comfortable having an AI agent handle at least one part of a job search, climbing to 90% of Millennials. A majority would let AI search for jobs (67%), conduct pre-interview research (67%), update their resume (65%), or apply for jobs outright (55%). Nearly half would let AI negotiate their benefits (49%) or salary (47%).
Yet awareness of the technology’s documented limitations remains low. Three in four Americans (76%) had never heard that independent research has found AI can produce biased career and salary guidance. Seventy-two percent agree that AI can sound confident even when its advice turns out to be wrong.
“Americans are handing AI some of the most consequential decisions of their working lives, from the job search to the salary ask, while most have never heard that the guidance can carry bias,” said Valerie Chapman, founder and CEO of Ruth AI. “We are delegating faster than we are asking questions. The responsibility now falls on the people building AI to earn the trust users are already giving it.”
About the Survey
The survey was conducted online within the United States by The Harris Poll from June 11-13, 2026, among a nationally representative sample of 2,131 U.S. adults, including 420 Gen Z adults, 620 Millennials, 519 Gen X adults, and 572 Baby Boomers. Data were weighted to the U.S. general adult population. Some questions were asked only of respondents who had used AI for the relevant purpose. References to research on biased AI guidance refer to external academic research (Sorokovikova, Chizhov, Eremenko & Yamshchikov, 2025; arXiv:2506.10491) and are not findings measured by this survey.
About The Harris Poll Thought Leadership Practice
Building on more than 60 years of experience pulsing societal opinion, The Harris Poll Thought Leadership Practice designs research that is credible, creative, and culturally relevant, driving thought leadership and uncovering trends for today’s biggest brands.
About Ruth AI
Ruth AI is an AI career strategist built for women, on a mission to close the $1.6 trillion gender wage gap. Based in San Francisco, Ruth AI is building a suite of AI agents that help women build personal brands, negotiate their worth, and launch their businesses. Learn more at https://ruthapp.ai.
Media Contact
Valerie Chapman
Founder and CEO, Ruth AI
419380@email4pr.com
786-375-1110
View original content to download multimedia:https://www.prnewswire.com/news-releases/new-harris-poll-and-ruth-ai-study-81-of-americans-would-let-an-ai-agent-handle-part-of-their-job-search-302833298.html
SOURCE Ruth AI
Workday Adaptive Planning Achieves FedRAMP Moderate Authorization to Support Federal Workforce and Budget Planning
Ontinue Wins Gold Stevie® Award for Advancing the Future of Managed Security Operations
New Harris Poll and Ruth AI Study: 81% of Americans Would Let an AI Agent Handle Part of Their Job Search
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