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More than 90% of manufacturers embrace regionalization for stronger supply chains, Kearney findsSAN FRANCISCO, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. SFIX , the leading online personal styling service, today announced its financial results for the first quarter of fiscal year 2025, ended November 2, 2024. "Our fiscal year is off to a strong start. We exceeded our expectations in the first quarter on the top and bottom lines," said Matt Baer, Chief Executive Officer, Stitch Fix. "Our clients are responding to the newness we have brought to our assortment as well as the improvements we've made to our client experience. This progress is a testament to the Stitch Fix team's ongoing execution of our transformation strategy, and we continue to expect to return to revenue growth by the end of FY26." During the first quarter of fiscal 2024, we ceased operations of our UK business and met the accounting requirements for reporting the UK business as a discontinued operation. Accordingly, our unaudited condensed consolidated financial statements reflect the results of the UK business as a discontinued operation for all periods presented. Unless otherwise noted, amounts and disclosures below relate to our continuing operations. First Quarter Fiscal 2025 Key Metrics and Financial Highlights Net revenue of $318.8 million, a decrease of 12.6% year-over-year. Active clients of 2,434,000, a decrease of 74,000, or 3.0%, quarter-over-quarter; and a decrease of 555,000, or 18.6%, year-over-year. Net revenue per active client ("RPAC") of $531, an increase of 4.9% year-over-year. Gross margin of 45.4%, an increase of 180 basis points year-over-year, which reflects improved transportation leverage and product margins. Net loss of $6.3 million and diluted loss per share of $0.05. Adjusted EBITDA of $13.5 million, which reflects continued cost management discipline. Net cash provided by operating activities of $14.3 million and free cash flow of $9.9 million in the first fiscal quarter. We ended the quarter with $253.3 million of cash, cash equivalents, and investments; and no debt. Financial Outlook Our financial outlook for the second quarter of fiscal 2025, ending February 1, 2025, is as follows: Q2 2025 Net Revenue $290 million – $300 million (12)% – (9)% YoY Adjusted EBITDA $8 million – $13 million 2.8% – 4.3% margin Our fiscal year is a 52-week or 53-week period ending on the Saturday closest to July 31. The fiscal year 2025 is a 52-week year and the fiscal year 2024 was a 53-week year, with the extra week occurring in the fourth quarter ending August 3, 2024. Our financial outlook for fiscal year 2025 is as follows: Fiscal Year 2025 Net Revenue $1.14 billion – $1.18 billion (15)% – (12)% YoY (13)% – (10)% YoY adjusted to a 52-week period (1) Adjusted EBITDA $25 million – $36 million 2.2% – 3.1% margin (1) Full fiscal year 2024 net revenue from continuing operations has been adjusted to remove the impact of the 53rd week for year-over-year comparative purposes. We expect both the second quarter and full fiscal year 2025 gross margin to be approximately 44% to 45%, and full fiscal year 2025 advertising expense as a percentage of revenue to be at the high end of an 8% to 9% range. Stitch Fix has not reconciled its Adjusted EBITDA outlook to GAAP net income (loss) because it does not provide an outlook for GAAP net income (loss) due to the uncertainty and potential variability of restructuring and other one-time costs, net other income (expense), provision for income taxes, and stock-based compensation expense, which are reconciling items between Adjusted EBITDA and GAAP net income (loss). Because Stitch Fix cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP net income (loss). For more information regarding the non-GAAP financial measures discussed in this release, please see "Non-GAAP Financial Measures" below. Conference Call and Webcast Information Matt Baer, Chief Executive Officer of Stitch Fix, and David Aufderhaar, Chief Financial Officer of Stitch Fix, will host a conference call at 2:00 p.m. Pacific Time today to discuss the Company's financial results and outlook. A live webcast of the call will be accessible on the investor relations section of the Stitch Fix website at https://investors.stitchfix.com . To access the call by phone, please register at the following link: Dial-In Registration: https://register.vevent.com/register/BIb75f616c9a2a4320adf40088c7b87810 Upon registration, telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the webcast will also be available for a limited time at https://investors.stitchfix.com . About Stitch Fix, Inc. Stitch Fix SFIX is the leading online personal styling service that helps people discover the styles they will love that fit perfectly so they always look - and feel - their best. Few things are more personal than getting dressed, but finding clothing that fits and looks great can be a challenge. Stitch Fix solves that problem. By pairing expert stylists with best-in-class AI and recommendation algorithms, the company leverages its assortment of exclusive and national brands to meet each client's individual tastes and needs, making it convenient for clients to express their personal style without having to spend hours in stores or sifting through endless choices online. Stitch Fix, which was founded in 2011, is headquartered in San Francisco. For more information, please visit https://www.stitchfix.com . Forward-Looking Statements This press release, the related conference call, and webcast contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward looking, including but not limited to statements regarding our expectations for future financial performance, including our profitability and long-term targets; guidance on financial results and metrics for the second quarter and full fiscal year of 2025; that the execution of our strategy and priorities will enable us to achieve long-term, sustainable, and profitable growth and positive free cash flow; our expectation to return to revenue growth by the end of fiscal year 2026; that the changes we have made to our client experience will help us acquire, retain, and reactivate highly engaged clients over time and better serve our clients; that our actions to make Stylists more visible to our clients will