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accumulator betfred TORONTO — Canada's main stock index pushed higher to end Monday up almost 150 points on light trading action, while U.S. stock markets also gained ahead of the Christmas break. "Today is a quiet pre-Christmas Day of trading," said Kevin Burkett, a portfolio manager at Victoria, B.C.-based Burkett Asset Management. While markets in both Canada and the U.S. were mild, Burkett suggests watching the markets closely during the holiday season, a contrast to what's typically a sleepy period for markets. "We're continuing to watch markets very closely here because you've got some tectonic plate shifting in terms of the macroeconomic backdrop," he said. "It's all the political conversations both in Canada and in the U.S." Burkett added fiscal policy seems to be disconnected from monetary policy in the post-pandemic period. "The fiscal policy may shift and that shift absolutely has market implications both in the short and long term," he said. The S&P/TSX composite index was up 149.50 points at 24,748.98. Statistics Canada released its latest numbers on Canada's economic growth, up 0.3 per cent in October — driven by the mining, quarrying, and oil and gas extraction sector. The loonie continued its slide, trading for 69.47 cents US compared with 69.61 cents US on Friday. The telecom sector was the biggest loser at the closing on TSX, which Burkett attributed to "tax loss selling happening at the end of the year." Competition Bureau Canada announced on Monday it was suing Rogers Communications Inc. for allegedly making misleading claims about its infinite wireless plans. The stock price for Rogers, which is hovering near 52-week lows, fell 0.7 per cent on Monday. Meanwhile, BCE was down almost 1.4 per cent and Telus dropped 0.9 per cent. Burkett suggested the day's poor performance among telecom companies was likely tax loss selling since it's almost the end of the year. "It's been a tough year for the communication services sector," he said. South of the border, communications services was the top-performing sector, led by large-cap tech companies. Several big technology companies helped support the gains, including chip companies Nvidia and Broadcom. In New York, the Dow Jones industrial average was up 66.69 points at 42,906.95. The S&P 500 index was up 43.22 points at 5,974.07, while the Nasdaq composite was up 192.29 points at 19,764.89. The February crude oil contract was down 22 cents at US$69.24 per barrel and the February natural gas contract was down six cents at US$3.35 per mmBTU. The February gold contract was down US$16.90 at US$2,628.20 an ounce and the March copper contract was down one cent at US$4.09 a pound. This report by The Canadian Press was first published Dec. 23, 2024. Companies in this story: (TSX: GSPTSE, TSX: CADUSD, TSE: BCE, TSE: RCI. B) Ritika Dubey, The Canadian PressAs TikTok bill steams forward, online influencers put on their lobbying hats to visit WashingtonNix-Sutton combination gets Broncos even with Bengals in third quarter

( ) stock retreated Tuesday after the company reported third quarter earnings and revenue that topped Wall Street consensus estimates. The enterprise software maker's updated fiscal 2025 revenue outlook fell short of views. Pleasanton, Calif.-based Workday reported financial results after the market close. For the quarter ending Oct. 31, Workday earnings rose 21% to $1.89 per share from a year earlier on an adjusted basis. Revenue climbed 16% to $2.16 billion, including acquisitions, slightly above views. Analysts expected Workday earnings of $1.76 a share on revenue of $2.13 billion. Workday Stock: Updated Fiscal 2025 Guidance On the , Workday stock retreated more than 7% to 249.90 in extended trading. Also, the software maker updated fiscal 2025 guidance. Workday forecast subscription revenue of $7.703 billion at the midpoint of guidance versus estimates of $7.714 billion. The company sells software for human resources management, such as payroll tools. About 70% of revenue comes from human capital management products. Also, it has expanded into financial software. Heading into the Workday earnings report, shares were down 3% in 2024. Also, WDAY stock holds a Relative Strength Rating of 54 out of a best-possible 99, according to .

