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Govt warns PTI against bringing 'armed groups' to IslamabadMore funds to support steel workers and businessesAKRON, Ohio, Dec. 18, 2024 /PRNewswire/ -- The Board of Directors of FirstEnergy Corp. (NYSE: FE) today declared an unchanged quarterly dividend of $0.425 per share of outstanding common stock payable March 1, 2025, to shareholders of record at the close of business on February 7, 2025. FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its electric distribution companies form one of the nation's largest investor-owned electric systems, serving more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on X @FirstEnergyCorp . Forward-Looking Statements: This news release includes forward-looking statements based on information currently available to management. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regarding management's intents, beliefs and current expectations. These statements typically contain, but are not limited to, the terms "anticipate," "potential," "expect," "forecast," "target," "will," "intend," "believe," "project," "estimate," "plan" and similar words. Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, which may include the following: the potential liabilities, increased costs and unanticipated developments resulting from government investigations and agreements, including those associated with compliance with or failure to comply with the Deferred Prosecution Agreement entered into July 21, 2021 with the U.S. Attorney's Office for the Southern District of Ohio; the risks and uncertainties associated with government investigations and audits regarding Ohio House Bill 6, as passed by Ohio's 133rd General Assembly ("HB 6") and related matters, including potential adverse impacts on federal or state regulatory matters, including, but not limited to, matters relating to rates; the risks and uncertainties associated with litigation, arbitration, mediation and similar proceedings, particularly regarding HB 6 related matters; changes in national and regional economic conditions, including recession, volatile interest rates, inflationary pressure, supply chain disruptions, higher fuel costs, and workforce impacts, affecting us and/or our customers and those vendors with which we do business; variations in weather, such as mild seasonal weather variations and severe weather conditions (including events caused, or exacerbated, by climate change, such as wildfires, hurricanes, flooding, droughts, high wind events and extreme heat events) and other natural disasters affecting future operating results and associated regulatory actions or outcomes in response to such conditions; legislative and regulatory developments, including, but not limited to, matters related to rates, energy regulatory policies, compliance and enforcement activity, cyber security, and climate change; the risks associated with physical attacks, such as acts of war, terrorism, sabotage or other acts of violence, and cyber-attacks and other disruptions to our, or our vendors', information technology system, which may compromise our operations, and data security breaches of sensitive data, intellectual property and proprietary or personally identifiable information; the ability to meet our goals relating to employee, environmental, social and corporate governance opportunities, improvements, and efficiencies, including our greenhouse gas ("GHG") reduction goals; the ability to accomplish or realize anticipated benefits through establishing a culture of continuous improvement and our other strategic and financial goals, including, but not limited to, overcoming current uncertainties and challenges associated with the ongoing government investigations, executing Energize365, our transmission and distribution investment plan, executing on our rate filing strategy, controlling costs, improving credit metrics, maintaining investment grade ratings, and growing earnings; changing market conditions affecting the measurement of certain liabilities and the value of assets held in our pension trusts may negatively impact our forecasted growth rate, results of operations, and may also cause us to make contributions to our pension sooner or in amounts that are larger than currently anticipated; mitigating exposure for remedial activities associated with retired and formerly owned electric generation assets, including those sites impacted by the legacy coal combustion residual rules that were finalized during 2024; changes to environmental laws and regulations, including, but not limited to, rules finalized by the Environmental Protection Agency and the Securities and Exchange Commission ("SEC") related to climate change; changes in customers' demand for power, including, but not limited to, economic conditions, the impact of climate change, emerging technology, particularly with respect to electrification, energy storage and distributed sources of generation; the ability to access the public securities and other capital and credit markets in accordance with our financial plans, the cost of such capital and overall condition of the capital and credit markets affecting us, including the increasing number of financial institutions evaluating the impact of climate change on their investment decisions; future actions taken by credit rating agencies that could negatively affect either our access to or terms of financing or our financial condition and liquidity; changes in assumptions regarding factors such as economic conditions within our territories, the reliability of our transmission and distribution system, generation resource planning, or the availability of capital or other resources supporting identified transmission and distribution investment opportunities; the potential of non-compliance with debt covenants in our credit facilities; the ability to comply with applicable reliability standards and energy efficiency and peak demand reduction mandates; human capital management challenges, including among other things, attracting and retaining appropriately trained and qualified employees and labor disruptions by our unionized workforce; changes to significant accounting policies; any changes in tax laws or regulations, including, but not limited to, the Inflation Reduction Act of 2022, or adverse tax audit results or rulings; and the risks and other factors discussed from time to time in our SEC filings. Dividends declared from time to time on FirstEnergy Corp.'s common stock during any period may in the aggregate vary from prior periods due to circumstances considered by FirstEnergy Corp.'s Board of Directors at the time of the actual declarations. A security rating is not a recommendation to buy or hold securities and is subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. These forward-looking statements are also qualified by, and should be read together with, the risk factors included in FirstEnergy Corp.'s Form 10-K, Form 10-Q and in FirstEnergy's other filings with the SEC. The foregoing review of factors also should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for management to predict all such factors, nor assess the impact of any such factor on FirstEnergy Corp.'s business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements. FirstEnergy Corp. expressly disclaims any obligation to update or revise, except as required by law, any forward-looking statements contained herein or in the information incorporated by reference as a result of new information, future events or otherwise. View original content to download multimedia: https://www.prnewswire.com/news-releases/firstenergy-corp-declares-unchanged-common-stock-dividend-of-0-425-per-share-302335334.html SOURCE FirstEnergy Corp.
. Many Aussies may wish they had more cash flow to pay for bills or other expenditures, so I'm going to talk about two high-yield options that provide resilient and growing payments to shareholders. When we pay a bill, that money goes to a company that's providing the utility, whether that's energy, telecommunications or something else. We can own a piece of those businesses and benefit ourselves from the profit they're making. Those utility companies can provide defensive earnings to investors and provide resilient payments because households and businesses put an important value on the bills they're paying. Telstra Group Ltd ( ) Telstra is the largest utility company in Australia as the biggest , providing mobile and home broadband connections. Most households and businesses seem to view their internet connection as a very important service. I think this ASX dividend share has very defensive mobile earnings. The profit in that segment continues to grow thanks to a rising number of users and increasing prices for customers. Pleasingly, Telstra has grown its annual dividend payment in each financial year of FY22, FY23 an increase of approximately 6%. The 2024 financial year payment translates into a grossed-up dividend yield of 6.4%, including . If someone invested $15,000 into Telstra shares, that would unlock close to $960 of annual income, which may pay a significant portion of the annual phone bill. UBS projects the Telstra annual dividend per share to grow by 5.5% in FY25. Between FY24 and FY29, it could grow by 50% to 27 cents per share. APA Group ( ) APA owns a portfolio of energy assets, but it's best known for the huge national gas pipeline network it owns, which transports half of the country's gas usage. Gas continues to be an integral part of Australia's energy mix, providing baseload power. Labor has already that it sees gas playing an important role in Australia's energy for decades to come, which I think is promising for the ASX dividend share. The Minister for Resources, Madeleine King, said: The analytical findings are clear. Under all credible net zero scenarios, natural gas is needed through to 2050 and beyond, though its production and use will change over this period. Gas will be essential to the transition because our energy system needs gas to achieve net zero. Gas will be a transition fuel that firms renewable power generation and is required for manufacturing and minerals processing until such time as alternatives are viable. Gas can support our future made in Australia. However, the greenhouse gas emissions associated with gas must sharply decline and where gas use cannot be reduced, emissions must be increasingly abated and offset. APA plays an important part in getting gas from sources of supply to where it's in demand. Pleasingly, the ASX dividend share has grown its distribution every year for 20 years in a row, so it has provided very resilient income for a long time. However, that's not guaranteed to continue forever. But, the business is expecting to grow its annual distribution per security by 1.8% to 57 cents. That would translate into a distribution yield of 7.8%. With a $15,000 investment, that could translate into distribution income for FY25 of $1,170.None
Cowboys Insider Predicts Major All-Pro Absence at CommandersRyan Smith Named as Chief Digital and Information Officer at Intermountain Health
