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How major US stock indexes fared Tuesday, 12/10/2024
Drake eases by Stetson 49-10 to secure a second straight outright Pioneer Football League title
Lionel Messi's new coach at Inter Miami will be announced "in the coming days", the club's co-owner Jorge Mas said on Friday, with reports suggesting Javier Mascherano is in pole position. Argentine Gerardo 'Tata' Martino has left the club due to personal reasons and Mas said that he and fellow owner David Beckham have moved quickly to identify his replacement. Media reports in Argentina have claimed that Messi's former Barca team-mate Javier Mascherano, currently coach of Argentina's Under-20 national side, is in line to take on the role. Mas would not confirm or deny that Mascherano had been chosen to replace his compatriot Martino but said that Messi had been consulted. "I spoke to Leo on Saturday after he and Tata spoke. I asked him what is important to you and what is important to get the best of our roster? How do we improve?" Mas said in a press conference. "Leo shared with me his thoughts. Familiarity with Leo and the other stars is an advantage in every aspect. I want Leo to feel comfortable with the new coach," he added. Mascherano was not only a team-mate of Messi's for Argentina and Barcelona but played alongside current Inter Miami players Jordi Alba, Sergio Busquets and Luis Suarez at the Spanish club. Mas said the club needed "a great coach" who was "ambitious and hungry" and with the desire to play an attacking style of football. Martino joined Inter Miami last June as part of the transformation of the club that took place with the arrival of Messi. Inter Miami won the Leagues Cup, a joint tournament between MLS and Mexican Liga MX clubs, in his first season in charge. This year, Miami dominated the regular season, winning the Supporters' Shield for the team with the best overall record -- an achievement which led FIFA to hand them a place in next year's Club World Cup. But Miami lost out to Martino's former club, Atlanta, in a best-three opening round to the MLS Cup playoffs in what was a major upset. “It has been a very satisfactory year and a half, I am grateful for the opportunity, and although we ended the season on a sour note, and fell short of what we wanted to accomplish, we had a lot of success and I would have liked very much to have continued being part of this club," Martino told the news conference. "I am happy we transformed this club from one that struggled to make the playoffs to the one that won the Leagues Cup, won Supporters' Shield, and had the best record in history," he added. Martino said his motive for leaving was purely due to non-football reasons that meant it was impossible for him to carry on. "For strictly personal reasons, I just have to leave Inter. We can't come back next year, I need to be in Rosario," he said. "The reality is that I'm not going to work for at least several months next year. I have no chance of working." sev/js Get any of our free email newsletters — news headlines, sports, arts & entertainment, state legislature, CFD news, and more.None
NEW YORK (AP) — Major League Baseball switched a pair of series involving the Tampa Bay Rays to the first two months of the season in an attempt to avoid summer rain at open-air Steinbrenner Field, their temporary home following damage to Tropicana Field. Tampa Bay is scheduled to play 19 of its first 22 games at home and 37 of 54 through May 28, then play 64 of its last 108 games on the road. The Rays are home for eight games each in July and August. A series scheduled at the Los Angeles Angels from April 7-9 will instead be played at Tampa, Florida, from April 8-10, MLB said Monday. The second series between the teams will be played at Anaheim, California, from Aug. 4-6 instead of at St. Petersburg, Florida, from Aug. 5-7. Minnesota's first series against the Rays will be played at Steinbrenner Field from May 26-28 and the Twins' second will be at Target Field in Minneapolis from July 4-6. Tampa Bay heads into the All-Star break with a 10-game trip to Minnesota, Detroit and Boston, and has a 12-game trip to the Angels, Seattle, Oakland and San Francisco from Aug. 4-17. Tropicana Field, the Rays’ home since the team started play in 1998, was heavily damaged by Hurricane Milton on Oct. 9 , with most of its fabric roof shredded. The Rays cannot return to the Trop until 2026 at the earliest, if at all. Tampa's average monthly rainfall from 1991 to 2020 was 2.25 inches in April and 2.60 in May , according to the National Weather Service, then rose to 7.37 in June , 7.75 in July and 9.03 in August before falling to 6.09 in September . The Class A Tampa Tarpons, the usual team at Steinbrenner Field, had six home postponements, two cancellations and four suspended games this year from June 21 through their season finale on Sept. 8. The Rays are now scheduled to play their first six games at home against Colorado and Pittsburgh, go to Texas for a three-game series, then return for a 13-game homestand against the Angels, Atlanta, Boston and the New York Yankees. The Tarpons will play their home games on a back field. AP MLB: https://apnews.com/
