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Blues players give Jim Montgomery 'a lot of credit' for development into top-end producersKTC preps new core system amid IT rejigNEW YORK — If you’re a Blues player, you might check your phone and get a notification that your new head coach has sent you a TikTok. “(If) I see something that when I’m sitting at home reading, or I do like to do TikTok, and I get something that I think relates and connects to our group, I’ll send it out in a text thread,” new Blues coach Jim Montgomery said Monday morning before making his Blues coaching debut in New York. Blues players should know to expect this, of course, since Montgomery did this when he was an assistant coach in St. Louis from 2020-22. His familiarity with the Blues roster is part of the reason why both Montgomery and general manager Doug Armstrong felt he was a good fit back in St. Louis. “He used to send me a lot of motivational stuff, and mindset stuff,” Blues forward Robert Thomas said. “I really enjoyed it. I obviously don’t have TikTok and I can’t watch them anymore, but it was pretty funny and really cool part about our relationship.” Montgomery: “Because to me, even though when I’m at home, I try to be very present with my own family. Your mind when something connects with me emotionally, I’m going to share that. That lets the players know what kind of person I am, and that I’m thinking about them.” Montgomery’s relationship with Blues players was something that was a topic of conversation on his first game day as the St. Louis coach. Of the current 23-man active roster, 14 Blues players were around when Montgomery was an assistant back in 2021-22. That was also the year that Thomas, Jordan Kyrou and Pavel Buchnevich each became point-per-game players for the first time in their careers. “A lot of us give him a lot of credit for taking big steps in our career to him: myself, Buchy, Rouzy,” Thomas said. “He was a big part of getting us to the players we are today. It’s really exciting to be back with him and back on the ice with him today.” What aspects of Thomas’ game did Montgomery help bring out? “A big thing was making the right play at the right time, puck possession, being on the right side of things,” Thomas said. “At times, you can be a little bit more opportunistic and, at times, you need to play into the system. He was a huge help for me, someone that I really relied on a couple years ago. Can’t say enough how excited I am to see him back here.” So many times in recent NHL seasons, the mood is tense after a coach is fired. Most times, the team is underperforming and the coach pays the price with his job. But general manager Doug Armstrong made it clear that Montgomery’s availability — and not the Blues’ 9-12-1 record — was the motivating factor behind the change. “This one does feel different for sure,” Blues captain Brayden Schenn said. “One, because he does know his players. Two, he’s so well-respected in this locker room. Three, when we was here, he got a lot out of a lot of guys, self included. He’s a guy that he’s fun to be around, but at the same time, he’s detailed and smart and guys respect him.” Montgomery will have to sort out how to squeeze more offense out of the Blues, particularly guys like Kyrou and Buchnevich, who Montgomery called “skilled guys that think the game at a high level that compete.” “To me, this is an offensive-slanted team,” Montgomery said. “It just shows you how hard it is to score. We’ve got to get the details and being in the right areas, the hard areas at the right times to be able to score more. But we have the ability to score goals.” The Blues entered Monday’s game in New York 30th in the league scoring 2.36 goals per game. (Montgomery’s former team Boston was last at 2.32.) “He’s detailed and structured, but at the same time, he lets his guys play hockey,” Schenn said. “He wants his creative guys to be creative. He wants his guys to play hard, he wants them to be aggressive, everything within the system. He doesn’t want everyone to play the same. He doesn’t want everyone to be robotic out there. That was kind of his messaging.” Broberg on the ice Blues defenseman Philip Broberg was on the ice for morning skate on Monday, joining the team in New York and on the ice with the Blues for the first time since his lower-body injury on Nov. 2. Broberg is three weeks into a projected 4-6 week timetable, but did not participate in every drill during skate on Monday. On Sunday, Blues general manager Doug Armstrong was asked about the progress of both Broberg and Nick Leddy (lower-body). “I’m not sure what close is anymore,” Armstrong said. “They’re skating, which is a positive. They’re not on the road trip (as of Sunday), which is a negative. ... We can’t worry about when they get back. We have to be prepared to work tomorrow night. When they get back, that’s a bonus.” Monday night’s game was the 11th that Broberg missed since he was injured against the Maple Leafs when Mitch Marner fell on his right knee. On Bannister Before Thomas spoke about Montgomery, he wanted to make sure he talked about Drew Bannister, who was fired Sunday in order to make way for Montgomery’s hiring. “He was a great person, great hockey mind, great coach,” Thomas said. “I learned a lot from him as a player and also as a person. I just want to say thank you to him. It’s always tough going through a change, and I wish him and his family all the best.” In the 64 games that Thomas was in the lineup under Bannister, he racked up 68 points and averaged 21:08 of ice time, more than a minute above the next closest Blues forward.