How Manmohan Singh’s economic reforms changed IndiaUS sex-abuse watchdog fires investigator after learning of his arrest for stealing drug money DENVER (AP) — The U.S. Center for SafeSport abruptly fired one of its investigators last month after learning he’d been arrested for stealing money confiscated after a drug bust he was part of during his previous job as a police officer. Jason Krasley left his job with the Allentown Police Department in Pennsylvania in 2021 and was hired by the Denver-based SafeSport center to look into sensitive cases involving sex abuse and harassment. The center said it conducts multiple interviews and a “comprehensive background check” of potential employees. The center said it was looking into cases Krasley handled to make sure they were dealt with appropriately. Jim Larrañaga steps down at Miami, Bill Courtney takes over to finish season CORAL GABLES, Fla. (AP) — Jim Larrañaga has stepped down as Miami’s men’s basketball coach effective immediately. Larrañaga will be replaced by associate head coach Bill Courtney — one of Larrañaga’s best friends for the past three decades or so — for the remainder of the season. The now-former coach says he loves the university but believes it's the right time to step away. Larrañaga says "I’ve tried every which way to keep this going.” Larrañaga joins a long line of prominent college basketball coaches who have left their jobs in recent years citing the changes in the game and the challenge of coaching in the name, image and likeness era. Cowboys shutting down CeeDee Lamb with 2 games to go over receiver's shoulder issue FRISCO, Texas (AP) — The Dallas Cowboys are shutting down CeeDee Lamb with two games remaining after their 2023 All-Pro receiver spent the second half of the season dealing with a sprained right shoulder. The team says additional exams revealed enough damage to keep Lamb off the field Sunday at Philadelphia and in the final game at home against Washington. The team says surgery isn't expected to be required. Dallas was eliminated from playoff contention a few hours before last weekend’s 26-24 victory over Tampa Bay. NBA's Christmas Day ratings skyrocket, even going up against NFL games The NBA got viewers for Christmas, even while going up against NFL games. The NBA’s five-game Christmas lineup was the league’s most-watched in five years, with the games averaging about 5.25 million viewers per game across ABC, ESPN and its platforms, the league said Thursday based on Nielsen’s preliminary numbers. It’s an 84% rise over the NBA’s Christmas numbers from 2023. Pat Riley says the Miami Heat will not trade Jimmy Butler ORLANDO, Fla. (AP) — If Jimmy Butler wants a trade, the Miami Heat have no plans to make him happy. Heat President Pat Riley — in a rare move — spoke out to address rumors Thursday, saying the team has no plans to trade Butler. It’s a clear sign that, if necessary, the team will be willing to let Butler leave as a free agent and get nothing in return. Riley says in a release distributed by the team "we usually don’t comment on rumors, but all this speculation has become a distraction to the team and is not fair to the players and coaches.” Penn State offensive coordinator Kotelnicki's creativity has the Nittany Lions humming in the CFP Penn State's offense is thriving under first-year offensive coordinator Andy Kotelnicki. The Nittany Lions are one of a handful of Power Four schools averaging 200 yards per game rushing and receiving heading into their College Football Playoff quarterfinal against Boise State. Penn State has one of the most unique offensive weapons in the country in tight end Tyler Warren. Warren has 92 receptions this season and has become a threat out of the backfield, rushing for 197 yards and two touchdowns. Organizers say two sailors have died in Sydney to Hobart yacht race amid wild weather conditions SYDNEY (AP) — Organizers said that two Sydney to Hobart sailors have died at sea amid wild weather conditions that forced line honors favorite Master Lock Comanche to withdraw among mass retirements. The Cruising Yacht Club of Australia, which administers the yacht race, has said that one sailor each on entrants Flying Fish Arctos and Bowline were killed after being struck by the boom, a large horizontal pole at the bottom of the sail. The race will continue as the fleet continues its passage to Constitution Dock in Hobart, with the first boats expected to arrive later on Friday or early Saturday morning. Haaland penalty failure and Fernandes red card pile on woes for City and United in Premier League Erling Haaland’s failure from the penalty spot and Bruno Fernandes’ latest red card have compounded the woes of Manchester City and Manchester United on another tough day for the two Premier League giants. City dropped more points in its improbably poor run of form by drawing 1-1 at home to Everton. Haaland had a spot kick saved by England goalkeeper Jordan Pickford. The defending champions have only won one of its last 13 games in all competitions. City is languishing in seventh place while United is 14th after a 2-0 loss at Wolverhampton. Fernandes was sent off in the 47th. First-place Liverpool beat Leicester 3-1 in foggy conditions at Anfield and leads by seven points. Simona Halep withdraws from Australian Open qualifying because of knee and shoulder pain MELBOURNE, Australia (AP) — Two-time Grand Slam champion Simona Halep has pulled out of Australian Open qualifying and a tuneup tournament in Auckland, New Zealand, because of pain in her knee and shoulder. Thursday's news represents the latest interruption of her comeback from a drug suspension. Halep posted on social media that she was feeling poorly after participating in an exhibition event in Abu Dhabi. The 33-year-old Romanian said she is planning to next enter the Transylvania Open in her home country, where play begins Feb. 3. Halep was granted a wild-card entry for qualifying in the Australian Open last week. Mahomes throws 3 TDs as Chiefs clinch AFC's top seed by breezing past the skidding Steelers 29-10 PITTSBURGH (AP) — Patrick Mahomes passed for 320 yards and three touchdowns and the Kansas City Chiefs locked up the top seed in the AFC for the fourth time in seven seasons with a 29-10 win over the Pittsburgh Steelers. The two-time defending Super Bowl champions raced to an early 13-point lead and were never really threatened by the Steelers (10-6). Pittsburgh has dropped three straight to see its chances of capturing the AFC North take another hit. Travis Kelce caught eight passes for 84 yards and a touchdown. Kelce also became the third tight end in NFL history to reach 1,000 receptions, joining Tony Gonzalez and Jason Witten.
Sukhbir Badal recalls close personal relation his father and Manmohan Singh sharedTrump raced to pick many Cabinet posts. He took more time to settle on a treasury secretary WASHINGTON (AP) — President-elect Donald Trump launched a blitz of picks for his Cabinet, but he took his time settling on billionaire investor Scott Bessent as his choice for treasury secretary. The Republican not only wanted someone who jibes with him, but an official who can execute his economic vision and look straight out of central casting while doing so. With his Yale University education and pedigree trading for Soros Fund Management before establishing his own funds, Bessent will be tasked with a delicate balancing act. Trump expects him to help reset the global trade order, enable trillions of dollars in tax cuts, ensure inflation stays in check, manage a ballooning national debt and still keep the financial markets confident. Trump chooses Bessent to be treasury secretary, Vought as budget chief, Chavez-DeRemer for Labor WASHINGTON (AP) — President-elect Donald Trump has chosen hedge fund manager Scott Bessent, an advocate for deficit reduction, to serve as his next treasury secretary. Bessent, 62, is founder of hedge fund Key Square Capital Management. He previously had worked on and off for Soros Fund Management since 1991. Trump also said he would nominate Russell Vought, 48, to lead the Office of Management and Budget, a position he held during Trump's first term. And Trump chose Rep. Lori Chavez-DeRemer, an Oregon Republican, as his labor secretary, and Scott Turner, a former football player who worked in Trump’s first administration, as his housing secretary. Afraid of losing the US-Canada trade pact, Mexico alters its laws and removes Chinese parts MEXICO CITY (AP) — Mexico has been taking a bashing for allegedly serving as a conduit for Chinese parts and products into North America. Officials here are terrified that a re-elected Donald Trump or politically struggling Justin Trudeau could simply expel their country from the U.S.-Mexico-Canada free trade agreement. Mexico's ruling Morena party is so afraid its has gone on a campaign to get companies to replace Chinese parts with locally made ones. And its legislators are consciously tweaking the wording of major laws to try to make them compatible with the trade pact's language. Mexico hopes the rules of the trade pact would prevent the U.S. or Canada from simply walking away. US budget airlines are struggling. Will pursuing premium passengers solve their problems? DALLAS (AP) — Delta and United Airlines have become the most profitable U.S. airlines by targeting premium customers while also winning a significant share of budget travelers. That is squeezing smaller low-fare carriers like Spirit Airlines, which filed for bankruptcy protection on Monday. Some travel industry experts think Spirit’s troubles indicate less-wealthy passengers will have fewer choices and higher prices. Other discount airlines are on better financial footing but also are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic. Most industry experts think Frontier and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks, and that there's still plenty of competition to prevent prices from spiking. What to know about Scott Bessent, Trump's pick for treasury secretary WASHINGTON (AP) — President-elect Donald Trump has chosen money manager Scott Bessent, an advocate for deficit reduction and deregulation, to serve as his next treasury secretary. Bessent is a past supporter of Democrats who has become an enthusiastic supporter of Trump. He’s an advocate of cutting spending while extending the tax cuts approved by Congress in Trump’s first term. He has said tariffs imposed during a second Trump administration would be directed primarily at China. What to know about Lori Chavez-DeRemer, Trump's pick for labor secretary WASHINGTON (AP) — President-elect Donald Trump has named Oregon Rep. Lori Chavez-DeRemer to lead the Department of Labor, elevating a Republican congresswoman who has strong support from unions in her district but lost reelection in November. Chavez-DeRemer has a legislative record that has drawn plaudits from unions, but organized labor leaders remain skeptical about Trump's agenda for workers. Trump, in general, has not supported policies that make it easier for workers to organize. Chavez-DeRemer is a one-term congresswoman, having lost reelection in her competitive Oregon district earlier this month. She joins Secretary of State-designate Marco Rubio, the Florida senator, as the second Latino pick for Trump’s second Cabinet. Trump taps a Fox News personality, a surgeon and a former Congressman to lead public health agencies WASHINGTON (AP) — President-elect Donald Trump has nominated a critic of COVID-19 health measures to lead the Food and Drug Administration. Dr. Marty Makary came to national attention for opposing mask mandates and other steps during the pandemic. He is a surgeon, author and professor at Johns Hopkins University. Makary is the latest of a string of Trump nominees who are deeply critical of government health regulators and experts. If confirmed, Makary would be expected to report to anti-vaccine activist Robert F. Kennedy Jr., Trump’s pick to oversee the nation’s health agencies. Bitcoin ticks closer to $100,000 in extended surge following US elections NEW YORK (AP) — Bitcoin is jumping again, setting another new high above $99,000. The cryptocurrency has been shattering records almost daily since the U.S. presidential election, and has rocketed more than 40% higher in just two weeks. It's now at the doorstep of $100,000. Cryptocurrencies and related investments like crypto exchange-traded funds have rallied because the incoming Trump administration is expected to be more “crypto-friendly.” Still, as with everything in the volatile cryptoverse, the future is hard to predict. And while some are bullish, other experts continue to warn of investment risks. Supreme Court steps into fight over FCC's $8 billion subsidies for internet and phone services WASHINGTON (AP) — The Supreme Court has stepped into a major legal fight over the $8 billion a year the federal government spends to subsidize phone and internet services in schools, libraries and rural areas, in a new test of federal regulatory power. The justices on Friday agreed to review an appellate ruling that struck down as unconstitutional the Universal Service Fund. The Federal Communications Commission collects money from telecommunications providers, who then pass the cost on to their customers. The Biden administration appealed the lower court ruling, but the case probably won’t be argued until late March. At that point, the Trump administration will be in place and it is not clear whether it will take a different view of the issue. Charlotte airport workers voting on whether to strike during busy Thanksgiving travel week CHARLOTTE, N.C. (AP) — Service workers at Charlotte Douglas International Airport are voting on whether to go on a 24-hour strike around Thanksgiving amid complaints about low wages and poor working conditions. The vote is being taken by employees of two airport contractors who provide cabin cleaning services, trash removal and other services. The airport expects over 1 million passengers to depart from it the weekend before the holiday. The date of the proposed strike has not been announced.
