One person died in Ecuador and ports closed across Peru as massive waves up to four meters (13 feet) high pummeled the region, officials said Saturday. Many beaches along the central and northern stretches of the Peruvian coastline were closed to prevent risk to human life, local authorities said. Waves there submerged jetties and public squares, sending residents fleeing to higher ground, according to images on local media. In neighboring Ecuador, the National Secretariat for Risk Management said a body was recovered in the coastal city of Manta. "The Manta Fire Department reported that, at 6:00 am, the body of a missing person was found lifeless in the Barbasquillo sector," the agency announced on social media. Peru closed 91 of its 121 ports until January 1, the National Emergency Operations Center said on its X social media account. The municipality of Callao, close to the capital Lima and the location of the country's main port, closed several beaches and barred tourist and fishing boats from venturing out. "These waves are being generated thousands of kilometers away from Peru, off the coast of the United States," navy Captain Enrique Varea told Channel N television. "They are waves generated by a persistent wind on the surface of the ocean that is approaching our coasts," he said. Dozens of small fishing boats and businesses near the sea were affected, according to images broadcast on television and social networks. axl/rmb/nro/acbFranklin Resources Inc. bought a new position in Coursera, Inc. ( NYSE:COUR – Free Report ) in the 3rd quarter, HoldingsChannel reports. The fund bought 218,101 shares of the company’s stock, valued at approximately $1,651,000. Several other hedge funds also recently made changes to their positions in COUR. Millennium Management LLC grew its position in shares of Coursera by 67.0% in the 2nd quarter. Millennium Management LLC now owns 2,800,912 shares of the company’s stock worth $20,055,000 after acquiring an additional 1,123,397 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Coursera by 61.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,647,619 shares of the company’s stock worth $13,082,000 after acquiring an additional 628,140 shares in the last quarter. Senvest Management LLC grew its position in shares of Coursera by 994.7% in the 3rd quarter. Senvest Management LLC now owns 642,806 shares of the company’s stock worth $5,104,000 after acquiring an additional 584,085 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Coursera by 101.9% in the 2nd quarter. Acadian Asset Management LLC now owns 940,592 shares of the company’s stock worth $6,731,000 after acquiring an additional 474,723 shares in the last quarter. Finally, Panagora Asset Management Inc. acquired a new position in shares of Coursera in the 2nd quarter worth approximately $3,162,000. Institutional investors and hedge funds own 89.55% of the company’s stock. Insider Buying and Selling at Coursera In other news, SVP Alan B. Cardenas sold 6,102 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $6.83, for a total value of $41,676.66. Following the sale, the senior vice president now owns 194,082 shares of the company’s stock, valued at approximately $1,325,580.06. The trade was a 3.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link . 16.30% of the stock is owned by company insiders. Coursera Price Performance Analyst Ratings Changes COUR has been the subject of several research reports. Bank of America initiated coverage on Coursera in a research report on Thursday, September 19th. They issued a “buy” rating and a $11.00 target price for the company. The Goldman Sachs Group reduced their price objective on Coursera from $9.00 to $7.25 and set a “sell” rating for the company in a research report on Friday, October 25th. Scotiabank began coverage on Coursera in a research report on Thursday, December 5th. They set a “sector perform” rating and a $9.00 price objective for the company. Cantor Fitzgerald restated an “overweight” rating and set a $10.00 price objective on shares of Coursera in a research report on Thursday, December 5th. Finally, BMO Capital Markets reduced their price objective on Coursera from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.52. Read Our Latest Stock Analysis on Coursera Coursera Profile ( Free Report ) Coursera, Inc operates an online educational content platform in the United States, Europe, Africa, the Asia Pacific, the Middle East, and internationally. It operates in three segments: Consumer, Enterprise, and Degrees. The company offers guided projects, courses, and specializations, as well as online degrees; and certificates for entry-level professional, non-entry level professional, university, and MasterTrack. Recommended Stories Want to see what other hedge funds are holding COUR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Coursera, Inc. ( NYSE:COUR – Free Report ). Receive News & Ratings for Coursera Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Coursera and related companies with MarketBeat.com's FREE daily email newsletter .Maryland finds shooting touch, downs Maryland Eastern Shore
A surge of stress-related drinking and alcohol-related deaths brought on by the COVID-19 pandemic in the U.S. has not tapered off the way Dr. Brian Lee, a transplant hepatologist at the University of Southern California's Keck School of Medicine, had hoped. "I was hopeful that we would see declines in alcohol use, but I'm a practicing liver specialist, and the reality is, we had definitely seen a rise in patients with liver failure, which is really an extreme, I think, clinical condition from excessive alcohol use," Lee said. "So we had definitely seen a surge with the pandemic. And if you look at my clinic and in the hospital, at least from my experience, it hasn't gone down." New research, led by Lee and published Nov. 12 in the Annals of Internal Medicine, found that a spike in alcohol consumption among people in the U.S. in 2020 continued to rise slightly in 2021 and 2022. The study used data from the National Health Interview Survey, administered by the U.S. Census Bureau, and compared the data with 2018 as the baseline. The study included almost 25,000 respondents from 2018, about 31,000 from 2020 and almost 27,000 from 2022. The increase in drinking was seen among both men and women and across all race and ethnic groups. In 2022, 69.3% of Americans reported some alcohol consumption in the previous year, a slight increase from 69% in 2020 and 66.34% in 2018. Additionally, the percentage of heavy drinkers rose to almost 6.3% of those surveyed in 2022, up from 6.13% in 2020 and 5.1% in 2018. "While the findings are troubling, they are not surprising," said Dr. Jagpreet Chhatwal, director of the Institute for Technology Assessment at Massachusetts General Hospital, who was not involved in the study. "Alcohol consumption has been steadily increasing over the past several years." White Americans had the highest change in being heavy drinkers, with roughly 7.3% claiming to be heavy drinkers, an increase from about 5.7% in 2018 and 7.1% in 2020. Women also were more likely to be heavy drinkers, with 6.45% reporting as such, compared