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Coralogix acquires AI observability platform AporiaSAN RAMON, Calif., Dec. 05, 2024 (GLOBE NEWSWIRE) -- CooperCompanies (Nasdaq: COO), a leading global medical device company, today announced financial results for its fiscal fourth quarter and full year ended October 31, 2024. Fourth quarter 2024 revenue of $1,018.4 million, up 10%, or up 7% organically. Fiscal year 2024 revenue of $3.9 billion, up 8%, or up 8% organically. Fourth quarter 2024 GAAP diluted earnings per share (EPS) of $0.58, up 38%. Fiscal 2024 GAAP diluted EPS of $1.96, up 33%. Fourth quarter 2024 non-GAAP diluted EPS of $1.04, up 19%. Fiscal 2024 non-GAAP diluted EPS of $3.69, up 15%. See "Reconciliation of Selected GAAP Results to Non-GAAP Results" below. Commenting on the results, Al White, Cooper's President and CEO said, "Fiscal 2024 was a great year for Cooper having achieved record consolidated revenues, including record CooperVision revenues, record CooperSurgical revenues and record non-GAAP EPS. We look forward to continued success in fiscal 2025 and thank all of our employees for driving these results." Fourth Quarter Operating Results Revenue of $1,018.4 million, up 10% from last year’s fourth quarter, up 9% in constant currency, up 7% organically. Gross margin of 67% compared with 65% in last year’s fourth quarter driven by price and efficiency gains. On a non-GAAP basis, gross margin was similar to last year at 67%. Operating margin of 19% compared with 15% in last year’s fourth quarter driven by SG&A expense leverage and stronger gross margins. On a non-GAAP basis, operating margin was 26%, up from 24% last year. Interest expense of $27.0 million compared with $26.3 million in last year's fourth quarter. On a non-GAAP basis, interest expense was $25.6 million, down from $26.4 million. Cash provided by operations of $268.1 million offset by capital expenditures of $139.9 million resulted in free cash flow of $128.2 million. Fourth Quarter CooperVision (CVI) Revenue Revenue of $676.4 million, up 9% from last year’s fourth quarter, up 8% in constant currency, up 8% organically. Revenue by category: Revenue by geography: Fourth Quarter CooperSurgical (CSI) Revenue Revenue of $342.0 million, up 12% from last year's fourth quarter, up 12% in constant currency, up 5% organically. Revenue by category: Fiscal Year 2024 Operating Results Revenue of $3,895.4 million, up 8% from fiscal 2023, up 9% in constant currency, up 8% organically. CVI revenue of $2,609.4 million, up 8% from fiscal 2023, up 8% in constant currency, up 9% organically, and CSI revenue $1,286.0 million, up 10% from fiscal 2023, up 11% in constant currency, up 5% organically. Gross margin of 67% compared with 66% in fiscal 2023. Non-GAAP gross margin was 67% compared with 66% in fiscal 2023. Operating margin of 18% compared with 15% in fiscal 2023. Non-GAAP operating margin was 25% compared with 24% in fiscal 2023. Cash provided by operations of $709.3 million offset by capital expenditures of $421.2 million resulted in free cash flow of $288.1 million. Fiscal Year 2025 Financial Guidance The Company initiated its fiscal year 2025 financial guidance. Details are summarized as follows: Fiscal 2025 total revenue of $4,080 - $4,158 million (organic growth of 6% to 8%) CVI revenue of $2,733 - $2,786 million (organic growth of 6.5% to 8.5%) CSI revenue of $1,347 - $1,372 million (organic growth of 4% to 6%) Fiscal 2025 non-GAAP diluted earnings per share of $3.92 - $4.02 Non-GAAP diluted earnings per share guidance excludes amortization and impairment of intangible assets, and certain income or gains and charges or expenses including acquisition and integration costs which we may incur as part of our continuing operations. With respect to the Company’s guidance expectations, the Company has not reconciled non-GAAP diluted earnings per share guidance to GAAP diluted earnings per share due to the inherent difficulty in forecasting acquisition-related, integration and restructuring charges and expenses, which are reconciling items between the non-GAAP and GAAP measures. Due to the unknown effect, timing and potential significance of such charges and expenses that impact GAAP diluted earnings per share, the Company is not able to provide such guidance. Reconciliation of Selected GAAP Results to Non-GAAP Results To supplement our financial results and guidance presented on a GAAP basis, we provide non-GAAP measures such as non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted earnings per share, as well as constant currency and organic revenue growth because we believe they are helpful for the investors to understand our consolidated operating results. Management uses supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, to make operating decisions, and to plan and forecast for future periods. The non-GAAP measures exclude costs which we generally would not have otherwise incurred in the periods presented as a part of our continuing operations. We provide further details of the non-GAAP