WALNUT CREEK, Calif.--(BUSINESS WIRE)--Nov 25, 2024-- Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) ("Central"), a market leader in the pet and garden industries, today announced results for its fourth quarter and fiscal year ended September 28, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241125974807/en/ "We have a lot to be proud of this year. We increased non-GAAP EPS, continued margin expansion, made significant progress on our Cost and Simplicity program, and achieved strong profits in our Pet segment and record cash flow for the company. We accomplished this despite continued soft demand across our Pet segment, in particular in durable pet products, and a difficult garden season," said Niko Lahanas, Central Garden & Pet's new CEO. "While we expect the external environment to remain challenging, I am confident we have the right strategy and people in place to deliver profitable growth in fiscal 2025 and for the long term." Fiscal 2024 Results Net sales were $3.2 billion compared to $3.3 billion in the prior year, a decrease of 3%. Fiscal 2023 benefited from an additional week in the fourth quarter. Organic net sales decreased 4% excluding the impact of the acquisition of TDBBS in fiscal 2024 and the sale of the independent garden channel distribution business in fiscal 2023. Net sales for the Pet segment were $1.83 billion compared to $1.88 billion a year ago, a decrease of 2%. Pet organic net sales decreased 6%. Net sales for the Garden segment were $1.37 billion compared to $1.43 billion in the prior year, a decrease of 5%. Garden organic net sales decreased 1%. Gross margin expanded by 90 basis points to 29.5% from 28.6% in the prior year. On a non-GAAP basis, gross margin expanded by 110 basis points to 30.0% from 28.9% a year ago driven by productivity efforts and moderating inflation. Operating income was $185 million compared to $211 million in the prior year, a decrease of 12%. On a non-GAAP basis, operating income was $223 million compared to $227 million a year ago. Operating margin was 5.8% compared to 6.4% in the prior year. On a non-GAAP basis, operating margin expanded to 7.0% from 6.9% a year ago due to improved gross margin and continued cost discipline in selling, general and administrative expense. Net interest expense was $38 million compared to $50 million in the prior year driven by higher interest income. Other expense was $5.1 million compared to other income of $1.5 million a year ago due to the impairment of two underperforming equity investments in the fourth quarter. Net income was $108 million compared to $126 million in the prior year. On a non-GAAP basis, net income increased to $142 million from $138 million a year ago. Earnings per share were $1.62 compared to $1.88 in the prior year. On a non-GAAP basis, earnings per share increased to $2.13 from $2.07 a year ago. Adjusted EBITDA was $334 million compared to $343 million in the prior year. The effective tax rate for the fiscal year was 23.2% compared to 22.4% a year ago primarily due to an increase in the blended state income tax rate in the current year compared to the prior year. Fourth Quarter Fiscal 2024 Results Net sales were $669 million compared to $750 million a year ago, a decrease of 11%. The prior year quarter benefited from an extra week. Organic net sales decreased 13% excluding the impact of the acquisition of TDBBS and the sale of the independent garden channel distribution business. Gross margin contracted by 110 basis points to 25.2% compared to 26.3% a year ago primarily driven by the impairment of grass seed inventory more than offsetting moderating inflation and productivity efforts. On a non-GAAP basis, gross margin contracted by 60 basis points to 26.0% from 26.6% in the prior year. Operating loss was $32 million compared to operating income of $9 million a year ago. On a non-GAAP basis, operating loss was $11 million compared to operating income of $12 million reflecting lower volumes, the inventory impairment, and the timing of expenses related to productivity and commercial initiatives. Operating margin was (4.8)% compared to 1.2% in the prior year. On a non-GAAP basis, operating margin contracted to (1.7)% from 1.6% a year ago. Other expense was $6 million compared to $2 million in the prior year. Net interest expense was $6 million compared to $8 million a year ago. Net loss was $34 million compared to net income of $3 million in the prior year. On a non-GAAP basis, net loss was $12 million compared to net income $5 million a year ago. Loss per share was $0.51 compared to earnings per share of $0.04 in the prior year. On a non-GAAP basis, loss per share was $0.18 compared to earnings per share of $0.08 a year ago. Adjusted EBITDA was $17 million compared to $42 million in the prior year. Pet Segment Fourth Quarter Fiscal 2024 Results Net sales for the Pet segment were $435 million compared to $483 million in the prior year, a decrease of 10%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 14% excluding the impact of the acquisition of TDBBS. The Pet segment’s operating income was $14 million compared to $43 million a year ago. On a non-GAAP basis, operating income was $35 million compared to $48 million in the prior year due to lower volume and the timing of expenses related to productivity and commercial initiatives. Operating margin was 3.3% compared to 9.0% in the prior year. On a non-GAAP basis, operating margin was 8.0% compared to 9.9% a year ago. Pet segment adjusted EBITDA was $45 million compared to $58 million in the prior year quarter. Garden Segment Fourth Quarter Fiscal 2024 Results Net sales for the Garden segment were $234 million compared to $267 million a year ago, a decrease of 12%. The decrease was primarily due to an extra week in the prior year quarter. Organic net sales decreased 11% excluding the impact of the sale of the independent garden channel distribution business. The Garden segment’s operating loss was $29 million compared to a loss of $3 million in the prior year. On a non-GAAP basis, operating loss was $25 million compared to a loss of $5 million a year ago due to lower volume as well as the impairment of grass seed inventory. Operating margin was (12.3)% compared to (1.3)% in the prior year. On a non-GAAP basis, operating margin was (10.6)% compared to (2.0)% a year ago. Garden segment adjusted EBITDA was $(14) million compared to $6 million in the prior year. Liquidity and Debt At September 28, 2024, cash and cash equivalents was $754 million, compared to $489 million a year ago. The increase in cash and cash equivalents was driven by converting inventory to cash over the last 12 months and lower capital expenditures. Cash provided by operations for fiscal 2024 was $395 million, compared to $382 million in the prior year. The increase in cash provided by operations was primarily due to changes in working capital driven by the reduction in inventory. Total debt at September 28, 2024 and September 30, 2023 was $1.2 billion. The gross leverage ratio, calculated using the definitions for Indebtedness and EBITDA in Central's credit agreement, at the end of the quarter was 3.1x, in line with the prior year. Central repurchased 270,032 shares or $9 million of its stock during the quarter. Subsequent to the fiscal year end, Central purchased an additional 1,663,479 shares or $52 million of its stock through November 21, 2024. Non-GAAP Adjustments Fiscal 2024 Central recognized $45 million in non-GAAP charges in fiscal 2024, $28 million of which related to Cost & Simplicity initiatives. Within the Garden segment, this included closure and consolidation of one manufacturing facility, six distribution facilities and one research facility as well as beginning the wind-down of Central's pottery business. Within the Pet segment, this included the announced closure and consolidation of two manufacturing facilities related to a durable pet supply business as well as impairment of intangible assets related to this business due to changing market conditions and increased international competition. In addition to Cost & Simplicity related charges, Central recognized $4 million in charges related to the impairment of equity investments in two underperforming private businesses, partially offset by a gain on the settlement of a litigation. The $45 million overall charge was mostly noncash, with $16 million included in cost of goods sold, $21 million in selling, general and administrative expense, and $8 million in other expense. Fourth Quarter Fiscal 2024 Non-GAAP charges for the fourth quarter were $29 million, $12 million of which related to Cost & Simplicity initiatives, $13 million related to intangible impairments, and $4 million related to the equity investment write downs and partially offsetting a gain on the settlement of a litigation. The $29 million overall charge was mostly noncash, with $5 million included in cost of goods sold, $16 million in selling, general and administrative expense, and $8 million in other expense. Outlook for Fiscal 2025 Central currently expects fiscal 2025 non-GAAP EPS to be $2.20 or better. This outlook takes into consideration deflationary pressure in certain commodity businesses, evolving consumer behavior in an environment of macroeconomic and geopolitical uncertainty, and the challenging brick-and-mortar retail environment. Central expects fiscal 2025 capital spending to be in the range of $60-70 million. This outlook excludes the impact of any acquisitions, divestitures or restructuring activities that may occur during fiscal 2025, including projects under the Cost and Simplicity program. Conference Call Central will hold a conference call today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time), hosted by Niko Lahanas, CEO, and Brad Smith, CFO, to discuss these results and to provide a general business update. The conference call and related materials can be accessed at http://ir.central.com . Alternatively, to listen to the call by telephone, dial (201) 689-8345 (domestic and international) using confirmation #13748436. About Central Garden & Pet Central Garden & Pet Company (NASDAQ: CENT) (NASDAQ: CENTA) understands home is central to life and has proudly nurtured happy and healthy homes for over 40 years. With fiscal 2024 net sales of $3.2 billion, Central is on a mission to lead the future of the pet and garden industries. The Company’s innovative and trusted products are dedicated to helping lawns grow greener, gardens bloom bigger, pets live healthier, and communities grow stronger. Central is home to a leading portfolio of more than 65 high-quality brands including Amdro ®, Aqueon ®, Cadet ®, C&S ®, Farnam ®, Ferry-Morse ®, Four Paws ®, Kaytee ®, Nylabone ® and Pennington ®, strong manufacturing and distribution capabilities, and a passionate, entrepreneurial growth culture. Central is based in Walnut Creek, California, with 6,450 employees primarily across North America. Visit www.central.com to learn more. Safe Harbor Statement “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including statements concerning evolving consumer demand and unfavorable retailer dynamics, productivity initiatives and estimated capital spending, and earnings guidance for fiscal 2025, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. All forward-looking statements are based upon Central's current expectations and various assumptions. