Car and Driver. The Gordon Murray Automotive (GMA) T.50 is not a world-beating numbers car. It does not boast the biggest engine. It does not make jaw-dropping horsepower or tractor-like torque. Its shift speeds will be limited by the skill of its driver, as will its lateral and launch results. None of this is by mistake. If Gordon Murray wanted to make a world-beating numbers car, he could have. He did it multiple times on the racetrack with Formula 1 designs for Brabham and McLaren that led to several constructors' and drivers' championships. He's also done it with a street machine. The naturally aspirated held a record for the world's fastest production car from 1993 until 2005, when the outran it—with the help of four turbochargers. Murray could have built his own big turbocharged, electrified, grippy aero machine and gone up against the s and s, but he wanted to make a driver's car. By his definition, that's a three-seater with a central driving position and a naturally aspirated V-12 like the F1, but this time lighter, more fuel efficient, and better balanced. "The brakes never worked really well," Murray tells us. "The air conditioning didn't work very well. The clutch needed adjusting regularly. The fuel tank needed changing every five years. From an aesthetic point of view, there were always a few things on the F1 that I really didn't like. I had a very low budget and a very short time [with it]. When I finished the tooling, I would have loved to have changed those things, but I couldn't. And every time I see an F1, it grates." Murray didn't sit and sulk about it. He founded a design and engineering firm in 2007 and developed an award-winning city-car prototype (the T.25). After a corporate restructuring, the sale of the Gordon Murray Technologies side of the business allowed GMA to fix all the flaws that had been bugging Murray about the F1. For the T.50, Murray thinned out the central spine, designed a more reliable fuel tank, upgraded the brakes to carbon-ceramic rotors, and commissioned a jewel of an engine from Cosworth Engineering [see "The Engine," below]. That engine alone is worth the car's $3.2 million asking price. Its revs zing so high, it'll knock satellites off course. It howls like a '90s Formula 1 car or an entire MotoGP field. During our ride, when we pulled off the road and popped the cover to the mid-mounted engine bay, I expected Marc Márquez to wheelie out, but all I could see was a glimpse of an orange Cosworth valve cover and a carbon-fiber plenum. Can you buy this car? Nope. GMA is only making 100, and they've all been sold out since it was announced in 2020. Did they let us drive it? They did not. The T.50 is in the United States under the "show or display" exemption that allows rare or historically important vehicles to be imported and driven a small number of miles every year. The lack of registration was GMA's reasoning for not handing us the keys. As a consolation prize, they sent four-time IndyCar champion Dario Franchitti—consultant during the car's development and GMA's executive director of product and brand—to be our wheelman. They at least let us test it, right? Nah, Murray believes that performance numbers are a barstool braggart's approach to automobiles. "We're not in that bar conversation," says GMA CEO Phillip Lee. "Why are you chasing top speed anyway? I mean, there are only so many times you can feel sick in a car. You can go to a theme park for those sorts of things. You want to be engaged with the car. You want to keep getting in it." I did want to get in it, Phil—that's what I'm mad about! But if you have to play co-driver, there are worse scenarios than one involving Franchitti, a California mountain road, and a 661-hp car about the size of a Porsche Cayman that weighs an estimated 2400 pounds. When Franchitti flicked up the red cover and hit the start button, there was fan whir and the hum of the 48-volt integrated starter-generator. A second later, the 4.0-liter V-12 came in with a thump like a sonic boom, and then Franchitti was on the gas, punching it through the gears, while the tach needle climbed as if a bear were chasing it. He passed a slow-moving van on an uphill section in fifth gear just to prove the V-12's grunt isn't only in the upper register. The T.50 makes 353 pound-feet of torque at 8000 rpm, but variable valve timing makes it possible to access 71 percent of the max torque at just 2500 rpm. Clear of the van, he dropped to third and gunned it, blurring the scenery like a left-hander's calligraphy. Off the gas, he turned to me and grinned. "We just barely got past 9000 rpm," he said. Later, on a longer straight, we tapped the 12,100-rpm redline. I'm surprised it didn't trigger a landslide. A recurring theme while Franchitti was driving was the idea of perfect balance. GMA claims the car gets good mileage because the engine is small. The engine can be small because the car is light. The car can ride on narrow tires and a soft suspension because, unlike most modern supercars, it doesn't have a huge amount of downforce. It doesn't need huge downforce because it doesn't have an insane amount of horsepower. The T.50 doesn't need insane power because the car is light. And so the circle goes. Speaking of circles, one of the most noticeable design elements on the T.50 is the fan set like a rocket thruster in the center of the rear panel. "It doesn't suck the car to the ground," Franchitti remarks, anticipating my Brabham/Chaparral questions. "It's not like the old Brabham BT46. What it does is allow for a more aggressive diffuser angle without stalling the air under the car." The fan has a couple of mode options, the main one being an automatic setting that kicks it on at speed and during braking, where Franchitti says it makes a noticeable difference in stability. Under sustained high speeds, it creates a virtual long tail for better highway mileage. With the fan on and the optional tall overdrive sixth gear, the T.50 is surprisingly economical. "I'm not sure what the official number is," Franchitti says. "It's bloody good. I've had it over 30 mpg." There is a filter before the fan blades, so T.50 drivers won't be spitting chewed-up grasshoppers at the cars behind them. It does spit fire out the Inconel and titanium exhaust, though, so don't follow too closely. The T.50 has a relatively small footprint, and Franchitti moved the car around in the lane to showcase how its narrow track offers multiple entry and exit angles. "It's not like a wide body on massive tires, all he says, mimicking the repetitive thump of running up against the centerline reflectors. "The thing about this car is that you keep getting better at it," he says. "You learn with it." A mash-up of carbon fiber and aluminum forms the T.50's central tub. Beneath it are aluminum control arms with pushrods working inboard springs and dampers. The chassis—like every other component on the car, from the titanium and aluminum pedals to the machined Brembo brake calipers—has had the fat carved away like a brisket trimmed by an overzealous chef. The windshield is the thinnest glass that can pass muster. GMA even laid the evening-blue paint on the car with a light touch and optimized its weight with a bare minimum of metal flake to achieve a low-mass glitter. One compromise was made in the use of glass in the roof, but GMA offers a solid top for those who can't bear a twitch up the scale. A clear roof is worth the weight, though, because it turns the cabin from austere to airy. Even the passengers get an unobstructed view, like a co-pilot in a helicopter. There is just enough electronic assistance in the T.50 to keep it from scaring beginners. But skilled drivers can click off the stability control and rev matching, switch the throttle mapping to Sport (which gives you all the revs all the time), and experience it with no interference. The steering only engages assist at speeds under 10 mph, but because the car is so light and the tires are narrow (235/35ZR-19 Michelin Pilot Sport 4S in the front and 295/30ZR-20s in the rear), Franchitti says the effort is entertaining, not overwhelming. Murray's use of carbon-ceramic rotors makes good on a promise to improve on the F1, which was notoriously squeaky and required a heavy foot. Franchitti describes the T.50 pedals as light and immediate, with the clutch effort matched to the throttle and the brake in line for a quick blip. As a passenger, I can vouch for the comfort and usability of the T.50. It sits high, so there's no need for a heavy nose lift to clear speed bumps. Entry is a bit like getting to your theater seat, a lot of scooting over into place, but once you're inside, the seats are at a comfortable angle, with space around the driver and passengers. The right-hand rider gets less room, having to give up some space to the console and six-speed shifter. This is not a car for grabbing dinner on the go, but it would be a great weekend-getaway machine. There is room for luggage in pods on either side of the engine and a custom set to fill them. The interior is about sensation more than looks. There's a pop of red on the start-button cover, the reverse lockout, and a little leather stripe up the faux suede of the center seat, but the prettiest thing in the cabin is the open side of the console, where the shifter linkage is on display. From a tactile perspective, it's gorgeous. The switches and buttons click with authority. Franchitti says he once came into the office to find Murray surrounded by possible switchgear, twisting each until he found the best feel. Every detail on the T.50 is like this, tweaked and tuned to Murray's idea of perfection. And most perfect might be more bragworthy than the biggest numbers. The star of the T.50 show is the naturally aspirated 4.0-liter 12-cylinder. The 392-pound V-12 winds up to 12,100 rpm, producing 661 horsepower at 11,000 rpm, 353 pound-feet of torque at 8000 rpm, and 251 pound-feet at 2500 rpm. Interestingly, GMA approved engine supplier Cosworth to build a 65-degree V-12 rather than use the perfectly balanced 60-degree layout. Why? Strictly for optimizing the packaging of the 12 port injectors in the valley of the V. With an 81.5-mm bore and a 63.8-mm stroke, the aluminum block houses a delicate-looking polished crankshaft. "With a 65-degree angle, you don't have the vibrations that require large counterweights," Gordon Murray says. The crank, which is cut from a steel billet, weighs just 29 pounds and sits 3.3 inches from the lower crankcase, keeping the center of gravity and rotating mass low. The short-skirt pistons provide a 14.0:1 compression ratio and are forged from a metal matrix composite that Murray describes as "ceramic inside the aluminum from a molecular point of view." They swing on titanium connecting rods in plasma-coated bores. The valves are hollowed titanium. Chains and 12,000-plus rpm are not besties, so Cosworth employed a geartrain that links the crankshaft and valvetrain. Double overhead camshafts, gun drilled to shave weight and hydraulically damped to prevent torsional vibration, operate the titanium valves via finger followers. For the variable valve timing, which gives the V-12 its low-end torque, Cosworth developed its own actuators, as nothing off the shelf could handle 6000 rpm (cams spin half as fast as cranks). The high revs caused problems in designing the 48-volt integrated starter-generator (ISG), which had to handle quick revs and changes in electrical load. The ISG runs at twice the engine speed, spinning the crankshaft only when it's in starter mode and then feeding the batteries that run the electrical components, including the rear fan's 11-hp motor. Xtrac developed the six-speed manual gearbox, which, together with the V-12, forms a semi-stressed component of the chassis. Each handbuilt V-12 takes approximately 140 hours to complete. While all the T.50 models are sold out, there are plans for variants of the V-12 in future GMA models, including the more conventional two-seat T.33. "Murray has filing cabinets absolutely full of ideas," Dario Franchitti says.