adjustments made to arrive at our non-GAAP measures in the GAAP to non-GAAP reconciliations below. Our non-GAAP financial results and guidance are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. To present constant currency revenue growth, current period revenue for entities reporting in currencies other than the United States dollar are converted into United States dollars at the average foreign exchange rates for the corresponding period in the prior year. To present organic revenue growth, we excluded the effect of foreign currency fluctuations and the impact of any acquisitions, divestitures and discontinuations that occurred in the comparable period. We define the non-GAAP measure of free cash flow as cash provided by operating activities less capital expenditures. We believe free cash flow is useful for investors as an additional measure of liquidity because it represents cash that is available to grow the business, make strategic acquisitions, repay debt, or buyback common stock. Management uses free cash flow internally to understand, manage, make operating decisions and evaluate our business. In addition, we use free cash flow to help plan and forecast future periods. Investors should consider non-GAAP financial measures in addition to, and not as replacements for, or superior to, measures of financial performance prepared in accordance with GAAP. EPS, amounts and percentages may not sum or recalculate due to rounding. (1) Charges include the direct effects of acquisition accounting, such as amortization of inventory fair value step-up, professional services fees, regulatory fees and changes in fair value of contingent considerations, and items related to integrating acquired businesses, such as redundant personnel costs for transitional employees, other acquired employee related costs, and integration-related professional services, manufacturing integration costs, legal entity rationalization and other integration-related activities. The acquisition and integration-related charges in fiscal 2024 were primarily related to the Cook Medical acquisition and integration expenses. The acquisition and integration-related charges in fiscal 2023 were primarily related to the Generate acquisition and integration expenses. Charges included $2.9 million and $8.4 million related to redundant personnel costs for transitional employees, $0.7 million and $4.5 million of professional services fees, $1.4 million and $1.4 million of manufacturing integration costs, $1.5 million and 1.5 million of inventory fair value step-up amortization, and $0.7 million and $4.1 million of other acquisition and integration-related activities in the three and twelve months ended October 31, 2024, respectively. The twelve months ended October 31, 2024 also included $0.7 million regulatory fees. Charges included $7.5 million and $21.9 million related to redundant personnel costs for transitional employees, $6.5 million and $16.2 million of professional services fees, $2.9 million and $6.5 million of manufacturing integration costs, $3.1 million and $5.0 million of legal entity rationalization costs, $0.9 million and $2.7 million regulatory fees, and $0.6 million and $5.0 million in other acquisition and integration-related activities, in the three and twelve months ended October 31, 2023, respectively. (2) Charges include costs related to product line exits such as inventory write-offs, site closure costs, contract termination costs and specifically-identified long-lived asset write-offs. Charges included $2.3 million of write-offs of long-lived assets and $1.7 million of other costs related to product line exits in the twelve months October 31, 2024. No charge related to product line exits was incurred in the three months ended October 31, 2024. Charges included $3.4 million and $7.9 million of site closure costs related to the exit of the lens care business, $0.4 million and $1.1 million of other costs related to product line exits in the three and twelve months ended October 31, 2023, respectively. The fourth quarter of fiscal 2023 also included $9.8 million of intangible assets impairment charge associated with the discontinuation of certain products. (3) Charges represent incremental costs of complying with the new European Union (E.U.) medical device regulations for previously registered products and primarily include charges for contractors supporting the project and other direct third-party expenses. We consider these costs to be limited to a specific time period. (4) Charges represent the costs associated with initiatives to increase efficiencies across the organization and optimize our overall cost structure, including changes to our IT infrastructure and operations, employee severance costs, legal entity and other business reorganizations, write-offs or impairments of certain long-lived assets associated with the business optimization activities. Charges included $1.5 million and $10.6 million of employee severance costs, $1.0 million and $4.1 million related to changes to our IT infrastructure