NoneMajor retailers in UK and Ireland pull products associated with Conor McGregorThe India-Australia rivalry continues to intensify on the final day of the fourth Test match at Melbourne Cricket Ground (MCG) December 30, 2024. Rising star for India, Yashasvi Jaiswal again was at the center of things, going back-to-back with Mitchell Starc of Australia with banter this time over an unusual superstition-related incident involving bails. During the second session of the fifth day, Starc, while getting ready for his run-up, flipped the bails over, an act that’s become a superstition with some of the bowlers. This tradition was begun by Stuart Broad of England during the Ashes. It’s believed to be lucky for the bowling side and result in a wicket. Not one for such superstitions, Jaiswal flips the bails back over immediately. Starc Questions Jaiswal’s Superstition Beliefs Starc, noticing Jaiswal’s action, decided to ask the 23-year-old if he believed in superstitions. Jaiswal’s reply was razor-sharp and full of conviction: “I believe in myself, that is why I am here.” Starc, intrigued, countered, “Then why change it back if you are not superstitious?” Jaiswal, composed as ever, said, “I am just enjoying this moment in my life.” The whole conversation on the stump mic became a rage on social media as a proud declaration of this young Indian’s unwavering belief in himself. Watch the video here: Match Onto Suspenseful Final Day It was not going to be an easy match out there in the field, however. India had already faced a testing target set by Australia as 340 runs. Batting had turned out to be extremely hard for Indians as single-digit scores by Rohit Sharma, KL Rahul, Virat Kohli, and Ravindra Jadeja, while Pant showed signs of resilience only to fall prey to Travis Head in the end. However, Jaiswal was batting solidly for India’s revival and making a notable half-century which was his 12th of the year. And his indomitable effort with the other members of the Indian team has indeed given them a fair chance to win this game. Jaiswal’s Fine Batting Jaiswal has had an excellent series so far. Being the highest run scorer for India in the series, he has established himself as a key player in the team. Starc has been a great asset for Australia and has bagged 16 wickets so far. He had dismissed Jaiswal three times in the series so far. With the series poised at 1-1 level, the final Test action between India and Australia on January 3, 2025, will play out in Sydney. On the eve of the final thriller, the Starc v Jaiswal rivalry would only add more drama along with the many interesting moves on the field. ALSO READ | Conor McGregor And Logan Paul Match Fees Finally Revealed, Mukesh Ambani Will Pay Them $250 Million Each To Fight In Mumbai
Elon Musk said the H1-B visa program is “broken” and suggested a potential fix just shortly after vowing to “go to war on this issue” and telling detractors to “F— yourself.” Amid a raging debate among the MAGA base over the immigration program for highly skilled foreign workers, Musk has now acknowledged some of the criticisms. ‘I’ve been very clear that the program is broken’ Responding to a thread claiming H1-B visas were being used to hire low-wage programmers and developers, Musk wrote, “Easily fixed by raising the minimum salary significantly and adding a yearly cost for maintaining the H1B, making it materially more expensive to hire from overseas than domestically. I’ve been very clear that the program is broken and needs major reform.” He added, “I’m confident that the changes made in the @realDonaldTrump administration will make America much stronger. A rising tide lifts all boats.” Musk, a naturalised citizen born in South Africa, came into the country on an H-1B visa. He has frequently stressed that he thinks visas are very important due to a lack of American citizens capable of doing the work tech companies require. Musk blasted critics of H1-B visas on X just recently, saying, “The reason I’m in America along with so many critical people who built SpaceX, Tesla and hundreds of other companies that made America strong is because of H1B." He added, “Take a big step back and F— YOURSELF in the face. I will go to war on this issue the likes of which you cannot possibly comprehend.” He also said that H1-B visas are required for companies to recruit “the top ~0.1% of engineering talent.” Many began opposing the December 22 announcement of venture capitalist Sriram Krishnan to serve as the incoming Trump administration’s senior policy adviser for artificial intelligence (AI), including Laura Loomer . Loomer particularly expressed her anger over the growing influence of the “tech bros” in Trump’s orbit who have comparatively lax views on immigration. Musk and Vivek Ramaswamy eventually stepped in to defend H1-B visas, which allow up to some 65,000 guest workers into the United States. Supporters of the visa believe the program is important to attract op-tier talent for the development of technologies such as AI in the US. However, many opposed the program, claiming that one reason for their contempt was that companies were exploiting the system for cheaper labour. Donald Trump , despite previously saying the H-1B program was “very bad for workers,” appeared to support it in a recent interview with New York Post. “I have many H-1B visas on my properties,” Trump has now said. “I’ve been a believer in H-1B. I have used it many times. It’s a great program.”
