Latest news with #Fortune500
Yahoo
20 hours ago
- Business
- Yahoo
Stablecoin issuers like Circle and Tether are gobbling up more Treasuries than most countries. Here's how that could reshape the U.S. economy
Stablecoins are the shiny new object on Wall Street. Once restricted to the niche world of crypto trading, stablecoins entered the mainstream of U.S. finance as Congress debated—and ultimately passed in July—a bill to legitimize them and expand their use. That has spurred a hype cycle as banks and Fortune 500 companies rush to explore the technology. Stablecoins, which are typically pegged to the U.S. dollar and backed 1:1 to a pool of reserves, have been around for a decade. But their soaring popularity has brought mounting questions over how their growth could impact the broader economy. Financial experts and government officials alike are grappling with the implications of giant stablecoin issuers Tether and Circle becoming some of the largest holders of U.S. Treasuries, rivaling countries like South Korea and Saudi Arabia. While crypto proponents argue that stablecoins will help extend dollar dominance across the globe, critics warn that they could lead to financial instability in the banking sector, even as they remain a tiny portion of overall markets. A new financial plumbing To get a sense of stablecoins' growing popularity, it's worth noting that their transaction volume surpassed Visa in early 2024. While much of this activity occured in the context of crypto trading, it supported advocates' case that stablecoins' low fees and near-instantaneous speeds make them a superior vehicle to older technology like SWIFT, especially when it comes to moving money across borders. That argument has broken out of the crypto industry, with the fintech giant Stripe acquiring the stablecoin startup Bridge last year for $1.1 billion. In order to ensure a stablecoin maintains on par with a dollar, most issuers purchase large quantities of Treasury bills to serve as the bulk of their reserves. Tether, the largest stablecoin issuer, holds over $100 billion in T-bills, according to its latest attestation, which ranks it ahead of countries such as the United Arab Emirates and Germany. According to a July report from Apollo, the stablecoin industry as a whole is now the 18th largest external holder of Treasuries. To be fair, this is still a blip compared to the U.S. money market fund sector, which stands at around $7 trillion, mostly comprised of Treasuries. But, especially with July's passage of the Genius Act, stablecoins are only likely to grow, with Apollo estimating that the sector could reach $2 trillion by 2028. The market cap of USDC, the second-largest stablecoin, has grown 90% over the past year to $65 billion. Its parent company, Circle, went public in June, delivering the largest two-day IPO pop in decades. At a time when longtime holders of U.S. Treasuries, including China and Japan, are signaling they will move away from the asset class, the emergence of stablecoin issuers as a new buyer of T-bills could serve as an escape valve for the U.S. government. 'Having stablecoin issuers always be there is a massive boost in terms of giving confidence to the Treasury [Department] about where to place debt,' said Yesha Yadav, a professor at Vanderbilt Law School who wrote a recent paper on the relationship between stablecoins and the U.S. Treasury market. Crypto proponents go even further, arguing that the benefits could ripple across the U.S. economy and beyond. They say the growth of stablecoins could consolidate the dollar's dominance as a method of payment for foreign payments, similar to the 'eurodollar' (a term that signals dollar deposits held outside the U.S.), and could help the U.S. government enforce sanctions abroad. David Sacks, the White House's AI and crypto czar, went so far as to argue that new demand for U.S. Treasuries from stablecoin companies could lower long-term interest rates. Others—including Yadav and State Street's global head of cash and digital asset, Kim Hochfeld—are more skeptical, especially given the nascent sector's footprint. 'There's a lot of hype, and the numbers are still tiny compared to what we see in normal TradFi,' Hochfeld told Fortune. 'While I don't deny this is the start of a big trend, the numbers are still not enough to make us either super excited or super nervous.' Some critics, including bank lobbying groups, have warned that stablecoins could siphon money away from bank deposits as customers shift holdings to stablecoins. Because deposits serve as necessary liquidity for lending, they argue, stablecoins could threaten the credit system. One stablecoin executive, who spoke with Fortune on the condition of anonymity to discuss sensitive industry relationships, described the argument as 'politically expedient,' pointing out that bank lobbying groups have previously invoked the argument to resist the introduction of now commonplace financial instruments like money market funds. 