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brice 777 hands up ST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/enSeattle capital gains tax proposal falls short againThe African Conference on Precision Agriculture (AfCPA), a transformative event aimed at driving agricultural innovation across the continent, has launched simultaneously in 10 African nations, with Egypt taking a prominent role as one of the satellite hosts. The Egyptian session, organized by the National Authority for Remote Sensing and Space Sciences (NARSS), aligns with the overarching mission of promoting precision agriculture as a foundation for sustainable food security and economic growth across Africa. In his opening remarks, Islam Aboulmajd, Chairperson of NARSS, underscored Egypt’s leadership in advancing agricultural technology. He highlighted the government’s investments in digital transformation and agricultural research as part of its strategy to address critical food security challenges. “Africa possesses fertile land, abundant water resources, and a dynamic youth population, all of which are essential to securing the world’s future food supply. This conference creates a platform for collaboration among scientists, practitioners, and policymakers to realize this potential,” Aboulmajd stated. Mohamed Aboelghar, Head of Agricultural Applications at NARSS, noted the continent’s capacity to boost agricultural productivity by 70% by 2050 through innovations like the Internet of Things (IoT). However, he also pointed out significant hurdles, including climate change, soil degradation, and inefficiencies in large-scale farming practices. “This forum provides a vital opportunity for African experts to share knowledge and collectively tackle these challenges,” Aboelghar emphasized. The AfCPA highlights the urgent need to adopt precision agriculture to mitigate the effects of global warming and maximize resource efficiency. The agenda features expert-led lectures, collaborative discussions, and case studies designed to shape policies for scaling sustainable practices continent-wide. Egypt’s active participation reflects its dedication to fostering regional and international partnerships. Over the next three days, the conference aims to produce actionable recommendations to support a food-secure and sustainable future for Africa.

The National Urban League , a prominent civil rights organization, is speaking out against Walmart's recent move to discontinue its diversity, equity, and inclusion (DEI) programs. Marc Morial, the group's CEO and president, expressed his disappointment in Walmart , who had previously been a partner of theirs, stating on CBS Mornings that he is "dismayed by this decision." Morial told CBS: "I think what they did is succumb to a smear campaign, to threats, to bullying, and to blackmail by a handful of extremists." Walmart 's drastic reversal of its diversity policies signals a significant shift in U.S. companies as they reassess the legal and political risks tied to ambitious programs to support historically marginalized groups. JonBenét Ramsey's father says advances in DNA technology can help solve daughter's cold case murder Georgia cult mom who thought she breastfed 'evil' into baby stabbed 13-month-old daughter to death The world's largest retailer announced these changes on Monday, following a series of legal wins by conservative groups that have launched a barrage of lawsuits against corporate and federal initiatives designed to uplift minority and women-owned businesses and employees. This retreat from such programs became evident with the election of former President Donald Trump, whose administration is set to prioritize dismantling diversity, equity, and inclusion programs. Trump's incoming deputy chief of policy will be his former adviser Stephen Miller, who heads a group named America First Legal that has actively contested corporate DEI policies. Morial further mentioned that he has reached out to Walmart leaders to discuss the changes in an attempt to comprehend the rationale behind the decision before the National Urban League and other civil rights community members take their own responsive measures. John Furner, the CEO and President of Walmart U.S. said that the company's rollbacks are aimed at ensuring everyone feels they "belong." "Like many companies all across the U.S., we’ve been on a journey," Furner said. "We’ll continue to be on a journey. And what we’re trying to do is to ensure every customer, every associate feels welcomed here in the shop and to feel like they belong." However, Morial criticized the corporation for making the changes without consulting stakeholders including the National Urban League, which has been a partner of the superstore for two decades. DAILY NEWSLETTER: Sign up here to get the latest news and updates from the Mirror US straight to your inbox with our FREE newsletter. "They went from worst to first class when it comes to diversity," Morial said. "The idea that they would throw all of that away without any careful consultation with their partners, without any real serious evaluation of the success of these programs, is what dismays me." Among other changes, Walmart announced it will no longer give priority treatment to suppliers owned by women or minorities. The company also will not renew a five-year commitment for a racial equity center set up in 2020 after the police killing of George Floyd. And it pulled out of a prominent gay rights index. "One value of this nation is equal opportunity," Morial said. "That’s all equity, diversity and inclusion is about. It’s about creating a level playing field for all." He mentioned that DEI has been "smeared" by a "hate mob." "Diversity, equity and inclusion were a set of terms designed to create a positive, if you will, image and a positive conversation about an America for all, an America that is open to all," he claimed. "DEI does not favor, it opens doors that have historically been closed," Morial further explained.