and operation, and $0.4 million and $2.9 million of legal entity and other business reorganizations costs, in the three and twelve months ended October 31, 2024, respectively. The twelve months ended October 31, 2024 also included $0.7 million of other optimization costs. Charges included $1.4 million and $11.3 million of employee severance costs, $1.4 million and $1.9 million of legal entity and other business reorganizations costs, and $0.3 million and $5.9 million related to changes to our IT infrastructure and operations, partially offset by $0.2 million and $0.4 million of other items in the three and twelve months ended October 31, 2023, respectively. (5) Amount represents an accrual for probable payment of a termination fee in connection with an asset purchase agreement in the second quarter of 2023, which was paid in August 2023. (6) Amount represents the release the contingent consideration liability associated with SightGlass Vision's regulatory approval milestone in the first quarter of 2023. (7) Charges include certain business disruptions from natural causes, litigation matters and other items that are not part of ordinary operations. The adjustments to arrive at non-GAAP net income also include gains and losses on minority interest investments and accretion of interest attributable to acquisition installment payables. Charges included $1.5 million and $5.9 million of gains and losses on minority interest investments, $1.4 million and $5.5 million of accretion of interest attributable to acquisition installments payable, $0.6 million and $1.5 million related to legal matters in the three and twelve months ended October 31, 2024, respectively. Charges included $1.6 million and $6.3 million of gains and losses on minority interest investments, and $1.3 million and $4.6 million related to legal matters in the three and twelve months ended October 31, 2023, respectively. The twelve months ended October 31, 2023 also included $1.1 million of other items. (8) In fiscal 2021, the Company transferred its CooperVision intellectual property and goodwill to its UK subsidiary. As a result, we recorded a deferred tax asset equal to approximately $2.0 billion as a one-time tax benefit in accordance with U.S. GAAP in fiscal 2021 as subsequently adjusted for changes in UK tax law. The non-GAAP adjustments reflect the ongoing net deferred tax benefit from tax amortization each period under UK tax law. Audio Webcast and Conference Call The Company will host an audio webcast today for the public, investors, analysts and news media to discuss its fourth quarter results and current corporate developments. The audio webcast will be broadcast live on CooperCompanies' website, www.investor.coopercos.com , at approximately 5:00 PM ET. It will also be available for replay on CooperCompanies' website, www.investor.coopercos.com . Alternatively, you can dial in to the conference call at 800-715-9871; conference ID 2026064. About CooperCompanies CooperCompanies (Nasdaq: COO) is a leading global medical device company focused on improving lives one person at a time. The Company operates through two business units, CooperVision and CooperSurgical. CooperVision is a trusted leader in the contact lens industry, improving the vision of millions of people every day. CooperSurgical is a leading fertility and women's health company dedicated to assisting women, babies and families at the healthcare moments that matter most. Headquartered in San Ramon, CA, CooperCompanies ("Cooper") has a workforce of more than 16,000 with products sold in over 130 countries. For more information, please visit www.coopercos.com . Forward-Looking Statements This earnings release contains "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Statements relating to guidance, plans, prospects, goals, strategies, future actions, events or performance and other statements of which are other than statements of historical fact, including our fiscal year 2025 financial guidance are forward looking. In addition, all statements regarding anticipated growth in our revenues, anticipated effects of any product recalls, anticipated market conditions, planned product launches, restructuring or business transition expectations, regulatory plans, and expected results of operations and integration of any acquisition are forward-looking. To identify these statements look for words like "believes," "outlook," "probable," "expects," "may," "will," "should," "could," "seeks," "intends," "plans," "estimates" or "anticipates" and similar words or phrases. Forward-looking statements necessarily depend on assumptions, data or methods that may be incorrect or imprecise and are subject to risks and uncertainties. Among the factors that could cause our actual results and future actions to differ materially from those described in forward-looking statements are: adverse changes in the global or regional general business, political and economic conditions including the impact of continuing uncertainty and instability of certain countries, man-made or natural