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release including, but not limited to, the following factors: These risks and others are described in Central’s Securities and Exchange Commission filings. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) ASSETS September 28, 2024 September 30, 2023 Current assets: Cash and cash equivalents $ 753,550 $ 488,730 Restricted cash 14,853 14,143 Accounts receivable, net 326,220 332,890 Inventories, net 757,943 838,188 Prepaid expenses and other 34,240 33,172 Total current assets 1,886,806 1,707,123 Plant, property and equipment, net 379,166 391,768 Goodwill 551,361 546,436 Other intangible assets, net 473,280 497,228 Operating lease right-of-use assets 205,137 173,540 Other assets 57,689 62,553 Total $ 3,553,439 $ 3,378,648 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 212,606 $ 190,902 Accrued expenses 245,226 216,241 Current lease liabilities 57,313 50,597 Current portion of long-term debt 239 247 Total current liabilities 515,384 457,987 Long-term debt 1,189,809 1,187,956 Long-term lease liabilities 173,086 135,621 Deferred income taxes and other long-term obligations 117,615 144,271 Equity: Common stock ($.01 par value; 80 million shares authorized; 11,074,620 and 11,077,612 issued, respectively) 111 111 Class A common stock ($.01 par value; 100 million shares authorized; 54,446,194 and 54,472,902 issued, respectively) 544 544 Class B stock ($.01 par value; 3 million shares authorized; 1,602,374 and 1,602,374 issued, respectively) 16 16 Additional paid-in capital 598,098 594,282 Retained earnings 959,511 859,370 Accumulated other comprehensive loss (2,626 ) (2,970 ) Total Central Garden & Pet shareholders’ equity 1,555,654 1,451,353 Noncontrolling interest 1,891 1,460 Total equity 1,557,545 1,452,813 Total $ 3,553,439 $ 3,378,648 CENTRAL GARDEN & PET COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Net sales $ 669,489 $ 750,147 $ 3,200,460 $ 3,310,083 Cost of goods sold 500,537 552,694 2,256,725 2,363,241 Gross profit 168,952 197,453 943,735 946,842 Selling, general and administrative expenses 201,360 188,084 758,348 736,196 Operating (loss) income (32,408 ) 9,369 185,387 210,646 Interest expense (14,115 ) (13,138 ) (57,527 ) (57,025 ) Interest income 7,639 5,075 19,655 7,362 Other income (expense), net (6,137 ) (1,685 ) (5,090 ) 1,462 Income (loss) before income taxes and noncontrolling interest (45,021 ) (379 ) 142,425 162,445 Income tax (benefit) expense (10,621 ) (3,098 ) 33,112 36,348 Net income (loss) including noncontrolling interest (34,400 ) 2,719 109,313 126,097 Net income (loss) attributable to noncontrolling interest (242 ) (116 ) 1,330 454 Net income (loss) attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Net income (loss) per share attributable to Central Garden & Pet Company: Basic $ (0.52 ) $ 0.04 $ 1.64 $ 1.92 Diluted $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Weighted average shares used in the computation of net income per share: Basic 65,939 65,265 65,711 65,493 Diluted 66,917 66,671 66,860 66,783 CENTRAL GARDEN & PET COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS Fiscal Year Ended September 28, 2024 September 30, 2023 September 24, 2022 (in thousands) Cash flows from operating activities: Net income $ 109,313 $ 126,097 $ 152,672 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 90,807 87,700 80,948 Amortization of deferred financing costs 2,687 2,698 2,657 Non-cash lease expense 56,180 51,868 48,656 Stock-based compensation 20,583 27,990 25,817 Debt extinguishment costs — — 169 Gain on sale of business — (5,845 ) — Deferred income taxes (14,482 ) (12,253 ) 28,128 Facility closures and business exit costs 27,842 15,674 — Impairment of intangibles 12,790 — — Other asset impairments 7,462 750 — Other 906 (525 ) (648 ) Changes in assets and liabilities (excluding businesses acquired): Receivables 11,857 43,980 7,004 Inventories 86,980 (256,443 ) Prepaid expenses and other assets 11,944 8,813 (6,031 ) Accounts payable 18,373 (19,962 ) (31,209 ) Accrued expenses 6,766 (33,495 ) Other long-term obligations (12,631 ) 9,595 (7,728 ) Operating lease liabilities (50,197 ) (48,692 ) (44,527 ) Net cash provided by (used in) operating activities 394,892 381,634 (34,030 ) Cash flows from investing activities: Additions to property, plant and equipment (43,135 ) (53,966 ) (115,205 ) Business acquired, net of cash acquired (60,226 ) — — Proceeds from sale of business — 20,000 — Payments for investments (1,650 ) (500 ) (27,818 ) Other investing activities (175 ) (115 ) 40 Net cash used in investing activities (105,186 ) (34,581 ) (142,983 ) Cash flows from financing activities: Repayments on revolving line of credit — (48,000 ) — Borrowings on revolving line of credit — 48,000 — Repayments of long-term debt (370 ) (338 ) (1,096 ) Repurchase of common stock, including shares surrendered for tax withholding (24,075 ) (37,161 ) (62,287 ) Payments of contingent consideration (95 ) (54 ) (216 ) Distribution to noncontrolling interest (899 ) — (806 ) Payment of financing costs — — (2,410 ) Net cash used in financing activities (25,438 ) (37,553 ) (66,815 ) Effect of exchange rate changes on cash and equivalents 1,261 1,189 (3,510 ) Net increase (decrease) in cash, cash equivalents and restricted cash 265,530 310,689 (247,338 ) Cash, cash equivalents and restricted cash at beginning of year 502,873 192,184 439,522 Cash, cash equivalents and restricted cash at end of year $ 768,403 $ 502,873 $ 192,184 Supplemental information: Cash paid for interest $ 57,531 $ 57,143 $ 57,928 Cash paid for income taxes – net of refunds 53,582 17,910 34,964 Non-cash investing and financing activities: Capital expenditures incurred but not paid 1,936 2,243 8,016 Liability for contingent performance based payments (20 ) (374 ) (847 ) Shares of common stock repurchased but not settled 536 — 911 Lease liabilities arising from obtaining right-of-use assets 95,391 42,777 70,794 Use of Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, to supplement the financial results prepared in accordance with GAAP, we use non-GAAP financial measures including non-GAAP net income and diluted net income per share, non-GAAP operating income, non-GAAP gross profit and gross margin, non-GAAP selling, general and administrative expense, adjusted EBITDA and organic net sales. Management uses these non-GAAP financial measures that exclude the impact of specific items (described below) in making financial, operating and planning decisions and in evaluating our performance. Management believes that these non-GAAP financial measures may be useful to investors in their assessment of our ongoing operating performance and provide additional meaningful comparisons between current results and results in prior operating periods. While Management believes that non-GAAP measures are useful supplemental information, such adjusted results are not intended to replace our GAAP financial results and should be read in conjunction with those GAAP results. Adjusted EBITDA is defined by us as income before income tax, net other expense, net interest expense and depreciation and amortization and stock-based compensation expense (or operating income plus depreciation and amortization expense and stock-based compensation expense). Adjusted EBITDA further excludes one-time charges related to facility closures exits of business, intangible and investment impairments and gains from a litigation settlement. We present adjusted EBITDA because we believe that adjusted EBITDA is a useful supplemental measure in evaluating the cash flows and performance of our business and provides greater transparency into our results of operations. Adjusted EBITDA is used by our management to perform such evaluations. Adjusted EBITDA should not be considered in isolation or as a substitute for cash flow from operations, income from operations or other income statement measures prepared in accordance with GAAP. We believe that adjusted EBITDA is frequently used by investors, securities analysts and other interested parties in their evaluation of companies, many of which present adjusted EBITDA when reporting their results. Other companies may calculate adjusted EBITDA differently and it may not be comparable. The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown in the tables below. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis as we cannot do so without unreasonable efforts due to the potential variability and limited visibility of excluded items. For the same reasons, we are unable to address the probable significance of the unavailable information. Non-GAAP financial measures reflect adjustments based on the following items: From time to time in the future, there may be other items that we may exclude if we believe that doing so is consistent with the goal of providing useful information to investors and management. The non-GAAP adjustments made reflect the following: Facility closures and business exits (1) During the fourth quarter of fiscal year 2024, we recognized incremental expense of $7.5 million in our Pet segment in the consolidated statement of operations, from the closure of manufacturing facilities in California and Arizona. Additionally, we recognized incremental expense in our Garden segment of $3.9 million related to facility closures and business exits announced in fiscal 2023 and earlier in fiscal 2024. (2) During the third quarter of fiscal 2024, we recognized incremental expense of $11.1 million in the consolidated statement of operations, from the decision to exit the pottery business, the closure of a live goods distribution facility in Delaware and the relocation of our grass seed research facility. (3) During the second quarter of fiscal 2024, we recognized incremental expense of $5.3 million in the consolidated statement of operations from the closure of a manufacturing facility in California and the consolidation of our Southeast distribution network. (4) During the fourth quarter of fiscal 2023, we recognized a gain of $5.8 million from the sale of our independent garden center distribution business, which includes the impact of associated facility closure costs. The gain is included in selling, general and administrative expense in the consolidated statement of operations. (5) In fiscal 2023, we recognized incremental expense of $13.9 million in our Pet segment in the consolidated statement of operations from the closure of a manufacturing and distribution facility in Texas. Additionally, we recognized incremental expense of $1.8 million in our Pet segment in the consolidated statement of operations, from the closure of a second manufacturing and distribution facility in Texas. Intangible Impairments (6) During the fourth quarter of fiscal 2024, we recognized a