Lewandowski joins Ronaldo and Messi in Champions League 100-goal club. Haaland nets 2 but City draws
DALLAS (AP) — Willy Adames and San Francisco finalized a $182 million, seven-year contract on Tuesday, providing the Giants with a power-hitting shortstop in the prime of his career. It’s a big splash by the Giants’ new-look front office, which is now led by former All-Star catcher Buster Posey , who took over in September after Farhan Zaidi was fired. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get updates and player profiles ahead of Friday's high school games, plus a recap Saturday with stories, photos, video Frequency: Seasonal Twice a weekCrowdStrike Earnings Beat. Cybersecurity Firm's Quarterly Revenue Tops $1 Billion.
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YourUpdate TV speaks with Meaghan Murphy about Adding a Little “Yay” to the Holiday SeasonLOS ANGELES, Dec. 28 (Xinhua) -- The United States experienced surging labor strikes in 2024, with workers across various sectors staging protests over issues ranging from wages to working conditions. The nation witnessed 334 labor actions across 515 locations as of Friday, continuing an upward trend in strike activity in recent years, according to the Cornell University School of Industrial and Labor Relations's Labor Action Tracker, a database of strike and labor protest activity. One of the year's most notable strikes occurred at Starbucks, where at least 5,000 workers from over 300 stores across 45 states walked off their jobs on Christmas Eve, according to their union Starbucks Workers United. The strike, the largest ever at the coffee chain, involved workers from 12 major cities, including New York, Los Angeles, Boston, and Seattle. Workers demanded higher wages and fair scheduling, while criticizing the company's executive compensation practices, particularly CEO Brian Niccol's 113 million U.S. dollar compensation package. Just days before the Starbucks walkout, Amazon faced what the striking workers called the largest-ever strike during the peak Christmas shopping season. While the labor union reported nearly 10,000 workers joining the movement for higher wages and improved workplace safety, Amazon disputed these figures, claiming that the striking workers aren't even Amazon employees. The manufacturing sector was also affected when approximately 33,000 Boeing machinists launched a seven-week strike in September. Their union accepted a contract offer in November and the striking workers returned to work. The strike, involving workers who assemble the bestselling 737 Max airliner in Washington, added to Boeing's challenges in a turbulent year. Maritime commerce faced major disruption in October when nearly 50,000 members of the International Longshoremen's Association (ILA) struck against East and Gulf Coast ports, affecting the flow of imports and exports from Maine to Texas. The hospitality industry wasn't spared from labor actions, as about 10,000 hotel workers struck across several major tourist destinations in September. The walkout impacted 24 hotels operated by Marriott, Hilton, and Hyatt in cities including San Francisco, San Diego, Honolulu, Boston, and Seattle. The hotel workers' union, Unite Here, highlighted understaffing issues, with three staff members often doing the work meant for four. Several factors contributed to the surge in labor activism. The U.S. Department of Labor reported a doubling of union representation petitions from 1,638 in fiscal 2021 to 3,286 in fiscal 2024. "Unions continue to be more popular than at any time since the 1960s, with 70 percent public approval," said the Labor Notes, an organization and network for rank-and-file union members and grassroots labor activists. In addition, economic conditions played a crucial role in driving labor actions. The unemployment rate remained low, giving workers more leverage in negotiations. The rise of remote work and concerns about technological displacement have added new dimensions to labor negotiations, as workers seek protection against job losses due to automation and artificial intelligence advancement. These issues have become particularly pressing in industries undergoing rapid technological transformation. This was especially evident in the recent port workers' dispute, where automation became a central issue. The ILA said automation at ports would cost some members their jobs. Besides, reform movements in labor unions have also led to effective strike threats. With a Jan. 15 deadline looming to resolve the automation dispute at East and Gulf Coast ports, tensions remain high, raising the possibility of another significant port disruption in the new year.