Berlin confirmed plans to make it a criminal offence to ‘facilitate the smuggling of migrants to the UK’ as part of the agreement. Germany has pledged to tighten its law to make it easier to prosecute people-smugglers enabling small-boat crossings to Britain, as the two countries signed a new deal aimed at tackling immigration crime. Berlin confirmed plans to reform its legal framework make it a clear criminal offence to “facilitate the smuggling of migrants to the UK” as part of the agreement, the Home Office said. The Home Office said the move would give German prosecutors more tools to tackle the supply and storage of dangerous small boats. Both countries will also commit to exchange information that may help to remove migrant-smuggling content from social media platforms and tackle end-to-end routes of criminal smuggling networks as part of the deal. It comes ahead of the UK and Germany hosting the so-called Calais Group in London, which sees ministers and police from the two countries, alongside France, Belgium and the Netherlands, gather to discuss migration in Europe. Delegates are expected to agree a detailed plan to tackle people-smuggling gangs in 2025 at the meeting on Tuesday. Home Secretary Yvette Cooper said: “For too long organised criminal gangs have been exploiting vulnerable people, undermining border security in the UK and across Europe while putting thousands of lives at risk. “We are clear that this cannot go on. “Germany is already a key partner in our efforts to crack down on migrant smuggling, but there is always more we can do together. “Our new joint action plan with deliver a strengthened partnership with Germany, boosting our respective border security as we work to fix the foundations, and ultimately saving lives.” Nancy Faeser, German federal minister of the interior said: “We are now stepping up our joint action to fight the brutal activities of international smugglers. “This is at the core of our joint action plan that we have agreed in London. “I am very grateful to my British counterpart Yvette Cooper that we were able to reach this important agreement. “It will help us end the inhumane activities of criminal migrant smuggling organisations. “By cramming people into inflatable boats under threats of violence and sending them across the Channel, these organisations put human lives at risk. “Many of these crimes are planned in Germany. “Together, we are now countering this unscrupulous business with even more resolve. “This includes maintaining a high investigative pressure, exchanging information between our security authorities as best as possible, and persistently investigating financial flows to identify the criminals operating behind the scenes.”
Ottawa police seek help locating missing 31-year-old man
Two Greenpeace activists were arrested after chaining themselves to a replica oil pumpjack outside Conservative Leader Pierre Poilievre’s official residence in Ottawa Thursday morning. Activists Keith Stewart and Trevor Cluthé were arrested and charged with mischief and intimidation, Greenpeace communications campaigner Laura Bergamo said shortly after the arrest. At 7 a.m. on Nov. 21, Greenpeace activists set up the installation in the driveway of Stornoway, the official residence of the Opposition leader, and chained Stewart and Cluthé to the structure. The demonstration sought to draw attention to what Greenpeace calls the Conservative Party’s “anti-climate agenda” with Poilievre eager to send Canadians to the polls for what he dubs a “carbon tax election.” Firefighters cut the chains tying Stewart and Cluthé to the pumpjack structure just after 9 a.m. so they could be arrested. The structure was removed by a tow truck shortly after. “We’re here today to send a message to Pierre Poilevre that Greenpeace will not stand idly by while he rips up Canada’s Climate Protection Plan, and we hope no one else will either,” Stewart said in an interview before his arrest. “We know we have the capacity to avoid the worst impacts of climate change. That means making the biggest polluters, oil and gas companies, do their fair share. Pierre Poilievre has promised to let them off the hook... That means everyone else pays the cost in wildfires, in heat waves, in floods, climate change is here now.” Cluthé hopes their protest will “raise more awareness among Canadians of Polievre’s complete disregard for the environment and the climate crisis,” he said in an interview early Thursday morning with Canada’s National Observer. “We’re here in support of Indigenous folks and all the other marginalized communities that always take the brunt of the climate crisis first,” Cluthé said. Last November Poilievre said he is not proposing Canada withdraw from the Paris Agreement (an international commitment to limit global warming) but he has yet to present a climate plan. He says that if elected he will scrap the consumer carbon price. Poilievre was not seen exiting Stornoway on Thursday morning, but his children left through the back door. Police, RCMP and personal security were present for the entirety of the Greenpeace action. A few hours later, Poilievre held a press