disasters and pandemic conditions, that could adversely affect our global markets, and the potential adverse economic impact and related uncertainty caused by these items; the impact of international conflicts and the global response to international conflicts on the global and local economy, financial markets, energy markets, currency rates and our ability to supply product to, or through, affected countries; our substantial and expanding international operations and the challenges of managing an organization spread throughout multiple countries and complying with a variety of legal, compliance and regulatory requirements; foreign currency exchange rate and interest rate fluctuations including the risk of fluctuations in the value of foreign currencies or interest rates that would decrease our net sales and earnings; our existing and future variable rate indebtedness and associated interest expense is impacted by rate increases, which could adversely affect our financial health or limit our ability to borrow additional funds; changes in tax laws, examinations by tax authorities, and changes in our geographic composition of income; acquisition-related adverse effects including the failure to successfully achieve the anticipated net sales, margins and earnings benefits of acquisitions, integration delays or costs and the requirement to record significant adjustments to the preliminary fair value of assets acquired and liabilities assumed within the measurement period, required regulatory approvals for an acquisition not being obtained or being delayed or subject to conditions that are not anticipated, adverse impacts of changes to accounting controls and reporting procedures, contingent liabilities or indemnification obligations, increased leverage and lack of access to available financing (including financing for the acquisition or refinancing of debt owed by us on a timely basis and on reasonable terms); compliance costs and potential liability in connection with U.S. and foreign laws and health care regulations pertaining to privacy and security of personal information such as the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the California Consumer Privacy Act (CCPA) in the U.S. and the General Data Protection Regulation (GDPR) requirements in Europe, including but not limited to those resulting from data security breaches; a major disruption in the operations of our manufacturing, accounting and financial reporting, research and development, distribution facilities or raw material supply chain due to challenges associated with integration of acquisitions, man-made or natural disasters, pandemic conditions, cybersecurity incidents or other causes; a major disruption in the operations of our manufacturing, accounting and financial reporting, research and development or distribution facilities due to the failure to perform by third-party vendors, including cloud computing providers or other technological problems, including any related to our information systems maintenance, enhancements or new system deployments, integrations or upgrades; a successful cybersecurity attack which could interrupt or disrupt our information technology systems, or those of our third-party service providers, or cause the loss of confidential or protected data; market consolidation of large customers globally through mergers or acquisitions resulting in a larger proportion or concentration of our business being derived from fewer customers; disruptions in supplies of raw materials, particularly components used to manufacture our silicone hydrogel lenses; new U.S. and foreign government laws and regulations, and changes in existing laws, regulations and enforcement guidance, which affect areas of our operations including, but not limited to, those affecting the health care industry, including the contact lens industry specifically and the medical device or pharmaceutical industries generally, including but not limited to the EU Medical Devices Regulation (MDR), and the EU In Vitro Diagnostic Medical Devices Regulation (IVDR); legal costs, insurance expenses, settlement costs and the risk of an adverse decision, prohibitive injunction or settlement related to product liability, patent infringement, contractual disputes, or other litigation; limitations on sales following product introductions due to poor market acceptance; new competitors, product innovations or technologies, including but not limited to, technological advances by competitors, new products and patents attained by competitors, and competitors' expansion through acquisitions; reduced sales, loss of customers, reputational harm and costs and expenses, including from claims and litigation related to product recalls and warning letters; failure to receive, or delays in receiving, regulatory approvals or certifications for products; failure of our customers and end users to obtain adequate coverage and reimbursement from third-party payers for our products and services; the requirement to provide for a significant liability or to write