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In conclusion, the 4.9% year-on-year growth in China's goods trade volume in the first 11 months of this year underscores the resilience, adaptability, and competitiveness of the country's foreign trade sector. By leveraging its strengths, addressing challenges proactively, and embracing opportunities for cooperation, China is well-positioned to further expand its presence in the global marketplace and contribute to the sustainable growth of the world economy.
There’s a notion in the film industry that comedies don’t travel. Jokes have a regional audience, and humor gets lost in translation, the thinking goes. But director Matthew Rankin thinks more of audiences than that. His new film, “ Universal Language ,” was selected by Canada as the country’s submission for the Oscars’ international feature category, but you’d be forgiven if you were unable to place it. Set in an alternate Great White North where Tim Hortons coffee shops are Persian tea houses and the principal language is Farsi (but Quebec is still French, because of course it is), Rankin’s film gently imagines a world without cinematic borders: an absurdist but warm-hearted vision that has disoriented and delighted festival audiences since its premiere in the Director’s Fortnight section at Cannes. “As much as we don’t think of it as a political film, there is something radical to this gesture,” Rankin says on a Zoom call. “One thing that struck us is that Canadian viewers who might have very little knowledge of Iran, and Iranian viewers that might have very little knowledge of Canada, have both said to us that they find the film makes them feel nostalgic. That’s something that we found really touching.” Rankin is calling from his native Winnipeg, seated next to his two friends and co-writers, Ila Firouzabadi and Pirouz Nemati. “Universal Language” was a decade-long project for the trio, with roots tracing back to Rankin and Nemati’s time shooting “propaganda films” for Canada’s national parks. Drawing comparisons to other transnational oddities like Jim Jarmusch’s “Ghost Dog: The Way of the Samurai” and Takeshi Kitano’s “Brother,” the trio see their own feature in the same tradition of fusing far-flung cinematic influences. It’s a driving force for the countless sight gags of “Universal Language”: Winnipeg’s ubiquitous real estate brand Lord Rodney becomes “Rodney Khan” and a mural of Justin Trudeau is adorned with Farsi words reading “a strong economy limits feelings of worthlessness.” But beyond the humor, there’s a playful reflexivity to the entire film — an approach that Rankin and company say takes inspiration from Iranian filmmakers like Abbas Kiarostami. “There’s an effort to remind you that there is an element of artifice at play,” Rankin says, before illustrating with a very Canadian metaphor. “In the West, the hockey game is the ultimate incarnation of how we typically shoot films. Follow the puck, wherever the action is. When it’s my turn to speak, the camera is on me. When you speak, the camera turns on you. But in a lot of these Iranian films, the person listening is more interesting than the person who’s speaking.” “It does take some acclimatization, but once you catch the rhythm and absurdity it leads you somewhere,” Rankin continues. “And it’s always interesting when people do catch it. Not everybody does at the same spot.” And as Kiarostami would occasionally appear in his own movies, Rankin does as well here, putting some autobiographical skin in the game. Firouzabadi and Nemati insisted that the director play the scripted version of himself, whose arc involves a Winnipeg homecoming to visit his mother. It’s a particularly painful storyline; Rankin’s own parents died during the height of the COVID pandemic. “It’s a very vulnerable place to be, but it could not have been anybody else,” Nemati says. “Acting is already so difficult, but acting in a different language that is your own — it’s another level.” “That’s the first time you say that,” Rankin says with a laugh. “I was cast when everyone else was cast. I was trying to give myself a break by entertaining the notion that some other actor could play me better than me. But we determined that the theme would be more energized if it’s really me playing this fraudulent version of myself. Even the idea that I might be badly cast playing myself was something that I found to be funny.” Rankin was hardly the only newcomer to screen acting. Nemati plays a Winnipeg tour guide, a profession Rankin’s father once held. And Firouzabadi appears as a punk bus driver. Much of the cast is populated by their loved ones, who they found to be camera-ready in their own ways. “What we discovered was teachers are amazing performers,” Nemati says. “They’re performing in front of a class all the time.” “These are our family, our community, our friends who are in it,” Firouzabadi says, going on to discuss how two young characters went from being scripted as a boy and girl to two sisters in the final film. “In Farsi, we don’t have ‘she’ and ‘he’. We have just او (“ ooo ”) — it means them. This movie for us, when we’re talking about it and the process of the writing for us, was something exactly like ‘ ooo .’” “As much as it’s surreal, I feel like it’s actually a very realistic depiction of our lives,” Rankin says. “The blending of codes and realities — that’s part of all