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South Dakota scores with 12 seconds left to beat FCS top-ranked North Dakota State 29-28Baltimore (7-4) at Los Angeles Chargers (7-3) Monday, 8:15 p.m. EST, ESPN/ABC BetMGM NFL odds: Ravens by 3. Against the spread: Ravens 5-5-1; Chargers 7-3. Series record: Ravens lead 9-5. Last meeting: Ravens beat Chargers 20-10 in Inglewood, Calif., on Nov. 26, 2023. Last week: Ravens lost to Pittsburgh 18-16; Chargers beat Cincinnati 34-27. Ravens offense: overall (1), rush (2), pass (3), scoring (2). Ravens defense: overall (3), rush (26), pass (2), scoring (23). Chargers offense: overall (18), rush (12), pass (19), scoring (18). Chargers defense: overall (11), rush (11), pass (12), scoring (1). Turnover differential: Ravens plus-2; Chargers plus-8. Ravens player to watch K Justin Tucker missed two field goals last week and is under pressure after spending most of his career beyond reproach. He’s missed six field goals on the season and is 4 for 12 from 50-plus yards since the start of last season. Chargers player to watch WR Ladd McConkey had a career-high 123 yards on six receptions against Cincinnati. The rookie came up with clutch catches of 28 and 27 yards to set up the game-winning touchdown. Key matchup Chargers RB J.K. Dobbins vs. Ravens’ run defense. Dobbins showed promise during his time in Baltimore, but he never was able to live up to that potential because of injuries. Now in Los Angeles on a one-year “prove it” contract, Dobbins has nearly matched his most productive season as a professional with 726 yards and eight touchdowns in 10 games. After seeing Pittsburgh run the ball 34 times last week, the Chargers will be glad to copy that bruising approach with Dobbins. The Ravens are allowing 77.5 rushing yards per game, but even the sturdiest defense can buckle against that volume of work, so getting off the field will be critical. Key injuries Baltimore’s defense has one significant injury concern, with LB Roquan Smith (hamstring) questionable to go this week after he was hurt against the Steelers. The good news is S Kyle Hamilton does not have an injury designation. He has been nursing an ankle problem, although he played against Pittsburgh. ... Chargers OLB Khalil Mack (groin) is questionable after the veteran pass rusher didn’t play against Cincinnati. ... McConkey is also questionable because of a shoulder injury. Series notes The Ravens have won four straight over the Chargers in the regular season, but Los Angeles did earn a 23-17 AFC wild-card round upset in January 2019. ... Baltimore cruised to a 34-6 win over the Chargers in its first visit to SoFi Stadium on Oct. 17, 2021. Stats and stuff Ravens RB Derrick Henry leads the NFL with 1,185 yards rushing and 15 total TDs (13 rushing and two receiving). He’s also run for a league-high 52 first downs. ... Henry is one rushing TD shy of the Ravens’ single-season record, set by Jamal Lewis in 2003. ... Baltimore QB Lamar Jackson is 6-2 on “Monday Night Football” with 20 TD passes and no interceptions. ... Henry is one of four players in the Super Bowl era to score a TD in each of the first 11 games of a season. The others are O.J. Simpson (1975), John Riggins (1983) and Jerry Rice (1987). ... The Ravens have scored touchdowns on a league-best 77.8% of their red zone trips. ... Jackson needs 124 yards passing and 16 yards rushing for a second consecutive season with 3,000 passing and 600 rushing. Since the AFL-NFL merger, only Randall Cunningham (1988-1990), Cam Newton (2011-12), Josh Allen (2021-22) and Jalen Hurts (2021-23) have accomplished that feat. ... Dobbins ran for two touchdowns against Cincinnati, giving him multiple scores in two of his past three games. He did it twice in 24 games as a Raven. ... OLB Tuli Tuipulotu had 1 1/2 sacks of Bengals QB Joe Burrow, his third straight game with more than one. All seven of Tuipulotu’s sacks this season have come in the past four games, and six of his eight tackles for loss have come in that span. ... The Chargers allowed a season-worst 27 points to Cincinnati after holding each of their previous nine opponents to 20 points or fewer. ... QB Justin Herbert has thrown one interception in 277 attempts this season. That lone pick came in Week 2 at Carolina. ... The Chargers lost their fifth turnover of the season when Herbert fumbled to start the fourth quarter. It was their first turnover at home. ... Los Angeles does not have a takeaway in its past two games. Fantasy tip Herbert has heated up after a slow start in terms of fantasy production, having thrown for multiple touchdowns in three of his past four games. He is likely to keep that success going this week. Baltimore has allowed 22 scores through the air, which is tied with Houston for second most in the league, and Herbert should have plenty of chances to add to that total in what could be another high-scoring matchup. ___ AP NFL: https://apnews.com/hub/NFL The Associated PressWright runs for 118 yards and 2 TDs, No. 13 Illinois State gets 1st win over North Dakota, 35-13
2025 Hyundai Santa Cruz XRT Named Compact Truck of Texas at Texas Auto Writers Association's Truck RodeoIn conclusion, the preference of automakers to partner with Momenta over Huawei in the autonomous driving sector can be attributed to various factors such as specialization, collaboration, agility, reputation, and perceived expertise. While Huawei's capabilities in autonomous driving technology are undoubtedly impressive, automakers may view Momenta as a more suitable and tailored partner due to its singular focus, collaborative approach, agility, and established track record in the industry. As the autonomous driving industry continues to evolve, partnerships between automakers and technology providers like Momenta will play a crucial role in shaping the future of autonomous mobility.In light of the diverse opinions and concerns surrounding the proposal to exempt land value-added tax for the sale of ordinary residential properties in Henan Province, it is crucial for policymakers to carefully consider the potential implications of this policy change. Public feedback and input from various stakeholders will be vital in shaping the final decision on whether to proceed with the tax exemption.The top job at the Tees Valley Combined Authority (TVCA) is to be axed as part of a ‘restructure’ - as its chief executive is set to retire. TVCA's group chief executive, Julie Gilhespie, is stepping down, Teesside Live understands. The organisation is now expected to undergo an overhaul which will see the role abolished. In documents seen by the Local Democracy Reporting Service, a “revised senior management structure” is proposed “in response to the group chief executive’s declared intention to retire from the organisation within the next 12 to 18 months.” Ms Gilhespie was appointed chief executive of TVCA in November 2018. In May 2020, she became the group chief executive for both the South Tees Development Corporation (STDC) and TVCA. She was also a director of Teesworks Limited (TWL) from July 2020 until this month. She was removed from this position at the STDC board meeting on December 5. The document explains that the group chief executive post is to be deleted and “the separation between the roles of the chief executive of TVCA and STDC” will be re-established. It is believed that this move “will assist in managing any perception of conflict of interest between the roles” and allow the TVCA to focus on the upcoming devolution agenda. The reference to a “perception of conflict of interest” almost mirrors the wording used in the Teesworks review (formally known as the Tees Valley Review), which was undertaken and made 28 recommendations when it was published in January this year. The document detailed the proposed changes, saying: “It is considered appropriate that the required changes are made expeditiously and so the proposal is to make the changes with effect from April 1, 2025.” This timeline is deemed to minimise disruption to the organisation and “minimise any uncertainty to staff and stakeholders that the changes may cause. “The head of operations role that directly supports the group chief executive is also proposed to be deleted,” the document explained. “It is anticipated that STDC Board will be asked to consider regrading the existing chief operation officer of STDC to chief executive”. This action would mean that the chief executive of STDC would gain all of the responsibilities that the group chief executive had “in respect of STDC and its subsidiaries”. John Barnes is the chief operating officer at STDC and likely to be regraded as chief executive of STDC. At a meeting of the STDC board, on Thursday December 5, the board voted to appoint him as director of South Tees Developments Limited, and as a director of South Tees Site Company Limited. He was also appointed to be STDC’s nominated director of TWL, replacing Ms Gilhespie in the process. The Tees Valley Review said: “The interests of TWL haven't always been aligned with those of either TVCA or STDC, particularly after the re-distribution of share ownership and this gives rise to potential/perceived conflicts of interest which could be avoided by another TVCA, or an officer from a constituent authority, undertaking the TWL director role in place of the chief executive.” It is not clear who will become TVCA chief executive. Neither TVCA nor the Tees Valley Mayor Ben Houchen wished to comment. Teesside Live is now on WhatsApp and we want you to join our community. Through the app, we'll send you the latest breaking news, top stories, exclusives and much more straight to your phone. To join our community group, you need to already have WhatsApp. All you need to do is click this link and select 'Join Community' . No one will be able to see who is signed up and no one can send messages except the Teesside Live team. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don’t like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'Exit group'. If you’re curious, you can read our Privacy Notice . Click here to join our WhatsApp community . For a North East politics and regional affairs digest direct to your inbox, go here to sign up to the free Northern Agenda newsletter
However, Inter Milan will not have a free run at securing the Dutch defender's services, as reports suggest that three other heavyweights from Europe are also keen on acquiring him. The likes of Real Madrid, Bayern Munich, and Manchester City have all reportedly expressed their interest in signing the talented defender, setting the stage for a potential bidding war in the coming weeks.Schools targeted with AI learning applications despite experts’ doubts
The highly anticipated annual Pioneer List of HarmonyOS for the year 2024 is about to be unveiled, promising an array of exciting upgrades and surprises for users. As the leading operating system developed by Huawei, HarmonyOS has been setting new standards in the world of technology and innovation. With each passing year, HarmonyOS continues to enhance user experiences, introduce cutting-edge features, and provide exclusive benefits for its users.According to sources close to the investigation, the suspect was arrested late last night during a raid on their residence. While details about the suspect's motives remain unclear at this time, it is believed that the suspect may have had a personal vendetta against the CEO or been involved in a dispute with him prior to the murder.
In addition to its strong characters and engaging storyline, "The Battle of Rohan" also promises to deliver thrilling action sequences and breathtaking visuals. From epic battles on the plains of Rohan to tense confrontations in dark forests, the film is sure to keep audiences on the edge of their seats from start to finish.AC Milan, one of the most storied football clubs in Italy, has always been a symbol of excellence and ambition. The team's rich history, illustrious past, and passionate fanbase have made it a powerhouse in Italian football. In the midst of the current season, there is a rising star in the squad who harbors lofty aspirations - Gabia, a young and talented player who dreams of one day wearing the armband as the captain of AC Milan.