deepen relationships between clients and Stylists and increase client engagement; and our expectations regarding warehouse costs, transportation costs, gross margin, inventory levels, and advertising spend. These statements involve substantial risks and uncertainties, including risks and uncertainties related to the current macroeconomic environment; our ability to generate sufficient net revenue to offset our costs; consumer behavior; our ability to acquire, engage, and retain clients; our ability to provide offerings and services that achieve market acceptance; our data science and technology, Stylists, operations, marketing initiatives, and other key strategic areas; risks related to our inventory levels and management; risks related to our supply chain, sourcing of materials and shipping of merchandise; our ability to forecast our future operating results; and other risks described in the filings we make with the SEC. Further information on these and other factors that could cause our financial results, performance, and achievements to differ materially from any results, performance, or achievements anticipated, expressed, or implied by these forward-looking statements is included in filings we make with the SEC from time to time, including in the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended August 3, 2024. These documents are available on the SEC Filings section of the Investor Relations section of our website at: https://investors.stitchfix.com . 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 or the occurrence of unanticipated events, except as required by law. The achievement or success of the matters covered by such forward-looking statements involves known and unknown risks, uncertainties, and assumptions. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward-looking statements represent our management's beliefs and assumptions only as of the date such statements are made. Stitch Fix, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except per share amounts) November 2, 2024 August 3, 2024 Assets Current assets: Cash and cash equivalents $ 137,153 $ 162,862 Short-term investments 116,119 84,106 Inventory, net 119,145 97,903 Prepaid expenses and other current assets 20,099 21,839 Total current assets 392,516 366,710 Property and equipment, net 49,204 51,517 Operating lease right-of-use assets 60,616 63,780 Other long-term assets 4,783 4,857 Total assets $ 507,119 $ 486,864 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 114,386 $ 87,058 Operating lease liabilities 21,999 21,817 Accrued liabilities 69,352 73,007 Gift card liability 6,296 6,749 Deferred revenue 9,256 9,217 Other current liabilities 5,232 5,201 Current liabilities, discontinued operations 32 502 Total current liabilities 226,553 203,551 Operating lease liabilities, net of current portion 89,465 95,685 Other long-term liabilities 606 606 Total liabilities 316,624 299,842 Stockholders' equity: Class A common stock, $0.00002 par value 1 1 Class B common stock, $0.00002 par value 1 1 Additional paid-in capital 694,339 684,650 Accumulated other comprehensive income (loss) (295 ) (335 ) Accumulated deficit (473,509 ) (467,253 ) Treasury stock, at cost (30,042 ) (30,042 ) Total stockholders' equity 190,495 187,022 Total liabilities and stockholders' equity $ 507,119 $ 486,864 Stitch Fix, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except share and per share amounts) For the Three Months Ended November 2, 2024 October 28, 2023 Revenue, net $ 318,818 $ 364,785 Cost of goods sold 174,013 205,682 Gross profit 144,805 159,103 Gross margin 45.4 % 43.6 % Selling, general, and administrative expenses 153,771 187,764 Operating loss (8,966 ) (28,661 ) Interest income 2,932 2,248 Other income (expense), net (72 ) 411 Loss before income taxes (6,106 ) (26,002 ) Provision for income taxes 157 169 Net loss from continuing operations (6,263 ) (26,171 ) Net income (loss) from discontinued operations, net of income taxes 7 (9,319 ) Net loss (6,256 ) (35,490 ) Other comprehensive income (loss): Change in unrealized gains and losses on available-for-sale securities, net of tax 40 121 Foreign currency translation — (1,129 ) Total other comprehensive income (loss), net of tax 40 (1,008 ) Comprehensive loss $ (6,216 ) $ (36,498 ) Loss per share from continuing operations, attributable to common stockholders: Basic $ (0.05 ) $ (0.22 ) Diluted $ (0.05 ) $ (0.22 ) Loss per share from discontinued operations, attributable to common stockholders: Basic $ 0.00 $ (0.08 ) Diluted $ 0.00 $ (0.08 ) Loss per share attributable to common stockholders: Basic $ (0.05 ) $ (0.30 ) Diluted $ (0.05 ) $ (0.30 ) Weighted-average shares used to compute loss per share attributable to common stockholders: Basic 125,972,658 116,645,160 Diluted 125,972,658 116,645,160 Stitch Fix, Inc. Condensed Consolidated Statements of Cash Flow (Unaudited) (In thousands) For the Three Months Ended November 2, 2024 October 28, 2023 Cash Flows from Operating Activities from Continuing Operations Net loss from continuing operations $ (6,263 ) $ (26,171 ) Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations: Change in inventory reserves 4,970 3,083 Stock-based compensation expense 12,650 19,902 Depreciation, amortization, and accretion 6,859 13,784 Other 34 19 Change in operating assets and liabilities: Inventory (26,212 ) (33,255 ) Prepaid expenses and other assets 1,771 2,800 Operating lease right-of-use assets and liabilities (2,874 ) (1,349 ) Accounts payable 27,223 34,709 Accrued liabilities (3,507 ) 7,502 Deferred revenue 39 (664 ) Gift card liability (453 ) (503 ) Other liabilities 31 702 Net cash provided by operating activities from continuing operations 14,268 20,559 Cash Flows from Investing Activities from Continuing Operations Proceeds from sale of property and equipment — 21 Purchases of property and equipment (4,323 ) (3,653 ) Purchases of securities available-for-sale (46,074 ) — Sales of securities available-for-sale 2,468 — Maturities of securities available-for-sale 12,200 12,820 Net cash provided by (used in) investing activities from continuing operations (35,729 ) 9,188 Cash Flows from Financing Activities from Continuing Operations Payments for tax withholdings related to vesting of restricted stock units (3,785 ) (4,008 ) Other — (100 ) Net cash used in financing activities from continuing