Bomb threat at Marjorie Taylor Greene’s home leads to deadly car crashNone
Nutanix Announces Proposed $750 Million Convertible Senior Notes OfferingThe Nokia Corp. ADR .css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link{-webkit-text-decoration:none;text-decoration:none;color:rgba(54,119,168,1);border-bottom:1px solid;border-bottom-color:rgba(54,119,168,1);}.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link svg{fill:rgba(54,119,168,1);}.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link:hover{-webkit-text-decoration:none;text-decoration:none;color:rgba(47,112,157,1);border-bottom:1px solid;border-bottom-color:rgba(47,112,157,1);}.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link:hover.css-321ztr-OverridedLink.css-321ztr-OverridedLink:any-link:hover svg{fill:rgba(47,112,157,1);} .css-1vykwuz-OverridedLink{display:inline;color:var(--color-interactiveLink010);-webkit-text-decoration:underline;text-decoration:underline;}@media screen and (prefers-reduced-motion: no-preference){.css-1vykwuz-OverridedLink{transition-property:color,fill;transition-duration:200ms,200ms;transition-timing-function:cubic-bezier(0, 0, .5, 1),cubic-bezier(0, 0, .5, 1);}}@media screen and (prefers-reduced-motion: reduce){.css-1vykwuz-OverridedLink{transition-property:color,fill;transition-duration:0ms;transition-timing-function:cubic-bezier(0, 0, .5, 1),cubic-bezier(0, 0, .5, 1);}}.css-1vykwuz-OverridedLink svg{fill:var(--color-interactiveLink010);}.css-1vykwuz-OverridedLink:hover:not(:disabled){color:var(--color-interactiveLink020);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:hover:not(:disabled) svg{fill:var(--color-interactiveLink020);}.css-1vykwuz-OverridedLink:active:not(:disabled){color:var(--color-interactiveLink030);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:active:not(:disabled) svg{fill:var(--color-interactiveLink030);}.css-1vykwuz-OverridedLink:visited:not(:disabled){color:var(--color-interactiveVisited010);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:visited:not(:disabled) svg{fill:var(--color-interactiveVisited010);}.css-1vykwuz-OverridedLink:visited:hover:not(:disabled){color:var(--color-interactiveVisited010);-webkit-text-decoration:underline;text-decoration:underline;}.css-1vykwuz-OverridedLink:visited:hover:not(:disabled) svg{fill:var(--color-interactiveVisited010);}.css-1vykwuz-OverridedLink:focus-visible:not(:disabled){outline-color:var(--outlineColorDefault);outline-style:var(--outlineStyleDefault);outline-width:var(--outlineWidthDefault);outline-offset:var(--outlineOffsetDefault);}@media not all and (min-resolution: 0.001dpcm){@supports (-webkit-appearance: none) and (stroke-color: transparent){.css-1vykwuz-OverridedLink:focus-visible:not(:disabled){outline-style:var(--safariOutlineStyleDefault);}}}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link{-webkit-text-decoration:none;text-decoration:none;color:rgba(54,119,168,1);border-bottom:1px solid;border-bottom-color:rgba(54,119,168,1);}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link svg{fill:rgba(54,119,168,1);}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link:hover{-webkit-text-decoration:none;text-decoration:none;color:rgba(47,112,157,1);border-bottom:1px solid;border-bottom-color:rgba(47,112,157,1);}.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link:hover.css-1vykwuz-OverridedLink.css-1vykwuz-OverridedLink:any-link:hover svg{fill:rgba(47,112,157,1);} NOK inched 0.71% higher to $4.23 Tuesday, on what proved to be an all-around mixed trading session for the stock market, with the NASDAQ Composite Index COMP rising 0.40% to 19,480.91 and the Dow Jones Industrial Average DJIA falling 0.17% to 44,705.53. Nokia Corp. ADR closed $0.72 short of its 52-week high ($4.95), which the company reached on October 28th.
Well, it’s Tuesday. And during the NFL season , that means rosters are being adjusted across the league. For the Minnesota Vikings , that didn’t mean any moves for the 53-man roster. That’s good news for Stephon Gilmore, who is dealing with a hamstring injury suffered on Sunday vs the Arizona Cardinals. Minnesota Vikings cut veterans Myles Gaskin and Jake McQuaide Instead, all we saw from the Vikings this afternoon was movement on the practice squad. After the signing of Daniel Jones , and what appears to be the imminent activation of 37-year-old Pro Bowl long-snapper Andrew DePaola , Minnesota released veteran running back Myles Gaskin and waived replacement long snapper Jake McQuaide from the team’s practice squad. The #Vikings have waived LS Jake McQuaide and released RB Myles Gaskin from the practice squad. Myles Gaskin as active for five Minnesota Vikings games this season , but only saw the field for six total snaps on offense. In those very limited snaps, the 27-year old former 7th round pick got just three carries (-1 yard rushing). He also caught one pass for 11 yards. Most of Gaskin’s time on the field in purple came on special teams, where he totaled 85 snaps, mixed between both punt and field goal coverage/return. The longtime Miami Dolphin, who was drafted out of Washington in 2019 did not record a tackle, according to PFF , where he carried a 59.8 special teams grade. Andrew DePaola likely to be active vs Atlanta Falcons Jake McQuaide ‘waives’ goodbye, after four games with the Minnesota Vikings. The 12-year NFL veteran snappped the ball 33 times, and never stood out for causing a special teams mess. His 48.8 PFF grade, however, was his lowest since 2015. With McQuaide’s release, the assumption is that Andrew DePaola will be active on Sunday vs the Atlanta Falcons . This article first appeared on Minnesota Sports Fan and was syndicated with permission.