off, or accelerate depreciation on, a significant asset, including goodwill, other intangible assets and idle manufacturing facilities and equipment; the success of our research and development activities and other start-up projects; dilution to earnings per share from acquisitions or issuing stock; impact and costs incurred from changes in accounting standards and policies; risks related to environmental laws and requirements applicable to our facilities, products or manufacturing processes, including evolving regulations regarding the use of hazardous substances or chemicals in our products; risks related to environmental, social and corporate governance (ESG) issues, including those related to regulatory and disclosure requirements, climate change and sustainability; and other events described in our Securities and Exchange Commission filings, including the “Business”, “Risk Factors” and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, as such Risk Factors may be updated in annual and quarterly filings. We caution investors that forward-looking statements reflect our analysis only on their stated date. We disclaim any intent to update them except as required by law. Contact: Kim Duncan Vice President, Investor Relations and Risk Management 925-460-3663 ir@cooperco.com THE COOPER COMPANIES, INC. AND SUBSIDIARIES GAAP to Non-GAAP Reconciliation Constant Currency Revenue Growth and Organic Revenue Growth Net Salesbet so 88 。

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Got Money Goals for the New Year? Stay on Track With These TipsArtificial intelligence (AI) and tech stocks dragged the Nasdaq Composite ( ^IXIC -1.44% ) down as much as 2.4% at one point today. The Dow Jones Industrial Average ( ^DJI -0.57% ) lost as much as 500 points in a holiday-shortened week usually powered by a Santa Claus rally that has failed to materialize thus far. Shares of artificial intelligence chipmaker Broadcom ( AVGO -1.50% ) and e-commerce giant Amazon ( AMZN -1.49% ) traded close to 2% lower as of 2:26 p.m. ET today. Shares of electric carmaker Rivian ( RIVN -2.49% ) were down close to 3%. Feeling the pressure from rising yields Usually, the subdued final week of the year is met with a Santa Claus rally , which includes the last five trading days of the year and the first two in January. Stocks tend to move higher in the year's final days, with most investors on vacation and trading volume light. These seven days of the year have averaged gains of 1.3% since 1950. While there is still time left, the market has underperformed so far. As of this writing, the broader benchmark S&P 500 ( ^GSPC -0.98% ) was down about 0.4% since the close of trading on Dec. 23. Amazon, Broadcom , and other tech names in the "Magnificent Seven," which consume a large portion of the broader market due to their gigantic market caps, led the declines today as big tech and artificial intelligence names finally showed some weakness, although they've still had a fantastic year. The 10-year Treasury yield advanced past 4.60% today, the highest level seen since May. Yields have zoomed higher ever since the Federal Reserve's final meeting of the year, in which Fed chair Jerome Powell and the rest of the Fed's rate-setting policy indicated they would be more cautious on future interest rate cuts, given the strength of the economy. Most traders betting on federal funds rate futures only think the Fed will cut rates once next year. However, not all are discouraged by the sell-off today. "The nation is experiencing a collective sigh of relief after navigating through a contentious election cycle and unusual market dynamics to end 2024 with strong year-to-date gains," Todd Ahlsten, chief investment officer at Parnassus Investments, told CNBC today. "Looking ahead to 2025, the markets are expected to broaden and improve." The sell-off isn't surprising Today's sell-off can't be too surprising for investors, given the market's great year, high tech and AI valuations, and yields moving sharply higher. Higher yields are less favorable for riskier stocks because investing in safer Treasury bonds becomes more appealing. Many analysts and investors also use the 10-year Treasury yield as the discount rate when discounting cash flows in their financial models, and a higher discount rate leads to a lower present value of cash flows. It's a holiday-shortened week, so I wouldn't read too much into today's move, but Amazon and Broadcom trade at huge valuations, while Rivian isn't profitable yet. If yields remain elevated, I expect these stocks to pull back at some point.Netflix will have one of its biggest days Wednesday since the site launched in 1998 when it airs two NFL games for the first time. "NFL Christmas Gameday on Netflix" begins with a two-hour pregame show at 11 a.m., before Pittsburgh hosts Kansas City. Baltimore faces Houston in the second game. The streaming giant agreed to a three-year contract in May to carry Christmas Day games. Netflix's 282.3 million subscribers in over 190 countries will be able to stream the