of us. As much as the world might like to organize itself into rigid, sealed-off Tupperware containers, our lives together are infinitely more fluid than that.” RANKIN: She is a brilliant actor. She was in this movie called “Aline,” where she plays Celine Dion’s mother and she was just spectacular. She was my acting teacher a long time ago and she just absolutely fascinated me. She always used a lot of very sexual language in all of her directing. She’s got a very dirty mind, in the best way. She’s a beloved actor in Quebec. There was no other person that we had in mind for that part. RANKIN: I believe the mall in the film is about to be demolished. If I recall correctly, in the script, the fountain in it was going to launch. But then they told us that it was a $10,000 fix to repair to make that happen. The nature of the scene kind of changed because of reality. And then, the zigzag staircase building — there are several buildings like that in Winnipeg, but getting access to them was almost impossible. In fact, we got access to that one only a half-hour before we were supposed to shoot. NEMATI: We did a few takes. The last one where everything went well — the moment you reach the top of the stairs, there were two girls who came out of the apartment. So we... kept quiet. RANKIN: They were ready to go clubbing. But that was our little tribute to “Where Is the Friend’s House?” The zigzag staircase. RANKIN: I’m skeptical of cinema as a simulacrum, which the arc of film history is bent very much towards. Silent film to sound film, black and white to color, E.T. being played by a puppet to being corrected digitally by Steven Spielberg to make it more realistic — the arc is towards making cinema as credible as possible. But when we embrace the artifice of cinema, it actually opens up new expressive possibilities, new ways of making images that normally we have resisted. My feeling is the space of the simulacrum is migrating into AI and video games and virtual reality. That actually opens up new ways of image-making. It’s kind of like what happened to painting when the photograph was invented. Painting was no longer imprisoned. The purpose of paint was not to imitate reality as perfectly as possible. We can sort of acknowledge that it’s paint and there’s new modes that get explored. I feel like the same thing will happen to cinema. That’s part of the strategy at work here: defying the simulacrum and finding new things to be said that it can’t. It’s Iranian poetic cinema with Winnipeg surrealism and Quebecois melancholy. But in my heart, that crossover is a reflection of how we live together.In the category of Best Actor in a Drama Series, John Doe made headlines by receiving nominations for his outstanding performances in two critically acclaimed shows. His ability to effortlessly embody characters with depth and complexity has earned him the admiration of both audiences and critics alike. Doe's dual nominations serve as a testament to his versatility as an actor and solidify his status as one of the industry's most talented performers.
Manchin, Sinema prevent Democrats from locking in majority on labor board through 2026 WASHINGTON (AP) — Senate Democrats failed in their bid to confirm a Democratic member of the National Labor Relations Board after the Senate rejected a razor-thin vote that hinged on the pivotal rejections of independent Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona. If the nomination had been successful, the board would have had a Democratic majority until 2026. President-elect Donald Trump will now have a chance to nominate a replacement. The NLRB is a government agency that handles labor relations and unionization in the workplace. It also has the power to investigate potential unfair labor practices, meaning its leadership is highly scrutinized by business interests and labor groups. The failed vote is another blow to Senate Democrats and outgoing President Joe Biden's agenda. Arizona AG sues Saudi firm over 'excessive' groundwater pumping, saying it's a public nuisance PHOENIX (AP) — Arizona Attorney General Kris Mayes says she is suing a Saudi Arabian agribusiness over what she calls “excessive pumping” of groundwater. She alleges that the Fondomonte alfalfa farm in western Arizona is violating a public nuisance law even though the area has no groundwater pumping regulations. Mayes said Wednesday that Fondomonte's use of groundwater threatens the public health, safety and infrastructure of local communities in rural La Paz County. It's Arizona's latest action against foreign companies that use huge amounts of groundwater to grow thirsty forage crops for export. The Associated Press emailed Fondomonte seeking a response to the lawsuit. US inflation ticked up last month as some price pressures remain persistent WASHINGTON (AP) — Fueled by pricier used cars, hotel rooms and groceries, inflation in the United States moved slightly higher last month in the latest sign that some price pressures remain elevated. Consumer prices rose 2.7% in November from a year earlier, up from a yearly figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices increased 3.3%. Measured month to month, prices climbed 0.3% from October to November, the biggest such increase since April. Wednesday’s inflation figures are the final major piece of data Federal Reserve officials will consider before they meet next week to