with 6.1% of men. It doesn't take much alcohol to increase health dangers, Lee says: "If you're drinking more than one drink per day as a woman, you can be at risk for having liver disease." The National Institute on Alcohol Abuse and Alcoholism defines heavy drinking for women as four or more drinks on any day or eight or more per week. For men, it is defined as five or more drinks a day or 15 or more per week. The institute considers a drink to be about 14 grams of pure alcohol, which equates to about 12 ounces of regular beer, 5 ounces of wine or 1.5 ounces of distilled spirits. Though the researchers couldn't answer exactly why alcohol consumption was so high among the US adults surveyed, Lee has a few hypotheses. "They had really disruptive pandemic-related effects to their careers, losing jobs or losing their routine. Some of them have young children, too," he said. "We know that alcohol is used as a coping mechanism for stress. What starts as a habit can become addictive or a substance disorder." Chhatwal agreed, adding that life stressors like financial insecurity, work pressure or other mental health struggles may contribute to the rise in alcohol consumption. "Increasing stress and burnout in society exacerbate this tendency," he said. "The normalization of drinking culture also contributes to increased and excessive consumption. Unfortunately, most people recognize the damage caused by alcohol only in the later stages of liver disease, when treatment options are limited." According to data from the U.S. Centers for Disease Control and Prevention, deaths caused by alcohol use in the U.S. spiked during the pandemic, with over 49,000 in 2020. The height of the pandemic also saw an average of about 488 deaths per day due to excessive alcohol consumption; there was an increase of more than 29% from 2016-17 to 2020-21. Lee believes that research findings alone are no longer enough to deter people from overconsuming. "We've shown in studies that liver transplants for alcohol have increased fivefold in the last 20 years. We've also shown that alcohol deaths due to liver disease are surging," he said. "Now, it's about intervention. What interventions could actually work to save lives and what policies can we enact to stem the surge?" Chhatwal recommends heavier taxation and limiting sale hours within retailers to decrease alcohol accessibility. Lee and Chhatwal also suggest that more and better messaging on the risks of overconsumption could help counter these effects. "People need to know what is harmful alcohol use and what it does to your body," Lee said. "Medical professionals really need to speak to their patients about alcohol use openly and nonjudgmentally. Alcohol has been implicated in more than 200 diseases, whether it's heart disease, cancer, pancreatic disease – it really can affect your body, and both patients and doctors really need to be aware of this."DJI Power 1000 and Power 500 The Power 500 gets a 28% price cut this Black Friday at Amazon, down to $360, while the Power 1000 gets a 40% price cut and a $40 coupon, bringing the price to $379. Also: The best Black Friday deals live now Drones and action cameras share a critical feature: they're powered by rechargeable batteries. DJI, a leader in both drones and action cameras , is leveraging its extensive battery expertise to enter the competitive world of portable power stations. Introducing two models, the Power 1000 and Power 500, DJI is well-positioned to make a significant impact. Both units are designed for ultra-quiet operation, can be fully charged in just 70 minutes, and feature dual AC and USB-C outputs, catering to a variety of charging needs. While the power stations' features are impressive, both models also have something that will appeal exclusively to drone pilots. Also: I tested DJI's Avata 2 and it's the fastest, most immersive drone I've ever flown These power stations are equipped with the Power SDC fast charging function, designed to rapidly charge DJI drones. Using this function, batteries for the Mavic 3 series, Air 3, Inspire 3, and Matrice 30 series of drones can be charged from 10% to 95% in just 30 minutes, a game-changer for drone operators needing quick turnaround times. DJI Power 1000 The larger of the two, the Power 1000 , offers 1024Wh of power. It includes two AC output ports capable of handling continuous loads of 2200W and surge loads of 4400W. Additionally, it has two USB-C ports supporting 140W output, two USB-A ports, and SDC and SDC Lite ports for diverse connectivity options. This unit weighs 13 kg. DJI Power 500 For those needing a more compact option, DJI offers the Power 500 , a smaller unit that still packs a punch with 512Wh of power. The Power 500 features a similar array of ports as the Power 1000, although it only includes the SDC Lite version and lacks the full SDC port. The AC ports on the Power 500 are designed for continuous loads of 1000W and surge loads of 1600W, making it well-suited for less demanding applications. The USB-C ports provide a solid output of 100W each. This smaller unit weighs only 7.3 kg. To illustrate the practical applications of these power stations, let's look at what DJI says they can do in real-world scenarios. The Power 1000, with its 1024Wh capacity, can recharge a smartphone approximately 57 times or keep a car refrigerator running for about 19 hours. This makes it an excellent choice for extended outdoor activities or emergencies where power reliability is crucial. On the other hand, the smaller Power 500, with its 512Wh capacity, can manage about 28 smartphone recharges or sustain a car refrigerator for just under 10 hours. While it offers less endurance than the Power 1000, it's still quite capable for day trips, shorter outings, or as a backup power source for smaller devices and appliances. Also: The best portable power stations you can buy: Expert tested These capabilities make both models versatile tools for a variety of power needs, from daily convenience to critical support in off-grid situations. Notably, DJI has opted for the safe and durable LiFePO4 (lithium iron phosphate) battery technology in both models. These batteries offer up to 3,000 recharge cycles before reaching the end of their useful lives. "Over the past several years we've seen travelers and content creators increasingly turn to DJI drones and handheld cameras, to capture and share their experiences, said Christina Zhang, senior director of corporate strategy at DJI. "These users have a demand for fast-charging, worry-free, sustainable power consumption and today we're glad we can address this with the new DJI portable power stations." The Power 1000 is available for $699 , while the Power 500 is $499 . When will these deals expire? Deals are subject to sell-out or expire at any time, though ZDNET remains committed to finding, sharing, and updating the best product deals for you to score the best savings. Our team of experts regularly checks in on the deals we share to ensure they are still live and obtainable. We're sorry if you've missed out on this deal, but don't fret -- we're constantly finding new chances to save and sharing them with you at ZDNET.com . One