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PHILADELPHIA (AP) — Philadelphia 76ers forward Paul George has a bone bruise on his left knee and will miss two games, the team said Thursday. The 76ers said George did not suffer any structural damage when he injured the same knee that he hyperextended during the preseason in Wednesday night's loss at Memphis. The game marked the first time this season the All-Star trio of George, Joel Embiid and Tyrese Maxey started a game together. George will miss home games Friday against Brooklyn and Sunday against the Los Angeles Clippers, his former team. A nine-time All-Star, the 34-year-old George will be evaluated again on Monday. Wednesday's 117-111 loss to the Grizzlies dropped the Sixers to 2-12, the worst record in the NBA headed into Thursday night's games. George signed a four-year, $212 million contract with Philadelphia after five seasons with the Clippers. He has averaged 14.9 points in eight games this season. Embiid has been out with injuries, load management rest and a suspension, while Maxey was sidelined with a hamstring injury. An expected contender in the Eastern Conference, the Sixers haven't won since an overtime victory against Charlotte on Nov. 10. AP NBA: https://apnews.com/hub/nbaMaryam invites Chinese tech companies to invest in Punjab We have imposed ban on sale, purchase and production of plastic that affects environment says Maryam LAHORE: On the 6th day of her 8-day China visit, Punjab Chief Minister Maryam Nawaz invited Chinese technology companies to come and invest in Pakistan, especially in Punjab. She also announced the establishment of a working group, appointment of a focal person and establishment of a help desk while chairing a roundtable investment conference in Guangzhou, which was attended by officials of more than 60 prominent companies from Mainland and Hong Kong SAR of China. Representatives of leading Chinese companies in the fields of health, artificial intelligence, agriculture, information technology, waste management, solar energy and other sectors gave detailed presentations on their institutions. She also reviewed various suggestions and recommendations for the promotion of Pak-China free trade. The chief minister invited the Chinese technology companies to start operations in Punjab. Responding to her invitation, Chinese technology companies expressed keen interest in investing in Punjab. She vowed to facilitate them through a one-window operation. The chief minister said, “We have launched ‘No to Plastic” campaign in Punjab to protect the environment. We have imposed a ban on the sale, purchase and production of plastic that affects the environment. Zero-waste mission has started under ‘Suthra Punjab’, and we will welcome the support and cooperation of Chinese companies in this regard.” She highlighted that Punjab is also starting a project to convert waste into renewable energy. Chief Minister Maryam Nawaz said, “We will welcome the collaboration of Chinese companies in the solarisation project. The agriculture sub-sectors of automation manufacturing, food processing and hybrid seed development will be made possible through collaboration with the Chinese companies. Punjab will also welcome investment in e-commerce, incubator centers, and e-learning.” She added, “Nawaz Sharif wants to make state-of-the-art IT City and Chinese companies can invest here.” The chief minister noted, “Response of the Chinese investors to promote Pak-China relations is encouraging. Pakistan is a gateway to Central Asia, the Middle East and other countries. Pakistan is a valuable part of the global trade route.” She flagged, “We want to introduce water-efficient irrigation system in Punjab. This is the best time for Chinese companies to take advantage of business opportunities in Punjab.” Earlier, on her arrival in Guangzhou, Maryam Nawaz called on Guangzhou Vice Governor Zheng Guozhi, who hosted a special state dinner in her honor. She thanked him for the warm hospitality, and said, “I am sure that the people of Punjab will fully be able to benefit from the fruits of my China visit.” Vice Governor of Guangzhou Zheng Guozhi said, “We consider the arrival of Punjab Chief Minister Maryam Nawaz as a good omen.” He added, “Her efforts to serve the people and to ensure their welfare are commendable.”
CALGARY, AB , Dec. 23, 2024 /CNW/ - AltaGas Ltd. ("AltaGas" or the "Company") ALA is pleased to provide a year-end update on global exports tolling and commercial contracting activities. One of the Company's strategic priorities is to advance commercial de-risking of our Midstream business with increased global exports tolling and additional long-term commercial contracting across the value chain. AltaGas has made significant progress on this strategic priority in 2024 and exits the year on a very strong footing. In December, the Company executed several commercial contracts that will provide long-term liquified petroleum gas ("LPG") supply and tolling contracts for its global exports' platform. This includes contracts with existing customers and the addition of new customers. Some of these contracts will take effect in 2027 with LPG volumes that will be added to Canadian supply while others will take near-term effect with export volumes initially flowing through