decide on interest rates. The November increase won’t likely be enough to discourage the officials from cutting their key rate by a quarter-point. Albertsons sues Kroger for failing to win approval of their proposed supermarket merger Kroger and Albertsons’ plan for the largest U.S. supermarket merger in history has crumbled. The two companies have accused each other of not doing enough to push their proposed alliance through, and Albertsons pulled out of the $24.6 billion deal on Wednesday. The bitter breakup came the day after a federal judge in Oregon and a state judge in Washington issued injunctions to block the merger, saying that combining the two grocery chains could reduce competition and harm consumers. Albertsons is now suing Kroger, seeking a $600 million termination fee, as well as billions of dollars in legal fees and lost shareholder value. Kroger says the legal claims are “baseless.” Donald Trump will ring the New York Stock Exchange bell as he's named Time's Person of the Year NEW YORK (AP) — President-elect Donald Trump is expected to ring the opening bell at the New York Stock Exchange for the first time and be named Time magazine's Person of the Year. Thursday's events will be a notable moment of twin recognitions for Trump, a born-and-bred New Yorker who has long seen praise from the business world and media as a sign of success. Four people with knowledge of his plans told The Associated Press that Trump was expected to be on Wall Street on Thursday to mark the ceremonial start of the day's trading, while a person familiar with the selection confirmed that Trump had been selected as Time's Person of the Year. Supreme Court allows investors' class action to proceed against microchip company Nvidia WASHINGTON (AP) — The Supreme Court is allowing a class-action lawsuit that accuses Nvidia of misleading investors about its past dependence on selling computer chips for the mining of volatile cryptocurrency to proceed. The court’s decision Wednesday comes the same week that China said it is investigating the the microchip company over suspected violations of Chinese anti-monopoly laws. The justices heard arguments four weeks ago in Nvidia’s bid to shut down the lawsuit, then decided that they were wrong to take up the case in the first place. They dismissed the company’s appeal, leaving in place an appellate ruling allowing the case to go forward. Apple's latest iPhones get the gift of more AI as holiday shopping season heats up SAN FRANCISCO (AP) — Apple is pumping more artificial intelligence into the latest iPhones during the holiday shopping season. It comes in the form of a free software update that includes a feature that enables users to create customized emojis within a matter of seconds. The Wednesday release of the iPhone’s upgraded operating system extends Apple’s expansion into AI months after rivals such as Samsung and Google began implanting the revolutionary on their devices. The update builds upon another one that came out in late October. The latest round of AI tricks includes “Genmojis,” Apple’s description of emojis that iPhone users will be able to ask the technology to create and then share. EU targets Russia's ghost fleet shipping oil in a new round of sanctions BRUSSELS (AP) — European Union envoys have agreed a new raft of sanctions against Russia over its war on Ukraine. The EU's Hungarian presidency said Wednesday that the measures will target in particular a vast shadow fleet of ships that Moscow is exploiting to skirt restrictions on transporting oil and fuel. The sanctions are aimed at about 50 of what are routinely decrepit ships. The sanctions will hit more officials and entities alleged to be helping Russia to improve its military technology by evading export restrictions. EU foreign ministers are set to formally adopt the sanctions package on Monday. Can ordinary citizens solve our toughest problems? BEND, OREGON (AP) — Research shows Americans are frustrated with what they perceive as aloofness and gridlock within civic institutions. Citizen assemblies may be able to help. The groups which have direct involvement in decision-making can help “overcome polarization and strengthen societal cohesion,” says Claudia Chwalisz, founder of DemocracyNext. Her nonprofit, launched in Paris in 2022, champions such assemblies worldwide, hoping they can “create the democratic spaces for everyday people to grapple with the complexity of policy issues, listen to one another, and find common ground.” In Europe, examples of such changes abound. In the United States, results are spottier. Making a $1B investment in the US? Trump pledges expedited permits — but there are hurdles WASHINGTON (AP) — President-elect Donald Trump is promising expedited federal permits for energy projects and other construction worth more than $1 billion. But like other Trump plans, the idea is likely to run into regulatory and legislative hurdles, including a landmark law that requires federal agencies to consider the environmental impact before deciding on major projects. Environmental groups called the plan a clear violation of the National Environmental Policy Act. The chief policy advocacy officer at the Natural Resources Defense Council says Trump should be careful what he wishes for. She said, "What if someone wants to build a waste incinerator next to Mar-a-Lago or a coal mine next to Bedminster golf course?”
