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The Denver Broncos are riding high at the moment. The defense is one of the best in the AFC, and the offense has had explosive moments in recent weeks to give them a noteworthy edge. They decided to shake up one position offense under Sean Payton on Monday afternoon, though. Broncos waive tight end The Broncos are waiving tight end Greg Dulcich , according to Adam Schefter. Broncos waived tight end Greg Dulcich. The young tight end is expected to get some waiver interest. Denver attempted to trade him before the deadline but didn't find the return value they were looking for at the time. He is a former third-round pick. Since being drafted in 2022, Dulcich started just ten games in Denver. Even then, moving on from a day two pick rather quickly is always a bit surprising for any team. His physical prowess and athleticism excited the Broncos during the pre-draft process, but he just couldn't make enough of a difference on the field. At the tight end position, it's tough to get on the field if you have struggles in-line, and that was often the case for the young TE. Dulcich was benched earlier this season. In 2024, he has totaled just 28 yards on five receptions. At still just 24 years old, he certainly deserves another shot around the league elsewhere. We will see if someone can develop Dulcich into a unique offensive weapon for depth at tight end. As for Denver, they still have Adam Trautman, Lucas Krull, and fullback/tight end Nate Adkins on their active 53-man roster. The prior two are the largest receiving threats at the position for Denver. The Broncos also have tight ends Donald Parham and Thomas Yassmin on their practice squad as of now. This article first appeared on A to Z Sports and was syndicated with permission.Telangana: Surekha suspects RS Praveen’s hand in food poisoning cases in GurukulsPolice deny sitting on evidence as Netflix doc brings renewed attention to JonBenet Ramsey’s killing
No. 22 Xavier unbeaten but looking for more effort vs. South CarolinaSales of $397.9 million in the fourth quarter and $1,330.1 million in fiscal 2024 Net loss of $9.9 million in the fourth quarter and $23.4 million in fiscal 2024 Adjusted EBITDA of $43.0 million in the fourth quarter and $108.7 million in fiscal 2024 Diluted earnings per share of $(0.05) in the fourth quarter and $(0.13) in fiscal 2024 Adjusted diluted earnings per share of $0.02 in the fourth quarter and $(0.01) in fiscal 2024 PHOENIX, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Leslie's, Inc. (("Leslie's", "we", "our", "its", or "Company", NASDAQ: LESL ), the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry, today announced its financial results for the fourth quarter and fiscal 2024. Jason McDonell, Chief Executive Officer, said, "Our fourth quarter results were in line with our revised expectations on the top-line, and we saw strong performance in our Pro segment with some continued softness in store traffic and larger-ticket and discretionary categories. Profitability was affected by deleverage from the sales decline and a one-time contract item, though we have remained disciplined on SG&A expenses." McDonell added, "While we continue to operate in a dynamic environment, which has been felt acutely across the pool industry for the last two years, I see a bright future and compelling opportunities for Leslie's. Since joining Leslie's in September, I've been in the market talking with customers, vendors, and associates and it's clear that Leslie's is a trusted brand with a rich legacy and a strong market leadership position. I see meaningful opportunities to enhance these attributes and build on our competitive advantages by putting the customer at the center of everything we do. With the customer as our north star, we are developing and beginning to execute on the strategy and initiatives to drive long-term profitable growth. I look forward to detailing our strategic roadmap in the coming quarters and thank all of our stakeholders for their support as we build a stronger future together." Fourth Quarter Highlights Sales were $397.9 million, a decrease of 8.0% compared to $432.4 million in the prior year period. Comparable sales decreased 8.3%. Non-comparable sales from acquisitions and new stores contributed $1.5 million in the period. Gross profit was $143.2 million, a decrease of 10.6% compared to $160.2 million in the prior year period. Gross margin was 36.0% compared to 37.0% in the prior year period. The decrease in gross margin rate was driven by deleverage on occupancy and distribution costs, as well as a one-time item of approximately $5 million related to rebates and warranties on a contract that has since been revised. Selling, general and administrative expenses ("SG&A") were $116.8 million, a decrease of 4.0% compared to $121.6 million in the prior year period. Operating income was $26.4 million compared to $38.5 million in the prior year period. Interest expense was $17.0 million compared to $17.2 million in the prior year period. A valuation allowance of approximately $11 million was established to provide an offset to the Company's deferred tax assets. This non-cash item is subject to change as the realization of future deferred tax assets changes over time. Net (loss) income was $(9.9) million compared to $16.5 million in the prior year period. Adjusted net income was $4.4 million compared to $25.7 million in the prior year period. Diluted earnings per share was $(0.05) compared to $0.09 in the prior year period. Adjusted diluted earnings per share was $0.02 compared to $0.14 in the prior year period. Adjusted EBITDA was $43.0 million compared to $59.5 million in the prior year period. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and occupancy deleverage were largely offset by lower SG&A and a reduction in inventory adjustments. Fiscal 2024 Highlights Sales decreased 8.3% to $1,330.1 million compared to $1,451.2 million in the prior year. Comparable sales decreased 8.8%. Non-comparable sales including acquisitions and new stores contributed $7.9 million for the year. Gross profit decreased 13.0% to $476.8 million compared to $548.2 million in the prior year. Gross margin decreased to 35.8% from 37.8% in the prior year period. The decrease in gross margin was primarily driven by negative impacts of 121 basis points from a decreased product rate, 94 basis points from deleverage on occupancy costs, and 50 basis points from the expensing of previously capitalized distribution costs due to significant reductions in inventory during the year. These impacts were partially offset by a 72 basis point reduction in inventory adjustments and distribution costs. SG&A decreased $26.4 million to $419.7 million compared to $446.0 million in the prior year. Operating income was $57.1 million compared to $102.2 million in the prior year. Interest expense increased $5.0 million to $70.4 million compared to $65.4 million in the prior year. Net (loss) income was $(23.4) million compared to $27.2 million in the prior year. Adjusted net (loss) income was $(1.1) million compared to $51.1 million in the prior year. Diluted earnings per share was $(0.13) compared to $0.15 in the prior year. Adjusted diluted earnings per share was $(0.01) compared to $0.28 in the prior year. Adjusted EBITDA was $108.7 million compared to $168.1 million in the prior year. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and increases in occupancy and distribution costs were largely offset by lower SG&A and a reduction in inventory adjustments. Balance Sheet and Cash Flow Highlights Cash and cash equivalents totaled $108.5 million as of September 28, 2024, an increase of $53.1 million, compared to $55.4 million as of September 30, 2023. Inventories totaled $234.3 million as of September 28, 2024, a decrease of $77.5 million or 24.9%, compared to $311.8 million as of September 30, 2023. Funded debt was $783.7 million as of September 28, 2024 compared to $789.8 million as of September 30, 2023. There were no outstanding borrowings on our revolving credit facility as of September 28, 2024 and September 30, 2023. The effective rate on our term loan during fiscal 2024 was 8.1% compared to 8.2% during fiscal 2023. Net cash provided by operating activities totaled $107.5 million in fiscal 2024 compared to $6.5 million in fiscal 2023. Capital expenditures totaled $47.2 million in fiscal 2024 compared to $38.6 million in fiscal 2023. First Quarter Fiscal 2025 Outlook The Company expects the following for the first quarter of fiscal 2025: Sales $169 million to $176 million Gross profit $45 million to $48 million Net loss $(41) million to $(39) million Adjusted net loss $(39) million to $(37) million Adjusted EBITDA $(29) million to $(27) million Adjusted diluted loss per share $(0.21) to $(0.20) Diluted weighted average shares outstanding 185 million *Note: A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to our results computed in accordance with GAAP. Conference Call Details A conference call to discuss the Company's financial results for the fourth quarter and fiscal 2024 is scheduled for today, Monday, November 25, 2024 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-0784 (international callers please dial 1-201-689-8560) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.lesliespool.com/ . A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.lesliespool.com/ for 90 days. About Leslie's Founded in 1963, Leslie's is the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry. The Company serves the aftermarket needs of residential and professional consumers with an extensive and largely exclusive assortment of essential pool and spa care products. The Company operates an integrated ecosystem of over 1,000 physical locations and a robust digital platform, enabling consumers to engage with Leslie's whenever, wherever, and however they prefer to shop. Its dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering Leslie's consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas. Use