DHAKA, Bangladesh (AP) — A special tribunal in Bangladesh on Thursday banned the publication of any speeches by former Prime Minister Sheikh Hasina , who is in exile in India after being ousted in August following mass protests. The decision came a day after Hasina made her first public speech in a virtual address to supporters of her Awami League party in New York. In the speech, she accused Bangladesh’s interim leader, Nobel peace laureate Muhammad Yunus , of perpetrating genocide and failing to protect minorities , especially Hindus, since her ouster. The Dhaka-based International Crimes Tribunal made the decision in response to a request by government prosecutors for a ban on any speeches by Hasina on mainstream or social media, prosecutor Golam Monawar Hossain Tamim said. Hasina fled to India after being ousted in a mass uprising in July and August in which hundreds of protesters were killed and thousands were injured. She faces many court cases over the deaths, including some on charges of crimes against humanity. The tribunal has already issued arrest warrants for Hasina and her close aides, and the government has sought help from the international police organization Interpol for her arrest . Prosecutors said in their request to the tribunal that some speeches and phone calls by Hasina had been disseminated on electronic media and could interfere in the investigation of the charges against her by influencing or frightening witnesses. “If speeches like these are published and broadcast, we won’t be able to bring witnesses to the tribunal during trials,” Tamim said. He said the tribunal also ordered authorities to remove leaked speeches and phone conversations from media platforms. Hasina established the tribunal during her 15-year rule. It was used to try people accused of war crimes during Bangladesh’s war of independence with Pakistan in 1971. Politicians belonging mainly to the Jamaat-e-Islami party were executed after being found guilty by the tribunal. On Wednesday, Hasina told her supporters in New York that there had been plans to assassinate her and her sister Sheikh Rehana just like their father, Sheikh Mujibur Rahman, an independence leader who was assassinated in 1975 along with most of his family. Only Hasina and her younger sister survived because they were visiting Germany at that time. She said armed protesters had been instructed to head to her residence in Dhaka and she was forced to flee to India so that security guards would not have to fire at the approaching crowd. “If the security guards opened fire, many lives would have been lost," she said. "I was forced to leave. I told them not to open fire, no matter what happened.” Media reports said more such public speeches are planned by Hasina to address her supporters in the coming weeks. Hasina has good relations with Indian Prime Minister Narendra Modi. Tensions between India and Muslim-majority Bangladesh have grown since her departure over incidents such as the jailing of a prominent Hindu leader in Bangladesh and attacks on a diplomatic office in India by Hindus. Yunus has been meeting with political and religious leaders urging them to stay united. On Wednesday, he held a dialogue with most political parties except Hasina's Awami League party and the Jatiya Party which are facing severe challenges under the Yunus-led administration. On Thursday, Yunus met with religious leaders and said there was no division among Bangladeshis when it comes to national issues. Bangladesh has been facing crucial challenges since Hasina's ouster in August amid mob justice, rising commodity prices, errant street protests and an unstable economy. The security situation remains a major concern. About 700 inmates including many criminals and radical Islamists still remain at large after jailbreaks during the political chaos in August.
Maintaining Medicaid expansion is set to be one of the most consuming issues of the 2025 legislative session and Democrats are projecting confidence that it will get across the finish line. In a press briefing Monday, Rep. SJ Howell, D-Missoula, said there "is a clear path to getting this done" when talking about renewing Medicaid expansion. Rep. Mary Caferro, D-Helena, echoed Howell's faith. "Continuing our current Medicaid program is the most important job we have," Howell said, adding that Democrats would like to see "continuous eligibility" to the health care program so that brief changes in income or who is living in one's household would not trigger coverage to immediately end. Rep. SJ Howell, D-Missoula, speaks during a rally on the steps of the Montana State Capitol in April 2023. That said, there is already a to roll back Medicaid expansion as a whole, with those against it often arguing that the state resources put toward the health care program do not improve overall health outcomes. The program is slated to sunset in June of 2025 if the Legislature does not intervene. As of , just over 78,000 Montanans were covered by Medicaid expansion. In 2014 the federal government allowed states to extend Medicaid coverage to people who earn up to 138% of the federal poverty level, which is about $21,000 a year. Across the U.S., 41 states have implemented Medicaid expansion. Montana has already renewed Medicaid expansion once since it first implemented the program in 2015. Some Democrats, like Representative-elect Jane Weber, D-Great Falls, wants to see the sunset date done away with entirely. The Republican appetite for that is likely minimal, and Democrats will need their colleagues across the aisle to get any legislation passed this session. There were some key legislative wins for Medicaid expansion backers, including two Republican state senators who won their