of the best QLED TVs I've tested isn't made by Samsung or Hisense (and it's $500 off) I finally found a wireless Android Auto adapter that's reliable, functional, and affordable This is the most bizarre portable power station I've tested - and it actually works One of the best cheap soundbars I've tested performs as well as models twice its priceWALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov 25, 2024-- Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the pet and garden industries, today announced results for its fourth quarter and fiscal year ended September 28, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241125974807/en/ "We have a lot to be proud of this year. We increased non-GAAP EPS, continued margin expansion, made significant progress on our Cost and Simplicity program, and achieved strong profits in our Pet segment and record cash flow for the company. We accomplished this despite continued soft demand across our Pet segment, in particular in durable pet products, and a difficult garden season," said Niko Lahanas, Central Garden & Pet's new CEO. "While we expect the external environment to remain challenging, I am confident we have the right strategy and people in place to deliver profitable growth in fiscal 2025 and for the long term." Fiscal 2024 Results Net sales were $3.2 billion compared to $3.3 billion in the prior year, a decrease of 3%. Fiscal 2023 benefited from an additional week in the fourth quarter. Organic net sales decreased 4% excluding the impact of the acquisition of TDBBS in fiscal 2024 and the sale of the independent garden channel distribution business in fiscal 2023. Net sales for the Pet segment were $1.83 billion compared to $1.88 billion a year ago, a decrease of 2%. Pet organic net sales decreased 6%. Net sales for the Garden segment were $1.37 billion compared to $1.43 billion in the prior year, a decrease of 5%. Garden organic net sales decreased 1%. Gross margin expanded by 90 basis points to 29.5% from 28.6% in the prior year. On a non-GAAP basis, gross margin expanded by 110 basis points to 30.0% from 28.9% a year ago driven by productivity efforts and moderating inflation. Operating income was $185 million compared to $211 million in the prior year, a decrease of 12%. On a non-GAAP basis, operating income was $223 million compared to $227 million a year ago. Operating margin was 5.8% compared to 6.4% in the prior year. On a non-GAAP basis, operating margin expanded to 7.0% from 6.9% a year ago due to improved gross margin and continued cost discipline in selling, general and administrative expense. Net interest expense was $38 million compared to $50 million in the prior year driven by higher interest income. Other expense was $5.1 million compared to other income of $1.5 million a year ago due to the impairment of two underperforming equity investments in the fourth quarter. Net income was $108 million compared to $126 million in the prior year. On a non-GAAP basis, net income increased to $142 million from $138 million a year ago. Earnings per share were $1.62 compared to $1.88 in the prior year. On a non-GAAP basis, earnings per share increased to $2.13 from $2.07 a year ago. Adjusted EBITDA was $334 million compared to $343 million in the prior year. The effective tax rate for the fiscal year was 23.2% compared to 22.4% a year ago primarily due to an increase in the blended state income tax rate in the current year compared to the prior year. Fourth Quarter Fiscal 2024 Results Net sales were $669 million compared to $750 million a year ago, a decrease of 11%. The prior year quarter benefited from an extra week. Organic net sales decreased 13% excluding the impact of the acquisition of TDBBS and the sale of the independent garden channel distribution business. Gross margin contracted by 110 basis points to 25.2% compared to 26.3% a year ago primarily driven by the impairment of grass seed inventory more than offsetting moderating inflation and productivity efforts. On a non-GAAP basis, gross margin contracted by 60 basis points to 26.0% from 26.6% in the prior year. Operating loss was $32 million compared to operating income of $9 million a year ago. On a non-GAAP basis, operating loss was $11 million compared to operating income of $12 million reflecting lower volumes, the inventory impairment, and the timing of expenses related to productivity and commercial initiatives. Operating margin was (4.8)% compared to 1.2% in the prior year. On a non-GAAP basis, operating margin contracted to (1.7)% from 1.6% a year ago. Other expense was $6 million compared to $2 million in the prior year. Net interest expense was $6 million compared to $8 million a year ago. Net loss was $34 million compared to net income of $3 million in the prior year. On a non-GAAP basis, net loss was $12 million compared to net income $5 million a year ago. Loss per share was $0.51 compared to earnings per share of $0.04 in the prior year. On a non-GAAP basis, loss per share was $0.18 compared to earnings per share of $0.08 a year ago. Adjusted EBITDA was $17 million compared to $42 million in the prior year. Pet Segment Fourth Quarter Fiscal 2024 Results Net sales for the Pet segment were $435 million compared to $483 million in the prior year, a decrease of 10%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 14% excluding the impact of the acquisition of TDBBS. The Pet segment’s operating income was $14 million compared to $43 million a year ago. On a non-GAAP basis, operating income was $35 million compared to $48 million in the prior year due to lower volume and the timing of expenses related to productivity and commercial initiatives. Operating margin was 3.3% compared to 9.0% in the prior year. On a non-GAAP basis, operating margin was 8.0% compared to 9.9% a year ago. Pet segment adjusted EBITDA was $45 million compared to $58 million in the prior year quarter. Garden Segment Fourth Quarter Fiscal 2024 Results Net sales for the Garden segment were $234 million compared to $267 million a year ago, a decrease of 12%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 11% excluding the impact of the sale of the independent garden channel distribution business. The Garden segment’s operating loss was $29 million compared to a loss of $3 million in the prior year. On a non-GAAP basis, operating loss was $25 million compared to a loss of $5 million a year ago due to lower volume as well as the impairment of grass seed inventory. Operating margin was (12.3)% compared to (1.3)% in the prior year. On a non-GAAP basis, operating margin was (10.6)% compared to (2.0)% a year ago. Garden segment adjusted EBITDA was $(14) million compared to $6 million in the prior year. Liquidity and Debt At September 28, 2024, cash and cash equivalents was $754 million, compared to $489 million a year ago. The increase in cash and cash equivalents was driven by converting inventory to cash over the last 12 months and lower capital expenditures. Cash provided by operations for fiscal 2024 was $395 million, compared to $382 million in the prior year. The increase in cash provided by operations was primarily due to changes in working capital driven by the reduction in