Federal Member for Hinkler Keith Pitt has announced he will not contest the 2025 election as a swathe of MPs from both sides of the aisle look to step down in the new year. The federal Nationals MP made the surprise announcement on Dec. 20, after serving more than a decade in parliament. “I have today informed the Liberal National Party (LNP) Hinkler Federal Division Council Chair that I will not be contesting the 2025 election,” he said in a statement. “It has been an incredible privilege to represent my local community. “The last 11 years have provided some extraordinary successes, many highs and some unfortunate lows, but I believe overall, better outcomes for the people I was first sent to represent in Canberra in 2013.” Pitt confirmed he would carry out the remainder of his term up until the federal election in May, negating any need for a by-election. “I am as humbled now, as I was after winning my first campaign, by the backing of the local LNP members, volunteers and supporters,” he said. “Without them I could never have held this seat for four terms for the Coalition. “While I know some will be disappointed, I’m sure my decision will be warmly welcomed by others.” Pitt said he wished every success for party colleague and Liberal Party Opposition Leader Peter Dutton next year. He also thanked his wide Allison, their three children and his staff. “I thank them all,” he said. Pitt will vacate politics along with fellow Liberal-National MPs and former cabinet ministers Paul Fletcher, Simon Birmingham, Linda Reynolds, Karen Andrews, David Gillespie, and Warren Entsch. Pitt undertook an electrical apprenticeship, and was named Queensland Electrical Apprentice of the Year. He went on to complete a university degree in computer and electrical engineering at the Queensland University of Technology, which led to work at Bundaberg’s Fairymead Sugar Mill. In 2013, he was elected Member for Hinkler, which includes the regional Queensland cities of Bundaberg and Hervey Bay. In February 2016, Pitt was appointed Assistant Minister to the Deputy Prime Minister. That same year, he went on to be appointed Assistant Minister for Trade, Tourism, and Investment. In March 2018, Pitt was appointed as Assistant Minister to the Deputy Prime Minister, the National’s Michael McCormack. He resigned from this position in August 2018. By 2020, Pitt was appointed as Minister for Resources, Water and Northern Australia before being sworn in as Minister for Resources and Water a year later. He is an active member of the Parliamentary Friends of Surf Life Saving and Parliamentary Friends of Rugby League.AP Sports SummaryBrief at 2:42 p.m. EST
Panthers vs. Chiefs Predictions & Picks: Odds, Moneyline, Spread – Week 12Pat Bryant caught a 40-yard touchdown on fourth down with four seconds remaining as No. 25 Illinois rallied for a dramatic 38-31 victory over Rutgers on Saturday afternoon in Piscataway, N.J. With Rutgers playing cover-zero defense, Bryant caught Luke Altmyer's sidearm toss on fourth-and-13 at the 22-yard line in the middle of the field and ran in from the right side for a 36-31 lead. Bryant's dramatic catch came after Illinois initially decided to attempt a go-ahead 57-yard field goal into the wind. Following a timeout, the Ilini went for it on fourth down. Altmeyer's two-point conversion attempt to Bryant was incomplete, but the visitors recorded a safety on the game's final play. Bryant finished with seven catches for a career-high 197 yards, and his score came after Rutgers took a 31-30 lead on a 13-yard rushing TD by Kyle Monangai with 1:08 left. Monangai gave the Scarlet Knights the lead after Illinois overcame a nine-point deficit on Aidan Laughery's 8-yard TD run with 13:48 remaining and Altmyer's 30-yard run with 3:07 left. Bryant's clutch catch gave Illinois (8-3, 5-3 Big Ten) eight wins for the second time in three seasons on a day when it committed 11 penalties. Altmyer finished 12-of-26 passing for 249 yards and threw two touchdowns. He also gained a team-high 74 yards on the ground as the Ilini totaled 182 rushing yards. Monangai finished with 122 yards on 28 carries and Kaliakmanis completed 19-of-37 passes for 175 yards, but Rutgers (6-5, 3-5) was unable to win a third straight Big Ten game for the first time. Kaliakmanis also rushed for 84 yards and two touchdowns on 13 carries. The Scarlet Knights saw their losing streak against ranked teams reach 41 games after taking a 17-9 halftime lead and a 24-15 advantage early in the fourth. --Field Level Media
quarterback is out for Week 12's matchup with the . Defensive end will not play either. Purdy did not practice on Friday, which made his status uncertain. But head coach Kyle Shanahan officially announced he was out when meeting with reporters after practice. will start at quarterback versus Green Bay. Additionally, left tackle is listed as questionable with an ankle injury and will be a game-time decision, according to Shanahan. Kyle Shanahan shares final injury updates ahead of . — San Francisco 49ers (@49ers) Earlier on Friday, on its injury report. He was previously listed as questionable, but has now been officially downgraded. Bosa was also listed as out on the injury report due to hip and oblique issues. He suffered the injury in practice on Nov. 6 and played through the injury in Week 10's matchup with . The pass rusher left last week's matchup with the Seahawks in the third quarter and did not return. Following the game, Bosa told reporters that he while compensating for the hip injury. Williams suffered his injury in Week 10, as well. He played against Seattle after taking a painkilling injection for his ankle, but that may have made the situation worse. The veteran offensive lineman did not participate in practice all week. Brock Purdy is NOT practicing as 49ers final session underway in rain before flight to Green Bay — Cam Inman (@CamInman) Right shoulder soreness on Wednesday and Thursday, and he did not participate in the team's final practice session before traveling to Green Bay. General manager John Lynch that Purdy had an MRI and described his status for Sunday as "tenuous." "Hopefully, he makes progress, and we can have a shot at this weekend, but we’ll see," Lynch said. "I think it’s tenuous.” Brock Purdy shuts himself down mid practice. — Grant Cohn (@grantcohn) At Thursday's practice, Purdy's participation consisted of soft throws while San Francisco's other three quarterbacks went through drills with QB coach Brian Griese. Purdy stopped after approximately five minutes, had his shoulder worked on by trainers and went back to the locker room, according to reporters on the scene. Purdy appeared to suffer the injury during to the . He finished the game, yet did not make any throws over 10 yards following the hit that potentially injured him. There was no indication afterward that Purdy was hurt. Allen is in his second season with the 49ers after seeing no action behind Purdy and during the 2023-24 campaign. He played 2019 with the , followed by three seasons with the .