elections in tight races who have previously said they plan to vote in favor of the program. The Montana State Capitol in Helena What's more, Republican Gov. Greg Gianforte's initial budget proposal includes funding for Medicaid expansion to continue as is, which Democrats took as a positive sign. That said, the governor is also in favor of work requirements being tied to the federal-state health care program. Likewise, Sen. Greg Hertz, R-Polson, previously told the Montana State News Bureau that the real debate on Medicaid expansion will likely come down to work requirements as opposed to the program as a whole. "I think it makes sense for any social benefit program," Hertz said of the work requirements Monday. "We want them to get back into the workforce so they don't have to depend on the government." Rep. Mary Caferro, D-Helena, left, questions Rep. Eric Moore, R- Miles City, right, Monday during a hearing on HB2 in the House Appropriations comittee at the State Capitol. In 2019, when lawmakers in Helena last re-upped Medicaid expansion, there were work requirements tied to the bill that were never implemented. Democrats vehemently oppose work requirements being a part of Medicaid expansion eligibility, as they say and they point to the federal government's previous rejection of work requirements being a part of the health care program in Montana. "[Work requirements] are not necessary," Caferro said Monday. "They're code clutter." That said, with the new presidential administration there is renewed confidence — and Hertz — that work requirements may be easier to implement. Victoria Eavis is a reporter for the Montana State News Bureau. Stay up-to-date on the latest in local and national government and political topics with our newsletter. State Bureau Reporter {{description}} Email notifications are only sent once a day, and only if there are new matching items.Las Vegas quarterback Gardner Minshew is out for the season due to a broken collarbone, head coach Antonio Pierce confirmed on Monday, leaving the Raiders with a short week to determine their starter. Minshew suffered the injury when he was sacked and landed on his left shoulder late in the fourth quarter of Las Vegas' 29-19 home loss to the Denver Broncos. Former starter Aidan O'Connell, who was sidelined by a thumb injury in Week 7, could return off injured reserve in time for the Raiders (2-9) to face the two-time reigning Super Bowl champion Chiefs (10-1) on Friday in Kansas City. "We'll see if Aidan is good to go," Pierce said. "He's been ramping up." O'Connell entered the 21-day practice window on Monday as the Raiders determine when to activate him. "Seeing him able to grip the ball comfortable, hopefully, no pain there, and just being able to be efficient," Pierce said. "To put a player out there that's hurting or injured still, that's not to the benefit of the player or our team." O'Connell, 26, has played in four games this season, starting two (both losses). He is 52 of 82 (63.4 percent) for 455 yards, two touchdowns and two interceptions. As a rookie last season, O'Connell started 10 of 11 games, going 5-5, and completed 213 of 343 passes (62.1 percent) for 2,218 yards, 12 TDs and seven interceptions. The Raiders selected O'Connell in the fourth round of the 2023 NFL Draft. "Obviously at the quarterback position, you've got to be smart," Pierce said. "I think with Aidan, his future's much brighter looking ahead. ... I'll have to really rely on our doctors and medical staff." Desmond Ridder replaced Minshew and went 5 of 10 for 64 yards. Ridder, 25, has appeared in three games this season for Las Vegas and is 16 of 26 (61.5 percent) for 138 yards and one TD. Ridder played the previous two seasons for the Atlanta Falcons, who selected him in the third round of the 2022 draft. For his career, he is 338 of 529 (63.9 percent) for 3,682 yards, 15 TDs and 12 interceptions in 22 games (17 starts, 8-9 record). Minshew, 28, completed 25 of 42 passes for 230 yards with one touchdown and one interception against the Broncos. He finished his first season with the Raiders with 2,013 yards, nine TDs and 10 picks on 66.3 percent passing. He joined the Raiders in free agency after stints in Jacksonville (2019-20), Philadelphia (2021-22) and Indianapolis (2023) and won the starting job in camp. But he was benched multiple times for O'Connell as the Raiders struggled as a team. --Field Level Media
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Billionaires have seen their combined wealth shoot up 121 percent over the past decade to $14 trillion, Swiss bank UBS said Thursday, with tech billionaires' coffers filling the fastest. Switzerland's biggest bank, which is among the world's largest wealth managers, said the number of dollar billionaires increased from 1,757 to 2,682 over the past 10 years, peaking in 2021 with 2,686. The 10th edition of UBS's annual Billionaire Ambitions report, which tracks the wealth of the world's richest people, found that billionaires have comfortably outperformed global equity markets over the past decade. The report documents "the growth and investment of great wealth, as well as how it's being preserved for future generations and used to have a positive effect on society", said Benjamin Cavalli, head of strategic clients at UBS global wealth management. Between 2015 and 2024, total billionaire wealth increased by 121 percent from $6.3 trillion to $14.0 trillion -- while the MSCI AC World Index of