Join the Live Discussions on December 2, 3, 5, 11, 12, & 17, 2024 Moderated by analysts, each 45-minute webinar will include live Q&A sessions, offering attendees the opportunity to engage directly with company executives. Replays will be available on demand after each session. Participants can submit sector-oriented questions during the live session through the webinar platform, or email their questions to [email protected] . PARTICIPATION Attendance is complimentary. Sign up to attend one or more sessions here . An email confirmation with session-specific access links will be sent upon registration. Submit Questions: Participants can ask questions live through the Zoom platform or email them in advance to [email protected] . 1-on-1 Meetings: Institutional investors can request private meetings with company management by contacting [email protected] . SHIPPING SECTORS WEBINARS SCHEDULE LPG SHIPPING SECTOR Monday, December 2, 2024, at 10:00 AM ET Moderator: Mr. Fredrik Dybwad , Senior Shipping Analyst - Fearnley Securities Panelists: Tuesday, December 3, 2024 | 10:00 AM ET Moderator: Mr. Muneeba Kayani , Managing Director, Head of Europe Transport, Global Research - Bank of America Global Research Panelists: Thursday, December 5, 2024, at 9:00 AM ET Moderator: Mr. Jorgen Lian , Head of Shipping Equity Research - DNB Markets Panelists: Wednesday, December 11, 2024, at 11:00 AM ET Moderator: Mr. Gregory Lewis , Head of Maritime Research - BTIG Panelists: Thursday, December 12, 2024 | 10:00 AM ET Moderator: Mr. Nils Thommesen , Deputy Head of Research - Fearnley Securities Panelists: Thursday, December 17, 2024 | 9:00 AM ET Moderator: Mr. Liam Burke , Managing Director - B.Riley Securities Panelists: Please visit https://webinars.capitallink.com/2024/shipping/ Or, contact [email protected] ORGANIZER - CAPITAL LINK, INC. - DISCLAIMER Capital Link's webinars, podcasts, articles, and presentations may contain "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "may," "will," "should" and similar expressions are forward-looking statements. These statements are not historical facts but instead represent only the beliefs of the participating companies regarding future results, many of which, in their nature, are inherently uncertain and outside of the control of the Companies. Actual results may differ, possibly materially, from those anticipated in these forward-looking statements. For more information about risks and uncertainties associated with the participating companies, please refer to the regulatory filings of each company with the SEC or other Stock Exchanges where they are listed. Founded in 1995, Capital Link provides Investor & Public Relations and Media services to several listed and private companies, including companies featured in these webinars, podcasts, articles, and presentations. All these are for informational and educational purposes and should not be relied upon. They do not constitute an offer to buy or sell securities or investment advice or advice of any kind. The views expressed are not those of Capital Link, which bears no responsibility for them. In addition, Capital Link organizes a series of industry and investment conferences annually in key industry centers in the United States, Europe, and Asia, all of which are known for combining rich educational and informational content with unique marketing and networking opportunities. Capital Link is a data partner of the Baltic Exchange. Based in New York City, Capital Link has presence in London, Athens & Oslo. For additional information please visit: www.capitallink.com For more information please contact: Capital Link Tel. +1-212-661-7566 [email protected] www.capitallink.comResults Summary 1 SUNNYVALE, Calif. , Dec. 4, 2024 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS ) today reported results for its fourth quarter and fiscal year 2024. Revenue for the fourth quarter of fiscal year 2024 was $1.636 billion , compared to $1.467 billion for the fourth quarter of fiscal year 2023. Revenue for fiscal year 2024 was $6.127 billion , an increase of approximately 15% from $5.318 billion in fiscal year 2023. "The fourth quarter was a strong finish to a transformational year for Synopsys. We achieved record financial results while doubling down on our strategy with the sale of our Software Integrity business and the pending acquisition of Ansys," said Sassine Ghazi , president and CEO of Synopsys. "Looking ahead, the AI-driven reinvention of compute is accelerating the pace, scale and complexity of technology R&D, which expands our opportunity to solve engineering challenges from silicon to systems." "Continued strong execution drove excellent Q4 results, which exceeded the midpoint of our guidance targets and capped a year of 15% revenue growth for the company," said Shelagh Glaser , CFO of Synopsys. "The combination of our execution focus, operating discipline, and the critical nature of our industry-leading technology positions us well for the future. In 2025, we expect to deliver double-digit revenue growth grounded in pragmatism given continued macro uncertainties and the impact of our fiscal year calendar change." Synopsys' previously announced acquisition of Ansys is expected to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. This week marked the expiration of the Hart-Scott-Rodino (HSR) Act waiting period, and Synopsys is working cooperatively with Federal Trade Commission (FTC) staff to conclude the investigation and the staff's review of Synopsys' proposed remedies. _______________________________________________ 1 On September 30, 2024, Synopsys completed the sale of its Software Integrity business. Synopsys' Software Integrity business has been presented as a discontinued operation in the consolidated financial statements for all periods presented herein and all financial results and targets are presented herein on a continuing operations basis unless otherwise noted. Continuing Operations On September 30, 2024 , Synopsys completed the sale of its Software Integrity business. Unless otherwise noted, Synopsys' Software Integrity business has been presented as a discontinued operation in the Synopsys' consolidated financial statements for all periods presented herein and all financial results and targets are presented herein on a continuing operations basis. GAAP Results On a U.S. generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal year 2024 was $279.3 million , or $1.79 per diluted share, compared to $346.1 million , or $2.23 per diluted share, for the fourth quarter of fiscal year 2023. GAAP net income for fiscal year 2024 was $1.442 billion , or $9.25 per diluted share, compared to $1.227 billion , or $7.91 per diluted share, for fiscal year 2023. Non-GAAP Results On a non-GAAP basis, net income for the fourth quarter of fiscal year 2024 was $529.9 million , or $3.40 per diluted share, compared to non-GAAP net income of $464.1 million , or $3.00 per diluted share, for the fourth quarter of fiscal year 2023. Non-GAAP net income for fiscal year 2024 was $2.058 billion , or $13.20 per diluted share, compared to non-GAAP net income of $1.636 billion , or $10.54 per diluted share, for fiscal year 2023. For a reconciliation of net income, earnings per diluted share and other measures on a GAAP and non-GAAP basis, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below. Business Segments Synopsys reports revenue and operating income in two segments: (1) Design Automation, which includes our advanced silicon design, verification products and services, system integration products and services, digital, custom and field programmable gate array IC design software, verification software and hardware products, manufacturing software products and other and (2) Design IP, which includes our interface, foundation, security, and embedded processor IP, IP subsystems, and IP implementation services. Financial Targets Synopsys also provided its consolidated financial targets for the first quarter and full fiscal year 2025. These targets reflect a change in Synopsys' fiscal year from a 52/53-week period ending on the Saturday nearest to October 31 of each year to October 31 of each year. As a result of this change, there will be ten fewer days in the first half of fiscal year 2025 and two extra days in the second half of fiscal year 2025, which results in eight fewer days in the aggregate in Synopsys' fiscal year 2025 as compared to its fiscal year 2024. These targets also assume no further changes to export control restrictions or the current U.S. government "Entity List" restrictions. These targets constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below. First Quarter and Full Fiscal Year 2025 Financial Targets (1) (in millions except per share amounts) Range for Three Months Ending Range for Fiscal Year Ending January 31, 2025 October 31, 2025 Low High Low High Revenue $ 1,435 $ 1,465 $ 6,745 $ 6,805 GAAP Expenses $ 1,142 $ 1,162 $ 4,926 $ 4,983 Non-GAAP Expenses $ 945 $ 955 $ 4,045 $ 4,085 Non-GAAP Interest and Other Income (Expense), net $ 20 $ 22 $ 94 $ 98 Non-GAAP Tax Rate 16 % 16 % 16 % 16 % Outstanding Shares (fully diluted) 156 158 157 159 GAAP EPS $ 1.81 $ 1.95 $ 10.42 $ 10.63 Non-GAAP EPS $ 2.77 $ 2.82 $ 14.88 $ 14.96 Operating Cash Flow ~ $1,800 Free Cash Flow (2) ~ $1,600 Capital Expenditures ~ $170 (1) Synopsys' first quarter of fiscal year 2025 will end on January 31, 2025 and its fiscal year 2025 will end on October 31, 2025. (2) Free cash flow is calculated as cash provided from operating activities less capital expenditures. For a reconciliation of Synopsys' first quarter and fiscal year 2025 targets, including expenses, earnings per diluted share and other measures on a GAAP and non-GAAP basis and a discussion of the financial targets that we are not able to reconcile without unreasonable efforts, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below. Earnings Call Open to Investors Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m. Pacific Time. A live webcast of the call will be available on Synopsys' corporate website at investor.synopsys.com . Synopsys uses its website as a tool to disclose important information about Synopsys and comply with its disclosure obligations under Regulation Fair Disclosure. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter of fiscal year 2025 in February 2025. Effectiveness of Information The targets included in this press release, the statements made during the earnings conference call, the information contained in the financial supplement and the corporate overview presentation, each of which are available on Synopsys' corporate website at www.synopsys.com (collectively, the " Earnings Materials "), represent Synopsys' expectations and beliefs as of December 4, 2024 . Although these Earnings Materials will remain available on Synopsys' website through the date of the earnings call for the first quarter of fiscal year 2025, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys undertakes no duty and does not intend to update any forward-looking statement, whether as a result of new information or future events, or otherwise update, the targets given in this press release unless required by law. Availability of Final Financial Statements Synopsys will include final financial statements for the fiscal year 2024 in its annual report on Form 10-K to be filed on or before January 2, 2025 . About Synopsys Catalyzing the era of pervasive intelligence, Synopsys, Inc. (Nasdaq: SNPS) delivers trusted and comprehensive silicon to systems design solutions, from electronic design automation to silicon IP and system verification and validation. We partner closely with semiconductor and systems customers across a wide range of industries to maximize their R&D capability and productivity, powering innovation today that ignites the ingenuity of tomorrow. Learn more at www.synopsys.com . Reconciliation of Fourth Quarter and Fiscal Year 2024 Results The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income, earnings per diluted share, and tax rate for the periods indicated below. GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2024 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2024 2023 2024 2023 GAAP net income from continuing operations attributed to Synopsys $ 279,281 $ 346,051 $ 1,441,710 $ 1,227,045 Adjustments: Amortization of acquired intangible assets 54,258 14,886 104,220 50,477 Stock-based compensation 165,116 128,286 656,632 511,730 Acquisition/divestiture related items 62,428 4,016 172,638 13,831 Restructuring charges — (1,348) — 53,091 Gain on sale of strategic investments — — (55,077) — Tax settlement — — — (23,752) Tax adjustments (31,158) (27,753) (262,322) (196,471) Non-GAAP net income from continuing operations attributed to Synopsys $ 529,925 $ 464,138 $ 2,057,801 $ 1,635,951 Three Months Ended Twelve Months Ended October 31, October 31, 2024 2023 2024 2023 GAAP net income from continuing operations per diluted share attributed to Synopsys $ 1.79 $ 2.23 $ 9.25 $ 7.91 Adjustments: Amortization of acquired intangible assets 0.35 0.10 0.67 0.33 Stock-based compensation 1.06 0.83 4.21 3.30 Acquisition/divestiture related items 0.40 0.03 1.11 0.09 Restructuring charges — (0.01) — 0.34 Gain on sale of strategic investments — — (0.35) — Tax settlement — — — (0.15) Tax adjustments (0.20) (0.18) (1.69) (1.28) Non-GAAP net income from continuing operations per diluted share attributed to Synopsys $ 3.40 $ 3.00 $ 13.20 $ 10.54 Shares used in computing net income per diluted share amounts: 155,991 154,845 155,944 155,195 (1) Synopsys' fourth quarter of fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. GAAP to Non-GAAP Tax Rate Reconciliation (1)(2) (unaudited) Twelve Months Ended October 31, 2024 GAAP effective tax rate 6.6 % Stock-based compensation 2.9 % Income tax adjustments (3) 5.5 % Non-GAAP effective tax rate 15.0 % (1) Synopsys' fiscal year 2024 ended on November 2, 2024. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. (2) Presented on a continuing operations basis. (3) The adjustments are primarily related to the differences in the tax rate effect of certain deductions, such as the deduction for foreign-derived intangible income and credits. GAAP to Non-GAAP Reconciliation of 2025 Targets The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below. GAAP to Non-GAAP Reconciliation of First Quarter Fiscal Year 2025 Targets (in thousands, except per share amounts) Range for Three Months Ending January 31, 2025 Low High Target GAAP expenses $ 1,142,000 $ 1,162,000 Adjustments: Amortization of acquired intangible assets (12,000) (15,000) Stock-based compensation (185,000) (192,000) Target non-GAAP expenses $ 945,000 $ 955,000 Range for Three Months Ending January 31, 2025 Low High Target GAAP earnings per diluted share attributed to Synopsys $ 1.81 $ 1.95 Adjustments: Amortization of acquired intangible assets 0.10 0.08 Stock-based compensation 1.22 1.18 Acquisition/divestiture related items (1) 0.08 0.06 Tax adjustments (0.44) (0.45) Target non-GAAP earnings per diluted share attributed to Synopsys $ 2.77 $ 2.82 Shares used in non-GAAP calculation (midpoint of target range) 157,000 157,000 GAAP to Non-GAAP Reconciliation of Full Fiscal Year 2025 Targets (in thousands, except per share amounts) Range for Fiscal Year Ending October 31, 2025 Low High Target GAAP expenses $ 4,926,000 $ 4,983,000 Adjustments: Amortization of acquired intangible assets (46,000) (51,000) Stock-based compensation (835,000) (847,000) Target non-GAAP expenses $ 4,045,000 $ 4,085,000 Range for Fiscal Year Ending October 31, 2025 Low High Target GAAP earnings per diluted share attributed to Synopsys $ 10.42 $ 10.63 Adjustments: Amortization of acquired intangible assets 0.32 0.29 Stock-based compensation 5.36 5.28 Acquisition/divestiture related items (1) 0.29 0.26 Tax adjustments (1.51) (1.50) Target non-GAAP earnings per diluted share attributed to Synopsys $ 14.88 $ 14.96 Shares used in non-GAAP calculation (midpoint of target range) 158,000 158,000 (1) Adjustments reflect certain contractually obligated financing fees and related amortization expenses, and do not fully reflect all potential adjustments for future periods for the reasons set forth in "GAAP to Non-GAAP Reconciliation" below. Forward-Looking Statements This press release and the investor conference call contain forward-looking statements, including, but not limited to, statements regarding short-term and long-term financial targets, expectations and objectives including, among others, our long-term financial objectives, which include the anticipated effects of our pending acquisition of ANSYS, Inc. (the Ansys Merger); business and market outlook, opportunities, strategies and technological trends, such as artificial intelligence; planned acquisitions and their expected impact, including the Ansys Merger; the potential impact of the uncertain macroeconomic and geopolitical environment on our financial results; the expected impact of U.S. and foreign government trade restrictions and regulatory changes, including export control restrictions and tariffs on our financial results; customer license renewals and the expected realization and timing of our contracted but unsatisfied or partially unsatisfied performance obligations (backlog); planned dispositions and their expected impact; customer demand and market expansion for our products and our customers' products; our ability to successfully compete in the markets we serve; our planned product releases and capabilities; industry growth rates; software trends; planned stock repurchases; our expected tax rate; and the impact and result of pending legal, regulatory, administrative and tax proceedings. These statements involve risks, uncertainties and other factors that could cause our actual results, time frames or achievements to differ materially from those expressed or implied in such forward-looking statements. Such risks, uncertainties and factors include, but are not limited to: macroeconomic conditions and geopolitical uncertainty in the global economy; uncertainty in the growth of the semiconductor and electronics industries; the highly competitive industry we operate in; actions by the U.S. or foreign governments, such as the imposition of additional export restrictions or tariffs; consolidation among our customers and our dependence on a relatively small number of large customers; risks and compliance obligations relating to the global nature of our operations; failure to complete the Ansys Merger on the terms described in our filings with the SEC, if at all; failure to obtain required governmental approvals related to the Ansys Merger or the imposition of conditions to such governmental approvals that may have an adverse effect on us; failure to realize the benefits expected from the Ansys Merger; and more. Additional information on potential risks, uncertainties and other factors that could affect Synopsys' results is included in filings we make with the SEC from time to time, including in the sections entitled "Risk Factors" in our latest Annual Report on Form 10-K and in our latest Quarterly Report on Form 10-Q. The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in Synopsys' most recent reports on Forms 10-K and 10-Q, each as may be amended from time to time. Synopsys' financial results for its fourth quarter and fiscal year 2024 are not necessarily indicative of Synopsys' operating results for any future periods. The information provided herein is as of December 4, 2024 . Synopsys undertakes no duty to, and does not intend to, update any forward-looking statement, whether as