Record Revenues as Global Logistics Network Expands WATERLOO, Ontario and ATLANTA, Dec. 03, 2024 (GLOBE NEWSWIRE) -- The Descartes Systems Group Inc. DSG DSGX announced its financial results for its fiscal 2025 third quarter ( Q3FY25 ). All financial results referenced are in United States ( US ) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles ( GAAP ). "Our business has grown organically while we've added complementary solutions to our Global Logistics Network by way of acquisition," said Edward J. Ryan, Descartes' CEO. "We listen to our customers about where best to invest to help them meet the many logistics and supply chain challenges they're facing, which contributed to us completing two acquisitions this past quarter. The global trade landscape remains highly uncertain and complex for our customers, especially with potential upcoming changes to tariffs and sanctions and the resulting impact on trade. As always, our goal is to help our customers manage this complexity so that they can continue to focus on their core businesses." Q3FY25 Financial Results As described in more detail below, key financial highlights for Descartes' Q3FY25 included: Revenues of $168.8 million, up 17% from $144.7 million in the third quarter of fiscal 2024 ( Q3FY24 ) and up 3% from $163.4 million in the previous quarter ( Q2FY25 ); Revenues were comprised of services revenues of $149.7 million (89% of total revenues), professional services and other revenues of $15.6 million (9% of total revenues) and license revenues of $3.5 million (2% of total revenues). Services revenues were up 15% from $130.4 million in Q3FY24 and up 2% from $146.2 million in Q2FY25; Cash provided by operating activities of $60.1 million, up 7% from $56.1 million in Q3FY24 and up 73% from $34.7 million in Q2FY25. Cash provided by operating activities was negatively impacted in Q2FY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition; Income from operations of $45.8 million, up 41% from $32.4 million in Q3FY24 and down from $45.9 million in Q2FY25; Net income of $36.6 million, up 38% from $26.6 million in Q3FY24 and up 5% from $34.7 million in Q2FY25. Net income as a percentage of revenue was 22%, compared to 18% in Q3FY24 and 21% in Q2FY25; Earnings per share on a diluted basis of $0.42, up 35% from $0.31 in Q3FY24 and up 5% from $0.40 in Q2FY25, respectively; and Adjusted EBITDA of $72.1 million, up 14% from $63.5 million in Q3FY24 and up 2% from $70.6 million in Q2FY25. Adjusted EBITDA as a percentage of revenues was 43%, compared to 44% and 43% in Q3FY24 and Q2FY25, respectively. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). These items are considered by management to be outside Descartes' ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release. The following table summarizes Descartes' results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions): Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Q3 FY24 Revenues 168.8 163.4 151.3 148.2 144.7 Services revenues 149.7 146.2 137.8 135.7 130.4 Gross margin 74 % 75% 77% 76% 76% Cash provided by operating activities* 60.1 34.7 63.7 50.8 56.1 Income from operations 45.8 45.9 42.4 37.0 32.4 Net income 36.6 34.7 34.7 31.8 26.6 Net income as a % of revenues 22 % 21% 23% 21% 18% Earnings per diluted share 0.42 0.40 0.40 0.37 0.31 Adjusted EBITDA 72.1 70.6 67.0 65.7 63.5 Adjusted EBITDA as a % of revenues 43 % 43% 44% 44% 44% (*) Q2FY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition Year-to-Date Financial Results As described in more detail below, key financial highlights for Descartes' nine-month period ended October 31, 2024 ( 9MFY25 ) included: Revenues of $483.5 million, up 14% from $424.7 million in the same period a year ago ( 9MFY24 ); Revenues were comprised of services revenues of $433.7 million (90% of total revenues), professional services and other revenues of $44.4 million (9% of total revenues) and license revenues of $5.4 million (1% of total revenues). Services revenues were up 13% from $385.3 million in 9MFY24; Cash provided by operating activities of $158.5 million, up 1% from $156.9 million in 9MFY24. Cash provided by operating activities was negatively impacted in 9MFY25 by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition; Income from operations of $134.0 million, up 27% from $105.8 million in 9MFY24; Net income of $105.9 million, up 26% from $84.1 million in 9MFY24. Net income as a percentage of revenues was 22%, compared to 20% in 9MFY24; Earnings per share on a diluted basis of $1.21, up 25% from $0.97 in 9MFY24; and Adjusted EBITDA of $209.7 million, up 15% from $181.7 million in 9MFY24. Adjusted EBITDA as a percentage of revenues was 43%, consistent with 9MFY24. The following table summarizes Descartes' results in the categories specified below over 9MFY25 and 9MFY24 (unaudited, dollar amounts in millions): 9MFY25 9MFY24 Revenues 483.5 424.7 Services revenues 433.7 385.3 Gross margin 75 % 76% Cash provided by operating activities * 158.5 156.9 Income from operations 134.0 105.8 Net income 105.9 84.1 Net income as a % of revenues 22 % 20% Earnings per diluted share 1.21 0.97 Adjusted EBITDA 209.7 181.7 Adjusted EBITDA as a % of revenues 43 % 43% (*) 9MFY25 cash