global equities rose 73 percent. The wealth of tech billionaires increased the fastest, followed by that of industrialists. Worldwide, tech billionaires' wealth tripled from $788.9 billion in 2015 to $2.4 trillion in 2024. "In earlier years, the new billionaires commercialised e-commerce, social media and digital payments; more recently they engineered the generative AI boom, while also developing cyber-security, fintech, 3D printing and robotics," UBS said. The report found that since 2020, the global growth trend had slowed due to declines among China's billionaires. From 2015 to 2020, billionaire wealth grew globally at an annual rate of 10 percent, but growth has plunged to one percent since 2020. Chinese billionaire wealth more than doubled from 2015 to 2020, rising from $887.3 billion to $2.1 trillion, but has since fallen back to $1.8 trillion. However, North American billionaire wealth has risen 58.5 percent to $6.1 trillion since 2020, "led by industrials and tech billionaires". Meanwhile billionaires are relocating more frequently, with 176 having moved country since 2020, with Switzerland, the United Arab Emirates, Singapore and the United States being popular destinations. In 2024, some 268 people became billionaires for the first time, with 60 percent of them entrepreneurs. "The year's new billionaires were mainly self-made," said UBS. The report said US billionaires accrued the greatest gains in 2024, reinforcing the country's place as the world's main centre for billionaire entrepreneurs. Their wealth rose 27.6 percent to $5.8 trillion, or more than 40 percent of billionaire wealth worldwide. Billionaires' wealth from mainland China and Hong Kong fell 16.8 percent to $1.8 trillion, with the number of billionaires dropping from 588 to 501. Indian billionaires' wealth increased 42.1 percent to $905.6 billion, while their number grew from 153 to 185. Western Europe’s total billionaire wealth rose 16.0 percent to $2.7 trillion -- partly due to a 24 percent increase in Swiss billionaires. UAE billionaires' aggregate wealth rose 39.5 percent to $138.7 billion. UBS said billionaires faced an "uncertain world" over the next 10 years, due to high geopolitical tensions, trade barriers and governments with mounting spending requirements. Billionaires will therefore need to rely on their previous distinctive traits: "smart risk-taking, business focus and determination". "Risk-taking billionaires are likely to be at the forefront of creating two technology-related industries of the future already taking shape: generative AI and renewables/electrification," UBS predicted. And more flexible wealth planning will be needed as billionaire families move country and spread around the world. The heirs and philanthropic causes of baby boom billionaires are set to inherit an estimated $6.3 trillion over the next 15 years, UBS said. rjm/gvNoneINDIANAPOLIS — More than 170 million Americans use TikTok , but for how much longer ? Unless it's spun off from its Chinese parent company, the platform could disappear from app stores by Jan. 19. Supporters of the federal measure say TikTok poses a national security risk because of the information that could be collected from users by the Chinese-owned company. "We cannot rule out that the CCP (Chinese Communist Party) could use it," Avril Haines, U.S. Director of National Intelligence, said during a Congressional hearing in March. But banning TikTok faces a lot of opposition, including from social media influencers and small business owners who say it could cost them. "You are voting against my small business. You are voting against me getting a slice of my American pie," business owner Summer Lucille told CNN earlier this year, aiming her comments at lawmakers. "This is where entertainment happens," entrepreneur and content creator Max Klymenko said on CNN. "This is where commentary and analysis of the entertainment world happens. This is where education happens." More Videos Next up in 5 Example video title will go here for this video Next up in 5 Example video title will go here for this video Experts say the issue is a unique debate that revolves around free speech issues, national security concerns and potentially significant economic implications. "This is why it has been so challenging to come to a negotiated solution," said Sarah Bauerle Danzman, associate professor of International Studies at Indiana University and a fellow at the Atlantic Council . "In many respects, this seems quite unprecedented, although I will say that there is reporting that in the past, the U.S. has kind of required the sale of Chinese ownership in other social media applications that just didn't end up becoming such a prolonged battle." Bauerle Danzman said if the ban does move forward, it would not result in a "dramatic shutdown" on all users' phones. "Instead, if the Chinese owner ByteDance, does not divest from TikTok, what will end up happening is that the app stores where you get your apps will not allow people to download new versions of the app," Danzman said. "And over time, the quality of TikTok will degrade as people will be unable to update to the most recent version. And then, people will sort of drop off of being able to use it as the current version becomes obsolete." On Monday, Dec. 9, TikTok asked a federal appeals court to pause the impending ban until the U.S. Supreme Court reviews the case. But it's not clear at this point if the Supreme Court will take it up.