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PYMNTS Intelligence ’s long-standing chronicling of the paycheck-to-paycheck economy has revealed shifts in how consumers conduct their daily financial lives and pay. Given that the paycheck-to-paycheck designation blankets roughly two-thirds of consumers, the changes have been widespread. Households continue to embrace digital, specifically mobile , channels for banking and account access, and they use buy now, pay later (BNPL) options as they transact. In terms of connectivity, the 2024 PYMNTS Intelligence report “ How the World Does Digital ” found that 49.7% of consumers surveyed said they had engaged with mobile banking on at least a weekly basis. A lower percentage said they had done the same, at 46.7%, with online banking. That translates to total annual activity days of 26 days for high-income earners (generally, those earning above $100,000), 23 days for middle-income consumers ($50,000 to $100,000) and 18 days for low-income consumers (below the $50,000 threshold). Mobile Momentum Every so often, reports from government and other agencies reinforce PYMNTS’ findings on how technology and innovations are changing the way households consider and use financial products and services. Such is the case this month with the Federal Deposit Insurance Corp. ’s latest biennial Household Survey (tracking 2023), officially titled “National Survey of Unbanked and Underbanked Households.” The FDIC found that more than 96% of households are banked. That means they had access to at least some traditional financial services products, such as checking or savings accounts. As many as 14% of households were considered underbanked, so they had accounts with traditional financial institutions but also used nonbank products to meet their financial needs. As for the data that squares up with PYMNTS’ findings amid the wide embrace of digital channels, the FDIC found that 48.3% of banked households used mobile banking as their primary method of account access. About half of all households, at 49.7%, used online payment services, up more than three percentage points from 2021. BNPL and Credit Mainstream credit — i.e., the use of credit cards — remains prevalent. PYMNTS Intelligence found that 74% of all consumers carry at least some credit card debt. The FDIC found that about 70% of underbanked households and 80% of banked households had cards, indicating a range that corroborates what the paycheck-to-paycheck economy told PYMNTS. Three-quarters of all income levels we surveyed carried a balance. Among low-income households — where our data showed that roughly 80% of households live paycheck to paycheck — 21% hit their credit card spending limits through the past year. An increasing percentage of households are turning to installment plans to help meet their financial needs. The FDIC’s survey said that 3.9% of all households used BNPL options through the past 12 months. A larger share of households with income between $30,000 and $50,000 (4.7%) or between $50,000 and $75,000 (4.8%) used BNPL. PYMNTS Intelligence found that paycheck-to-paycheck consumers are more than twice as likely as non-paycheck-to-paycheck consumers to use BNPL . Thirty-eight percent of consumers earning between $50,000 and $100,000 and 29.6% of those earning below $50,000 used BNPL through the preceding 12 months.President Bola Ahmed Tinubu, on Monday, had his first media chat with some select journalists, addressing critical national issues ranging from security, governance, and economic reforms to social welfare. Tribune Online takes a look at some major highlights. Here are five takeaways from the media chat: ALSO READ: Bauchi: UNFPA upgrades two PHCs to improve family health President Tinubu expressed condolences to families affected by recent stampede incidents linked to charity, he emphasized the importance of responsible giving. “Condolences to those who lost a family member, but it is good to give,” he said. “I have been giving out foodstuff and commodities in Bourdillon. If you know you don’t have enough to give, don’t attempt or publicize it.” Addressing the nation’s security challenges, Tinubu expressed optimism in the current security architecture, citing notable improvements in previously volatile regions. “Today, I have confidence in my security architecture,” he said. “It is very, very unfortunate that, for two decades, we witnessed wanton killings. I remember when I had to pause my campaign to pay condolence visits to Maiduguri, Katsina, Kaduna, and Kogi. Today, you can travel these roads, which were once impossible. It took one incident to disrupt an organized environment.” Tinubu defended his administration’s decision to remove the fuel subsidy and harmonize foreign exchange rates, describing them as necessary steps for Nigeria’s economic recovery. “We were spending our future. We were spending our generation’s fortune. We were not investing; we