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Q: How is China's role in the global economy evolving?Summary Google has uncovered a network of over 1,000 fake news websites spreading pro-China narratives. The sites are operated by four PR firms acting on behalf of an unknown client. These firms create websites that mimic legitimate news outlets and publish a mix of repurposed and pro-China content. Google has blocked the sites from appearing on its news platforms due to policy violations. The operation highlights the use of PR firms to spread disinformation and obscure the source of the content. (adsbygoogle = window.adsbygoogle || []).push({}); Google’s Threat Intelligence Group (TAG), in collaboration with its cybersecurity firm Mandiant , has discovered a large-scale network of fake news websites operated by four different public relations (PR) firms spreading propaganda aligned with the interests of the Chinese government. Dubbed GLASSBRIDGE, this network of PR firms has been creating and distributing inauthentic content globally to shape public opinion on key geopolitical issues. Since 2022, Google has banned and deindexed over 1,000 websites linked to GLASSBRIDGE from appearing in Google News and Google Discover for violating policies against deceptive practices and lack of editorial transparency. These sites pose as independent media outlets but push narratives that align with Beijing’s political agenda, including topics like Taiwan, the South China Sea, and COVID-19. It is worth noting that this news emerged just weeks after reports revealed North Korean hackers using fake news to distribute malware. “These campaigns show how private PR firms are being used to conduct coordinated influence campaigns,” Google said in a blog post . “By using these firms, the actors behind the information operations gain deniability, obscuring their role in spreading inauthentic content.” The campaigns rely on newswire services to syndicate their content, with two PR firms directly operating these services. The fake news network targets audiences in over 30 countries, including the United States, Australia, Germany, Japan, and Brazil, as well as Chinese-speaking diasporas worldwide. The four firms within the GLASSBRIDGE network are: 1. Shanghai Haixun Technology Shanghai Haixun Technology is the most prolific PR firm in the network, with more than 600 domains linked to its operations already removed by Google. These sites target both English- and Chinese-speaking audiences, as well as countries across Asia, Europe, and the Americas. Haixun’s websites are often filled with low-quality, repetitive content that mixes irrelevant filler articles with pro-China stories. The firm has also been caught using freelance platforms such as Fiverr to hire social media accounts to amplify its messaging. In July 2023, Haixun’s influence campaigns were spotted infiltrating legitimate news outlets through subdomains provided by its newswire services, Times Newswire and World Newswire, allowing it to piggyback on the credibility of established media brands. 2. Times Newswire and Shenzhen Haimai Yunxiang Media Google researchers identified Times Newswire and its operator, Shenzhen Haimai Yunxiang Media, as key players in distributing pro-China propaganda. These entities were tied to the PAPERWALL campaign, a network of over 100 fake websites reported by Citizen Lab earlier this year. These fraud sites, which spanned more than 30 countries, published a combination of copied local news, conspiracy theories, and smear campaigns targeting individuals critical of Beijing. Many of these articles were short, appearing briefly on the sites before being removed to avoid detection. (adsbygoogle = window.adsbygoogle || []).push({}); 3. DURINBRIDGE DURINBRIDGE, another PR and marketing firm in the network, operates over 200 fake news sites. While most of its content consists of press releases and generic news, a portion is dedicated to spreading pro-China narratives, including articles linked to DRAGONBRIDGE , a long-standing influence operation tracked by Google. These sites have also been used to promote politically motivated smear campaigns, such as targeting Taiwanese presidential candidates in the lead-up to elections. 4. Shenzhen Bowen Media Shenzhen Bowen Media controls a network of more than 100 imitation news sites designed to cater to specific countries and cities. Articles are published in local languages, including French, German, Japanese, and Thai, to appear more credible to regional audiences. The content often blends legitimate-looking local news with pro-Beijing narratives sourced from its newswire service, World Newswire, which is also used by Haixun. The Bigger Picture This operation is part of a growing trend where nation-states outsource influence campaigns to private PR firms, allowing deniability. By using fake news sites instead of traditional social media disinformation, these campaigns can target audiences more effectively, tailoring content to local languages and issues. The operation also refreshes the memory of The EU DisinfoLab, a Brussels-based NGO specializing in disinformation research, which exposed a massive pro-Indian influence operation known as “Indian