operations (3,785 ) (4,108 ) Net increase (decrease) in cash and cash equivalents from continuing operations (25,246 ) 25,639 Cash Flows from Discontinued Operations Net cash used in operating activities from discontinued operations (463 ) (6,119 ) Net cash used in financing activities from discontinued operations — (164 ) Net decrease in cash and cash equivalents from discontinued operations (463 ) (6,283 ) Effect of exchange rate changes on cash and cash equivalents — (1,895 ) Net increase (decrease) in cash and cash equivalents (25,709 ) 17,461 Cash and cash equivalents at beginning of period 162,862 239,437 Cash and cash equivalents at end of period $ 137,153 $ 256,898 Supplemental Disclosure Cash paid for income taxes $ 521 $ 386 Supplemental Disclosure of Non-Cash Investing and Financing Activities Purchases of property and equipment included in accounts payable and accrued liabilities $ 43 $ 1,099 Capitalized stock-based compensation $ 824 $ 1,303 Non-GAAP Financial Measures We report our financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). However, management believes that certain non-GAAP financial measures provide users of our financial information with additional useful information in evaluating our performance. We believe that adjusted EBITDA from continuing operations ("Adjusted EBITDA") is frequently used by investors and securities analysts in their evaluations of companies, and that this supplemental measure facilitates comparisons between continuing operations of companies. We believe free cash flow from continuing operations ("Free Cash Flow") is an important metric because it represents a measure of how much cash from continuing operations we have available for discretionary and non-discretionary items after the deduction of capital expenditures. These non-GAAP financial measures may be different than similarly titled measures used by other companies. Our non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are several limitations related to the use of our non-GAAP financial measures as compared to the closest comparable GAAP measures. Some of these limitations include: Adjusted EBITDA excludes interest income and net other (income) expense as these items are not components of our core business; Adjusted EBITDA does not reflect our provision for income taxes, which may increase or decrease cash available to us; Adjusted EBITDA excludes the recurring, non-cash expenses of depreciation and amortization of property and equipment and, although these are non-cash expenses, the assets being depreciated and amortized may have to be replaced in the future; Adjusted EBITDA excludes the non-cash expense of stock-based compensation, which has been, and will continue to be for the foreseeable future, an important part of how we attract and retain our employees and a significant recurring expense in our business; Adjusted EBITDA excludes costs incurred related to discrete restructuring plans and other one-time costs attributable to our continuing operations that are fundamentally different in strategic nature and frequency from ongoing initiatives. We believe exclusion of these items facilitates a more consistent comparison of operating performance over time, however these costs do include cash outflows; and Free Cash Flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments. Adjusted EBITDA We define Adjusted EBITDA as net loss from continuing operations excluding interest income, net other (income) expense, provision for income taxes, depreciation and amortization, stock-based compensation expense, and restructuring and other one-time costs related to our continuing operations. The following table presents a reconciliation of net loss from continuing operations, the most comparable GAAP financial measure, to Adjusted EBITDA for each of the periods presented: For the Three Months Ended (in thousands) November 2, 2024 October 28, 2023 Net loss from continuing operations $ (6,263 ) $ (26,171 ) Add (deduct): Interest income (2,932 ) (2,248 ) Other (income) expense, net 72 (411 ) Provision for income taxes 157 169 Depreciation and amortization (1) 7,385 9,439 Stock-based compensation expense 12,650 19,902 Restructuring and other one-time costs (2) 2,425 7,950 Adjusted EBITDA $ 13,494 $ 8,630 (1) For the three months ended October 28, 2023, depreciation and amortization excluded $4.3 million reflected in "Restructuring and other one-time costs." (2) For the three months ended November 2, 2024, restructuring charges were $1.0 million in severance and employee-related benefits and other restructuring costs; and other-one time costs were $1.4 million in one-time bonuses for certain continuing employees. For the three months ended October 28, 2023, restructuring charges were $8.0 million in severance and employee-related benefits, accelerated depreciation, and other restructuring costs. Free Cash Flow We define Free Cash Flow as net cash flows provided by operating activities from continuing operations, reduced by purchases of property and equipment that are included in cash flows from investing activities from continuing operations. The following table presents a reconciliation of net cash flows provided by operating activities from continuing operations, the most comparable GAAP financial measure, to Free Cash Flow for each of the periods presented: For the Three Months Ended (in thousands) November 2, 2024 October 28, 2023 Free Cash Flow reconciliation: Net cash provided by operating activities from continuing operations $ 14,268 $ 20,559 Deduct: Purchases of property and equipment from continuing operations (4,323 ) (3,653 ) Free Cash Flow $ 9,945 $ 16,906 Net cash provided by (used in) investing activities from continuing operations $ (35,729 ) $ 9,188 Net cash used in financing activities from continuing operations $ (3,785 ) $ (4,108 ) Operating Metrics (in thousands) November 2, 2024 August 3, 2024 April 27, 2024 January 27, 2024 October 28, 2023 Active clients 2,434 2,508 2,633 2,805 2,989 Net Revenue per Active Client $ 531 $ 533 $ 525 $ 515 $ 506 Active Clients We define an active client as a client who checked out a Fix or was shipped an item via Freestyle in the preceding 52 weeks, measured as of the last day of that period. Clients check out a Fix when they indicate what items they are keeping through our mobile application or on our website. We consider each Women's, Men's, or Kids account as a client, even if they share the same household. Net Revenue per Active Client We calculate net revenue per active client based on net revenue over the preceding four fiscal quarters divided by the number of active clients measured as of the last day of the period. IR Contact: PR Contact: ir@stitchfix.com media@stitchfix.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Legendary department chain to close doors of ‘huge’ branch forever in DAYS