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Imagine decking out your workspace or gaming setup with the stunning DAREU A104 PRO Mechanical Keyboard, its customizable RGB backlight bringing a cozy glow to your winter evenings. Or feel the precision of the A950 PRO Magnesium Mouse as you finish up end-of-year projects or dive into your favorite games, all while sipping hot cocoa. This holiday season, don’t miss DAREU ’s 30% discount from December 15 to January 5 on stylish, high-performance gadgets—the perfect blend of tech and festive cheer! DAREU A104 PRO: Redefining Gaming and Productivity Whether you’re deep in an immersive game or tackling a demanding work project, the tools you use can make all the difference. The A104 PRO Mechanical Keyboard addresses common user frustrations with a thoughtful design that enhances every experience—be it gaming, productivity, or everyday use. Ever wished for a simpler way to navigate your keyboard’s settings? The A104 PRO features a 1.14-inch TFT color screen, which is not just vibrant but also interactive. With the rotary knob, you can switch functions, choose from various lighting effects, or explore five built-in animations—all with ease. Whether you’re in the middle of an intense gaming session or a high-stakes work task, this functionality keeps you in control without breaking your flow. Every person has their own unique typing or gaming style. Why settle for a keyboard that doesn’t adapt to you? With hot-swappable switches, the A104 PRO allows you to customize every keystroke to your liking. And the gasket-mounted structure with soft silicone padding? It ensures that every press feels responsive, cushioned, and consistent, whether you’re strategizing in a game or writing your next big idea. Your keyboard should not only function well but also inspire. The A104 PRO combines style and innovation with PBT double-shot keycaps that resist wear, maintain clarity, and ensure a premium look. Its RGB backlighting with various customizable effects and 16.8 million colors offers endless possibilities for personal expression, whether you’re setting a vibrant gaming mood or creating a calm, focused workspace. Tired of recharging too often? The A104 PRO features a 4000mAh lithium battery, providing up to 30 days of use without backlighting or 5 days with lighting fully activated. A built-in digital display keeps you informed of battery levels, ensuring uninterrupted gaming or productivity sessions. Why Choose the DAREU A104 PRO? The DAREU A104 PRO is the ultimate solution for gamers, professionals, and tech enthusiasts who demand functionality, customization, and style. Whether you’re navigating high-stakes gaming sessions or diving into intensive work tasks, this keyboard is designed to elevate your experience. If you value precision, durability, and a touch of flair, the A104 PRO is your ideal companion for work, play, and everything in between. Enhance Precision and Performance with the A950 PRO Magnesium Mouse In modern gaming and professional workspaces, users often encounter common challenges: sluggish response times during critical moments, discomfort from prolonged use, and limited connectivity options that hinder productivity. The A950 PRO Magnesium Mouse is engineered to address these issues with a focus on precision, lightweight design, and versatile functionality, making it a compelling choice for both gamers and professionals. Key Features: The A950 PRO’s magnesium alloy shell provides the perfect balance of strength and lightness, weighing just 55 grams. This ultra-lightweight design minimizes hand fatigue during extended gaming or work, allowing users to maintain precision and comfort for hours. With the P3395 sensor, this mouse delivers the pinpoint accuracy and responsiveness you need to excel. Whether you’re navigating high-stakes gaming battles or tackling detail-intensive professional tasks, the sensor ensures smooth, reliable tracking to match your every move. Switch between wired, Bluetooth, and 2.4GHz wireless modes with ease, giving you the flexibility to stay connected in any scenario. Whether you’re gaming on your desktop, working on a laptop, or using multiple devices on the go, the A950 PRO ensures smooth transitions and uninterrupted performance tailored to your needs. With the 4K polling rate in wireless mode, every movement and click is registered with near-instant responsiveness. Gamers can enjoy a competitive advantage in fast-paced matches, while professionals benefit from precise control during demanding tasks. With quick-charging technology, the A950 PRO powers up to 90% in just 30 minutes, ensuring you’re ready to go in no time. Coupled with an efficient power management system, you can focus on what matters—whether it’s winning the next match or meeting a tight deadline—without worrying about constant recharging. The A950 PRO is crafted with the user in mind, offering an ergonomic shape that naturally fits the contours of your hand, reducing strain during extended use. Spread the Holiday Cheer with DAREU The A104 PRO Mechanical Keyboard and A950 PRO Magnesium Mouse are game-changers for gamers, creatives, and professionals alike. Whether you’re immersed in high-stakes gaming, creating stunning designs, or powering through spreadsheets, these premium devices provide unparalleled performance, comfort, and style to meet your unique needs. This Christmas, DAREU invites you to celebrate in style with an exclusive 30% storewide discount on its Official Store. Whether you’re looking to upgrade your setup or find the perfect gift for the tech enthusiast in your life, now is the time to make your move. Don’t miss this limited-time opportunity to experience DAREU’s excellence at an unbeatable value. Shop now at DAREU Official Website and make this holiday season truly unforgettable! Discover more at: DAREU: www.dareu.com DAREU YouTube: https://www.youtube.com/@dareuglobal DAREU IG: https://www.instagram.com/dareu.global/profilecard/?igsh=djJybnVlNXRhZjQx DAREU FACEBOOK: https://www.facebook.com/dareu.globalofficial DISCORD: https://discord.com/invite/NzQdFTUPGPSaudi Gazette report RIYADH — Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef emphasized the Kingdom's commitment to advancing clean energy and sustainable industry during his remarks at the Saudi Green Initiative Forum. The event, held under the theme "Action is in our nature," coincides with the 16th session of the Conference of the Parties (COP16) to the United Nations Convention to Combat Desertification (UNCCD) in Riyadh. Alkhorayef highlighted Saudi Arabia's development of the world’s largest green hydrogen production facility in NEOM, which is expected to contribute 10% of global green hydrogen production targets. The project aligns with the Saudi Green Initiative’s goals to promote clean energy sources and significantly reduce carbon emissions. He stressed the importance of collaborative international efforts to achieve carbon neutrality. The minister also showcased the ministry's initiatives to support the industrial sector in transitioning to environmentally friendly technologies, including the Liquid Fuel Displacement Program launched this year to reduce carbon footprints across industrial facilities. Alkhorayef pointed to Jubail Industrial City as a prime example of balancing industrial growth with environmental sustainability. Over the past 50 years, the city has transformed from a desert into a green oasis and one of the world’s largest industrial hubs, exemplifying a successful coexistence of industry and environmental stewardship. The minister underscored Saudi Arabia’s prominence in the global mining sector, with mineral resources valued at $2.5 trillion. He highlighted sustainable practices in mining operations, citing the phosphate mine in Wa’ad Al-Shamal as a model of adherence to environmental safety standards, community development, and educational support. "Saudi Arabia has become one of the largest global exporters of phosphate, a key component in fertilizers that supports agricultural activities and enhances global food security." Alkhorayef also detailed the Kingdom’s achievements in transforming raw materials into high-value products, such as converting bauxite into aluminum used in advanced industries like aviation and automotive manufacturing. He further emphasized the importance of the international Future Minerals Forum, calling it a vital platform for addressing challenges in the mining sector, showcasing global sustainability practices, exploring innovative financing solutions, and fostering effective partnerships. < Previous Page Next Page >Pat Bryant caught a 40-yard touchdown on fourth down with four seconds remaining as No. 25 Illinois rallied for a dramatic 38-31 victory over Rutgers on Saturday afternoon in Piscataway, N.J. With Rutgers playing cover-zero defense, Bryant caught Luke Altmyer's sidearm toss on fourth-and-13 at the 22-yard line in the middle of the field and ran in from the right side for a 36-31 lead. Bryant's dramatic catch came after Illinois initially decided to attempt a go-ahead 57-yard field goal into the wind. Following a timeout, the Ilini went for it on fourth down. Altmeyer's two-point conversion attempt to Bryant was incomplete, but the visitors recorded a safety on the game's final play. Bryant finished with seven catches for a career-high 197 yards, and his score came after Rutgers took a 31-30 lead on a 13-yard rushing TD by Kyle Monangai with 1:08 left. Monangai gave the Scarlet Knights the lead after Illinois overcame a nine-point deficit on Aidan Laughery's 8-yard TD run with 13:48 remaining and Altmyer's 30-yard run with 3:07 left. Bryant's clutch catch gave Illinois (8-3, 5-3 Big Ten) eight wins for the second time in three seasons on a day when it committed 11 penalties. Altmyer finished 12-of-26 passing for 249 yards and threw two touchdowns. He also gained a team-high 74 yards on the ground as the Ilini totaled 182 rushing yards. Monangai finished with 122 yards on 28 carries and Kaliakmanis completed 19-of-37 passes for 175 yards, but Rutgers (6-5, 3-5) was unable to win a third straight Big Ten game for the first time. Kaliakmanis also rushed for 84 yards and two touchdowns on 13 carries. The Scarlet Knights saw their losing streak against ranked teams reach 41 games after taking a 17-9 halftime lead and a 24-15 advantage early in the fourth. --Field Level Media