inventory. Total debt at September 28, 2024 and September 30, 2023 was $1.2 billion. The gross leverage ratio, calculated using the definitions for Indebtedness and EBITDA in Central's credit agreement, at the end of the quarter was 3.1x, in line with the prior year. Central repurchased 270,032 shares or $9 million of its stock during the quarter. Subsequent to the fiscal year end, Central purchased an additional 1,663,479 shares or $52 million of its stock through November 21, 2024. Non-GAAP Adjustments Fiscal 2024 Central recognized $45 million in non-GAAP charges in fiscal 2024, $28 million of which related to Cost & Simplicity initiatives. Within the Garden segment, this included closure and consolidation of one manufacturing facility, six distribution facilities and one research facility as well as beginning the wind-down of Central's pottery business. Within the Pet segment, this included the announced closure and consolidation of two manufacturing facilities related to a durable pet supply business as well as impairment of intangible assets related to this business due to changing market conditions and increased international competition. In addition to Cost & Simplicity related charges, Central recognized $4 million in charges related to the impairment of equity investments in two underperforming private businesses, partially offset by a gain on the settlement of a litigation. The $45 million overall charge was mostly noncash, with $16 million included in cost of goods sold, $21 million in selling, general and administrative expense, and $8 million in other expense. Fourth Quarter Fiscal 2024 Non-GAAP charges for the fourth quarter were $29 million, $12 million of which related to Cost & Simplicity initiatives, $13 million related to intangible impairments, and $4 million related to the equity investment write downs and partially offsetting a gain on the settlement of a litigation. The $29 million overall charge was mostly noncash, with $5 million included in cost of goods sold, $16 million in selling, general and administrative expense, and $8 million in other expense. Outlook for Fiscal 2025 Central currently expects fiscal 2025 non-GAAP EPS to be $2.20 or better. This outlook takes into consideration deflationary pressure in certain commodity businesses, evolving consumer behavior in an environment of macroeconomic and geopolitical uncertainty, and the challenging brick-and-mortar retail environment. Central expects fiscal 2025 capital spending to be in the range of $60-70 million. This outlook excludes the impact of any acquisitions, divestitures or restructuring activities that may occur during fiscal 2025, including projects under the Cost and Simplicity program. Conference Call Central will hold a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), hosted by Niko Lahanas, CEO, and Brad Smith, CFO, to discuss these results and to provide a general business update. The conference call and related materials can be accessed at http://ir.central.com . Alternatively, to listen to the call by telephone, dial (201) 689-8345 (domestic and international) using confirmation #13748436. About Central Garden & Pet Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) understands home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2024 net sales of $3.2 billion, Central is on a mission to lead the future of the pet and garden industries. The Company’s innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Amdro ®, Aqueon ®, Cadet ®, C&S ®, Farnam ®, Ferry-Morse ®, Four Paws ®, Kaytee ®, Nylabone ® and Pennington ®, strong manufacturing and distribution capabilities, and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California, with 6,450 employees primarily across North America. Visit www.central.com to learn more. Safe Harbor Statement “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including statements concerning evolving consumer demand and unfavorable retailer dynamics, productivity initiatives and estimated capital spending, and earnings guidance for fiscal 2025, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. All forward-looking statements are based upon Central's current expectations and various assumptions. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors: These risks and others are described in Central’s Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) ASSETS September 28, 2024 September 30, 2023 Current assets: Cash and cash equivalents $ 753,550 $ 488,730 Restricted cash 14,853 14,143 Accounts receivable, net 326,220 332,890 Inventories, net 757,943 838,188 Prepaid expenses and other 34,240 33,172 Total current assets 1,886,806 1,707,123 Plant, property and equipment, net 379,166 391,768 Goodwill 551,361 546,436 Other intangible assets, net 473,280 497,228 Operating lease right-of-use assets 205,137 173,540 Other assets 57,689 62,553 Total $ 3,553,439 $ 3,378,648 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 212,606 $ 190,902 Accrued expenses 245,226 216,241 Current lease liabilities 57,313 50,597 Current portion of long-term debt 239 247 Total current liabilities 515,384 457,987 Long-term debt 1,189,809 1,187,956 Long-term lease liabilities 173,086 135,621 Deferred income taxes and other long-term obligations 117,615 144,271 Equity: Common stock ($.01 par value; 80 million shares authorized; 11,074,620 and 11,077,612 issued, respectively) 111 111 Class A common stock ($.01 par value; 100 million shares authorized; 54,446,194 and 54,472,902 issued, respectively) 544 544 Class B stock ($.01 par value; 3 million shares authorized; 1,602,374 and 1,602,374 issued, respectively) 16 16 Additional paid-in capital 598,098 594,282 Retained earnings 959,511 859,370 Accumulated other comprehensive loss (2,626 ) (2,970 ) Total Central Garden & Pet shareholders’ equity 1,555,654 1,451,353 Noncontrolling interest 1,891 1,460 Total equity 1,557,545 1,452,813 Total $ 3,553,439 $ 3,378,648 CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 669,489 $ 750,147 $ 3,200,460 $ 3,310,083 Cost of goods sold 500,537 552,694 2,256,725 2,363,241 Gross profit 168,952 197,453 943,735 946,842 Selling, general and administrative expenses 201,360 188,084 758,348 736,196 Operating (loss) income (32,408 ) 9,369 185,387 210,646 Interest expense (14,115 ) (13,138 ) (57,527 ) (57,025 ) Interest income 7,639 5,075 19,655 7,362 Other income (expense), net (6,137 ) (1,685 ) (5,090 ) 1,462 Income (loss) before income taxes and noncontrolling interest (45,021 ) (379 ) 142,425 162,445 Income tax (benefit) expense (10,621 ) (3,098 ) 33,112 36,348 Net income (loss) including noncontrolling interest (34,400 ) 2,719 109,313 126,097 Net income (loss) attributable to noncontrolling interest (242 ) (116 ) 1,330 454 Net income (loss) attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Net income (loss) per share attributable to Central Garden & Pet Company: Basic $ (0.52 ) $ 0.04 $ 1.64 $ 1.92 Diluted $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Weighted average shares used in the computation of net income per share: Basic 65,939 65,265 65,711 65,493 Diluted 66,917 66,671 66,860 66,783 CENTRAL GARDEN & PET COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year