President Jimmy Carter at the White House, in Washington, U.S. March 8, 1977. Library of Congress/Reuters Jon Hartley is a research fellow at the Foundation for Research on Equal Opportunity, a senior fellow at the Macdonald-Laurier Institute, and affiliated scholar at the Mercatus Center. Former U.S. president Jimmy Carter died on Sunday at age 100. That makes the economic legacy of Mr. Carter’s decisions a timely matter to examine. One issue that policymakers around the world should reflect on in these newly inflationary times is that America’s inflation fighting of the 1980s was set in motion by Mr. Carter in the form of deregulation and hawkish monetary policy – well before the Reagan Revolution, the phenomenon associated with Mr. Carter’s successor, to whom the credit is often given. At the end of the 1970s, the U.S. economy was plagued by inflation and financial market volatility. Jimmy Carter, former U.S. president and Nobel Peace Prize winner, dies at 100 Several Federal Reserve chairs, including Arthur Burns, William Miller and Frederick Schultz (in an acting capacity), all had failed to tackle inflation head-on, with dire consequences: inflationary spirals that ravaged the financial well-being of Americans, especially those at or below the median income. In late July, 1979, Mr. Carter nominated Paul Volcker, then the hawkish president of the Federal Reserve Bank of New York, to head the central bank. While sitting on the Federal Open Market Committee, Mr. Volcker had made it clear he was in favour of more aggressive interest rate increases. He took action in fighting inflation with increases that past Fed chairs had been too afraid to introduce, eventually raising interest rates to a peak of 21.5 per cent in 1981. Despite contributing to a significant labour market pullback that included unemployment above 10 per cent, the hikes pushed inflation, which had peaked at 14.8 per cent in 1980, to fall below 3 per cent by 1983. The episode is still cited by economists and textbooks as one of the greatest empirical examples of how raising interest rates can reduce inflation by lowering aggregate demand. Opinion: Remembering Jimmy Carter, a presidential study in contradiction and high conduct In 1983, President Ronald Reagan reappointed Mr. Volcker to a second term, beginning a long tradition of reappointing Fed chairs (even across party lines) that would last 35 years and further enshrine central bank independence. President Carter’s initial decision had important long-term consequences. The Carter-Volcker inflation-fighting legacy is a lesson that President Joe Biden, current Fed chair Jay Powell and other Federal Reserve officials should remember as they continue their quest to vanquish the early 2020s inflation spike – after initially hesitating, in the mistaken belief that inflation would subside on its own, without central bank intervention. Former U.S. President Jimmy Carter signs a disaster relief declaration for cold-stricken Buffalo, N.Y., on Feb. 5, 1977. John Duricka/AP Lt. James "Jimmy" Carter, background, peers at instruments in main control room of the submarine USS K-1 (SSK-1) in 1952. From 1952-53, Carter served on temporary duty with the Naval Reactors Branch of U.S. Atomic Energy Commission to assist "in the design and development of nuclear propulsion plants for naval vessels." Courtesy of Naval History and Heritage Command American politician Jimmy Carter looks up while shoveling peanuts on a peanut farm, 1970s. Hulton Archive/Getty Images In a photo provided by Special Collections and Archives/Georgia State University, Dorothy Bolden, left, founder of the National Domestic Workers Union, with Jimmy Carter when he was Georgia's governor, in 1970. Bolden adapted the organizing techniques she learned as a civil rights activist to secure protections for domestic workers, a largely unregulated part of the work force. SPECIAL COLLECTIONS AND ARCHIVES/The New York Times News Service President elect Jimmy Carter (c), flanked by his wife Rosalynn (L), his daughter Amy (2nd L) and family, celebrates his election during a rally in Atlanta on November 3, 1976. Jimmy Carter was elected 39th President of the United States on November 2, 1976, with 51% of votes against 48% for incumbent Republican president Gerald Ford. GENE FORTE/Getty Images Supporters of Democratic presidential candidate Jimmy Carter hold up signs during a rally on May 15, 1976 in New York. Jimmy Carter was elected 39th President of the United States on November 2, 1976, with 51% of votes against 48% for incumbent Republican president Gerald Ford. -/Getty Images Chief Justice Warren Burger administers the oath of office to Jimmy Carter (R) as the 39th President of the United Sates on January 20, 1977. Rosalynn Carter is looking on. -/Getty Images Former Prime Minister Pierre Elliott Trudeau, right, presents former U.S. President Jimmy Carter with a copy of 'Between Friends,' a book of pictures made along the U.S.