games, marking the first time one outlet has distributed an NFL game globally. Netflix will have the games available in five languages — English, French, Spanish, Portuguese, and German. The games will also air on CBS affiliates in Kansas City, Pittsburgh, Baltimore and Houston. NFL policy dictates that games on cable or being exclusively streamed must also be on an over-the-air station in the competing teams' markets. It will also be available on mobile devices in the U.S. for those who have NFL+. The biggest reason is money. The league is getting $150 million from Netflix for the two games this season. It also continues the NFL's moves into streaming — Thursday night games are in their third season on Amazon Prime Video and the "Sunday Ticket" package moved to YouTube TV last year. But Christmas is on a Wednesday when games usually aren't played. That's true, but the league wasn't about to give up Christmas after seeing the ratings. Last year's three games averaged 28.68 million viewers. The early afternoon contest between the Las Vegas Raiders and Chiefs led the way, averaging 29.48 million. The Chiefs, Steelers, Ravens and Texans played on Saturday, giving them the same turnaround they would have if they played on Sunday and then Thursday. All four have clinched playoff spots in the AFC, but seeding remains up for grabs. Kansas City (14-1) can clinch the top seed — which would mean a first-round bye and home field throughout the playoffs — with a win over the Steelers. Pittsburgh and Baltimore are tied atop the AFC North at 10-5, with the Steelers holding the tiebreaker due to a better conference record. Houston (9-6) has wrapped up the AFC South and holds the fourth seed. Netflix hopes so. Brandon Riegg, Netflix's vice president of nonfiction series and sports, said the system was stress tested, and then some, during the Nov. 14 bout, along with internet service providers reporting they were also overwhelmed by the surge that occurred before and during the fight. The bout peaked at 65 million concurrent streams, including 38 million concurrent streams in the United States. According to the website Down Detector, nearly 85,000 viewers logged problems with outages or streaming leading up to and during the fight. Possible? Yes. Likely? No. The largest audience for a streamed-exclusive NFL game was 23 million on Peacock for last season's AFC wild-card game between the Miami Dolphins and Chiefs. Nielsen will measure the ratings for the Christmas Day games, with early numbers expected late afternoon on Thursday. It will probably be at kickoff for both games, but especially around 5:45 p.m. EST. That would be near halftime of the Ravens-Texans game, and when Beyoncé will be performing. Mariah Carey will kick off the day with a taped performance of "All I Want for Christmas is You." There is no word if Taylor Swift will make the trip to Pittsburgh to watch her boyfriend, Chiefs tight end Travis Kelce. Swift has been spending time in Kansas City since she wrapped up her Eras Tour two weeks ago. How many Christmas games will Netflix carry in the next two seasons? The NFL will have at least two games on Dec. 25 in 2025 and '26, with Netflix slated to have at least one each year. Amazon Prime Video will have a night game with Christmas on a Thursday next year. Netflix's worldwide partnership with World Wrestling Entertainment will begin on Jan. 6 when "Monday Night Raw" moves to the streaming service. On Friday, Netflix secured the U.S. rights for the 2027 and 2031 FIFA Women's World Cup. Get local news delivered to your inbox!

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NEW DELHI (AP) — Prime Minister Narendra Modi’s Hindu nationalist party headed for a victory Saturday in state elections in politically significant Maharashtra while the opposition won mineral-rich Jharkhand state. Polling in the two states are seen as a test of Modi's popularity after his party returned to power in June national elections but was forced to form a coalition government with help from regional partners.None

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PISCATAWAY, N.J. (AP) — Luke Altmyer found Pat Bryant for a catch-and-run, 40-yard touchdown pass with 4 seconds left, sending No. 24 Illinois to a wild 38-31 victory over Rutgers on Saturday. Illinois (8-3, 5-3 Big Ten) was down 31-30 when it sent long kicker Ethan Moczulski out for a desperation 58-yard field goal with 14 seconds to go. Rutgers coach Greg Schiano then called for a timeout right before Moczulski’s attempt was wide left and about 15 yards short. After the missed field goal was waved off by the timeout, Illinois coach Bret Bielema sent his offense back on the field. Altmyer hit Bryant on an in cut on the left side at the 22, and he continued across the field and scored untouched in a game that featured three lead changes in the final 3:07. Rutgers (6-5, 3-5) gave up a safety on the final kickoff return, throwing a ball out of bounds in the end zone as players passed it around hoping for a miracle touchdown. Altmyer was 12-of-26 