NEW YORK — The Yankees beefed up their bullpen on Friday afternoon, agreeing to a trade that will bring Devin Williams to the Bronx. The Yankees are sending Nestor Cortes and infield prospect Caleb Durbin to the Brewers in the trade for the closer. Milwaukee is also receiving cash considerations. While stress fractures in his back limited Williams to 22 games last season, the 30-year-old has been one of baseball’s best relievers since debuting with Milwaukee in 2019. Over that span, Williams ranks first in H/9 (4.9), second in ERA (1.83), fourth in K.9 (14.3) and sixth in HR/9 (0.6) among relievers with at least 200 innings pitched. A two-time All-Star and two-time National League Reliever of the Year, the right-handed Williams also saved 65 games over the last three seasons, including a career-high 36 in 2023. Armed with a unique change-up nicknamed “The Airbender,” he recorded sub-2.00 ERAs in each of those seasons. Williams, the 2020 National League Rookie of the Year, figures to be the Yankees’ new closer. While he worked as a set-up man earlier in his career, manager Aaron Boone was non-committal when asked if he considered Luke Weaver the Yankees’ closer in 2025 at the winter meetings. Weaver did admirable work in the role late in the 2024 season and playoffs after Clay Holmes lost the gig. “Depends where we go this offseason,” Boone said of Weaver, who worked as a versatile reliever for most of 2024 after being converted from a starter. “I think he was as dominant a reliever as there was in the game, especially in the second half with his emergence. I have a ton of confidence in Luke. Whatever role that ends up being, whether it is the traditional closer, we’ll just hopefully put him in the best position to be successful. And definitely have a lot of expectation and confidence that he’s going to be hopefully a part of another really strong bullpen.” The Yankees’ bullpen, while incomplete, is certainly mightier with the addition of Williams, who also joins the recently re-signed Jonathan Loáisiga, Ian Hamilton, Jake Cousins, Mark Leiter Jr., Scott Effross and Clayton Beeter. The team has also expressed interest in re-signing Tim Hill — the 40-man roster is missing a left-handed reliever — and Tommy Kahnle. The two have mutual interest in a reunion but have received intrigue from other suitors. As dominant as Williams has been in the regular season, he’s struggled over his limited experience in the playoffs. He has allowed six earned runs over 2 1/3 innings in the postseason. Like Cortes, Williams is scheduled to be a free agent after this season. Both pitchers are also scheduled to make $7.7 million in arbitration. Cortes became expendable after the Yankees agreed to an eight-year, $218 million deal with Max Fried during the winter meetings. Even with Cortes shipping out, the Bombers still have six starters (Fried, Gerrit Cole, Carlos Rodón, Clarke Schmidt, Luis Gil and Marcus Stroman) for five rotation spots. With the Yankees also interested in cost-effective Japanese ace Rōki Sasaki don’t be surprised if they trade another member of that group. On Wednesday, Brian Cashman noted that teams were actively asking the Yankees about their starting surplus. “If we find that there are matches that make sense, then you start to seriously consider it,” the general manager said. “So you just have to have those conversations, which we’re having. I don’t know where it’s gonna take us.” Friday’s trade marks the end of Cortes’ third stint with the Yankees. A 36th-round draft pick in 2013, Rule 5 Draft returnee in 2018, and mop-up reliever early in his career, the crafty southpaw matured into a valuable starter and tremendous success story in New York. Known for his trickery on the mound, the 30-year-old Cortes was an All-Star and finished eighth in Cy Young voting in 2022. He had a 2.61 ERA over 251 1/3 innings from 2021-2022, but injuries hindered his performance in 2023, as he finished with a 4.97 ERA after 12 starts. In 2024, Cortes recorded a 3.77 ERA over 31 games (30 starts), but he ended the regular season on the injured list with a flexor strain. However, he avoided surgery, went through an expedited rehab process and returned for the World Series. Pitching out of the bullpen, Cortes allowed a walk-off grand slam to the Dodgers’ Freddie Freeman in his first game back. With Hill, a fellow lefty also warming, Boone was widely panned for the choice. Back in July, Cortes’ name surfaced in trade rumors, but he managed to survive the deadline. “I’m almost confident that the Yankees want me enough to stay here. Sometimes it’s just because they need to improve in other areas,” Cortes said, foreshadowing the circumstances surrounding his eventual departure. Durbin, meanwhile, had been mentioned as an option to replace Gleyber Torres, a free agent, at second base. The 24-year-old was well-liked throughout the Yankees’ organization thanks to his high contact rates and low strikeout numbers. Durbin set career highs with 25 doubles, 10 