provided by operating activities was negatively impacted by the payment of $25.0 million in contingent acquisition consideration for previously completed deals, which was not accrued for at the time of acquisition Cash Position At October 31, 2024, Descartes had $181.3 million in cash. Cash decreased by $71.4 million in Q3FY25 and $139.7 million in 9MFY25. The table set forth below provides a summary of cash flows for Q3FY25 and 9MFY25 in millions of dollars: Q3FY25 9MFY25 Cash provided by operating activities 60.1 158.5 Additions to property and equipment (1.3 ) (4.7 ) Acquisitions of subsidiaries, net of cash acquired (132.8 ) (286.5 ) Issuances of common shares, net of issuance costs 2.4 9.9 Payment of withholding taxes on net share settlements - (6.7 ) Payment of contingent consideration - (9.2 ) Effect of foreign exchange rate on cash 0.2 (1.0 ) Net change in cash (71.4 ) (139.7 ) Cash, beginning of period 252.7 321.0 Cash, end of period 181.3 181.3 Acquisition of MyCarrierPortal On September 17, 2024, Descartes acquired all of the shares of Assure Assist, Inc., doing business as MyCarrierPortal ("MCP"), a leading provider of carrier onboarding and risk monitoring solutions for the trucking industry. The purchase price for the acquisition was approximately $22.5 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based consideration of up to $6.0 million based on MCP achieving revenue-based targets over the first two years post-acquisition. Acquisition of Sellercloud On October 11, 2024, Descartes acquired all of the shares of Sellercloud LLC and certain assets of Sellercloud Europe Ltd. (collectively referred to as "Sellercloud"), a leading provider of omnichannel ecommerce solutions. The purchase price for the acquisition was approximately $110.2 million, net of cash acquired, which was funded from cash on hand, plus potential performance-based consideration of up to $20.0 million based on Sellercloud achieving revenue-based targets over the first two years post-acquisition. Conference Call Members of Descartes' executive management team will host a conference call to discuss the company's financial results at 5:30 p.m. ET on Tuesday, December 3, 2024. Designated numbers are +1 289 514 5100 and +1 800 717 1738 for Toll-Free in North America, using conference ID 07584. The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast login is required approximately 10 minutes beforehand. Replays of the conference call will be available until December 10, 2024, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 07584#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations. About Descartes Descartes DSGX DSG is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world's largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com , and connect with us on LinkedIn and X (Twitter ) . Descartes Investor Contact Laurie McCauley (519) 746-2969 investor@descartes.com Cautionary Statement Regarding Forward-Looking Statements This release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relates to Descartes' expectations concerning future revenues and earnings, and our projections for any future reductions in expenses or growth in margins and generation of cash; our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the "Russia-Ukraine Conflict"), and between Israel and Hamas ("Israel-Hamas Conflict"), or other potentially catastrophic events, on our business, results of operations and financial condition; continued growth and acquisitions including our assessment of any increased opportunity for our products and services as a result of trends in the logistics and supply chain industries; rate of profitable growth and Adjusted EBITDA margin operating range; demand for Descartes' solutions; growth of Descartes' Global Logistics Network ("GLN"); customer buying patterns; customer expectations of Descartes; development of the GLN and the benefits thereof to customers; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing at levels generally consistent with those experienced historically; the Russia-Ukraine Conflict and Israel-Hamas Conflict not having a material negative impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; Descartes' continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes' continued ability to identify and source attractive and executable business combination opportunities; Descartes' ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes' business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes' ability to successfully identify and execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the impact of network failures, information security breaches or other cyber-security threats; disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; changes in customer behaviour and expectations; Descartes' ability to successfully design and develop enhancements to our products and solutions; departures of key customers; the impact of foreign currency exchange rates; Descartes' ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes' market capitalization; and other factors and assumptions discussed in the section entitled, "Certain Factors That May Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes' most recently