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FAIRMONT — Victims of domestic violence and sexual assault will soon be able to access court protection orders remotely thanks to a program adopted by the West Virginia Supreme Court of Appeals. “We want individuals to be able to come into court,” Lisa Tackett, director of court services, said. “These are very volatile situations that people are in. We want them to feel they’re able to tell the court exactly what’s going on in their lives and ask for that protection.” Tackett presented the Remote Victim Outreach Program to officials in Marion County Tuesday. The program is in 11 counties, Tackett said the goal is to expand it to all 55 counties. Marion and Monongalia counties joined this week. The program will partner with HOPE Inc., to provide victims a safe place to go and access a judge through a virtual courtroom and request vital protection orders without having to encounter their assailant. The remote option is already available in Cabell, Harrison, Jefferson, Kanawha, Lincoln, Mason, Ohio, Wayne and Wood counties. Tackett said it’s important for people to feel safe and secure. The program came to Marion County after Family Court Judge Susan Riffle called Tackett’s office to discuss how small her courtroom was. With only one way in and out, as well as the fact that assailants and victims were in such close quarters, Riffle told Tackett she heard from victim advocates that people didn’t feel safe. “Even though there’s a bailiff in the courtroom, there’s still a lot of fear that happens,” Riffle said. “It’s important to the court system that we provide access, and that people feel safe when they’re asking for the court to protect them.” That spurred a visit from Tackett, who immediately agreed Marion County had to be part of the rollout with Morgantown after seeing what Riffle and the magistrates have to work with. In person hearings can be especially fraught for victims who have to share the room with their assailant. Nancy Hoffman, state coordinator for the West Virginia Foundation for Rape and Information Services, said intimidation doesn’t have to be spoken. It can be a look, a glare, or the assailant’s friends showing up and intimidating the victim through presence alone. “We know that having that safe space available where they can provide information, that makes more victims willing to come forward,” Hoffman said. “The more that victims are willing to come forward, the more offenders are held accountable. So it not only protects them in their situation, it protects those that are around them and that accountability can protect society.” Hoffman said she expects more victims to come forward now that this option is available. While remote technology offers a way for victims to access a judge without having to step into the courthouse, the option to do so will still be available. Magistrates and judges will need to work out the particulars of scheduling with Hope Inc., but the equipment has already been acquired for use, Tackett said. The units run between $5,000 to $8,000 dollars a piece, depending on what’s available. Tackett said her office reaches an average of three or four counties a year, so expansion to all 55 counties is still several years away. The federal grant that makes adding this option to courthouses opens on a yearly basis. She hopes to have the option available by Dec. 1. Anyone seeking to use the new system can file petitions during weekdays, after hours and on weekends through each county’s magistrate court by calling 911. “I hope it saves someone’s life in the process,” Tackett said.
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Three of these images are fake. Can you spot the real image? Some images generated by artificial intelligence have become so convincingly real that there is no surefire way to spot the fakes. But experts say there are still things we can try to detect fakes. "Media literacy is super awesome," said Matt Groh, assistant professor at Northwestern University. "But it needs to extend to AI literacy. Like the classic kind of things that you want to teach in media literacy, we still need to teach those same things. We just need to add the AI portion to it now." RELATED STORY | Nobel Prize in physics awarded to 2 scientists for discoveries that enabled artificial intelligence Groh's team at Northwestern released a guide on how to spot AI generated images. The full preprint paper was released in June. "So what we've done is we've articulated 5 different categories of artifacts, implausibilities," Groh said. "Ways to tell AI-generated image apart from a real photograph." The academic preprint guide offers detailed tips, tricks and examples on spotting AI-generated images. It also teaches important questions to consider when consuming media. Anatomical implausibilities The first and easiest telltale signs: anatomical implausibilities. Ask yourself: Are the fingers, eyes, and bodies off? Are there extra limbs or do they bend strangely? Are there too many teeth? Stylistic implausibilities Ask yourself: Do images seem plastic, glossy, shiny or cartoonish? Are there overly dramatic or cinematic? Functional implausibilities Ask yourself: Is text garbled? Is clothing strange? Are objects not physically correct, like how this backpack strap merges into clothing? Violation of physics Ask yourself: Are light and shadows off? Are there impossible reflections? Sociocultural implausibilities Ask yourself: Are there images that are just too unbelievable or historically inaccurate? RELATED STORY | AI voice cloning: How programs are learning to pick up on pitch and tone "What we're trying to do is give you a snapshot of what it looks like in 2024 and how we can help people move their attention as effectively as possible," Groh said. "Education is really the biggest thing. There's education on the tools," said Cole Whitecotton, senior professional research associate at the National Center for Media Forensics. Whitecotton encourages the public to educate themselves and try AI tools to know their capabilities and limits. "I think