passing for 249 yards and two touchdowns. Bryant finished with seven receptions for 197 yards. Altmeyer put Illinois in front with a 30-yard TD run with 3:07 to go. He passed to Josh McCray on the 2-point conversion, making it 30-24. Rutgers responded with a 10-play, 65-yard drive. Athan Kaliakmanis had a 15-yard run on fourth down. He passed to running back Kyle Manangai for a 13-yard TD with 1:08 remaining. Illinois then drove 75 yards in eight plays for the unexpected win. Kaliakmanis was 18 for 36 for 174 yards and two touchdowns. He also had 13 carries for 84 yards and two TDs. Monangai had a career-high 28 carries for 122 yards. Kaliakmanis found Ian Strong for a 2-yard touchdown in the final seconds of the first half, and he scored on a 1-yard run to lift Rutgers to a 24-15 lead early in the fourth quarter. Illinois responded with Aidan Laughery’s 8-yard TD run, setting up the roller-coaster finish. The start of the second half was delayed because of a scrum between the teams. There were no punches thrown and the officials called penalties on both schools. Monangai become the third player in Rutgers history to rush for 3,000 yards when he picked up 4 on a third-and-1 carry early in the second quarter. The defending conference rushing champion joins Ray Rice and Terrell Willis in hitting the mark. Illinois: The great finish keeps the Illini in line for its first nine-win season since 2007 and a prestigious bowl game this season. Rutgers: The Scarlet Knights were seconds away from their first in-conference three-game win streak since joining the Big Ten in 2014. Illinois: At Northwestern next Saturday. Rutgers: At Michigan State next Saturday. AP college football: https://apnews.com/hub/college-football and https://apnews.com/hub/ap-top-25-college-football-poll

Elon Musk, the world's richest person and one of Donald Trump's closest allies, met with US lawmakers Thursday on his plans for overseeing radical government spending cuts under the incoming administration. President-elect Trump rewarded the Tesla, X and SpaceX chief for his support during the White House campaign by naming him head of the newly created Department of Government Efficiency, along with another wealthy ally, Vivek Ramaswamy. Although the office, dubbed DOGE, has a purely advisory role, Musk's star power and intense influence in Trump's inner circle bring political clout. As Musk and Ramaswamy strode into the Capitol for meetings with lawmakers, Republican Speaker Mike Johnson touted "a new day in America." "There's an enormous amount of waste, fraud and abuse," he told reporters. "Government is too big, it does too many things, and it does almost nothing well." Musk and Ramaswamy have said they can identify billions of dollars of cuts in spending, sparking questions about whether Republicans will even try to slash politically popular social security programs. Writing in the Wall Street Journal last month, the two businessmen laid out plans for the White House to cut staff, trim government programs and reduce federal regulations, even if it means bypassing Congress, which holds budgetary power. "The entrenched and ever-growing bureaucracy represents an existential threat to our republic, and politicians have abetted it for too long," Musk and Ramaswamy wrote. "We're doing things differently. We are entrepreneurs, not politicians. During Trump's election campaign, Musk vowed to reduce federal spending by $2 trillion. This would represent cutting total US spending by a third, almost certainly meaning devastation of social support programs -- something that has never garnered strong political backing. Musk's emphasis on firing large numbers of government employees, however, echoes Republican talking points about the need to take on an overbearing state and may garner more support. Musk says he is seeking "mass head-count reductions across the federal bureaucracy." Musk suggested banning government employees from working at home as an opening tactic. "Requiring federal employees to come to the office five days a week would result in a wave of voluntary terminations that we welcome." Cuts will also target subsidies to public broadcasters and groups such as Planned Parenthood, which campaigns for abortion access and offers an array of reproductive health services. But DOGE is unlikely, at least initially, to go after welfare programs such as Social Security or health insurance for the poor and seniors, Ramaswamy said in an interview with Axios on Wednesday. Such cuts should be "a policy decision that belongs to the voters" and their representatives in Congress, Ramaswamy said. A reduction in military spending, which climbed to $820 billion in 2023, is also unlikely to be on the table. Musk's new role raises the question of potential conflicts of interest, since he could be issuing policy recommendations that impact directly on his own business empire. Underlining the close connection to DOGE, Musk's favorite cryptocurrency is called Dogecoin. rle/ev/md/sms/md

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