of Non-GAAP Financial Measures and Other Operating Measures In addition to reporting financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), we use certain non-GAAP financial measures and other operating measures, including comparable sales growth, Adjusted EBITDA, Adjusted net income (loss), and Adjusted diluted earnings per share, to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. These non-GAAP financial measures and other operating measures should not be considered in isolation or as substitutes for our results as reported under GAAP. In addition, these non-GAAP financial measures and other operating measures are not calculated in the same manner by all companies, and accordingly, are not necessarily comparable to similarly titled measures of other companies and may not be appropriate measures for performance relative to other companies. Comparable Sales Growth We measure comparable sales growth as the increase or decrease in sales recorded by the comparable base in any reporting period, compared to sales recorded by the comparable base in the prior reporting period. The comparable base includes sales through our locations and through our e-commerce websites and third-party marketplaces. Comparable sales growth is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest (including amortization of debt issuance costs), taxes, depreciation and amortization, management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash or discrete items. Adjusted EBITDA is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other companies using similar measures. Adjusted EBITDA is not a recognized measure of financial performance under GAAP but is used by some investors to determine a company's ability to service or incur indebtedness. Adjusted EBITDA is not calculated in the same manner by all companies, and accordingly, is not necessarily comparable to similarly titled measures of other companies and may not be an appropriate measure for performance relative to other companies. Adjusted EBITDA should not be construed as an indicator of a company's operating performance in isolation from, or as a substitute for, net income (loss), cash flows from operations or cash flow data, all of which are prepared in accordance with GAAP. We have presented Adjusted EBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations. Adjusted EBITDA is not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of operating performance as determined in accordance with GAAP. In the future, we may incur expenses or charges such as those added back to calculate Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Adjusted Net Income (Loss) and Adjusted Diluted Earnings per Share Adjusted net income (loss) and Adjusted diluted earnings per share are additional key measures used by management and our board of directors to assess our financial performance. Adjusted net income (loss) and Adjusted diluted earnings per share are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. Adjusted net income (loss) is defined as net income (loss) adjusted to exclude management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash, or discrete items. Adjusted diluted earnings per share is defined as Adjusted net income (loss) divided by the diluted weighted average number of common shares outstanding. Forward-Looking Statements This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations or financial condition, business strategy, value proposition, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others: our ability to execute on our growth strategies; supply disruptions; our ability to maintain favorable relationships with suppliers and manufacturers; competition from mass merchants and specialty retailers; impacts on our business from the sensitivity of our business to weather conditions, changes in the economy (including high interest rates, recession fears, and inflationary pressures), geopolitical events or conflicts, and the housing market; disruptions in the operations of our distribution centers; our ability to implement technology initiatives that deliver the anticipated benefits, without disrupting our operations; our ability to attract and retain senior management and other qualified personnel; regulatory changes and development affecting our current and future products, including evolving legal standards and regulations concerning environmental, social and governance ("ESG") matters; our ability to obtain additional capital to finance operations; commodity price inflation and deflation; impacts on our business from epidemics, pandemics, or natural disasters; impacts on our business from cyber incidents and other security threats or disruptions; our ability to remediate material weaknesses or other deficiencies in our internal control over financial reporting or to maintain effective disclosure controls and procedures and internal control over financial reporting; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in our filings