'There are trillions of dollars in money market funds,' said the executive, 'Ultimately, it didn't affect banks being able to make loans.' Yadav said that stablecoins' growth could still lead to unintended outcomes, especially as they hoover up short-term Treasuries, which many Wall Street institutions rely on for risk management and other forms of financial engineering. 'What that means for the rest of the financial system as [stablecoins] become gargantuan is anybody's guess,' she told Fortune. This story was originally featured on
Yahoo
2 days ago
- Business
- Yahoo
Fact or Fiction: Figma, the Stock Market's Latest Monster IPO, Is Overvalued
Key Points After upsizing its IPO, Figma's stock more than tripled on day one. The design and coding company also has artificial intelligence potential. The company's products and services are used by a significant number of Fortune 500 companies. These 10 stocks could mint the next wave of millionaires › In late 2022 and into 2023, Adobe tried to remove a key competitor from its landscape by acquiring the innovative design and coding company Figma (NYSE: FIG) for $20 billion. The deal would ultimately fall apart, and today, most Figma's shareholders are likely thankful it did. Figma went public on Aug. 1, and its stock price more than tripled, quickly catapulting to a more than $59 billion market cap, due to insatiable demand from investors. Large IPOs have seen success this year, as the market has begun to thaw after a few difficult years. While Figma is certainly a very promising company and the stock has begun pulling back to a market cap of $44 billion, it's still valued for more than twice as Adobe's offer. Does Figma truly deserve this monstrous valuation? The right ingredients to make a big splash As I mentioned above, large IPOs like CoreWeave and Circle have performed tremendously well. It could perhaps be due to a lack of IPOs in recent years or exuberance around the crypto and artificial intelligence sectors. IPOs that can show big growth and some semblance of profitability have been met with high praise and excitement. And that's exactly what Figma offered. Between the first quarter of 2023 and the second quarter of 2025, Figma generated average quarterly revenue growth of 10%. In the second quarter of 2025, Figma grew revenue 41% year over year, and is now on pace for $1 billion in annual revenue. The company also achieved decent profitability in the fourth quarter of 2024 and the first quarter of 2025. In its preliminary second-quarter results, management projected $9 million to $12 million in operating profits. At Figma's initial projected valuation of $13.6 billion to $16.5 billion, that didn't look so bad in today's environment. Plus, Figma has an AI angle. The company is essentially the Google Sheets of design and user interface, allowing designers and coders to collaboratively build an array of projects with high-quality graphics. In 2023, Figma released Dev Mode, which easily translates designs into code. Other AI features on Figma include the ability to automate many tasks and First Draft, an AI tool that allows users to transition from a blank canvas to user interfaces that can be edited with a simple prompt. Figma already counts 95% of Fortune 500 companies as clients. Management also sees huge potential to incorporate more AI tools and capture business from the 1 billion new applications that are expected to be made by 2028. Fact or Fiction: Figma should trade close to a $60 billion market cap? At this valuation, Figma trades somewhere in the range of over 44 times 2025 revenue, assuming the company keeps growing quarterly revenue at a 10% rate. That is an extremely expensive valuation. If investors do view Figma as an AI play or a monopoly in the space, that could lead to a higher premium valuation. However, there's no certainty that Figma will hold this position forever because AI is clearly going to have a big use-case in design and coding. After all, OpenAI's ChatGPT already demonstrated some pretty impressive capabilities in this regard. Recently on CNBC, Figma co-founder and CEO Dylan Field said that superintelligence is not likely to replace Figma's graphics engine or technology. "I think that's not stuff that you can learn from looking at code and sort of various places on the internet," said Field. "It's not part of the pretraining data mix. I believe that doing that at scale -- it's quite difficult." However, it's really tough to know how far AI and superintelligence can go. Figma will also likely need to invest heavily in AI. I certainly think Figma has strong potential, and I did expect the stock to jump out of the gate. But at this kind of valuation, the stock has run too far, too fast. The risk-reward proposition is no longer favorable, which is why I think investors should wait for dips before buying. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $462,306!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,522!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $619,036!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of August 4, 2025 Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Adobe. The Motley Fool has a disclosure policy. Fact or Fiction: Figma, the Stock Market's Latest Monster IPO, Is Overvalued was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
Skechers Announces Second Quarter 2025 Financial Results
LOS ANGELES--(BUSINESS WIRE)--Skechers U.S.A., Inc. ('Skechers' or the 'Company') (NYSE:SKX), The Comfort Technology Company ® and a global footwear leader, today announced financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights Second quarter sales of $2.44 billion, a year-over-year increase of 13.1%, which includes a favorable impact due to foreign currency exchange rates of $33.9 million; sales of $2.41 billion on a constant currency basis, a year-over-year increase of 11.5% Wholesale sales grew 15.0% Direct-to-Consumer sales grew 11.0% Diluted earnings per share of $1.13, which includes a favorable impact due to foreign currency exchange rates of $0.30 per share; diluted earnings per share on a constant currency basis of $0.83 Second Quarter 2025 Financial Results Three Months Ended June 30, Change (in millions, except per share data) 2025 2024 $ % Sales $ 2,440.0 $ 2,157.6 282.4 13.1 Gross profit 1,301.3 1,184.4 116.9 9.9 Gross margin 53.3 % 54.9 % (160) bps Operating expenses 1,128.2 977.9 150.3 15.4 As a % of sales 46.2 % 45.3 % 90 bps Earnings from operations 173.1 206.5 (33.4 ) (16.2 ) Operating margin 7.1 % 9.6 % (250) bps Net earnings attributable to Skechers U.S.A., Inc. 170.5 140.3 30.2 21.5 Diluted earnings per share $ 1.13 $ 0.91 0.22 24.2 Expand Six Months 2025 Financial Results Six Months Ended June 30, Change (in millions, except per share data) 2025 2024 $ % Sales $ 4,851.6 $ 4,409.2 442.4 10.0 Gross profit 2,555.7 2,366.1 189.6 8.0 Gross margin 52.7 % 53.7 % (100) bps Operating expenses 2,117.5 1,860.7 256.7 13.8 As a % of sales 43.6 % 42.2 % 140 bps Earnings from operations 438.2 505.3 (67.1 ) (13.3 ) Operating margin 9.0 % 11.5 % (240) bps Net earnings attributable to Skechers U.S.A., Inc. 372.9 346.9 26.0 7.5 Diluted earnings per share $ 2.46 $ 2.24 0.22 9.8 Expand Skechers (NYSE:SKX), The Comfort Technology Company ® based in Southern California, designs, develops and markets a diverse range of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company's collections are available in approximately 180 countries and territories through department and specialty stores, and direct to consumers through and approximately 5,300 Skechers retail stores. A Fortune 500 ® company, Skechers manages its international business through a network of wholly-owned subsidiaries, joint venture partners, and distributors. For more information, please visit and follow us on Facebook, Instagram and TikTok. Reference in this press release to 'Sales' refers to Skechers' net sales reported under GAAP. This announcement contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include, without limitation, Skechers' future domestic and international growth, financial results and operations including expected net sales and earnings, its development of new products, future demand for its products, its planned domestic and international expansion, opening of new stores and additional expenditures, and advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking language such as 'believe,' 'anticipate,' 'expect,' 'estimate,' 'intend,' 'plan,' 'project,' 'will,' 'could,' 'may,' 'might,' or any variations of such words with similar meanings. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements. Factors that might cause or contribute to such differences include the disruption of business and operations due to` delays or disruptions in our supply chain; international economic, political and market conditions including the effects of inflation, tariffs, and foreign currency exchange rate fluctuations around the world, the challenging consumer retail markets in the United States and the impact of wars, acts of war and other conflicts around the world; sustaining, managing and forecasting costs and proper inventory levels; losing any significant customers; decreased demand by industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and/or categories of products; maintaining brand image and intense competition among sellers of footwear for consumers, especially in the highly competitive performance footwear market; anticipating, identifying, interpreting or forecasting changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday selling seasons; the ability to complete our proposed merger (the 'Merger'), on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Company's current plans and operations or diverts the attention of the Company's management or employees from ongoing business operations; the risk of potential difficulties with the Company's ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company's business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Company's common stock; and other factors referenced or incorporated by reference in Skechers' annual report on Form 10-K for the year ended December 31, 2024 and its quarterly reports on Form 10-Q in 2025. Taking these and other risk factors into consideration, the dynamic nature of these circumstances means that what is stated in this press release could change at any time, and as a result, actual results could differ materially from those contemplated by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all such risk factors, nor can we assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Moreover, reported results should not be considered an indication of future performance. Skechers expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in Skechers' expectations or any change in events, conditions or circumstances on which any statement is based. (Unaudited) As of As of (in thousands) December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 1,377,152 $ 1,116,516 Short-term investments 106,254 118,470 Trade accounts receivable, net 1,149,298 990,558 Other receivables 105,157 98,499 Inventory 1,871,805 1,919,386 Prepaid expenses and other 242,045 205,994 Total current assets 4,851,711 4,449,423 Property, plant and equipment, net 2,075,256 1,834,930 Operating lease right-of-use assets 1,536,161 1,363,596 Deferred tax assets 423,544 440,358 Long-term investments 157,452 146,687 Goodwill 103,945 94,494 Other assets, net 130,047 126,270 Total non-current assets 4,426,405 4,006,335 TOTAL ASSETS $ 9,278,116 $ 8,455,758 LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 1,159,891 $ 1,241,838 Accrued expenses 356,295 330,251 Operating lease liabilities 303,370 297,926 Current installments of long-term borrowings 316,748 353,131 Short-term borrowings 179,633 33,338 Total current liabilities 2,315,937 2,256,484 Long-term operating lease liabilities 1,358,821 1,176,290 Long-term borrowings 87,965 68,450 Deferred tax liabilities 10,283 11,148 Other long-term liabilities 129,601 123,122 Total non-current liabilities 1,586,670 1,379,010 Total liabilities 3,902,607 3,635,494 Redeemable noncontrolling interest 102,374 90,099 Stockholders' equity Preferred Stock — — Class A Common Stock 131 130 Class B Common Stock 19 19 Additional paid-in capital 38,116 12,170 Accumulated other comprehensive loss (71,989 ) (171,221 ) Retained earnings 4,809,135 4,436,201 Skechers U.S.A., Inc. equity 4,775,412 4,277,299 Noncontrolling interests 497,723 452,866 Total stockholders' equity 5,273,135 4,730,165 $ 9,278,116 $ 8,455,758 Expand SKECHERS U.S.A., INC. AND SUBSIDIARIES Condensed Consolidated Statements of Earnings (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2025 2024 2025 2024 Sales $ 2,440,024 $ 2,157,643 $ 4,851,595 $ 4,409,230 Cost of sales 1,138,721 973,206 2,295,918 2,043,159 Gross profit 1,301,303 1,184,437 2,555,677 2,366,071 Operating expenses Selling 251,883 235,870 436,956 392,371 General and administrative 876,338 742,036 1,680,514 1,468,371 Total operating expenses 1,128,221 977,906 2,117,470 1,860,742 Earnings from operations 173,082 206,531 438,207 505,329 Other income (expense) 45,517 (1,652 ) 70,047 (3,702 ) Earnings before income taxes 218,599 204,879 508,254 501,627 Income tax expense 35,894 40,355 100,477 96,725 Net earnings 182,705 164,524 407,777 404,902 Less: Net earnings attributable to noncontrolling interests and redeemable noncontrolling interest 12,207 24,222 34,843 57,978 Net earnings attributable to Skechers U.S.A., Inc. $ 170,498 $ 140,302 $ 372,934 $ 346,924 Net earnings per share attributable to Skechers U.S.A., Inc. Basic $ 1.14 $ 0.92 $ 