Q2 GAAP Earnings per Share up 24% to $1.10 , Non-GAAP Earnings per Share up 10% to $1.47 Q2 Total Revenue $14.1 billion , up 9% in both USD and constant currency Q2 Total Remaining Performance Obligations $97 billion , up 49% in USD & 50% in constant currency Q2 Cloud Revenue (IaaS plus SaaS) $5.9 billion , up 24% in both USD and constant currency Q2 Cloud Infrastructure (IaaS) Revenue $2.4 billion , up 52% in both USD and constant currency Q2 Cloud Application (SaaS) Revenue $3.5 billion , up 10% in both USD and constant currency Q2 Fusion Cloud ERP (SaaS) Revenue $0.9 billion , up 18% in both USD and constant currency Q2 NetSuite Cloud ERP (SaaS) Revenue $0.9 billion , up 20% in USD and 19% in constant currency AUSTIN, Texas , Dec. 9, 2024 /PRNewswire/ -- Oracle Corporation ORCL today announced fiscal 2025 Q2 results. Total quarterly revenues were up 9% year-over-year, in both USD and constant currency, to $14.1 billion . Cloud services and license support revenues were up 12% year-over-year, in both USD and constant currency, to $10.8 billion . Cloud license and on-premise license revenues were up 1% in USD and up 3% in constant currency, to $1.2 billion . Q2 GAAP operating income was $4.2 billion . Non-GAAP operating income was $6.1 billion , up 10% in both USD and constant currency. GAAP operating margin was 30%, and non-GAAP operating margin was 43%. GAAP net income was $3.2 billion . Non-GAAP net income was $4.2 billion , up 12% in both USD and constant currency. Q2 GAAP earnings per share was $1.10 , up 24% in USD and up 23% in constant currency, while non-GAAP earnings per share was $1.47 , up 10% in both USD and constant currency. Short-term deferred revenues were $9.4 billion . Over the last twelve months, operating cash flow was $20.3 billion and free cash flow was $9.5 billion . "Record level AI demand drove Oracle Cloud Infrastructure revenue up 52% in Q2, a much higher growth rate than any of our hyperscale cloud infrastructure competitors," said Oracle CEO, Safra Catz . "Growth in the AI segment of our Infrastructure business was extraordinary—GPU consumption was up 336% in the quarter—and we delivered the world's largest and fastest AI SuperComputer scaling up to 65,000 NVIDIA H200 GPUs. With our remaining performance obligation (RPO) up 50% to $97 billion , we believe our already impressive growth rates will continue to climb even higher. This fiscal year, total Oracle Cloud revenue should top $25 billion ." "Oracle Cloud Infrastructure trains several of the world's most important generative AI models because we are faster and less expensive than other clouds," said Oracle Chairman and CTO, Larry Ellison . "And we just signed an agreement with Meta—for them to use Oracle's AI Cloud Infrastructure—and collaborate with Oracle on the development of AI Agents based on Meta's Llama models. The Oracle Cloud trains dozens of specialized AI models and embeds hundreds of AI Agents in cloud applications. For example, Oracle's AI Agents automate drug design, image and genomic analysis for cancer diagnostics, audio updates to electronic health records for patient care, satellite image analysis to predict and improve agricultural output, fraud and money laundering detection, dual-factor biometric computer logins, and real time video weapons detection in schools. Oracle trained AI models and AI Agents will improve the rate of scientific discovery, economic development and corporate growth throughout the world. The scale of the opportunity is unimaginable." The board of directors declared a quarterly cash dividend of $0.40 per share of outstanding common stock. This dividend will be paid to stockholders of record as of the close of business on January 9, 2025 , with a payment date of January 23, 2025 . A sample list of customers which purchased Oracle Cloud services during the quarter will be available at www.oracle.com/customers/earnings/ . A list of recent technical innovations and announcements is available at www.oracle.com/news/ . To learn what industry analysts have been saying about Oracle's products and services see www.oracle.com/corporate/analyst-reports/ . Earnings Conference Call and Webcast Oracle will hold a conference call and webcast today to discuss these results at 4:00 p.m. Central. A live and replay webcast will be available on the Oracle Investor Relations website at www.oracle.com/investor/ . About Oracle Oracle offers integrated suites of applications plus secure, autonomous infrastructure in the Oracle Cloud. For more information about Oracle ORCL , please visit us at www.oracle.com . Trademarks Oracle, Java, MySQL, and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing. "Safe Harbor" Statement: Statements in this press release relating to future plans, expectations, beliefs, intentions and prospects, including the expectations for converting the Remaining Performance Obligations to revenue, future total Oracle Cloud revenue this fiscal year and the scale of opportunity for Oracle trained AI models and AI Agents, are "forward-looking statements" and are subject to material risks and uncertainties. Risks and uncertainties that could affect our current expectations and our actual results, include, among others: our ability to develop new products and services, integrate acquired products and services and enhance our existing products and services, including our AI products; our management of complex cloud and hardware offerings, including the sourcing of technologies and technology components; our ability to secure data center capacity; significant coding, manufacturing or configuration errors in our offerings; risks associated with acquisitions; economic, political and market conditions; information technology system failures, privacy and data security concerns; cybersecurity breaches; unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. A detailed discussion of these factors and other risks that affect our business is contained in our SEC filings, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or by contacting Oracle's Investor Relations Department at (650) 506-4073 or by clicking on SEC Filings on the Oracle Investor Relations website at www.oracle.com/investor/ . All information set forth in this press release is current as of December 9, 2024 . Oracle undertakes no duty to update any statement in light of new information or future events. ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Three Months Ended November 30, % Increase % Increase (Decrease) % of % of (Decrease) in Constant 2024 Revenues 2023 Revenues in US $ Currency (1) REVENUES Cloud services and license support $ 10,806 77 % $ 9,639 74 % 12 % 12 % Cloud license and on-premise license 1,195 9 % 1,178 9 % 1 % 3 % Hardware 728 5 % 756 6 % (4 %) (3 %) Services 1,330 9 % 1,368 11 % (3 %) (3 %) Total revenues 14,059 100 % 12,941 100 % 9 % 9 % OPERATING EXPENSES Cloud services and license support 2,746 19 % 2,274 17 % 21 % 21 % Hardware 172 1 % 213 2 % (20 %) (19 %) Services 1,167 8 % 1,253 10 % (7 %) (7 %) Sales and marketing 2,190 16 % 2,093 16 % 5 % 5 % Research and development 2,471 18 % 2,226 17 % 11 % 11 % General and administrative 387 3 % 375 3 % 3 % 3 % Amortization of intangible assets 591 4 % 755 6 % (22 %) (22 %) Acquisition related and other 31 0 % 47 0 % (34 %) (33 %) Restructuring 84 1 % 83 1 % 0 % 1 % Total operating expenses 9,839 70 % 9,319 72 % 6 % 6 % OPERATING INCOME 4,220 30 % 3,622 28 % 17 % 16 % Interest expense (866) (6 %) (888) (7 %) (3 %) (3 %) Non-operating income (expenses), net 36 0 % (14) 0 % * * INCOME BEFORE INCOME TAXES 3,390 24 % 2,720 21 % 25 % 24 % Provision for income taxes 239 2 % 217 2 % 11 % 10 % NET INCOME $ 3,151 22 % $ 2,503 19 % 26 % 26 % EARNINGS PER SHARE: Basic $ 1.13 $ 0.91 Diluted $ 1.10 $ 0.89 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 2,790 2,746 Diluted 2,869 2,817 (1) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the three months ended November 30, 2024 compared with the corresponding prior year period increased our operating income by 1 percentage point. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Three Months Ended November 30, % Increase (Decrease) in US $ % Increase (Decrease) in Constant Currency (2) 2024 2024 2023 2023 GAAP Non-GAAP GAAP Non-GAAP GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP TOTAL REVENUES $ 14,059 $ - $ 14,059 $ 12,941 $ - $ 12,941 9 % 9 % 9 % 9 % TOTAL OPERATING EXPENSES $ 9,839 $ (1,876) $ 7,963 $ 9,319 $ (1,914) $ 7,405 6 % 8 % 6 % 8 % Stock-based compensation (3) 1,170 (1,170) - 1,029 (1,029) - 14 % * 14 % * Amortization of intangible assets (4) 591 (591) - 755 (755) - (22 %) * (22 %) * Acquisition related and other 31 (31) - 47 (47) - (34 %) * (33 %) * Restructuring 84 (84) - 83 (83) - 0 % * 1 % * OPERATING INCOME $ 4,220 $ 1,876 $ 6,096 $ 3,622 $ 1,914 $ 5,536 17 % 10 % 16 % 10 % OPERATING MARGIN % 30 % 43 % 28 % 43 % 203 bp. 58 bp. 196 bp. 52 bp. INCOME TAX EFFECTS (5) $ 239 $ 820 $ 1,059 $ 217 $ 655 $ 872 11 % 22 % 10 % 21 % NET INCOME $ 3,151 $ 1,056 $ 4,207 $ 2,503 $ 1,259 $ 3,762 26 % 12 % 26 % 12 % DILUTED EARNINGS PER SHARE $ 1.10 $ 1.47 $ 0.89 $ 1.34 24 % 10 % 23 % 10 % DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2,869 - 2,869 2,817 - 2,817 2 % 2 % 2 % 2 % (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. (3) Stock-based compensation was included in the following GAAP operating expense categories: Three Months Ended Three Months Ended November 30, 2024 November 30, 2023 GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP Cloud services and license support $ 158 $ (158) $ - $ 137 $ (137) $ - Hardware 8 (8) - 6 (6) - Services 53 (53) - 45 (45) - Sales and marketing 195 (195) - 174 (174) - Research and development 657 (657) - 573 (573) - General and administrative 99 (99) - 94 (94) - Total stock-based compensation $ 1,170 $ (1,170) $ - $ 1,029 $ (1,029) $ - (4) Estimated future annual amortization expense related to intangible assets as of November 30, 2024 was as follows: Remainder of fiscal 2025 $ 1,092 Fiscal 2026 1,639 Fiscal 2027 672 Fiscal 2028 635 Fiscal 2029 561 Fiscal 2030 522 Thereafter 558 Total intangible assets, net $ 5,679 (5) Income tax effects were calculated reflecting an effective GAAP tax rate of 7.1% and 8.0% in the second quarter of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 20.1% and 18.8% in the second quarter of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the second quarters of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ($ in millions, except per share data) Six Months Ended November 30, % Increase % Increase (Decrease) % of % of (Decrease) in Constant 2024 Revenues 2023 Revenues in US $ Currency (1) REVENUES Cloud services and license support $ 21,324 78 % $ 19,186 75 % 11 % 11 % Cloud license and on-premise license 2,065 8 % 1,987 8 % 4 % 5 % Hardware 1,383 5 % 1,470 6 % (6 %) (5 %) Services 2,594 9 % 2,751 11 % (6 %) (5 %) Total revenues 27,366 100 % 25,394 100 % 8 % 8 % OPERATING EXPENSES Cloud services and license support 5,344 20 % 4,452 18 % 20 % 20 % Hardware 333 1 % 432 2 % (23 %) (22 %) Services 2,314 8 % 2,465 10 % (6 %) (6 %) Sales and marketing 4,226 15 % 4,118 16 % 3 % 3 % Research and development 4,777 18 % 4,442 17 % 8 % 8 % General and administrative 745 3 % 769 3 % (3 %) (3 %) Amortization of intangible assets 1,215 4 % 1,518 6 % (20 %) (20 %) Acquisition related and other 44 0 % 58 0 % (25 %) (25 %) Restructuring 157 1 % 222 1 % (29 %) (29 %) Total operating expenses 19,155 70 % 18,476 73 % 4 % 4 % OPERATING INCOME 8,211 30 % 6,918 27 % 19 % 19 % Interest expense (1,708) (6 %) (1,760) (7 %) (3 %) (3 %) Non-operating income (expenses), net 57 0 % (63) 0 % * * INCOME BEFORE INCOME TAXES 6,560 24 % 5,095 20 % 29 % 30 % Provision for income taxes 480 2 % 172 1 % 179 % 181 % NET INCOME $ 6,080 22 % $ 4,923 19 % 24 % 24 % EARNINGS PER SHARE: Basic $ 2.19 $ 1.80 Diluted $ 2.13 $ 1.75 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 2,775 2,737 Diluted 2,860 2,820 (1) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. Movements in international currencies relative to the United States dollar during the six months ended November 30, 2024 compared with the corresponding prior year period had no impact to our total revenues, total operating expenses and operating income. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 YEAR TO DATE FINANCIAL RESULTS RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES (1) ($ in millions, except per share data) Six Months Ended November 30, % Increase (Decrease) in US $ % Increase (Decrease) in Constant Currency (2) 2024 2024 2023 2023 GAAP Non-GAAP GAAP Non-GAAP GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP TOTAL REVENUES $ 27,366 $ - $ 27,366 $ 25,394 $ - $ 25,394 8 % 8 % 8 % 8 % TOTAL OPERATING EXPENSES $ 19,155 $ (3,592) $ 15,563 $ 18,476 $ (3,676) $ 14,800 4 % 5 % 4 % 6 % Stock-based compensation (3) 2,176 (2,176) - 1,878 (1,878) - 16 % * 16 % * Amortization of intangible assets (4) 1,215 (1,215) - 1,518 (1,518) - (20 %) * (20 %) * Acquisition related and other 44 (44) - 58 (58) - (25 %) * (25 %) * Restructuring 157 (157) - 222 (222) - (29 %) * (29 %) * OPERATING INCOME $ 8,211 $ 3,592 $ 11,803 $ 6,918 $ 3,676 $ 10,594 19 % 11 % 19 % 12 % OPERATING MARGIN % 30 % 43 % 27 % 42 % 276 bp. 141 bp. 279 bp. 140 bp. INCOME TAX EFFECTS (5) $ 480 $ 1,500 $ 1,980 $ 172 $ 1,478 $ 1,650 179 % 20 % 181 % 21 % NET INCOME $ 6,080 $ 2,092 $ 8,172 $ 4,923 $ 2,198 $ 7,121 24 % 15 % 24 % 15 % DILUTED EARNINGS PER SHARE $ 2.13 $ 2.86 $ 1.75 $ 2.53 22 % 13 % 23 % 14 % DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 2,860 - 2,860 2,820 - 2,820 1 % 1 % 1 % 1 % (1) This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. For a detailed explanation of the adjustments made to comparable GAAP measures, the reasons why management uses these measures, the usefulness of these measures and the material limitations on the usefulness of these measures, please see Appendix A. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024, which was the last day of our prior fiscal year, rather than the actual exchange rates in effect during the respective periods. (3) Stock-based compensation was included in the following GAAP operating expense categories: Six Months Ended Six Months Ended November 30, 2024 November 30, 2023 GAAP Adj. Non-GAAP GAAP Adj. Non-GAAP Cloud services and license support $ 299 $ (299) $ - $ 248 $ (248) $ - Hardware 14 (14) - 11 (11) - Services 96 (96) - 78 (78) - Sales and marketing 356 (356) - 309 (309) - Research and development 1,226 (1,226) - 1,057 (1,057) - General and administrative 185 (185) - 175 (175) - Total stock-based compensation $ 2,176 $ (2,176) $ - $ 1,878 $ (1,878) $ - (4) Estimated future annual amortization expense related to intangible assets as of November 30, 2024 was as follows: Remainder of fiscal 2025 $ 1,092 Fiscal 2026 1,639 Fiscal 2027 672 Fiscal 2028 635 Fiscal 2029 561 Fiscal 2030 522 Thereafter 558 Total intangible assets, net $ 5,679 (5) Income tax effects were calculated reflecting an effective GAAP tax rate of 7.3% and 3.4% in the first half of fiscal 2025 and 2024, respectively, and an effective non-GAAP tax rate of 19.5% and 18.8% in the first half of fiscal 2025 and 2024, respectively. The difference in our GAAP and non-GAAP tax rates in each of the first half of fiscal 2025 and 2024 was primarily due to the net tax effects related to stock-based compensation expense; acquisition related and other items, including the tax effects on amortization of intangible assets; and restructuring expense, partially offset by the net deferred tax effects related to an income tax benefit that was previously recorded due to the partial realignment of our legal entity structure. * Not meaningful ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED BALANCE SHEETS ($ in millions) November 30, May 31, 2024 2024 ASSETS Current Assets: Cash and cash equivalents $ 10,941 $ 10,454 Marketable securities 370 207 Trade receivables, net 8,177 7,874 Prepaid expenses and other current assets 4,015 4,019 Total Current Assets 23,503 22,554 Non-Current Assets: Property, plant and equipment, net 26,432 21,536 Intangible assets, net 5,679 6,890 Goodwill, net 62,204 62,230 Deferred tax assets 11,984 12,273 Other non-current assets 18,681 15,493 Total Non-Current Assets 124,980 118,422 TOTAL ASSETS $ 148,483 $ 140,976 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Notes payable and other borrowings, current $ 8,162 $ 10,605 Accounts payable 2,679 2,357 Accrued compensation and related benefits 1,653 1,916 Deferred revenues 9,430 9,313 Other current liabilities 7,128 7,353 Total Current Liabilities 29,052 31,544 Non-Current Liabilities: Notes payable and other borrowings, non-current 80,462 76,264 Income taxes payable 9,553 10,817 Deferred tax liabilities 2,864 3,692 Other non-current liabilities 12,316 9,420 Total Non-Current Liabilities 105,195 100,193 Stockholders' Equity 14,236 9,239 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 148,483 $ 140,976 ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ($ in millions) Six Months Ended November 30, 2024 2023 Cash Flows From Operating Activities: Net income $ 6,080 $ 4,923 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 1,712 1,510 Amortization of intangible assets 1,215 1,518 Deferred income taxes (601) (1,049) Stock-based compensation 2,176 1,878 Other, net 298 331 Changes in operating assets and liabilities: (Increase) decrease in trade receivables, net (451) 145 Decrease in prepaid expenses and other assets 676 301 Decrease in accounts payable and other liabilities (1,143) (1,048) Decrease in income taxes payable (1,685) (1,541) Increase in deferred revenues 454 149 Net cash provided by operating activities 8,731 7,117 Cash Flows From Investing Activities: Purchases of marketable securities and other investments (636) (515) Proceeds from sales and maturities of marketable securities and other investments 356 157 Acquisitions, net of cash acquired - (59) Capital expenditures (6,273) (2,394) Net cash used for investing activities (6,553) (2,811) Cash Flows From Financing Activities: Payments for repurchases of common stock (300) (600) Proceeds from issuances of common stock 307 426 Shares repurchased for tax withholdings upon vesting of restricted stock-based awards (898) (1,733) Payments of dividends to stockholders (2,221) (2,190) (Repayments of) proceeds from issuances of commercial paper, net (396) 1,749 Proceeds from issuances of senior notes and term loan credit agreements, net of issuance costs 11,837 - Repayments of senior notes and term loan credit agreements (9,700) (3,500) Other, net (276) 31 Net cash used for financing activities (1,647) (5,817) Effect of exchange rate changes on cash and cash equivalents (44) (10) Net increase (decrease) in cash and cash equivalents 487 (1,521) Cash and cash equivalents at beginning of period 10,454 9,765 Cash and cash equivalents at end of period $ 10,941 $ 8,244 ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS FREE CASH FLOW - TRAILING 4-QUARTERS (1) ($ in millions) Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GAAP Operating Cash Flow $ 17,745 $ 17,039 $ 18,239 $ 18,673 $ 19,126 $ 20,287 Capital Expenditures (8,290) (6,935) (5,981) (6,866) (7,855) (10,745) Free Cash Flow $ 9,455 $ 10,104 $ 12,258 $ 11,807 $ 11,271 $ 9,542 Operating Cash Flow % Growth over prior year 68 % 13 % 18 % 9 % 8 % 19 % Free Cash Flow % Growth over prior year 76 % 20 % 68 % 39 % 19 % (6 %) GAAP Net Income $ 9,375 $ 10,137 $ 10,642 $ 10,467 $ 10,976 $ 11,624 Operating Cash Flow as a % of Net Income 189 % 168 % 171 % 178 % 174 % 175 % Free Cash Flow as a % of Net Income 101 % 100 % 115 % 113 % 103 % 82 % (1) To supplement our statements of cash flows presented on a GAAP basis, we use non-GAAP measures of cash flows on a trailing 4-quarter basis to analyze cash flow generated from operations. We believe free cash flow is also useful as one of the bases for comparing our performance with our competitors. The presentation of non-GAAP free cash flow is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity. ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS SUPPLEMENTAL ANALYSIS OF GAAP REVENUES (1) ($ in millions) Fiscal 2024 Fiscal 2025 Q1 Q2 Q3 Q4 TOTAL Q1 Q2 Q3 Q4 TOTAL REVENUES BY OFFERINGS Cloud services $ 4,635 $ 4,775 $ 5,054 $ 5,311 $ 19,774 $ 5,623 $ 5,937 $ 11,559 License support 4,912 4,864 4,909 4,923 19,609 4,896 4,869 9,765 Cloud services and license support 9,547 9,639 9,963 10,234 39,383 10,519 10,806 21,324 Cloud license and on-premise license 809 1,178 1,256 1,838 5,081 870 1,195 2,065 Hardware 714 756 754 842 3,066 655 728 1,383 Services 1,383 1,368 1,307 1,373 5,431 1,263 1,330 2,594 Total revenues $ 12,453 $ 12,941 $ 13,280 $ 14,287 $ 52,961 $ 13,307 $ 14,059 $ 27,366 AS REPORTED REVENUE GROWTH RATES Cloud services 30 % 25 % 25 % 20 % 25 % 21 % 24 % 23 % License support 2 % 2 % 1 % 0 % 1 % 0 % 0 % 0 % Cloud services and license support 13 % 12 % 12 % 9 % 12 % 10 % 12 % 11 % Cloud license and on-premise license (10 %) (18 %) (3 %) (15 %) (12 %) 7 % 1 % 4 % Hardware (6 %) (11 %) (7 %) (1 %) (6 %) (8 %) (4 %) (6 %) Services 2 % (2 %) (5 %) (6 %) (3 %) (9 %) (3 %) (6 %) Total revenues 9 % 5 % 7 % 3 % 6 % 7 % 9 % 8 % CONSTANT CURRENCY REVENUE GROWTH RATES (2) Cloud services 29 % 24 % 24 % 20 % 24 % 22 % 24 % 23 % License support 0 % 0 % 1 % 1 % 0 % 0 % 0 % 0 % Cloud services and license support 12 % 11 % 11 % 10 % 11 % 11 % 12 % 11 % Cloud license and on-premise license (11 %) (19 %) (3 %) (14 %) (12 %) 8 % 3 % 5 % Hardware (8 %) (12 %) (7 %) 0 % (7 %) (8 %) (3 %) (5 %) Services 1 % (3 %) (5 %) (6 %) (3 %) (8 %) (3 %) (5 %) Total revenues 8 % 4 % 7 % 4 % 6 % 8 % 9 % 8 % CLOUD SERVICES AND LICENSE SUPPORT REVENUES BY ECOSYSTEM Applications cloud services and license support $ 4,471 $ 4,474 $ 4,584 $ 4,642 $ 18,172 $ 4,769 $ 4,784 $ 9,552 Infrastructure cloud services and license support 5,076 5,165 5,379 5,592 21,211 5,750 6,022 11,772 Total cloud services and license support revenues $ 9,547 $ 9,639 $ 9,963 $ 10,234 $ 39,383 $ 10,519 $ 10,806 $ 21,324 AS REPORTED REVENUE GROWTH RATES Applications cloud services and license support 11 % 10 % 10 % 6 % 9 % 7 % 7 % 7 % Infrastructure cloud services and license support 15 % 14 % 13 % 12 % 14 % 13 % 17 % 15 % Total cloud services and license support revenues 13 % 12 % 12 % 9 % 12 % 10 % 12 % 11 % CONSTANT CURRENCY REVENUE GROWTH RATES (2) Applications cloud services and license support 11 % 9 % 10 % 6 % 9 % 7 % 7 % 7 % Infrastructure cloud services and license support 14 % 12 % 13 % 13 % 13 % 14 % 17 % 16 % Total cloud services and license support revenues 12 % 11 % 11 % 10 % 11 % 11 % 12 % 11 % GEOGRAPHIC REVENUES Americas $ 7,841 $ 8,067 $ 8,270 $ 8,945 $ 33,122 $ 8,372 $ 8,933 $ 17,305 Europe/Middle East/Africa 3,005 3,170 3,316 3,539 13,030 3,228 3,381 6,609 Asia Pacific 1,607 1,704 1,694 1,803 6,809 1,707 1,745 3,452 Total revenues $ 12,453 $ 12,941 $ 13,280 $ 14,287 $ 52,961 $ 13,307 $ 14,059 $ 27,366 (1) The sum of the quarterly information presented may vary from the year-to-date information presented due to rounding. (2) We compare the percent change in the results from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rates in effect on May 31, 2024 and 2023 for the fiscal 2025 and fiscal 2024 constant currency growth rate calculations presented, respectively, rather than the actual exchange rates in effect during the respective periods. APPENDIX A ORACLE CORPORATION Q2 FISCAL 2025 FINANCIAL RESULTS EXPLANATION OF NON-GAAP MEASURES To supplement our financial results presented on a GAAP basis, we use the non-GAAP measures indicated in the tables, which exclude certain business combination accounting entries and expenses related to acquisitions, as well as other significant expenses including stock-based compensation, that we believe are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on these non-GAAP measures. Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects: Stock-based compensation expenses : We have excluded the effect of stock-based compensation expenses from our non-GAAP operating expenses, income tax effects and net income measures. Although stock-based compensation is a key incentive offered to our employees, and we believe such compensation contributed to the revenues earned during the periods presented and also believe it will contribute to the generation of future period revenues, we continue to evaluate our business performance excluding stock-based compensation expenses. Stock-based compensation expenses will recur in future periods. Amortization of intangible assets : We have excluded the effect of amortization of intangible assets from our non-GAAP operating expenses, income tax effects and net income measures. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of intangible assets will recur in future periods. Acquisition related and other expenses; and restructuring expenses : We have excluded the effect of acquisition related and other expenses and the effect of restructuring expenses from our non-GAAP operating expenses, income tax effects and net income measures. We incurred expenses in connection with our acquisitions and also incurred certain other operating expenses or income, which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. Acquisition related and other expenses consisted of personnel related costs for transitional and certain other employees, certain business combination adjustments including certain adjustments after the measurement period has ended, and certain other operating items, net. Restructuring expenses consisted of employee severance and other exit costs. We believe it is useful for investors to understand the effects of these items on our total operating expenses. Although acquisition related and other expenses and restructuring expenses may diminish over time with respect to past acquisitions and/or strategic initiatives, we generally will incur certain of these expenses in connection with any future acquisitions and/or strategic initiatives. View original content: https://www.prnewswire.com/news-releases/oracle-announces-fiscal-2025-second-quarter-financial-results-302326639.html SOURCE Oracle © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. MTN today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights Net loss attributable to Vail Resorts, Inc. was $172.8 million for the first quarter of fiscal 2025 compared to net loss attributable to Vail Resorts, Inc. of $175.5 million in the same period in the prior year. Resort Reported EBITDA loss was $139.7 million for the first quarter of fiscal 2025, which included $2.7 million of one-time costs related to the previously announced two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses, compared to a Resort Reported EBITDA loss of $139.8 million for the first quarter of fiscal 2024, which included $1.8 million of acquisition and integration related expenses. Pass product sales through December 3, 2024 for the upcoming 2024/2025 North American ski season decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying current U.S. dollar exchange rates to both current period and prior period sales for Whistler Blackcomb. The Company has made certain adjustments to its guidance for net income attributable to Vail Resorts, Inc. primarily related to a gain recorded during the first quarter of fiscal 2025, which impacted Real Estate Reported EBITDA. For fiscal 2025, the Company now expects $240 million to $316 million of net income attributable to Vail Resorts, Inc. and reaffirmed its Resort Reported EBITDA guidance of $838 million to $894 million . The Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock that will be payable on January 9, 2025 to shareholders of record as of December 26, 2024 and repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . Commenting on the Company's fiscal 2025 first quarter results, Kirsten Lynch , Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season. The quarter's results were driven by winter operations in Australia and summer activities in North America , including sightseeing, dining, retail, lodging, and administrative expenses. "Resort Reported EBITDA was consistent with the prior year, driven by growth in our North American summer business from increased activities spending and lodging results. This growth was offset by a decline in Resort Reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses." Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts continues to make progress on its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. The two-year Resource Efficiency Transformation Plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows globally. Through scaled operations, global shared services, and expanded workforce management, the Company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved." Turning to season pass results, Lynch said, "Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts. Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024/2025 North American ski season, pass product sales through December 3, 2024 decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . This year's results benefited from an 8% price increase, partially offset by unit growth among lower priced Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. For the period between September 21, 2024 and December 3, 2024 , pass product sales trends improved relative to pass product sales through September 20, 2024 , with unit growth of approximately 1% and sales dollars growth of approximately 7% as compared to the period in the prior year from September 23, 2023 through December 4, 2023 , due to expected renewal strength, which we believe reflects delayed decision making. "Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies. For the full selling season, the Company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season. New pass holders come from lapsed guests, prior year lift ticket guests, and new guests to our database. The Company achieved growth from lapsed guests, who previously purchased a pass or lift ticket but did not buy a pass or lift ticket in the previous season. The decline in new pass holders compared to the prior year was driven by fewer guests who purchased lift tickets in the past season and from guests who are completely new to our database, which we believe was impacted by last season's challenging weather and industry normalization. Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits)." Lynch continued, "Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our Company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary back bowls at Vail Mountain opening the earliest since 2018. Our resorts in the East are experiencing typical seasonal variability for this point in the year, with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season, and are on track with our staffing plans and have achieved a strong return rate of our frontline employees from the prior season. Lodging bookings at our U.S. resorts for the upcoming season are consistent with last year. At Whistler Blackcomb, lodging bookings for the full season are lagging prior year levels, which may reflect delayed decision making following challenging conditions in the prior year." Operating Results A more complete discussion of our operating results can be found within the Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company's Form 10-Q for the first fiscal quarter ended October 31, 2024 , which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Mountain segment net revenue increased $0.8 million , or 0.5%, to $173.3 million for the three months ended October 31, 2024 as compared to the same period in the prior year, primarily driven by an increase in summer visitation at our North American resorts as a result of improved weather conditions compared to the prior year, which generated increases in on-mountain summer activities revenue, sightseeing revenue, and dining revenue. These increases were partially offset by a decrease in lift revenue from our Australian resorts as a result of reduced visitation from weather-related challenges that impacted terrain and resulted in early closures in the current year, and a decrease in retail/rental revenue driven by the impact of broader industry-wide customer spending trends which negatively impacted retail demand, particularly at our Colorado city store locations. Mountain Reported EBITDA loss was $144.1 million for the three months ended October 31, 2024 , which represents a decrease of $4.5 million , or 3.3%, as compared to Mountain Reported EBITDA loss for the same period in the prior year, primarily driven by our Australian operations, which experienced weather-related challenges that impacted terrain and resulted in early closures, as well as incremental off-season losses from the addition of Crans-Montana (acquired May 2, 2024 ), partially offset by an increase in summer operations at our North American resorts, which benefited from warm weather conditions late in the season. Mountain segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $2.0 million for the three months ended October 31, 2024 , as well as acquisition and integration related expenses of $0.9 million and $1.8 million for the three months ended October 31, 2024 and 2023, respectively. Lodging Segment Lodging segment net revenue (excluding payroll cost reimbursements) increased $5.4 million , or 6.9%, to $83.8 million for the three months ended October 31, 2024 as compared to the same period in the prior year, primarily driven by positive weather conditions in the Grand Teton region, which enabled increased room pricing and drove increases in owned hotel rooms revenue. Additionally, dining revenue and golf revenue increased each primarily as a result of increased summer visitation at our North American mountain resort properties. Lodging Reported EBITDA was $4.4 million for the three months ended October 31, 2024 , which represents an increase of $4.6 million , as compared to Lodging Reported