everybody should go out and use it. And look at how these things do what they do and understand a bit of it," he said. "Everyone should interact with ChatGPT. In some way. Everyone should interact with Midjourney. And look at how these things do what they do and understand a bit of it." Whitecotton suggests being inquisitive and curious when scrolling through social media. "If you interacted with every piece of content in that way, then there you would be a lot less likely to be duped and to be sort of sucked into that sort of stuff, right?" he said. "How do you interact with Facebook and with Twitter and all these things? How do you consume the media?" Whitecotton added. RELATED STORY | Biden's AI advisor speaks on AI policy, deepfakes, and the use of AI in war While AI-generated images and videos continue to evolve, Groh and his team offer a realistic approach to a changing technological landscape where tips and tricks may become outdated quickly. "I think a real, good, useful thing is we build this. We update this every year. Okay, some of these things work. Some of these things don't. And I think once we have a base, we're able to update it," Groh said. "I think one of the problems is we didn't have a base. And so one of the things we're really excited about is even sharing our framework, because I think our framework is going to help people just navigate that conversation." So were you able to guess which image is real? If you guessed the image of the girl in the bottom left corner, you are correct! "It sucks that there's this misinformation in the world. But it's also possible to navigate this new problem," Groh said. If you want to test yourself even more, the Northwestern University research team has released this site that gives you a series of real and AI-generated images to differentiate.SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024 Best trending stories from the week. Success! An email has been sent to with a link to confirm list signup. Error! There was an error processing your request. You may occasionally receive promotions exclusive discounted subscription offers from the Roswell Daily Record. Feel free to cancel any time via the unsubscribe link in the newsletter you received. You can also control your newsletter options via your user dashboard by signing in.
WASHINGTON — Donald Trump loved to use tariffs on foreign goods during his first presidency. But their impact was barely noticeable in the overall economy, even if their aftershocks were clear in specific industries. The data show they never fully delivered on his promised factory jobs. Nor did they provoke the avalanche of inflation that critics feared. This time, though, his tariff threats might be different . The president-elect is talking about going much bigger — on a potential scale that creates more uncertainty about whether he’ll do what he says and what the consequences could be. “There’s going to be a lot more tariffs, I mean, he’s pretty clear,” said Michael Stumo, the CEO of Coalition for a Prosperous America, a group that has supported import taxes to help domestic manufacturing. The president-elect posted on social media Monday that on his first day in office he would impose 25% tariffs on all goods imported from Mexico and Canada until those countries satisfactorily stop illegal immigration and the flow of illegal drugs such as fentanyl into the United States. Those tariffs could essentially blow up the North American trade pact that Trump’s team negotiated during his initial term. Chinese imports would face additional tariffs of 10% until Beijing cracks down on the production of materials used in making fentanyl, Trump posted. Democrats and business groups warn of risks from Trump’s tariff threats Business groups were quick to warn about rapidly escalating inflation , while Mexican President Claudia Sheinbaum said she would counter the move with tariffs on U.S. products. House Democrats put together legislation to strip a president’s ability to unilaterally apply tariffs this drastic, warning that they would likely lead to higher prices for autos, shoes, housing and groceries. Sheinbaum said Wednesday that her administration is already working up a list of possible retaliatory tariffs “if the situation comes to that.” “The economy department is preparing it,” Sheinbaum said. “If there are tariffs, Mexico would increase tariffs, it is a technical task about what would also benefit Mexico,” she said, suggesting her country would impose targeted import duties on U.S. goods in sensitive areas. Similarly, the Canadian government has also started to explore retaliatory tariffs if Trump tackes action. House Democrats on Tuesday introduced a bill that would require congressional approval for a president to impose tariffs due to claims of a national emergency, a largely symbolic action given Republicans’ coming control of both the House and Senate. “This legislation would enable Congress to limit this sweeping emergency authority and put in place the necessary Congressional oversight before any president – Democrat or Republican – could indiscriminately raise costs on the American people through tariffs,” said Rep. Suzan DelBene, D-Wash. But for Trump, tariffs are now a tested tool that seems less politically controversial even if the mandate he received in November’s election largely involved restraining inflation. The tariffs he imposed on China in his first term were continued by President Joe Biden, a Democrat who even expanded tariffs and restrictions on the world’s second largest economy. Biden administration officials looked at removing Trump’s tariffs in order to bring down inflationary pressures, only to find they were unlikely to help significantly. Tariffs were “so new and unique that it freaked everybody out in 2017,” said Stumo, but they are now seen as part of the policy toolkit by the United States and other countries. Trump’s first term tariffs had a modest impact on economy Trump imposed tariffs on solar panels and washing machines at the start of 2018, moves that might have pushed up prices in those sectors even