conference at Parliament Hill and was asked in French about the Greenpeace protest and what Canada’s climate objectives would be under a Poilievre government. Poilievre reiterated that his approach to climate and environment would entail “technology, not taxes.” Poilievre said, in French, that the conservatives are the “only party with an environmental plan” and the plan is “energy abundance.” This includes speeding up construction permits for hydropower, ramping up critical mineral production in Canada and exporting natural gas, Poilievre said. Along with oil and gas expansion, Poilievre has also supported carbon capture technology and nuclear power. While the Conservatives’ stance on the consumer carbon tax is clear, Poilievre has not said whether he would keep the industrial carbon pricing system for large polluters. The latter has a bigger impact on reducing emissions than the consumer fuel charge. A Canadian Climate Institute analysis from March 2024 looked at which federal climate policies will have the biggest impact and found the industrial carbon pricing system will comprise 20 to 48 per cent of Canada’s emission reductions by 2030. Along with a pledge to kill the consumer carbon price, Poilievre opposes a slew of incoming and existing policies including a cap on planet-warming greenhouse gas emissions from oil and gas production, regulations to clean up Canada’s electricity grid by 2035 and the current clean fuel regulations.
Norway-based maritime technology business, Shipnet, has launched a new podcast titled ‘Talking Ship’ as it looks to make topical industry discussions more digestible and open the doors of Shipnet to wider audiences. Available on Apple and Spotify, Shipnet’s first episode ‘Data-driven shipping efficiency’ features head of customer experience John Wills and marketing director Jenny Duffy, who join the podcast host and 20-year broadcaster, Zoe Hanson, to discuss how integral shipping is to our daily lives and how the industry is recognising the need to digitise. John said: “Shipping is going through the curve that other industries went through ten years ago and teamed with digital-first graduates it’s a really interesting time. We have a lot to say about the industry and a podcast is the perfect place to allow people into our world, engage with us about what we’re discussing and get people talking more about digitising the industry. There’s a lot of data available to shipping organisations but a lot of businesses are not utilising it to improve their decision making and operations yet.” The second episode ‘Breaking down the secrecy of shipping’ sees product management director Niall Jack and John discuss how delayed the shipping industry is to digitisation due to the secrecy that surrounds the industry. They also share an integral element of Shipnet’s DNA – that so many key team members are former mariners so they have the on-the-ground experience to bring to development and ultimately benefit customers. Niall said: “I started working at sea in 2015 but it’s only been in the last two-three years that there’s been an awakening to digitisation. Whereas the internet opened up accessing information on every other industry, shipping is notoriously quite secretive but businesses are getting wise to how effective data can positively drive decisions. Users of our product are people at sea and our motivation is to build products that allow them to work more safely and efficiently. The podcast, initially in production for six episodes, will release one per month, with the first available now. To listen to the podcast on Spotify, click . To listen to the podcast on Apple, click . To watch the podcast on YouTube, click . Source: ShipnetThe Yomiuri Shimbun 6:00 JST, November 26, 2024 * * At the office of world-renowned architect Kengo Kuma, a staff member drew a rough sketch on a computer screen and typed such keywords as “contemporary architecture” and “wooden art museum in city center” on an image generative AI system in early September. A 3D rendering, referred to as a perspective drawing, of a building appeared instantly. Before, the office would first make a 2D drawing and then create a perspective drawing while considering quake resistance and other factors. Work that used to take a week can now be done in 10 minutes. Kuma, 70, says AI has “overwhelming ability” in terms of improving work efficiency. Kuma’s office has been testing out AI for its work since around the beginning of last year. AI has helped the 400-member staff manage 400 projects in Japan and overseas. The time saved has been spent meeting with clients or coming up with new ideas. Kuma uses AI not only to streamline his work but also create new designs by getting ideas from images generated by AI, with the aim of “surpassing the current Kengo Kuma.” After seeing the AI-generated designs, which were created after AI learned Kengo Kuma’s architecture, Kuma said he felt inspired to “become the next version of [himself].” However, through using AI, Kuma came to the realization that there are many jobs that can only be done by humans. In architectural design, an architect needs to understand