filed Management's Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results. The term "Adjusted EBITDA" refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage. Management considers these non-operating expenses to be outside the scope of Descartes' ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed seven acquisitions since the beginning of fiscal 2024 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations. The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q3FY25, Q2FY25, Q1FY25, Q4FY24, and Q3FY24, which we believe is the most directly comparable GAAP measure. Q3FY25 Q2FY25 Q1FY25 Q4FY24 Q3FY24 Net income , as reported on Consolidated Statements of Operations 36.6 34.7 34.7 31.8 26.6 Adjustments to reconcile to Adjusted EBITDA: Interest expense 0.2 0.2 0.3 0.3 0.3 Investment income (2.9 ) (2.7) (4.1) (3.4) (2.7) Income tax expense 11.9 13.6 11.5 8.3 8.2 Depreciation expense 1.4 1.4 1.4 1.4 1.5 Amortization of intangible assets 17.5 17.4 15.0 15.1 15.3 Stock-based compensation and related taxes 5.6 5.8 4.3 4.7 4.6 Other charges 1.8 0.2 3.9 7.5 9.7 Adjusted EBITDA 72.1 70.6 67.0 65.7 63.5 Revenues 168.8 163.4 151.3 148.2 144.7 Net income as % of revenues 22 % 21% 23% 21% 18% Adjusted EBITDA as % of revenues 43 % 43% 44% 44% 44% The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for 9MFY25 and 9MFY24, which we believe is the most directly comparable GAAP measure. (US dollars in millions) 9MFY25 9MFY24 Net income , as reported on Consolidated Statements of Operations 105.9 84.1 Adjustments to reconcile to Adjusted EBITDA: Interest expense 0.8 1.0 Investment income (9.7 ) (6.3) Income tax expense 37.0 27.0 Depreciation expense 4.1 4.1 Amortization of intangible assets 50.0 45.4 Stock-based compensation and related taxes 15.7 12.4 Other charges 5.9 14.0 Adjusted EBITDA 209.7 181.7 Revenues 483.5 424.7 Net income as % of revenues 22 % 20% Adjusted EBITDA as % of revenues 43 % 43% The Descartes Systems Group Inc. Condensed Consolidated Balance Sheets (US dollars in thousands; US GAAP; Unaudited) October 31, January 31, 2024 2024 ASSETS CURRENT ASSETS Cash 181,282 320,952 Accounts receivable (net) Trade 54,326 51,569 Other 17,268 12,193 Prepaid expenses and other 40,743 33,468 293,619 418,182 OTHER LONG-TERM ASSETS 24,560 24,737 PROPERTY AND EQUIPMENT, NET 12,048 11,552 RIGHT-OF-USE ASSETS 6,576 6,257 DEFERRED INCOME TAXES 3,184 2,097 INTANGIBLE ASSETS, NET 343,811 251,047 GOODWILL 935,440 760,413 1,619,238 1,474,285 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable 20,599 17,484 Accrued liabilities 78,205 91,824 Lease obligations 2,821 3,075 Income taxes payable 16,108 6,734 Deferred revenue 101,140 84,513 218,873 203,630 LEASE OBLIGATIONS 4,121 3,903 DEFERRED REVENUE 1,215 1,464 INCOME TAXES PAYABLE 4,949 6,153 DEFERRED INCOME TAXES 33,817 21,101 262,975 236,251 SHAREHOLDERS' EQUITY Common shares – unlimited shares authorized; Shares issued and outstanding totaled 85,539,437 at October 31, 2024 (January 31, 2024 – 85,183,455) 564,793 551,164 Additional paid-in capital 498,787 494,701 Accumulated other comprehensive income (loss) (33,978 ) (28,586) Retained earnings 326,661 220,755 1,356,263 1,238,034 1,619,238 1,474,285 The Descartes Systems Group Inc. Consolidated Statements of Operations (US dollars in thousands, except per share and weighted average share amounts; US GAAP; Unaudited) Three Months Ended Nine Months Ended October 31, October 31, October 31, October 31, 2024 2023 2024 2023 REVENUES 168,756 144,698 483,529 424,705 COST OF REVENUES 43,154 34,325 119,115 102,184 GROSS MARGIN 125,602 110,373 364,414 322,521 EXPENSES Sales and marketing 19,134 17,209 55,636 51,583 Research and development 24,472 21,118 70,572 62,923 General and administrative 16,858 14,712 48,328 42,747 Other charges 1,830 9,679 5,898 14,067 Amortization of intangible assets 17,519 15,250 49,962 45,408 79,813 77,968 230,396 216,728 INCOME FROM OPERATIONS 45,789 32,405 134,018 105,793 INTEREST EXPENSE (244 ) (343 ) (760 ) (1,020 ) INVESTMENT INCOME 2,883 2,717 9,657 6,287 INCOME BEFORE INCOME TAXES 48,428 34,779 142,915 111,060 INCOME TAX EXPENSE (RECOVERY) Current 18,310 10,334 42,105 30,207 Deferred (6,440 ) (2,157 ) (5,096 ) (3,218 ) 11,870 8,177 37,009 26,989 NET INCOME 36,558 26,602 105,906 84,071 EARNINGS PER SHARE Basic 0.43 0.31 1.24 0.99 Diluted 0.42 0.31 1.21 0.97 WEIGHTED AVERAGE SHARES OUTSTANDING (thousands) Basic 85,501 85,101 85,403 85,045 Diluted 87,342 86,791 87,231 86,772 The Descartes Systems Group Inc. Condensed Consolidated Statements of Cash Flows (US dollars in thousands; US GAAP; Unaudited) Three Months Ended Nine Months Ended October 31, October 31, October 31, October 31, 2024 2023 2024 2023 OPERATING ACTIVITIES Net income 36,558 26,602 105,906 84,071 Adjustments to reconcile net income to cash provided by operating activities: Depreciation 1,393 1,452 4,137 4,080 Amortization of intangible assets 17,519 15,250 49,962 45,408 Stock-based compensation expense 5,298 4,513 14,575 11,883 Other non-cash operating activities (42 ) (15 ) (1 ) 57 Deferred tax expense (recovery) (6,440 ) (2,157 ) (5,096 ) (3,218 ) Changes in operating assets and liabilities 5,860 10,405 (10,936 ) 14,635 Cash provided by operating