though they also overlapped with plans to open washing machine plants in Tennessee and South Carolina. His administration also levied tariffs on steel and aluminum, including against allies. He then increased tariffs on China, leading to a trade conflict and a limited 2020 agreement that failed to produce the promised Chinese purchases of U.S. goods. Still, the dispute changed relations with China as more U.S. companies looked for alternative suppliers in other countries. Economic research also found the United States may have sacrificed some of its “soft power” as the Chinese population began to watch fewer American movies. The Federal Reserve kept inflation roughly on target, but factory construction spending never jumped in a way that suggested a lasting gain in manufacturing jobs. Separate economic research found the tariff war with China did nothing economically for the communities hurt by offshoring, but it did help Trump and Republicans in those communities politically. When Trump first became president in 2017, the federal government collected $34.6 billion in customs, duties and fees. That sum more than doubled under Trump to $70.8 billion in 2019, according to Office of Management and Budget records. While that sum might seem meaningful, it was relatively small compared to the overall economy. America’s gross domestic product is now $29.3 trillion, according to the Bureau of Economic Analysis. The total tariffs collected in the United States would equal less than 0.3% of GDP. Trump wants much more far-reaching tariffs going forward The new tariffs being floated by Trump now are dramatically larger and there could be far more significant impacts. If Mexico, Canada, and China faced the additional tariffs proposed by Trump on all goods imported to the United States, that could be roughly equal to $266 billion in tax collections, a number that does not assume any disruptions in trade or retaliatory moves by other countries. The cost of those taxes would likely be borne by U.S. families, importers and domestic and foreign companies in the form of higher prices or lower profits. Former Biden administration officials said they worried that companies could piggyback on Trump’s tariffs — if they’re imposed — as a rationale to raise their prices. This would mirror price increases by many companies in 2022 that were made possible because of Russia’s invasion of Ukraine, which pushed up food and energy prices and gave the companies cover to further raise their own prices. “I’m very worried about the total indiscriminate tariffs on more than China — that it gives cover to firms to jack up prices,” said Jen Harris, a former Biden White House official who is now director of the Economy and Society Initiative at the William and Flora Hewlett Foundation. But what Trump didn’t really spell out is what might cause him to back down on tariffs and declare a victory. What he is creating instead with his tariff threats is a sense of uncertainty as companies and countries await the details to figure out what all of this could mean. “We know the key economic policy priorities of the incoming Trump administration, but we don’t know how or when they will be addressed,” said Greg Daco, chief U.S. economist at EY-Parthenon. AP writer Mark Stevenson contributed to this report from Mexico City.— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. (Nasdaq: NOTV) (the “Company”), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months (“Q4 FY 2024”) and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, “The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We’ve grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we’re streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 (“Q4 FY 2023”), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services (“RMS”) revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the “Resolution Agreement”) the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney’s Office for the Western District of Virginia (“USAO-WDV”) and the Plea Agreement (the “Plea Agreement”) Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company’s shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to “Note on Non-GAAP Financial Measures” in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company’s common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company’s 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company’s $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company’s web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv’s web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company’s ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company’s products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission.LOUISVILLE, Ky. (AP) — Pittsburgh quarterback Eli Holstein was carted off the field and taken to a hospital with a left leg injury sustained while being sacked in the first quarter of Saturday's Atlantic Coast Conference game at Louisville. The redshirt freshman's left ankle was caught at an awkward angle beneath Louisville defensive end Ashton Gillotte's hip on a twisting tackle for a 4-yard loss at midfield. Panthers medical personnel rushed to Holstein's aid, with a cart arriving quickly on the field within minutes. Holstein’s leg was placed in a boot before he was helped onto the cart. He gave a thumbs-up to nearby teammates as he left the field to applause before being taken a hospital. Holstein started for the Panthers (7-3, 3-3 ACC) after missing last week’s 24-20 home loss to No. 17 Clemson with a head injury sustained in the previous game against Virginia while sliding at the end of a run. He left an Oct. 24 game against Syracuse after taking a hit, but returned against SMU the following week. Holstein completed 3 of 4 passes for 51 yards before being intercepted in the end zone by Louisville's Stanquan Clark on the game-opening possession. He was relieved by junior Nate Yarnell. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football