home runs and a .451 slugging percentage last season, adding some pop to a .275 average, .388 on-base percentage, 60 RBIs, 31 steals and a 9.9 K%. The short, versatile infielder then hit .312/.427/.548 with five home runs and 21 RBIs in 24 Arizona Fall League games. His 29 stolen bases set the league’s record, and he won the AFL’s Breakout Prospect of the Year Award. In 2,392 plate appearances since the start of his college career, Durbin has struck out just 153 times. “He’s been gifted with a superpower of not ever swinging and missing, and with that power comes great responsibility, as they say,” former Yankees Triple-A hitting coach Trevor Amicone, who is now with the Twins, said while detailing Durbin’s focus on hitting for more power last year. “When he swings, he’s going to make contact, so he has got to be very selectively aggressive at the pitches that he swings at.” The Yankees originally acquired Durbin and Indigo Diaz from the Braves for Lucas Luetge in December 2022. With Durbin out of the picture, the Yankees could move Jazz Chisholm Jr. back to second base, his most experienced position, if they add a third baseman via trade or free agency. Other internal candidates at second include Oswaldo Cabrera, Jorbit Vivas and Oswald Peraza. “We were very surprised how he took to a very difficult position, and it certainly wasn’t perfect because it was new to him, but golly, he at least made you realize that it’s possible that you might already have your third baseman,” Cashman said of Chisholm, who learned the hot corner on the fly last season. “I think middle infield is probably easier, because it’s something that he’s done. Third still is something he’ll finish off, if that’s where he stays, but I don’t know, it just depends on the directions, the opportunities.” ©2024 New York Daily News. Visit at nydailynews.com . Distributed by Tribune Content Agency, LLC.How to protect your communications through encryption

OTTAWA — Parents of children who died because of online sexual extortion are urging MPs to act on online harms legislation. The online harms bill is among the legislation that’s been blocked from moving forward for months due to a parliamentary privilege debate raging between the Liberals and Conservatives. The bill targets seven categories of online behaviour, from the non-consensual sharing of intimate images to content that can be used to bully a child, and would create a new Digital Safety Commission of Canada. Justice Minister Arif Virani announced plans to split the bill into two parts this week, heeding calls from critics to separate the more controversial hate speech provisions from the child exploitation components. But the bill still can’t move forward until the privilege filibuster is over. Barbie Lavers, whose teenage son died by suicide after being extorted online over intimate images, told a House of Commons committee Thursday that she supports the online harms legislation. Lavers asked politicians from all parties to come to a temporary alliance and stop using children as political pawns to show “one party is more correct than the other.” “The longer Bill C-63 remains a political issue, the more children we will lose. We beg you to please stop wasting time and do something to help save our children,” she said. Carol Todd, whose daughter Amanda died by suicide due to online sextortion, told MPs it is hurtful to watch political arguments after waiting 12 years for legislation. The Conservatives say they won’t end the filibuster until either the Liberals hand over unredacted documents related to misspending at a now-defunct green technology fund to the RCMP, or the NDP agrees to bring down the government. The Liberals need the support of an opposition party to end or pause the privilege debate, which the NDP did last week when it allowed the government to pass legislation to enact a temporary federal sales tax holiday. But the New Democrats say they, too, want the documents handed over and will not agree to end the debate entirely. Virani said the goal of breaking the legislation into two was “to find consensus amongst parliamentarians on the things that we can agree to immediately.” Conservative justice critic Larry Brock called for Virani to “give up” on the bill and instead adopt a Conservative private member’s bill tackling online harms. Conservative MP Michelle Rempel Garner, who introduced that bill, repeatedly put it forward as a superior alternative to the government’s proposed legislation while questioning the witnesses at committee Thursday. Rempel Garner said her concern with the government bill is that it puts the social media platforms’ responsibilities “into a regulator that hasn’t been built and it gives online platforms the ability to wiggle out of this two, three, four years in the future.” “I would direct your attention to C-412,” she told Todd. The first part of the government bill, which Virani plans to prioritize, would create a new regulator to compel social media companies to outline how they plan to reduce the risks their platforms pose to users, particularly minors. It would also update rules around mandatory reporting of child sexual abuse material by internet service providers and some online services. Rempel Garner’s bill would include measures modernizing the existing law against criminal harassment so a victim can ask a judge to force social media companies to identify someone who has repeatedly harassed them online. This report by The Canadian Press was first published Dec. 5, 2024. Anja Karadeglija, The Canadian PressIllegal border crossers sponsoring illegal border crossers? Biden admin takes heat