with the United States Securities and Exchange Commission ("SEC"). You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 28, 2024 and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time-to-time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release, and while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, changed expectations, the occurrence of unanticipated events or otherwise, except as required by law. We may not actually achieve the plans, intentions, outcomes or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. Contact Matthew Skelly Vice President, Investor Relations Leslie's, Inc. investorrelations@lesl.com Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Sales $ 397,859 $ 432,370 $ 1,330,121 $ 1,451,209 Cost of merchandise and services sold 254,645 272,209 853,331 902,986 Gross profit 143,214 160,161 476,790 548,223 Selling, general and administrative expenses 116,795 121,617 419,673 446,044 Operating income 26,419 38,544 57,117 102,179 Other expense: Interest expense 17,015 17,156 70,395 65,438 Total other expense 17,015 17,156 70,395 65,438 Income (loss) before taxes 9,404 21,388 (13,278 ) 36,741 Income tax expense 19,328 4,907 10,101 9,499 Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Earnings per share: Basic $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Diluted $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Weighted average shares outstanding: Basic 184,936 184,181 184,694 183,839 Diluted 184,936 184,782 184,694 184,716 Other Financial Data (1) (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Adjusted diluted earnings per share $ 0.02 $ 0.14 $ (0.01 ) $ 0.28 (1) See section titled "GAAP to Non-GAAP Reconciliation." Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share amounts) September 28, 2024 September 30, 2023 Assets (Unaudited) (Audited) Current assets Cash and cash equivalents $ 108,505 $ 55,420 Accounts and other receivables, net 45,467 29,396 Inventories 234,283 311,837 Prepaid expenses and other current assets 34,179 23,633 Total current assets 422,434 420,286 Property and equipment, net 98,447 90,285 Operating lease right-of-use assets 270,488 251,460 Goodwill and other intangibles, net 215,127 218,855 Deferred tax assets 4,168 7,598 Other assets 39,661 45,951 Total assets $ 1,050,325 $ 1,034,435 Liabilities and stockholders' deficit Current liabilities Accounts payable 67,622 58,556 Accrued expenses and other current liabilities 106,712 90,598 Operating lease liabilities 63,357 62,794 Income taxes payable 1,519 5,782 Current portion of long-term debt 8,100 8,100 Total current liabilities 247,310 225,830 Operating lease liabilities, noncurrent 209,067 193,222 Long-term debt, net 769,065 773,276 Other long-term liabilities 2,032 3,469 Total liabilities 1,227,474 1,195,797 Commitments and contingencies Stockholders' deficit Common stock, $0.001 par value, 1,000,000,000 shares authorized and 184,969,296 and 184,333,670 issued and outstanding as of September 28, 2024 and September 30, 2023, respectively. 185 184 Additional paid in capital 106,871 99,280 Retained deficit (284,205 ) (260,826 ) Total stockholders' deficit (177,149 ) (161,362 ) Total liabilities and stockholders' deficit $ 1,050,325 $ 1,034,435 Condensed Consolidated Statements of Cash Flows (Amounts in thousands) Year Ended September 28, 2024 September 30, 2023 (Unaudited) (Audited) Operating Activities Net (loss) income $ (23,379 ) $ 27,242 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 33,078 34,142 Equity-based compensation 8,589 11,703 Amortization of deferred financing costs and debt discounts 2,191 2,100 Provision for doubtful accounts 1,466 193 Deferred income taxes 3,430 (6,330 ) Loss on asset and contract dispositions 464 6,396 Changes in operating assets and liabilities: Accounts and other receivables (18,684 ) 16,101 Inventories 85,879 54,331 Prepaid expenses and other current assets (1,019 ) (3,466 ) Other assets 6,861 (9,990 ) Accounts payable 1,889 (97,900 ) Accrued expenses 4,817 (22,148 ) Income taxes payable (4,263 ) (6,729 ) Operating lease assets and liabilities, net 6,147 825 Net cash provided by operating activities 107,466 6,470 Investing Activities Purchases of property and equipment (47,244 ) (38,577 ) Business acquisitions, net of cash acquired — (15,549 ) Proceeds from asset dispositions 81 1,587 Net cash used in investing activities (47,163 ) (52,539 ) Financing Activities Borrowings on Revolving Credit Facility 140,500 264,000 Payments on Revolving Credit Facility (140,500 ) (264,000 ) Repayment of long-term debt (6,075 ) (8,100 ) Payment on finance lease (145 ) — Payment of deferred financing costs — (347 ) Payments of employee tax withholdings related to restricted stock vesting (998 ) (2,357 ) Net cash used in financing activities (7,218 ) (10,804 ) Net increase (decrease) in cash and cash equivalents 53,085 (56,873 ) Cash and cash equivalents, beginning of year 55,420 112,293 Cash and cash equivalents, end of year $ 108,505 $ 55,420 Supplemental Information: Interest $ 63,242 $ 63,059 Income taxes, net of refunds received 10,933 22,559 GAAP to Non-GAAP Reconciliation (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Interest expense 17,015 17,156 70,395 65,438 Income tax expense 19,328 4,907 10,101 9,499 Depreciation and amortization expense (1) 8,659 8,573 33,078 34,142 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Changes in valuation allowance ( 5 ) 11,177 — 11,177 — Tax effects of these adjustments ( 6 ) (4,767 ) (3,087 ) (7,431 ) (7,957 ) Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Diluted earnings per share $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Adjusted diluted earnings per share $ 0.02 $ 0.18 $ (0.01 ) $ 0.28 Weighted average shares outstanding Basic 184,936 184,181 184,694 183,839 Diluted 184,954 184,782 184,694 184,716 (1) Includes depreciation related to our distribution centers and store locations, which is reported in cost of merchandise and services sold and SG&A in our condensed consolidated statements of operations. (2) Represents charges related to equity-based compensation and our related payroll tax expense, which are reported in SG&A in our condensed consolidated statements of operations. (3) Represents non-recurring costs, such as third-party consulting costs related to first-generation technology initiatives, replacements of systems that have been no longer supported by our vendors, investment in and development of new products outside of the course of continuing operations, or other discrete strategic projects that are infrequent or unusual in nature and potentially distortive to continuing operations. These items are reported in SG&A in our condensed consolidated statements of operations. (4) Includes certain senior executive transition costs and severance associated with completed corporate restructuring activities across the organization, losses (gains) on asset dispositions, merger and acquisition costs, and other non-recurring, non-cash, or discrete items as determined by management. Amounts are reported in SG&A in our condensed consolidated statements of operations. (5) Represents a change in valuation allowance for deferred taxes that management does not believe are indicative of our ongoing operations. This item is reported in income tax expense in our consolidated statements of operations and we note they may reoccur in the future. (6) Represents the tax effect of the total adjustments based on our combined U.S. federal and state statutory tax rates. Amounts are reported in income tax expense (benefit) in our condensed consolidated statements of operations. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The New England Patriots entered Sunday’s matchup with the Miami Dolphins feeling like they were a team ready to turn a corner after a season’s worth of struggles. A 34-15 loss in Miami revealed just how much more work is left to do before they can make that pronouncement. Rookie quarterback Drake Maye struggled to make sense of things afterward but did make his own proclamation to his teammates. “I told some guys, just remember this feeling of really getting our butts whooped today, and it’s only up from here,” Maye said. There was plenty of bad football for the Patriots (3-9) to dwell on after losing for the third time in four games. It starts with self-inflicted mistakes, most notably committing 10 penalties for 75 yards, that left the team playing catch-up throughout the game. Maye completed 22 of 37 passes for 221 yards with 26 yards rushing but had a costly strip sack in the third quarter that led to a Miami score. It was his seventh turnover in three games. There also are big issues to work out for a Patriots defense that allowed Dolphins quarterback Tua Tagovailoa to complete 29 of 40 passes for 317 yards and four touchdowns. RELATED COVERAGE Chiefs are no longer relishing close wins as the stress of the postseason push begins to mount Panthers’ close call against Chiefs has coach Dave Canales excited about the direction of the team Stroud accepts blame for Houston’s struggles after Texans lose to Titans New England coach Jerod Mayo said his team entered this week prepared for some tough film sessions with only Sunday’s matchup against Indianapolis left before its bye week. “Those are those hard meetings where you have to address the elephant in the room, but it’s no secret,” he said. “The good thing about the sport, it’s all recorded. You can go back and forth on it, but the film doesn’t lie.” What’s working It seems insignificant right now, but it was encouraging to see Maye end the game on some positive notes after Miami took a 31-0 lead. On the Patriots’ next possession, Maye connected on deep passes to Demario Douglas and Hunter Henry before capping the drive with a 38-yard TD pass to Austin Hooper. The AP Top 25 college football poll is back every week throughout the season! Get the poll delivered straight to your inbox with AP Top 25 Poll Alerts. Sign up here . What needs help Offensive line. This week brought