the Ridely Island Propane Export Terminal ("RIPET") and moving to the Ridely Island Energy Export Facility ("REEF") once the facility comes online. AltaGas continues to advance additional long-term tolling arrangements and believes it will be positioned achieve its long-term REEF contracting targets in early 2025. As previously disclosed, AltaGas is in commercial discussions for the more than 100 percent of REEF phase I capacity. Once AltaGas has achieved its long-term tolling target, the Company will strategically evaluate adding additional tolling contracts while maintaining reserve capacity to deliver on shorter-term contracting opportunities that provide open market access for our diverse customer base and deliver on AltaGas' merchant export operations. AltaGas' West Coast Export Advantage is Robust The long-term advantage of AltaGas' west coast export capabilities remains robust. The current RIPET advantage for Canadian producers to export to Asia is approximately US$8 /Bbl higher than selling domestically or to major U.S. LPG markets. The importance of the Canadian energy industry to diversify end market exposure for LPGs continues to grow as the U.S. oversupply compounds and reaffirms the benefit of its customers linking more Canadian barrels to premium Asian demand markets. Construction activity at REEF continues to progress. Piling activities continued through December with temporary and permanent piles being added while uplands work is advancing as per schedule. Storage tank fabrication is progressing offshore with steel cutting more than 75 percent complete while rail construction is ongoing, and REEF will provide AltaGas and its customers material long-term logistical advantages. Global Exports Contracts Build on Recent Contracts Across Midstream Value Chain Recent global exports contracting awards build on the strong commercial success that AltaGas has delivered across other parts of the Midstream value chain in 2024. This includes two long-term agreements with a large investment grade international energy company in Northeastern B.C. for 100 Mmcf/d of gas processing capacity at the Townsend facility, along with associated liquids handling and fractionation services, and the extension of contract term with a large Canadian investment grade producer at the Pipestone I gas processing facility in the Alberta Montney for an additional five years. The latter of which includes gas processing, liquids handling and marketing services. AltaGas looks forward to continuing to execute additional commercial contracts in the new year and continuing to connect customers and markets to affordable and reliable sources of energy while building a diversified, lower-risk, high-growth energy infrastructure business that compounds long-term value for its stakeholders. ABOUT ALTAGAS AltaGas is a leading North American infrastructure company that connects customers and markets to affordable and reliable sources of energy. The Company operates a diversified, lower-risk, high-growth energy infrastructure business that is focused on delivering stable and growing value for its stakeholders. For more information visit www.altagas.ca or reach out to one of the following: Jon Morrison Senior Vice President, Corporate Development and Investor Relations Jon.Morrison@altagas.ca Aaron Swanson Vice President, Investor Relations Aaron.Swanson@altagas.ca Investor Inquiries 1-877-691-7199 Media Inquiries 1-403-206-2841 media.relations@altagas.ca FORWARD-LOOKING INFORMATION This news release contains forward-looking information (forward-looking statements). Words such as "guidance", "may", "can", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "aim", "seek", "propose", "contemplate", "estimate", "focus", "strive", "forecast", "expect", "project", "target", "potential", "objective", "continue", "outlook", "vision", "opportunity" and similar expressions suggesting future events or future performance, as they relate to the Company or any affiliate of the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. Specifically, such forward-looking statements included in this document include, but are not limited to, statements with respect to the following: anticipated benefits of AltaGas' commercial contracts for LPG supply and tolling volumes through its global exports' platform; anticipated effective date of these contracts and the facilities such contracts will flow through; the status of AltaGas' continuing negotiations for long-term arrangements; AltaGas' ability to meet its long-term REEF contracting targets and the timing thereof; AltaGas' strategy for evaluating additional tolling contracts and the anticipated benefits therefrom; AltaGas' west coast exports advantage; the importance of the Canadian energy industry in diversifying end market exposure for LPGs; the anticipated benefits of linking Canadian barrels to Asian market demands; progress on construction activity at REEF including, among other things, storage tank fabrication and rail construction and the anticipated benefits therefrom; and AltaGas intention to execute on additional commercial contracts in 2025, continuing to connect customers and markets to affordable and reliable energy sources and building a diversified, lower risk, high-growth energy infrastructure business compounding