a result of new information, future events or otherwise, unless required by law. SYNOPSYS, INC. Unaudited Consolidated Statements of Income (1) (in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2024 2023 2024 2023 Revenue: Time-based products $ 834,375 $ 780,725 $ 3,224,299 $ 3,016,256 Upfront products 520,939 441,494 1,802,222 1,400,125 Total products revenue 1,355,314 1,222,219 5,026,521 4,416,381 Maintenance and service 280,672 245,164 1,100,915 901,633 Total revenue 1,635,986 1,467,383 6,127,436 5,318,014 Cost of revenue: Products 216,485 197,540 770,238 697,686 Maintenance and service 91,707 76,043 367,055 287,876 Amortization of acquired intangible assets 66,831 12,598 107,996 45,281 Total cost of revenue 375,023 286,181 1,245,289 1,030,843 Gross margin 1,260,963 1,181,202 4,882,147 4,287,171 Operating expenses: Research and development 554,818 465,815 2,082,360 1,849,935 Sales and marketing 219,225 186,953 859,342 724,934 General and administrative 172,032 102,271 568,496 376,677 Amortization of acquired intangible assets 4,086 3,346 16,238 9,295 Restructuring charges — (1,348) — 53,091 Total operating expenses 950,161 757,037 3,526,436 3,013,932 Operating income 310,802 424,165 1,355,711 1,273,239 Interest and other income (expense), net 12,077 (20,400) 158,147 32,231 Income before income taxes 322,879 403,765 1,513,858 1,305,470 Provision (benefit) for income taxes 62,084 60,409 99,718 90,188 Net income from continuing operations 260,795 343,356 1,414,140 1,215,282 Income from discontinued operations, net of income taxes 834,825 3,139 821,670 2,843 Net income 1,095,620 346,495 2,235,810 1,218,125 Less: Net income (loss) attributed to non-controlling interest and redeemable non-controlling interest (18,486) (2,695) (27,570) (11,763) Net income attributed to Synopsys $ 1,114,106 $ 349,190 $ 2,263,380 $ 1,229,888 Net income attributed to Synopsys Continuing operations $ 279,281 $ 346,051 $ 1,441,710 $ 1,227,045 Discontinued operations 834,825 3,139 821,670 2,843 Net income $ 1,114,106 $ 349,190 $ 2,263,380 $ 1,229,888 Net income per share attributed to Synopsys - basic: Continuing operations $ 1.81 $ 2.28 $ 9.41 $ 8.06 Discontinued operations 5.43 0.02 5.37 0.02 Basic net income per share $ 7.24 $ 2.30 $ 14.78 $ 8.08 Net income per share attributed to Synopsys - diluted: Continuing operations $ 1.79 $ 2.23 $ 9.25 $ 7.91 Discontinued operations 5.35 0.03 5.26 0.01 Diluted net income per share $ 7.14 $ 2.26 $ 14.51 $ 7.92 Shares used in computing per share amounts: Basic 153,916 151,972 153,138 152,146 Diluted 155,991 154,845 155,944 155,195 (1) Synopsys' fourth quarter of fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. SYNOPSYS, INC. Unaudited Consolidated Balance Sheets (1) (in thousands, except par value amounts) October 31, 2024 October 31, 2023 ASSETS: Current assets: Cash and cash equivalents $ 3,896,532 $ 1,433,966 Short-term investments 153,869 151,639 Total cash, cash equivalents and short-term investments 4,050,401 1,585,605 Accounts receivable, net 934,470 856,660 Inventories 361,849 325,590 Prepaid and other current assets 1,122,946 548,115 Current assets of discontinued operations — 114,654 Total current assets 6,469,666 3,430,624 Property and equipment, net 563,006 549,837 Operating lease right-of-use assets, net 565,917 559,923 Goodwill 3,448,850 3,346,065 Intangible assets, net 195,164 239,577 Deferred income taxes 1,247,258 853,526 Other long-term assets 583,700 444,820 Long-term assets of discontinued operations — 908,759 Total assets $ 13,073,561 $ 10,333,131 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND STOCKHOLDERS' EQUITY: Current liabilities: Accounts payable and accrued liabilities $ 1,163,592 $ 1,059,914 Operating lease liabilities 94,791 79,832 Deferred revenue 1,391,737 1,559,461 Current liabilities of discontinued operations — 286,244 Total current liabilities 2,650,120 2,985,451 Long-term operating lease liabilities 574,065 579,686 Long-term deferred revenue 340,831 150,827 Long-term debt 15,601 18,078 Other long-term liabilities 469,738 381,531 Long-term liabilities of discontinued operations — 33,257 Total liabilities 4,050,355 4,148,830 Redeemable non-controlling interest 30,000 31,043 Stockholders' equity: Preferred stock, $0.01 par value: 2,000 shares authorized; none outstanding — — Common stock, $0.01 par value: 400,000 shares authorized; 154,112 and 152,053 shares outstanding, respectively 1,541 1,521 Capital in excess of par value 1,211,206 1,276,152 Retained earnings 8,984,105 6,741,699 Treasury stock, at cost: 3,148 and 5,207 shares, respectively (1,025,770) (1,675,650) Accumulated other comprehensive income (loss) (180,380) (196,414) Total Synopsys stockholders' equity 8,990,702 6,147,308 Non-controlling interest 2,504 5,950 Total stockholders' equity 8,993,206 6,153,258 Total liabilities, redeemable non-controlling interest and stockholders' equity $ 13,073,561 $ 10,333,131 (1) Synopsys' fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. SYNOPSYS, INC. Unaudited Consolidated Statements of Cash Flows (1) (in thousands) Twelve Months Ended 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,235,810 $ 1,218,125 Adjustments to reconcile net income to net cash provided by operating activities: Amortization and depreciation 295,065 247,120 Reduction of operating lease right-of-use assets 97,273 97,705 Amortization of capitalized costs to obtain revenue contracts 73,587 82,190 Stock-based compensation 692,316 563,292 Allowance for credit losses 19,724 19,932 Gain on sale of strategic investments (55,077) — Gain on divestitures, net of transaction costs (868,830) — Amortization of bridge financing costs 33,677 — Deferred income taxes (407,649) (211,045) Other (1,295) 13,295 Net changes in operating assets and liabilities, net of effects from acquisitions and dispositions: Accounts receivable (103,460) (178,432) Inventories (51,449) (123,752) Prepaid and other current assets (410,432) (106,396) Other long-term assets (168,255) (100,618) Accounts payable and accrued liabilities 187,564 170,496 Operating lease liabilities (96,966) (73,281) Income taxes (73,215) 198,078 Deferred revenue 8,641 (113,435) Net cash provided by operating activities 1,407,029 1,703,274 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from maturities and sales of short-term investments 138,961 130,435 Purchases of short-term investments (136,821) (131,079) Proceeds from sales of strategic investments 55,696 8,492 Purchases of strategic investments (1,293) (435) Purchases of property and equipment, net (123,161) (189,618) Acquisitions, net of cash acquired (156,947) (297,692) Proceeds from business divestiture, net of cash divested 1,446,578 — Capitalization of software development costs — (2,204) Net cash provided by (used in) investing activities 1,223,013 (482,101) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of debt (2,607) (2,603) Payment of bridge financing and term loan costs (72,265) — Issuances of common stock 232,212 252,986 Payments for taxes related to net share settlement of equity awards (337,541) (241,408) Purchase of equity forward contract — (45,000) Purchases of treasury stock — (1,160,724) Other (1,096) (122) Net cash used in financing activities (181,297) (1,196,871) Effect of exchange rate changes on cash, cash equivalents and restricted cash 8,797 (2,979) Net change in cash, cash equivalents and restricted cash 2,457,542 21,323 Cash, cash equivalents and restricted cash, beginning of year, including cash from discontinued operations 1,441,187 1,419,864 Cash, cash equivalents and restricted cash, end of period, including cash from discontinued operations 3,898,729 1,441,187 Less: Cash, cash equivalents and restricted cash from discontinued operations — 4,947 Cash, cash equivalents and restricted cash from continuing operations $ 3,898,729 $ 1,436,240 (1) Synopsys' fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. Synopsys provides segment information, namely revenue, adjusted segment operating income and adjusted segment operating margin, in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 280, Segment Reporting. Synopsys' chief operating decision maker (" CODM ") is our Chief Executive Officer. In evaluating our business segments, the CODM considers the income and expenses that the CODM believes are directly related to those segments. The CODM does not allocate certain operating expenses managed at a consolidated level to our business segments and, as a result, the reported operating income and operating margin do not include these unallocated expenses as shown in the table below. These unallocated expenses are presented in the table below to provide a reconciliation of the total adjusted operating income from segments to our consolidated operating income from continuing operations: SYNOPSYS, INC. Business Segment Reporting (1)(2)(5) (in millions) Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 Revenue by segment - Design Automation $ 1,118.2 $ 953.7 $ 4,221.1 $ 3,775.3 % of Total 68.3 % 65.0 % 68.9 % 71.0 % - Design IP $ 517.8 $ 513.7 $ 1,906.3 $ 1,542.7 % of Total 31.7 % 35.0 % 31.1 % 29.0 % Adjusted operating income by segment - Design Automation $ 413.3 $ 311.1 $ 1,631.9 $ 1,413.9 - Design IP $ 189.9 $ 236.4 $ 730.2 $ 514.1 Adjusted operating margin by segment - Design Automation 37.0 % 32.6 % 38.7 % 37.5 % - Design IP 36.7 % 46.0 % 38.3 % 33.3 % Total Adjusted Segment Operating Income Reconciliation (1)(2)(5) (in millions) Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Twelve Months Ended October 31, 2024 Twelve Months Ended October 31, 2023 GAAP total operating income – as reported $ 310.8 $ 424.2 $ 1,355.7 $ 1,273.2 Other expenses managed at consolidated level -Amortization of acquired intangible assets (3) 70.9 15.9 124.2 54.6 -Stock-based compensation (3) 165.4 128.6 657.9 513.1 -Non-qualified deferred compensation plan 9.2 (23.9) 85.4 20.2 -Acquisition/divestiture related items (4) 47.0 4.0 138.7 13.8 -Restructuring charges — (1.3) — 53.1 Total adjusted segment operating income $ 603.2 $ 547.5 $ 2,362.1 $ 1,928.0 (1) Synopsys manages the business on a long-term, annual basis, and considers quarterly fluctuations of revenue and profitability as normal elements of our business. Amounts may not foot due to rounding. (2) Synopsys' fourth quarter of fiscal year 2024 and 2023 ended on November 2, 2024 and October 28, 2023, respectively. For presentation purposes, we refer to the closest calendar month end. Fiscal year 2024 was a 53-week year, which included an extra week in the first quarter. (3) The adjustment includes non-GAAP expenses attributable to non-controlling interest and redeemable non-controlling interest. (4) The adjustment excludes the amortization of bridge financing costs entered into in connection with the pending acquisition of Ansys, that was recorded in interest and other income (expense), net, in our unaudited condensed consolidated statements of income. (5) Presented on a continuing operations basis. GAAP to Non-GAAP Reconciliation Synopsys continues to provide all information required in accordance with GAAP but acknowledges evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal budgeting and resource allocation purposes. This press release includes non-GAAP earnings per diluted share, non-GAAP net income and non-GAAP tax rate for the periods presented. It also includes future estimates for non-GAAP expenses, non-GAAP interest and other income (expense), non-GAAP tax rate, non-GAAP earnings per diluted share and free cash flow. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. When possible, Synopsys provides a reconciliation of non-GAAP financial measures to their most closely applicable GAAP financial measures. Synopsys is unable to provide a full reconciliation of certain first quarter and full fiscal year 2025 non-GAAP financial targets to the corresponding GAAP financial measures on a forward-looking basis because Synopsys believes that it would not be possible for it to have the required information necessary to quantitatively reconcile such measures with sufficient precision without unreasonable efforts due to, among other things, the potential variability and limited predictability of the excluded adjustment items necessary for a full reconciliation such as certain acquisition/divestiture related items, restructuring charges, tax deduction variability, changes in the fair value of non-qualified deferred compensation plan, and gains (losses) on the sale of strategic investments. For the same reasons, Synopsys is unable to address the probable significance of the unavailable information. Synopsys' management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, as superior to, or as a substitute for, financial information prepared in accordance with GAAP. These non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, the corresponding GAAP financial measures. Synopsys' management believes presentation of non-GAAP financial measures, when shown in conjunction with the corresponding GAAP financial measures, provides useful information to investors allowing them to view financial and business trends relating to our financial condition and results of operations through the eyes of management. Synopsys' management evaluates and makes decisions about our business operations using both GAAP financial measures and non-GAAP financial measures to help facilitate internal comparisons to Synopsys' historical operating results and forecasted targets, planning and forecasting in subsequent periods and comparisons to competitors' operating results. The following are descriptions of the adjustments made to reconcile non-GAAP financial measures (other than free cash flow, which is defined in the footnote to the Financial Targets table above) to the most directly comparable GAAP financial measures: (i) Amortization of acquired intangible assets. We incur expenses from amortization of acquired intangible assets, which may include impairment charges from write-downs of acquired intangible assets. Acquired intangible assets include, among other things, core/developed technology, customer relationships, contract rights, trademarks and trade names, and other intangibles related to acquisitions. We amortize the intangible assets over their estimated useful lives. We do not enter into acquisitions on a predictable cycle. The amount of an acquisition's purchase price allocated to intangible assets and their estimated useful lives can vary significantly and are unique to each acquisition. From time to time, we incur impairment charges due to write-downs of acquired intangible assets. We believe that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets, including impairment charges, provides investors and others with a consistent basis for comparison across accounting periods. We also exclude this item because such expenses are non-cash in nature and we believe the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding our core operational performance and liquidity, and ability to invest in research and development and fund future acquisitions and capital expenditures. (ii) Stock-based compensation . Stock-based compensation expenses consist primarily of expenses related to restricted stock units, stock options, employee stock purchase rights and other stock awards, including such expenses associated with acquisitions. We exclude stock-based compensation expense from our non-GAAP financial measures primarily because it is not an expense that typically requires or will require cash settlement by us. Further, the expense for the fair value of the stock-based instruments we utilize may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards and, therefore, is not used by management to assess the core profitability of our business operations. (iii) Acquisition/divestiture related items. In connection with certain of our business combinations and/or divestitures, we incur significant expenses that we would not have otherwise incurred as part of our business operations. These expenses include, among other things, compensation expenses, professional fees and other direct expenses, concurrent restructuring activities and divestiture activities, including employee severance and other exit costs, bridge financing costs, costs related to integration activities, changes to the fair value of contingent consideration related to the acquired company, and amortization of the fair value difference of below-market value assets arising from arrangements entered into or acquired in conjunction with an acquisition. We also recognize the gains and losses from the mark-up of equity or cost method investments to fair value upon obtaining control through acquisition. We exclude these items because they are related to acquisitions and have no direct correlation to the core operation of our business. Further, because we do not acquire businesses on a predictable cycle and the terms of each transaction can vary significantly and are unique to each transaction, we believe it is useful to exclude such expenses when looking for a consistent basis for comparison across accounting periods. (iv) Restructuring charges. We initiate restructuring activities to align our costs to our operating plans and business strategies based on then-current economic conditions, and such activities have a specific and defined term. Restructuring costs generally include severance and other termination benefits related to voluntary retirement programs, involuntary headcount reductions and facilities closures. Such restructuring costs include elimination of operational redundancy, permanent reductions in workforce and facilities closures and, therefore, are not considered by us to be a part of the core operation of our business and are not used by management when assessing the core profitability and performance of our business operations. (v) Gains (losses) on the sale of strategic investments. We exclude gains and losses on the sale of equity investments in privately held companies because we do not believe they are reflective of our core business and operating results. (vi) Deferred compensation . We exclude changes in the fair value of our non-qualified deferred compensation plan because we do not use these to assess the core profitability of our business operations. (vii) Income tax effect of non-GAAP pre-tax adjustments . Excluding the income tax effect of non-GAAP pre-tax adjustments from the provision for income taxes assists investors in understanding the tax provision associated with those adjustments and the effect on net income. We utilize an annual non-GAAP tax rate in calculating non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of certain non-recurring and other period-specific items, which can vary in size and frequency and do not necessarily reflect our normal operations, and to more closely align our tax rate with our expected geographic earnings mix. This annual non-GAAP tax rate is based on an evaluation of our historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments, U.S. tax law changes, as well as other factors such as our current tax structure, existing tax positions and expected recurring tax incentives. Based on these considerations, we have elected to adopt a non-GAAP tax rate of 16% for fiscal year 2025. INVESTOR CONTACT : Trey Campbell Synopsys, Inc. 650-584-4289 Synopsys-ir@synopsys.com EDITORIAL CONTACT : Cara Walker Synopsys, Inc. 650-584-5000 corp-pr@synopsys.com View original content to download multimedia: https://www.prnewswire.com/news-releases/synopsys-posts-financial-results-for-fourth-quarter-and-fiscal-year-2024-302322901.html SOURCE Synopsys, Inc.