regression for a group that had found some consistency after starting Ben Brown (center), Vederian Lowe (left tackle), Michael Jordan (left guard), Mike Onwenu (right guard) and Demontrey Jacobs (right tackle) in consecutive games. It evaporated against a Dolphins defense that sacked Maye four times. For the day, New England’s O-line was whistled for seven of the team’s 10 penalties. Stock up DE Christian Barmore. In his second game of the season, he notched his first sack, dropping Tagovailoa for a 2-yard loss in the third quarter. It’s a big milestone for Barmore, who was diagnosed with blood clots shortly after the start of training camp. Stock down Lowe. He was whistled for four penalties in the first half on Sunday: three false starts and a hold. He also allowed Zach Sieler to beat him for a strip-sack on Maye late in the third quarter that set up the Dolphins’ final touchdown of the day. Injuries The Patriots didn’t announce any injuries on Sunday. However, Lowe did seem to be bothered by a shoulder injury that limited his practice availability leading up to the game. Key number 7 — The number of Dolphins’ offensive plays that went for 15 or more yards against the Patriots. Next steps The Patriots host the Colts on Sunday. ___ AP NFL coverage: https://apnews.com/hub/NFL
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Liverpool will target Bayer Leverkusen's Jeremie Frimpong if Trent Alexander-Arnold joins Real Madrid, Milos Kerkez is wanted by two Premier League clubs, Chelsea could move for Ipswich's Liam Delap. Liverpool will target Bayer Leverkusen's 23-year-old Netherlands defender Jeremie Frimpong should England right-back Trent Alexander-Arnold, 26, move to Real Madrid this summer. (Bild - in German) , external Liverpool and Real held talks over Alexander-Arnold's future before the pair's Champions League game at Anfield on Wednesday. (Marca - in Spanish) , external Bournemouth's 21-year-old Hungary defender Milos Kerkez is drawing attention from Manchester United and Liverpool . (Sky Germany via Florian Plettenberg) , external Manchester United have a shortlist of three more left-backs, including Chelsea's 27-year-old England international Ben Chilwell, Wolves' 23-year-old Algeria international Rayan Ait-Nouri and 21-year-old Spaniard Alvaro Carreras, who plays for Benfica. (Rudy Galetti) , external Chelsea are keen on Ipswich’s 21-year-old English striker Liam Delap, but could face competition from former club Manchester City. (Football Insider) , external Barcelona’s Netherlands midfielder Frenkie de Jong, 27, could join Liverpool next summer. (Fichajes – in Spanish) , external Sevilla are considering ending the loan deal of Brighton’s 20-year-old Argentine defender Valentin Barco in January. (Fabrizio Romano) , external Aston Villa remain interested in Besiktas' Turkey striker Semih Kilicsoy, but will have to battle PSG for the 19-year-old's signature in January. (Star - in Turkish) , external Arsenal have held talks over the potential signing of England midfielder Adam Wharton, with Crystal Palace valuing the 20-year-old at around 65m euros (£54.1m). (Caught Offside) , external Manchester City boss Pep Guardiola has identified Real Sociedad's 25-year-old Spain midfielder Martin Zubimendi, Bayer Leverkusen's 21-year-old Germany midfielder Florian Wirtz and Sporting's 24-year-old Uruguay winger Maximiliano Araujo as January transfer targets. ( Fichajes - in Spanish , external ) Aston Villa are interested in Mainz's 28-year-old Germany midfielder Nadiem Amiri. (Bild - in German) , external Manchester United, Manchester City and Liverpool are all keen on Atalanta's Brazil midfielder Ederson, but it will take a monster offer to sign the 25-year-old. (Teamtalk) , external Fiorentina and Napoli are eyeing a loan deal for Arsenal defender Jakub Kiwior but it's unlikely manager Mikel Arteta will let the 24-year-old Poland international leave the Gunners in January. (Tuttomercato - in Italian) , externalThe Legend of Hei is the perfect animated companion for Flow
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By JOSH BOAK WASHINGTON (AP) — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they were ultimately somewhat modest. Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices, just as many companies after Russia’s invasion of Ukraine in 2022 boosted food and energy costs and gave several major companies the space to raise prices, according to their own earnings calls with investors. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.After meeting Sharad Pawar & Thackeray, 96-yr-old Baba Adhav breaks anti-EVM fast