AMMAN — The Edom Lowlands Regional Archaeology Project (ELRAP), directed by Thomas E. Levy and Mohammad Najjar, is a deep-time investigation of society in the Faynan region of Southern Jordan, said Assistant Professor of Anthropological Archaeology Matt Howland at Wichita State University, in Wichita, Kansas. "This means that we are interested in the long- term occupation of the region, ranging from the Neolithic period, to the region’s peak occupation and copper production during the Iron Age, to the Middle Islamic period, when copper was also produced," Howland said A lot of the excavations conducted by the ELRAP were focused on the relationship between copper production and social complexity, and helped show how the mining and manufacture of copper helped a local complex society develop in the Early Iron Age in Jordan, Howland continued. The professor added that his research focuses mainly on the use of spatial and 3D technologies to investigate the ancient past and share results of this research with the public. Howland worked with Levy during his undergraduate studies at Penn State University and his PhD studies at the University of California San Diego. "I developed research projects using GIS, a technology used for digital mapping, to investigate Iron Age societies in the Southern Levant. In my Ph.D. dissertation, I investigated Iron Age trade networks based in the Faynan region of Southern Jordan, and how high-status elites in Faynan controlled the manufacture and export of copper across the entire Southern Levant and beyond," Howland said. Since the team no longer actively excavates, it is interested in sharing some of the results with the general public, especially including the people of Jordan, who have always been very hospitable hosts and partners in the project. Several years ago, the ELRAP team developed an Arabic-language StoryMap to share some of the results relating to the Iron Age archaeology and heritage of Faynan with Jordanians. "Now, our new project shares 3D models that help tell the story of the Iron Age and Middle Islamic archaeology of Faynan on the website Sketchfab. Users can explore the models on this website in Arabic according to their own interest in the history and archaeology of Faynan," Howland elaborated. "We want users, especially Arabic-speaking Jordanians, to be able to explore the 3D data we have collected in the field during years of archaeological survey and excavation in the region without having to look through English-language and pay walled journal articles," the professor added. In this work, the team found it very important to work collaboratively with Jordanians to help tell the story of the archaeology of Faynan, and, luckily, they were able to collaborate with not only co-director Najjar, but also a librarian Samya Kafafi from American Centre of Research and a Jordanian student Omar Khalil from Wichita State University. The link between Faynan and Howland goes back to 2012 when he spent two months excavating the site. Howland immediately found the Faynan region to be extremely beautiful and the Bedouin people who live there to be very hospitable and friendly. Also, the archaeology of Faynan is very exciting, and is an underappreciated cultural heritage resource. "The many amazing archaeological sites in Faynan help to tell an incredible story about the development of a local complex society that was at the centre of a flourishing trade network in the Iron Age, just like the Nabateans later on in history, the professor said. "Since my own career and research has benefitted so much from research in Faynan, I want to share some of what I have learnt with the people of Jordan, and collaborate with them to help raise awareness about their amazing cultural heritage. Digital projects in Arabic, like our current project on Sketchfab, are one small way of doing that," Howland underlined.Georgia Tech cruises past Alabama A&M
Swansea boss Luke Williams thought his side were second best for the majority of the contest despite earning a 2-1 win at Derby. The Swans stunned Pride Park into silence with less than two minutes on the clock when Zan Vipotnik sent a bullet past Jacob Widell Zetterstrom before Ronald slotted home his first of the season in the 14th minute. Cyrus Christie brought Tom Barkhuizen down inside the box and Nathaniel Mendez-Laing dispatched the resulting penalty to cut the deficit in half and, despite piling on the pressure, Derby succumbed to a second home defeat of the season. Williams told a press conference: “We started the game very well, we were good up until we scored the second goal then we lost the grip on the game and I thought Derby were the better team. “The next thing for us we have to be able to maintain that level throughout the game and we weren’t able to do that to be quite honest today. “They made it difficult, reacted very well after the second goal and didn’t go under, far from it.” Swansea leapfrogged their opponents into the top half of the table with their sixth win of the season and took three points back to south Wales following two last-minute defeats by Burnley and Leeds heading into the match. Williams added: “We’ve recently conceded late goals but they’re a very resilient group and we saw it out in the end. “We’ve dominated games a lot but probably failed to score when we’ve been that dominant and tonight we managed to score the goals when we were dominant. “We scored the goals at the right time today.” Derby had been unbeaten in their last three matches coming into this one but Paul Warne put defeat down to a poor start. He said: “We conceded two and didn’t get close enough, weren’t aggressive enough, not enough body contact and looked soft, that’s my fault. “Maybe I didn’t message it properly. Sometimes it doesn’t come down to shape and tactics but I thought that was what the difference was. “Credit Swansea for the win but after the 25 mins it looked like we would score. I really enjoyed it, that’s the truth. I had 70 minutes of a team giving everything, I don’t think we’ve had that many attempts in the Championship this season. “It’s a rude awakening, last year we would’ve won that 4-2.”
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