Ended September 28, 2024 September 30, 2023 September 24, 2022 (in thousands) Cash flows from operating activities: Net income $ 109,313 $ 126,097 $ 152,672 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 90,807 87,700 80,948 Amortization of deferred financing costs 2,687 2,698 2,657 Non-cash lease expense 56,180 51,868 48,656 Stock-based compensation 20,583 27,990 25,817 Debt extinguishment costs — — 169 Gain on sale of business — (5,845 ) — Deferred income taxes (14,482 ) (12,253 ) 28,128 Facility closures and business exit costs 27,842 15,674 — Impairment of intangibles 12,790 — — Other asset impairments 7,462 750 — Other 906 (525 ) (648 ) Changes in assets and liabilities (excluding businesses acquired): Receivables 11,857 43,980 7,004 Inventories 86,980 (256,443 ) Prepaid expenses and other assets 11,944 8,813 (6,031 ) Accounts payable 18,373 (19,962 ) (31,209 ) Accrued expenses 6,766 (33,495 ) Other long-term obligations (12,631 ) 9,595 (7,728 ) Operating lease liabilities (50,197 ) (48,692 ) (44,527 ) Net cash provided by (used in) operating activities 394,892 381,634 (34,030 ) Cash flows from investing activities: Additions to property, plant and equipment (43,135 ) (53,966 ) (115,205 ) Business acquired, net of cash acquired (60,226 ) — — Proceeds from sale of business — 20,000 — Payments for investments (1,650 ) (500 ) (27,818 ) Other investing activities (175 ) (115 ) 40 Net cash used in investing activities (105,186 ) (34,581 ) (142,983 ) Cash flows from financing activities: Repayments on revolving line of credit — (48,000 ) — Borrowings on revolving line of credit — 48,000 — Repayments of long-term debt (370 ) (338 ) (1,096 ) Repurchase of common stock, including shares surrendered for tax withholding (24,075 ) (37,161 ) (62,287 ) Payments of contingent consideration (95 ) (54 ) (216 ) Distribution to noncontrolling interest (899 ) — (806 ) Payment of financing costs — — (2,410 ) Net cash used in financing activities (25,438 ) (37,553 ) (66,815 ) Effect of exchange rate changes on cash and equivalents 1,261 1,189 (3,510 ) Net increase (decrease) in cash, cash equivalents and restricted cash 265,530 310,689 (247,338 ) Cash, cash equivalents and restricted cash at beginning of year 502,873 192,184 439,522 Cash, cash equivalents and restricted cash at end of year $ 768,403 $ 502,873 $ 192,184 Supplemental information: Cash paid for interest $ 57,531 $ 57,143 $ 57,928 Cash paid for income taxes – net of refunds 53,582 17,910 34,964 Non-cash investing and financing activities: Capital expenditures incurred but not paid 1,936 2,243 8,016 Liability for contingent performance based payments (20 ) (374 ) (847 ) Shares of common stock repurchased but not settled 536 — 911 Lease liabilities arising from obtaining right-of-use assets 95,391 42,777 70,794 Use of Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including non-GAAP net income and diluted net income per share, non-GAAP operating income, non-GAAP gross profit and gross margin, non-GAAP selling, general and administrative expense, adjusted EBITDA and organic net sales. Management uses these non-GAAP financial measures that exclude the impact of specific items (described below) in making financial, operating and planning decisions and in evaluating our performance. Management believes that these non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods. While Management believes that non-GAAP measures are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results. Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense and depreciation and amortization and stock-based compensation expense (or operating income plus depreciation and amortization expense and stock-based compensation expense). Adjusted EBITDA further excludes one-time charges related to facility closures exits of business, intangible and investment impairments and gains from a litigation settlement. We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluations. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable. The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items. For the same reasons, we are unable to address the probable significance of the unavailable information. Non-GAAP financial measures reflect adjustments based on the following items: From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. The non-GAAP adjustments made reflect the following: Facility closures and business exits (1) During the fourth quarter of fiscal year 2024, we recognized incremental expense of $7.5 million in our Pet segment in the consolidated statement of operations, from the closure of manufacturing facilities in California and Arizona. Additionally, we recognized incremental expense in our Garden segment of $3.9 million related to facility closures and business exits announced in fiscal 2023 and earlier in fiscal 2024. (2) During the third quarter of fiscal 2024, we recognized incremental expense of $11.1 million in the consolidated statement of operations, from the decision to exit the pottery business, the closure of a live goods distribution facility in Delaware and the relocation of our grass seed research facility. (3) During the second quarter of fiscal 2024, we recognized incremental expense of $5.3 million in the consolidated statement of operations from the closure of a manufacturing facility in California and the consolidation of our Southeast distribution network. (4) During the fourth quarter of fiscal 2023, we recognized a gain of $5.8 million from the sale of our independent garden center distribution business, which includes the impact of associated facility closure costs. The gain is included in selling, general and administrative expense in the consolidated statement of operations. (5) In fiscal 2023, we recognized incremental expense of $13.9 million in our Pet segment in the consolidated statement of operations from the closure of a manufacturing and distribution facility in Texas. Additionally, we recognized incremental expense of $1.8 million in our Pet segment in the consolidated statement of operations, from the closure of a second manufacturing and distribution facility in Texas. Intangible Impairments (6) During the fourth quarter of fiscal 2024, we recognized a non-cash impairment charge in our Pet segment of $12.8 million related to the impairment of intangible assets due primarily to changing market conditions resulting from the decline in demand for durable products and increased international competition. (7) In fiscal 2023, we recognized a non-cash impairment charge in our Pet segment of $2.8 million related to the impairment of intangible assets caused by the loss of a significant customer in our live fish business. Also, we recognized a non-cash impairment charge in our Garden segment of $3.9 million related to the impairment of intangible assets due to reduced demand for products we sold under an acquired trade name. The impairments were recorded as part of selling, general and administrative costs. Gain from litigation and investment impairment (8) Within corporate, the Company received $3.2 million during the fourth quarter of fiscal 2024 in settlement of litigation which gain is included in selling, general and