-Canadian border, on Feb. 21, 1977. Anonymous/The Associated Press In this Tuesday, Aug. 30, 1977 file photo, President Jimmy Carter meets with civic leaders from Georgia and Florida at the White House in Washington to explain his new Panama Canal treaty. Hharvey Georges/The Associated Press In this file photo taken on September 17, 1978, Egyptian President Anwar al-Sadat (back to camera) and Israeli Premier Menachem Begin embrace each other after signing a peace agreement as U.S. President Jimmy Carter looks on, in the East Room of the White House in Washington D.C. -/AFP/Getty Images Former U.S. President Jimmy Carter, left, and Ronald Reagan shake hands before a televised debate in October 1980, in Cleveland, Ohio. The Associated Press Former U.S. president Jimmy Carter, right, with Lowell BruceLaingen, one of the American hostages released by Iran, in Wiesbaden, West Germany, Jan. 21, 1981. D. GORTON/The New York Times News Service Photo shows Bill Gates Sr., (L) former South African President Nelson Mandela and former U.S. President Jimmy Carter holding babies at the Zola clinic, in the Soweto Township outside of Johannesburg, South Africa on March 7, 2002. The babies were born to mothers who have tested positive for HIV. Carter on a trip for the Bill and Melinda Gates foundation in an effort to focus attention on HIV and AIDS prevention. On Oct. 11 2002, Carter won the Nobel Peace Prize for years of tireless effort as an international mediator. JEFF CHRISTENSEN/Getty Images Former U.S. President Jimmy Carter (L) participates in election monitoring 08 May 1994 in Panama City. Carter, 78, on Friday 11 October 2002 won the 2002 Nobel Peace Prize for years of tireless effort as an international mediator. Carter, 78, was honoured for "his decades of untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development", the Norwegian Nobel Committee said. RODRIGO ARANGUA/Getty Images Former U.S. President Jimmy Carter holds up his Nobel Peace Prize December 10, 2002 in Oslo, Norway. Carter was recognized for many years of public service and urged others to work for peace during his acceptance speech. Getty Images/Getty Images Former U.S. President Jimmy Carter and former First Lady Rosalyn Carter attach siding to the front of a Habitat for Humanity home being built June 10, 2003 in LaGrange, Georgia. More than 90 homes are being built in LaGrange; Valdosta, Georgia; and Anniston, Alabama by volunteers as part of Habitat for Humanity International's Jimmy Carter Work Project 2003. Erik S. Lesser/Getty Images Former U.S. President Jimmy Carter (L) takes notes 02 December 2004 while listening to a translater during his polling station observation visit in Maputo, Mozambique. Mozambique's long-time President Joaquim Chissano expressed surprise Thursday at the abysmal turn-out in elections to choose his successor, and blamed the poor showing on widespread illiteracy and ignorance of political systems. MARCO LONGARI/Getty Images Jimmy Carter talks with his grandson Hugo Wentzel, 10, during a picnic event on October 31, 2009 in Istanbul, Turkey. Jimmy Carter, Desmond Tutu and their fellow Elders invited their grandchildren to join them this week to remind the world of the catastrophic risk of climate change to future generations. The seven Elders and their thirteen grandchildren from Asia, Africa, Europe and America met in Istanbul with the group ranging in age from 3 to 85. Supplied/Getty Images Former U.S. President Jimmy Carter tries to comfort 6-year-old Ruhama Issah at Savelugu (Ghana) Hospital as a Carter Center technical assistant dresses Issah's extremely painful Guinea worm wound. In May 2010, with Carter Center support, Ghana reported its last case of Guinea worm disease and announced it had stopped disease transmission a year later. Louise Gubb/Carter Center Former U.S. president Jimmy Carter and former first lady Rosalynn Carter at Mr. Carter's 90th birthday celebration at Georgia Southwestern University. Branden Camp/The Associated Press Former U.S. president Jimmy Carter signs copies of his new book at a Barnes & Noble bookstore in New York City in March 26, 2018. Drew Angerer/Getty Images Former President Jimmy Carter greets visitors before teaching a Sunday school class at Maranatha Baptist Church in Plains, Ga., April 15, 2018. MELISSA GOLDEN/The New York Times News Service Former U.S. president Jimmy Carter and former first lady Rosalynn Carter work with volunteers during the first day of the Jimmy & Rosalynn Carter Work Project for Humanity, on Aug. 27, 2018, in Mishawaka, Ind. Robert Franklin/The Associated Press Mr. Carter also played a substantial role in the deregulation of many industries in the United States in the late 20th century. In 1978, he signed the Airline Deregulation Act into law, which removed federal government control over the industry, paving the way for low-cost carriers such as Southwest Airlines. Later that same year, he also signed into law the Energy Act, legislation that would deregulate oil and gas prices and later increase the supply of energy, lowering prices further. It also ended a period in which natural gas was blocked from entering interstate markets from producing states. Deregulating many other industries would follow, even after the Carter administration. This practice has its critics, who say it erodes the rights of workers, but it has unquestionably resulted in further reducing prices and thus improving consumer welfare, especially for those below the median income, as inflation is historically higher for the poor. While Mr. Reagan often gets the credit for deregulation and fighting inflation – he was in office during most of Mr. Volcker’s term at the Fed – some of the seeds of the Reagan Revolution were planted by a kind peanut farmer from Georgia named Jimmy Carter.AUSTIN, Texas — Texas Attorney General Ken Paxton announced that his office has launched investigations into 15 tech companies over safety practices in compliance with the Securing Children Online through Parental Empowerment (SCOPE) Act and the Texas Data Privacy and Security Act (TDPSA). Some of the companies the attorney general's office said it is targeting include Character.AI, a personalized AI software, as well as Reddit, Instagram, Discord and a number of others. “Technology companies are on notice that my office is vigorously enforcing Texas’s strong data privacy laws," Paxton said. "These investigations are a critical step toward ensuring that social media and AI companies comply with our laws designed to protect children from exploitation and harm." The investigations follow an October lawsuit filed by Paxton against TikTok , alleging that the social media giant operated in violation requirements enabled by the SCOPE Act. What is the SCOPE Act? Passed during the most recent legislative session, the SCOPE Act went into effect on Sept. 1 , 2024. It requires digital service providers – such as companies that own websites, apps and software – to protect people under the age of 18 from "harmful content and data collection practices." The law primarily applies to digital services that provide an online platform for social interaction between users that allow users to create a public or semi-public profile to use the service, and allow them to create or post content that can be viewed by other users of the service. This includes digital services such as message boards, chat rooms, video channels or a main feed that presents users content created and posted by other users.