non-cash impairment charge in our Pet segment of $12.8 million related to the impairment of intangible assets due primarily to changing market conditions resulting from the decline in demand for durable products and increased international competition. (7) In fiscal 2023, we recognized a non-cash impairment charge in our Pet segment of $2.8 million related to the impairment of intangible assets caused by the loss of a significant customer in our live fish business. Also, we recognized a non-cash impairment charge in our Garden segment of $3.9 million related to the impairment of intangible assets due to reduced demand for products we sold under an acquired trade name. The impairments were recorded as part of selling, general and administrative costs. Gain from litigation and investment impairment (8) Within corporate, the Company received $3.2 million during the fourth quarter of fiscal 2024 in settlement of litigation which gain is included in selling, general and administrative expense. Additionally, we recognized a $7.5 million non-cash impairment charge for two related private company investments that is included within Other income (expense) in the consolidated statement of operations. Net Income and Diluted Net Income Per Share Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands, except per share amount) GAAP net (loss) income attributable to Central Garden & Pet Company $ (34,158 ) $ 2,835 $ 107,983 $ 125,643 Facility closures (1)(2)(3)(5) 11,457 1,751 27,842 15,672 Intangible impairments (6)(7) 12,790 6,731 12,790 6,731 Litigation settlement (8) (3,200 ) — (3,200 ) — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Investment impairment (8) 7,461 — 7,461 — Tax effect of adjustments (6,725 ) (332 ) (10,437 ) (3,705 ) Non-GAAP net (loss) income attributable to Central Garden & Pet Company $ (12,375 ) $ 5,141 $ 142,439 $ 138,497 GAAP diluted net income per share $ (0.51 ) $ 0.04 $ 1.62 $ 1.88 Non-GAAP diluted net income per share $ (0.18 ) $ 0.08 $ 2.13 $ 2.07 Shares used in GAAP and non-GAAP diluted net income per share calculation 66,917 66,671 66,860 66,783 Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 GAAP Adjustments (1)(6)(8) Non-GAAP GAAP Adjustments (1)(2)(3)(6)(8) Non-GAAP (in thousands) Net sales $ 669,489 $ — $ 669,489 $ 3,200,460 $ — $ 3,200,460 Cost of goods sold and occupancy 500,537 5,209 495,328 2,256,725 16,349 2,240,376 Gross profit 168,952 (5,209 ) 174,161 943,735 (16,349 ) 960,084 Selling, general and administrative expenses 201,360 15,838 185,522 758,348 21,083 737,265 (Loss) Income from operations $ (32,408 ) $ (21,047 ) $ (11,361 ) $ 185,387 $ (37,432 ) $ 222,819 Gross margin 25.2 % 26.0 % 29.5 % 30.0 % Operating margin (4.8 )% (1.7 )% 5.8 % 7.0 % Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Fiscal Year Ended September 30, 2023 GAAP Adjustments (4)(5)(7) Non-GAAP GAAP Adjustments (4)(5)(7) Non-GAAP (in thousands) Net sales $ 750,147 $ — $ 750,147 $ 3,310,083 $ — $ 3,310,083 Cost of goods sold and occupancy 552,694 1,751 550,943 2,363,241 9,761 2,353,480 Gross profit 197,453 (1,751 ) 199,204 946,842 (9,761 ) 956,603 Selling, general and administrative expenses 188,084 887 187,197 736,196 6,798 729,398 Income from operations $ 9,369 $ (2,638 ) $ 12,007 $ 210,646 $ (16,559 ) $ 227,205 Gross margin 26.3 % 26.6 % 28.6 % 28.9 % Operating margin 1.2 % 1.6 % 6.4 % 6.9 % Pet Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ 14,310 $ 43,225 $ 203,425 $ 198,004 Facility closures (1)(5) 7,549 1,751 7,549 15,672 Intangible impairments (6)(7) 12,790 2,785 12,790 2,785 Non-GAAP operating income $ 34,649 $ 47,761 $ 223,764 $ 216,461 GAAP operating margin 3.3 % 9.0 % 11.1 % 10.5 % Non-GAAP operating margin 8.0 % 9.9 % 12.2 % 11.5 % Garden Segment Operating Income Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended Fiscal Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (in thousands) GAAP operating income $ (28,806 ) $ (3,432 ) $ 81,893 $ 123,455 Facility closures (1)(2)(3) 3,908 — 20,293 — Independent channel distribution business sale (4) — (5,844 ) — (5,844 ) Intangible impairments (7) — 3,946 — 3,946 Non-GAAP operating income (loss) $ (24,898 ) $ (5,330 ) $ 102,186 $ 121,557 GAAP operating margin (12.3 )% (1.3 )% 6.0 % 8.6 % Non-GAAP operating margin (10.6 )% (2.0 )% 7.5 % 8.5 % Organic Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestiture on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 669.5 $ 18.0 $ 651.5 $ 3,200.5 $ 66.4 $ 3,134.1 Reported net sales FY 2023 750.1 3.7 746.4 3,310.1 48.1 3,262.0 $ decrease $ (80.6 ) $ 14.3 $ (94.9 ) $ (109.6 ) $ 18.3 $ (127.9 ) % decrease (10.7 )% (12.7 )% (3.3 )% (3.9 )% Organic Pet Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 435.3 $ 18.0 $ 417.3 $ 1,832.8 $ 66.4 $ 1,766.4 Reported net sales FY 2023 482.8 — 482.8 1,877.2 — 1,877.2 $ decrease $ (47.5 ) $ 18.0 $ (65.5 ) $ (44.4 ) $ 66.4 $ (110.8 ) % decrease (9.8 )% (13.6 )% (2.4 )% (5.9 )% Organic Garden Segment Net Sales Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Fiscal Year Ended September 28, 2024 Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic Net sales (GAAP) Effect of acquisitions & divestitures on net sales Net sales organic (in millions) Reported net sales FY 2024 $ 234.2 $ — $ 234.2 $ 1,367.7 $ — $ 1,367.7 Reported net sales FY 2023 267.3 3.7 263.6 1,432.9 48.1 1,384.8 $ decrease $ (33.1 ) $ (3.7 ) $ (29.4 ) $ (65.2 ) $ (48.1 ) $ (17.1 ) % decrease (12.4 )% (11.2 )% (4.6 )% (1.2 )% Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 107,983 Interest expense, net — — — 37,872 Other expense — — — 5,090 Income tax expense — — — 33,112 Net income attributable to noncontrolling interest — — — 1,330 Sum of items below operating income — — — 77,404 Income (loss) from operations 203,425 81,893 (99,931 ) 185,387 Depreciation & amortization 43,642 44,403 2,762 90,807 Noncash stock-based compensation — — 20,583 20,583 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 20,293 (3,200 ) 37,432 Adjusted EBITDA $ 267,406 $ 146,589 $ (79,786 ) $ 334,209 GAAP to Non-GAAP Reconciliation Fiscal Year Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 125,643 Interest expense, net — — — 49,663 Other income — — — (1,462 ) Income tax expense — — — 36,348 Net income attributable to noncontrolling interest — — — 454 Sum of items below operating income — — — 85,003 Income (loss) from operations 198,004 123,455 (110,813 ) 210,646 Depreciation & amortization 41,126 43,375 3,199 87,700 Noncash stock-based compensation — — 27,990 27,990 Non-GAAP adjustments (4)(5)(7) 18,457 (1,898 ) — 16,559 Adjusted EBITDA $ 257,587 $ 164,932 $ (79,624 ) $ 342,895 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 28, 2024 Pet Garden Corp Total (in thousands) Net loss attributable to Central Garden & Pet $ — $ — $ — $ (34,158 ) Interest expense, net — — — 6,476 Other expense — — — 6,137 Income tax benefit — — — (10,621 ) Net loss attributable to noncontrolling interest — — — (242 ) Sum of items below operating income — — — 1,750 Income (loss) from operations 14,310 (28,806 ) (17,912 ) (32,408 ) Depreciation & amortization 10,741 11,375 622 22,738 Noncash stock-based compensation — — 5,445 5,445 Non-GAAP adjustments (1)(2)(3)(6)(8) 20,339 3,908 (3,200 ) 21,047 Adjusted EBITDA $ 45,390 $ (13,523 ) $ (15,045 ) $ 16,822 Adjusted EBITDA Reconciliation GAAP to Non-GAAP Reconciliation Three Months Ended September 30, 2023 Pet Garden Corp Total (in thousands) Net income attributable to Central Garden & Pet $ — $ — $ — $ 2,835 Interest expense, net — — — 8,063 Other expense — — — 1,685 Income tax benefit — — — (3,098 ) Net loss attributable to noncontrolling interest — — — (116 ) Sum of items below operating income — — — 6,534 Income (loss) from operations 43,225 (3,432 ) (30,424 ) 9,369 Depreciation & amortization 10,479 10,892 825 22,196 Noncash stock-based compensation — — 7,358 7,358 Non-GAAP adjustments (4)(5)(7) 4,536 (1,898 ) — 2,638 Adjusted EBITDA $ 58,240 $ 5,562 $ (22,241 ) $ 41,561 View source version on businesswire.com : https://www.businesswire.com/news/home/20241125974807/en/ CONTACT: Investor & Media Contact Friederike Edelmann VP of Investor Relations & Corporate Sustainability (925) 412 6726 |fedelmann@central.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RETAIL CONSUMER HOME GOODS SPECIALTY PETS CONSTRUCTION & PROPERTY LANDSCAPE SOURCE: Central Garden & Pet Company Copyright Business Wire 2024. 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Sales of $397.9 million in the fourth quarter and $1,330.1 million in fiscal 2024 Net loss of $9.9 million in the fourth quarter and $23.4 million in fiscal 2024 Adjusted EBITDA of $43.0 million in the fourth quarter and $108.7 million in fiscal 2024 Diluted earnings per share of $(0.05) in the fourth quarter and $(0.13) in fiscal 2024 Adjusted diluted earnings per share of $0.02 in the fourth quarter and $(0.01) in fiscal 2024 PHOENIX, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Leslie's, Inc. (("Leslie's", "we", "our", "its", or "Company", NASDAQ: LESL ), the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry, today announced its financial results for the fourth quarter and fiscal 2024. Jason McDonell, Chief Executive Officer, said, "Our fourth quarter results were in line with our revised expectations on the top-line, and we saw strong performance in our Pro segment with some continued softness in store traffic and larger-ticket and discretionary categories. Profitability was affected by deleverage from the sales decline and a one-time contract item, though we have remained disciplined on SG&A expenses." McDonell added, "While we continue to operate in a dynamic environment, which has been felt acutely across the pool industry for the last two years, I see a bright future and compelling opportunities for Leslie's. Since joining Leslie's in September, I've been in the market talking with customers, vendors, and associates and it's clear that Leslie's is a trusted brand with a rich legacy and a strong market leadership position. I see meaningful opportunities to enhance these attributes and build on our competitive advantages by putting the customer at the center of everything we do. With the customer as our north star, we are developing and beginning to execute on the strategy and initiatives to drive long-term profitable growth. I look forward to detailing our strategic roadmap in the coming quarters and thank all of our stakeholders for their support as we build a stronger future together." Fourth Quarter Highlights Sales were $397.9 million, a decrease of 8.0% compared to $432.4 million in the prior year period. Comparable sales decreased 8.3%. Non-comparable sales from acquisitions and new stores contributed $1.5 million in the period. Gross profit was $143.2 million, a decrease of 10.6% compared to $160.2 million in the prior year period. Gross margin was 36.0% compared to 37.0% in the prior year period. The decrease in gross margin rate was driven by deleverage on occupancy and distribution costs, as well as a one-time item of approximately $5 million related to rebates and warranties on a contract that has since been revised. Selling, general and administrative expenses ("SG&A") were $116.8 million, a decrease of 4.0% compared to $121.6 million in the prior year period. Operating income was $26.4 million compared to $38.5 million in the prior year period. Interest expense was $17.0 million compared to $17.2 million in the prior year period. A valuation allowance of approximately $11 million was established to provide an offset to the Company's deferred tax assets. This non-cash item is subject to change as the realization of future deferred tax assets changes over time. Net (loss) income was $(9.9) million compared to $16.5 million in the prior year period. Adjusted net income was $4.4 million compared to $25.7 million in the prior year period. Diluted earnings per share was $(0.05) compared to $0.09 in the prior year period. Adjusted diluted earnings per share was $0.02 compared to $0.14 in the prior year period. Adjusted EBITDA was $43.0 million compared to $59.5 million in the prior year period. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and occupancy deleverage were largely offset by lower SG&A and a reduction in inventory adjustments. Fiscal 2024 Highlights Sales decreased 8.3% to $1,330.1 million compared to $1,451.2 million in the prior year. Comparable sales decreased 8.8%. Non-comparable sales including acquisitions and new stores contributed $7.9 million for the year. Gross profit decreased 13.0% to $476.8 million compared to $548.2 million in the prior year. Gross margin decreased to 35.8% from 37.8% in the prior year period. The decrease in gross margin was primarily driven by negative impacts of 121 basis points from a decreased product rate, 94 basis points from deleverage on occupancy costs, and 50 basis points from the expensing of previously capitalized distribution costs due to significant reductions in inventory during the year. These impacts were partially offset by a 72 basis point reduction in inventory adjustments and distribution costs. SG&A decreased $26.4 million to $419.7 million compared to $446.0 million in the prior year. Operating income was $57.1 million compared to $102.2 million in the prior year. Interest expense increased $5.0 million to $70.4 million compared to $65.4 million in the prior year. Net (loss) income was $(23.4) million compared to $27.2 million in the prior year. Adjusted net (loss) income was $(1.1) million compared to $51.1 million in the prior year. Diluted earnings per share was $(0.13) compared to $0.15 in the prior year. Adjusted diluted earnings per share was $(0.01) compared to $0.28 in the prior year. Adjusted EBITDA was $108.7 million compared to $168.1 million in the prior year. The decrease was primarily driven by lower sales volume during the period. Decreases in product rate and increases in occupancy and distribution costs were largely offset by lower SG&A and a reduction in inventory adjustments. Balance Sheet and Cash Flow Highlights Cash and cash equivalents totaled $108.5 million as of September 28, 2024, an increase of $53.1 million, compared to $55.4 million as of September 30, 2023. Inventories totaled $234.3 million as of September 28, 2024, a decrease of $77.5 million or 24.9%, compared to $311.8 million as of September 30, 2023. Funded debt was $783.7 million as of September 28, 2024 compared to $789.8 million as of September 30, 2023. There were no outstanding borrowings on our revolving credit facility as of September 28, 2024 and September 30, 2023. The effective rate on our term loan during fiscal 2024 was 8.1% compared to 8.2% during fiscal 2023. Net cash provided by operating activities totaled $107.5 million in fiscal 2024 compared to $6.5 million in fiscal 2023. Capital expenditures totaled $47.2 million in fiscal 2024 compared to $38.6 million in fiscal 2023. First Quarter Fiscal 2025 Outlook The Company expects the following for the first quarter of fiscal 2025: Sales $169 million to $176 million Gross profit $45 million to $48 million Net loss $(41) million to $(39) million Adjusted net loss $(39) million to $(37) million Adjusted EBITDA $(29) million to $(27) million Adjusted diluted loss per share $(0.21) to $(0.20) Diluted weighted average shares outstanding 185 million *Note: A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to our results computed in accordance with GAAP. Conference Call Details A conference call to discuss the Company's financial results for the fourth quarter and fiscal 2024 is scheduled for today, Monday, November 25, 2024 at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 877-407-0784 (international callers please dial 1-201-689-8560) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at https://ir.lesliespool.com/ . A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at https://ir.lesliespool.com/ for 90 days. About Leslie's Founded in 1963, Leslie's is the largest and most trusted direct-to-consumer brand in the U.S. pool and spa care industry. The Company serves the aftermarket needs of residential and professional consumers with an extensive and largely exclusive assortment of essential pool and spa care products. The Company operates an integrated ecosystem of over 1,000 physical locations and a robust digital platform, enabling consumers to engage with Leslie's whenever, wherever, and however they prefer to shop. Its dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering Leslie's consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas. Use of Non-GAAP Financial Measures and Other Operating Measures In addition to reporting financial results in accordance with accounting principles generally accepted in the United States ("GAAP"), we use certain non-GAAP financial measures and other operating measures, including comparable sales growth, Adjusted EBITDA, Adjusted net income (loss), and Adjusted diluted earnings per share, to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. These non-GAAP financial measures and other operating measures should not be considered in isolation or as substitutes for our results as reported under GAAP. In addition, these non-GAAP financial measures and other operating measures are not calculated in the same manner by all companies, and accordingly, are not necessarily comparable to similarly titled measures of other companies and may not be appropriate measures for performance relative to other companies. Comparable Sales Growth We measure comparable sales growth as the increase or decrease in sales recorded by the comparable base in any reporting period, compared to sales recorded by the comparable base in the prior reporting period. The comparable base includes sales through our locations and through our e-commerce websites and third-party marketplaces. Comparable sales growth is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA Adjusted EBITDA is defined as earnings before interest (including amortization of debt issuance costs), taxes, depreciation and amortization, management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash or discrete items. Adjusted EBITDA is a key measure used by management and our board of directors to assess our financial performance. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. We use Adjusted EBITDA to supplement GAAP measures of performance to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other companies using similar measures. Adjusted EBITDA is not a recognized measure of financial performance under GAAP but is used by some investors to determine a company's ability to service or incur indebtedness. Adjusted EBITDA is not calculated in the same manner by all companies, and accordingly, is not necessarily comparable to similarly titled measures of other companies and may not be an appropriate measure for performance relative to other companies. Adjusted EBITDA should not be construed as an indicator of a company's operating performance in isolation from, or as a substitute for, net income (loss), cash flows from operations or cash flow data, all of which are prepared in accordance with GAAP. We have presented Adjusted EBITDA solely as supplemental disclosure because we believe it allows for a more complete analysis of results of operations. Adjusted EBITDA is not intended to represent, and should not be considered more meaningful than, or as an alternative to, measures of operating performance as determined in accordance with GAAP. In the future, we may incur expenses or charges such as those added back to calculate Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Adjusted Net Income (Loss) and Adjusted Diluted Earnings per Share Adjusted net income (loss) and Adjusted diluted earnings per share are additional key measures used by management and our board of directors to assess our financial performance. Adjusted net income (loss) and Adjusted diluted earnings per share are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures. Adjusted net income (loss) is defined as net income (loss) adjusted to exclude management fees, equity-based compensation expense, loss (gain) on debt extinguishment, loss (gain) on asset and contract dispositions, executive transition costs, severance, costs related to equity offerings, strategic project costs, merger and acquisition costs, and other non-recurring, non-cash, or discrete items. Adjusted diluted earnings per share is defined as Adjusted net income (loss) divided by the diluted weighted average number of common shares outstanding. Forward-Looking Statements This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations or financial condition, business strategy, value proposition, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others: our ability to execute on our growth strategies; supply disruptions; our ability to maintain favorable relationships with suppliers and manufacturers; competition from mass merchants and specialty retailers; impacts on our business from the sensitivity of our business to weather conditions, changes in the economy (including high interest rates, recession fears, and inflationary pressures), geopolitical events or conflicts, and the housing market; disruptions in the operations of our distribution centers; our ability to implement technology initiatives that deliver the anticipated benefits, without disrupting our operations; our ability to attract and retain senior management and other qualified personnel; regulatory changes and development affecting our current and future products, including evolving legal standards and regulations concerning environmental, social and governance ("ESG") matters; our ability to obtain additional capital to finance operations; commodity price inflation and deflation; impacts on our business from epidemics, pandemics, or natural disasters; impacts on our business from cyber incidents and other security threats or disruptions; our ability to remediate material weaknesses or other deficiencies in our internal control over financial reporting or to maintain effective disclosure controls and procedures and internal control over financial reporting; and other risks and