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WASHINGTON — Nearly 100 former senior U.S. diplomats and intelligence and national security officials have urged Senate leaders to schedule closed-door hearings to allow for a full review of the government’s files on former Rep. Tulsi Gabbard , Donald Trump’s pick to be national intelligence director. The former officials, who served in both Democratic and Republican administrations, said they were “alarmed” by the choice of Gabbard to oversee all 18 U.S. intelligence agencies. They said her past actions “call into question her ability to deliver unbiased intelligence briefings to the President, Congress, and to the entire national security apparatus.” A spokesperson for Gabbard on the Trump transition team on Thursday denounced the appeal as an “unfounded” and “partisan” attack. Avril Haines, the current director of national intelligence, when asked Thursday whether intelligence sharing with allies could be in jeopardy under the next administration, cited the importance of those relationships and noted the strong bipartisan support for them in Congress. The question, at a Council on Foreign Relations talk, focused on the especially close intelligence sharing among the Five Eyes — the U.S., Britain, Canada, Australia and New Zealand. It did not mention Gabbard by name. “It is hard for me to believe that anybody coming in wouldn’t want to maintain those relationships,” Haines said. “So I wouldn’t think of them as being in significant risk,” she added. “I certainly hope that will continue.” Among those who signed the letter to Senate leaders were former Deputy Secretary of State Wendy Sherman, former NATO Deputy Secretary General Rose Gottemoeller, former national security adviser Anthony Lake, and numerous retired ambassadors and high-ranking military officers. They wrote to current Democratic Senate Majority Leader Chuck Schumer and incoming Republican Majority Leader John Thune on Wednesday to urge the closed briefings as part of the Senate’s review of Trump’s top appointments. They requested that Senate committees “consider in closed sessions all information available to the U.S. government when considering Ms. Gabbard’s qualifications to manage our country’s intelligence agencies, and more importantly, the protection of our intelligence sources and methods.” The letter singles out Gabbard’s 2017 meetings in Syria with President Bashar Assad, who is supported by Russian, Iranian and Iranian-allied forces in a now 13-year war against Syrian opposition forces seeking his overthrow. The U.S., which cut relations with Assad’s government and imposed sanctions over his conduct of the war, maintains about 900 troops in opposition-controlled northeast Syria, saying they are needed to block a resurgence of extremist groups. Gabbard, a Democratic member of Congress from Hawaii at the time of her Syria trip, drew heavy criticism for her meetings with a U.S. adversary and brutal leader. As the letter notes, her statements on the wars in the Middle East and Ukraine have aligned with Russian talking points , diverging from U.S. positions and policy. Gabbard throughout her political career has urged the U.S. to limit military engagement abroad other than combatting Islamic extremist groups. She has defended the Syria trip by saying it is necessary to engage with U.S. enemies. In postings on social media earlier this year she confirmed that the U.S. had for a time placed her “on a secret terror watch list” as a “potential domestic terror threat.” She blamed political retaliation. Neither she nor U.S. authorities have publicly detailed the circumstances involved. Alexa Henning, a spokesperson for Gabbard with the Trump team, called the letter sent to the Senate leaders “a perfect example” of why Trump chose Gabbard for this position. “These unfounded attacks are from the same geniuses who have blood on their hands from decades of faulty ‘intelligence,’” and use classified government information as a “partisan weapon to smear and imply things about their political enemy,” Henning said. A spokesperson for Thune did not immediately respond to questions about the request. —- Associated Press writer Didi Tang contributed.AP News Summary at 2:05 p.m. ESTAUSTIN, Texas (AP) — The University of Texas investigation into the bottle-throwing incident that disrupted