Elisa O'Donovan 'hopeful' to snap up the fourth seat in Limerick CityNORTHBROOK, Ill.--(BUSINESS WIRE)--Nov 25, 2024-- UL Solutions Inc. (NYSE: ULS), a global leader in applied safety science, today announced its environmental, social and governance (ESG) advisory and assurance services have earned recognition for the first time in the Verdantix Green Quadrant: ESG and Sustainability Assurance Services 2024 report for the comprehensive and innovative offerings that help organizations navigate the complex landscape of ESG and sustainability issues. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241122599995/en/ Verdantix cited multiple attributes that influenced their decision to name UL Solutions an “Innovator” company in the latest Verdantix Green Quadrant: ESG and Sustainability Assurance Services 2024 report. These include strong technical expertise in assurance over environmental metrics — particularly carbon emissions — as well as a comprehensive portfolio of assurance services across the corporate, product, project and site levels, and support for manufacturing firms with complex supply chains. (Photo: Business Wire) UL Solutions has been delivering enterprise ESG assurance and sustainability services since 2019, and other assurance-related services, such as environmental product declarations and zero-waste-to-landfill claim validation services, since 2010. In 2023, UL Solutions expanded its ESG advisory and assurance practice, part of the company’s Software and Advisory segment, to provide customers a pragmatic, science-driven approach to ESG and sustainability management. This includes a worldwide network of UL Solutions domain experts to help guide their progress and help them increase stakeholder confidence in the accuracy of their ESG and sustainability reporting. The company has also launched updates to its UL 360 platform, an ULTRUSTM software solution to help businesses collect, manage and report on their ESG performance. Verdantix cited multiple attributes that influenced their decision to name UL Solutions an “Innovator” company in the latest Verdantix Green Quadrant: ESG and Sustainability Assurance Services 2024 report. These attributes include strong technical expertise in assurance over environmental metrics — particularly carbon emissions — as well as a comprehensive portfolio of assurance services across the corporate, product, project and site levels, and support for manufacturing firms with complex supply chains. “The ESG and sustainability assurance services market has expanded significantly in recent years due to increased regulatory requirements and heightened pressure from stakeholders to address ESG concerns and mitigate greenwashing risks,” said Sean McCrady, vice president and general manager of the Enterprise Sustainability Group at UL Solutions. “We understand that navigating the complex ESG and sustainability landscape can be daunting and are honored that Verdantix recognized us for providing key ESG and assurance services to help companies achieve their goals.” Verdantix defines ESG and sustainability assurance services as “independent assessments, based on professional standards and guidelines, of the accuracy and reliability of ESG data and reporting processes.” The Verdantix Green Quadrant: ESG and Sustainable Assurance Services report provides a structured assessment of ESG and sustainability assurance services, enabling buyers of these services to make informed investment decisions. The Verdantix report identifies potential vendors, structures relevant purchase criteria and offers evidence-based assessments of ESG and sustainability assurance services. UL Solutions has previously appeared as a “Leader” company in the Verdantix Green Quadrant: Enterprise Carbon Management Software report in 2022 and 2023. The company was recognized for its greenhouse gas calculation and modeling capabilities, flexible reporting options, large emissions factors library and comprehensive carbon management software for Scope 1, 2 and 3 reporting. About UL Solutions A global leader in applied safety science, UL Solutions (NYSE: ULS) transforms safety, security and sustainability challenges into opportunities for customers in more than 110 countries. UL Solutions delivers testing, inspection and certification services, together with software products and advisory offerings, that support our customers’ product innovation and business growth. The UL Mark serves as a recognized symbol of trust in our customers’ products and reflects an unwavering commitment to advancing our safety mission. We help our customers innovate, launch new products and services, navigate global markets and complex supply chains, and grow sustainably and responsibly into the future. Our science is your advantage. Source Code: ULS-IR View source version on businesswire.com : https://www.businesswire.com/news/home/20241122599995/en/ CONTACT: Investors: Dan Scott / Rodny Nacier, ICR Inc. IR@ul.comMedia : Kathy Fieweger Senior Vice President - Communications Kathy.Fieweger@ul.com 312-852-5156 KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENVIRONMENT COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY ENVIRONMENTAL ISSUES REIT PROFESSIONAL SERVICES SUSTAINABILITY GREEN TECHNOLOGY ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) SOURCE: UL Solutions Inc Copyright Business Wire 2024. 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