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RUBEN AMORIM gave Manchester United five out of ten for Sunday’s performance at Ipswich. The coach looked frustrated as the Red Devils struggled in the 1-1 draw — his first game in charge — against the Premier League new boys. 5 Ruben Amorim watched his side draw 1-1 with Ipswich in his opening game in charge Credit: PA 5 It was a frustrating afternoon for Garnacho and his fellow Red Devils Credit: Rex Amorim delivered his verdict on the average display in the Portman Road dressing room, where he also revealed he was blown away by the intensity of the top flight. A source said: "Amorim said their performance was a five out of ten. "He was impressed with Ipswich and thought the game was played at an incredible intensity. "But he added that it showed just how much United need to improve." READ MORE IN FOOTBALL KEANE OBSERVER Sky Sports launch Roy Keane probe and ask Redknapp and co for statements Former Sporting Lisbon boss Amorim, who replaced axed Erik ten Hag as boss this month, is realistic about the major task ahead of him. But he warned his players that they must improve and learn quickly. The Portuguese, 39, acknowledged that if 18th-placed Ipswich are one of the Prem’s lesser teams, then it showed the job he has on his hands to turn Man Utd 's fortunes around. He took his first training session last Monday , with the international break only halfway through. Most read in Football WRONG MOVE Joining Rangers was biggest mistake of my life - I could've played for Man Utd TICKED OFF McGinn's brief ultimatum for Villa v Celtic & prediction for Hoops v Club Brugge KEANE OBSERVER Sky Sports launch Roy Keane probe and ask Redknapp and co for statements VINDA-BLUES Gers greats from 9IAR era spotted at private meal with Helicopter Sunday heroes CASINO SPECIAL - BEST CASINO WELCOME OFFERS 5 Marcus Rashford scored the first goal of the Amorim era after just 81 seconds Credit: Rex 5 Captain Bruno Fernandes struggled at Portman Road on Sunday evening Credit: Getty Man Utd player ratings vs Ipswich The source added: "He was critical of one or two players for losing the ball and not being in the right positions. "But he also said, ‘Some of you I’ve had for two days, some two weeks’, so he was realistic. "He did say they were going to have to learn quickly." 5 Man Utd ratings vs Ipswich as Onana saves Amorim from embarrassment in first game as boss MANCHESTER UNITED began the Ruben Amorim era with a 1-1 draw away at Ipswich. Marcus Rashford needed just 81 seconds to put the Red Devils in front at Portman Road, tapping home an Amad Diallo cross. But Ipswich hit back when Omari Hutchinson's strike flew in via a deflection off Noussair Mazraoui. And it was the newly-promoted side who looked likelier to get a winner in the second half. Here is how SunSport's Charlie Wyett saw the performances of the Man Utd players... ANDRE ONANA - 7/10 United’s best player. Two key stops to deny Liam Delap but no chance for the deflected Omari Hutchinson goal. Then delivered an 87th minute save to keep out an effort from Conor Chaplin. NOUSSAIR MAZRAOUI - 5 Slotted in on the right of the three-man defence but unfortunate with the deflection for the goal. MATTHIJS DE LIGT - 5 Has been suspect this season and will probably be better suited to a back three although still given a tough time by Delap. JONNY EVANS - 5 The 36-year-old was targeted by Ipswich for his lack of pace and no surprise he was replaced. AMAD DIALLO - 6 Did incredibly well to bomb past Jens Cajuste and deliver the cross for Rashford’s early goal but offered little else. CHRISTIAN ERIKSEN - 5 Some nice touches going forward but too lightweight in this position in front of the back three. CASEMIRO - 4 Lucky to start ahead of Manuel Ugarte and was really poor. Struggled throughout before being subbed and could maybe have got a block to the Hutchinson shot. DIOGO DALOT - 5 Not suited to left wing-back although stayed there when Luke Shaw arrived because the English international replaced Evans in the back three. BRUNO FERNANDES - 5 Some of his link-up play was fine but United need a captain who can inspire this team and Fernandes is not the man. Sent a free-kick flashing past the post with 12 minutes left. ALEJANDRO GARNACHO - 5 Twice called over by Ruben Amorim in the first half for instructions. Denied by a decent save from Aro Muric 50 seconds into the second half. MARCUS RASHFORD - 6 Criticised for his basketball trip to New York so to score after 80 seconds was two fingers up at his critics - but did not offer much after that. Subs Ugarte (for Casemiro 56 mins) - 6 Shaw (for Evans 56 mins) - 6 Hojlund (for Rashford 67 mins) - 5 Zirkzee ( for Eriksen 67 mins) - 5 Mount (for Garnacho 87 mins) - 5NCCN Hosts Patient Advocacy Summit on Improving Access to Accurate Health Information
Who are the main injury doubts? Who is in form? And how do OUR experts see the big games going? Read Mail Sport's Ultimate Weekend Guide ahead of the Premier League matchesNo. 24 UCLA is seeking its eighth straight win on Saturday against an Arizona team that is trying to right the ship after dropping four of its last six games. The game is being played in Phoenix, billed as part of the Hall of Fame Series. It's the first meeting between the storied ex-Pac-12 rivals since the conference's collapse last year and will be the first time the teams have met in a nonconference matchup since 1977. UCLA (8-1) is off to a surprisingly hot start after a nightmarish last season. The Bruins have won seven in a row after falling to New Mexico on Nov. 8. They're coming directly off a 73-71 victory over No. 12 Oregon on Sunday on a game-winning 3-pointer by Dylan Andrews with 0.3 seconds remaining. Eric Dailey Jr. led the way with 19 points on 7-of-8 shooting. The Bruins sit at 2-0 in conference play in their first season as a member of the Big Ten. "My analysis early of the Big Ten is that it's so deep," UCLA coach Mick Cronin said. "I know it probably always was that way, but now it's deeper. You've just got to get better. "I also coach at UCLA where we get the most titles and (have been to) the second-most finals. I didn't come to UCLA to win regular-season games. For us, it's about progression and getting better. "We were able to win (against Oregon) but I thought we got a lot better. We came together. We got more cohesive. The guys played with confidence." Tyler Bilodeau leads UCLA in scoring and rebounding, averaging 13.3 points and 5.9 rebounds per game. Bilodeau played his first two collegiate seasons at Oregon State, although his maiden voyage at UCLA is only his second season as a regular starter. Dailey, a transfer from Oklahoma State, doesn't trail too far behind in either category, averaging 12.3 points and 5.2 rebounds per game. USC transfer Kobe Johnson leads the Bruins with 3.2 assists while also tallying 7.3 points and 5.1 rebounds