uncertainties, including those listed in the section titled "Risk Factors" in our filings with the United States Securities and Exchange Commission ("SEC"). You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended September 28, 2024 and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time-to-time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release, and while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, changed expectations, the occurrence of unanticipated events or otherwise, except as required by law. We may not actually achieve the plans, intentions, outcomes or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. Contact Matthew Skelly Vice President, Investor Relations Leslie's, Inc. investorrelations@lesl.com Condensed Consolidated Statements of Operations (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Sales $ 397,859 $ 432,370 $ 1,330,121 $ 1,451,209 Cost of merchandise and services sold 254,645 272,209 853,331 902,986 Gross profit 143,214 160,161 476,790 548,223 Selling, general and administrative expenses 116,795 121,617 419,673 446,044 Operating income 26,419 38,544 57,117 102,179 Other expense: Interest expense 17,015 17,156 70,395 65,438 Total other expense 17,015 17,156 70,395 65,438 Income (loss) before taxes 9,404 21,388 (13,278 ) 36,741 Income tax expense 19,328 4,907 10,101 9,499 Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Earnings per share: Basic $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Diluted $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Weighted average shares outstanding: Basic 184,936 184,181 184,694 183,839 Diluted 184,936 184,782 184,694 184,716 Other Financial Data (1) (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Adjusted diluted earnings per share $ 0.02 $ 0.14 $ (0.01 ) $ 0.28 (1) See section titled "GAAP to Non-GAAP Reconciliation." Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share amounts) September 28, 2024 September 30, 2023 Assets (Unaudited) (Audited) Current assets Cash and cash equivalents $ 108,505 $ 55,420 Accounts and other receivables, net 45,467 29,396 Inventories 234,283 311,837 Prepaid expenses and other current assets 34,179 23,633 Total current assets 422,434 420,286 Property and equipment, net 98,447 90,285 Operating lease right-of-use assets 270,488 251,460 Goodwill and other intangibles, net 215,127 218,855 Deferred tax assets 4,168 7,598 Other assets 39,661 45,951 Total assets $ 1,050,325 $ 1,034,435 Liabilities and stockholders' deficit Current liabilities Accounts payable 67,622 58,556 Accrued expenses and other current liabilities 106,712 90,598 Operating lease liabilities 63,357 62,794 Income taxes payable 1,519 5,782 Current portion of long-term debt 8,100 8,100 Total current liabilities 247,310 225,830 Operating lease liabilities, noncurrent 209,067 193,222 Long-term debt, net 769,065 773,276 Other long-term liabilities 2,032 3,469 Total liabilities 1,227,474 1,195,797 Commitments and contingencies Stockholders' deficit Common stock, $0.001 par value, 1,000,000,000 shares authorized and 184,969,296 and 184,333,670 issued and outstanding as of September 28, 2024 and September 30, 2023, respectively. 185 184 Additional paid in capital 106,871 99,280 Retained deficit (284,205 ) (260,826 ) Total stockholders' deficit (177,149 ) (161,362 ) Total liabilities and stockholders' deficit $ 1,050,325 $ 1,034,435 Condensed Consolidated Statements of Cash Flows (Amounts in thousands) Year Ended September 28, 2024 September 30, 2023 (Unaudited) (Audited) Operating Activities Net (loss) income $ (23,379 ) $ 27,242 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 33,078 34,142 Equity-based compensation 8,589 11,703 Amortization of deferred financing costs and debt discounts 2,191 2,100 Provision for doubtful accounts 1,466 193 Deferred income taxes 3,430 (6,330 ) Loss on asset and contract dispositions 464 6,396 Changes in operating assets and liabilities: Accounts and other receivables (18,684 ) 16,101 Inventories 85,879 54,331 Prepaid expenses and other current assets (1,019 ) (3,466 ) Other assets 6,861 (9,990 ) Accounts payable 1,889 (97,900 ) Accrued expenses 4,817 (22,148 ) Income taxes payable (4,263 ) (6,729 ) Operating lease assets and liabilities, net 6,147 825 Net cash provided by operating activities 107,466 6,470 Investing Activities Purchases of property and equipment (47,244 ) (38,577 ) Business acquisitions, net of cash acquired — (15,549 ) Proceeds from asset dispositions 81 1,587 Net cash used in investing activities (47,163 ) (52,539 ) Financing Activities Borrowings on Revolving Credit Facility 140,500 264,000 Payments on Revolving Credit Facility (140,500 ) (264,000 ) Repayment of long-term debt (6,075 ) (8,100 ) Payment on finance lease (145 ) — Payment of deferred financing costs — (347 ) Payments of employee tax withholdings related to restricted stock vesting (998 ) (2,357 ) Net cash used in financing activities (7,218 ) (10,804 ) Net increase (decrease) in cash and cash equivalents 53,085 (56,873 ) Cash and cash equivalents, beginning of year 55,420 112,293 Cash and cash equivalents, end of year $ 108,505 $ 55,420 Supplemental Information: Interest $ 63,242 $ 63,059 Income taxes, net of refunds received 10,933 22,559 GAAP to Non-GAAP Reconciliation (Amounts in thousands, except per share amounts) Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Interest expense 17,015 17,156 70,395 65,438 Income tax expense 19,328 4,907 10,101 9,499 Depreciation and amortization expense (1) 8,659 8,573 33,078 34,142 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Adjusted EBITDA $ 42,972 $ 59,466 $ 108,744 $ 168,149 Three Months Ended Year Ended September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 (Unaudited) (Unaudited) (Unaudited) (Audited) Net (loss) income $ (9,924 ) $ 16,481 $ (23,379 ) $ 27,242 Equity-based compensation expense (2) 967 2,607 8,650 12,067 Strategic project costs (3) 1,025 241 2,083 3,004 Executive transition costs and other (4) 5,902 9,501 7,816 16,757 Changes in valuation allowance ( 5 ) 11,177 — 11,177 — Tax effects of these adjustments ( 6 ) (4,767 ) (3,087 ) (7,431 ) (7,957 ) Adjusted net income (loss) $ 4,380 $ 25,743 $ (1,084 ) $ 51,113 Diluted earnings per share $ (0.05 ) $ 0.09 $ (0.13 ) $ 0.15 Adjusted diluted earnings per share $ 0.02 $ 0.18 $ (0.01 ) $ 0.28 Weighted average shares outstanding Basic 184,936 184,181 184,694 183,839 Diluted 184,954 184,782 184,694 184,716 (1) Includes depreciation related to our distribution centers and store locations, which is reported in cost of merchandise and services sold and SG&A in our condensed consolidated statements of operations. (2) Represents charges related to equity-based compensation and our related payroll tax expense, which are reported in SG&A in our condensed consolidated statements of operations. (3) Represents non-recurring costs, such as third-party consulting costs related to first-generation technology initiatives, replacements of systems that have been no longer supported by our vendors, investment in and development of new products outside of the course of continuing operations, or other discrete strategic projects that are infrequent or unusual in nature and potentially distortive to continuing operations. These items are reported in SG&A in our condensed consolidated statements of operations. (4) Includes certain senior executive transition costs and severance associated with completed corporate restructuring activities across the organization, losses (gains) on asset dispositions, merger and acquisition costs, and other non-recurring, non-cash, or discrete items as determined by management. Amounts are reported in SG&A in our condensed consolidated statements of operations. (5) Represents a change in valuation allowance for deferred taxes that management does not believe are indicative of our ongoing operations. This item is reported in income tax expense in our consolidated statements of operations and we note they may reoccur in the future. (6) Represents the tax effect of the total adjustments based on our combined U.S. federal and state statutory tax rates. Amounts are reported in income tax expense (benefit) in our condensed consolidated statements of operations. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

November 25, 2024 This article has been reviewed according to Science X's editorial process and policies . Editors have highlightedthe following attributes while ensuring the content's credibility: fact-checked peer-reviewed publication trusted source proofread by Jonas Roslund, Linköping University We distance ourselves from completely neutral products if they are liked by people who have political views that we find disagreeable. This is shown in four studies from Linköping University, Sweden. The behavior is reinforced if we have to make a decision when others are watching. Political distancing affects us more deeply than was previously known and governs our choices even when it is completely irrelevant. The studies show that even chocolate can be political. "From a social perspective, it can unfortunately be rational to distance ourselves from these neutral things, but this contributes to a more polarized society," says Arvid Erlandsson, senior associate professor at the Department of Behavioural Sciences and Learning at Linköping University. In four studies, researchers investigated people's attitudes to completely non-political products before and after these were linked to people or groups with different political views . As far as is known, this is the first time such an investigation has been conducted. The results have been presented in the journal Personality and Social Psychology Bulletin . The first study concerned clothing. The more than 600 participants were first shown a number of pictures of people wearing formal clothes. The heads of the people were hidden. Participants were asked to give their opinion on the design, fit and color of the clothes and how much they would want to buy them. They were also asked their views on political parties . They then had to re-evaluate the clothes, but this time the faces of the people wearing them were visible. It turned out that the faces belonged to well-known Swedish politicians. This clearly affected the results in the second round. Clothes worn by a politician from the participants' least liked party were now more often perceived as less stylish than in the first assessment. In the next study, more than 800 participants first gave scores to eight well-known chocolate brands and stated their political stance. They were then divided into groups for a second round. One group was told that a previous pilot study showed that their political opponents liked a particular chocolate the best. A second group was instead told which kind their own side preferred. They then made a new assessment. It turned out that chocolate that was liked by political opponents had now become significantly less appealing. However, varieties that were liked by their own side did not become more popular. "It's less about you associating with