administrative expense. Additionally, we recognized a $7.5 million non-cash impairment charge for two related private company investments that is included within Other income (expense) in the consolidated statement of operations. Net Income and Diluted Net Income Per Share Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands, except per share amount) GAAP net (loss) income attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Facility closures (1)(2)(3)(5) 11,457 1,751 27,842 15,672 Intangible impairments (6)(7) 12,790 6,731 12,790 6,731 Litigation settlement (8) (3,200 ) — (3,200 ) — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Investment impairment (8) 7,461 — 7,461 — Tax effect of adjustments (6,725 ) (332 ) (10,437 ) (3,705 ) Non-GAAP net (loss) income attributable to Central Garden & Pet Company $ (12,375 ) $ 5,141 $ 142,439 $ 138,497 GAAP diluted net income per share $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Non-GAAP diluted net income per share $ (0.18 ) $ 0.08 $ 2.13 $ 2.07 Shares used in GAAP and non-GAAP diluted net income per share calculation 66,917 66,671 66,860 66,783 Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 GAAP Adjustments (1)(6)(8) Non-GAAP GAAP Adjustments (1)(2)(3)(6)(8) Non-GAAP (in thousands) Net sales $ 669,489 $ — $ 669,489 $ 3,200,460 $ — $ 3,200,460 Cost of goods sold and occupancy 500,537 5,209 495,328 2,256,725 16,349 2,240,376 Gross profit 168,952 (5,209 ) 174,161 943,735 (16,349 ) 960,084 Selling, general and administrative expenses 201,360 15,838 185,522 758,348 21,083 737,265 (Loss) Income from operations $ (32,408 ) $ (21,047 ) $ (11,361 ) $ 185,387 $ (37,432 ) $ 222,819 Gross margin 25.2 % 26.0 % 29.5 % 30.0 % Operating margin (4.8 )% (1.7 )% 5.8 % 7.0 % Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Fiscal Year Ended September 30, 2023 GAAP Adjustments (4)(5)(7) Non-GAAP GAAP Adjustments (4)(5)(7) Non-GAAP (in thousands) Net sales $ 750,147 $ — $ 750,147 $ 3,310,083 $ — $ 3,310,083 Cost of goods sold and occupancy 552,694 1,751 550,943 2,363,241 9,761 2,353,480 Gross profit 197,453 (1,751 ) 199,204 946,842 (9,761 ) 956,603 Selling, general and administrative expenses 188,084 887 187,197 736,196 6,798 729,398 Income from operations $ 9,369 $ (2,638 ) $ 12,007 $ 210,646 $ (16,559 ) $ 227,205 Gross margin 26.3 % 26.6 % 28.6 % 28.9 % Operating margin 1.2 % 1.6 % 6.4 % 6.9 % Pet Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ 14,310 $ 43,225 $ 203,425 $ 198,004 Facility closures (1)(5) 7,549 1,751 7,549 15,672 Intangible impairments (6)(7) 12,790 2,785 12,790 2,785 Non-GAAP operating income $ 34,649 $ 47,761 $ 223,764 $ 216,461 GAAP operating margin 3.3 % 9.0 % 11.1 % 10.5 % Non-GAAP operating margin 8.0 % 9.9 % 12.2 % 11.5 % Garden Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ (28,806 ) $ (3,432 ) $ 81,893 $ 123,455 Facility closures (1)(2)(3) 3,908 — 20,293 — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Intangible impairments (7) — 3,946 — 3,946 Non-GAAP operating income (loss) $ (24,898 ) $ (5,330 ) $ 102,186 $ 121,557 GAAP operating margin (12.3 )% (1.3 )% 6.0 % 8.6 % Non-GAAP operating margin (10.6 )% (2.0 )% 7.5 % 8.5 % Organic Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestiture on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 669.5 $ 18.0 $ 651.5 $ 3,200.5 $ 66.4 $ 3,134.1 Reported net sales FY 2023 750.1 3.7 746.4 3,310.1 48.1 3,262.0 $ decrease $ (80.6 ) $ 14.3 $ (94.9 ) $ (109.6 ) $ 18.3 $ (127.9 ) % decrease (10.7 )% (12.7 )% (3.3 )% (3.9 )% Organic Pet Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 435.3 $ 18.0 $ 417.3 $ 1,832.8 $ 66.4 $ 1,766.4 Reported net sales FY 2023 482.8 — 482.8 1,877.2 — 1,877.2 $ decrease $ (47.5 ) $ 18.0 $ (65.5 ) $ (44.4 ) $ 66.4 $ (110.8 ) % decrease (9.8 )% (13.6 )% (2.4 )% (5.9 )% Organic Garden Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 234.2 $ — $ 234.2 $ 1,367.7 $ — $ 1,367.7 Reported net sales FY 2023 267.3 3.7 263.6 1,432.9 48.1 1,384.8 $ decrease $ (33.1 ) $ (3.7 ) $ (29.4 ) $ (65.2 ) $ (48.1 ) $ (17.1 ) % decrease (12.4 )% (11.2 )% (4.6 )% (1.2 )% Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 107,983 Interest expense, net — — — 37,872 Other expense — — — 5,090 Income tax expense — — — 33,112 Net income attributable to noncontrolling interest — — — 1,330 Sum of items below operating income — — — 77,404 Income (loss) from operations 203,425 81,893 (99,931 ) 185,387 Depreciation & amortization 43,642 44,403 2,762 90,807 Noncash stock-based compensation — — 20,583 20,583 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 20,293 (3,200 ) 37,432 Adjusted EBITDA $ 267,406 $ 146,589 $ (79,786 ) $ 334,209 GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 125,643 Interest expense, net — — — 49,663 Other income — — — (1,462 ) Income tax expense — — — 36,348 Net income attributable to noncontrolling interest — — — 454 Sum of items below operating income — — — 85,003 Income (loss) from operations 198,004 123,455 (110,813 ) 210,646 Depreciation & amortization 41,126 43,375 3,199 87,700 Noncash stock-based compensation — — 27,990 27,990 Non-GAAP adjustments (4)(5)(7) 18,457 (1,898 ) — 16,559 Adjusted EBITDA $ 257,587 $ 164,932 $ (79,624 ) $ 342,895 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net loss attributable to Central Garden & Pet $ — $ — $ — $ (34,158 ) Interest expense, net — — — 6,476 Other expense — — — 6,137 Income tax benefit — — — (10,621 ) Net loss attributable to noncontrolling interest — — — (242 ) Sum of items below operating income — — — 1,750 Income (loss) from operations 14,310 (28,806 ) (17,912 ) (32,408 ) Depreciation & amortization 10,741 11,375 622 22,738 Noncash stock-based compensation — — 5,445 5,445 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 3,908 (3,200 ) 21,047 Adjusted EBITDA $ 45,390 $ (13,523 ) $ (15,045 ) $ 16,822 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 2,835 Interest expense, net — — — 8,063 Other expense — — — 1,685 Income tax benefit — — — (3,098 ) Net loss attributable to noncontrolling interest — — — (116 ) Sum of items below operating income — — — 6,534 Income (loss) from operations 43,225 (3,432 ) (30,424 ) 9,369 Depreciation & amortization 10,479 10,892 825 22,196 Noncash stock-based compensation — — 7,358 7,358 Non-GAAP adjustments (4)(5)(7) 4,536 (1,898 ) — 2,638 Adjusted EBITDA $ 58,240 $ 5,562 $ (22,241 ) $ 41,561 View source version on businesswire.com : https://www.businesswire.com/news/home/20241125974807/en/ CONTACT: Investor & Media Contact Friederike Edelmann VP of Investor Relations & Corporate Sustainability (925) 412 6726 |fedelmann@central.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RETAIL CONSUMER HOME GOODS SPECIALTY PETS CONSTRUCTION & PROPERTY LANDSCAPE SOURCE: Central Garden & Pet Company Copyright Business Wire 2024. PUB: 11/25/2024 04:03 PM/DISC: 11/25/2024 04:03 PM http://www.businesswire.com/news/home/20241125974807/en