per game. The Wildcats (4-4) are in the midst of a dreadful start, needing a 102-66 win over Southern Utah to nurse themselves back to .500. Before that, Arizona was just one for its last five. The Wildcats are winless against fellow power-conference opponents, suffering double-digit losses to Wisconsin and Duke. Arizona also absorbed a five-point loss to Oklahoma and a seven-point overtime loss to West Virginia at the Battle 4 Atlantis. "Great programs are going to stumble once in a while," Arizona coach Tommy Lloyd said. "The response is the key. Learning from it and coming back stronger is the objective and that's the challenge. We obviously have been challenged early in the season. "(The emphasis needs to be on) Arizona basketball, because here's the deal: UCLA is a good program. If we go in and all we're worried about is UCLA and we assume that we're going to show up and play well, we're going to get our ass kicked." The Wildcats are led by Caleb Love, who returned for a second season at Arizona and a fifth in college overall after he played his first three seasons at North Carolina. Love is averaging 14.1 points per game on 37.2 percent shooting, down from 18 points per game a season ago. Aside from Love, Arizona has four more players averaging in double figures for the season: Jaden Bradley (12.0 ppg), Trey Townsend (11.3), KJ Lewis (10.3) and Anthony Dell'Orso (10.0). --Field Level Media
France mourns Mayotte victims amid uncertainy over governmentFirst it was Canada, then the Panama Canal. Now, Donald Trump again wants Greenland. The president-elect is renewing unsuccessful calls he made during his first term for the U.S. to buy Greenland from Denmark, adding to the list of allied countries with which he’s picking fights even before taking office on Jan. 20. In a Sunday announcement naming his ambassador to Denmark, Trump wrote that, “For purposes of National Security and Freedom throughout the World, the United States of America feels that the ownership and control of Greenland is an absolute necessity.” Trump again having designs on Greenland comes after the president-elect suggested over the weekend that the U.S. could retake control of the Panama Canal if something isn’t done to ease rising shipping costs required for using the waterway linking the Atlantic and Pacific oceans. He’s also been suggesting that Canada become the 51st U.S. state and referred to Canadian Prime Minister Justin Trudeau as “governor” of the “Great State of Canada.” Stephen Farnsworth, a political science professor at the University of Mary Washington in Fredericksburg, Virginia, said Trump tweaking friendly countries harkens back to an aggressive style he used during his days in business. “You ask something unreasonable and it’s more likely you can get something less unreasonable,” said Farnsworth, who is also author of the book “Presidential Communication and Character.” Greenland, the world’s largest island, sits between the Atlantic and Arctic oceans. It is 80% covered by an ice sheet and is home to a large U.S. military base. It gained home rule from Denmark in 1979 and its head of government, Múte Bourup Egede, suggested that Trump’s latest calls for U.S. control would be as meaningless as those made in his first term. “Greenland is ours. We are not for sale and will never be for sale,” he said in a statement. “We must not lose our years-long fight for freedom.” Trump canceled a 2019 visit to Denmark after his offer to buy Greenland was rejected by Copenhagen, and ultimately came to nothing. He also suggested Sunday that the U.S. is getting “ripped off” at the Panama Canal. “If the principles, both moral and legal, of this magnanimous gesture of giving are not followed, then we will demand that the Panama Canal be returned to the United States of America, in full, quickly and without question,” he said. Panama President José Raúl Mulino responded in a video that “every square meter of the canal belongs to Panama and will continue to,” but Trump fired back on his social media site, “We’ll see about that!” The president-elect also posted a picture of a U.S. flag planted in the canal zone under the phrase, “Welcome to the United States Canal!” The United States built the canal in the early 1900s but relinquished control to Panama on Dec. 31, 1999, under a treaty signed in 1977 by President Jimmy Carter. The canal depends on reservoirs that were hit by 2023 droughts that forced it to substantially reduce the number of daily slots for crossing ships. With fewer ships, administrators also increased the fees that shippers are charged to reserve slots to use the canal. The Greenland and Panama flareups followed Trump recently posting that “Canadians want Canada to become the 51st State” and offering an image of himself superimposed on a mountaintop surveying surrounding territory next to a Canadian flag. Trudeau suggested that Trump was joking about annexing his country, but the pair met recently at Trump’s Mar-a-Lago club in Florida to discuss Trump’s threats to impose a 25% tariff on all Canadian goods. “Canada is not going to become part of the United States, but Trump’s comments are more about leveraging what he says to get concessions from Canada by putting Canada off balance, particularly given the precarious current political environment in Canada,” Farnsworth said. “Maybe claim a win on trade concessions, a tighter border or other things.” He said the situation is similar with Greenland. “What Trump wants is a win,” Farnsworth said. “And even if the American flag doesn’t raise over Greenland, Europeans may be more willing to say yes to something else because of the pressure.” –Associated Press Writer Gary Fields in Washington contributed to this report.
MYRTLE BEACH BOWL: UTSA cruises past Coastal CarolinaCricket Don't miss out on the headlines from Cricket. Followed categories will be added to My News. The damning international face palm reaction to cricket great Jason Gillespie’s resignation has left Pakistan humiliated. The former Aussie fast bowler was given the job just eight months ago as Pakistan cricket continues to stumble from one crisis to the next. Watch every ball of Australia v India LIVE & ad-break free during play in 4K on Kayo | New to Kayo? Get your first month for just $1. Limited time offer. The former South Australian coach on Thursday sensationally refused to join the squad on their tour of South Africa over disagreements with the country’s cricket board. Gillespie still had more than one year to run on his contract after he was appointed the team’s red ball coach in April. Former South Africa opening batsman Gary Kirsten was supposed to be his partner as white-ball coach. Kirsten resigned in October for similar reasons. The Pakistan Cricket Board (PCB) confirmed Gillespie’s resignation on Friday morning. “The PCB has named former Pakistan paceman Aaqib Javed as interim red-ball