activities 60,146 56,050 158,547 156,916 INVESTING ACTIVITIES Additions to property and equipment (1,313 ) (1,462 ) (4,653 ) (4,845 ) Acquisition of subsidiaries, net of cash acquired (132,753 ) - (286,468 ) (142,700 ) Cash used in investing activities (134,066 ) (1,462 ) (291,121 ) (147,545 ) FINANCING ACTIVITIES Payment of debt issuance costs (15 ) - (53 ) (39 ) Issuance of common shares for cash, net of issuance costs 2,373 447 9,887 6,468 Payment of withholding taxes on net share settlements - - (6,745 ) (4,886 ) Payment of contingent consideration - - (9,223 ) (6,320 ) Cash provided by (used in) financing activities 2,358 447 (6,134 ) (4,777 ) Effect of foreign exchange rate changes on cash 191 (2,835 ) (962 ) (1,370 ) (Decrease) increase in cash (71,371 ) 52,200 (139,670 ) 3,224 Cash, beginning of period 252,653 227,409 320,952 276,385 Cash, end of period 181,282 279,609 181,282 279,609 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Hormel Foods Corp. stock falls Tuesday, underperforms marketHOUSTON--(BUSINESS WIRE)--Dec 10, 2024-- The glittering lights of Downtown Houston shone even brighter on Saturday, December 7, 2024, as ZT Corporate hosted its highly anticipated Chairman’s Gala at the Hilton Americas. With over 1,000 of Houston’s most distinguished guests in attendance, the event not only celebrated the company’s remarkable achievements but also set the stage for a bold future, unveiling ZT Corporate’s visionary roadmap for 2030. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241210034150/en/ ZT Corporate’s 27th Annual Chairman’s Gala: Taseer Badar & Robin Thicke (Photo: Business Wire) The night was a dazzling celebration of ZT’s growth and success, underscored by a commitment to philanthropy and community. ZT Corporate’s Founder and CEO, Taseer Badar , expressed his gratitude, saying, “This year’s milestones were made possible by the passion, dedication, and innovation of our team. We’ve achieved exceptional growth across our healthcare and automotive portfolios, and with the continued confidence of our investors and the tireless efforts of our people, the future is incredibly bright. Our roadmap for the next five years is bold, ambitious, and driven by the ‘ZT Way’—a blend of strategy, excellence, and vision.” A Night to Remember: Luxury, Entertainment, and Giving Back This year’s Gala took opulence to a whole new level, offering guests an evening packed with entertainment, luxury, and excitement. The highlight of the night was an electrifying performance by Robin Thicke , the five-time GRAMMY® Award-nominated superstar and The Masked Singer judge. Thicke’s smooth, soulful hits and commanding stage presence set the tone for a night full of unforgettable moments, leaving the crowd dancing long into the night. But the excitement didn’t stop there. DJ Esther Anaya , a singer/songwriter, music producer, and classically trained violinist whose unique sounds and imaginative performances captivate audiences worldwide. She had guests on their feet as she spun an unforgettable set that kept the energy flowing throughout the evening. Chester Pitts , the original Houston Texan and community leader, teamed up with the dazzling Miss Universe 2022, R’Bonney Gabriel , as co-hosts, guiding the event with charisma and flair. The duo’s infectious energy had the audience on the edge of their seats as they navigated through the evening’s many thrilling moments. Exclusive Auctions and Unmatched Generosity Guests had the chance to bid on auction items that was donated from luxury brands including Prada, Maison Margiela, Giorgio Armani, Gucci, and more. The live auction, led by Pitts and Gabriel, featured once-in-a-lifetime experiences that had the crowd buzzing with excitement. The Bruno Mars meet-and-greet experience in Las Vegas, donated by Richard and Michelle Knoll , was so hot and in such high demand that the bidding quickly got heated . The couple, clearly moved by the fierce generosity in the room, decided to sweeten the deal —donating an additional Bruno Mars package , giving even more lucky guests the chance to experience the ultimate VIP encounter with the superstar. This gesture sent the crowd into a frenzy, and the auction raised even more for the night’s philanthropic efforts. Other high-end auction items included a Napa Valley wine experience at The French Laundry (donated by Dr. Doug Yarris and The French Laundry) and a VIP Houston Texans & Mastro’s experience paired with wines from Wine Spectator Grand Award wine list (courtesy of Chester Pitts, The Texans Organization, and Landry’s Inc.) offering guests a chance to indulge in exclusive, world-class experiences. In total, over $100,000 was raised from the auction items for the ZT Baseball Foundation, a cause close to the heart of Taseer Badar and the entire ZT Corporate family. The foundation’s mission is to ensure that young athletes have access to the tools, resources, and opportunities to succeed in baseball, no matter their financial background. A heartwarming moment of the night came when over 20 ZT Baseball players, back-to-back Gold Medalists at USA Baseball & Champions of the Perfect Game Invitational, were honored for their exceptional achievements on the