Chronicles.” This extensive campaign, active for over 15 years, aimed to discredit Pakistan and influence international institutions, including the United Nations and the European Parliament. (adsbygoogle = window.adsbygoogle || []).push({}); Google’s action to block these websites from its news platforms shows disinformation campaigns are a reality. The exposure of the GLASSBRIDGE network. For readers, the lesson is to critically evaluate the sources of news and verify information across multiple outlets. RELATED TOPICS Malicious Abrax666 AI Chatbot Exposed as Potential Scam Hackers used fake job websites to scam jobless US veterans SEC Twitter Hacked, Spreads Fake News About Bitcoin ETFs Android XHelper App Exposed as Money Laundering Network Fake News Site Hit Android and Windows Users with Malware
In addition to entertainment, the popularity of South Korean beauty products and skincare routines has also contributed to the country's appeal among Chinese consumers. The Korean beauty industry is renowned for its innovative products, effective formulations, and emphasis on natural ingredients, making it a favorite among beauty enthusiasts in China.As we reflect on the standout performances of De Gea, Di Marco, Miltao, and CDK in Serie A Round 15, it is evident that these players have raised the bar with their exceptional skill and dedication to their craft. Their contributions have not only propelled their respective teams to victory but have also showcased the level of talent and competitiveness in Italian Serie A.Ulta Beauty Announces Third Quarter Fiscal 2024 Results
PITTSBURGH (AP) — Pittsburgh Steelers tight end Darnell Washington was minding his own business during practice recently, doing his due diligence while running his route when the ball suddenly came his way. Washington wasn't sure what option he was on the play. he certainly wasn't first. Probably not even second. Maybe not even third. Washington was on the back side all by his lonesome while a sea of wide receivers and running backs zig-zagged across quarterback field of vision. Only, Wilson didn't like what he saw. Not enough to throw it anyway. So he pivoted to his left and found Washington wide open for a big gain. Asked if he was surprised to find the ball in his hands, Washington nodded. “A little bit,” he said. “I don't know. I don't know what was going on with the other people.” Wilson did. He almost always seems to these days for the (9-3), who find themselves atop the AFC North behind the play of their resurgent 36-year-old quarterback, who has taken a decidedly democratic approach to resurrecting his career. The nine-time Pro Bowler threw the ball to 10 different players while piling up 414 yards . Sure, mercurial star got the ball. But so did Washington. And third tight end MyCole Pruitt. And wide receiver Ben Skowronek, who turned his second catch of the season into a 23-yard gain on a drive that ended with one of Wilson's three touchdown passes. “You never know when it’s coming your way,” Skowronek said. Not with Wilson at the controls. Fourteen different players have at least one catch this season for the Steelers. That includes Mike Williams, whose lone grab a month since being acquired from the New York Jets for the winning score in the final minutes against Washington. It also includes Skowronek, who spent the early portion of the season on injured reserve and worried he'd sort of lost his place in line while he rehabbed. Skowronek and his teammates have quickly learned that with Wilson, there is no “line." During his six starts since returning from a calf injury, Wilson has thrown it wherever, whenever. “It’s like in baseball,” said Wilson, a former minor league second baseman. “You’ll never hit a home run if you don’t swing. And I really believe that you’ve got to swing, you’ve got to trust guys. You’ve got to be able to trust yourself.” Something that hasn't been an issue for Wilson for years, even if he arrived in Pittsburgh at a crossroads following an abrupt fall from grace in Denver. The Steelers couldn't sign Wilson to a one-year deal for the veteran minimum fast enough, and Wilson wasted little time building a rapport with players who were relative strangers. What began with throwing sessions in San Diego has morphed into team dinners and Friday nights where Wilson and first-year offensive coordinator Arthur Smith will hole themselves up in the team facility poring over tapes and bouncing ideas off each other until their wives call wondering where they are. On game days, that work manifests itself in various ways. It's tight end Pat Freiermuth drifting toward an open area while Wilson scrambles, as he did two plays after Skowronek's grab for a 25-yard touchdown. It's Wilson calling an audible at the line of scrimmage late against Cincinnati to hit Van Jefferson for that led to a clinching field goal. It's not just good for the stat sheet, it's good for the vibes. “Morale is a big part,” Smith said. Guys who want to be invested. Spreading it around is beneficial in a myriad of ways. It means players don't feel they are “decoys on every play,” as Smith put it. It also means once you put it on film, it means opponents have to find a way to defend it. And the more things an opponent