head coach following the resignation of Gillespie,” a PCB statement said. Aaqib, who also replaced Kirsten as interim white-ball coach, will now oversee the two-Test series in South Africa, starting in Centurion from December 26. The second Test will be played in Cape Town from January 3-7. Pakistan’s white-ball squad is currently in South Africa for a three-match T20 series and three one-day internationals. Jason Gillespie deserved better. Photo by Kelly Barnes/Getty Images. Gillespie was removed from the selection panel following Pakistan’s 2-0 whitewash at the hands on Bangladesh in September and losing the first Test by an innings against England a month later. Pakistan won the next two Tests against England, taking the series 2-1, on sharply spinning pitches. Gillespie did not hide his sentiments, saying he was frustrated. “I think there’s always frustrations from time to time,” Gillespie said, in an interview with Sky Sports during the second England Test. “It wasn’t what I signed up for, I’ll be completely honest.” After the England series, the 49-year-old served as white-ball coach on Pakistan’s tour of Australia but was not given the job for the series in Zimbabwe. Gillespie was reportedly not happy after the contract of his assistant Tim Nielsen was not renewed by the PCB. It has been turbulent times for Pakistan cricket with the team going through eight coaches since November, 2022. The reaction from Pakistan cricket commentators has been scathing. One commentator pointed the blame at Syed Mohsin Raza Naqvi — chairman of the Pakistan Cricket Board since February, 2024. One posted on X: “Thank you Mohsin Naqvi & Clowns”. Other fans wanted pressure to be put on Naqvi, posting: “The circus of PCB, run by Mohsin Naqvi & Co — it never fails to surprise. Clowns”. Cricket journalist Basit Subhani wrote: “Embarrassing moment for Pakistan cricket. “International coaches won’t take their Pakistan assignment easily now. “Gary and now Gillespie, both former great cricketers and accomplished coaches. Big loss for Pakistan cricket. “Jason Gillespie should have been persuaded to coach the test team for at least another year!Congratulations to Aqib Javed though.” He went on to post: “This is absolutely shameful”. Cricket writer Saj Sadiq posted: “Pakistan Cricket Board’s treatment of highly respected Head Coach Jason Gillespie has been disrespectful & unprofessional. Jason Gillespie with Pakistan. Photo by Mark Brake/Getty Images. “Underhand tactics & behind the scenes politics were once again at play & influential figures wanted Gillespie to resign.” Pakistan last month strongly refuted reports Gillespie had been sacked . It has been a period of extreme upheaval for the proud cricketing nation. The earlier report left cricket commentators staggered with former Aussie Test coach Darren Lehmann hitting out on Twitter. “This is unbelievable,” Lehmann, Gillespie’s former Test teammate, wrote in a post that included angry emojis. Former Australian and Pakistan coach Mickey Arthur also posted: “This is just incredible and another very good coach under contract set to be replaced”. Gillespie, who previously coached domestic teams in India, England and Australia, earlier admitted coaching Pakistan was his biggest assignment yet. “It’s a completely different environment,” he told Al Jazeera in October. “For a start, it’s a Test coaching gig as opposed to domestic cricket. I’ve coached a lot in the United Kingdom and coached a lot in Australia, I’ve done a little bit in India with the Indian Premier League and in Zimbabwe, so this is a new challenge. “I’m doing a lot of observing and listening to try to understand and add some value in the right way. “I was conscious of not just coming in, being brazen and saying, ‘I know everything – do this, do this and this’. “I wanted to come in and listen, learn and get a feel for what Pakistan cricket is about. It’s been a good learning curve.” — with AFP More Coverage Dawn Fraser’s family shocked by question James Dampney Officials explain bizarre Josh Hazlewood act Dane Heverin and Eamonn Tiernan with Staff Writers Originally published as Entire nation humiliated as Aussie cricket legend quits Join the conversation Add your comment to this story To join the conversation, please log in. Don't have an account? Register Join the conversation, you are commenting as Logout More related stories Cricket Aussie change confirmed for Brisbane Despite winning the second Test in Adelaide Australia will make a single change to its line-up for the third clash with India in Brisbane. Read more Cricket Confirmed: Hazlewood to return for Gabba Test Josh Hazlewood is set to return to the Australian XI for the Gabba Test, with Scott Boland to make way, DANIEL CHERNY reports. Read more
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PCJCCI proposes national computing hubs to boost digital economy LAHORE: The Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) has called for transforming the country’s industrial economy into a digital economy, following the Chinese model, which has proven to be highly effective in fostering economic growth. During a discussion on the digitalisation of the national economy at the PCJCCI meeting on Friday, PCJCCI President Nazir Hussain stressed the need to establish integrated computing network hubs across Pakistan to stimulate the digital economy and provide momentum for its development. “Data centre computing equipment will serve as key accelerators for the development of emerging technologies like artificial intelligence, big data, and blockchain, driving digital transformation and fostering high-quality growth,” Hussain said. Highlighting China’s approach, he explained that national computing hubs are being developed in strategic regions such as the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, and other key clusters. He suggested replicating this model in Pakistan’s major business cities, including Lahore, Karachi, Peshawar, Quetta, Faisalabad, Sialkot, Hyderabad and Gilgit-Baltistan, to revolutionise the country’s digital landscape. Hussain noted that the big data industry would be instrumental in the transition from an industrial economy to a digital economy. “Accelerating the development of 5G networks and 1,000M fibre optic networks will be vital for creating a new intelligent ecosystem,” he added. Senior Vice President PCJCCI Mansoor Saeed elaborated on the benefits of a national computing network, stating that it would enhance the free flow of data and streamline economic processes. “These hubs will become key drivers of economic growth while supporting the national big data strategy,” he said. Saeed also highlighted China’s initiatives in building national integrated computing networks as part of its efforts to promote “new infrastructure” construction and environmentally sustainable, high-quality digital development. He suggested that Pakistan could adopt similar techniques to develop super-large and large-scale data centres, creating data clusters in key regions. These clusters could support industries such as industrial internet, financial services, disaster management, telemedicine, and video communications. Vice President PCJCCI Zafar Iqbal underscored the potential impact of such a move, stating, “Establishing a structural balance between data centres in different regions will boost innovation in big data applications, improve computing resource efficiency, and promote green, high-quality development.” The PCJCCI leaders added that the digital transformation of Pakistan’s economy is critical to meeting global economic challenges, fostering innovation and ensuring sustainable development.