2.49 $ 2.27 Diluted $ 1.13 $ 0.91 $ 2.46 $ 2.24 Weighted-average shares used in calculating net earnings per share attributable to Skechers U.S.A., Inc. Basic 150,001 152,503 149,711 152,707 Diluted 151,305 154,176 151,395 154,640 Expand SKECHERS U.S.A., INC. AND SUBSIDIARIES Supplemental Financial Information (Unaudited) Segment Information Three Months Ended June 30, Change (in millions) 2025 2024 $ % Wholesale sales $ 1,301.4 $ 1,132.1 169.3 15.0 Cost of sales 763.0 635.2 127.9 20.1 Gross profit 538.4 496.9 41.4 8.3 Gross margin 41.4 % 43.9 % (250) bps Direct-to-Consumer sales $ 1,138.6 $ 1,025.5 113.1 11.0 Cost of sales 375.7 338.0 37.6 11.1 Gross profit 762.9 687.5 75.5 11.0 Gross margin 67.0 % 67.0 % 0 bps Total sales $ 2,440.0 $ 2,157.6 282.4 13.1 Cost of sales 1,138.7 973.2 165.5 17.0 Gross profit 1,301.3 1,184.4 116.9 9.9 Gross margin 53.3 % 54.9 % (160) bps Expand Six Months Ended June 30, Change (in millions) 2025 2024 $ % Wholesale sales $ 2,833.6 $ 2,553.8 279.8 11.0 Cost of sales 1,620.1 1,420.7 199.3 14.0 Gross profit 1,213.5 1,133.1 80.5 7.1 Gross margin 42.8 % 44.4 % (150) bps Direct-to-Consumer sales $ 2,018.0 $ 1,855.4 162.5 8.8 Cost of sales 675.8 622.4 53.5 8.6 Gross profit 1,342.2 1,233.0 109.1 8.8 Gross margin 66.5 % 66.5 % 0 bps Total sales $ 4,851.6 $ 4,409.2 442.4 10.0 Cost of sales 2,295.9 2,043.1 252.8 12.4 Gross profit 2,555.7 2,366.1 189.6 8.0 Gross margin 52.7 % 53.7 % (100) bps Expand Additional Sales Information Three Months Ended June 30, Change (in millions) 2025 2024 $ % Geographic sales Domestic Wholesale $ 413.3 $ 446.9 (33.6 ) (7.5 ) Direct-to-Consumer 448.8 416.9 31.8 7.6 Total domestic sales 862.1 863.8 (1.8 ) (0.2 ) International Wholesale 888.1 685.2 202.9 29.6 Direct-to-Consumer 689.8 608.6 81.2 13.3 Total international sales 1,577.9 1,293.8 284.2 22.0 Total sales $ 2,440.0 $ 2,157.6 282.4 13.1 Regional sales Americas (AMER) $ 1,113.0 $ 1,100.9 12.1 1.1 Europe, Middle East & Africa (EMEA) 731.5 492.5 239.0 48.5 Asia Pacific (APAC) 595.5 564.2 31.3 5.5 Total sales $ 2,440.0 $ 2,157.6 282.4 13.1 China sales $ 287.2 $ 312.7 (25.6 ) (8.2 ) Distributor sales $ 136.1 $ 112.8 23.3 20.6 Expand Six Months Ended June 30, Change (in millions) 2025 2024 $ % Geographic sales Domestic Wholesale $ 909.5 $ 922.9 (13.4 ) (1.5 ) Direct-to-Consumer 806.3 739.7 66.5 9.0 Total domestic sales 1,715.8 1,662.6 53.1 3.2 International Wholesale 1,924.1 1,630.9 293.2 18.0 Direct-to-Consumer 1,211.7 1,115.7 96.0 8.6 Total international sales 3,135.8 2,746.6 389.3 14.2 Total sales $ 4,851.6 $ 4,409.2 442.4 10.0 Regional sales Americas (AMER) $ 2,217.4 $ 2,120.4 97.0 4.6 Europe, Middle East & Africa (EMEA) 1,449.7 1,120.2 329.6 29.4 Asia Pacific (APAC) 1,184.5 1,168.6 15.8 1.4 Total sales $ 4,851.6 $ 4,409.2 442.4 10.0 China sales $ 555.8 $ 632.3 (76.4 ) (12.1 ) Distributor sales $ 272.1 $ 238.7 33.3 14.0 Expand SKECHERS U.S.A., INC. AND SUBSIDIARIES Reconciliation of GAAP Earnings Financial Measures to Corresponding Non-GAAP Financial Measures (Unaudited) We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of period-over-period fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company's performance. We calculate constant currency percentages by converting our current period local currency financial results using the prior-period exchange rates and comparing these adjusted amounts to our prior period reported results. Other companies that provide similar non-GAAP measures may calculate them differently than we do, and the definitions may not be the same as the definitions we use. Six Months Ended June 30, 2025 2024 Change (in millions, except per share data) Reported GAAP Measure Constant Currency Adjustment Adjusted for Non-GAAP Measures Reported GAAP Measure $ % Sales $ 4,851.6 $ 9.6 $ 4,861.2 $ 4,409.2 $ 451.9 10.3 Cost of sales 2,295.9 2.9 2,298.8 2,043.1 255.6 12.5 Gross profit 2,555.7 6.7 2,562.4 2,366.1 196.3 8.3 Operating expenses 2,117.5 0.2 2,117.6 1,860.7 256.9 13.8 Earnings from operations 438.2 6.7 444.9 505.3 (60.4 ) (12.0 ) Other income (expense) 70.0 (75.3 ) (5.3 ) (3.7 ) (1.6 ) n/m Income tax expense (benefit) 100.5 (0.6 ) 99.8 96.7 3.1 3.2 Less: Noncontrolling interests and redeemable noncontrolling interest 34.8 0.7 35.5 58.0 (22.5 ) (38.8 ) Net earnings attributable to Skechers U.S.A., Inc. $ 372.9 $ (68.7 ) $ 304.2 $ 346.9 $ (42.7 ) (12.3 ) Diluted earnings per share $ 2.46 $ (0.45 ) $ 2.01 $ 2.24 $ (0.23 ) (10.3 ) Expand ___________________________ Note: Amounts may not foot due to rounding. n/m: not meaningful. Expand
Associated Press
3 days ago
- Business
- Associated Press
Houston Roofing Company Proper Roofing & Remodeling LLC Receives 2025 Global Recognition Award for Industry Excellence