Baltic Nation Deploys Solar Power For 100% Energy IndependenceRookie Brian Thomas Jr. scores again as Jaguars beat Titans 20-13 for rare series sweepHow to make a nourishing (and filling) soup dinner for two
Analysis: Barkley is NFL's version of Ohtani
Published 4:33 pm Sunday, December 29, 2024 By Data Skrive Currently, the New Orleans Pelicans (5-27) have five players on the injury report, including Yves Missi, for their matchup with the Los Angeles Clippers (18-13) at Smoothie King Center on Monday, December 30 at 8:00 PM ET. The Clippers also have five players on the injury report. Watch the NBA, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up. In their most recent outing on Friday, the Pelicans suffered a 132-124 loss to the Grizzlies. Trey Murphy III’s team-leading 35 points paced the Pelicans in the loss. The Clippers are coming off of a 102-92 win over the Warriors in their most recent outing on Friday. In the Clippers’ win, Norman Powell led the way with 26 points (adding three rebounds and one assist). Sign up for NBA League Pass to get live and on-demand access to NBA games. Get tickets for any NBA game this season at StubHub. Catch NBA action all season long on Fubo. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .The Notre Dame Fighting Irish versus the USC Trojans is one of three games on Saturday’s college basketball schedule that features a ranked team in action. Watch women’s college basketball, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up for a free trial. No. 18 Baylor Bears at Southern Miss Eagles No. 6 Notre Dame Fighting Irish at No. 3 USC Trojans No. 16 North Carolina Tar Heels at Ball State Cardinals Catch tons of live women’s college basketball , plus original programming, with ESPN+ or the Disney Bundle.TORONTO, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Trexo Robotics is proud to announce this groundbreaking milestone. This remarkable achievement is not only a testament to the power of innovation, but also to the determination and resilience of the children and families who have made it possible. The Trexo Robotics team, led by co-founders Manmeet Maggu, CEO and Rahul Udasi, CTO, are overjoyed by this accomplishment. "The 100 million steps milestone was not something I thought about as a goal, we wanted kids to take as many steps as they could. It's amazing, each kid starting with one step and going after their own goals, has added up to an unbelievable number," says Udasi. "For many of these kiddos, they were told they would never take a step. Every single one of these 100 million steps tells a different story—one of courage, progress, and hope," says Maggu. "This milestone is made up of countless special moments, each representing improved strength, better health, and brighter possibilities." Trexo is hosting a celebration to mark this incredible accomplishment on Friday, December 6 th in Toronto. The celebration will honour the parents and community members who have been instrumental in this journey and, most importantly, the children themselves, who inspire everyone with their perseverance. Thinking about what the future may bring–500 million steps, which is the equivalent of walking to the moon–and one billion steps are on the minds of the Trexo team. "These numbers are mind boggling, and exciting because of what they mean for the kiddos. For now though, this moment is a time to pause, reflect, and celebrate," says Jenn Horowitz, Head of Marketing at Trexo. The celebration will include Trexo robotic legs walking on their own, heartfelt speeches, a special surprise from one of the Trexo users, Alex Mertens, dancing, and for many, the opportunity to meet the team behind the innovation for the first time. Media representatives are welcome to attend to capture this inspiring achievement. Trexo Robotics extends heartfelt thanks to the parents, supporters, and especially the children, whose steps have turned what was a personal quest to help Maggu's nephew, into something bigger than they ever imagined. About Trexo Robotics: Trexo Robotics is a leader in mobility solutions, empowering children with disabilities to take their first steps in many cases. With a mission to redefine what's possible, Trexo Robotics combines cutting-edge technology with unwavering dedication to create life-changing moments for families that are searching for solutions for their children. Event Details: Date: Friday, December 6, 2024 Time: 6pm – 9pm Media only. For location and other details, please contact: Contact: Jennifer Horowitz, Head of Marketing Phone: 562-784-7711 jh@trexorobotics.com A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9788464-2a17-4a2e-837b-2c4d4176cce1 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Saquon Barkley has become the Shohei Ohtani of the NFL. There's no better home run hitter playing football right now. Barkley had touchdown runs of 72 and 70 yards for the Philadelphia Eagles in a 37-20 victory over the Los Angeles Rams on Sunday night. He now has five runs of 50-plus yards this season and is on pace to break Eric Dickerson's single-season record of 2,105 yards set in 1984. Barkley's historic performance against the Rams — his 255 yards set a team record — captivated a national audience and turned him into a fan favorite for the AP NFL MVP award. He's not the betting favorite, however. Josh Allen has the best odds at plus-150, according to Bet MGM Sportsbook. Two-time MVP Lamar Jackson is next at plus-250 followed by Barkley at plus-400. Running backs have won the award 18 times, including three-time winner Jim Brown, who was the AP's first NFL MVP in 1957. Quarterbacks have dominated the award, winning it 45 times. Only three players who weren't QBs or RBs have been MVP. It takes a special season for a non-QB to win it mainly because the offense goes through the signal caller. Quarterbacks handle the ball every offensive snap, run the show and get the credit when things go well and the blame when it doesn't. Adrian Peterson was the most recent non-QB to win it when he ran for 2,097 yards and 12 touchdowns for the Minnesota Vikings in 2012. Playing for a winning team matters, too. Nine of the past 11 winners played for a No. 1 seed with the other two winners on a No. 2 seed. The Vikings earned the sixth seed when Pederson was MVP. Barkley is a major reason why the Eagles (9-2) are leading the NFC East and only trail Detroit (10-1) by one game for the top spot in the conference. Does he have a realistic chance to win the MVP award? Kicker Mark Moseley was the MVP in the strike-shortened 1982 season when he made 20 of 21 field goals and 16 of 19 extra points in nine games for Washington. If voters once selected a kicker, everyone has a chance, especially a game-changer such as Barkley. Defensive tackle Alan Page was the MVP in 1971 and linebacker Lawrence Taylor won it in 1986. Running back Christian McCaffrey finished third in voting last year and wide receiver Justin Jefferson placed fifth in 2022. The Offensive Player of the Year award and Defensive Player of the Year award recognize the best all-around players on both sides of the ball, allowing voters to recognize non-QBs if they choose. Wide receivers and running backs have won the AP OPOY award seven times over the past 11 seasons. McCaffrey was the 2023 winner. The AP's new voting format introduced in 2022 also gives non-QBs a better opportunity to get MVP recognition. Voter submit their top five picks for each award, with a weighted point system. Previously, voters made one choice for each award. A nationwide panel of 50 media members who regularly cover the league vote for MVP and seven other awards. The awards are based on regular-season performance. The Chiefs (10-1) and Bills (9-2) already are in position to lock up postseason berths right after Thanksgiving. Kansas City clinches a playoff berth with a win over Las Vegas on Black Friday and a loss by Miami on Thursday night, or a win plus a loss by Denver on Monday night. Buffalo can wrap up a fifth straight AFC East title with a victory over San Francisco on Sunday and a loss by the Dolphins. It's not a given that the Dallas Cowboys will be looking for a new head coach after this season. Owner Jerry Jones said Tuesday on local radio that Mike McCarthy could end up getting a contract extension. "I don't think that's crazy at all. This is a Super Bowl-winning coach. Mike McCarthy has been there and done that. He has great ideas. We got a lot of football left," Jones said. McCarthy led the Cowboys (4-7) to three straight 12-win seasons, but they went 1-3 in the playoffs and haven't reached the NFC championship game since winning the Super Bowl 29 years ago. Injuries have contributed to the team's struggles this season, but Dallas was just 3-5 before Dak Prescott was lost for the rest of the season. The Cowboys upset Washington last week and their next four games are against teams that currently have losing records. If they somehow end up 9-8 or even 8-9, Jones could make a case for keeping McCarthy.
Kroger stock hits 52-week high at $60.35 amid robust growthUsage of technology, including drones, beefed up security and controlled different types of crimes in the district during 2024, Anantapur SP P. Jagadish observed on Sunday. Briefing media about the crime statistics in Kurnool district, the SP underlined that increased punishment to accused in cases related to women, children, and scheduled castes and tribes, had led to a reduction in the crime rate during the year. Referring to introduction of drones in policing at every mandal level, Jagadish said staff of all police stations have been provided training in the use of drones in sensitive situations and in interior areas to curb illicit activities, including gambling, using ganja and consuming alcohol in public areas. The SP said police stations, along with CCS teams, succeeded in recovering properties in robbery cases. 289 of 529 robbery cases have been resolved and property, including gold and silver, worth Rs 3.76 crore has been recovered. He pointed out that Anantapur police have succeeded in nabbing interstate gangs involved in robbing ATM centres on highways across many parts of AP, Telangana and Karnataka. Jagadish underlined that police followed up various cases in courts, which pronounced verdicts in 77 cases. Punishments included double life term imprisonment in a case and life term imprisonment in 11 cases. The SP, however, said road accidents had increased 8 per cent compared to last year, with 294 accidents reported in 2023 against 319 in 2024.