SEOUL, South Korea , Dec. 26, 2024 /PRNewswire/ -- SOLVIT System, a recognized leader in innovative technology, will participate in CES 2025, taking place January 7–10 in Las Vegas . The company's iSARTM (intelligent Search and Rescue) has been honored with the prestigious CES Innovation Award in the "Smart Cities" category. At CES, SOLVIT System will showcase its groundbreaking technology to dramatically reduce search areas for individuals lost in radio shadow zones. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.Mangione is being held without bail in Pennsylvania on charges of possession of an unlicensed firearm, forgery and providing false identification to police. Late Monday, Manhattan prosecutors charged him with five counts, including murder, criminal possession of a weapon and criminal possession of a forged instrument. Here's the latest: District attorney says Mangione contesting extradition will create ‘extra hoops’ to jump through But Blair County District Attorney Peter Weeks says it won’t be a substantial barrier to returning Mangione to New York. He noted that defendants contest extradition “all the time,” including in simple retail theft cases. In court, Mangione said he understood his rights Dickey, his defense lawyer, questioned whether the second-degree murder charge filed in New York might be eligible for bail under Pennsylvania law, but prosecutors raised concerns about both public safety and Mangione being a potential flight risk, and the judge denied it. Mangione will continue to be housed at a state prison in Huntingdon. Defense lawyer Thomas Dickey told the court Mangione wants a hearing on the extradition issue He has 14 days to challenge the detention. Prosecutors, meanwhile, have a month to seek a governor’s warrant out of New York. Mangione’s demeanor in court Mangione, wearing an orange jumpsuit, mostly stared straight ahead at the hearing, occasionally consulting papers, rocking in his chair, or looking back at the gallery. At one point, he began to speak to respond to the court discussion, but was quieted by his lawyer. Suspect in the killing of UnitedHealthcare’s CEO is contesting his extradition back to New York Luigi Mangione, 26, has also been denied bail at a brief court hearing in western Pennsylvania. He has 14 days to challenge the bail decision. An account on X that appears to belong to Mangione was still up as of Tuesday That’s with some intervention from owner Elon Musk. The account, which hasn’t posted since June, was briefly suspended by X. But after a user inquired about it in a post Monday, Musk responded “This happened without my knowledge. Looking into it.” The account was later reinstated. Other social media companies such as Meta have removed his accounts. According to X rules, the platform removes “any accounts maintained by individual perpetrators of terrorist, violent extremist, or mass violent attacks, as well as any accounts glorifying the perpetrator(s), or dedicated to sharing manifestos and/or third party links where related content is hosted.” Mangione is not accused of perpetrating a terrorist or mass attack — he has been charged with murder — and his account doesn’t appear to share any writings about the case. Mangione shouted and struggled with officers as he arrived in court He shouted something that was partly unintelligible, but referred to an “insult to the intelligence of the American people.” He’s there for an arraignment on local charges stemming from his arrest Monday. Mangione arrives at court in Pennsylvania He was dressed in an orange jumpsuit as officers led him from a vehicle into the courthouse. Local defense lawyer Thomas Dickey is expected to represent the 26-year-old at a Tuesday afternoon hearing at the Blair County Courthouse. Dickey declined comment before the hearing. Mangione could have the Pennsylvania charges read aloud to him and may be asked to enter a plea. They include possession of an unlicensed firearm, forgery and providing false identification to police. In New York, he was charged late Monday with murder in the death of UnitedHealthcare’s CEO Brian Thompson. Bulletin says Mangione likely motivated by anger toward ‘parasitic’ health insurance companies Mangione likely was motivated by his anger with what he called “parasitic” health insurance companies and a disdain with corporate greed, said a a law enforcement bulletin obtained by The Associated Press. He wrote that the U.S. has the most expensive healthcare system in the world and that the profits of major corporations continue to rise while “our life expectancy” does not, according to the bulletin, based on a review of the suspect’s hand-written notes and social media postings. He appeared to view the targeted killing of the UnitedHealthcare CEO as a symbolic takedown, asserting in his note that he is the “first to face it with such brutal honesty,” the bulletin said. Mangione called “Unabomber” Ted Kaczynski a “political revolutionary” and may have found inspiration from the man who carried out a series of bombings while railing against modern society and technology, the document said. Police say they found ‘written admissions about the crime’ in Luigi Mangione’s belongings A felony warrant filed in New York cites Altoona Officer Christy Wasser as saying she found the writings along with a semi-automatic pistol and an apparent silencer. The filing echoes earlier statements from NYPD Chief of Detectives Joseph Kenny who said Mangione had a three-page, handwritten document that shows “some ill will toward corporate America.” Mangione is now charged in Pennsylvania with being a fugitive of justice. McDonald’s customer: ‘My one friend thought he looked like the shooter’ A customer at the McDonald’s in Altoona, Pennsylvania, where Mangione was arrested said one of his friends had commented beforehand that the man looked like the suspect wanted for the shooting in New York City. “It started out almost a little bit like a joke, my one friend thought he looked like the shooter,” said the customer, who declined to give his full name, on Tuesday. “It wasn’t really a joke, but we laughed about it,” he added. Manhattan prosecutors have obtained a warrant for Mangione’s arrest The warrant on murder and other charges is a step that could help expedite his extradition from Pennsylvania. In court papers made public Tuesday, a New York City police detective reiterated key findings in the investigation he said tied Mangione to the killing, including surveillance footage and a fake ID he used to check into a Manhattan hostel on Nov. 24. Police officers in Altoona, Pennsylvania, found that ID when they arrested Mangione on Monday. Mangione is being held without bail in Pennsylvania on charges of possession of an unlicensed firearm, forgery and providing false identification to police. Late Monday, Manhattan prosecutors charged him with five counts, including murder, criminal possession of a weapon and criminal possession of a forged instrument. Mangione doesn’t yet have a lawyer who can speak on his behalf, court officials said. Pennsylvania authorities release photos of Luigi Mangione at McDonald’s and in cell Images of Mangione released Tuesday by Pennsylvania State Police showed him pulling down his mask in the corner of the McDonald’s while holding what appeared to be hash browns and wearing a winter jacket and ski cap. In another photo from a holding cell, he stood unsmiling with rumpled hair. The suspect’s cousin, a Maryland lawmaker, is postponing a fundraiser Mangione’s cousin, Maryland lawmaker Nino Mangione, announced Tuesday morning that he’s postponing a fundraiser planned later this week at the Hayfields Country Club north of Baltimore, which was purchased by the Mangione family in 1986. “Because of the nature of this terrible situation involving my Cousin I do not believe it is appropriate to hold my fundraising event scheduled for this Thursday at Hayfields,” Nino Mangione said in a social media post. “I want to thank you for your thoughts, prayers, and support. My family and I are heartbroken and ask that you remember the family of Mr. Thompson in your prayers. Thank you.” The search for the suspect involved dogs, drones and scuba divers Officers used New York City’s muscular surveillance system . Investigators analyzed DNA samples, fingerprints and internet addresses. Police went door to door looking for witnesses. When an arrest came five days later , those sprawling investigative efforts shared credit with an alert civilian’s instincts. A customer at a McDonald’s restaurant in Pennsylvania noticed another patron who resembled the man in the oblique security-camera photos New York police had publicized. Suspect is expected to be eventually be extradited to New York He remains jailed in Pennsylvania, where he was initially charged with possession of an unlicensed firearm, forgery and providing false identification to police. By late Monday evening, prosecutors in Manhattan had added a charge of murder, according to an online court docket. It’s unclear whether Luigi Nicholas Mangione has an attorney who can comment on the allegations. Asked at Monday’s arraignment whether he needed a public defender, Mangione asked whether he could “answer that at a future date.”