has to defend, the better for an offense, particularly one led by a quarterback who will make his 195th start on Sunday when Cleveland (3-9) visits. “Russ has seen every coverage,” Skowronek said. “He’s ran all these concepts before. So he knows progressions like probably the back of his hand.” Besides, Wilson knows he can't just preach about the importance of being unselfish without practicing it a little bit too. That means giving opportunities to those who have worked for it, no matter where they might fall on the depth chart. “I think that the best part about it is that we’re all super close,” Wilson said. “And I think that bond is really everything too, and just the understanding of each guy and the relationships that we have together, it’s fun. We’re having a great time.” It sure looks like it. The Steelers are averaging a healthy 28.7 points since Wilson recovered from a calf injury that forced him to watch the first six games from the sideline. For the first time in a long time, Pittsburgh no longer has to rely exclusively on its defense to get by. While Mike Tomlin will never get comfortable with the idea of getting into a shootout — blame his defensive coaching roots before taking over in Pittsburgh in 2007 — it's nice to know his team can match opponents score for score if necessary. Another one could be looming against the Browns, who piled up more than 500 yards on Monday night. If one materializes, Wilson is ready to do whatever is necessary and find whoever is necessary, regardless of pedigree, salary or resume. “We got to love that part of it,” Wilson said. “We can’t fear it. We’ve got to want it. We’ve got to expect it. We’ve got to embrace it. We’ve got to challenge that. We’ve got to be in those moments and be locked into that moment. I think we do an extremely good job of that.” AP NFL:In conclusion, Beijing's decision to equip schools with smart fire protection and monitoring devices represents a significant step towards creating a safer and more secure educational environment. By harnessing the potential of technology, the city is poised to set new standards in fire safety and emergency preparedness. As the implementation of these devices progresses, it is hoped that other cities and regions will take inspiration from Beijing's proactive approach to enhancing school safety through innovation and technology.
WASHINGTON (AP) — The Biden administration has imposed sanctions on the founder of Georgia’s ruling political party, which has steered the country away from a pro-Western stance and towards Russia, U.S. officials said Friday. The State and Treasury departments said they hit Georgian Dream party founder and honorary chairman with penalties “for undermining the democratic and Euro-Atlantic future of Georgia for the benefit of the Russian Federation," according to a statement. The designation of Ivanishvili is the latest in a series of sanctions the U.S. has slapped on Georgian politicians, lawmakers and others this year. Those sanctions include freezes on assets and properties those targeted may have in U.S. jurisdictions or that might enter U.S. jurisdictions as well as travel bans on the targets and members of their families. “We strongly condemn Georgian Dream’s actions under Ivanishvili’s leadership, including its ongoing and violent repression of Georgian citizens, protestors, members of the media, human rights activists, and opposition figures,” the State Department said in a statement. “The United States is committed to promoting accountability for those undermining democracy and human rights in Georgia." Ivanishvili is a shadowy billionaire who made his fortune in Russia and served briefly as Georgia’s prime minister. In 2012, he founded Georgian Dream, Georgia’s longtime ruling party. Critics have accused Georgian Dream of becoming increasingly authoritarian and tilted toward Moscow. The party recently pushed through laws similar to those used by the Kremlin to crack down on freedom of speech and LGBTQ+ rights, prompting the European Union to suspend Georgia’s membership application process indefinitely. In October, Georgian Dream won another term in a divisive parliamentary election that has led to more mass protests. Last month, the country’s prime minister, , announced a four-year suspension of talks on Georgia's bid to join the European Union, fuelingIt takes dedication to dream bigger | Paul Chiampa
Furthermore, the conversion of the A2 factory's 5.5 generation line to a glass-based micro OLED production line underscores Samsung's commitment to research and development. The company continues to invest in cutting-edge technologies and explore new opportunities to push the boundaries of what is possible in the display industry.Unconvincing Arsenal do just enough to cut Liverpool leadPhoenix Real Estate Powerhouse Joshua Smith Joins eXp Realty