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Dec 23, 2024-- Venu Holding Corporation ("VENU" or “The Company”) (NYSE American: VENU), a leading premium hospitality and live entertainment company built by music fans for music fans, announced today its third quarter 2024 results for the period ended September 30, 2024, the first earnings report since its successful initial public offering (“IPO”) which closed on November 29, 2024. In the third quarter of 2024, VENU brought luxury entertainment to life. VENU executed its business plan with the historic launch of its fan founded and fan owned mission with the opening of its first live, ultra-lux entertainment complex in Colorado Springs, Colorado, Ford Amphitheater. Colorado Ford Dealerships purchased the naming rights for ten years for $13 million, one of the largest amphitheater sponsorships in history. This $70 million state-of-the-art facility hosted its Grand Opening weekend in August 2024 with an energetic, sold-out crowd featuring GRAMMY award winner, Ryan Tedder and his globally recognized band, OneRepublic. Designed to host over 8,000 music fans per show, Ford Amphitheater features 92 custom build luxury fire-pits suites, a unique feature to all VENU owned and planned amphitheaters. Nominated by Pollstar Magazine for 2024 Best New Concert Venue of the Year, Ford Amphitheater welcomed over 96,000 music fans from over 5,500 different zip codes from all 50 states in its limited first season. While only hosting 17 shows in August and September (compared to a typical touring season of up to 60 shows running April to November), the Ford Amphitheater featured internationally renowned performers such as Dierks Bentley, Robert Plant, Lauren Daigle and more. Now entering its first full season in 2025, the Ford Amphitheater is off to a rocking start. With an initial set of shows announced and on sale for the 2025 season, and many more in the pipeline, the Ford Amphitheater is actively booking an exciting lineup through its partnership with AEG Presents Rocky Mountains. VENU is also on schedule to unveil its highly anticipated $35 million dining and entertainment collection in 2025, strategically developed to sit along the east perimeter of Ford Amphitheater. Designed for year-round service, the innovative development will cater to guests during shows and beyond, featuring upscale restaurants and bars, Owners Clubs, and vibrant social and private event spaces. “ With two completed and operating campuses in Colorado Springs, Colorado and Gainesville, Georgia; four in the construction phase, and five others in the design and development phase, we have set the stage for continued growth,” said J.W. Roth, the Company’s Founder, Chairman and Chief Executive Officer. “ Together, once operational, these anticipated markets are projected to add over $2 billion in real assets to our balance sheet and will bring our seat inventory to an anticipated 150,000 seats.” J.W. Roth continued: “ When fully developed, our initial 11 live entertainment complexes will be able to hold up to 60 shows per year, which calculates gross sellable seating at approximately 10 million seats per year. With an expected average gross sales price of $150 per seat, VENU’s annual gross receipts could be in excess of $1.5 billion. ” Performance Highlights: Key Updates: Q3 2024, Year-to-Date Highlights, and Notable Business Developments CONFERENCE CALL DETAILS Monday, December 23, 2024, 4:30 p.m. Eastern Time USA/Canada Toll-Free Dial-In Number: (800) 715-9871 International Toll Dial-In Number: +1 (646) 307-1963 Conference ID: 9521412 Webcast Link: https://events.q4inc.com/attendee/565245234 Webcast Replay - available through December 23, 2025, at https://investors.venu.live About Venu Holding Corporation Venu Holding Corporation ("VENU") (NYSE American: VENU), founded by Colorado Springs entrepreneur J.W. Roth, is a premier hospitality and live music venue developer dedicated to crafting luxury, experience-driven entertainment destinations. VENU’s campuses in Colorado Springs, Colorado, and Gainesville, Georgia, each feature Bourbon Brothers Smokehouse and Tavern, The Hall at Bourbon Brothers, and unique to Colorado Springs, Notes Eatery and the 8,000-seat Ford Amphitheater. Expanding with new Sunset Amphitheaters in Oklahoma and Texas, VENU’s upcoming large-scale venues will host between 12,500 and 20,000 guests, continuing VENU’s vision of redefining the live entertainment experience. VENU has been recognized nationally by The Wall Street Journal , The New York Times , Denver Post , Billboard , VenuesNow , and Variety for its innovative and disruptive approach to live entertainment. Through strategic partnerships with industry leaders such as AEG Presents and NFL Hall of Famer and Founder of EIGHT Elite Light Lager, Troy Aikman, VENU continues to shape the future of the entertainment landscape. For more information, visit venu.live Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law. 2024 2023 $ 35,796,857 $ 20,201,104 226,871 185,746 1,171,226 209,215 1,370,710 - 38,565,664 20,596,065 125,756,511 57,737,763 227,956 277,995 1,446,793 3,685,980 550,000 550,000 50,878 375,904 128,032,138 62,627,642 $ 166,597,802 $ 83,223,707 5,822,922 2,565,460 13,137,911 698,369 316,927 331,457 2,209,107 764,081 8,583,275 - 371,111 230,952 208,510 325,245 30,649,763 4,915,564 1,109,006 3,646,385 6,800,000 1,500,000 14,001,634 11,182,073 $ 52,560,403 $ 21,244,022 383 1,960 - 30,306 35,915 - - - 121,914,521 47,743,085 (41,073,711 ) (17,021,453 ) 80,877,108 30,753,898 (1,500,076 ) (76 ) 79,377,032 30,753,822 34,660,367 31,225,863 $ 114,037,399 $ 61,979,685 $ 166,597,802 $ 83,223,707 2024 2023 2024 2023 $ 2,740,411 $ 2,892,082 $ 8,144,605 $ 6,706,719 2,002,572 961,222 4,663,228 1,838,736 708,992 58,075 759,123 140,120 $ 5,451,975 $ 3,911,379 $ 13,566,956 $ 8,685,575 653,178 712,026 1,901,590 1,530,107 435,841 407,889 1,727,311 634,368 1,152,909 1,188,574 3,358,871 2,572,382 333,192 363,032 975,756 863,850 5,449,396 3,428,774 24,279,184 9,944,662 1,103,720 565,355 2,319,513 1,279,510 9,128,236 6,665,650 34,562,225 16,824,879 $ (3,676,261 ) $ (2,754,271 ) $ (20,995,269 ) $ (8,139,304 ) (1,162,663 ) (92,252 ) (2,717,849 ) (222,812 ) - - (2,500,000 ) - - - - (11,947 ) 276,452 - 502,962 20,153 35,000 38,610 97,500 109,179 (851,211 ) (53,642 ) (4,617,387 ) (105,427 ) $ (4,527,472 ) $ (2,807,913 ) $ (25,612,656 ) $ (8,244,731 ) (595,251 ) (33,707 ) (1,560,398 ) (538,133 ) $ (3,932,221 ) $ (2,774,206 ) $ (24,052,258 ) $ (7,706,598 ) - - - 182,234 $ - $ - $ - $ (0.31 ) 383,656 11,695,841 839,116 17,514,426 $ (0.13 ) $ (0.09 ) $ (0.58 ) $ (0.31 ) 20,997 20,504,392 9,027,155 7,549,308 $ (0.13 ) $ (0.09 ) $ (0.58 ) $ (0.31 ) 25,879,401 - 21,805,264 - $ (0.13 ) $ - $ (0.58 ) $ - 3,282,150 - 9,775,099 - $ (0.13 ) $ - $ (0.58 ) $ - 2024 2023 $ (25,612,656 ) $ (8,244,731 ) 448,150 - 3,927,325 273,380 7,000,000 1,742,974 579,981 - 1,985,568 1,434 268,635 363,149 - (11,678 ) 2,319,513 1,279,510 2,500,000 - (41,125 ) (93,060 ) (962,011 ) 205,157 325,026 (215,904 ) 3,233,914 (1,670,904 ) 12,439,542 54,576 (1,370,710 ) - (14,530 ) (113,865 ) 1,445,026 248,542 (235,641 ) (336,794 ) 5,100,000 - 13,336,007 (6,518,214 ) (61,615,767 ) (19,190,024 ) 74,085 - (61,541,682 ) (19,190,024 ) 29,900,282 10,950,000 (893,082 ) (548,830 ) (232,327 ) (144,431 ) 30,426,503 14,512,268 52 82,600 (100,000 ) - (1,500,000 ) (76 ) 6,200,000 - 63,801,428 24,851,531 15,595,753 (856,707 ) 20,201,104 23,470,734 $ 35,796,857 $ 22,614,027 $ 296,593 $ 234,197 $ - $ 4,402,392 $ 10,000,000 $ - $ 3,000,140 $ - $ 100,000 $ - $ 200,000 $ - $ 3,267,000 $ - $ 471,476 $ - View source version on businesswire.com : https://www.businesswire.com/news/home/20241223353851/en/ For media requests, connect with Chloe Hoeft atchoeft@venu.liveor 719-895-5470 KEYWORD: COLORADO UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENTERTAINMENT MUSIC EVENTS/CONCERTS SOURCE: Venu Holding Corporation Copyright Business Wire 2024. PUB: 12/23/2024 04:10 PM/DISC: 12/23/2024 04:10 PM http://www.businesswire.com/news/home/20241223353851/enSales of $397.9 million in the fourth quarter and $1,330.1 million in fiscal 2024 Net loss of $9.9 million in the fourth quarter and $23.4 million in fiscal 2024 Adjusted EBITDA of $43.0 million in the fourth quarter and $108.7 million in fiscal 2024 Diluted earnings per share of $(0.05) in the fourth quarter and $(0.13) in fiscal 2024 Adjusted diluted earnings per share of $0.02 in the fourth quarter and $(0.01) in fiscal 2024 PHOENIX, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Leslie's, Inc. (("Leslie's", "we", "our", "its", or "Company", NASDAQ: LESL ), the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry, today announced its financial results for the fourth quarter and fiscal 2024. Jason McDonell, Chief Executive Officer, said, "Our fourth quarter results were in line with our revised expectations on the top-line, and we saw strong performance in our Pro segment with some continued softness in store traffic and larger-ticket and discretionary categories. Profitability was affected by deleverage from the sales decline and a one-time contract item, though we have remained disciplined on SG&A expenses." McDonell added, "While we continue to operate in a dynamic environment, which has been felt acutely across the pool industry for the last two years, I see a bright future and compelling opportunities for Leslie's. Since joining Leslie's in September, I've been in the market talking with customers, vendors, and associates and it's clear that Leslie's is a trusted brand with a rich legacy and a strong market leadership position. I see meaningful opportunities to enhance these attributes and build on our competitive advantages by putting the customer at the center of everything we do. With the customer as our north star, we are developing and beginning to execute on the strategy and initiatives to drive long-term profitable growth. I look forward to detailing our strategic roadmap in the coming quarters and thank all of our stakeholders for their support as we build a stronger future together." Fourth Quarter Highlights Sales were $397.9 million, a decrease of 8.0% compared to $432.4 million in the prior year period. Comparable sales decreased 8.3%. Non-comparable sales from acquisitions and new stores contributed $1.5 million in the period. Gross profit was $143.2 million, a decrease of 10.6% compared to $160.2 million in the prior year period. Gross margin was 36.0% compared to 37.0% in the prior year period. The decrease in gross margin rate was driven by deleverage on occupancy and distribution costs, as well as a one-time item of approximately $5 million related to rebates and warranties on a contract that has since been revised. Selling, general and administrative expenses ("SG&A") were $116.8 million, a decrease of 4.0% compared to $121.6 million in the prior year period. Operating income was $26.4 million compared to $38.5 million in the prior year period. Interest expense was $17.0 million compared to $17.2 million in the prior year period. A valuation allowance of approximately $11 million was established to provide an offset to the Company's deferred tax assets. This non-cash item is subject to change as the realization of future deferred tax assets changes over time. Net (loss) income was $(9.9) million compared to $16.5 million in the prior year period. Adjusted net income was $4.4 million compared to $25.7 million in the prior year period. Diluted earnings per share was $(0.05) compared to $0.09 in the prior year period. Adjusted diluted earnings per share was $0.02 compared to $0.14 in the prior year period. Adjusted EBITDA was $43.0 million compared to $59.5 million in the prior year period. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and occupancy deleverage were largely offset by lower SG&A and a reduction in inventory adjustments. Fiscal 2024 Highlights Sales decreased 8.3% to $1,330.1 million compared to $1,451.2 million in the prior year. Comparable sales decreased 8.8%. Non-comparable sales including acquisitions and new stores contributed $7.9 million for the year. Gross profit decreased 13.0% to $476.8 million compared to $548.2 million in the prior year. Gross margin decreased to 35.8% from 37.8% in the prior year period. The decrease in gross margin was primarily driven by negative impacts of 121 basis points from a decreased product rate, 94 basis points from deleverage on occupancy costs, and 50 basis points from the expensing of previously capitalized distribution costs due to significant reductions in inventory during the year. These impacts were partially offset by a 72 basis point reduction in inventory adjustments and distribution costs. SG&A decreased $26.4 million to $419.7 million compared to $446.0 million in the prior year. Operating income was $57.1 million compared to $102.2 million in the prior year. Interest expense increased $5.0 million to $70.4 million compared to $65.4 million in the prior year. Net (loss) income was $(23.4) million compared to $27.2 million in the prior year. Adjusted net (loss) income was $(1.1) million compared to $51.1 million in the prior year. Diluted earnings per share was $(0.13) compared to $0.15 in the prior year. Adjusted diluted earnings per share was $(0.01) compared to $0.28 in the prior year. Adjusted EBITDA was $108.7 million compared to $168.1 million in the prior year. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and increases in occupancy and distribution costs were largely offset by lower SG&A and a reduction in inventory adjustments. Balance Sheet and Cash Flow Highlights Cash and cash equivalents totaled $108.5 million as of September 28, 2024, an increase of $53.1 million, compared to $55.4 million as of September 30, 2023. Inventories totaled $234.3 million as of September 28, 2024, a decrease of $77.5 million or 24.9%, compared to $311.8 million as of September 30, 2023. Funded debt was $783.7 million as of September 28, 2024 compared to $789.8 million as of September 30, 2023. There were no outstanding borrowings on our revolving credit facility as of September 28, 2024 and September 30, 2023. The effective rate on our term loan during fiscal 2024 was 8.1% compared to 8.2% during fiscal 2023. Net cash provided by operating activities totaled $107.5 million in fiscal 2024 compared to $6.5 million in fiscal 2023. Capital expenditures totaled $47.2 million in fiscal 2024 compared to $38.6 million in fiscal 2023. First Quarter Fiscal 2025 Outlook The Company expects the following for the first quarter of fiscal 2025: Sales $169 million to $176 million Gross profit $45 million to $48 million Net loss $(41) million to $(39) million Adjusted net loss $(39) million to $(37) million Adjusted EBITDA $(29) million to $(27) million Adjusted diluted loss per share $(0.21) to $(0.20) Diluted weighted average shares outstanding 185 million *Note: A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to our results computed in accordance with GAAP. Conference Call Details A conference call to discuss the Company's financial results for the fourth quarter and fiscal 2024 is scheduled for today, Monday, November 25, 2024 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-0784 (international callers please dial 1-201-689-8560) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.lesliespool.com/ . A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.lesliespool.com/ for 90 days. About Leslie's Founded in 1963, Leslie's is the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry. The Company serves the aftermarket needs of residential and professional consumers with an extensive and largely exclusive assortment of essential pool and spa care products. The Company operates an integrated ecosystem of over 1,000 physical locations and a robust digital platform, enabling consumers to engage with Leslie's whenever, wherever, and however they prefer to shop. Its dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering Leslie's consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas. Use of Non-GAAP Financial Measures and Other Operating Measures In addition to reporting financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), we use certain non-GAAP financial measures and other operating measures, including comparable sales growth, Adjusted EBITDA, Adjusted net income (loss), and Adjusted diluted earnings per share, to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. These non-GAAP financial measures and other operating measures should not be considered in isolation or as substitutes for our results as reported under GAAP. In addition, these non-GAAP financial measures and other operating measures are not calculated in the same manner by all companies, and accordingly, are not necessarily comparable to similarly titled measures of other companies and may not be appropriate measures for performance relative to other companies. Comparable Sales Growth We measure comparable sales growth as the increase or decrease in sales recorded by the comparable base in any reporting period, compared to sales recorded by the comparable base in the prior reporting period. The comparable base includes sales through our locations and through our e-commerce websites and third-party marketplaces. Comparable sales growth is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest (including amortization of debt issuance costs), taxes, depreciation and amortization, management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash or discrete items. Adjusted EBITDA is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other companies using similar measures. Adjusted EBITDA is not a recognized measure of financial performance under GAAP but is used by some investors to determine a company's ability to service or incur indebtedness. Adjusted EBITDA is not calculated in the same manner by all companies, and accordingly, is not necessarily comparable to similarly titled measures of other companies and may not be an appropriate measure for performance relative to other companies. Adjusted EBITDA should not be construed as an indicator of a company's operating performance in isolation from, or as a substitute for, net income (loss), cash flows from operations or cash flow data, all of which are prepared in accordance with GAAP. We have presented Adjusted EBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations. Adjusted EBITDA is not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of operating performance as determined in accordance with GAAP. In the future, we may incur expenses or charges such as those added back to calculate Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Adjusted Net Income (Loss) and Adjusted Diluted Earnings per Share Adjusted net income (loss) and Adjusted diluted earnings per share are additional key measures used by management and our board of directors to assess our financial performance. Adjusted net income (loss) and Adjusted diluted earnings per share are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. Adjusted net income (loss) is defined as net income (loss) adjusted to exclude management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash, or discrete items. Adjusted diluted earnings per share is defined as Adjusted net income (loss) divided by the diluted weighted average number of common shares outstanding. Forward-Looking Statements This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations or financial condition, business strategy, value proposition, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others: our ability to execute on our growth strategies; supply disruptions; our ability to maintain favorable relationships with suppliers and manufacturers; competition from mass merchants and specialty retailers; impacts on our business from the sensitivity of our business to weather conditions, changes in