There's no better home run hitter playing football right now. Barkley had touchdown runs of 72 and 70 yards for the Philadelphia Eagles in a 37-20 victory over the Los Angeles Rams on Sunday night. He now has five runs of 50-plus yards this season and is on pace to break Eric Dickerson's single-season record of 2,105 yards set in 1984. Barkley's historic performance against the Rams — his 255 yards set a team record — captivated a national audience and turned him into a fan favorite for the AP NFL MVP award. He's not the betting favorite, however. Josh Allen has the best odds at plus-150, according to Bet MGM Sportsbook. Two-time MVP Lamar Jackson is next at plus-250 followed by Barkley at plus-400. Running backs have won the award 18 times, including three-time winner Jim Brown, who was the AP's first NFL MVP in 1957. Quarterbacks have dominated the award, winning it 45 times. Only three players who weren't QBs or RBs have been MVP. It takes a special season for a non-QB to win it mainly because the offense goes through the signal caller. Quarterbacks handle the ball every offensive snap, run the show and get the credit when things go well and the blame when it doesn't. Adrian Peterson was the most recent non-QB to win it when he ran for 2,097 yards and 12 touchdowns for the Minnesota Vikings in 2012. Playing for a winning team matters, too. Nine of the past 11 winners played for a No. 1 seed with the other two winners on a No. 2 seed. The Vikings earned the sixth seed when Pederson was MVP. Barkley is a major reason why the Eagles (9-2) are leading the NFC East and only trail Detroit (10-1) by one game for the top spot in the conference. Does he have a realistic chance to win the MVP award? Kicker Mark Moseley was the MVP in the strike-shortened 1982 season when he made 20 of 21 field goals and 16 of 19 extra points in nine games for Washington. If voters once selected a kicker, everyone has a chance, especially a game-changer such as Barkley. Defensive tackle Alan Page was the MVP in 1971 and linebacker Lawrence Taylor won it in 1986. Running back Christian McCaffrey finished third in voting last year and wide receiver Justin Jefferson placed fifth in 2022. The Offensive Player of the Year award and Defensive Player of the Year award recognize the best all-around players on both sides of the ball, allowing voters to recognize non-QBs if they choose. Wide receivers and running backs have won the AP OPOY award seven times over the past 11 seasons. McCaffrey was the 2023 winner. The AP's new voting format introduced in 2022 also gives non-QBs a better opportunity to get MVP recognition. Voter submit their top five picks for each award, with a weighted point system. Previously, voters made one choice for each award. A nationwide panel of 50 media members who regularly cover the league vote for MVP and seven other awards. The awards are based on regular-season performance. The Chiefs (10-1) and Bills (9-2) already are in position to lock up postseason berths right after Thanksgiving. Kansas City clinches a playoff berth with a win over Las Vegas on Black Friday and a loss by Miami on Thursday night, or a win plus a loss by Denver on Monday night. Buffalo can wrap up a fifth straight AFC East title with a victory over San Francisco on Sunday and a loss by the Dolphins. It's not a given that the Dallas Cowboys will be looking for a new head coach after this season. Owner Jerry Jones said Tuesday on local radio that Mike McCarthy could end up getting a contract extension. "I don't think that's crazy at all. This is a Super Bowl-winning coach. Mike McCarthy has been there and done that. He has great ideas. We got a lot of football left," Jones said. McCarthy led the Cowboys (4-7) to three straight 12-win seasons, but they went 1-3 in the playoffs and haven't reached the NFC championship game since winning the Super Bowl 29 years ago. Injuries have contributed to the team's struggles this season, but Dallas was just 3-5 before Dak Prescott was lost for the rest of the season. The Cowboys upset Washington last week and their next four games are against teams that currently have losing records. If they somehow end up 9-8 or even 8-9, Jones could make a case for keeping McCarthy.
Analysis: Barkley is NFL's version of OhtaniTitans showing signs of growing tougher under 1st-year coach Brian Callahan
MFOI Awards 2024: A Grand Celebration of Agricultural Excellence and Honoring of India’s Progressive Farmers BeginsIt’s been nearly nine years since Bob Cummins Construction filed suit against Bradford Sanitary Authority over an unpaid bill. Since then, there have been two jury trials in McKean County Court, numerous appeals and $3.5 million in attorneys’ fees for the BSA — that, as of now, have been paid by local ratepayers. The lawsuit was filed in 2016. The dispute comes from a rehabilitation project at the wastewater treatment plant. From 2014-15, Cummins Construction was the general contractor for a portion of the rehab project. In December 2015, authority engineer Gannett Fleming certified the project to be substantially complete, with the exception of a few outstanding items. Cummins said they did the work and were owed payment; Sanitary Authority said they withheld payment because the work wasn’t done according to the contract. The local contractor, which has been in business nearly 50 years and employs local people, says this suit seems like a vendetta; they did their jobs and want to be paid. The BSA, the provider of wastewater services to more than 18,000 local residents, says the contractor didn’t follow the contract and should take responsibility for alleged defects. ISSUES The biggest alleged issue was with the sequential batch reactor (SBR) installed by Cummins — one by the second manufacturer, Ashbrook, that was named in the contract specifications — and the Ultraviolet building, where wastewater is treated by exposing it to ultraviolet light. The BSA said the system wasn’t working correctly, with a possibility of moving too much treated water — effluent — to the UV building during the “decant” phase, where water is separated from sludge. Separated water is called decant water. To date in 2024, there is no documentation that such excessive decants have taken place, according to Don Cummins, senior project manager for Cummins Construction. He said both they and Ashbrook offered a free solution to this problem in the form of a plate; it has not been taken by the BSA, which allegedly wants a check valve. It’s important to note, said Nick Cummins, project manager at Cummins, that the state Department of Environmental Protection (DEP) has been “happy with the effluent quality,” with reports on its website indicating such. In 2015, BSA withheld final payment to Cummins and denied some change orders because they believed the company had not followed the contract’s provisions. Don Cummins said there was $260,000 of the unpaid contract balance, plus about $464,000 in unpaid change orders for a total of $724,000 outstanding. There were 120 change orders on the project, most of which were made by BSA’s engineer, Gannett Fleming. “Some were upgrades after the work started, which is not uncommon, and some were needed because of the unknown circumstances that occur on most large rehabilitation projects, which almost always happens,” Cummins said. “This is not uncommon either because as you dig and demolish portions for new construction, things are uncovered that need addressed including obstructions to new work.” From the BSA’s standpoint, Cummins holds the fault here. “Cummins started this lawsuit in 2016 because it refused to accept responsibility for clear defects in the sequencing batch reactors (SBRs), which was new technology central to BSA’s ability to provide effective wastewater treatment for its approximately 6,000 customer connections,” said Steve Disney, executive director of the BSA. It didn’t perform as required, the BSA said, “Cummins, however, denied responsibility from 2016 through the second trial in 2024, even though the Commonwealth Court specifically found in 2020 after the first trial that Cummins was solely responsible for the SBR defects.” Referring to the solution offered by Cummins and Ashbrook, Disney said the jury rejected it. And, he said, it would interfere with the performance of the SBR and possibly cause the plant to be derated by the DEP. FIRST TRIAL The first trial was held in 2019 before Judge Christopher Hauser. Cummins won 12 out of 16 claims for a judgment of $488,243.24. The BSA won one out of 21 claims for $4,945. Hauser’s decision was reversed by the Commonwealth Court and remanded to McKean County Court, where a second trial was eventually scheduled. Cummins explained the Commonwealth Court ruled the construction company was responsible for the alleged effluent problem with the SBR “because we chose the second-named supplier.” The appeals court ruled that the SBR specifications were not a design spec, but a performance spec. “Therefore it is up to the contractor to supply the system that meets the needs.” In other words, Cummins said, this is a change from the traditional way things are done. With this decision, “It is up to the contractor to use his own ingenuity to make the system work properly.” However, Cummins said, they are not designers, they are builders. They didn’t design the systems, they installed what the BSA wanted. MORE LITIGATION In January 2024, before the second trial, the BSA filed suit against engineers Gannett Fleming, but didn’t act on the suit. When questioned later by Hauser about the lack of progress on the suit, BSA’s attorney John Gisleson allegedly said during a status conference that BSA had filed suit against the engineers in case they lost the suit against Cummins. A second jury trial was held in February 2024, again before Hauser. The verdict was 12 of 14 claims for $398,568.94 in favor of Cummins, and 2 of 13 claims for $636,188 in favor of BSA based on the issue with the SBR and Ultraviolet building. “The jury awarded BSA the necessary money to properly correct the defects that Cummins and its contractor Ashbrook created,” Disney said. Regarding the potential repair to the SBR, he added, “BSA also does not consider Cummins to be a responsible and trustworthy contractor based on the jury’s award and the Court’s findings that Cummins failed to comply with the parties’ contract in multiple ways. Throughout the project, Cummins misinterpreted the contract in ways that benefitted Cummins and