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GRAPEVINE, Texas, Dec. 10, 2024 (GLOBE NEWSWIRE) -- GameStop Corp. GME ("GameStop" or the "Company") today released financial results for the third quarter ended November 2, 2024. The Company's condensed and consolidated financial statements, including GAAP and non-GAAP results, are below. The Company's Form 10-Q and supplemental information can be found at https://investor.gamestop.com . THIRD QUARTER OVERVIEW Net sales were $0.860 billion for the period, compared to $1.078 billion in the prior year's third quarter. Selling, general and administrative ("SG&A") expenses were $282.0 million for the period, compared to $296.5 million in the prior year's third quarter. Net income was $17.4 million for the period, compared to a net loss of $3.1 million for the prior year's third quarter. Cash, cash equivalents and marketable securities were $4.616 billion at the close of the quarter. During the quarter, the Company completed its previously disclosed "at-the-market" equity offering program pursuant to the prospectus supplement filed with the SEC on September 6, 2024 by selling 20.0 million shares of its common stock for aggregate gross proceeds of approximately $400.0 million (before commissions and offering expenses). The Company does not anticipate any further at-the-market offerings involving the offer and sale of its common stock during the current fiscal year. The Company will not be holding a conference call today. Additional information can be found in the Company's Form 10-Q. NON-GAAP MEASURES AND OTHER METRICS As a supplement to the Company's financial results presented in accordance with U.S. generally accepted accounting principles ("GAAP"), GameStop may use certain non-GAAP measures, such as adjusted SG&A expenses, adjusted operating loss, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA and free cash flow. The Company believes these non-GAAP financial measures provide useful information to investors in evaluating the Company's core operating performance. Adjusted SG&A expenses, adjusted operating loss, adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA exclude the effect of items such as certain transformation costs, asset impairments, severance, as well as divestiture costs. Free cash flow excludes capital expenditures otherwise included in net cash flows provided by (used in) operating activities. The Company's definition and calculation of non-GAAP financial measures may differ from that of other companies. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company's financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the Company's financial position, results of operations or cash flows and should therefore be considered in assessing the Company's actual and future financial condition and performance. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS - SAFE HARBOR This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current beliefs, views, estimates and expectations, including as to the Company's industry, business strategy, goals and expectations concerning its market position, strategic and transformation initiatives, future operations, margins, profitability, sales growth, capital expenditures, liquidity, capital resources, expansion of technology expertise, and other financial and operating information, including expectations as to future operating profit improvement. Forward-looking statements are subject to significant risks and uncertainties and actual developments, business decisions, outcomes and results may differ materially from those reflected or described in the forward-looking statements. The following factors, among others, could cause actual developments, business decisions, outcomes and results to differ materially from those reflected or described in the forward-looking statements: economic, social, and political conditions in the markets in which we operate; the competitive nature of the Company's industry; the cyclicality of the video game industry; the Company's dependence on the timely delivery of new and innovative products from its vendors; the impact of technological advances in the video game industry and related changes in consumer behavior on the Company's sales; interruptions to the Company's supply chain or the supply chain of our suppliers; the Company's dependence on sales during the holiday selling season; the Company's ability to obtain favorable terms from its current and future suppliers and service providers; the Company's ability to anticipate, identify and react to trends in pop culture with regard to its sales of collectibles; the Company's ability to maintain strong retail and ecommerce experiences for its customers; the Company's ability to keep pace with changing industry technology and consumer preferences; the Company's ability to manage its profitability and cost reduction initiatives; turnover in senior management or the Company's ability to attract and retain qualified personnel; potential damage to the Company's reputation or customers' perception of the Company; the Company's ability to maintain the security or privacy of its customer, associate or Company information; occurrence of weather events, natural disasters, public health crises and other unexpected events; risks associated with inventory shrinkage; potential failure or inadequacy