A Closer Look at 7 Analyst Recommendations For Omnicom Group
BOSTON--(BUSINESS WIRE)--Dec 10, 2024-- Skillsoft Corp. (NYSE: SKIL) (“Skillsoft” or the “Company”), a leading platform for transformative learning experiences, today announced its financial results for the third quarter of fiscal 2025 ended October 31, 2024. Fiscal 2025 Third Quarter Select Metrics and Financials from Continuing Operations (1)(2) “Our fiscal third quarter financial results demonstrate our first step in executing our transformation strategy,” said Ron Hovsepian, Skillsoft’s Executive Chair and Chief Executive Officer. “The operationalization of our strategy is showing the first signs of business and financial improvement for our shareholders and customers.” Fiscal 2025 Third Quarter Business Highlights “I am pleased with our financial results for the quarter, which are highlighted by strong revenue execution, improved profitability, and positive free cash flow,” said Rich Walker, Skillsoft’s Chief Financial Officer. “Our third quarter performance, coupled with momentum from our transformation execution, gives us confidence to raise and tighten our FY25 revenue guidance range, while reaffirming our adjusted EBITDA outlook.” Full-Year Fiscal 2025 Financial Outlook (2) The following table reflects Skillsoft’s updated financial outlook for the fiscal year ending January 31, 2025, based on current market conditions, expectations, and assumptions: GAAP Revenue $520 million – $530 million Adjusted EBITDA $105 million – $110 million (1) Growth calculated relative to the comparable prior year period unless otherwise noted. (2) See “Non-GAAP Financial Measures and Key Performance Metrics” below for the definitions of our key operational and non-GAAP metrics and how they are calculated and more information regarding the fact that the Company is unable to reconcile forward-looking non-GAAP measures without unreasonable efforts. We have provided at the back of this release reconciliations of our historical non-GAAP financial measures to the comparable GAAP measures. Webcast and Conference Call Information Skillsoft will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss its financial results. To access the call, dial (877) 413‐9278 from the United States and Canada or (215) 268‐9914 from international locations. The live event can be accessed from the Investor Relations section of Skillsoft’s website at investor.skillsoft.com . A replay will be available for six months. About Skillsoft Skillsoft delivers transformative learning experiences that propel organizations and people to grow together. The Company partners with enterprise organizations and serves a global community of learners to prepare today’s employees for tomorrow’s economy. With Skillsoft, customers gain access to blended, multimodal learning experiences that do more than build skills, they grow a more capable, adaptive, and engaged workforce. Through a portfolio of high-quality content, an AI-enabled platform that is personalized and connected to customer needs, and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skills gaps, unlocking human potential, and transforming the workforce. Learn more at www.skillsoft.com . Non-GAAP Financial Measures and Key Performance Metrics The Company has organized its business into two segments (or Business Units): Talent Development Solutions (formerly referred to as Content & Platform) and Global Knowledge (formerly referred to as Instructor-Led Training). We track the non-GAAP financial measures and key performance metrics that we believe are key financial measures of our success. Non-GAAP measures and key performance metrics are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures and key performance metrics when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of U.S. GAAP financial disclosures. For example, a company with higher U.S. GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, excluding the effects of interest income and expense moderates the impact of a company’s capital structure on its performance. However, non-GAAP measures and key performance metrics have limitations as analytical tools. Because not all companies use identical calculations, our presentation of non-GAAP financial measures and key performance metrics may not be comparable to other similarly titled measures of other companies. They are not presentations made in accordance with U.S. GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with U.S. GAAP or operating cash flows determined in accordance with U.S. GAAP. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, results of operations as determined in accordance with U.S. GAAP. We have provided at the back of this press release reconciliations of our historical non-GAAP financial measures to the comparable GAAP measures. We do not reconcile our forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is available to us without unreasonable efforts. For the same reasons, we are unable to address the probable significance of the unavailable information. We provide non-GAAP financial measures that we believe will be achieved, however we cannot accurately predict all of the components of the non-GAAP calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures. We disclose the below non-GAAP financial measures and key performance metrics in this press release because we believe these non-GAAP financial measures and key performance metrics provide meaningful supplemental information. Dollar retention rate ( “ DRR ” ) - For existing customers at the beginning of a given period, DRR represents subscription renewals, upgrades, churn, and downgrades in such period divided by the beginning total renewable base for such customers for such period. Renewals reflect customers who renew their subscription, inclusive of auto-renewals for multi-year contracts, while churn reflects customers who choose to not renew their subscription. Upgrades include orders from customers that purchase additional licenses or content (e.g., a new Leadership and Business module), while downgrades reflect customers electing to decrease the number of licenses or reduce the size of their content package. Upgrades and downgrades also reflect changes in pricing. We use our DRR to measure the long-term value of customer contracts as well as our ability to retain and expand the revenue generated from our existing customers. Adjusted net income (loss) - Adjusted net income (loss) is defined as GAAP net income (loss) excluding non-cash items, discrete and event-specific costs that do not represent normal, recurring, cash operating expenses necessary for our business operations, and certain accounting income and/or expenses that management believes are necessary to enhance the comparability and are useful in assessing our operating performance, include the following (including the related tax effects): Adjusted EBITDA - Adjusted EBITDA is defined as adjusted net income (loss) excluding interest expense or income, benefit from or provision for income taxes, depreciation and amortization expense. Adjusted operating expenses – Adjusted operating expenses are defined as GAAP costs of revenues, content and software development, selling and marketing, and general and administrative expenses, excluding depreciation expense, long-term incentive compensation expense, system migration costs, transformation costs, and other non-cash charges, as applicable. Adjusted gross margin – Adjusted gross margin is defined as GAAP revenue less GAAP cost of revenues, excluding long-term incentive compensation expense and depreciation expense, divided by GAAP revenue for the same period. Adjusted contribution margin – Adjusted contribution margin is defined as GAAP revenue less adjusted operating expenses, divided by GAAP revenue for the same period. Free cash flow – Free cash flow is defined as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and internally developed software. Adjusted free cash flow (levered) – Adjusted free cash flow (levered) is defined as free cash flow plus the cash impact for adjusted EBITDA excluded charges. Free cash flow conversion – Free cash flow conversion is defined as free cash flow divided by adjusted EBITDA for the same period. Net leverage – Net leverage is defined as current maturities of long-term debt, plus borrowings under accounts receivable facility, plus long-term debt, less cash and equivalents and restricted cash, divided by adjusted EBITDA for the preceding twelve-month period. Reclassifications Certain amounts reported in prior years have been reclassified to conform to the presentation in the current year. These reclassifications had no effect on total assets, total liabilities, total stockholders' equity, or net income (loss) for the prior year. Cautionary Notes Regarding Forward Looking Statements This document includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook (including revenue, non-GAAP EBITDA, and free cash flow), our product development and planning, our sales pipeline, future capital expenditures, share repurchases, financial results, the impact of regulatory changes, existing and evolving business strategies and acquisitions and dispositions, demand for our services, competitive strengths, the benefits of new initiatives, growth of our business and operations, and our ability to successfully implement our plans, strategies, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as “may”, “will”, “would”, “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “forecast”, “seek”, “outlook”, “target”, “goal”, “probably”, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft’s management and are subject to significant risks and uncertainties. All forward-looking disclosure is speculative by its nature, and we caution you against unduly relying on these forward-looking statements. Factors that could cause or contribute to such differences include those described under “Part I - Item 1A. Risk Factors” in our Form 10‐K for the fiscal year ended January 31, 2024. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in our other periodic filings with the Securities and Exchange Commission. The forward-looking statements contained in this document represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements, or otherwise. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. Additionally, statements as to market share, industry data and our market position are based on the most current data available to us and our estimates regarding market position or other industry data included in this document or otherwise discussed by us involve risks and uncertainties and are subject to change based on various factors, including as set forth above. SKILLSOFT CORP. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except number of shares and per share amounts) October 31, 2024 January 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 97,921 $ 136,308 Restricted cash 3,881 10,215 Accounts receivable, net of allowance for credit losses of approximately $558 and $562 as of October 31, 2024 and January 31, 2024, respectively 102,498 185,638 Prepaid expenses and other current assets 55,834 53,170 Total current assets 260,134 385,331 Property and equipment, net 3,543 6,639 Goodwill 317,071 317,071 Intangible assets, net 456,692 539,293 Right of use assets 5,054 8,044 Other assets 11,037 17,256 Total assets $ 1,053,531 $ 1,273,634 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 6,404 $ 6,404 Borrowings under accounts receivable facility 10,009 44,980 Accounts payable 21,159 14,512 Accrued compensation 28,325 31,774 Accrued expenses and other current liabilities 22,370 29,939 Lease liabilities 2,088 3,049 Deferred revenue 203,646 282,570 Total current liabilities 294,001 413,228 Long-term debt 574,312 577,487 Deferred tax liabilities 44,099 52,148 Long-term lease liabilities 6,839 9,251 Deferred revenue - non-current 1,823 2,402 Other long-term liabilities 11,977 13,531 Total long-term liabilities 639,050 654,819 Commitments and contingencies Shareholders’ equity: Shareholders’ common stock - Class A common shares, $0.0001 par value: 18,750,000 shares authorized and 8,576,683 shares issued and 8,276,906 shares outstanding at October 31, 2024, and 8,380,436 shares issued and 8,080,659 shares outstanding at January 31, 2024 1 1 Additional paid-in capital 1,559,547 1,551,005 Accumulated equity (deficit) (1,412,279 ) (1,321,478 ) Treasury stock, at cost - 299,777 shares as of October 31, 2024 and January 31, 2024 (10,891 ) (10,891 ) Accumulated other comprehensive income (loss) (15,898 ) (13,050 ) Total shareholders’ equity 120,480 205,587 Total liabilities and shareholders’ equity $ 1,053,531 $ 1,273,634 SKILLSOFT CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues: Total revenues $ 137,225 $ 138,956 $ 397,241 $ 415,697 Operating expenses: Costs of revenues 34,312 36,407 101,254 114,698 Content and software development 14,937 16,126 45,436 51,024 Selling and marketing 39,615 43,983 122,591 130,321 General and administrative 21,686 22,308 66,390 72,689 Amortization of intangible assets 31,826 38,620 95,197 116,086 Acquisition and integration related costs 931 510 3,349 2,838 Restructuring 3,095 873 15,361 8,592 Total operating expenses 146,402 158,827 449,578 496,248 Operating income (loss) (9,177 ) (19,871 ) (52,337 ) (80,551 ) Other income (expense), net (538 ) 19 1,261 (1,290 ) Fair value adjustment of warrants — 1,105 — 4,750 Fair value adjustment of interest rate swaps (822 ) 3,981 418 11,186 Interest income 924 1,060 2,897 2,576 Interest expense (15,845 ) (16,492 ) (48,538 ) (48,683 ) Income (loss) before provision for (benefit from) income taxes (25,458 ) (30,198 ) (96,299 ) (112,012 ) Provision for (benefit from) income taxes (1,859 ) (2,462 ) (5,498 ) (8,735 ) Income (loss) from continuing operations (23,599 ) (27,736 ) (90,801 ) (103,277 ) Gain (loss) on sale of business — — — (682 ) Net income (loss) $ (23,599 ) $ (27,736 ) $ (90,801 ) $ (103,959 ) Net income (loss) per share: Basic and diluted - continuing operations $ (2.86 ) $ (3.45 ) $ (11.11 ) $ (12.84 ) Basic and diluted - discontinued operations — — — (0.08 ) Basic and diluted $ (2.86 ) $ (3.45 ) $ (11.11 ) $ (12.92 ) Weighted average common shares outstanding: Basic and diluted 8,239,564 8,047,497 8,170,344 8,043,712 SKILLSOFT CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended October 31, 2024 October 31, 2023 Cash flows from operating activities: Net income (loss) $ (90,801 ) $ (103,959 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of intangible assets 95,197 116,086 Stock-based compensation 9,985 22,917 Depreciation 2,404 2,629 Non-cash interest expense 1,628 1,546 Non-cash property, equipment, software and lease impairment charges 2,495 4,265 Provision for credit loss expense (recovery) (4 ) 205 (Gain) loss on sale of business — 682 Provision for (benefit from) deferred income taxes – non-cash (8,080 ) (10,270 ) Fair value adjustment of warrants — (4,750 ) Fair value adjustment of interest rate swaps (418 ) (11,186 ) Change in assets and liabilities: Accounts receivable 82,877 70,645 Prepaid expenses and other assets, including long-term 4,258 2,726 Right-of-use assets 1,632 2,184 Accounts payable 6,693 (3,283 ) Accrued expenses and other liabilities, including long-term (12,819 ) (20,820 ) Lease liabilities (3,387 ) (3,048 ) Deferred revenues (79,446 ) (75,250 ) Net cash provided by (used in) operating activities 12,214 (8,681 ) Cash flows from investing activities: Purchase of property and equipment (820 ) (3,753 ) Proceeds from sale of property and equipment 10 — Internally developed software - capitalized costs (13,018 ) (8,055 ) Sale of SumTotal, net of cash transferred — (5,137 ) Net cash provided by (used in) investing activities (13,828 ) (16,945 ) Cash flows from financing activities: Shares repurchased for tax withholding upon vesting of restricted stock-based awards (1,052 ) (1,441 ) Payments to acquire treasury stock — (8,046 ) Proceeds from (payments on) accounts receivable facility (34,971 ) 793 Principal payments on term loans (4,803 ) (4,803 ) Net cash provided by (used in) financing activities (40,826 ) (13,497 ) Effect of exchange rate changes on cash and cash equivalents (2,281 ) (1,674 ) Net increase (decrease) in cash, cash equivalents and restricted cash (44,721 ) (40,797 ) Cash, cash equivalents and restricted cash, beginning of period 146,523 177,556 Cash, cash equivalents and restricted cash, end of period $ 101,802 $ 136,759 Supplemental disclosure of cash flow information: Cash and cash equivalents $ 97,921 $ 129,806 Restricted cash 3,881 6,953 Cash, cash equivalents and restricted cash, end of period $ 101,802 $ 136,759 SKILLSOFT CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues Talent Development Solutions $ 102,998 $ 101,132 $ 302,725 $ 302,893 Global Knowledge 34,227 37,824 94,516 112,804 Total revenues, as reported $ 137,225 $ 138,956 $ 397,241 $ 415,697 Net income (loss), as reported $ (23,599 ) $ (27,736 ) $ (90,801 ) $ (103,959 ) Acquisition and integration related costs 931 510 3,349 2,838 Restructuring 3,095 873 15,361 8,592 Transformation costs 164 1,053 1,351 2,503 System migration costs — 510 118 1,580 Long-term incentive compensation expenses 4,099 7,962 10,438 22,917 Executive exit costs — — 3,326 — Fair value adjustment of warrants — (1,105 ) — (4,750 ) Fair value adjustment of interest rate swaps 822 (3,981 ) (418 ) (11,186 ) Foreign currency impact 524 (181 ) (1,297 ) 1,513 Gain (loss) on sale of business — — — 682 Tax impact of adjustments (1,057 ) (602 ) (3,349 ) (2,921 ) Adjusted net income (loss) from continuing operations (15,021 ) (22,697 ) (61,922 ) (82,191 ) Interest expense, net 14,921 15,432 45,641 46,107 Expense (benefit from) income taxes, excluding tax impacts above (802 ) (1,860 ) (2,149 ) (5,814 ) Depreciation 1,000 266 2,404 2,629 Amortization of intangible assets 31,826 38,620 95,197 116,086 Adjusted EBITDA from continuing operations $ 31,924 $ 29,761 $ 79,171 $ 76,817 Weighted average common shares outstanding: Basic and diluted 8,239,564 8,047,497 8,170,344 8,043,712 Basic and diluted per share information: Net income (loss), as reported $ (2.86 ) $ (3.45 ) $ (11.11 ) (12.92 ) Adjusted net income (loss) from continuing operations $ (1.82 ) $ (2.82 ) $ (7.58 ) $ (10.22 ) Adjusted net income (loss) margin % (10.9 )% (16.4 )% (15.6 )% (19.7 )% Interest expense, net 10.9 % 11.1 % 11.5 % 11.1 % Expense (benefit from) income taxes, excluding tax impacts above (0.6 )% (1.3 )% (0.5 )% (1.4 )% Depreciation 0.7 % 0.2 % 0.6 % 0.6 % Amortization of intangible assets 23.2 % 27.8 % 23.9 % 27.9 % Adjusted EBITDA margin % 23.3 % 21.4 % 19.9 % 18.5 % Adjusted gross margin 75.2 % 73.9 % 74.7 % 72.6 % Adjusted contribution margin 23.3 % 21.4 % 20.0 % 18.5 % SKILLSOFT CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - continued (in thousands, unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Operating expenses: GAAP costs of revenues $ 34,312 $ 36,407 $ 101,254 $ 114,698 Depreciation (91 ) (80 ) (315 ) (413 ) Long-term incentive compensation expenses (201 ) (128 ) (499 ) (463 ) Adjusted costs of revenues 34,020 36,199 100,440 113,822 GAAP content and software development 14,937 16,126 45,436 51,024 Depreciation (74 ) 22 (218 ) (169 ) Long-term incentive compensation expenses (857 ) (1,575 ) (3,061 ) (5,350 ) System migration — (510 ) (118 ) (1,580 ) Adjusted content and software development 14,006 14,063 42,039 43,925 GAAP selling and marketing 39,615 43,983 122,591 130,321 Depreciation (161 ) (160 ) (531 ) (839 ) Long-term incentive compensation expenses (1,595 ) (1,421 ) (3,648 ) (2,435 ) Transformation — (9 ) (213 ) (251 ) Adjusted selling and marketing 37,859 42,393 118,199 126,796 GAAP general and administrative 21,686 22,308 66,390 72,689 Depreciation (674 ) (48 ) (1,340 ) (1,208 ) Long-term incentive compensation expenses (1,446 ) (4,838 ) (3,230 ) (14,669 ) Transformation (179 ) (882 ) (1,192 ) (2,475 ) Executive exit costs — — (3,326 ) — Adjusted general and administrative 19,387 16,540 57,302 54,337 Total GAAP operating expenses 110,550 118,824 335,671 368,732 Depreciation (1,000 ) (266 ) (2,404 ) (2,629 ) Long-term incentive compensation expenses (4,099 ) (7,962 ) (10,438 ) (22,917 ) System migration — (510 ) (118 ) (1,580 ) Transformation (1) (179 ) (891 ) (1,405 ) (2,726 ) Executive exit costs — — (3,326 ) — Adjusted total operating expenses $ 105,272 $ 109,195 $ 317,980 $ 338,880 (1) This line item does not agree to the amounts reflected on preceding table due to certain transformation expenses not being reflected in GAAP operating expenses. SKILLSOFT CORP. FREE CASH FLOW RECONCILIATION (in thousands) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Free cash flow reconciliation Net cash provided by (used in) operating activities $ 8,717 $ (10,666 ) $ 12,214 $ (8,681 ) Purchase of property and equipment, net (411 ) (347 ) (810 ) (3,753 ) Internally developed software - capitalized costs (4,222 ) (2,104 ) (13,018 ) (8,055 ) Total free cash flow 4,084 (13,117 ) (1,614 ) (20,489 ) Cash impact for adjusted EBITDA excluded charges 10,089 2,306 17,187 10,098 Adjusted free cash flow (levered) $ 14,173 $ (10,811 ) $ 15,573 $ (10,391 ) View source version on businesswire.com : https://www.businesswire.com/news/home/20241210536898/en/ CONTACT: Investors: Ross Collins or Stephen Poe SKIL@alpha-ir.comMedia : Cameron Martin cameron.martin@skillsoft.com KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY SECURITY OTHER TECHNOLOGY SOFTWARE INTERNET CONTINUING TRAINING DATA MANAGEMENT EDUCATION SOURCE: Skillsoft Corp. Copyright Business Wire 2024. PUB: 12/10/2024 04:05 