their client’s needs and create a space that includes features that are easy for people to use. For large urban facilities, the architect also needs to consider the feelings of those who live nearby, as well as how society will perceive it. As design requires the subtleties of humans, Kuma said: “I make decisions by reading the mood of the times while watching social trends. You can’t get AI to calculate that.” Using AI has made Kuma very aware of the responsibilities that can never be left to machines, making him realize that humans should always make the final decisions in what kind of building should be made based on what design. As AI becomes more widely used, there is a movement to have AI handle some of the work. A survey conducted by independent administrative agency Information-technology Promotion Agency, Japan (IPA) found that 16% of the approximately 4,900 workers surveyed have either used or were in a position to use AI in their workplace as of March. AI was found to be used for customer inquiries or translations, and IPA believes that the use of AI will further increase. Of the 1,000 respondents who have either used or plan to use AI, about 60% said that the spread of false information and information leaks by AI was a “threat.” Generative AI also has the risk of copyright infringement. The Copyright Law currently allows copyrighted works to be used for machine learning without authorization, except in cases in which it would unfairly harm the author’s interest. Copyright collectives are calling for rights to be protected through such means as the rejection of machine learning. Kuma’s office carefully considers the risks of copyright infringement and other issues and educates its staff about information security. While expectations are high that AI will make work more efficient, there are also risks associated with the technology. We have entered an era in which we are being tested regarding how to use AI.
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Philadelphia (8-2) at Los Angeles Rams (5-5) Sunday, 8:20 p.m. EST, NBC/Peacock BetMGM NFL odds: Eagles by 3. Against the spread: Eagles 6-4; Rams 4-6. Series record: Eagles lead 23-20-1. Last meeting: Eagles beat Rams 23-14 in Inglewood, Calif. on Oct. 8, 2023. Last week: Eagles beat Washington 26-18; Rams beat New England 28-22. Eagles offense: overall (5), rush (1), pass (22), scoring (7). Eagles defense: overall (1), rush (7), pass (2), scoring (6). Rams offense: overall (17), rush (26), pass (T-7), scoring (21). Rams defense: overall (23), rush (18), pass (22), scoring (22). Turnover differential: Eagles plus-2; Rams plus-4. RB Saquon Barkley. Barkley combined for 198 scrimmage yards and two scores, rushing 26 times for 146 yards (5.6 average) while adding two receptions for 52 yards against Washington. With 1,137 rushing yards through 10 games, Barkley only trails Baltimore’s Derrick Henry for the NFL lead. He had his sixth 100-plus yard rushing game this season, which is the most in the NFL. S Kam Kinchens. The rookie third-round pick from Miami had eight tackles, one tackle for loss, an interception and a forced fumble against the Patriots as he continues to come on strong. Kinchens has three picks in the past three games. Eagles QB Jalen Hurts vs. Rams’ defensive line. Hurts shredded Los Angeles for 303 yards passing and 72 yards rushing last season despite the presence of superstar DT Aaron Donald. After Donald retired, the Rams turned to a committee approach to get after the passer, and it has worked with rookie OLB Jared Verse and DT Braden Fiske fitting in well next to second-year OLB Byron Young and DT Kobie Turner. But they can only unleash their excellent pass rush skills by limiting Philadelphia on early downs. Hurts has been at his dual-threat best over the past five games, accounting for 15 total touchdowns (six passing, nine rushing) against two turnovers. Eagles defensive end Bryce Huff had surgery on his left wrist on Thursday, a move that could allow him to return toward the end of the season. ... WR DeVonta Smith (hamstring) was ruled out on Friday. ... Rams RT Rob Havenstein (ankle) got in two limited practices this week but is doubtful to play. Havenstein sat out the previous two games because of the ailment. The Eagles have won all three games in Los Angeles since the Rams moved back in 2016. ... Overall, Philadelphia has won seven of the past eight. The only setback came in Week 2 of the 2020 pandemic season. Barkley has passed 100-plus scrimmage yards in eight of 10 games. That is tied with LeSean McCoy (2011) and Brian Westbrook (2007) for the most by an Eagle through 10 games. His 198 yards were his second most as an Eagle (199 in Week 9). ... The Eagles have allowed two passing touchdowns during their winning streak. Only one opponent has topped 200 passing yards against them in this stretch, with Cincinnati throwing for 222 in Week 8. ... Hurts leads all NFL quarterbacks with 11 touchdown runs and is second only to Henry's 13 scores for the Ravens. ... WR A.J. Brown leads the league in receptions of 30 yards or longer. He is averaging 18.7 yards per catch, the best mark of