Live streams of Taylor Swift’s sold-out Eras Tour concerts in Toronto have given devoted fans a window into the spectacle of outfits, surprise songs and elaborate stages from one of the biggest cultural events in recent memory. As the massive tour inches toward its final three shows in Vancouver early next month, feeding Swifties’ insatiable appetite has become a nightly tradition for a handful of live stream hosts based all over the world. They act as ringleaders for tens of thousands of viewers witnessing Swift’s constantly evolving show through unofficial channels. “I never saw it being as big as it is,” said Tess Bohne, one of the personalities credited as a pioneer of the Swift live streams. “There is a big idea of community (and) being present without being there.” Broadcasting unauthorized concert live streams on social platforms such as TikTok, Instagram and Facebook isn’t an entirely new phenomenon, but it’s one that’s been amplified with Swift’s tour. As their popularity grows, the streams are sparking conversations about copyright law and the delicate balance between protecting intellectual property and allowing listeners to embrace their fandom. “We’ve gone beyond art being a one-way conversation from the artist to the audience,” said Jay Kerr-Wilson, an IP lawyer and co-leader of Fasken’s Technology, Media and Telecommunications Group in Ottawa. “Copyright owners, generally speaking, are being more flexible and they’re not necessarily (thinking) black-and-white.” Representatives for the singer did not respond to requests for comment. For fans, the lines are already blurred. Related: Bohne got wrapped up in the Swift live-streaming phenomenon nearly two years ago after she attended the second night of the Eras Tour, in Glendale, Ariz., and found herself consumed by the experience for days afterward. “(Often) you go to a concert and you’re like, ‘That was great, let’s move on with my life,’” the 33-year-old explained in a video call from Salt Lake City. “But there was something different. It was like, ‘No, that wasn’t enough. I’m not done.’” Eager to relive the high she felt, Bohne chased down the TikTok profiles of fellow Swifties streaming other stops on the tour. With little technical experience, she began rebroadcasting their videos, with credit, on her own TikTok profile. She would place an iPad playing their feed in front of her phone’s camera, and then swap it out with her other iPad when she found a user with a better angle of the concert. The crude setup initially drew a few thousand viewers, she said, and with more effort put into the productionher audience has grown to 100,000 to 200,000 during peak moments. Since her initial broadcast, Bohne estimates she’s streamed more than 110 of Swift’s concerts in a split-screen format, streaming the concert in one corner and munching on snacks in the other while discussing all things Swift with a chat room of strangers. Some fans donate cash, and her social media status has helped attract influencer partnerships. But the stay-at-home mom of three children said this is primarily a labour of love. Bohne is credited by many of her contemporaries as the one who inspired them to take a shot at hosting their own Eras Tour with live commentary. Related: “A lot of people say it’s like religion for them,” explained Lucas Chalub, a Twitch streamer and longtime Swiftie. Chalub first experimented with hosting streams in August 2023. Rumours swirled that the singer might announce the release date for one of her re-recorded albums on stage in Los Angeles, so many Swifties sought out live feeds, which included his impromptu setup that night. “A lot of people joined,” remembered the 27-year-old sports journalist from Argentina. “That’s the first night that I said, ‘Why not do this every night?'” Chalub said he usually draws on streams from 10 to 15 concertgoers who are often aware their recordings might get picked up by the streaming hosts. Many bring power banks to recharge their devices and sometimes a backup phone. “We are not the heroes that people think we are,” Chalub added of his fellow streamers, crediting fans on the ground who do their work pro bono. “The real heroes are the people in the venue spending — or wasting — their time trying to live stream for us instead of enjoying the show.” The legality around live streaming Swift’s concerts is murky. In the simplest terms, the rebroadcasting of copyrighted music without a licence isn’t allowed, and platforms such as YouTube and TikTok have sometimes shut down live feeds mid-stream at the behest of record labels. It happened to Ammir Shah, a 25-year-old streamer from Blackpool, U.K., who saw his YouTube feed for the fourth Toronto concert yanked down while the show was in progress. The takedown notice states a copyright complaint was filed by Universal Music Group. The label did not respond to a request for comment. Hosts say they worry about racking up too many takedown notices, which can risk permanently shutting down their channels. Usually after a live stream ends, they delete the footage from platforms like YouTube. However, they say attempts to silence them won’t amount to much. When one streamer falls, sometimes two others turn up. Copyright owners are still grappling with that perspective, especially when unsanctioned live streams can impact other financial stakes, said Kerr-Wilson. In Swift’s case, she sold the streaming rights to her “The Eras Tour” film to Disney Plus for US$75 million. Arguably, the lawyer suggested, a company might take issue with similar options on the market, such as a live stream. But even that seems to be an evolving conversation. “People have realized that social media and user-generated content isn’t the enemy, and, in fact, can be a powerful way to engage with fans and to be part of the conversation,” he said. “I think the trend is going to continue.” Related: While Swift hasn’t publicly said much about the streams, several streamers believe she is aware of them. They also argue the vast majority of people tuning into their feeds already have an investment in Swift’s success. Last November, a group of technologically savvy Swifties launched Swift Alert, a phone app that sends out alerts for the highlights of each Eras Tour show. Inside the app, the creators also launched a game called Mastermind — named after a Swift song, of course — where fans can win prizes by guessing which of Swift’s rotating selection of outfits she’ll wear for each “era” of her performance. Using Swift Alert in tandem with the live streams, many fans tune in for the standout moments of the three-hour concert. “A lot of people compare it to fantasy football,” Shah said. “This kind of stuff brings us closer together.” With the Eras Tour set to end in Vancouver on Dec. 8, many live streamers say they’re uncertain how the future looks. Recently, Bohne experimented with a live stream from pop singer Meghan Trainor’s concert to see if there’s similar interest. While it was enjoyable, she said the experience wasn’t quite the same. Others have started streaming Sabrina Carpenter’s Short n’ Sweet Tour. They say her shows are closest to Swift’s because Carpenter is a natural at witty banter, performs nightly surprise songs and changes up her outfits. “I’ve considered doing a few other (musicians, but they) are more like normal concerts — the artist on the stage with a microphone in one outfit, just singing their songs,” said Shah. “It’s not something that people at home will be like, ‘What outfit is she going to wear?'” Some wonder how live streaming will look without the intrigue of Swift’s tour. Added Bohne: “No concert is like The Eras Tour.”Son of state lawmaker gets nod for LaPorte County Council seat