what your own side likes and more about avoiding what's liked by the opposing side," summarizes Erlandsson. A third study similarly examined willingness to donate money to various charities. More than 1,200 people participated and the results were the same as in the previous studies. Participants were less likely to give money to organizations they were told were preferred by political opponents. The researchers think that we unconsciously behave this way to maintain a consistent self-image. What the participants did not know was that the pilot study showed that everyone—regardless of their political affiliation—had actually liked the same chocolate varieties and the same charities. In the last study, 1,295 people participated. They also had to choose between products, but with a difference. One group made their choices while being observed by animated faces they were told belonged to their own political grouping. It turned out that the tendency to distance oneself from products liked by political opponents was further reinforced. The researchers' conclusion is that we attach great importance to how we appear to others. "Knowing about it might make you think twice, instead of just going on a gut feeling," says Erlandsson. More information: Arvid Erlandsson et al, Politically Contaminated Clothes, Chocolates, and Charities: Distancing From Neutral Products Liked by Out-Group or In-Group Partisans, Personality and Social Psychology Bulletin (2024). DOI: 10.1177/01461672241298390 Journal information: Personality and Social Psychology Bulletin Provided by Linköping UniversityAfter Trump’s win, Black women are rethinking their role as America’s reliable political organizers

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From Paris to Baku – lessons from COP29 Rapid industrialisation of nations blurred once-clear lines between ‘developed’ and ‘developing’ The much-anticipated COP29 in Baku concluded with the ‘Baku Breakthrough, setting the stage for COP30 in Belem, Brazil. Let me build a longish context starting from COP21, the Paris Agreement, adopted in December 2015, which represents a profound turning point in humanity’s collective response to the existential challenge of climate change. The Paris Agreement is more than just an agreement; it is a testament to the power of multilateralism, bringing together 196 parties to unite under a shared banner of ambition to limit global warming to well below 2 C and, ideally, to 1.5 C above pre-industrial levels. At the heart of this global compact lies the nuanced principle of “common but differentiated responsibilities and respective capabilities” (CBDR-RC). This principle, steeped in notions of justice and pragmatism, seeks to balance the universality of climate action with the inherent disparities among nations. Emerging from the 1992 Rio Earth Summit, CBDR condenses the duality of the climate crisis: it is a shared problem, but one shaped and perpetuated unevenly across the globe. The historical context is indispensable here. Industrialised nations, riding the crest of carbon-intensive growth since the Industrial Revolution, bear the lion’s share of historical greenhouse gas emissions. In contrast, developing nations, many of which were still grappling with poverty and underdevelopment in the late 20th century, entered the climate dialogue with minimal emissions but significant vulnerabilities. CBDR initially reflected this dichotomy, casting developed nations as the primary actors for mitigation, while developing nations were granted leeway to prioritise economic growth. However, the world does not stand still. The rapid industrialisation of nations like China, India, and Brazil blurred the once-clear lines between ‘developed’ and ‘developing’. These emerging economies transitioned from being peripheral emitters to central players, challenging the rigidity of the traditional CBDR framework. The Paris Agreement masterfully recalibrated this principle by introducing a flexible yet binding universality, engaging all nations while acknowledging their unique circumstances. At its core, the Paris Agreement affirms the shared nature of the climate crisis, emphasising that no nation is insulated from its impacts or absolved of responsibility. This universality is enshrined in its ambitious goals. The directive to limit global warming to 1.5 C above pre-industrial levels serves as an existential imperative. The pursuit of net-zero emissions by the second half of the century underscores the need for transformative systemic change, akin to rewiring the engines of modern civilisation. And the commitment to enhance resilience reflects a recognition that adaptation is not a luxury but a necessity, particularly for the most vulnerable. The architecture of the Paris Agreement, built on nationally determined contributions (NDCs), epitomises inclusivity. Yet this inclusivity, while laudable, introduces challenges of consistency and accountability. The disparity in the ambition of NDCs underscores a paradox: while the agreement demands unity, its execution often reflects the fragmented realities of geopolitics and domestic priorities. Equity, the lifeblood of CBDR, finds expression in the Paris Agreement’s differentiated approach. Climate Finace (now, New Collective Quantified Goal), planned as a conduit for this support, embodies this ethos. Yet its aspirations have faltered against the hard rock of financial shortfalls. The unfulfilled promise of $100 billion annually in climate finance by 2020 has not only strained North-South relations but also cast a shadow over the broader commitments of the developed world. Now, the NCQG has set bar high as much as 300 billion USD at COP29. For nations on the frontlines of climate impacts, such as Small Island Developing States (SIDS) and Least Developed Countries (LDCs), the differentiation in responsibilities extends to addressing existential vulnerabilities. Provisions for loss and damage, while symbolically significant, remain underfunded and mired in procedural complexities. This dynamic is akin to a lifeboat that promises safety but arrives half-built, leaving the most vulnerable to fend for themselves in a storm not of their making. The operationalisation of CBDR within the Paris framework is fraught with challenges, each revealing the tension between equity and efficacy. The voluntary nature of NDCs, while fostering inclusivity, often results in ambitions that fall short of the collective goals. The rise of emerging emitters and climate induced loss and damage in developed countries like Spain further complicates the narrative. Insufficient climate finance aggravates these tensions, undermining trust and limiting the capacity of vulnerable nations to implement meaningful action. The conclusion of COP29 highlighted the persistent disparities in global climate negotiations, with the $300 billion annual commitment by 2035 being labeled as insufficient by many developing nations. While this amount marks an improvement over the current $100 billion annual contribution, it is far from adequate to address the scale of adaptation and mitigation challenges those vulnerable countries face. The dissatisfaction stems from the mixed composition of the pledged amount, blending grants and loans, and from the frustration that wealthier nations withheld their final proposals until the last moments of negotiation. The discontent voiced by delegates from Climate Vulnerable Forum (CVF) resonates with the broader sentiment of the Global South, including Pakistan, which frequently experiences the devastating impacts of climate change yet lacks the financial capacity to respond effectively. The geopolitical dynamics of COP29 revealed the shifting balance of climate leadership. With the anticipated absence of consistent US participation under a potential Trump administration, China emerged as a significant actor. Although China remains classified as a developing country and holds no formal obligations to provide climate finance, its voluntary contributions and increasing transparency signaled a more proactive role. For nations like Pakistan, this could open new avenues for bilateral cooperation in green financing and technology transfers. However, the broader structural inefficiencies of the COP process were also evident. The hosting of the conference by Azerbaijan, a country heavily reliant on fossil fuels, though symbolized a disconnection between the COP’s stated goals and the practical realities of its execution but at the same time stresses the importance of participatory approach. One striking feature of COP29 was the growing assertiveness of environmental activists and NGOs, reflecting a palpable impatience with the slow pace of climate action. Their vocal presence served as a reminder of the urgency required to tackle the climate crisis. This resonates with Pakistan’s advocacy on global platforms, as the country has consistently emphasised the disproportionate impacts it faces despite contributing minimally to global emissions. Yet, the broader divide between developed and developing nations threatens the unity required to combat climate change collectively. Pakistan, being one of the most climate-vulnerable countries, must navigate these fractured dynamics while ensuring its voice is heard in subsequent negotiations. The outcomes of COP29 underscore the need for Pakistan to adopt a comprehensive and forward-looking climate action plan. To address its vulnerability, Pakistan must focus on leveraging international climate finance effectively. Strengthening its institutional capacity to access funds such as the NCQG and competitive funds like Green Climate Fund and exploring bilateral green financing arrangements with nations like China are critical steps. Simultaneously, Pakistan must prioritise the transition to renewable energy, scaling up investments in solar and wind to reduce its dependence on fossil fuels through early retirement of coal initiatives. This shift is vital not only for reducing emissions but also for addressing the chronic energy shortages that hamper its development. Building resilience to climate impacts is equally essential. Pakistan’s recent experiences with devastating floods highlight the urgency of investing in climate-resilient infrastructure, such as advanced drainage systems and robust flood defenses. Promoting climate-smart agricultural practices and diversifying crop patterns can also mitigate food security risks exacerbated by changing weather patterns. Urban centres too require targeted interventions to manage heatwaves, water scarcity, and the unplanned expansion that compounds climate risks. These efforts must be supported by strong institutional frameworks, with data-driven policymaking and strict enforcement of environmental laws ensuring progress toward national climate goals. Engaging communities and fostering public-private partnerships are crucial to the success of Pakistan’s climate strategy. Large-scale awareness campaigns can promote energy conservation and sustainable practices, while local governments and communities