EBITDA loss for the same period in the prior year, primarily as a result of favorable weather conditions which drove increased visitation in the Grand Teton region and at our mountain resort properties. Lodging segment results also include one-time operating expenses attributable to our resource efficiency transformation plan of $0.7 million for the three months ended October 31, 2024 . Resort - Combination of Mountain and Lodging Segments Resort net revenue was $260.2 million for the three months ended October 31, 2024 , an increase of $5.9 million as compared to Resort net revenue of $254.3 million for the same period in the prior year. Resort Reported EBITDA loss was $139.7 million for the three months ended October 31, 2024 , compared to Resort Reported EBITDA loss of $139.8 million for the same period in the prior year. Real Estate Segment Real Estate Reported EBITDA was $15.1 million for the three months ended October 31, 2024 , an increase of $9.7 million as compared to Real Estate Reported EBITDA of $5.4 million for the same period in the prior year. During the three months ended October 31, 2024 , the Company recorded a gain on sale of real property for $16.5 million related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, as compared to the same period in the prior year, during which we recorded a gain on sale of real property for $6.3 million related to a land parcel sale in Beaver Creek, Colorado . Total Performance Total net revenue increased $1.7 million , or 0.7%, to $260.3 million for the three months ended October 31, 2024 as compared to the same period in the prior year. Net loss attributable to Vail Resorts, Inc. was $172.8 million , or a loss of $4.61 per diluted share, for the first quarter of fiscal 2025 compared to a net loss attributable to Vail Resorts, Inc. of $175.5 million , or a loss of $4.60 per diluted share, in the prior year. Outlook The Company's Resort Reported EBITDA guidance for the year ending July 31, 2025 is unchanged from the prior guidance provided on September 26, 2024 . The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million , up from the prior guidance range of $224 million to $300 million . The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, a transaction that has been recorded as Real Estate Reported EBITDA. Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected Resort Reported EBITDA. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million , including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period. After considering these items, we expect Resort Reported EBITDA to grow from price increases and ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes (1) a continuation of the current economic environment, (2) normal weather conditions for the 2024/2025 North American and European ski season and the 2025 Australian ski season, and (3) the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024 . Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024 of $0.71 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada , $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia , and $1.14 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland were to continue for the remainder of the fiscal year, the Company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for Resort Reported EBITDA. The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2025 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance. Fiscal 2025 Guidance (In thousands) For the Year Ending July 31, 2025 (6) Low End High End Range Range Net income attributable to Vail Resorts, Inc. $ 240,000 $ 316,000 Net income attributable to noncontrolling interests 23,000 17,000 Net income 263,000 333,000 Provision for income taxes (1) 91,000 115,000 Income before income taxes 354,000 448,000 Depreciation and amortization 295,000 279,000 Interest expense, net 174,000 166,000 Other (2) 21,000 13,000 Total Reported EBITDA $ 844,000 $ 906,000 Mountain Reported EBITDA (3) $ 818,000 $ 872,000 Lodging Reported EBITDA (4) 16,000 26,000 Resort Reported EBITDA (5) 838,000 894,000 Real Estate Reported EBITDA 6,000 12,000 Total Reported EBITDA $ 844,000 $ 906,000 (1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. (2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes. (3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation. (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation. (5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. (6) Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.18 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. Liquidity and Return of Capital As of October 31, 2024 , the Company's total liquidity as measured by total cash plus revolver availability was approximately $1,024 million . This includes $404 million of cash on hand, $407 million of U.S. revolver availability under the Vail Holdings Credit Agreement, and $213 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2024 , the Company's Net Debt was 2.8 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock payable on January 9, 2025 to shareholders of record as of December 26 , 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . The Company has 1.6 million shares remaining under its authorization for share repurchases. Commenting on capital allocation, Lynch said, "We will continue to be disciplined stewards of our shareholders' capital, prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders. The Company has a strong balance sheet and remains focused on returning capital to shareholders while always prioritizing the long-term value of our shares." Capital Investments Vail Resorts is committed to enhancing the guest experience and supporting the Company's growth strategies through significant capital investments. For calendar year 2025, the Company plans to invest approximately $198 million to $203 million in core capital, before $45 million of growth capital investments at its European resorts, including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate related capital projects to complete multi-year transformational investments at the key base area portals of Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain. Including European growth capital investments, and real estate related capital, the Company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described herein remain subject to approvals. In calendar year 2025, the Company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. Park City Mountain – The transformation of Park City Mountain's Canyons Village is underway to support a world-class luxury base village experience. These investments will support Park City Mountain in welcoming athletes and fans from across the world who visit the resort as it serves as a venue for the 2034 Olympic Winter Games. As announced in September, we are replacing the Sunrise lift with a new 10-person gondola in partnership with the Canyons Village Management Association in calendar year 2025, which will provide improved access and enhanced guest experience for existing and future developments within Canyons Village. The Company also plans to enhance the beginner and children's experience by expanding the existing Red Pine Lodge restaurant to upgrade the dining experience for ski and ride school guests, and by improving the teaching terrain surrounding the Red Pine Lodge. These investments are further supported by the construction of the Canyons Village Parking Garage, a new covered parking structure with over 1,800 stalls being developed by TCFC, the master developer of the Canyons Village, which is expected to break ground in spring 2025. Planning of additional investments at Park City Mountain across the mountain experience is underway and additional projects will be announced in the future. Vail Mountain – In October 2024 , the Company announced the development of West Lionshead area into a fourth base village at Vail Mountain in partnership with the Town of Vail and East West Partners. The new base village will reinforce Vail Mountain's status as a world-class destination, and is anticipated to feature access to the resort's 5,317 acres of legendary terrain, plus new lodging, restaurants, boutiques, and skier services, as well as community benefits such as workforce housing, public spaces, transit, and parking. In addition, the Company is developing a multi-year plan to invest in base area improvements, lift upgrades, and across the beginner ski and ride school and dining experiences. In calendar year 2025, the Company is planning to renovate guestrooms and common spaces at its luxury Vail hotel, the Arrabelle at Vail Square. Additionally, in calendar year 2025 the Company plans to invest in real estate planning to develop the West Lionshead area. In addition to embarking on two multi-year transformational investment plans, the Company is planning significant investments across the guest experience in calendar year 2025, including: Andermatt-Sedrun – The Company plans to replace the four-person fixed grip Calmut lift and the four-person fixed grip Cuolm lift with two new six-person high speed lifts that will increase capacity and significantly improve the guest experience at the Val Val area. The Company also plans to upgrade and expand snowmaking infrastructure at the Gemsstock area on the western side of the resort to enhance the consistency of the guest experience, particularly in the early season, and significantly improve energy efficiency. In addition, the Company plans to complete the previously announced upgrade of the Sedrun-Milez snowmaking infrastructure and improvements to the Milez and Natschen restaurants. Through calendar year 2025, Vail Resorts will have invested approximately CHF 50 million of a total CHF 110 million capital that was invested as part of the purchase of the Company's majority ownership stake in Andermatt-Sedrun. Perisher – At Perisher in Australia , the Company plans to replace the Mt Perisher Double and Triple Chairs with a new six-person high speed lift, following the capital spending in calendar year 2024 that is continuing into calendar year 2025 to be completed in time for the 2025 winter season in Australia . Technology – The Company will be investing in additional new functionality for the My Epic App, including new tools to better communicate with and personalize the experience for our guests. Building on the pilot of My Epic Assistant, a new guest service technology within the My Epic App powered by advanced AI and resort experts, at four resorts for the upcoming 2024/2025 ski season, the Company is planning to invest in more advanced AI capabilities in calendar year 2025. Dining – The Company plans to invest in physical improvements to dining outlets at its largest destination resorts to improve throughput. Commitment to Zero – The Company plans to continue investing in waste reduction and emissions reduction projects across its resorts to achieve its goal of zero net operating footprint by 2030. Breckenridge – The Company is making real estate related investments to complete the multi-year transformation of the Breckenridge Peak 8 base area, where the Company has enhanced the beginner and children's experience and increased uphill capacity with the introduction of a new four-person high speed 5-Chair, new teaching terrain, and a transport carpet from the base, making the beginner