were just deceiving ourselves,” he said. These measures, according to Tinubu, are essential to redirect the country toward sustainable development despite the initial economic shocks. The President reaffirmed his commitment to implementing comprehensive tax reforms aimed at aligning Nigeria’s economy with global standards. “Tax reform is here to stay,” he declared. “We cannot continue to do what we were doing yesterday in today’s economy. Tinubu emphasized the importance of creating an efficient tax system that fosters economic growth while reducing dependency on oil revenues. Acknowledging the temporary hardships caused by his administration’s policies, Tinubu urged Nigerians to remain patient and hopeful. “The reforms come with temporary hardships, but conviction about their long-term positive impacts is key in this journey,” he stated. “It is not going to be Eldorado for everybody. But the new dawn is here. “I am convinced, and you should be convinced, and you should help propagate that conviction.”ZAA honors Napoleon Nyanhi for Outstanding Contributions to the Arts

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Q3 Net Revenue: $1.516 billion , grew by 7% year-on-year Q3 Gross Margin: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin Q3 Diluted income (loss) per share: $(0.78) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. MRVL , a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook Net revenue is expected to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%. Non-GAAP gross margin is expected to be approximately 60%. GAAP operating expenses are expected to be approximately $710 million . Non-GAAP operating expenses are expected to be approximately $480 million . Basic weighted-average shares outstanding are expected to be 867 million. Diluted weighted-average shares outstanding are expected to be 877 million. GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share. Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05 per share. GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Management's evaluation of Marvell's operating performance; Management's establishment of internal operating budgets; Management's performance comparisons with internal forecasts and targeted business models; and Management's determination of the achievement and measurement of certain types of compensation including Marvell's annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award). Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Cash flows from operating activities: Net loss $ (676.3) $ (164.3) $ (1,085.2) $ (540.7) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 76.6 72.1 225.5 226.0 Stock-based compensation 158.4 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 269.8 805.5 811.6 Restructuring related impairment charges 521.8 0.8 524.1 32.2 Deferred income taxes (47.9) (57.0) (106.2) (283.7) Other expense, net 9.0 18.2 42.1 39.9 Changes in assets and liabilities: Accounts receivable 62.2 (5.5) 123.7 (22.4) Prepaid expenses and other assets (45.5) 53.7 176.2 14.4 Inventories (108.2) 70.6 (60.2) 123.1 Accounts payable 75.0 (0.7) 109.8 (87.5) Accrued employee compensation 71.1 59.7 11.9 0.7 Accrued liabilities and other non-current liabilities 175.2 27.1 (49.8) 55.8 Net cash provided by operating activities 536.3 503.0 1,167.2 823.9 Cash flows from investing activities: Purchases of technology licenses (0.5) (0.3) (6.2) (3.3) Purchases of property and equipment (75.0) (54.4) (214.7) (265.3) Acquisitions, net of cash acquired — — (10.4) (5.5) Other, net — 0.1 0.9 (0.2) Net cash used in investing activities (75.5) (54.6) (230.4) (274.3) Cash flows from financing activities: Repurchases of common stock (200.0) (50.0) (525.0) (50.0) Proceeds from employee stock plans 0.8 0.7 52.4 61.1 Tax withholding paid on behalf of employees for net share settlement (58.6) (44.9) (190.3) (168.7) Dividend payments to stockholders (51.9) (51.8) (155.6) (154.9) Payments on technology license obligations (58.9) (31.6) (124.4) (110.2) Proceeds from borrowings — 1,045.3 — 1,295.3 Principal payments of debt (32.8) (1,006.9) (76.6) (1,600.6) Other, net — (7.0) — (7.0) Net cash used in financing activities (401.4) (146.2) (1,019.5) (735.0) Net increase (decrease) in cash and cash equivalents 59.4 302.2 (82.7) (185.4) Cash and cash equivalents at beginning of period 808.7 423.4 950.8 911.0 Cash and cash equivalents at end of period $ 868.1 $ 725.6 $ 868.1 $ 725.6 Marvell Technology, Inc. Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 GAAP gross profit $ 349.4 $ 587.6 $ 551.2 $ 1,464.8 $ 1,629.5 Special items: Stock-based compensation 16.3 11.2 15.7 37.2 38.7 Amortization of acquired intangible assets 180.4 191.3 184.3 552.2 553.8 Restructuring related charges (a) 356.8 — — 356.8 — Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Total special items 567.7 199.9 308.0 963.8 830.3 Non-GAAP gross profit $ 917.1 $ 787.5 $ 859.2 $ 2,428.6 $ 2,459.8 GAAP gross margin 23.0 % 46.2 % 38.9 % 37.1 % 39.9 % Stock-based compensation 1.1 % 0.9 % 1.1 % 0.9 % 0.9 % Amortization of acquired intangible assets 11.9 % 15.0 % 13.0 % 14.0 % 13.6 % Restructuring related charges (a) 23.5 % — % — % 9.0 % — % Other cost of goods sold (b) 1.0 % (0.2) % 7.6 % 0.5 % 5.9 % Non-GAAP gross margin 60.5 % 61.9 % 60.6 % 61.5 % 60.3 % Total GAAP operating expenses $ 1,052.2 $ 688.0 $ 697.5 $ 2,420.3 $ 2,163.9 Special items: Stock-based compensation (142.1) (143.7) (142.8) (412.6) (415.8) Amortization of acquired intangible assets (84.5) (84.4) (85.5) (253.3) (257.8) Restructuring related charges (a) (358.3) (4.0) (3.4) (366.4) (105.3) Other (c) (0.4) (0.1) (28.7) (11.5) (41.3) Total special items (585.3) (232.2) (260.4) (1,043.8) (820.2) Total non-GAAP operating expenses $ 466.9 $ 455.8 $ 437.1 $ 1,376.5 $ 1,343.7 GAAP operating margin (46.4) % (7.9) % (10.3) % (24.2) % (13.1) % Stock-based compensation 10.5 % 12.2 % 11.2 % 11.4 % 11.1 % Amortization of acquired intangible assets 17.5 % 21.7 % 19.0 % 20.4 % 19.9 % Restructuring related charges (a) 47.2 % 0.3 % 0.2 % 18.3 % 2.6 % Other cost of goods sold (b) 0.9 % (0.2) % 7.6 % 0.4 % 5.8 % Other (c) — % — % 2.1 % 0.3 % 1.0 % Non-GAAP operating margin 29.7 % 26.1 % 29.8 % 26.6 % 27.3 % GAAP interest and other loss, net $ (47.7) $ (45.8) $ (41.2) $ (139.0) $ (137.0) Special items: Other (c) (1.4) 0.3 (4.2) (3.5) (12.6) Total special items (1.4) 0.3 (4.2) (3.5) (12.6) Total non-GAAP interest and other loss, net $ (49.1) $ (45.5) $ (45.4) $ (142.5) $ (149.6) GAAP net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Special items: Stock-based compensation 158.4 154.9 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 275.7 269.8 805.5 811.6 Restructuring related charges (a) 715.1 4.0 3.4 723.2 105.3 Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Other (c) (1.0) 0.4 24.5 8.0 28.7 Pre-tax total special items 1,151.6 432.4 564.2 2,004.1 1,637.9 Other income tax effects and adjustments (d) (102.3) 27.1 (45.8) (73.0) (188.7) Non-GAAP net income $ 373.0 $ 266.2 $ 354.1 $ 845.9 $ 908.5 GAAP weighted-average shares — basic 865.7 865.7 862.6 865.5 860.1 GAAP weighted-average shares — diluted 865.7 865.7 862.6 865.5 860.1 Non-GAAP weighted-average shares — diluted (e) 875.5 875.7 872.2 875.8 867.6 GAAP diluted net loss per share $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Non-GAAP diluted net income per share $ 0.43 $ 0.30 $ 0.41 $ 0.97 $ 1.05 (a) Restructuring and other related items include asset impairment charges, recognition of future contractual obligations, employee severance costs, facilities related charges, and other. (b) Other cost of goods sold includes charges for an intellectual property licensing claim, product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, and acquisition integration related inventory costs. (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments and asset acquisition related costs. (d) Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 7.0% for the three and nine months ended November 2, 2024 and three months ended August 3, 2024. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 6% for the three and nine months ended October 28, 2023. (e) Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported. Marvell Technology, Inc. Outlook for the Fourth Quarter of Fiscal Year 2025 Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Outlook for Three Months Ended February 1, 2025 GAAP net revenue $1,800 +/- 5% Special items: — Non-GAAP net revenue $1,800 +/- 5% GAAP gross margin ~ 50% Special items: Stock-based compensation 0.7 % Amortization of acquired intangible assets 9.3 % Non-GAAP gross margin ~ 60% Total GAAP operating expenses ~ $710 Special items: Stock-based compensation 142 Amortization of acquired intangible assets 78 Restructuring related charges and other 10 Total non-GAAP operating expenses ~ $480 GAAP diluted net income per share $0.16 +/- $0.05 Special items: Stock-based compensation 0.18 Amortization of acquired intangible assets 0.28 Restructuring related charges and other 0.01 Other income tax effects and adjustments (0.04) Non-GAAP diluted net income per share $0.59 +/- $0.05 Quarterly Revenue Trend (Unaudited) Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below: End market Customer products and applications Data center • Cloud and on-premise Artificial intelligence (AI) systems • Cloud and on-premise ethernet switching • Cloud and on-premise network-attached storage (NAS) • Cloud and on-premise AI servers • Cloud and on-premise general-purpose servers • Cloud and on-premise storage area networks • Cloud and on-premise storage systems • Data center interconnect (DCI) Enterprise networking • Campus and small medium enterprise routers • Campus and small medium enterprise ethernet switches • Campus and small medium enterprise wireless access points (WAPs) • Network appliances (firewalls, and load balancers) • Workstations Carrier infrastructure • Broadband access systems • Ethernet switches • Optical transport systems • Routers • Wireless radio access network (RAN) systems Consumer • Broadband gateways and routers • Gaming consoles • Home data storage • Home wireless access points (WAPs) • Personal Computers (PCs) • Printers • Set-top boxes Automotive/industrial • Advanced driver-assistance systems (ADAS) • Autonomous vehicles (AV) • In-vehicle networking • Industrial ethernet switches • United States military and government solutions • Video surveillance Quarterly Revenue Trend (Unaudited) (Continued) Three Months Ended % Change Revenue by End Market (In millions) November 2, 2024 August 3, 2024 October 28, 2023 YoY QoQ Data center $ 1,101.1 $ 880.9 $ 555.8 98 % 25 % Enterprise networking 150.9 151.0 271.1 (44) % — % Carrier infrastructure 84.7 75.9 316.5 (73) % 12 % Consumer 96.5 88.9 168.7 (43) % 9 % Automotive/industrial 82.9 76.2 106.5 (22) % 9 % Total Net Revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 7 % 19 % Three Months Ended Revenue by End Market % of Total November 2, 2024 August 3, 2024 October 28, 2023 Data center 73 % 69 % 39 % Enterprise networking 10 % 12 % 19 % Carrier infrastructure 6 % 6 % 22 % Consumer 6 % 7 % 12 % Automotive/industrial 5 % 6 % 8 % Total Net Revenue 100 % 100 % 100 % For further information, contact: Ashish Saran Senior Vice President, Investor Relations 408-222-0777 ir@marvell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-third-quarter-of-fiscal-year-2025-financial-results-302321507.html SOURCE Marvell © 2024 Benzinga.com. 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NEW YORK, Nov. 21 (Xinhua) -- U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler will step down as Wall Street's top regulator at the very end of the Joe Biden administration, he announced on Thursday. "Gensler has been coy about when he planned to leave the SEC but was expected to depart before President-elect Donald Trump is sworn into office. He will serve through noon on January 20, when Trump is set to become president," reported The Wall Street Journal about the move. "Gensler's decision to remain until the very end of the Biden administration probably disappoints some Republicans who wanted to see him leave sooner. It means he could try to push through some additional measures since Democrats will retain a majority on the five-member SEC as long as he stays," it noted. Gensler presided over a hyperactive period in SEC rulemaking. Wall Street groups challenged many of the regulations he pushed through including a rule that would have imposed new transparency requirements on private equity managers. A court also rejected a regulation that Gensler backed that tried to overhaul how companies do stock buybacks. Gensler previously worked for Goldman Sachs and has led the Biden-Harris transition's Federal Reserve, Banking, and Securities Regulators agency review team. Prior to his appointment, he was professor of Practice of Global Economics and Management at the Sloan School of Management at Massachusetts Institute of Technology.LISBON, Portugal (AP) — The goals are flying in again for Arsenal — and it just happens to coincide with the return from injury of Martin Odegaard. Make that eight goals in two games since the international break for Arsenal after its 5-1 hammering of Sporting Lisbon in the Champions League on Tuesday, tying the English team’s heaviest ever away win in the competition. Odegaard is back in Arsenal’s team after missing two months with an ankle injury . In that time, Mikel Arteta’s attack stuttered, with a 2-0 loss to Bournemouth and a 1-0 defeat at Newcastle dropping the Gunners well off the pace in the Premier League. There was also a 0-0 draw at Atalanta in the Champions League as well as a 1-0 loss to Inter Milan last month, when Odegaard made his comeback from injury as an 89th-minute substitute. Since then, Arsenal hasn’t lost and the goals have returned. After a 3-0 win over Nottingham Forest on Saturday came the cruise in Lisbon — and Odegaard was at the heart of everything as Sporting’s unbeaten start to the season came to an end. “He’s an unbelievable player,” Arsenal winger Bukayo Saka said of Odegaard. “The day he returned, there was a big smile on my face. You can see the chemistry we have. I hope he stays fit for the rest of the season.” Odegaard was involved in the build-up to Arsenal’s first two goals against Sporting — scored by Gabriel Martinelli and Kai Havertz — and was fouled to win the penalty converted by Saka in the 65th to restore Arsenal’s three-goal lead at 4-1. Odegaard was seen flexing his leg after that but continued untroubled and was substituted in the 78th minute. The last thing Arteta would want now is another injury to Odegaard as Arsenal attempts to reel in first-place Liverpool in the Premier League. Liverpool is already nine points ahead of fourth-place Arsenal after 12 games. AP soccer: https://apnews.com/hub/soccer