field and in the classroom, showcasing the power of hard work and determination. Looking Toward the Future As the evening concluded, the anticipation for ZT Corporate’s future was palpable. The Gala not only celebrated the past year’s incredible achievements but also set the stage for a bold new era of growth and impact. With a clear vision for the next five years, ZT Corporate is poised to continue its legacy of excellence, leadership, and community impact—both in business and beyond, the ZT Way. A Champion Mindset for 2025 In his keynote address, Badar unveiled a bold five-year vision for ZT Corporate. Celebrating past milestones, he outlined a forward-thinking path, emphasizing focus and strategic growth as key drivers of the firm's future. Badar outlined how the ZT Way will unite and propel the business forward into 2025, defining its future through core areas of entrepreneurship, a champion mindset, community and doing the right thing. These pillars were on display throughout the Chairman’s Gala as ZT recapped another dynamic year. Special recognition was spotlighted on the 2024 growth of the healthcare portfolio through diversification as well as transformation of the automotive business through expansion into new markets and boosting retail unit sales . “We are not afraid to take calculated risks, innovate and push boundaries. At ZT, we thrive on creating possibilities not just for ourselves, but for our investors, our community and most importantly, our team,” said Badar. “As much as we grow with new corporate structures and create processes and management teams, will never lose the essence of who we are. We empower our employees to think like entrepreneurs – it’s in our DNA.” Badar highlighted the firm’s commitment to staying one step ahead and delivering continuous improvement in an ever-evolving landscape. By emphasizing the importance of action alongside outcomes, he inspired and motivated guests, reinforcing ZT Corporate’s dedication to forging a path toward future successes. About ZT Corporate Established in 1997, ZT Corporate is a Houston-based private equity firm with offices in New York and Los Angeles. The firm focuses on healthcare and auto dealerships as core investment verticals. ZT Corporate’s investment team collaborates with its operators to support the day-to-day operations of the firm’s portfolio investments. This close collaboration drives value creation by developing stronger operator-investor relationships, cross-functional expertise, and a deeper understanding of the target industries. Since its founding, ZT Corporate has successfully completed more than 60+ investments, including platform companies and follow-on opportunities with multiple liquidity events for its investors. For more information: www.ztcorporate.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241210034150/en/ CONTACT: Thuylan Chang, ZT Corporate thuylan@ztcorporate.com KEYWORD: TEXAS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: OTHER HEALTH OTHER PROFESSIONAL SERVICES AUTOMOTIVE OTHER ENTERTAINMENT ASSET MANAGEMENT MUSIC FINANCE CONSULTING BANKING ACCOUNTING PROFESSIONAL SERVICES ENTERTAINMENT PERSONAL FINANCE HEALTH EVENTS/CONCERTS OTHER AUTOMOTIVE GENERAL ENTERTAINMENT CELEBRITY SOURCE: ZT Corporate Copyright Business Wire 2024. PUB: 12/10/2024 06:01 PM/DISC: 12/10/2024 06:00 PM http://www.businesswire.com/news/home/20241210034150/enTop NYC Correction Department investigator reinstated after claim
Why Is Salesforce, Inc. (CRM) Among the Big Data Stocks to Buy According to Hedge Funds?Basketball fans in Prince George know how valuable Sveta Boykova has been for the UNBC Timberwolves since she joined the women’s basketball team 3 1⁄2 seasons ago. This past weekend Boykova offered a reminder to the rest of the U SPORTS Canada West sports community why her contributions as a fourth-year forward are so important to the TWolves’ bottom line. The Moscow native played a huge role in UNBC’s comeback victories over the visiting UBC-Okanagan Heat at the Northern Sport Centre and has been named Canada West Biosteel women’s basketball player of the week. Boykova started the weekend as the key component of a 64-55 win over the Heat on Friday. She collected 16 points, 13 rebounds, seven assists, three steals and one blocked shot to lead her team to victory. Then in the rematch Saturday she was equally dominant, scoring 20 points in a 68-67 triumph. Boykova has moved into the TWolves’ top-five in career scoring, with 745 points, while her 706 rebounds ranks third on the all-time list at UNBC. She’s averaged 10.9 rebounds per game in her career, tops among TWolves. She becomes the fourth UNBC player since September 2023 to be selected for a Canada West player of the week award, following on the success of Michael Henman (men’s soccer, September 2023), Justin Sunga (men’s basketall, February 2024) and Brityn Hinsche (women’s soccer, September 2024). The two weekend wins kept the UNBC undefeated this season in three games at Brownridge Court and that improved the TWolves’ women’s basketball record to 3-5 as they head into the semester break. They return to action on Friday, Dec. 10 in Abbotsford, where they will meet the Fraser Valley Cascades.