long-term value for its stakeholders. Such statements reflect AltaGas' current expectations, estimates, and projections based on certain material factors and assumptions at the time the statement was made. Material assumptions include: effective tax rate; anticipated timing of asset sale and acquisition closings; the U.S/Canadian dollar exchange rate; inflation; interest rates; credit ratings; regulatory approvals and policies; expected commodity supply, demand and pricing; volumes and rates; propane price differentials; degree day variance from normal; pension discount rate; financing initiatives, the performance of the businesses underlying each sector; impacts of the hedging program; weather; frac spread; access to capital; future operating and capital costs; timing and receipt of regulatory approvals; seasonality; planned and unplanned plant outages; timing of in-service dates of new projects and acquisition and divestiture activities; taxes; operational expenses; returns on investments; dividend levels; and transaction costs. AltaGas' forward-looking statements are subject to certain risks and uncertainties which could cause results or events to differ from current expectations, including, without limitation: health and safety risks; operating risks; natural gas supply risk; volume throughput; service interruptions; transportation of petroleum products; market risk; inflation; general economic conditions; cybersecurity , information, and control systems; climate-related risks; environmental regulation risks; regulatory risks; litigation; changes in law; Indigenous and treaty rights; dependence on certain partners; political uncertainty and civil unrest; risks related to conflict, including the conflicts in Eastern Europe and the Middle East ; decommissioning, abandonment and reclamation costs; reputation risk; weather data; capital market and liquidity risks; interest rates; internal credit risk; foreign exchange risk; debt financing, refinancing, and debt service risk; counterparty and supplier risk; technical systems and processes incidents; growth strategy risk; construction and development; underinsured and uninsured losses; impact of competition in AltaGas' businesses; counterparty credit risk; composition risk; collateral; rep agreements; market value of the Common Shares and other securities; variability of dividends; potential sales of additional shares; labor relations; key personnel; risk management costs and limitations; commitments associated with regulatory approvals for the acquisition of WGL; cost of providing retirement plan benefits; failure of service providers; risks related to pandemics, epidemics or disease outbreaks and the other factors discussed under the heading "Risk Factors" in the Corporation's Annual Information Form (AIF) for the year ended December 31, 2023 and set out in AltaGas' other continuous disclosure documents. Many factors could cause AltaGas' or any particular business segment's actual results, performance or achievements to vary from those described in this press release, including, without limitation, those listed above and the assumptions upon which they are based proving incorrect. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated, forecasted, expected, projected or targeted and such forward-looking statements included in this news release, should not be unduly relied upon. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and AltaGas' future decisions and actions will depend on management's assessment of all information at the relevant time. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements except as required by law. The forward-looking statements contained in this news release are expressly qualified by these cautionary statements. Financial outlook information contained in this news release about prospective financial performance, financial position, or cash flows is based on assumptions about future events, including economic conditions and proposed courses of action, based on AltaGas management's (Management) assessment of the relevant information currently available. Readers are cautioned that such financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein. Additional information relating to AltaGas, including its quarterly and annual Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements, AIF, and press releases are available through AltaGas' website at www.altagas.ca or through SEDAR+ at www.sedarplus.ca . SOURCE AltaGas Ltd. View original content: http://www.newswire.ca/en/releases/archive/December2024/23/c9756.