experience more accessible. Keystone – The Company is investing in acquisition and build out costs for skier services that will reside in the newly developed Kindred Resort at Keystone, a family-friendly luxury ski-in, ski-out lodging residence and Rock Resorts-branded hotel at the base of the River Run Gondola, including new restaurants, a full-service spa, pool and hot tub facilities, and the new home for the Keystone Ski & Ride School, and a retail and rental shop. The Kindred development follows the transformational lift-served terrain expansion project in Bergman Bowl, increasing lift-served terrain by 555 acres with the addition of a new six-person high speed lift, which was completed for the 2023/2024 North American ski season. In addition to the investments planned for calendar year 2025, the Company is completing significant investments that will enhance the guest experience for the upcoming 2024/2025 North American and European ski season. As previously announced, the Company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million , excluding $13 million of incremental capital investments in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across North America , $7 million of growth capital investments at Andermatt-Sedrun, $2 million of maintenance and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the Company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million . Earnings Conference Call The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 579-2543 (U.S. and Canada ) or +1 (785) 424-1789 (international). The conference ID is MTNQ125. A replay of the conference call will be available two hours following the conclusion of the conference call through December 16, 2024 , at 11:59 p.m. eastern time . To access the replay, dial (800) 753-9146 (U.S. and Canada ) or +1 (402) 220-2705 (international). The conference call will also be archived at www.vailresorts.com . About Vail Resorts, Inc. MTN Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge , Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America ; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland ; and Perisher, Hotham, and Falls Creek in Australia . We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America . Learn more about our company at www.VailResorts.com , or discover our resorts and pass options at www.EpicPass.com . Forward-Looking Statements Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our calendar year 2025 capital plan; our expectations regarding our resource efficiency transformation plan; and the payment of dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe , or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024 , which was filed on September 26, 2024 . All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. Statement Concerning Non-GAAP Financial Measures When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance. Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2024 2023 Net revenue: Mountain and Lodging services and other $ 187,050 $ 182,834 Mountain and Lodging retail and dining 73,162 71,442 Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue 260,275 258,565 Segment operating expense: Mountain and Lodging operating expense 266,264 255,576 Mountain and Lodging retail and dining cost of products sold 28,947 31,295 General and administrative 106,857 108,025 Resort operating expense 402,068 394,896 Real Estate operating expense 1,491 5,181 Total segment operating expense 403,559 400,077 Other operating (expense) income: Depreciation and amortization (71,633) (66,728) Gain on sale of real property 16,506 6,285 Change in estimated fair value of contingent consideration (2,079) (3,057) Loss on disposal of fixed assets and other, net (1,529) (2,043) Loss from operations (202,019) (207,055) Mountain equity investment income, net 2,151 859 Investment income and other, net 2,493 3,684 Foreign currency loss on intercompany loans (264) (4,965) Interest expense, net (42,154) (40,730) Loss before benefit from income taxes (239,793) (248,207) Benefit from income taxes 58,249 65,160 Net loss (181,544) (183,047) Net loss attributable to noncontrolling interests 8,708 7,535 Net loss attributable to Vail Resorts, Inc. $ (172,836) $ (175,512) Per share amounts : Basic net loss per share attributable to Vail Resorts, Inc. $ (4.61) $ (4.60) Diluted net loss per share attributable to Vail Resorts, Inc. $ (4.61) $ (4.60) Cash dividends declared per share $ 2.22 $ 2.06 Weighted average shares outstanding: Basic 37,473 38,117 Diluted 37,473 38,117 Vail Resorts, Inc. Consolidated Condensed Statements of Operations - Other Data (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Other Data: Mountain Reported EBITDA $ (144,062) $ (139,525) Lodging Reported EBITDA 4,357 (236) Resort Reported EBITDA (139,705) (139,761) Real Estate Reported EBITDA 15,078 5,393 Total Reported EBITDA $ (124,627) $ (134,368) Mountain stock-based compensation $ 5,811 $ 5,848 Lodging stock-based compensation 819 896 Resort stock-based compensation 6,630 6,744 Real Estate stock-based compensation 61 52 Total stock-based compensation $ 6,691 $ 6,796 Vail Resorts, Inc. Mountain Segment Operating Results (In thousands, except ETP) (Unaudited) Three Months Ended October 31, Percentage Increase 2024 2023 (Decrease) Net Mountain revenue: Lift $ 40,423 $ 45,390 (10.9) % Ski school 6,839 7,178 (4.7) % Dining 20,628 18,077 14.1 % Retail/rental 29,526 33,474 (11.8) % Other 75,880 68,336 11.0 % Total Mountain net revenue 173,296 172,455 0.5 % Mountain operating expense: Labor and labor-related benefits 118,530 112,049 5.8 % Retail cost of sales 15,031 17,821 (15.7) % General and administrative 92,568 93,168 (0.6) % Other 93,380 89,801 4.0 % Total Mountain operating expense 319,509 312,839 2.1 % Mountain equity investment income, net 2,151 859 150.4 % Mountain Reported EBITDA $ (144,062) $ (139,525) (3.3) % Total skier visits 548 658 (16.7) % ETP $ 73.76 $ 68.98 6.9 % Vail Resorts, Inc. Lodging Operating Results (In thousands, except Average Daily Rate ("ADR") and Revenue per Available Room ("RevPAR")) (Unaudited) Three Months Ended October 31, Percentage Increase 2024 2023 (Decrease) Lodging net revenue: Owned hotel rooms $ 28,075 $ 25,177 11.5 % Managed condominium rooms 11,705 12,003 (2.5) % Dining 19,952 18,083 10.3 % Golf 7,550 6,376 18.4 % Other 16,501 16,723 (1.3) % 83,783 78,362 6.9 % Payroll cost reimbursements 3,133 3,459 (9.4) % Total Lodging net revenue 86,916 81,821 6.2 % Lodging operating expense: Labor and labor-related benefits 37,227 37,475 (0.7) % General and administrative 14,289 14,857 (3.8) % Other 27,910 26,266 6.3 % 79,426 78,598 1.1 % Reimbursed payroll costs 3,133 3,459 (9.4) % Total Lodging operating expense 82,559 82,057 0.6 % Lodging Reported EBITDA $ 4,357 $ (236) 1,946.2 % Owned hotel statistics: ADR $ 315.97 $ 304.03 3.9 % RevPAR $ 178.87 $ 158.97 12.5 % Managed condominium statistics: ADR $ 232.00 $ 233.92 (0.8) % RevPAR $ 53.07 $ 50.78 4.5 % Owned hotel and managed condominium statistics (combined): ADR $ 276.02 $ 269.31 2.5 % RevPAR $ 92.03 $ 82.95 10.9 % Key Balance Sheet Data (In thousands) (Unaudited) As of October 31, 2024 2023 Total Vail Resorts, Inc. stockholders' equity $ 444,099 $ 633,031 Long-term debt, net $ 2,709,955 $ 2,732,037 Long-term debt due within one year 57,045 69,659 Total debt 2,767,000 2,801,696 Less: cash and cash equivalents 403,768 728,859 Net debt $ 2,363,232 $ 2,072,837 Reconciliation of Measures of Segment Profitability and Non-GAAP Financial Measures Presented below is a reconciliation of net loss attributable to Vail Resorts, Inc. to Total Reported EBITDA for the three months ended October 31, 2024 and 2023. (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Net loss attributable to Vail Resorts, Inc. $ (172,836) $ (175,512) Net loss attributable to noncontrolling interests (8,708) (7,535) Net loss (181,544) (183,047) Benefit from income taxes (58,249) (65,160) Loss before benefit from income taxes (239,793) (248,207) Depreciation and amortization 71,633 66,728 Loss on disposal of fixed assets and other, net 1,529 2,043 Change in fair value of contingent consideration 2,079 3,057 Investment income and other, net (2,493) (3,684) Foreign currency loss on intercompany loans 264 4,965 Interest expense, net 42,154 40,730 Total Reported EBITDA $ (124,627) $ (134,368) Mountain Reported EBITDA $ (144,062) $ (139,525) Lodging Reported EBITDA 4,357 (236) Resort Reported EBITDA* (139,705) (139,761) Real Estate Reported EBITDA 15,078 5,393 Total Reported EBITDA $ (124,627) $ (134,368) * Resort represents the sum of Mountain and Lodging Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA calculated in accordance with GAAP for the twelve months ended October 31, 2024. (In thousands) (Unaudited) Twelve Months Ended October 31, 2024 Net income attributable to Vail Resorts, Inc. $ 233,081 Net income attributable to noncontrolling interests 14,701 Net income 247,782 Provision for income taxes 105,727 Income before provision for income taxes 353,509 Depreciation and amortization 281,398 Loss on disposal of fixed assets and other, net 9,119 Change in fair value of contingent consideration 46,979 Investment income and other, net (17,401) Foreign currency gain on intercompany loans (561) Interest expense, net 163,263 Total Reported EBITDA $ 836,306 Mountain Reported EBITDA $ 797,535 Lodging Reported EBITDA 27,611 Resort Reported EBITDA* 825,146 Real Estate Reported EBITDA 11,160 Total Reported EBITDA $ 836,306 * Resort represents the sum of Mountain and Lodging The following table reconciles long-term debt, net to Net Debt and the calculation of Net Debt to Total Reported EBITDA for the twelve months ended October 31, 2024 . (In thousands) (Unaudited) As of October 31, 2024 Long-term debt, net $ 2,709,955 Long-term debt due within one year 57,045 Total debt 2,767,000 Less: cash and cash equivalents 403,768 Net debt $ 2,363,232 Net debt to Total Reported EBITDA 2.8x The following table reconciles Real Estate Reported EBITDA to Net Real Estate Cash Flow for the three months ended October 31, 2024 and 2023. (In thousands) (Unaudited) Three Months Ended October 31, 2024 2023 Real Estate Reported EBITDA $ 15,078 $ 5,393 Non-cash Real Estate cost of sales — 3,607 Non-cash Real Estate stock-based compensation 61 52 Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate (16,534) 206 Net Real Estate Cash Flow $ (1,395) $ 9,258 The following table reconciles Resort net revenue to Resort EBITDA Margin for fiscal 2025 guidance. (In thousands) (Unaudited) Fiscal 2025 Guidance (2) Resort net revenue (1) $ 3,031,000 Resort Reported EBITDA (1) $ 866,000 Resort EBITDA margin (1) 28.6 % (1) Resort represents the sum of Mountain and Lodging (2) Represents the mid-point of Guidance View original content to download multimedia: https://www.prnewswire.com/news-releases/vail-resorts-reports-fiscal-2025-first-quarter-and-season-pass-sales-results-and-announces-2025-capital-plan-302326613.html SOURCE Vail Resorts, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Despite the high stakes and tense atmosphere in the operating room, the skilled surgical team managed to successfully extract the tip of the knife, much to the relief of everyone involved. The bar owner's condition gradually improved following the procedure, and he was soon on the road to recovery.