of the Company's computerized systems; the ability of the Company's third party delivery services to deliver products to the Company's retail locations, fulfillment centers and consumers and changes in the terms the Company has with such service providers; the ability and willingness of the Company's vendors to provide marketing and merchandising support at historical or anticipated levels; restrictions on the Company's ability to purchase and sell pre-owned products; the Company's ability to renew or enter into new leases on favorable terms; unfavorable changes in the Company's global tax rate; legislative actions; the Company's ability to comply with federal, state, local and international laws and regulations and statutes; potential future litigation and other legal proceedings; the value of the Company's securities holdings; concentration of the Company's investment portfolio into one or few holdings; the recognition of losses in a particular security even if the Company has not sold the security; volatility in the Company's stock price, including volatility due to potential short squeezes; continued high degrees of media coverage by third parties; the availability and future sales of substantial amounts of the Company's Class A common stock; fluctuations in the Company's results of operations from quarter to quarter; the Company's ability to incur additional debt; risks associated with the Company's investment in marketable, nonmarketable and interest-bearing securities, including the impact of such investments on the Company's financial results; and the Company's ability to maintain effective control over financial reporting. Additional factors that could cause results to differ materially from those reflected or described in the forward-looking statements can be found in GameStop's most recent Annual Report on Form 10-K and other filings made from time to time with the SEC and available at www.sec.gov or on the Company's investor relations website ( https://investor.gamestop.com ). Forward-looking statements contained in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. GameStop Corp. Condensed Statements of Operations (in millions, except per share data) (unaudited) 13 Weeks Ended November 2, 2024 13 Weeks Ended October 28, 2023 Net sales $ 860.3 $ 1,078.3 Cost of sales 603.1 796.5 Gross profit 257.2 281.8 Selling, general and administrative expenses 282.0 296.5 Asset Impairments 8.6 — Operating loss (33.4 ) (14.7 ) Interest income, net (54.2 ) (12.9 ) Other expense, net — 2.5 Income (loss) before income taxes 20.8 (4.3 ) Income tax expense (benefit) 3.4 (1.2 ) Net income (loss) $ 17.4 $ (3.1 ) Net income (loss) per share: Basic Income (loss) per share $ 0.04 $ (0.01 ) Diluted income (loss) per share $ 0.04 $ (0.01 ) Weighted-average common shares outstanding: Basic 437.4 305.3 Diluted 437.9 305.3 Percentage of Net Sales: Net sales 100.0 % 100.0 % Cost of sales 70.1 73.9 Gross profit 29.9 26.1 Selling, general and administrative expenses 32.8 27.5 Asset Impairments 1.0 — Operating loss (3.9 ) (1.4 ) Interest income, net (6.3 ) (1.2 ) Other income, net — 0.2 Income (loss) before income taxes 2.4 (0.4 ) Income tax expense (benefit) 0.4 (0.1 ) Net income (loss) 2.0 % (0.3 )% GameStop Corp. Consolidated Statements of Operations (in millions, except per share data) (unaudited) 39 Weeks Ended November 2, 2024 39 Weeks Ended October 28, 2023 Net sales $ 2,540.4 $ 3,479.2 Cost of sales 1,789.9 2,604.2 Gross profit 750.5 875.0 Selling, general and administrative expenses 847.9 964.7 Asset Impairments 8.6 — Operating loss (106.0 ) (89.7 ) Interest income, net (108.6 ) (34.2 ) Other expense, net — 2.4 Income (loss) before income taxes 2.6 (57.9 ) Income tax expense (benefit) 2.6 (1.5 ) Net Income (loss) $ 0.0 $ (56.4 ) Net income (loss) per share: Basic loss per share $ 0.00 $ (0.18 ) Diluted loss per share $ 0.00 $ (0.18 ) Weighted-average common shares outstanding: Basic 376.6 304.9 Diluted 377.1 304.9 Percentage of Net Sales: Net sales 100.0 % 100.0 % Cost of sales 70.5 74.9 Gross profit 29.5 25.1 Selling, general and administrative expenses 33.4 27.7 Asset Impairments 0.3 — Operating loss (4.2 ) (2.6 ) Interest income, net (4.3 ) (1.0 ) Other income, net — 0.1 Earnings (loss) before income taxes 0.1 (1.7 ) Income tax expense (benefit) 0.1 — Net income (loss) 0.0 % (1.7 )% GameStop Corp. Condensed Consolidated Balance Sheets (in millions) (unaudited) November 2, 2024 October 28, 2023 ASSETS: Current assets: Cash and cash equivalents $ 4,583.4 $ 909.0 Marketable securities 32.8 300.5 Receivables, net of allowance of $3.8 and $2.1, respectively 57.5 88.3 Merchandise inventories, net 830.2 1,021.3 Prepaid expenses and other current assets 119.4 57.7 Total current assets 5,623.3 2,376.8 Property and equipment, net of accumulated depreciation of $768.9 and $973.0, respectively 70.5 114.5 Operating lease right-of-use assets 425.3 570.4 Deferred income taxes 17.7 16.6 Other noncurrent assets 103.4 68.6 Total assets $ 6,240.2 $ 3,146.9 LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable $ 494.1 $ 812.7 Accrued liabilities and other current liabilities 437.0 425.7 Current portion of operating lease liabilities 157.6 188.9 Current portion of long-term debt 10.9 10.5 Total current liabilities 1,099.6 1,437.8 Long-term debt, net 9.6 20.0 Operating lease liabilities 285.4 394.8 Other long-term liabilities 41.1 31.5 Total liabilities 1,435.7 1,884.1 Total stockholders' equity 4,804.5 1,262.8 Total liabilities and stockholders' equity $ 6,240.2 $ 3,146.9 GameStop Corp. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) 13 Weeks Ended November 2, 2024 13 Weeks Ended October 28, 2023 Cash flows from operating activities: Net income (loss) $ 17.5 $ (3.1 ) Adjustments to reconcile net loss to net cash flows from operating activities: Depreciation and amortization 8.5 11.3 Stock-based compensation expense, net 4.9 6.4 Asset impairments 8.6 — Gain on disposal of property and equipment, net (4.1 ) (5.6 ) Other, net 0.6 5.8 Changes in operating assets and liabilities: Receivables, net (0.1 ) (13.3 ) Merchandise inventories, net (271.3 ) (357.5 ) Prepaid expenses and other current assets (90.5 ) 1.7 Prepaid income taxes and income taxes payable (3.3 ) (3.8 ) Accounts payable and accrued liabilities 331.5 381.9 Operating lease right-of-use assets and liabilities 0.1 (3.7 ) Changes in other long-term liabilities 22.2 (1.0 ) Net cash flows provided by operating activities 24.6 19.1 Cash flows from investing activities: Proceeds from sale of property and equipment 5.5 13.1 Purchases of marketable securities (21.7 ) — Capital expenditures (4.6 ) (8.0 ) Other 0.3 — Net cash flows (used in) provided by investing activities (20.5 ) 5.1 Cash flows from financing activities: Repayments of debt (2.8 ) (2.6 ) Proceeds from issuance of shares in at-the-market (ATM) offering, net of costs 398.1 — Net cash flows provided by (used in) financing activities 395.3 (2.6 ) Exchange rate effect on cash, cash equivalents and restricted cash 0.2 (7.6 ) Increase (decrease) in cash, cash equivalents, and restricted cash 399.6 14.0 Cash, cash equivalents and restricted cash at beginning of period 4,217.0 915.2 Cash, cash equivalents and restricted cash at end of period $ 4,616.6 $ 929.2 GameStop Corp. Condensed Consolidated Statements of Cash Flows (in millions) (unaudited) 39 Weeks Ended November 2, 2024 39 Weeks Ended October 28, 2023 Cash flows from operating activities: Net loss $ 0.0 $ (56.4 ) Adjustments to reconcile net loss to net cash flows from operating activities: Depreciation and amortization 32.9 37.6 Stock-based compensation expense, net 10.9 14.0 Asset impairments 8.6 — Gain on disposal of property and equipment, net (6.4 ) (5.0 ) Other, net 1.1 2.9 Changes in operating assets and liabilities: Receivables, net 33.8 65.7 Merchandise inventories, net (198.6 ) (357.1 ) Prepaid expenses and other current assets (92.6 ) 5.7 Prepaid income taxes and income taxes payable (6.7 ) (5.1 ) Accounts payable and accrued liabilities 187.8 114.5 Operating lease right-of-use assets and liabilities 0.6 (7.1 ) Changes in other long-term liabilities 12.0 (2.4 ) Net cash flows used in operating activities (16.6 ) (192.7 ) Cash flows from investing activities: Proceeds from sale of digital assets — 2.8 Purchases of marketable securities (29.2 ) (313.0 ) Proceeds from the maturities and sales of marketable securities 273.9 270.5 Capital expenditures (12.6 ) (27.2 ) Proceeds from sale of property and equipment 15.3 13.1 Other 0.3 — Net cash flows provided by (used in) investing activities 247.7 (53.8 ) Cash flows from financing activities: Settlements of stock-based awards — (0.1 ) Repayments of debt (8.3 ) (8.0 ) Proceeds from issuance of shares in at-the-market (ATM) offering, net of costs 3,453.8 — Net cash flows provided by (used in) financing activities 3,445.5 (8.1 ) Exchange rate effect on cash, cash equivalents and restricted cash 1.1 (12.2 ) Increase (decrease) in cash, cash equivalents and restricted cash 3,677.7 (266.8 ) Cash, cash equivalents and restricted cash at beginning of period 938.9 1,196.0 Cash, cash equivalents and restricted cash at end of period $ 4,616.6 $ 929.2 Schedule I Sales Mix (in millions) (unaudited) 13 Weeks Ended November 2, 2024 13 Weeks Ended October 28, 2023 Net Percent Net Percent Net Sales: Sales of Total Sales of Total Hardware and accessories (1) $ 417.4 48.5 % $ 579.4 53.7 % Software (2) 271.8 31.6 % 321.3 29.8 % Collectibles 171.1 19.9 % 177.6 16.5 % Total $ 860.3 100.0 % $ 1,078.3 100.0 % 39 Weeks Ended November 2, 2024 39 Weeks Ended October 28, 2023 Net Percent Net Percent Net Sales: Sales of Total Sales of Total Hardware and accessories (1) $ 1,373.9 54.1 % $ 1,902.2 54.7 % Software (2) 719.2 28.3 % 1,056.7 30.3 % Collectibles 447.3 17.6 % 520.3 15.0 % Total $ 2,540.4 100.0 % $ 3,479.2 100.0 % (1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics. (2) Includes sales of new and pre-owned video game software, digital software and PC entertainment software. GameStop Corp. Schedule II (in millions, except per share data) (unaudited) Non-GAAP results The following tables reconcile the Company's selling, general and administrative expenses ("SG&A expense"), operating loss, net income (loss) and net income (loss) per share as presented in its unaudited consolidated statements of operations and prepared in accordance with U.S. generally accepted accounting principles ("GAAP") to its adjusted SG&A expense, adjusted operating loss, adjusted net income (loss), adjusted EBITDA and adjusted net income (loss) per share. The diluted weighted-average shares outstanding used to calculate adjusted earnings per share may differ from GAAP weighted-average shares outstanding. Under GAAP, basic and diluted weighted-average shares outstanding are the same in periods where there is a net loss. The reconciliations below are from continuing operations only. 