Buffalo Bills vs. Detroit Lions: This NFL prediction is based on thousands of data-driven simulations of the game. AP Pat Sharyon | Special Correspondent The Buffalo Bills will head to the Motor City to face the Detroit Lions in Week 15 of the NFL season at Ford Field on Sunday at 4:25 p.m. EST. With just three total losses between these two juggernauts at this stage of the season, Sunday’s matchup is undoubtedly the game of the week. Josh Allen and the Bills still have a path to the number one seed in the AFC, though getting there requires conference rival Kansas City Chiefs to drop two of their remaining three contests — twice as many losses as they’ve accrued so far this year. The Lions, however, control their destiny with a one-game lead over the Philadelphia Eagles for the top spot in the NFC. While their defense remains severely depleted, Jared Goff has the offense humming, as evidenced by a 34-31 victory over Green Bay last Thursday night. In anticipation of this epic late-season showdown, the data analysts at Dimers.com have simulated the game 10,000 times, and then compared these results to current NFL betting odds to inform the data-driven betting preview provided to you below. In toss-up games like this, conventional wisdom suggests leaning towards the home team, and our data model agrees; our best bet for this Sunday is Lions -1.5 (-120). This preview includes Dimers’ best bets and predicted scoreline for Buffalo Bills vs. Detroit Lions. To unlock Dimers’ full suite of data-driven betting insights, which includes daily props, trends, and parlays, sign up for Dimers Pro with promo code SYRACUSE10 , which will save you 10% off your first subscription payment. If you’re using this preview to bet on NFL games, you can claim huge betting bonuses with our brand new exclusive bet365 bonus code “SYRACUSE”, while sports fans in New York State can take full advantage of our NBA League Pass FanDuel promo code. Additionally, bettors are encouraged to check out this exclusive promo offer from DraftKings and BetMGM. Bills vs. Lions betting preview Utilize the interactive widget below to see the current spread, over/under, and moneyline betting odds and probabilities for the Bills-Lions game at Ford Field. This prediction and best bet for Sunday’s NFL matchup between the Bills and Lions is from Dimers.com , a reliable source for sports betting predictions. Check out all the important details on today’s game, as well as the best odds sourced from the top sportsbooks in the country. Game details The key information you need before the Bills vs. Lions NFL game. Teams: Buffalo Bills vs. Detroit Lions Date: Sunday, December 15, 2024 Kickoff: 4:25 p.m. EST Location: Ford Field NFL standings: Current NFL division standings NFL injuries: Check the latest updates to the official NFL injury report Odds The latest and best odds for the NFL contest between the Bills and Lions. Spread: Bills +1.5 (-102), Lions -1.5 (-120) Moneyline: Bills +120, Lions -130 Total: Over/Under 54.5 (-105/-110) The odds and lines featured in this article are the best available from selected sports betting sites at the time of publication and are subject to change. Expert prediction: Bills vs. Lions Leveraging state-of-the-art data analysis and advanced algorithms, the experts at Dimers have executed 10,000 simulations of Sunday’s Bills vs. Lions game. According to Dimers’ highly regarded predictive analytics model, the Lions are more likely to defeat the Bills at Ford Field. This prediction is based on the model giving the Lions a 60% chance of winning the game. Furthermore, Dimers predicts that the Lions (-1.5) have a 58% chance of covering the spread, while the 54.5-point over/under is considered an equal 50-50 chance of hitting. These predictions and probabilities are accurate at the time of publication but are subject to change. Bills vs. Lions best bet Our top pick for the Bills vs. Lions Week 15 NFL matchup is to bet on the Lions -1.5 (-120) . This betting advice is formulated through detailed modeling and valuable wagering intelligence, designed to bring you the best possible plays. Score prediction for Bills vs. Lions Dimers’ predicted final score for the Buffalo vs. Detroit game on Sunday has the Lions winning 28-25. This expert prediction is based on each team’s average score following 10,000 game simulations, offering a glimpse into the potential outcome. NFL player props: Sunday NFL prop bets are a common way to wager on Sunday’s game without necessarily betting on its outcome. This article features the most likely first and anytime touchdown scorers for the Bills and Lions, as well as projected player stats. Buffalo Bills First touchdown scorer predictions Josh Allen: 8.5% probability James Cook: 8.5% probability Amari Cooper: 5.5% probability Anytime touchdown predictions Josh Allen: 43.0% probability James Cook: 41.4% probability Amari Cooper: 31.0% probability Projected box score leaders QB passing yards: Josh Allen , 247 yards Receiving yards: Khalil Shakir , 66 yards Rushing yards: James Cook , 70 yards Detroit Lions First touchdown scorer predictions David Montgomery: 12.2% probability Jahmyr Gibbs: 11.2% probability Amon-Ra St. Brown: 8.1% probability Anytime touchdown predictions David Montgomery: 57.3% probability Jahmyr Gibbs: 51.8% probability Amon-Ra St. Brown: 40.8% probability Projected box score leaders QB passing yards: Jared Goff , 216 yards Receiving yards: Amon-Ra St. Brown , 73 yards Rushing yards: Jahmyr Gibbs , 65 yards NFL Week 15: Bills vs. Lions Get ready for Sunday’s action between the Bills and Lions in Week 15 of the National Football League season at Ford Field, which is scheduled to start at 4:25 p.m. EST. We emphasize that all of the NFL best bets and NFL predictions in this article are based on 10,000 data-driven simulations of the Bills vs. Lions game, and they are correct at the time of publication to help you make better decisions when placing bets at online sportsbooks . Please note that when engaging in online betting, it is important to exercise responsible