WASHINGTON (AP) — In the history of American politics, there's no shortage of presidents who promised to shake up Washington once they got to the White House. But Donald Trump may prove to be in a class of his own, and he appears more interested in beating the federal government into submission than recalibrating it. In staffing his administration, Trump has shown an inclination to select people who distrust or even disdain the agencies that they've been chosen to lead, setting up a potential war of attrition between the incoming Republican president and American institutions. “There’s been nothing like what Trump is suggesting to do," said Doug Brinkley, a presidential historian. "We’re talking about dismantling the federal government.” Trump's approach will become even clearer this week as Kash Patel, his choice for FBI director , heads to Capitol Hill for an initial round of meetings with senators who will decide whether to confirm him to the post. A former national security official who has branded himself as an eager acolyte of Trump, Patel has talked about shutting down the agency's headquarters, splitting up its responsibilities and targeting Trump's perceived enemies. Greg Brower, a former U.S. attorney who served as the FBI’s top congressional affairs official, said Trump seems to want to make the nation’s law enforcement institutions “part of his political operation run out of the White House.” “That’s a major course change that I’m just not sure a majority of senators are willing to endorse," Brower said. Republican senators are already considering whether to support Pete Hegseth, whom Trump wants to lead the Pentagon , despite allegations of sexual misconduct, excessive drinking and financial mismanagement. Hegseth is an Army veteran and former Fox News commentator who has described the military as flooded with “woke” liberal ideology. He also wants to remove women from combat roles. Karoline Leavitt, a spokesperson for Trump’s transition team and the incoming White House press secretary, said the next administration wants to “shatter the Deep State," a term for entrenched civil servants who have frustrated Trump and his allies. “President Trump was re-elected by a resounding mandate from the American people to change the status quo in Washington,” she said in a statement. “That’s why he has chosen brilliant and highly-respected outsiders to serve in his Administration, and he will continue to stand behind them as they fight against all those who seek to derail the MAGA Agenda.” Margaret Spelling, who served as education secretary under President George W. Bush, said it is “probably not a good management style" to treat government employees as adversaries. “If you’re going to turn the tide or redirect the ship of state, you’ve got to have help doing it," she said. "And that’s people who work there already.” Spelling's former department could be outright eliminated if Trump has his way. His choice of education secretary , Linda McMahon, has never worked in the field. She served for one year on the Connecticut Board of Education and is a member of the board of trustees at a private university. McMahon lead the Small Business Administration during Trump's first term, and she made a name for herself by running World Wrestling Entertainment, a cultural juggernaut that features musclebound men beating each other up in elaborately scripted fights. Trump's plans for the federal government blend conservative ideology, which has long viewed Washington as too intrusive in Americans' daily lives, with his personal vendettas. After being plagued by investigations and contradicted by career officials during his first term, the returning president has no interest in a replay and he's more skeptical of insider views that clash with his own instincts. Some of his personnel choices have alarmed political opponents, but Trump's approach could prove appealing to voters whose faith in government has sunk to record lows in recent years. Only about 2 in 10 Americans trust the government to do the right thing always or most of the time, according to the Pew Research Center , down from around 4 in 10 who said this in 2000 — before the upheaval of a global financial crisis, an inconclusive war on terrorism and a worldwide pandemic. Kay Schlozman, a Boston College political science professor, said Trump's nominees could be viewed as "an extension of his capacity to question the received wisdom and question the supposed elites who always run everything.” Some of the largest gaps between expertise and personnel have been evident in public health. Trump chose Robert F. Kennedy Jr. to lead the Department of Health and Human Services despite his reputation as one of the most prolific spreaders of unfounded theories about the supposed danger of vaccines. Trump also picked Dr. Jay Bhattacharya, a critic of public health measures like lockdowns and vaccine mandates that were used during the coronavirus outbreak, to run the National Institutes of Health , the country's top medical research agency. In other areas of government, loyalty has often been prized over expertise. Lee Zeldin, a former New York congressman, never served on any committees dealing with the environment during nearly a decade on Capitol Hill. Now he’s on deck to lead the Environmental Protection Agency. Brinkley said it's not uncommon to have presidents attempt to change how Washington works. Richard Nixon tried to circumvent government agencies by centralizing decision-making in the White House, and Warren Harding stocked his Cabinet with business leaders. But Brinkley said Trump's approach is more venomous, and he seems to be setting up his staff to compete to be the most zealous. “It’s got a gladiator feel," he said. "They each want to show that they’ve got a scalp to punish the so-called deep state, the legacy media or the Democratic Party.” Another way that Trump is taking on Washington is the Department of Government Efficiency , an independent advisory organization that will be run by Elon Musk and Vivek Ramaswamy. Musk, the world's richest man, and Ramaswamy, an entrepreneur, plan to provide ideas on dramatically reducing federal spending and cutting the government workforce. They also said Trump should sidestep Congress whenever possible, setting up a potential constitutional clash. Theda Skocpol, a Harvard University professor of government and sociology, agreed that Americans are often doubtful about Washington's effectiveness. “But it doesn’t mean there’s going to be an easy path to eliminating entire departments or functions of government because people will realize they have the stakes in those things,” she said. However, Skocpol said, chaos might be the actual goal. “Parts of American conservatism have been trying to make government a mess when they control it, and then use it as an argument for less government," she said. ____ Associated Press writer Eric Tucker contributed to this report.We’re all going to die someday. Still, how it happens—and when—can point to a historical moment defined by the scientific advancements and public health programs available at the time to contain disease and prevent accidents. In the early 1900s, America’s efforts to improve sanitation, hygiene, and routine vaccinations were still in their infancy. Maternal and infant mortality rates were high, as were contagious diseases that spread between people and animals. Combined with the devastation of two World Wars—and the Spanish Flu pandemic in between—the leading causes of death changed significantly after this period. So, too, did the way we diagnose and control the spread of disease. Starting with reforms as part of Roosevelt’s New Deal in the 1930s, massive-scale, federal interventions in the U.S. eventually helped stave off disease transmission. It took comprehensive government programs and the establishment of state and local health agencies to educate the public on preventing disease transmission. Seemingly simple behavioral shifts, such as handwashing, were critical in thwarting the spread of germs, much like discoveries in medicine, such as vaccines, and increased access to deliver them across geographies. Over the course of the 20th century, life expectancy increased by 56% and is estimated to keep increasing slightly, according to an annual summary of vital statistics published by the American Academy of Pediatrics in 2000. Death Records examined data from the Centers for Disease Control and Prevention to see how the leading causes of death in America have evolved over time and to pinpoint how some major mortality trends have dropped off. According to a report published in the journal Annual Review of Public Health in 2000, pneumonia was the leading cause of death in the early 1900s, accounting for nearly 1 in 4 deaths. By the time World War I ended in 1918, during which people and animals were housed together for long periods, a new virus emerged: the Spanish Flu. Originating in a bird before spreading to humans, the virus killed 10 times as many Americans as the war. Many died of secondary pneumonia after the initial infection. Pneumonia deaths eventually plummeted throughout the century, partly prevented by increased flu vaccine uptake rates in high-risk groups, particularly older people. Per the CDC, tuberculosis was a close second leading cause of death, killing 194 of every 10,000 people in 1900, mainly concentrated in dense urban areas where the infection could more easily spread. Eventually, public health interventions led to drastic declines in mortality from the disease, such as public education, reducing crowded housing, quarantining people with active disease, improving hygiene, and using antibiotics. Once the death rates lagged, so did the public health infrastructure built to control the disease, leading to a resurgence in the mid-1980s. Diarrhea was the third leading cause of death in 1900, surging every summer among children before the impacts of the pathogen died out in 1930. Adopting water filtration, better nutrition, and improved refrigeration were all associated with its decline. In the 1940s and 1950s, polio outbreaks killed or paralyzed upward of half a million people worldwide every year. Even at its peak, polio wasn’t a leading cause of death, it was a much-feared one, particularly among parents of young children, some of whom kept them from crowded public places and interacting with other children. By 1955, when Jonah Salk discovered the polio vaccine, the U.S. had ended the “golden age of medicine.” During this period, the causes of mortality shifted dramatically as scientists worldwide began to collaborate on infectious disease control, surgical techniques, vaccines, and other drugs. From the 1950s onward, once quick-spreading deadly contagions weren’t prematurely killing American residents en masse, scientists also began to understand better how to diagnose and treat these diseases. As a result, Americans were living longer lives and instead succumbing to noncommunicable diseases, or NCDs. The risk of chronic diseases increased with age and, in some cases, was exacerbated by unhealthy lifestyles. Cancer and heart disease shot up across the century, increasing 90-fold from 1900 to 1998, according to CDC data. Following the post-Spanish Flu years, heart disease killed more Americans than any other cause, peaking in the 1960s and contributing to 1 in 3 deaths. Cigarette smoking rates peaked at the same time, a major risk factor for heart disease. Obesity rates also rose, creating another risk factor for heart disease and many types of cancers. This coincides with the introduction of ultra-processed foods into diets, which plays a more significant role in larger waistlines than the increasing predominance of sedentary work and lifestyles. In the early 1970s, deaths from heart disease began to fall as more Americans prevented and managed their risk factors, like quitting smoking or taking blood pressure medicine. However, the disease remains the biggest killer of Americans. Cancer remains the second leading cause of death and rates still indicate an upward trajectory over time. Only a few types of cancer are detected early by screening, and some treatments for aggressive cancers like glioblastoma—the most common type of brain cancer—have also stalled, unable to improve prognosis much over time. In recent years, early-onset cancers, those diagnosed before age 50 or sometimes even earlier, have seen a drastic rise among younger Americans. While highly processed foods and sedentary lifestyles may contribute to rising rates, a spike in cancer rates among otherwise healthy young individuals has baffled some medical professionals. This follows the COVID-19 pandemic that began in 2020. At its peak, high transmission rates made the virus the third leading cause of death in America. It’s often compared to the Spanish Flu of 1918, though COVID-19 had a far larger global impact, spurring international collaborations among scientists who developed a vaccine in an unprecedented time. Public policy around issues of safety and access also influences causes of death, particularly—and tragically—among young Americans. Gun control measures in the U.S. are far less stringent than in peer nations; compared to other nations, however, the U.S. leads in gun violence. Firearms are the leading cause of death for children and teens (around 2 in 3 are homicides, and 1 in 3 are suicides), and deaths from opioids remain a leading cause of death among younger people. Globally, the leading causes of death mirror differences in social and geographic factors. NCDs are primarily associated with socio-economic status and comprise 7 out of 10 leading causes of death, 85% of those occurring in low- and middle-income countries, according to the World Health Organization. However, one of the best health measures is life expectancy at birth. People in the U.S. have been living longer lives since 2000, except for a slight dip in longevity due to COVID-19. According to the most recent CDC estimates, Americans’ life expectancy is 77.5 years on average and is expected to increase slightly in the coming decades. Story editing by Alizah Salario. Additional editing by Kelly Glass. Copy editing by Paris Close. Photo selection by Lacy Kerrick. This story originally appeared on Death Records and was produced and distributed in partnership with Stacker Studio. Founded in 2017, Stacker combines data analysis with rich editorial context, drawing on authoritative sources and subject matter experts to drive storytelling.
NEW YORK (AP) — A slide for market superstar Nvidia helped pull U.S. stock indexes down from their records. The S&P 500 fell 0.6% Monday, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average fell 0.5%, and the Nasdaq composite dropped 0.6% from its own record. Nvidia was the market’s heaviest weight after China said it’s probing the chip giant for potential antitrust violations. Stocks in Hong Kong jumped after top Chinese leaders agreed on a “moderately loose” monetary policy. Prices for oil and gold rose following the ouster of Syrian leader Bashar Assad. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — A slide for market superstar Nvidia on Monday is helping to pull U.S. stock indexes down from their records. The S&P 500 fell by 0.3% in afternoon trading, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average was down 57 points, or 0.1%, as of 1:53 p.m. Eastern time, and the Nasdaq composite pulled back 0.3% from its own record. Nvidia's drop of 2.1% was by far the heaviest weight on the S&P 500 after China said it's investigating the company over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other. Nvidia's fall overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world's second-largest economy. Roughly half the stocks in the S&P 500 also rose. The week’s highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday’s report to show the inflation that U.S. consumers are feeling remained stuck at roughly the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level. They’re the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its main interest rate for the third time this year. The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation. Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year. On Wall Street, Interpublic Group rose 5.8% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 9.3%. Macy’s climbed 1.5% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price. Super Micro Computer rose 4.6% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements. Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor . In the oil market, a barrel of benchmark U.S. crude rallied 2% to $68.56 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, was mostly unchanged at $71.05. The price of gold also rose 1% amid the uncertainty created by the end of the Assad family’s 50 years of iron rule. In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy. U.S.-listed stocks of several Chinese companies climbed, such as a 13.1% jump for electric-vehicle company Nio and a 9.1% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat. In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from President Yoon Suk Yeol 's brief declaration of martial law last week in the midst of a budget dispute. In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed. Stan Choe, The Associated PressIn the fast-paced world of professional sports, where victories and defeats are measured in points and titles, let us not forget the beauty and power of love that transcends boundaries and unites hearts. Zheng Siwei's gesture of proposing to Huang Yaqiong speaks volumes about the depth of their relationship and the foundation of trust and respect upon which their partnership is built.