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Adjusted SG&A expense SG&A expense $ 282.0 $ 296.5 $ 847.9 $ 964.7 Transformation costs (1) (0.2 ) (1.6 ) 13.7 (4.7 ) Adjusted SG&A expense $ 281.8 $ 294.9 $ 861.6 $ 960.0 Adjusted Operating Loss Operating loss $ (33.4 ) $ (14.7 ) $ (106.0 ) $ (89.7 ) Transformation costs (1) 0.2 1.6 (13.7 ) 4.7 Asset impairments 8.6 — 8.6 — Adjusted operating loss $ (24.6 ) $ (13.1 ) $ (111.1 ) $ (85.0 ) Adjusted Net Income (Loss) Net Income (loss) $ 17.4 $ (3.1 ) $ — $ (56.4 ) Transformation costs (1) 0.2 1.6 (13.7 ) 4.7 Asset impairments (2) 8.6 — 8.6 — Divestitures and other — 2.5 — 1.4 Adjusted net income (loss) $ 26.2 $ 1.0 $ (5.1 ) $ (50.3 ) Adjusted net income (loss) per share Basic $ 0.06 $ 0.00 $ (0.01 ) $ (0.16 ) Diluted 0.06 0.00 (0.01 ) (0.16 ) Number of shares used in adjusted calculation Basic 437.4 305.3 376.6 304.9 Diluted 437.9 305.4 377.1 304.9 (1) Transformation costs include severance, stock-based compensation forfeitures related to workforce optimization efforts and departures of key personnel, adjustments to reserves for expenses for consultants and advisors related to transformation initiatives, and other costs in connection with the transformation initiatives. (2) Incurred in connection with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and wind down our operations in Germany. 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Reconciliation of Net Income (loss) to Adjusted EBITDA Net income (loss) $ 17.4 $ (3.1 ) $ — $ (56.4 ) Interest income, net (54.2 ) (12.9 ) (108.6 ) (34.2 ) Depreciation and amortization 8.5 11.3 32.9 37.6 Income tax expense (benefit) 3.4 (1.2 ) 2.6 (1.5 ) EBITDA $ (24.9 ) $ (5.9 ) $ (73.1 ) $ (54.5 ) Stock-based compensation 4.9 6.9 10.9 25.1 Transformation costs (1) 0.2 1.6 (13.7 ) 4.7 Divestitures and other — 2.5 — 1.4 Asset impairments (2) 8.6 — 8.6 — Adjusted EBITDA $ (11.2 ) $ 5.1 $ (67.3 ) $ (23.3 ) (1) Transformation costs include severance, stock-based compensation forfeitures related to workforce optimization efforts and departures of key personnel, adjustments to reserves for expenses for consultants and advisors related to transformation initiatives, and other costs in connection with the transformation initiatives. (2) Incurred in connection with plans initiated during the third quarter of fiscal 2024 to divest our operations in Italy and wind down our operations in Germany. GameStop Corp. Schedule III (in millions) (unaudited) Non-GAAP results The following table reconciles the Company's cash flows provided by (used in) operating activities as presented in its unaudited Consolidated Statements of Cash Flows and prepared in accordance with GAAP to its free cash flow. Free cash flow is considered a non-GAAP financial measure. Management believes, however, that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use by investors in evaluating the company's financial performance. 13 Weeks Ended 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net cash flows provided by (used in) operating activities $ 24.6 $ 19.1 $ (16.6 ) $ (192.7 ) Capital expenditures $ (4.6 ) $ (8.0 ) $ (12.6 ) $ (27.2 ) Free cash flow $ 20.0 $ 11.1 $ (29.2 ) $ (219.9 ) Non-GAAP Measures and Other Metrics Adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share are supplemental financial measures of the Company's performance that are not required by, or presented in accordance with, GAAP. We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. We define adjusted EBITDA as net income (loss) before income taxes, plus interest income, net and depreciation and amortization, excluding stock-based compensation, certain transformation costs, business divestitures, asset impairments, severance and other non-cash charges. Net income (loss) is the GAAP financial measure most directly comparable to adjusted EBITDA. Our non-GAAP financial measures should not be considered as an alternative to the most directly comparable GAAP financial measure. Furthermore, non-GAAP financial measures have limitations as an analytical tool because they exclude some but not all items that affect the most directly comparable GAAP financial measures. Some of these limitations include: certain items excluded from adjusted EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure; adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements; and our computations of adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We compensate for the limitations of adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share as analytical tools by reviewing the comparable GAAP financial measure, understanding the differences between the GAAP and non-GAAP financial measures and incorporating these data points into our decision-making process. Adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share are provided in addition to, and not as an alternative to, the Company's financial results prepared in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share may be defined and determined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Contact GameStop Investor Relations 817-424-2001 ir@gamestop.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.