the economy (including high interest rates, recession fears, and inflationary pressures), geopolitical events or conflicts, and the housing market; disruptions in the operations of our distribution centers; our ability to implement technology initiatives that deliver the anticipated benefits, without disrupting our operations; our ability to attract and retain senior management and other qualified personnel; regulatory changes and development affecting our current and future products, including evolving legal standards and regulations concerning environmental, social and governance ("ESG") matters; our ability to obtain additional capital to finance operations; commodity price inflation and deflation; impacts on our business from epidemics, pandemics, or natural disasters; impacts on our business from cyber incidents and other security threats or disruptions; our ability to remediate material weaknesses or other deficiencies in our internal control over financial reporting or to maintain effective disclosure controls and procedures and internal control over financial reporting; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in our filings with the United States Securities and Exchange Commission ("SEC"). You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 28, 2024 and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time-to-time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release, and while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, changed expectations, the occurrence of unanticipated events or otherwise, except as required by law. We may not actually achieve the plans, intentions, outcomes or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. Contact Matthew Skelly Vice President, Investor Relations Leslie's, Inc. investorrelations@lesl.com Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Sales $ 397,859 $ 432,370 $ 1,330,121 $ 1,451,209 Cost of merchandise and services sold 254,645 272,209 853,331 902,986 Gross profit 143,214 160,161 476,790 548,223 Selling, general and administrative expenses 116,795 121,617 419,673 446,044 Operating income 26,419 38,544 57,117 102,179 Other expense: Interest expense 17,015 17,156 70,395 65,438 Total other expense 17,015 17,156 70,395 65,438 Income (loss) before taxes 9,404 21,388 (13,278 ) 36,741 Income tax expense 19,328 4,907 10,101 9,499 Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Earnings per share: Basic $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Diluted $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Weighted average shares outstanding: Basic 184,936 184,181 184,694 183,839 Diluted 184,936 184,782 184,694 184,716 Other Financial Data (1) (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Adjusted diluted earnings per share $ 0.02 $ 0.14 $ (0.01 ) $ 0.28 (1) See section titled "GAAP to Non-GAAP Reconciliation." Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share amounts) September 28, 2024 September 30, 2023 Assets (Unaudited) (Audited) Current assets Cash and cash equivalents $ 108,505 $ 55,420 Accounts and other receivables, net 45,467 29,396 Inventories 234,283 311,837 Prepaid expenses and other current assets 34,179 23,633 Total current assets 422,434 420,286 Property and equipment, net 98,447 90,285 Operating lease right-of-use assets 270,488 251,460 Goodwill and other intangibles, net 215,127 218,855 Deferred tax assets 4,168 7,598 Other assets 39,661 45,951 Total assets $ 1,050,325 $ 1,034,435 Liabilities and stockholders' deficit Current liabilities Accounts payable 67,622 58,556 Accrued expenses and other current liabilities 106,712 90,598 Operating lease liabilities 63,357 62,794 Income taxes payable 1,519 5,782 Current portion of long-term debt 8,100 8,100 Total current liabilities 247,310 225,830 Operating lease liabilities, noncurrent 209,067 193,222 Long-term debt, net 769,065 773,276 Other long-term liabilities 2,032 3,469 Total liabilities 1,227,474 1,195,797 Commitments and contingencies Stockholders' deficit Common stock, $0.001 par value, 1,000,000,000 shares authorized and 184,969,296 and 184,333,670 issued and outstanding as of September 28, 2024 and September 30, 2023, respectively. 185 184 Additional paid in capital 106,871 99,280 Retained deficit (284,205 ) (260,826 ) Total stockholders' deficit (177,149 ) (161,362 ) Total liabilities and stockholders' deficit $ 1,050,325 $ 1,034,435 Condensed Consolidated Statements of Cash Flows (Amounts in thousands) Year Ended September 28, 2024 September 30, 2023 (Unaudited) (Audited) Operating Activities Net (loss) income $ (23,379 ) $ 27,242 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 33,078 34,142 Equity-based compensation 8,589 11,703 Amortization of deferred financing costs and debt discounts 2,191 2,100 Provision for doubtful accounts 1,466 193 Deferred income taxes 3,430 (6,330 ) Loss on asset and contract dispositions 464 6,396 Changes in operating assets and liabilities: Accounts and other receivables (18,684 ) 16,101 Inventories 85,879 54,331 Prepaid expenses and other current assets (1,019 ) (3,466 ) Other assets 6,861 (9,990 ) Accounts payable 1,889 (97,900 ) Accrued expenses 4,817 (22,148 ) Income taxes payable (4,263 ) (6,729 ) Operating lease assets and liabilities, net 6,147 825 Net cash provided by operating activities 107,466 6,470 Investing Activities Purchases of property and equipment (47,244 ) (38,577 ) Business acquisitions, net of cash acquired — (15,549 ) Proceeds from asset dispositions 81 1,587 Net cash used in investing activities (47,163 ) (52,539 ) Financing Activities Borrowings on Revolving Credit Facility 140,500 264,000 Payments on Revolving Credit Facility (140,500 ) (264,000 ) Repayment of long-term debt (6,075 ) (8,100 ) Payment on finance lease (145 ) — Payment of deferred financing costs — (347 ) Payments of employee tax withholdings related to restricted stock vesting (998 ) (2,357 ) Net cash used in financing activities (7,218 ) (10,804 ) Net increase (decrease) in cash and cash equivalents 53,085 (56,873 ) Cash and cash equivalents, beginning of year 55,420 112,293 Cash and cash equivalents, end of year $ 108,505 $ 55,420 Supplemental Information: Interest $ 63,242 $ 63,059 Income taxes, net of refunds received 10,933 22,559 GAAP to Non-GAAP Reconciliation (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Interest expense 17,015 17,156 70,395 65,438 Income tax expense 19,328 4,907 10,101 9,499 Depreciation and amortization expense (1) 8,659 8,573 33,078 34,142 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Changes in valuation allowance ( 5 ) 11,177 — 11,177 — Tax effects of these adjustments ( 6 ) (4,767 ) (3,087 ) (7,431 ) (7,957 ) Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Diluted earnings per share $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Adjusted diluted earnings per share $ 0.02 $ 0.18 $ (0.01 ) $ 0.28 Weighted average shares