should be empowered to design and implement adaptation plans tailored to their specific needs. On the international stage, Pakistan must strengthen its alliances with other vulnerable nations to advocate for equitable climate finance and loss-and-damage compensation. The lessons from COP29 underline the importance of unified, collective action and the need for reformed and inclusive processes in future climate negotiations. The path forward for Pakistan lies in adopting a multidimensional approach that integrates mitigation, adaptation, and resilience-building efforts. By capitalising on global commitments, fostering domestic innovation, and empowering communities, Pakistan can address its climate challenges while setting a precedent for sustainable and equitable development. The urgency of the crisis demands that Pakistan act decisively, not only to safeguard its people and ecosystems but also to contribute meaningfully to the global fight against climate change. Twitter/X: @Khalidwaleed_ Email: khalidwaleed@sdpi.org The writer has a doctorate in energy economics and serves as a research fellow in the Sustainable Development Policy Institute (SDPI).Port of Newcastle supports STEM students’ race towards a sustainable future in world’s largest hydrogen competition The school-based program, supported by Port of Newcastle and run by Horizon Education, will see students design, build, and race their own hydrogen-powered remote-controlled cars in a test of endurance, while fostering an interest in sustainability and renewable energy career pathways. Port of Newcastle CEO, Craig Carmody, said the Port was inspired to bring the global competition to the Hunter while attending the World Hydrogen Summit 2024 in Rotterdam. “The work we are doing to develop a dedicated Clean Energy Precinct (CEP) will not only position Port of Newcastle as the largest energy export port in the country but will also drive the Hunter Region’s diversification. This work can’t be done in a vacuum,” Mr Carmody said. Port of Newcastle CEO As part of the program, students will learn about alternative fuels, renewable energy, and environmental sustainability, while working collaboratively to bring their designs to life. Their hard work will culminate in a four-hour endurance race, with the winning school going on to compete in state, national and international races. State Member for Newcastle, Tim Crakanthorp MP, said, “This is a wonderful way to support our next generation of thinkers as they engage with clean energy leaders. This will provide a platform for our local students to contribute to Newcastle’s vision for a sustainable future.” University of Newcastle Vice-Chancellor, Professor Alex Zelinsky AO, said the program was a great opportunity to show the next generation what their future careers could look like and have some fun. Professor said. “It’s incredibly rewarding for our academics to be involved in such a meaningful initiative. By sharing their expertise and mentoring these students, they will help demonstrate the exciting potential of a career in the clean energy sector. These early experiences can really shape a student’s trajectory and show them what’s possible.” Participating schools include Warners Bay High School, Rutherford Technology High School, Merewether High School, Irrawang High School and Callaghan College Waratah Campus. Merewether High School Principal, said, Participating in the Hydrogen Grand Prix provides an incredible opportunity for our students to develop real-world skills and a passion for clean energy solutions, which are essential for shaping a brighter future for our planet.” Port of Newcastle’s Clean Energy Precinct is supported by the Australian and NSW governments alongside industry partners and, once fully developed, will contribute $4.2 billion to the nation’s economy and generate 5,800 new jobs in the Hunter by 2040. READ the latest news shaping the hydrogen market at Port of Newcastle supports STEM students’ race towards a sustainable future in world’s largest hydrogen competition, Equinor ASA is launching its first Hydrogen Open Season, calling on parties to express their interest in low carbon hydrogen from H2M Eemshaven in the Netherlands Equinor maintains its ambition to advance the production... The future of hydrogen as a credible source of energy is under scrutiny in a new University of Manchester study It has just published ‘On Hydrogen’, which provides expert analysis, evidence and policy recommendations to... US Air Force unveils hydrogen megaproject: It would be in the most extreme place on Earth In a bid to strengthen national energy security and improve operational efficiency, the U.S. military is exploring hydrogen...

DENVER — So you're the most valuable player of that annual Thanksgiving Day backyard flag football game. Or played tackle football on any level. Or ran track. Or dabbled in basketball. Or toyed with any sport, really. Well, this may be just for you: USA Football is holding talent identification camps all over the country to find that next flag football star. It's "America's Got Talent" meets "American Idol," with the stage being the field and the grand prize a chance to compete for a spot on a national team. Because it's never too early to start planning for the 2028 Olympics in Los Angeles, where flag football will make its Summer Games debut. Know this, though — it's not an easy team to make. The men's and women's national team rosters are at "Dream Team" status given the men's side has captured six of the last seven world championships and the women three in a row. To remain on top, the sport's national governing body is scouring every football field, park, track, basketball court and gym to find hidden talent to cultivate. People are also reading... USA Football has organized camps and tryouts from coast to coast for anyone ages 11 to 23. There are more than a dozen sites set up so far, ranging from Dallas (Sunday) to Chicago (Dec. 14) to Tampa (March 29) to Los Angeles (TBD) and the Boston area (April 27), where it will be held at Gillette Stadium, home of the New England Patriots. The organization has already partnered with the NFL on flag football initiatives and programs. The numbers have been through the roof, with engagement on social media platforms increasing by 86% since flag football was announced as an Olympic invitational sport in October 2023. The participation of boys and girls ages 6 to 17 in flag football last year peaked at more than 1.6 million, according to USA Football research. "We pride ourselves on elevating the gold standard across the sport," said Eric Mayes, the managing director of the high performance and national teams for USA Football. "We want to be the best in the world — and stay the best in the world." Flag football was one of five new sports added to the LA28 program. The already soaring profile of American football only figures to be enhanced by an Olympic appearance. Imagine, say, a few familiar faces take the field, too. Perhaps even NFL stars such as Tyreek Hill or Patrick Mahomes, maybe even past pro football greats donning a flag belt for a country to which they may have ties. Soon after flag football's inclusion, there was chatter of NFL players possibly joining in on the fun. Of course, there are logistical issues to tackle before their inclusion at the LA Olympics, which open July 14, 2028. Among them, training camp, because the Olympics will be right in the middle of it. The big question is this: Will owners permit high-priced players to duck out for a gold-medal pursuit? No decisions have yet been made on the status of NFL players for the Olympics. For now, it's simply about growing the game. There are currently 13 states that sanction girls flag football as a high school varsity sport. Just recently, the Pittsburgh Steelers and Philadelphia Eagles helped pave the way to get it adopted in Pennsylvania. Around the world, it's catching on, too. The women's team from Japan took third at the recent word championships, while one of the best players on the planet is Mexico quarterback Diana Flores. "Could flag football globally become the new soccer? That's something to aspire to," said Stephanie Kwok, the NFL's vice president of flag football. This type of flag football though, isn't your Thanksgiving Day game with family and friends. There's a learning curve. And given the small roster sizes, versatility is essential. Most national team members need to be a version of Colorado's two-way standout and Heisman hopeful Travis Hunter. Forget bump-and-run coverage, too, because there's no contact. None. That took some adjusting for Mike Daniels, a defensive back out of West Virginia who earned a rookie minicamp invitation with the Cleveland Browns in 2017. "If a receiver is running around, I'm thinking, 'OK, I can kind of bump him here and there and nudge him,'" Daniels explained. "They're like, 'No, you can't.' I'm just like, 'So I'm supposed to let this guy just run?!' I really rebelled at the idea at first. But you learn." The competition for an Olympic roster spot is going to be fierce because only 10 players are expected to make a squad. The best 10 will earn it, too, as credentials such as college All-American or NFL All-Pro take a backseat. "I would actually love" seeing NFL players try out, said Daniels, who's also a personal trainer in Miami. "I'm not going to let you just waltz in here, thinking, 'I played NFL football for five years. I'm popular. I have a huge name.' I'm still better than you and I'm going to prove it — until you prove otherwise." Around the house, Bruce Mapp constantly swivels his hips when turning a hallway corner or if his daughter tries to reach for a hug. It's his way of working on avoiding a "defender" trying to snare the flag. That approach has earned the receiver out of Coastal Carolina four gold medals with USA Football. The 31-year-old fully plans on going for more gold in Los Angeles. "You grow up watching Usain Bolt (win gold) and the 'Redeem Team' led by Kobe Bryant win a gold medal, you're always thinking, 'That's insane.' Obviously, you couldn't do it in your sport, because I played football," said Mapp, who owns a food truck in the Dallas area. "With the Olympics approaching, that (gold medal) is what my mind is set on." It's a common thought, which is why everything — including talent camps — starts now. "Everybody thinks, 'Yeah, the U.S. just wins,'" Daniels said. "But we work hard all the time. We don't just walk in. We don't just get off the bus thinking, 'We're going to beat people.'" Be the first to know Get local news delivered to your inbox!The Cincinnati Bearcats men's basketball team has gotten off to a fast start this season in more ways than one. The No. 16 Bearcats have raced to a 5-0 record while outscoring their opponents by more than 31 points per game, with just one team (Northern Kentucky) coming within 16 points. Cincinnati is averaging a robust 87 points per game with one of the more efficient offenses in college basketball. Cincinnati will look to continue that hot streak