PM/DISC: 12/10/2024 04:04 PM http://www.businesswire.com/news/home/20241210536898/enFRISCO, Texas (AP) — The Dallas Cowboys are shutting down CeeDee Lamb with two games remaining after their 2023 All-Pro receiver spent the second half of the season dealing with a sprained right shoulder. The team said Thursday that additional exams revealed enough damage to keep Lamb off the field Sunday at Philadelphia and in the final game at home against Washington. The team said surgery was not expected to be required. Dallas was eliminated from playoff contention a few hours before last weekend's 26-24 victory over Tampa Bay . The decision on Lamb means the Cowboys will finish the regular season with at least five former Pro Bowlers on injured reserve. Among the others are quarterback Dak Prescott, who was limited to eight games before a season-ending hamstring tear, and right guard Zack Martin. The seven-time All-Pro made it through 10 games before deciding on season-ending ankle surgery. Defensive end DeMarcus Lawrence didn't playing after Week 4 because of a foot injury, and cornerback Trevon Diggs battled a variety of injuries while playing 11 games before a knee injury ended his season. Lamb initially injured his right shoulder when it hit the turf hard twice in a 27-21 loss at Atlanta on Nov. 3. He kept playing and had at least 100 yards in each of his last two games — both victories — before getting shut down. The 25-year-old Lamb sat out the entire offseason and preseason in a contract dispute after getting career highs in catches (an NFL-best 135), yards receiving (club-record 1,749) and touchdowns (12) in 2023. The holdout finally ended with a $136 million, four-year extension in late August, but neither the Cowboys nor their star receiver could get that production going again this season. Dallas (7-8) is missing the playoffs for the first time since 2020, Lamb's rookie year. Lamb finishes the season with 101 catches for 1,194 yards and six TDs. AP NFL: https://apnews.com/NFL
FRISCO, Texas (AP) — The Dallas Cowboys are shutting down CeeDee Lamb with two games remaining after their 2023 All-Pro receiver spent the second half of the season dealing with a sprained right shoulder. The team said Thursday that additional exams revealed enough damage to keep Lamb off the field Sunday at Philadelphia and in the final game at home against Washington. The team said surgery was not expected to be required. Dallas was eliminated from playoff contention a few hours before last weekend's . The decision on Lamb means the Cowboys will finish the regular season with at least five former Pro Bowlers on injured reserve. Among the others are quarterback Dak Prescott, who was limited to eight games before a season-ending hamstring tear, and right guard Zack Martin. The seven-time All-Pro made it through 10 games before deciding on season-ending ankle surgery. Defensive end DeMarcus Lawrence didn't playing after Week 4 because of a foot injury, and cornerback Trevon Diggs battled a variety of injuries while playing 11 games before a knee injury ended his season. Lamb initially injured his right shoulder when it hit the turf hard twice in a 27-21 loss at Atlanta on Nov. 3. He kept playing and had at least 100 yards in each of his last two games — both victories — before getting shut down. The 25-year-old Lamb sat out the entire offseason and preseason in a contract dispute after getting career highs in catches (an NFL-best 135), yards receiving (club-record 1,749) and touchdowns (12) in 2023. The holdout finally ended with a $136 million, four-year extension in late August, but neither the Cowboys nor their star receiver could get that production going again this season. Dallas (7-8) is missing the playoffs for the first time since 2020, Lamb's rookie year. Lamb finishes the season with 101 catches for 1,194 yards and six TDs. AP NFL:Israeli air strikes on Yemen airport ‘were metres from WHO chief’
Adding to those headwinds: an incoming new U.S. president who has disparaged government support for electric vehicles. China is the exception. Driven by government subsidies and mandates, vehicles with electric motors, including plug-in hybrids that combine electric and fossil fuel motors, topped 50% of sales in the month of July. Three main concerns Concerns about range, charging infrastructure and higher prices are sore points among both electric car enthusiasts and skeptics in Europe and the U.S. Solar panels power charging at Detlef Mueller-Salis’ home in Mainz, Germany, so he thought he was all set to go electric. But range concerns, charging times and confusing charging payment methods proved frustrating. So after four years, he and his wife sold their Porsche Taycan and Fiat 500 electrics and bought a BMW 5-Series and a Volkswagen Polo, both internal combustion. The smaller Fiat could run about 136 miles on a charge in summer and 112 in winter, he said, against the manufacturer’s specification of 198 miles. Constantly checking the battery before quick trips to visit grandchildren and elderly parents grew annoying. So did going on vacation with payment cards from five charging plans. The Porsche took 30 minutes to charge instead of the 22 minutes advertised, not a huge difference but “not what the company promised,” said Mueller-Salis, who is retired from a logistics company. Driving fast on the autobahn reduced range so that “you paid for it with charging time.” Longer trips require planning Both retirees in their 70s, Ken and Roxanne Honeycutt mainly drive their used Kia Soul around their town near Oakland, California. They charge the EV, with a range of about 111 miles, in their garage and don’t rely much on public infrastructure. But for longer trips they have to plan fast-charging stops ahead of time. “We wanted to try it,” Roxanne said of the EV. “Sometimes we found that the charging stations don’t always work, they’re broken down, so that gives you a little bit of anxiety if you know, OK, I need to charge.” On one cold, rainy January day, the Soul’s range dropped faster than expected, so they had to stop twice to charge. Another time, they hit multiple nonfunctioning chargers — even in California, where EV adoption leads the rest of the country. Their range dropped to 13 miles. “We’re used to having a gas station on every corner, 24 hours a day,” Roxanne said, adding they still like the vehicle. Paris climate agreement Electric cars aren’t going away. They are essential for planet-warming carbon emissions reductions governments agreed to under the 2015 Paris climate agreement. Electrified vehicle sales will reach 17 million this year, or one car in five sold globally, according to the International Energy Agency. That includes plug-in hybrids that combine electric with internal combustion motors. But about 60% of those sales are in China. In Europe, sales of electric-only cars fell 5.8% in January-September from a year earlier, while their market share fell to 13% from 14%. Pure EVs accounted for 8% of overall U.S. vehicle sales in October. So, the market is growing, but sales slowed. They’re not plunging, but they’re not yet growing fast enough to meet climate goals. Sticker shock Higher prices matter. A Volkswagen ID. 3 hatchback costs about $42,090, compared to the similar-sized Volkswagen Golf fuel engine version at $29,136, according to the ADAC auto association. U.S. EV prices have fallen significantly since 2022, but the average price in October for a new one, $56,902, still exceeded the average $48,623 for a new vehicle. Cost remains an issue for the more mainstream American consumers EV makers hope to target, according to a recent poll by The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago. Uncertainty over purchase subsidies also complicates price comparisons. EV sales plunged in Germany early this year after the government abruptly canceled the purchase premium of roughly $7,100 for cars up to $42,000 and about $4,700 for cars up to about $68,000. ADAC says that means most internal combustion models are a better deal over a car’s lifetime. Conservative political parties and the industry are now questioning the EU’s goal of eliminating most fuel engine vehicles by 2035, a decision that’s up for review in 2026. The European Auto Manufacturers’ Association is urging that carbon dioxide limits, which carmakers must meet by 2026 or face heavy fines, be relaxed. Some carmakers have pushed back electrification plans. Republican President-elect Donald Trump vowed to end what he called the Democratic Biden administration’s EV “mandate,” though he softened his anti-EV stance as his ties with Tesla CEO Elon Musk grew closer. Automakers are not required to sell EVs under the Environmental Protection Agency’s greenhouse gas emissions standards regulating tailpipe pollution, though they need EVs to make up at least 56% of their total sales to meet the ambitious standards for cutting emissions. Trump may also eliminate critical EV tax credits. Even if fewer buyers choose EVs, tax credits or not, auto companies show no intention of fully retreating from the transition away from gas-burning cars and trucks. The China difference China’s auto market, the world’s largest, was transformed by billions of dollars in subsidies, with EV sales reaching 25.8% of the 13.5 million vehicles sold in January-August, according to the China Passenger Car Association. The government is encouraging car buyers to go electric, and many are buying EVs or plug-in hybrids under an economic stimulus program. The phasing out of earlier subsidies in 2022 unleashed a fierce price war, toppling some weaker automakers. Some Chinese EVs sell for less than $20,000 in their home market. The government push encouraged many start-ups that took the Tesla model and ran with it. They simplified car designs to cut costs and filled interiors with gadgetry appealing to a smartphone-savvy generation. Photographer Wu Cong sat inside his $23,000 Hongqi E-QM5 as it recharged in Beijing. He travels often for work, racking up 50,000 miles in the past two years. The EV saves him about $7 in fuel costs for every 62 miles, he said, which would add up to $5,600 over two years. The sedan’s navigation system reminds him to recharge after driving a distance of his choosing. “It will tell you if there are charging stations ahead and if anyone is using them,” he said. Beijing tech worker Shang Wenting said her family hardly uses its gasoline-powered car anymore except for on long trips, preferring a sapphire Tesla Model Y that cost about $37,000. During a weekly trip to a charging station 10 minutes from her home, Shang said the Tesla is cheaper to drive and she loves its “smart features,” like an energy recovery system that means she can press on the accelerator less. “It feels like switching from an old phone to a smartphone,” she said.