outstanding Basic 184,936 184,181 184,694 183,839 Diluted 184,954 184,782 184,694 184,716 (1) Includes depreciation related to our distribution centers and store locations, which is reported in cost of merchandise and services sold and SG&A in our condensed consolidated statements of operations. (2) Represents charges related to equity-based compensation and our related payroll tax expense, which are reported in SG&A in our condensed consolidated statements of operations. (3) Represents non-recurring costs, such as third-party consulting costs related to first-generation technology initiatives, replacements of systems that have been no longer supported by our vendors, investment in and development of new products outside of the course of continuing operations, or other discrete strategic projects that are infrequent or unusual in nature and potentially distortive to continuing operations. These items are reported in SG&A in our condensed consolidated statements of operations. (4) Includes certain senior executive transition costs and severance associated with completed corporate restructuring activities across the organization, losses (gains) on asset dispositions, merger and acquisition costs, and other non-recurring, non-cash, or discrete items as determined by management. Amounts are reported in SG&A in our condensed consolidated statements of operations. (5) Represents a change in valuation allowance for deferred taxes that management does not believe are indicative of our ongoing operations. This item is reported in income tax expense in our consolidated statements of operations and we note they may reoccur in the future. (6) Represents the tax effect of the total adjustments based on our combined U.S. federal and state statutory tax rates. Amounts are reported in income tax expense (benefit) in our condensed consolidated statements of operations. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Russia Appears To Prepare Some Military Equipment For Withdrawal From SyriaThe president of the Manitoba Teachers’ Society won’t seek re-election following a first term marked by infighting and low morale across the union’s operational ranks. Shortly after the final bell rang for winter break, Nathan Martindale took to social media to announce he will carry out his two-year appointment that ends in the spring and step away from labour relations after that. “After many conversations with my family and deep reflection on their needs, I have made the decision to not run for a second term as MTS president,” he wrote in a post uploaded to Facebook Friday. Martindale, a special education resource teacher in Winnipeg, has spent the last 12 years in full-time union roles. Since the turn of the century, all of his predecessors — including former presidents James Bedford, Norm Gould, Paul Olsen, Pat Isaak, Brian Ardern and Jan Speelman — have served two consecutive terms. Bedford told the Free Press he does not know details, aside from surface-level ones, but his friend and former colleague’s departure, as well as other recent high-profile exits from MTS, suggests “something’s gone badly off the rails.” Between 2011 and 2017, Martindale represented colleagues in the Winnipeg Teachers’ Association. He later joined the union’s governing board better known as “PX” — internal shorthand for the MTS provincial executive. “I have often been required to be out of town, as well as attend numerous evening and weekend obligations, all of which have taken me away from my family,” he wrote on his personal social media page. “With the ongoing needs of my family, including supporting my child with Type 1 diabetes, I know it is now time to prioritize being present for them.” Martindale first assumed an interim president role on Feb. 24, 2023 — the day of Bedford’s mid-term retirement — before he won an internal election that spring. Per union bylaws, PX members are each elected to serve a two-year appointment. The president and vice-president are eligible for re-election for one additional term. Other members can serve up to three consecutive terms. Martindale was not made available for an interview on the subject. His office indicated the union leader is not taking any reporter calls over the holidays. Among many congratulatory comments and messages of thanks that users made on his post, Bedford wrote that it was an honour to work alongside Martindale. His original comment — which has since been edited — also stated, “It is unfortunate that you will likely be replaced by someone less caring, less experienced, and less dedicated to representing all members.” It was liked by a number of union representatives, including Jonathan Waite from the Seine River Teachers’ Association, PX member Sean Giesbrecht and Chris Darazsi, president of the local in the River East Transcona School Division. Lise Legal, president of the Pembina Trails Teachers’ Association, replied with a demand for Bedford’s “beyond disrespectful” sentence be deleted. The public exchange was made against the backdrop of a third-party probe into the union’s embattled headquarters on Portage Avenue. Bedford said he made the comment out of frustration that his “extraordinarily dedicated” successor is leaving and “a great team” is falling part. The union’s work environment became “highly political” during his tenure from 2019 to 2023, he added. MTS hired a consulting firm at the start of the school year to investigate workplace culture, harassment and morale concerns raised by staff members who are in charge of servicing more than 16,600 public school teachers. Three different people have assumed the executive director role — the non-partisan counterpart to Martindale, and senior leader in charge of managing members of Teamsters Local Union 979 — over the last 13 months. Teamsters Canada spokesman Christopher Monette, who has been critical of MTS leaders for failing to provide a harassment-free work environment and viewing staff as “adversaries,” declined to weigh in on internal politics Monday. “MTS has made efforts over the past months to address workplace concerns. While encouraging, we believe it is too early to provide a final assessment and will reserve further comments for now,” Monette said in an email. He noted that Teamsters continues to pursue outstanding grievances related to workplace issues that will be brought to an arbitrator in the new year. Martindale’s lengthy social media post touted negotiating the first provincewide collective agreement for teachers, navigating the classroom complexities of the COVID-19 pandemic and joining the Manitoba Federation of Labour as highlights during his time at MTS. He also acknowledged the union’s success in “slamming the door” on Bill 64, controversial Progressive Conservative proposed legislation that sought to eliminate Manitoba’s elected school boards in 2021.
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