Qatar tribune dpa Seoul The chairman of South Korea’s ruling party has urged his colleagues to reject the opposition-led impeachment proceedings against President Yoon Suk Yeol, as the fallout from Yoon’s imposition of martial law continued with his defence minister’s resignation. The Yonhap news agency on Thursday quoted Han Dong Hoon as saying: “As party leader, I will work to ensure that this impeachment (motion) does not pass to prevent harm from unprepared chaos to the public and supporters.” President Yoon unexpectedly declared martial law on Tuesday only to lift it a few hours later in the face of massive political resistance and protests. This marked the first time since South Korea’s transition to democracy in the late 1980s that the country’s head of state imposed martial law. In the wake of the turmoil, opposition lawmakers signed a petition for impeachment proceedings, which is set to be voted on in parliament on Saturday. Also on Thursday, Yoon accepted the resignation of his defence minister. Kim Yong Hyun, a former head of the Presidential Security Service and close aide to Yoon, was only inaugurated as defence minister in September. The Defence Ministry in Seoul confirmed that Kim proposed the martial law to Yoon, Yonhap reported. The finance, education and justice ministers are also reportedly planning to take responsibility for Yoon’s actions by stepping down from their posts. Copy 06/12/2024 10As President Erdogan continues to champion the cause of Syrian reconstruction and refugee repatriation, Turkey stands poised to make a significant impact on the future of the region. By leveraging its resources, expertise, and diplomatic influence, Turkey has the potential to shape the trajectory of post-conflict Syria and to provide a model for effective and sustainable approaches to addressing the challenges of displacement and reconstruction.FLORHAM PARK, N.J. (AP) — The New York Jets might be dealing with an opponent even tougher to overcome than their poor play, missed opportunities and ill-timed mistakes. Wide receiver Garrett Wilson suggested last Sunday a losing “gene” might be an explanation for the Jets’ inability to pull out victories after the team dropped to 3-10 with a loss at Miami. On Wednesday, Aaron Rodgers presented another perhaps more sinister reason. “I mean, it might be something like that," the quarterback said of Wilson's theory. "It might be some sort of curse we've got to snap as well.” Generations of frustrated Jets fans have half-jokingly insisted there have been negative forces at work against the franchise since Joe Namath delivered on his Super Bowl guarantee in January 1969. It remains the team's only appearance in the NFL's biggest game. Rodgers has been there once — and won — with Green Bay. The 41-year-old quarterback came to New York hoping to finally lead the Jets back to the Super Bowl. He even commented on how lonely the team's only Lombardi Trophy looked during his introductory news conference 20 months ago. Instead, Rodgers' first season in New York was cut short by a torn Achilles tendon just four snaps in, immediately resurrecting "curse” theories among jaded Jets fans. With its loss last Sunday, New York extended its playoff drought to 14 straight years, the longest active skid among the major North American sports leagues. And the team will be looking for a new general manager and coach after this season, and Rodgers' future in New York is very much up in the air. “Whatever the case, this team, this organization is going to figure out how to get over the hump at some point,” Rodgers said. “The culture is built by the players. There’s a framework set down by the organization, by the upper ups, by the staff. But in the end, it’s the players that make it come to life. "And at some point, everybody’s going to have to figure out what that special sauce is to turn those games that should be wins into wins.” The Jets have held the lead in the fourth quarter in five games this season. They've lost each of them, including the past three games. New York's inability to come away with wins in those prompted Wilson's “gene” theory. “I’m not exactly sure what he was talking about there,” Rodgers said with a smile. "I don’t know what the proper nomenclature is for the situation where we’ve lost some leads or haven’t been able to take the lead late in the game, but that’s the way it goes sometimes. We haven’t been great in situational football. “A lot of those games come down to the plays in the first and second, even third quarter, where if you make the play the game is not in that situation. But in those situations, we haven’t been very good on offense or defense or even (special) teams.” Rodgers said “it takes a conscious effort, it takes an intentional effort” to establish a winning culture, and it includes leadership, practice habits and setting standards inside and outside of the locker room. And this year's Jets, Rodgers said, are “on the edge” of that. “We just haven’t quite figured out how to get that special sauce worked out, mixed up,” he said. “It’s close and a lot of great guys are in the locker room. There’s some good mix of veterans and young guys, but we just haven’t quite put it all together.” ___ AP NFL: https://apnews.com/hub/NFL Dennis Waszak Jr., The Associated PressThe case serves as a cautionary tale for individuals and businesses alike, underscoring the importance of upholding legal obligations and honoring contractual agreements. It also highlights the role of the legal system in enforcing laws and protecting the rights of individuals, regardless of their social status or reputation.