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SEOUL, South Korea (AP) — South Korea’s opposition-controlled National Assembly voted Friday to impeach acting President Han Duck-soo despite vehement protests by governing party lawmakers, further deepening the country’s political crisis set off by President Yoon Suk Yeol’s stunning imposition of martial law and ensuing impeachment . Han’s impeachment means he will be stripped of the powers and duties of the president until the Constitutional Court decides whether to dismiss or reinstate him. The court is already reviewing whether to uphold Yoon's earlier impeachment . The impeachments of the country’s top two officials has worsened its political turmoil, deepened economic uncertainties and hurting its international image. The single-chamber National Assembly passed Han’s impeachment motion with a 192-0 vote . Lawmakers with the governing People Power Party boycotted the vote and surrounded the podium where assembly Speaker Woo Won Shik was seated, shouting that the vote was invalid and demanding Woo's resignation. No violence or injuries were reported. The PPP lawmakers protested after Woo called for a vote on Han’s impeachment motion after announcing its passage required a simple majority in the 300-member assembly, not a two-thirds majority as claimed by the PPP. Most South Korean officials can be impeached by the National Assembly with a simple majority vote, but a president’s impeachment needs the support of two-thirds. There are no specific laws on the impeachment of an acting president. In a statement, Han said his impeachment was regrettable but added that he respects the assembly's decision and will suspend his duties to “not add to additional confusion and uncertainty.” He said he will wait for “a swift, wise decision” by the Constitutional Court. Han’s powers were officially suspended after copies of his impeachment document were delivered to him and the Constitutional Court. The deputy prime minister and finance minister, Choi Sang-mok, took over. Later Friday, Choi's office said he instructed the military to boost its readiness to help prevent North Korea from miscalculating the situation and launching provocations. He also told the foreign ministry to inform the United States, Japan and other major partners that South Korea's foreign policies remain unchanged. Han, who was appointed prime minister by Yoon, became acting president after Yoon , a conservative, was impeached by the National Assembly about two weeks ago over his short-lived Dec. 3 imposition of martial law . Han quickly clashed with the main liberal opposition Democratic Party as he pushed back against opposition-led efforts to fill three vacant seats on the Constitutional Court, establish an independent investigation into Yoon’s martial law decree and legislate pro-farmer bills. At the heart of the fighting is the Democratic Party’s demand that Han approve the assembly's nominations of three new Constitutional Court justices to restore its full nine-member bench ahead of its ruling on Yoon’s impeachment. That’s a politically sensitive issue because a court decision to dismiss Yoon as president needs support from at least six justices, and adding more justices will likely increase the prospects for Yoon’s ouster. Yoon’s political allies in the governing party oppose the appointment of the three justices, saying Han shouldn’t exercise the presidential authority to make the appointments while Yoon has yet to be formally removed from office. On Thursday, Han said he wouldn’t appoint the justices without bipartisan consent. Later in the day, the Democratic Party, which holds a majority in the assembly, submitted an impeachment motion against Han and passed bills calling for the appointment of three justices. South Korean investigative agencies are probing whether Yoon committed rebellion and abuse of power with his marital law decree . Yoon has repeatedly ignored requests by authorities to appear for face-to-face questioning, His defense minister, police chief and several other senior military commanders have already been arrested over the deployment of troops and police officers to the National Assembly, which prompted a dramatic standoff that ended when lawmakers managed to enter the chamber and voted unanimously to overrule Yoon’s decree. South Korean media reported that prosecutors indicted former Defense Minister Kim Yong Hyun for allegedly playing a key role in Yoon's rebellion plot and committing abuse of power and obstruction. The reports said Kim, a close associate of Yoon, became the first person to be formally charged over the martial law decree. Calls to a Seoul prosecutors' office were unanswered. Han's impeachment motion accuses him of collaborating and abetting Yoon's declaration of martial law. It also accuses Han of attempting to obstruct the restoration of the Constitutional Court's full membership and of delaying investigations into Yoon's alleged rebellion by not appointing independent counsels. The martial law enactment, the first of its kind in more than 40 years in South Korea, lasted only six hours but it caused political turmoil, triggered alarms from the country's neighbors and rattled markets. Yoon has defended his decree as an act of governance, saying it was a warning to the Democratic Party which he said has been using its parliamentary majority to obstruct his agenda.