Proper Roofing & Remodeling LLC, led by Kenneth Winsmann and Daniel Adams, has earned a 2025 Global Recognition Award. This award recognizes exceptional leadership, service, and innovation achievements within the roofing industry while maintaining strong community engagement and sustainable practices. New York, NY, United States, August 8, 2025 -- Houston-based Proper Roofing & Remodeling LLC has earned a 2025 Global Recognition Award for outstanding performance in leadership, service, and innovation within the construction industry. Under Kenneth Winsmann and Daniel Adams' direction, the company has achieved recognition for its rapid growth as one of Texas's fastest-expanding roofing enterprises while maintaining exceptional workplace standards. The award acknowledges its achievement as Houston's #1 Top Workplace by the Houston Chronicle and its inclusion among the Top 25 companies on the Fortune 500 list in Texas. Photo Courtesy of Proper Roofing & Remodeling LLC Founded in 2020, Proper Roofing & Remodeling LLC has expanded from startup operations to an 85-employee organization while preserving its foundational principles of treating each home and homeowner with family-level care. Its business model emphasizes sustainable practices, employee satisfaction, and customer excellence across multiple operational areas. 'Our philosophy centers on creating sustainable business practices while prioritizing employee satisfaction and customer excellence,' the company stated regarding its approach to organizational development. Leadership Excellence and Strategic Vision The company has established strong ethical leadership practices within the construction sector through integrity-focused decision-making processes and team motivation strategies. Proper Roofing & Remodeling LLC's leadership approach has produced measurable outcomes, including Great Place to Work certification, where 100 percent of employees rated it positively compared to 57 percent at typical U.S. companies. The organization's commitment to transparent communication and collaborative decision-making has created a workplace culture that attracts skilled professionals while maintaining high performance standards. Strategic implementation by the leadership team has resulted in documented business growth and employee satisfaction metrics that exceed industry averages. Its focus on continuous improvement and professional development has established benchmarks for workplace excellence within the construction industry. According to company leadership, 'Our vision of raising industry standards through quality artistry and customer-first philosophy has positioned us as a model for sustainable business growth in the competitive roofing sector. ' Service Impact and Community Engagement Proper Roofing & Remodeling LLC's service initiatives extend beyond traditional roofing applications to include comprehensive community programs addressing societal needs. It operates the Proper Veteran Alliance initiative, providing financial opportunities, positive workplace culture, and civilian transition support for veterans. Despite rapid expansion across Texas, the organization maintains personalized client attention through comprehensive warranty programs and follow-up services that exceed standard industry practices. The company's service programs demonstrate sustainability through consistent industry recognition and measurable outcomes, including zero Better Business Bureau complaints and high customer satisfaction ratings on platforms such as GuildQuality. Community engagement includes volunteerism, supporting veterans, and regional educational institutions. 'Our comprehensive approach to customer care encompasses immediate project needs and long-term relationship building,' the company noted regarding its service model. Innovation and Market Leadership The company has implemented advanced installation techniques and GreenCircle Certified products that address environmental challenges while developing proprietary approaches to roofing installation and energy-efficient solutions. Proper Roofing & Remodeling LLC's patent portfolio and intellectual property development reflect its commitment to industry advancement while maintaining quality standards. Research and development initiatives focus on materials and installation methods that extend roof lifespan while reducing environmental impact. Business growth has reached the $25-50 million revenue range within five years of operation, supported by technological advancements including specialized installation methods and comprehensive warranty programs. Market recognition through Fortune listings and workplace awards demonstrates the impact of its innovations on customer expectations and industry standards throughout Texas. 