In a testament to the power of human kindness transcending borders, the local militants in the area unexpectedly extended a helping hand to the Chinese group. Surprisingly, the militants not only facilitated a safe passage for the evacuation but also ensured a smooth and secure exit, effectively 'greenlighting' the evacuation operation for the Chinese nationals. This gesture of goodwill and protection towards individuals from a foreign land amidst the turmoil of war speaks volumes about the bonds of empathy and humanity that connect us all as fellow inhabitants of this planet.
ST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus the prior year period. Excluding Sonoma-Cutrer, net sales declined $8.4 million or 8.2%. Net sales were negatively impacted by one-time inventory transfers, as outgoing distributors in certain states transferred unsold inventory to the new distributors in those jurisdictions. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, down 250 basis points versus the prior year period. Excluding Sonoma-Cutrer, gross profit declined $5.7 million or 10.6% and gross profit was 51.1%. Adjusted gross profit was $63.8 million, an increase of $10.6 million, or 19.8%. Adjusted gross profit margin was 51.9%, versus 52.0% in the prior year. Excluding Sonoma-Cutrer, adjusted gross profit declined $4.7 million or 8.9% and gross profit margin was 51.6%. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, and adjusted EBITDA margin was 39.5%, up 560 basis points versus the prior year period. Cash was $5.4 million as of October 31, 2024. The Company’s leverage ratio was 1.7x net debt (net of debt issuance costs) to trailing twelve months adjusted EBITDA. “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debt; adjusted EBITDA does not reflect income tax payments that may represent a reduction in cash available to the Company; and other companies, including companies in the Company’s industry, may calculate adjusted EBITDA differently, which reduce their usefulness as comparative measures. Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted SG&A – calculated as selling, general, and administrative expenses excluding the impacts of purchase accounting, transaction expenses, acquisition integration expenses, equity-based compensation; and Adjusted income tax – calculated as the tax effect of all adjustments to reach adjusted net income based on the applicable blended statutory tax rate for the period. Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/enIf Benjamin Netanyahu stepped foot in Canada, he would be arrested, Prime Minister Justin Trudeau confirmed on Thursday after the International Criminal Court (ICC) Also included in the warrant are Netanyahu’s former Defense Minister Yoav Gallant, and a Hamas leader. Trudeau was in Newmarket on Thursday to make a when a reporter reminded him that under the warrants, Canadian law enforcement would be obligated to arrest Netanyahu if he entered the country. When asked if he would allow the arrest to happen, he replied: “As Canada has always said, it’s really important that everyone abide by international law, this is something we have been calling on since the beginning of the conflict,” a grim-looking Trudeau replied. “We are one of the founding members of the International Criminal Court (ICC),” he added. “We stand up for international law and we will abide by all the regulations and rulings of the international courts. This is just who we are as Canadians.” The announcement quickly drew both praise and condemnation. “We are ashamed that Canada would align itself with such a politicized decision,” the Centre for Israel and Jewish Affairs wrote in a social media post. “By doing so, Canada undermines international law, strains its alliance with the U.S., and harms its relationship with Israel. This decision erodes Canada’s role as a principled advocate for fairness and justice on the global stage.” We are ashamed that Canada would align itself with such a politicized decision. By doing so, Canada undermines international law, strains its alliance with the U.S., and harms its relationship with Israel. This decision erodes Canada’s role as a principled advocate for fairness... The National Council of Canadian Muslims (NCCM) applauded Trudeau’s backing of ICC — the world’s top war-crimes court. “Today, the Prime Minister took a step in this direction by accepting that Canada would recognize these ICC arrest warrants. This means that Netanyahu and Gallant would be arrested if they stepped foot in Canada. This is an important moment. Canada has chosen to do the right thing.” The warrants against Netanyahu and Gallant allege Israel has used food as a weapon in its campaign against Hamas in Gaza. Israeli officials deny that charge. The court also issued an arrest warrant for Mohammed Deif — the head of Hamas’ armed wing for his role in the Oct. 7, 2023 attacks. Netanyahu, meanwhile, was quick to condemn the arrest warrant against him, saying Israel “rejects with disgust the absurd and false actions” by the court. In a statement released by his office, he said: “There is nothing more just than the war that Israel has been waging in Gaza.”
In a recent CBA game, the star player 11 scored an impressive 21 points and 10 rebounds, leading his team to a resounding victory over Zhou Qi's team. This performance immediately sparked a debate among basketball fans, with many wondering if the decision to let go of 11 by Zhu Fangyu was a major mistake.