any player with at least 30 grabs. ... Even before he hurt his wrist, Huff struggled in his first season in Philadelphia with just 2 1/2 sacks and four quarterback hits. His snap count has dipped since he was injured ahead of a game earlier this month against Jacksonville. Huff had 17 1/2 sacks in four seasons with the Jets before he signed a three-year, $51 million free-agent deal with the Eagles. ... Philadelphia has run for at least 150 yards and two touchdowns in five straight games, something it hadn't accomplished since 1949. ... Rams WR Puka Nacua caught his first touchdown of the season in New England. He has at least seven receptions and 98 yards in three of his past four games, with only a second-quarter ejection in Seattle having limited Nacua since he returned from a knee injury. ... WR Cooper Kupp has 614 receptions through his first 98 games, which is fourth most in NFL history through 100 games. Julio Jones (619) is third. ... RB Kyren Williams averaged a season-high 5.7 yards per carry, finishing with 86 yards on 15 attempts versus the Patriots. ... Verse has 11 tackles for loss and 4 1/2 sacks through his first 10 games. Verse is pressuring the quarterback on 20.2% of pass rush snaps, which ranks second in the league overall. ... The Rams were 2 of 8 (25%) on third down against New England, their third straight game converting 25% or worse. ... QB Matthew Stafford has not been sacked in each of Los Angeles’ past three wins. Don’t be discouraged using Stafford, Kupp and Nacua against Philadelphia's pass defense. All three put up solid fantasy numbers in last season’s meeting, even as the Eagles sat on the ball for nearly 38 minutes. Stafford had 222 yards and two scores, finding Kupp eight times for 118 yards and Nacua seven times for 71 yards and a touchdown, so they'll find ways to produce. AP NFL: https://apnews.com/hub/NFLThe British singer-songwriter, 36, launched Weekends With Adele, located at The Colosseum theatre in Caesars Palace in November 2022. In July, she announced she would be taking a “big break” from music after her run of of sell-out shows at the venue, which seats around 4,000 people. In a social media post on Monday, she said: “Well what an adventure! Las Vegas you’ve been so good to me. A post shared by Adele (@adele) “This residency went on to mirror what 30 was about, lost and broken to healed and thriving! “Seems so fitting in the end. The only thing left to do in this case is move on.” The Easy On Me star made a return to the spotlight in 2021 when she released her fourth album, 30. Adele said: “These 100 shows have been so easy to love. “They were all completely different because I got to really be with every single person in the room every night. “I’ve loved every single second of it and I am so proud of it! I will miss it terribly, and I will miss you all terribly too. Thank you! Thank you! Thank you! See you next time.” Videos posted online from her concert on Saturday show the singer getting tearful as she bid farewell to Vegas. “It’s been wonderful and I will miss it terribly and I will miss you terribly,” she said. “I don’t know when I next want to perform again.” The singer, full name Adele Adkins, shared an emotional embrace with Celine Dion after she spotted the music artist in the audience during her Las Vegas show last month. In August, Adele played shows in a purpose-built outdoor arena in Munich, with capacity for 80,000 people per night, and told fans on the last night that they would not be seeing her for a “long time”.NoneFORT COLLINS, Colo., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Woodward, Inc. (NASDAQ: WWD) today reported financial results for its fiscal year 2024 and fourth quarter ending September 30, 2024. All amounts are presented on an as reported (U.S. GAAP) basis unless otherwise indicated. All per share amounts are presented on a fully diluted basis. All comparisons are made to the same period of the prior year unless otherwise stated. All references to years are references to the Company’s fiscal year unless otherwise stated. "We delivered record sales in fiscal 2024 with Woodward revenue exceeding $3 billion for the first time. Robust end market demand along with contributions from operational excellence fueled significant sales growth and earnings expansion,” said Chip Blankenship, Chairman and Chief Executive Officer. “In Aerospace, both commercial and defense OEM sales increased due to capacity improvements to meet customer demand, and commercial and defense aftermarket sales increased due to continued high aircraft utilization. Our Industrial business benefitted from increased sales in power generation and transportation. Our performance over the last year reflects the hard work and dedication of Woodward members to deliver on our value proposition and fulfill our purpose. We enter fiscal 2025 with strong momentum. In Aerospace, we anticipate increasing revenue and margin expansion driven by continued strength in commercial markets and increased defense activity. In Industrial, we expect broad-based market strength in power generation and marine transportation, offset by a significant