'Our success in translating innovative concepts into practical applications has created competitive advantages that extend beyond immediate market gains,' according to its assessment of its technological progress. Alex Sterling from Global Recognition Awards noted the significance of Proper Roofing & Remodeling LLC's achievement. 'The company's receipt of a 2025 Global Recognition Award represents systematic excellence across leadership, service, and innovation domains, with perfect scores in inspiring others, ethical decision-making, community impact, addressing societal needs, and patent portfolio development,' Sterling commented. The rapid progression from startup to Fortune-recognized enterprise while maintaining workplace culture and community engagement demonstrates business success and social responsibility compatibility. The recognition validates its integrated approach to business excellence, combining operational efficiency with social impact while maintaining a commitment to quality and innovation. Its success provides a case study for organizations seeking similar recognition while maintaining authentic community connections and core values. The award reinforces its position as industry leaders who have transformed market challenges into opportunities for growth, innovation, and positive community impact, establishing benchmarks that will influence construction industry practices. About Global Recognition Awards Global Recognition Awards is an international organization that recognizes exceptional companies and individuals who have significantly contributed to their industry. Contact Info: Name: Alexander Sterling Email: Send Email Organization: Global Recognition Awards Website: Release ID: 89166746 In case of identifying any problems, concerns, or inaccuracies in the content shared in this press release, or if a press release needs to be taken down, we urge you to notify us immediately by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our dedicated team will be readily accessible to address your concerns and take swift action within 8 hours to rectify any issues identified or assist with the removal process. We are committed to delivering high-quality content and ensuring accuracy for our valued readers.
Business Standard
3 days ago
- Business
- Business Standard
Knowledge Realty Trust (REIT) IPO ends with 12.48x subscription
The offer received bids for 260.09 crore units as against 20.84 crore units on offer. The initial public offer (IPO) of Knowledge Realty Trust (REIT) received bids for 2,60,09,22,900 units as against 20,84,20,800 units on offer, as per the National Stock Exchange (NSE) website data at 17:30 IST on 7 August 2025. The issue was subscribed 12.48 times. The institutional investors category, comprising foreign institutional investors, domestic financial institutions, and mutual funds, was subscribed just 9.07 times. The other investor category, made up of corporations, individual investors, and others, was subscribed to 16.57 times. The issue opened for bidding today, 5 August 2025 and it closed on Thursday, 7 August 2025. The price band of the IPO is fixed at Rs 95 to 100. The minimum order quantity is 150 units. The IPO comprised fresh units, aggregating to Rs 4,800 crore. The proceeds from the offer will be utilised towards partial or full repayment or prepayment of certain financial indebtedness of the asset SPVs and the investment entities, amounting to Rs 4,640 crore and general purpose. Ahead of the IPO, Knowledge Realty Trust, on 4 August 2025, raised Rs 1,620 crore from anchor investors. The board allotted 16.20 crore shares at Rs 100 each to 63 anchor investors. The trust had earlier raised Rs 1,200 crore from strategic investors. Knowledge Realty Trust owns and manages a high-quality office portfolio in India. The companys portfolio comprises 29 Grade A office assets totaling 46.3 msf as of March 31, 2025, with 37.1 msf of completed area, 1.2 msf of under-construction area, and 8.0 msf of future development area. The firms portfolio assets house a diversified tenant mix of prominent multinational tenants, including Fortune 500 companies and global capability centers (GCCs), as well as leading domestic corporates. The companys portfolio assets are spread across 6 cities, namely Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City, Ahmedabad. The firm reported a gross asset value (GAV) of Rs 61,998.9 crore and total portfolio revenue from operations of Rs 39,301.01 crore as on 31 March 2025.