the Texas-Georgia game in October — and drew a harsh rebuke and fine from the Southeastern Conference — resulted in no one being caught or punished. In a report to the league sent last month, Texas officials said a video review did not identify any of the culprits. Texas and Georgia meet again Saturday in the SEC championship game in Atlanta. Their first meeting in Austin, a 30-15 Georgia win , produced one of the most chaotic and controversial scenes of the college football season. Longhorns fans upset about a pass interference penalty pelted the field with debris and briefly stopped the game, giving the officials time to huddle and reverse the call. The incident drew a $250,000 fine from the SEC , which also threatened to ban alcohol sales at future games. The SEC ordered the school to find those responsible and ban them from all athletic events the rest of the school year. In a Nov. 7 report to SEC Commissioner Greg Sankey, Texas athletic director Chris Del Conte said the school “reviewed all available video and other sources of information” to try to find the disruptive fans. “Despite our best effort, we have not been able to identify the individuals at issue. We will take action if new identifying information comes to light,” Del Conte wrote. The school's report was provided to The Associated Press this week. A university spokesman said he was unaware of any new information or punishments since it was sent to the SEC. Del Conte did not respond to a text message seeking comment. Del Conte told the SEC that Texas has added additional security cameras and personnel to watch the student section, updated its sportsmanship and fan code of conduct policies, and created digital messaging to encourage good behavior. “Respect, sportsmanship and fairness are values that drive us," Del Conte wrote. “We expect fans to uphold these standards as well.” The SEC did not immediately respond to emailed requests for comment. Then-No. 1 Texas trailed No. 5 Georgia 23-7 when a pass interference call negated a Longhorns interception. Angry fans in or near the student section lobbed bottles and debris on the field and the game was halted for several minutes. Texas coach Steve Sarkisian, who at first was angry about the penalty, crossed the field to plead with the fans to stop throwing things while stadium crews cleaned up the mess. The break gave the game officials time to reconsider and reverse the penalty, a decision that infuriated Georgia coach Kirby Smart. Texas then cut the Georgia lead to 23-15, before the Bulldogs later put together the game-clinching drive. “I will say that now we’ve set a precedent that if you throw a bunch of stuff on the field and endanger athletes that you’ve got a chance to get your call reversed,” Smart said after the game “That’s unfortunate because to me that’s dangerous." Texas officials were embarrassed and the SEC was angry. The league issued a statement that reversing the penalty was the correct decision , but condemned the bottle throwing. Critics wondered if similar scenes could happen again in the SEC or elsewhere, sarcastically noting the Texas slogan, "What starts here changes the world.” The SEC ordered Texas to investigate using "all available resources, including security, stadium and television video, to identify individuals who threw objects onto the playing field or at the opposing team.” It told the school to report its findings to the league. Texas President Jay Hartzell warned students the probe was coming. He said the incident had “embarrassed Longhorn Nation," and agreed with the SEC's demands to find those responsible. “Those involved will have ramifications for their actions,” Del Conte wrote in an Oct. 22 message to students. The Texas football stadium has long had an emergency operations room where staff monitor live feeds from security cameras. In 2009, Texas invited the AP into the room where a reporter observed staff watching feeds from 43 cameras. They could see if fans were drinking alcohol (which was prohibited at the time) or disruptive, or take note of unattended bags. Fifteen years later, the report to the SEC said Texas could not identify anyone responsible for throwing debris. The 10-page report includes a review of stadium policies and the administration's statements to students. It includes only a single paragraph about the investigation efforts, which were led by Derek Trabon, director of the campus Office of Emergency Management. The probe included help from game operations staff and campus police. The report offers no investigation details, such as how much video was reviewed, whether cameras actually caught fans throwing things, or if the school considered using facial recognition technology. The brief mention of the investigation does not explain why it was inconclusive. “We take full accountability for the actions of our fans and reiterate our apology to the University of Georgia and the SEC,” Del Conte wrote. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football