when it plays host to Alabama State in nonconference action Wednesday evening. Cincinnati has punished opposing defenses in a variety of ways this season. Despite being the No. 14 offense in the nation in Ken Pomeroy's efficiency ratings, the Bearcats aren't among the nation's leaders in pace. Still, they take advantage of those opportunities when they are there. "Us playing fast is something we want to do," Cincinnati forward Dillon Mitchell said. "When I was being recruited here, that was something Coach (Wes) Miller wanted to do. "There could be games where we're not making shots or something is off, but one thing is we're gonna push the ball, play hard and play fast. That's something he preaches. We'll be in shape and get rebounds." Mitchell is fresh off a double-double with 14 points and 11 rebounds in Cincinnati's 81-58 road win at Georgia Tech Saturday. He is one of four Bearcats to average double figures in scoring this season. That balance was on display once again against the Yellow Jackets, with Connor Hickman and Jizzle James also scoring 14 points each and Simas Lukosius contributing 12 points. In that game, Cincinnati sank 51.6 percent of its shots while regularly getting out into transition with 16 fastbreak points, while winning the rebounding battle 36-29. "Any time you get a road win over a quality, Power 4 team, you're gonna feel good about it," Miller said. "I was pleased with our effort." Lukosius is scoring 16.6 points per game, while James is at 14.0 points, followed by Mitchell at 12.4, while he also grabs a team-best 8.6 rebounds. Alabama State (3-3) has a tough task ahead, especially when considering its 97-78 loss at Akron Sunday, which ended a three-game winning streak. The Hornets allowed the Zips to shoot 46.4 percent from the field and were 53-32 in the rebounding battle. Alabama State gave up a season high in points, after playing the likes of LSU and UNLV earlier this season. Akron standout Nate Johnson lit up Alabama State for 25 points, as the game got away from the Hornets in the second half to keep them winless in true road games. Alabama leading scorers CJ Hines and TJ Madlock still got theirs against Akron, scoring 19 and 17 points, respectively. They were joined in double figures by reserve Tyler Mack (18 points), but recent history says they'll need more help to keep up with the Bearcats. Hines leads the Hornets with 15.7 points per game, while Madlock contributes 14.5 points. In previous Akron Basketball Classic wins last week against Omaha and Lamar, Alabama State featured at least four double-digit scorers in each game. --Field Level Media

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Barcelona transfer news: Catalan giants 'secure deal' for in-demand centre-back as two players 'move towards exit door'Looking to build on its best start in 11 years, No. 12 Oregon begins its Big Ten Conference tenure on Wednesday in Los Angeles when it visits fellow league newcomer Southern California. The Ducks (8-0) extended their hottest opening stretch since the 2013-14 season with a dramatic, 83-81 win over then-No. 9 Alabama on Saturday in the championship game of the Players Era Festival in Las Vegas. Nate Bittle capped a 19-point, nine-rebound performance with a tip-dunk just before the buzzer, helping Oregon avoid a late-game collapse after the Crimson Tide scored six straight in the final minute to tie the score. Bittle's game-winning play continued a strong start for the 7-foot center in his return from various health issues that sidelined him for almost the entire 2023-24 season. He missed two months after breaking his wrist, then the final two months due to illness. Bittle heads to Los Angeles averaging team-highs of 14.6 points and 9.4 rebounds per game. He is one of three Ducks averaging more than 10 points per game, along with forward Brandon Angel, who has posted 10.1, and TJ Bamba, Most Valuable Player of the Players Era Festival, posting 13 points per game. "Some nights are going to be your night, some nights are going to be your teammates' nights. You've just got to be happy for everybody, just knowing that you're going to have off-nights and you can trust your teammates," Bittle said of Oregon's depth in an episode of the Ducks' behind-the-scenes YouTube series. Jackson Shelstad, whose 20 points powered Oregon to a 78-69 win when the Ducks last visited USC in February for a Pac-12 Conference tilt, has a team-high 3.9 assists per game despite his individual scoring output dropping from 12.8 points a season ago to 9.8 so far in 2024-25. The win catapulted Oregon from unranked to No. 12 in the Ducks' first Associated Press Top 25 appearance of the season. This marks the 10th time in which Oregon has been ranked at some point in the season during coach Dana Altman's 15-year tenure, and the sixth time in seven seasons. USC (5-3), meanwhile, returns home after a disastrous showing at last week's Acrisure Classic in Palm Desert, Calif. The Trojans' first two games away from home this season produced a pair of double-digit losses, starting with a 71-36 blowout defeat on Thursday vs. Saint Mary's. USC's scoring output against the Gaels matched its lowest since November 2011. The next night against New Mexico, the Trojans gave up 83 points, the second-most they have allowed in a game this season, in a 10-point loss to the Lobos. First-year Trojans coach Eric Musselman said last week that "it's a mystery" how USC has allowed scorers to get into positions to get off clean shots so far this season. Against Saint Mary's, Gaels guard Jordan Ross' ability to get into the lane off the dribble repeatedly after halftime turned a manageable, 11-point deficit into a landslide in shorter order. "We've got to figure out what and who we are defensively," Musselman said. Opponents are shooting 35.7 percent from 3-point range and 53 percent inside the arc against the Trojans through eight games. --Field Level Media

On the evening of December 23, 2024, Idaho Fish and Game officers received a report from the Cassia County Sheriff that an infant had been attacked and injured by a raccoon in his parents’ home south of Burley. Officers from both agencies responded and determined the infant was in an infant carrier while the mother was settling in after returning home. She heard a loud noise in the home and ran to the infant’s location. The mother found a raccoon attacking her infant. She was able to grab the animal to stop the attack. It is unknown how the raccoon gained access to the home. The infant was taken by the parents to Cassia Regional Hospital in Burley for treatment of undisclosed injuries and then transferred to a hospital in Salt Lake City, Utah. The father of the infant and a sheriff’s deputy returned to the home, found the raccoon still in the home and killed it. No other raccoons were found in the home. Fish and Game is confident that the raccoon killed by the infants’ father was the one involved in the attack. Fish and Game took possession of the raccoon carcass and coordinated with staff from South Central Public Health District to get the raccoon tested for rabies. Fish and Game staff transported the carcass to Boise for testing by the Idaho Bureau of Laboratories. The rabies test was negative. Fish and Game activates response team Once notified of the incident, staff from the Fish and Game Magic Valley Region activated their Wildlife Human Attack Response Team. This specially trained team of department staff has the responsibility to act to protect the safety of the public and incident responders; attempt to identify, locate, and control the animal(s) involved in a human-wildlife incident; and conduct, document and report investigative findings. Raccoon attacks on people are rare While raccoons are a common species across Idaho, reports of attacks on humans are extremely rare. And while raccoons have a reputation as a potential carrier of rabies, only one case of raccoon rabies has been documented in Idaho. Raccoons are generally shy and will typically avoid humans, but they can become aggressive if they feel threatened. As with all wildlife that can be found around homes in Idaho, the best course of action to avoid raccoon encounters is to take preventative actions before a problem starts. Raccoons can live in a variety of habitats, but an area with access to water and food will attract them. Never purposefully feed a raccoon. A homeowner can limit food sources by securing residential garbage, removing any fallen fruit or rotten produce from your yard or garden, feeding pets indoors, keeping pet food securely stored, and removing or securing bird feeders. Blocking raccoon access to hiding places in sheds and outbuildings and sealing off potential entryways and exits in and around a home will also discourage raccoon use.Walmart's DEI rollback signals a profound shift in the wake of Trump's election victoryNone

Japan's Prime Minister Shigeru Ishiba indicated Tuesday that his ruling party would endorse members implicated in a slush fund scandal for next year's House of Councillors election, provided they explain themselves in parliament. The scandal, involving some Liberal Democratic Party lawmakers failing to properly report income from fundraising parties, eroded public trust in politics, leading the ruling coalition to lose its majority in the House of Representatives in the Oct 27 election. While Ishiba has remained in power, he faces significant challenges, as he must seek opposition support to pass budgets and bills while unifying and rebuilding the party ahead of the upper house election scheduled for the summer of 2025. Ishiba's remarks came as 27 members who belonged to a powerful faction previously led by former Prime Minister Shinzo Abe have expressed willingness to testify before the upper house ethics committee over the scandal, signaling a shift in their stance. Of that total, 15 members will draw particular attention, as the others are not up for reelection this time. In Japan, half of the 248-member upper house is replaced every three years and the chamber is currently controlled by the ruling coalition. To decide whether to endorse scandal-hit members in the October election, the LDP considered factors such as whether they had fulfilled their accountability by attending the political ethics committee, or the types of intraparty punishments they had received. Party heavyweights with close ties to Abe, including former education minister Koichi Hagiuda and industry minister Yasutoshi Nishimura, ran as independents but joined the LDP-related group in the lower house after the election. Opposition lawmakers are expected to intensify their criticism of Ishiba during the current extraordinary Diet session, which will end later this month, and the regular session from January. Yuichiro Tamaki, leader of the Democratic Party for the People, said at a press conference, "Even if the lawmakers in question attend the political ethics committee, this does not mean everything will be fine afterward." The LDP and Komeito have been exploring policy cooperation with Tamaki's party.