decline in sales related to China on-highway natural gas trucks. We remain focused on growth, operational excellence and innovation to drive shareholder value.” Fiscal 2024 Key Highlights The increase in segment earnings in the fourth quarter was primarily a result of price realization and higher volume, partially offset by inflation. The increase in segment earnings for the year was a result of price realization and higher volume, partially offset by inflation. The decrease in segment earnings in the fourth quarter was primarily a result of lower volume and unfavorable mix, partially offset by price realization. The increase in segment earnings for the year was a result of price realization and higher volume, partially offset by unfavorable mix. Woodward’s fiscal 2025 guidance includes a continued strong demand environment and improving operational performance throughout the year. The Aerospace segment guidance includes increasing revenue and margin expansion driven by continued strength in commercial markets and increased defense activity. The Industrial segment guidance includes broad-based market strength in power generation and marine transportation, offset by a significant decline in sales related to China on-highway natural gas trucks. Our fiscal year 2025 guidance includes $40 million in sales related to China on-highway natural gas trucks, which would be a year-over-year decline of approximately $175 million. Woodward will hold an investor conference call at 5:00 p.m. EST, November 25, 2024, to provide an overview of the financial performance for its fiscal year 2024 and fourth quarter ending September 30, 2024, business highlights, and outlook for fiscal 2025. You are invited to listen to the live webcast of our conference call, or a recording, and view or download accompanying presentation slides at our website, www.woodward.com 2. You may also listen to the call by dialing 1-800-715-9871 (domestic) or 1-646-307-1963 (international). Participants should call prior to the start time to allow for registration; the Conference ID is 4675940. The call and presentation will be available on the website by selecting “Investors/Events & Presentations” from the menu and will remain accessible on the company’s website for one year. About Woodward, Inc. Woodward is the global leader in the design, manufacture, and service of energy conversion and control solutions for the aerospace and industrial equipment markets. Our purpose is to design and deliver energy control solutions our partners count on to power a clean future. Our innovative fluid, combustion, electrical, propulsion and motion control systems perform in some of the world’s harshest environments. Woodward is a global company headquartered in Fort Collins, Colorado, USA. Visit our website at www.woodward.com . Cautionary Statement Information in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, anticipated continued strong demand, continued improvements in our operational performance, the results of our ongoing focus on growth, operational excellence and innovation, including whether such focus ultimately leads to long-term term success and enhanced shareholder value, and statements regarding our business and guidance for fiscal year 2025, including our guidance for sales, segment sales as compared to the prior fiscal year, earnings per share, segment earnings margin, effective tax rate, free cash flow, capital expenditures, and diluted weighted average shares outstanding, as well as our assumptions regarding our guidance, anticipated trends in our business and markets, including increased revenue and margin expansion in our Aerospace segment, strength in commercial aerospace markets, defense activity in our Aerospace segment, broad-based market strength in power generation and marine transportation in our Industrial segment, anticipated weakness in the China on-highway natural gas truck market, including our assumptions regarding sales and demand in fiscal 2025. Factors that could cause actual results and the timing of certain events to differ materially from the forward-looking statements include, but are not limited to: (1) global economic uncertainty and instability, including in the financial markets that affect Woodward, its customers, and its supply chain; (2) risks related to constraints and disruptions in the global supply chain and labor markets; (3) Woodward’s long sales cycle; (4) risks related to Woodward’s concentration of revenue among a relatively small number of customers; (5) Woodward’s ability to implement and realize the intended effects of any restructuring efforts; (6) Woodward’s ability to successfully manage competitive factors including expenses and fluctuations in sales; (7) changes and consolidations in the aerospace market; (8) Woodward’s financial obligations including debt obligations and tax expenses and exposures; (9) risks related to Woodward’s U.S. government contracting activities including potential changes in government spending patterns; (10) Woodward’s ability to protect its intellectual property rights and avoid infringing the intellectual property rights of others; (11) changes