The bad news for Chicago Bulls vice president of basketball operations Artūras Karnišovas is that Patrick Williams is out for an undetermined length of time with inflammation in his surgically repaired left foot. The good news is Karnišovas will get to see more of his latest project, Matas Buzelis, who figures to get more minutes as Williams rests his swollen foot. As the Bulls prepared to play the Memphis Grizzlies on Saturday at the United Center in the second game of back-to-backs, the Buzelis buzz was growing, albeit at a low frequency. With Julian Phillips also sidelined Saturday with an illness, someone joked it was turning into “the Matas Buzelis Show.” “Maybe,” coach Billy Donovan said. “I’m here for the whole five positions.” With Williams and Phillips out, Donovan said he would have to utilize more of his bench against the Grizzlies as the Bulls attempted to win back-to-back games for the first time. Karnišovas gave Williams a five-year, $90 million extension in June, showing confidence Williams eventually would blossom into the player the Bulls envisioned when they selected him with the fourth pick in the 2020 draft. Williams was a 19-year old who didn’t start for Florida State but was chosen for his athleticism and upside as a 6-8 forward who can handle the ball. “Long arms, big hands,” Karnišovas said then. “Such an upside and potential. He can play from one through five. Played point guard in high school. Humble kid that is mature beyond his years. This is what the NBA is today.” Williams insisted Friday that he could’ve played if needed, but the Bulls aren’t likely to rush him back so soon into the season. Donovan talked about a “logjam” at the position before Williams’ injury, suggesting Buzelis and Phillips would benefit with more minutes. But instead of starting one of the two on Friday in the 136-122 win over the Atlanta Hawks, Donovan opted for a four-guard lineup, adding Ayo Dosunmu to starters Zack LaVine, Coby White and Josh Giddey. The Bulls’ Matas Buzelis gestures after making a 3-pointer in the third quarter against the Hawks in an NBA Cup game on Nov. 22, 2024, at the United Center. Buzelis scored nine points in the Bulls’ 136-122 win. (Geoff Stellfox/Getty) Still, Buzelis was on the court for two long stretches, scoring nine points with two blocks in 20 minutes while sinking a corner 3 and converting two dunks, including one that brought the house down in the first quarter. LaVine said he told the 20-year-old rookie to keep it up and not to worry about missing shots. “He athletically helps us just from being on the court and playing multiple positions,” LaVine said. Donovan liked the rim protection and the offensive part of Buzelis’s game but added the 6-9, 196-pound rookie needs to understand the realities of going into the paint in the NBA. “When he’s going to the basket, there are going to be people putting bodies in the way,” Donovan said. “And sometimes Euro-stepping leads you into some of those charges. These are things I think he’ll learn.” Related Articles Chicago Bulls | Column: Chicago Bulls are on pace for the worst defensive season in franchise history. Can it be fixed? Chicago Bulls | NBA urges players to take additional precautions to secure their homes following high-profile burglaries Chicago Bulls | ‘I’m being true to myself.’ How Zach LaVine strives for success through selflessness with the Chicago Bulls. Chicago Bulls | 6 takeaways as the Chicago Bulls lost to the Milwaukee Bucks — but won the minutes without Giannis Antetokounmpo Chicago Bulls | Patrick Williams is sidelined again with pain in the same foot — but Chicago Bulls aren’t panicking yet Hopefully those lessons will be learned now, as the 7-10 Bulls have nothing to lose by letting him play and seeing what they’ve got. They’re one trade away from being an official rebuild, and LaVine looks healthier and more tradeable than at any point in 2023-24. The anticipation whenever the ball found its way into Buzelis’s hands Friday was palpable to those of us sitting in the stands, which includes the local media not employed by the Chicago Sports Network. Chairman Jerry Reinsdorf took away the courtside press seating last year in a blatant money grab, similar to what he did at Sox Park many years ago. Anyway, it was obvious Friday that Bulls fans appear desperate for something new and exciting after years of watching the same old thing. Fair or not, Buzelis is going to have to succeed for Karnišovas’s reputation, not to mention for fans’ sanity. But until then, the Bulls will probably be content to ride LaVine as long as they can and look to the future at the trade deadline. White, Dosunmu and Williams will all be part of it, but the rest of the cast is unknown. Karnišovas’s widely panned acquisition of Giddey from the Oklahoma City Thunder for energizer Alex Caruso hasn’t been as one-sided as expected because of Caruso’s poor early-season shooting. Still, Giddey’s defensive play is so sketchy Donovan has been closing tight games with Dosunmu, making Giddey a bystander, literally and figuratively. Dosunmu, growing in confidence daily, has been up for the task. Without Lonzo Ball available , he’s easily their best perimeter defender. “You always want to help the team close a win,” Dosunmu said. “That feels pretty good. We’ve got to do better as a team closing games out, but I like where we’re at. We can be better. We will be better.” They had better be better, or Karnišovas will be the one bearing the brunt of the blame. Bulls guard Ayo Dosunmu is fouled by the Hawks’ Dyson Daniels on a drive to the basket during the first half of an NBA Cup game on Nov. 22, 2024, at the United Center. (Charles Rex Arbogast/AP) Dosunmu took over ballhandling duties Friday, which seemed to calm down Giddey, a decent point guard who’s a good distributor and rebounder but has difficulty covering smaller, quicker guards. Giddey had 18 points, eight assists and six rebounds Friday with a plus-19 rating in one of his better overall performances. Donovan said the four-guard starting lineup will be predicated on matchups while Williams is out, but obviously he liked what he saw Friday as the Bulls shot a season-high 57%, including 19-for-43 (44.2%) from 3-point range. LaVine noted the fast pace of both teams on Friday, when the Bulls made 19 turnovers and still cruised to a win to even their NBA Cup record at 1-1. “There were a couple times I didn’t make it past half-court without getting back,” LaVine said with a laugh. “We’re sticking with the identity of what we’re trying to do — guys playing fast. You have to get in shape for it.” The message from Donovan is clear, albeit a little repetitive. “We have to run,” Donovan said. “We have to try to generate stuff in transition. We have to play fast. It’s just what we have to do. ... It gets bodies off of us, helps us get downhill, helps generate some 3s.” On nights like Friday, it’s something to see. But with the real grind of the NBA schedule just beginning, we’ll soon find out how much the Bulls have in their tank.How Bangladesh’s Apparel Industry Can Adapt to EU Sustainability Rules
Magnetic "metasheet" material moves objects like a conveyor beltRachel Christian | (TNS) Bankrate.com Just because retirement planning involves some guesswork doesn’t mean it has to be a total mystery. Related Articles Business | The year in money: inflation eased, optimism ticked upward Business | Nearly half of US teens are online ‘constantly,’ Pew report finds Business | How to protect your communications through encryption Business | Army and Navy team up for hypersonic missile launch from Cape Canaveral Business | About 2.6 million Stanley cups recalled after malfunctions caused burns. Is your mug included? Whether you’ve been saving since your first job or you’re getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if you’re not quite on track, don’t sweat it — the experts we spoke to offered actionable tips to help you close the gap. You might have a general idea of how much money you need to save for retirement . A few quick calculations can give you an estimate, but to truly appreciate where you stand, you’ll need to dive into the numbers. Here’s how to get started. A good rule of thumb to estimate your retirement savings goal is the Rule of 25 . Simply multiply your desired annual retirement income by 25. The result is roughly how much you’ll need to save before hitting retirement. For example, if you plan to spend $50,000 a year, you’ll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years. While it’s not an exact science by any means — health care costs and lifestyle changes can skew the numbers, for example — the Rule of 25 can be a good starting point to figure out how much you need to save. Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if you’re on track . —By age 30: Save 1x your annual salary —By age 40: Save 3x your annual salary —By age 50: Save 6x your annual salary —By age 60: Save 8x your annual salary —By age 67: Save 10x your annual salary For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67. But like the Rule of 25, Fidelity’s guidelines offer a 10,000-foot look at retirement goals, and they’re not customized to your situation. Maybe you earned a low salary in your 20s, but you’re working hard in your 30s to make up for it. Use these estimates as a benchmark — but don’t get discouraged if you’re lagging behind. Now it’s time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether you’re on track. You’ll get a more refined estimate without crunching the numbers yourself. Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. Having a general savings goal is nice, but to avoid falling short in retirement, you’ll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much you’ll really need once you leave the workforce. First, estimate how much you’ll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting. “Estimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,” says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management. For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement. “Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme. Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but don’t neglect other inflows, such as: —Workplace retirement accounts, like 401(k)s —Personal retirement accounts, like a traditional or Roth IRA —Pensions —Annuities —Selling your home or business —Rental income —Inheritance “If there’s a gap between your expected expenses and income, you’ll have a good idea of how much you need to save,” says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. From there, you can adjust your savings and investment strategy accordingly. For something as important (and complex) as retirement planning, it pays to speak with a professional. Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement. Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time. Make sure the adviser you hire is a fiduciary , meaning they’re legally obligated to prioritize your interests over their own. A fiduciary won’t push investments to earn a commission or recommend products that aren’t aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries. You can use Bankrate’s adviser matching tool to find a certified financial planner in your area in minutes. Maybe you did the math and realized you’re not quite where you need to be. Don’t panic if you’re behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings . Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping. Don’t rule out bigger lifestyle changes either, especially if retirement is rapidly approaching. Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners. It can also reduce your expenses in retirement, so you may not need to save as much as before. “Downsizing can be a great way to cut expenses,” says Boughan. “This can even free up cash if you don’t end up needing all that money for a new home.” Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line. And if you’re a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement. “Everyone’s plan is unique, so exploring all the options is important,” Boughan says. Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a “retirement test drive” as you near your target date. “Start to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,” says Conroy. “If you can make it through each month, you’re ready for retirement. If you run short, then adjust your plan accordingly.” Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow. “Working longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,” says Hunsberger. Postponing retirement can also boost your Social Security benefits . “You can claim as early as 62, but your benefits will be reduced significantly,” says Hunsberger. Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age , your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off. It may seem obvious, but if you’re behind on retirement savings, you’ll need to boost your contributions as much as possible. Here are a few ways to make saving for retirement easier: —Increase your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road. —Take advantage of your employer match: Don’t leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure you’re contributing enough to take advantage of the benefit. —Use “unexpected” money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA. If you’ve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder. Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance. Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution . But thanks to SECURE 2.0 , a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if you’re in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career. Of course, you’ll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career. There’s no GPS to gauge your progress on the road to retirement. If you’ve veered off course or aren’t sure where to start, begin by getting a quick estimate of how much you’ll need before mapping out a retirement budget. And if you’re behind, don’t panic — adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.
The community's response to Tang Shangjun's noble initiative has been overwhelmingly positive. People from all walks of life have come forward to offer their help, whether it be through monetary donations, volunteer labor, or materials for the construction. The outpouring of support and solidarity reflects the deep respect and admiration that Tang Shangjun commands in his community, where he is known for his integrity, humility, and generosity.Moreover, the growing integration of Chinese companies into global supply chains and the increasing prominence of Chinese brands on the world stage have further enhanced the appeal of Chinese assets for international investors. As China continues to assert its economic influence on the global stage, foreign investors are eager to capitalize on the opportunities presented by the country's rapid economic development and burgeoning consumer market.