sought extra compensation at ratepayer expense that Cummins had no right to receive. BSA therefore does not agree to Cummins performing any further work at BSA’s plant. BSA will have another contractor perform the work after Cummins pays what it owes under the verdict.” For the trial, BSA hired an expert to design a “conceptual solution” to the issue. The concept was a “pinch valve” with a price tag of $695,000, but with no design drawing and no bid from a contractor, Don Cummins explained. In 2019, BSA’s engineer designed and bid out the repair they wanted; the low bidder was for $20,000. However, the successful bidder was stopped from doing the repair — the one that would solve the problem at the base of the lawsuit, Cummins alleged. Again, the BSA said it would have another contractor perform a repair after Cummins pays what it owes under the verdict. CURRENT The latest argument in the case is over attorneys’ fees — the Sanitary Authority wants the judge to order Cummins to pay the $3.4 million in fees they’ve incurred throughout the course of the case. This was filed as a 689-page motion for post-trial relief, including exhibits. “Cummins needs to pay BSA’s fees as bound by the contract,” Disney told The Era. This was always part of the contract, the BSA argued. However, Cummins disagreed, alleging the contract would allow the authority to recover fees only if a third party were to sue, not in the case of the contractor filing suit, their motion stated. From Disney’s standpoint: “Cummins’ refusal to follow the contract and its litigation actions caused those fees. BSA did not start the lawsuit and has always wanted the dispute to be resolved. Cummins, however, has repeatedly obstructed those efforts. BSA sought to resolve the dispute years ago through motions filed with the court, but Cummins opposed those efforts and demanded money it had no right to receive while leaving BSA with a defective SBR and a project that still has not closed out due to the SBR deficiencies.” He added that PENNVEST is still holding money payable to BSA because of the SBR defects caused by Cummins. According to the motion opposing the awarding of fees, Cummins disagreed with the BSA on several points, the first of which was that the request came in Sept. 10 when the deadline for such a request to be made was March 25, as was set by Hauser. Anything not filed by the deadline is considered waived. Cummins’ attorneys also argued that the fees for the authority’s attorneys, Morgan Lewis & Bockius of Pittsburgh, were “grossly excessive” at $3.4 million — $910 an hour for a partner, $575 an hour for a senior attorney and $305 an hour for a paralegal. The total was five times the amount of Cummins’ attorney, Eckert Seamans Cherin & Mellott of Pittsburgh. The billing rates were also more than three times that of McKean County attorney Bob Saunders, who also assisted with the case, at $250 an hour. According to the motion, the Pennsylvania Supreme Court must consider the “reasonableness of a party’s requested attorneys’ fees” rather than the billed rate. Senior Judge John Foradora denied the Sanitary Authority’s request for fees on one basis — missing the March deadline by 5 1/2 months. Because the request for fees was not raised in a timely fashion, Foradora didn’t consider the remaining arguments. The BSA filed a notice of appeal to Foradora’s decision, which is currently underway. “If Cummins reimburses those fees to BSA, the litigation ends, at least from BSA’s perspective,” Disney said. “The contract requires Cummins to pay BSA’s fees, and BSA believes it has good grounds to recover them in the current appeal. BSA will seek those fees from Cummins if successful, which should conclude the litigation. “BSA explained its interpretation of the contract from the very beginning of the lawsuit, and that interpretation was upheld by both the Commonwealth Court and the trial court following the second trial,” Disney said. “The lawsuit unfortunately continued far longer than it should have because Cummins refused to comply with the contract and opposed the trial court interpreting the contract.” The case in chief remains on appeal as well.Face of King Tut's grandmother is reconstructed using her 3,400-year-old remains READ MORE: World's oldest alphabet is discovered in Syrian tomb By ELLYN LAPOINTE FOR DAILYMAIL.COM Published: 19:33, 25 November 2024 | Updated: 19:33, 25 November 2024 e-mail View comments A photoshop artist has reconstructed the face of Queen Tiye, the grandmother of King Tut, using her 3,400-year-old mummified remains. The artist used the technology to overlay features such as eyes, a nose and mouth onto the image, fitting them into her remarkably-preserved bone structure. They then added hair, eyebrows, eyelashes and even freckles, bringing the corpse's face to life. The final result was a beautiful woman with dark, flowing hair, large brown eyes, a heart-shaped mouth and dark complexion. Queen Tiye was the Great Royal Wife of the Egyptian Pharaoh Amenhotep III , who reigned from 1390–53 BCE, and lived from 1398 BC until 1338BC. She was the mother of Amenhotep IV, also known as Akhenaten, and remained a prominent figure of Egyptian royalty even after he ascended the throne. Akhenaton went on to father Tutankhamun, or King Tut, the boy king who ruled from 1332 to 1323 BC . He became Pharaoh when he was just eight or nine years old, and is famous today because his is the most intact royal Egyptian tomb ever found. Queen Tiye's mummy was discovered in 1898 in the tomb of Amenhotep II in the Valley of the Kings, but DNA analysis confirmed her identity until 2010. The Photoshop Surgeon used an image of Queen Tiye's mummified remains to reconstruct what she may have looked like The Photoshop Surgeon, a digital artist who performs 'dramatic enhancements and radical transformations to photos,' revealed what the face of King Tut's grandmother Queen Tiye may have looked like using an image of her remains. The video shows the artist working with Photoshop, which displayed a picture of Queen Tiye's mummified face. They begin by placing eyes in the sunken eye sockets, blending the skin around the eye lids, and then they moved on to her nose that was carefully added to fit the bone left behind. The artist added long, curly brown hair that fit at the hairline on her skull and filled in the brow bone with little pieces of hair. They also added more skin to Queen Tiye's face, creating a plumped look as she may have once appeared. The artist also included her mummified hand that laid on her chest, but put life back into it, showing wrinkles around the knuckles and nails at her finger tips. Queen Tiye was the daughter of Yuya, commander of the Egyptian chariotry, and an Egyptian woman named Thuya. She did not have royal blood, but despite this, her husband favored her among his many wives and often involved her in state affairs. Her name even appeared with the king's on official documents. The artist overlaid features such as eyes, a nose and a mouth, in addition to hair, eyebrows and eyelashes to reveal the above result Queen Tiye's mummy was discovered in 1898 in the tomb of Amenhotep II in the Valley of the Kings, but DNA analysis confirmed her identity until 2010 Queen Tiye's remains were discovered in 1898 by French archeologist Victor Loret, but it would be another century before experts realized who they belonged to. Loret discovered two female mummies among several buried inside the tomb of Amenhotep II in the Valley of Kings - the burial site of almost all the Pharaohs of the 18th, 19th and 20th dynasties. Before they were identified, these mummies were dubbed 'The Elder Lady' and 'The Younger Lady.' Initially, experts believed 'The Elder Lady' might have been Queen Nefertiti, who ruled during the 18th dynasty as the Great Royal Wife of Pharaoh Akhenaten - Queen Tiye's son. But a lock of hair found in a small coffin bearing an inscription naming Queen Tiye proved to be a near-perfect match to the hair of 'The Elder Lady.' And in 2010, DNA analysis confirmed that the remains belonged to the daughter of Yuya and Thuya - Queen Tiye's parents. Queen Tiye ldied sometime between the ages of 40 and 60. Scientists have also reconstructed the faces of King Tut and his father Pharaoh Akhenaten, showing they had similar features . Scientists used a skull discovered in the Valley of the Kings nearly 100 years ago to piece together the look of Pharaoh Akhenaten who ruled from 1353BC to 1335 BC. The digital image shows a man in his early 20s with a long jaw and piercing eyes, along with a skull shape and a pointy nose that looks similar to that of King Tut. She was the mother of Amenhotep IV, also known as Akhenaten, and remained a prominent figure of Egyptian royalty even after he ascended the throne. Pictured is a facial reconstruction of Akhenaten Akhenaton went on to father Tutankhamun, or King Tut, the boy king who ruled from 1332 to 1323 BC . Pictured is a reconstruction of what King Tut may have looked like The digital image of the Akhenaten was created by the Forensic Anthropology, Paleopathology, Bioarchaeology Research Center (FAPAB) in Sicily, which used a skull from a mummy discovered in 1907. Read More Ancient Egyptian cocktail recipe revealed: Disgusting drink was made from psychedelic drugs, human blood, breast milk, and vaginal mucus, study reveals Akhenaten married one of his sisters who gave birth to their son, but as a result of the incestuous relationship, Tutankhamen was born with numerous health issues that experts believe led to an early death. And a reconstruction of his face and body showed the world a glimpse of what ailments he may have endured. King Tut had buck teeth, a club foot and girlish hips, according to the most detailed examination ever of the ancient Egyptian pharaoh’s remains. And rather than being a boy king with a love of chariot racing, Tut relied on walking sticks to get around during his rule in the 14th century BC, researchers said. A ‘virtual autopsy’, composed of more than 2,000 computer scans, was carried out in tandem with a genetic analysis of Tutankhamun’s family, which supports evidence that his parents were brother and sister. The scientists believe that this left him with physical impairments triggered by hormonal imbalances. And his family history could also have led to his premature death in his late teens. Share or comment on this article: Face of King Tut's grandmother is reconstructed using her 3,400-year-old remains e-mail Add comment