gambling practices and seek trustworthy sources for accurate and up-to-date information. More sports betting Los Angeles Rams vs. San Francisco 49ers early prediction, odds, best bets for Thursday Night Football Extended Bet365 Bonus Code “SYRACUSE”: Upgraded $1K+ betting bonus now available through NFL Week 15 Extended Caesars Sportsbook Promo Code “ALMEDIADYW”: New “Bet $1 to double your winnings” deal now available all week Monday Night Football tonight: Upgraded BetMGM bonus code “CUSE1500” now offers $1,500 NFL betting bonus Albany vs. Syracuse prediction, odds, best bets for CBB Tuesday If you or a loved one has questions or needs to talk to a professional about gambling, call 1-800-GAMBLER or visit 1800gambler.net for more information.In a massive blow to the Northern Territory's ambitious space program, Equatorial Launch Australia (ELA) has ceased operations of the Arnhem Space Centre and announced it would relocate the spaceport to a new site in Queensland. or signup to continue reading The ELA-run spaceport saw NASA launch rockets from Arnhem Land in 2022 - for the first time from a commercial port outside of the US. Now, ELA has laid the blame on the Northern Land Council for having been "forced" to make its decision to abandon the NT site on Gumatj land near the town of Nhulunbuy. "This decision has been forced by the inability of the Company to finalise a lease for the expansion of the Arnhem Space Centre," the company said in a statement. "The decision came after the Northern Land Council (NLC) failed to meet its own specified deadline for the approval of the Head Lease for the fourth time over the last 12 months in October 2024." ELA claims it had made "desperate appeals", together with the Northern Territory Chief Minister's Department and the Gumatj Corporation since February 2024, but the NLC "would not issue a Head Lease or provide any official reasons for the delays". "Accordingly, Management and the Board of ELA were left with no option other than to act in the best interest of its customers and shareholders, abandon negotiations, and seek an alternate equatorial site in Queensland." But the Northern Land Council has hit back to "set the record straight on falsehoods shared by Equatorial Launch Australia". "ELA provided inaccurate, unrealistic timelines and unfairly blamed the NLC for delays as the reason for their decision," the Land Council said in a statement. "The NLC has engaged proactively and positively to facilitate a substantial, swift and, most crucially, safe agreement being made between ASC and Traditional Owners." Under its statutory obligations, the NLC is required to facilitate land use agreements between Aboriginal people and entities wishing to conduct business on their land, across the Top End of the NT. The Land Council said since September 2023 it had been in negotiations with ELA in regards to the planned space centre expansion in Arnhem Land, "consistently request(ing) essential information and terms to be provided, so that it could facilitate informative consultations with all Traditional Owners affected, including progressing the work of independent expert consultants". The NLC said negotiations had been "complicated", alleging ELA's "attempts to circumvent sacred sites protection requirements, breaches of previous agreement conditions, requiring confidentiality agreements, and significantly delaying responses to crucial correspondence". Matthew Ryan, NLC Chair, said it was "vital for Countrymen, and in the interest of all Australians", that sacred and cultural sites are protected and at the same time Aboriginal people are included in and benefit from economic developments on their Country". "Our people will not be pushed into cutting corners for outside business timelines, nor can we jeopardise cultural obligations, our Country, or the hard-won Land Rights of our people," he said. "We stand with our East Arnhem-based Council Members and all the clans of East Arnhem Land, when we say that we are very disappointed with how ELA has handled this. Especially the false timeline they are sharing and how they have obviously been working behind-the-scenes with Queensland - where they don't have the Aboriginal Land Rights Act to make sure Aboriginal Lands are respected and protected, and where they already have that appointed coordinator to dangerously rush things through." Mr Ryan said the NLC had "worked hard" to keep the Arnhem Space Centre's agreement moving, acknowledging the "opportunities the ASC could present to Aboriginal people across the Top End in terms of economic development and education". ELA said it had worked with the Queensland Government to move its spaceport to Weipa, hoping it will have regulatory clearances for contracted launches in late 2025. Meanwhile, the NT Government - a financial supporter of the space port - said it was "exploring legal options regarding our 5 per cent shareholding in ELA", which is believed to be worth about $5 million. I am an award-winning media and communications professional with experience across print, digital, social and radio broadcast, as well as photography and videography. I am the NT Correspondent at Australian Community Media and I write for my hometown newspaper, the Katherine Times. I love telling people's stories, and I am passionate about giving those a voice who may otherwise remain unheard. When I am not busy putting pen to paper, I spend time in my garden, go bushwalking or travel across the Northern Territory, Australia or the world. In my spare time I write, illustrate and publish books. I am an award-winning media and communications professional with experience across print, digital, social and radio broadcast, as well as photography and videography. I am the NT Correspondent at Australian Community Media and I write for my hometown newspaper, the Katherine Times. I love telling people's stories, and I am passionate about giving those a voice who may otherwise remain unheard. When I am not busy putting pen to paper, I spend time in my garden, go bushwalking or travel across the Northern Territory, Australia or the world. In my spare time I write, illustrate and publish books. Advertisement Sign up for our newsletter to stay up to date. We care about the protection of your data. Read our . AdvertisementNone