The dying year saw several nagging doubts in politics getting cleared. In its fag end, 2024 saw BJP State President K Annamalai flogging himself with a white coloured whip in public, making a fool of himself, and a few months before that a long time doubt over actor Vijay taking the plunge into the murky political waters was cleared. In the peak of summer, the Lok Sabha elections proved that the BJP’s popularity was in decline and that the DMK has consolidated its position in two ways in the State. One is that it, despite the claims of naysayers, was still the preferred party in the present context and two, it has managed to keep its flock, read alliance partners, together. Still rumours and speculations continued to float all through the year, particularly on some sections of social media channels, that the alliance was fragile and that it will break anytime and they were put to rest just before the closing of the year by Chief Minister M K Stalin, who, attending a function marking veteran Communist leader R Nallakannu, proclaimed the alliance was not just built on principles but to last forever. So, the doubts of those, who were speculating and wishing that some of the DMK’s allies will drift away and strengthen the hands of either the AIADMK or the newly formed Tamilaga Vetri Kazhagam of Vijay or both for the 2026 Assembly elections were cleared: It is unlikely to happen. Earlier, too, such doubts were raised in the context of the VCK, which in fact turned out to be an intriguing phase in State politics. For some time it was like a cliffhanger when the VCK was hitting out at the DMK for not bringing in total prohibition and preparing itself for a conference against alcohol and narcotics. It was seen as an arm twisting tactic as the party’s then deputy general secretary Aadhav Arjuna was demanding sharing in power for the VCK. A series of such incidents that included VCK president Thol Thirumavalavan openly saying that more than the alliance it was prohibition that was important for them. But everyone knew it was Aadhav Arjuna, who had incidentally become popular as a politician only in 2024, behind the threats and blamed Thirumavalavan for not quelling him. Anyway Arjuna was quelled when he was suspended from the party when he addressed a meeting attended by Vijay and organized by a Tamil media group to speak out against the DMK. Arjuna disassociated himself from the party completely though he was earlier advocating it to seek a share in the power pie. However since both Arjuna and Vijay were sharing the same platform –for Vijay it was the second political appearance in public after the launch of his own party a few months earlier. Whether the party was prepared for a real political fight in the electoral arena was a doubt that was raised when it was launched and even after that. Since the Assembly polls were more than a year away, no one could give a definite answer immediately. But the passing of Congress leader E V K S Elangovan, who was the sitting MLA of Erode East constituency, gave some clarity on that issue. Many believed that Vijay would make use of the by-election that would be, anyway, held and prove his party’s mettle the way the late M G Ramachandran (MGR) made use of the Dindigul by-election to launch his nascent party on the election scene. But Vijay, it seems, has no such idea to test the electoral waters, anywhere, as of now and was still in the process of drawing up strategy and issuing media releases for specific issues. Even on the latest tragedy that the State witnessed on December 23, when a local rogue raped an engineering student inside the Anna university campus, Vijay had something to say just like all the top politicians who reacted to the shocking incident. It was that crime that also revealed that the opposition parties were waiting to create a scandal that they believe would besmirch the image of the present government and prevent the DMK from coming back to power. So they raised a plethora of questions on the incident. It also angered K Annamalai immensely that he decided to go for a novel protest, something that no one has ever attempted in the State. So in the presence of his supporters and the media, Annamalai whipped himself in public before his house in Coimbatore. He said it was to draw the attention of the government, which of course was seized of the matter and was responding to court cases regarding that. Also, Annamalai, who felt that such crimes against women were on the rise because the State was ruled by the DMK, announced that he would use footwear till the ruling party was ousted from power. He even walked out barefoot from the press conference where the announcement was made. To put it otherwise, politics became more farcical in 2024 as it was evident from the spat in the PMK, between founder S Ramadoss and president Anbumani Ramadoss, over the appointment of the youth wing secretary. Ramadoss proposed his daughter’s son for the post, lying vacant after his son became the president of the party, but his son and uncle of the nominated person opposed it while the father (and grandfather of the nominated person) dug in his heels.
Prospect capital CEO buys $4.64 million in company stockGeorgia quarterback Carson Beck announced Saturday that he will forgo his final year of eligibility and enter the 2025 NFL Draft. Beck, 22, led the Southeastern Conference with 28 touchdown passes and finished third in the SEC with 3,485 passing yards. He also led the conference in interceptions, however. Beck will be a spectator for the Bulldogs in the College Football Playoff after undergoing surgery Monday to repair the ulnar collateral ligament in his right (throwing) elbow. Gunner Stockton is in line to guide No. 2 seed Georgia into the CFP, starting with the Bulldogs' quarterfinal game against No. 7 seed Notre Dame at the Sugar Bowl on Wednesday in New Orleans. "There's unfinished business still this season and I'll be here to support however I can, finish strong!" Beck said in a statement posted on social media. Beck, a fifth-year senior, finished with a 24-3 record in his career with Georgia. "The past five years at the University of Georgia have been nothing short of a dream come true and I will forever cherish the memories that have been made. Thank you Dawg Nation for the time I've been here and to those who've supported and believed in me, thank you," Beck wrote on social media. "It's been an incredible journey and all these moments have ultimately led me to take the next step in my football career. With that being said, I will be declaring for the 2025 NFL Draft. Go Dawgs!" Beck, the Bulldogs' starter all year, was replaced in the second half of the SEC title game with the injury. Stockton helped to guide the Bulldogs to a 22-19 overtime win over Texas and clinch a first-round bye in the first 12-team playoff. --Field Level Media
Ashlon Jackson scores career-best 30 points to lead No. 14 Duke past No. 10 Kansas 73-62