in the estimates of fair value of reporting units or of long-lived assets; (12) environmental risks; (13) Woodward’s continued access to a stable workforce and favorable labor relations with its employees; (14) Woodward’s ability to manage various regulatory and legal matters; (15) risks from operating internationally; (16) cybersecurity and other technological risks; and other risk factors and risks described in Woodward's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, any subsequently filed Quarterly Report on Form 10-Q, as well as its Annual Report on Form 10-K for the year ended September 30, 2024, which we expect to file shortly, and other risks described in Woodward’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and Woodward assumes no obligation to update such statements, except as required by applicable law. 1Adjusted and Non-U.S. GAAP Financial Measures: Adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, and adjusted nonsegment expenses exclude, as applicable, (i) a non-recurring gain related to a previous acquisition, (ii) costs related to business development activities, (iii) non-recurring charge related to a previous acquisition, (iv) certain non-restructuring separation costs, (v) a specific charge for excess and obsolete inventory, (vi) product rationalization, (vii) a non-recurring charge related to customer collections, and (viii) restructuring charges. The product rationalization adjustment pertains to a non-recurring write-off of inventory and assets related to the elimination of certain product lines. The specific charge for excess and obsolete inventory pertains to a non-recurring process change that resulted in the identification and write down of certain excess inventory unrelated to product rationalization. The non-recurring charge related to customer collections pertains to a discrete process issue that was identified and corrected. The Company believes that these excluded items are short‐term in nature, not directly related to the ongoing operations of the business, and therefore, the exclusion of them illustrates more clearly how the underlying business of Woodward is performing. Adjusted free cash flow is free cash flow (defined below) minus cash received for a non-recurring matter related to a previous acquisition, plus cash paid for (i) business development activities, (ii) a non-recurring matter unrelated to the ongoing operations of the business, (iii) certain non-restructuring separation costs and (iv) restructuring charges. Management believes these adjustments to free cash flow better portray Woodward’s operating performance. EBIT (earnings before interest and taxes), EBITDA (earnings before interest, taxes, depreciation and amortization), free cash flow, adjusted free cash flow, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, and adjusted nonsegment expenses are financial measures not prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Management uses EBIT and adjusted EBIT to evaluate Woodward’s operating performance without the impacts of financing and tax related considerations. Management uses EBITDA and adjusted EBITDA in evaluating Woodward’s operating performance, making business decisions, including developing budgets, managing expenditures, forecasting future periods, and evaluating capital structure impacts of various strategic scenarios. Management also uses free cash flow, which is derived from net cash provided by or used in operating activities less payments for property, plant, and equipment, as well as adjusted free cash flow (as described above), in reviewing the financial performance of Woodward’s various business segments and evaluating cash generation levels. Securities analysts, investors, and others frequently use EBIT, EBITDA and free cash flow in their evaluation of companies, particularly those with significant property, plant, and equipment, and intangible assets that are subject to amortization. The use of any of these non-U.S. GAAP financial measures is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. Because adjusted net earnings, adjusted earnings per share, EBIT, EBITDA, adjusted EBIT, and adjusted EBITDA exclude certain financial information compared with net earnings, the most comparable U.S. GAAP financial measure, users of this financial information should consider the information that is excluded. Free cash flow and adjusted free cash flow do not necessarily represent funds available for discretionary use and is not necessarily a measure of our ability to fund our cash needs. Woodward’s calculations of EBIT, EBITDA, adjusted net earnings, adjusted earnings per share, adjusted EBIT, adjusted EBITDA, adjusted effective tax rate, adjusted nonsegment expenses, free cash flow, and adjusted free cash flow may differ from similarly titled measures used by other companies, limiting their usefulness as comparative measures. 2Website, Facebook, X: Woodward has used, and intends to continue to use, its Investor Relations website, LinkedIn page, Facebook page, and X handle as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
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