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Türkiye should not allow Syria to become another IraqSTATEN ISLAND, N.Y. -- For most employees, company-backed retirement plans and affordable health insurance are perks that come with full-time work. But according to a new report by The Penny Hoarder -- a personal finance brand whose purpose is to help people make smart money decisions -- there are several big-box brands that offer generous benefit packages for their hourly part-time employees. Here’s a look at 10 companies that offer a healthy benefits package -- even for employees with flexible part-time roles -- as reported by PennyHoarder.com: 1. Costco Hourly part-time employees who work at least 24 hours per week can receive benefits from Costco once they’ve accumulated 60 days of service. Health-care coverage includes medical, vision, prescription drugs and core dental benefits. All hourly employees working at least 10 hours per week can also enroll in voluntary short-term disability insurance, which provides tax-free income replacement in the event of a non-work-related accident or illness. 2. Lowe’s Part-time employees at Lowe’s are immediately eligible for medical benefits, including prescription drugs, short-term disability, life insurance and dental and vision coverage. After one year, Lowe’s offers an employee stock purchase option to its part-time workers, as well as a 401(k) after 180 days. Eligible family members can also opt-in for group medical, dental and vision coverage and dependent life insurance. 3. Staples Staples offers its part-time associates access to dental and vision coverage, life, dependent life, accidental death and short-term disability insurance coverage. They’re also eligible for the company’s 401(k) plan. Staples also offers a 10% employee discount on online or retail items, adoption assistance and its own confidential employee counseling program. 4. Starbucks Starbucks is well-known for its benefits program for part-time employees. To be eligible, employees must work at least 240 hours over three consecutive months, then continue to average 20 hours per week. Health coverage offered by Starbucks includes routine medical visits and hospitalization along with dental, vision and life insurance coverage, as well as fertility benefits. After 90 days, employees can opt-in to Starbucks’ 401(k) plan. 5. UPS Part-time employees who work between 225 and 400 hours at UPS within a three-month period are eligible for medical and dental coverage, vision insurance, hearing, prescription drugs and an employee assistance program. Part-time employees who exceed 400 hours over three months are eligible for the same benefits as full-time employees. 6. Trader Joe’s After three months and working an average of 30 hours per week, Trader Joe’s “crew members” are eligible for medical, dental and vision coverage at a cost as low as $25 per month. Other employee benefits include a 20% store discount , scholarship programs, store tastings, employee assistance programs and paid relocation and transfers. 7. Chipotle All hourly crew members at Chipotle are eligible for its robust benefits package that includes medical, vision and dental insurance, as well as a 401(k) match after one year of employment. Part-time employees also receive a salary percentage-based bonus, mental health assistance, education assistance up to $5,250 annually, a stock purchase plan, gym membership discounts and one free meal per shift. 8. USPS The United States Postal Service hires career and non-career (temporary/seasonal) workers. Part-time career workers are eligible for its benefits package, which includes the Federal Employees Health Benefits (FEHB) program -- a plan in which the federal government pays two-thirds of the health insurance premiums for employees and retirees. It also offers federal group life insurance (FGLI), and federally backed long-term care, dental and vision and a flex spending account. The USPS retirement system, also available for part-time career workers, offers a fixed annuity based on years of service, a defined contribution 401(k) THRIFT Savings Plan with a 5% employer match and Social Security. 9. Walmart RECOMMENDED • silive .com NYC opens affordable waterfront housing lottery at Lighthouse Point: Here’s how to apply Nov. 19, 2024, 8:21 a.m. New York’s home health care is changing: Here’s Gov. Hochul’s plan and a breakdown of what you need to know Nov. 21, 2024, 4:06 p.m. Part-time and temporary associates at Walmart who work an average of at least 30 hours per week over a 60-day period are eligible for benefits. These include medical, dental and vision, as well as a 6% 401(k) match after one year and a 10% in-store discount. 10. Home Depot Part-time employees at the home improvement retailer are eligible for dental and vision plans, short-term disability and life insurance.Walmart’s DEI rollback signals profound shift in the wake of Trump election victoryFormer Bruins defenseman Kevin Shattenkirk announces retirement after 14 NHL seasons
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Beirut: Israel and Lebanese armed group Hezbollah are set to implement a ceasefire on Wednesday at 1pm (AEDT) as part of a US-proposed deal for a 60-day truce to end more than a year of hostilities. The text of the deal has not been published and Reuters has not seen a draft. Israeli soldiers organise equipment as they stand on a tank near the border with Lebanon in northern Israel. Credit: Getty Images US President Joe Biden announced the deal, saying it was designed to be a permanent cessation of hostilities. Israel’s security cabinet has approved it and it will be put to the whole cabinet for review. Lebanon Prime Minister Najib Mikati welcomed the deal, which Hezbollah approved last week. The agreement, negotiated by US mediator Amos Hochstein, is five pages long and includes 13 sections, according to a senior Lebanese political source with direct knowledge of the matter. Hezbollah fighters carry the coffin of a colleague. The Lebanese group is expected to leave its position in southern Lebanon to move north. Credit: AP Here is a summary of its key provisions. Halt to hostilities The halt to hostilities is set to begin at 4am local time (2am GMT) on Wednesday, Biden announced, with both sides expected to cease fire by Wednesday morning.
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