GRAPEVINE, Texas, Dec. 10, 2024 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today released financial results for the third quarter ended November 2, 2024. The Company’s condensed and consolidated financial statements, including GAAP and non-GAAP results, are below. The Company’s Form 10-Q and supplemental information can be found at https://investor.gamestop.com. THIRD QUARTER OVERVIEW Net sales were $0.860 billion for the period, compared to $1.078 billion in the prior year's third quarter. Selling, general and administrative (“SG&A”) expenses were $282.0 million for the period, compared to $296.5 million in the prior year's third quarter. Net income was $17.4 million for the period, compared to a net loss of $3.1 million for the prior year’s third quarter. Cash, cash equivalents and marketable securities were $4.616 billion at the close of the quarter. During the quarter, the Company completed its previously disclosed "at-the-market" equity offering program pursuant to the prospectus supplement filed with the SEC on September 6, 2024 by selling 20.0 million shares of its common stock for aggregate gross proceeds of approximately $400.0 million (before commissions and offering expenses). The Company does not anticipate any further at-the-market offerings involving the offer and sale of its common stock during the current fiscal year. The Company will not be holding a conference call today. Additional information can be found in the Company’s Form 10-Q. NON-GAAP MEASURES AND OTHER METRICS As a supplement to the Company’s financial results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), GameStop may use certain non-GAAP measures, such as adjusted SG&A expenses, adjusted operating loss, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA and free cash flow. The Company believes these non-GAAP financial measures provide useful information to investors in evaluating the Company’s core operating performance. Adjusted SG&A expenses, adjusted operating loss, adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA exclude the effect of items such as certain transformation costs, asset impairments, severance, as well as divestiture costs. Free cash flow excludes capital expenditures otherwise included in net cash flows provided by (used in) operating activities. The Company’s definition and calculation of non-GAAP financial measures may differ from that of other companies. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company’s financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the Company’s financial position, results of operations or cash flows and should therefore be considered in assessing the Company’s actual and future financial condition and performance. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS - SAFE HARBOR This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management’s current beliefs, views, estimates and expectations, including as to the Company’s industry, business strategy, goals and expectations concerning its market position, strategic and transformation initiatives, future operations, margins, profitability, sales growth, capital expenditures, liquidity, capital resources, expansion of technology expertise, and other financial and operating information, including expectations as to future operating profit improvement. Forward-looking statements are subject to significant risks and uncertainties and actual developments, business decisions, outcomes and results may differ materially from those reflected or described in the forward-looking statements. The following factors, among others, could cause actual developments, business decisions, outcomes and results to differ materially from those reflected or described in the forward-looking statements: economic, social, and political conditions in the markets in which we operate; the competitive nature of the Company’s industry; the cyclicality of the video game industry; the Company’s dependence on the timely delivery of new and innovative products from its vendors; the impact of technological advances in the video game industry and related changes in consumer behavior on the Company’s sales; interruptions to the Company’s supply chain or the supply chain of our suppliers; the Company’s dependence on sales during the holiday selling season; the Company’s ability to obtain favorable terms from its current and future suppliers and service providers; the Company’s ability to anticipate, identify and react to trends in pop culture with regard to its sales of collectibles; the Company’s ability to maintain strong retail and ecommerce experiences for its customers; the Company’s ability to keep pace with changing industry technology and consumer preferences; the Company’s ability to manage its profitability and cost reduction initiatives; turnover in senior management or the Company’s ability to attract and retain qualified personnel; potential damage to the Company’s reputation or customers' perception of the Company; the Company’s ability to maintain the security or privacy of its customer, associate or Company information; occurrence of weather events, natural disasters, public health crises and other unexpected events; risks associated with inventory shrinkage; potential failure or inadequacy of the Company's computerized systems; the ability of the Company’s third party delivery services to deliver products to the Company’s retail locations, fulfillment centers and consumers and changes in the terms the Company has with such service providers; the ability and willingness of the Company’s vendors to provide marketing and merchandising support at historical or anticipated levels; restrictions on the Company’s ability to purchase and sell pre-owned products; the Company’s ability to renew or enter into new leases on favorable terms; unfavorable changes in the Company’s global tax rate; legislative actions; the Company’s ability to comply with federal, state, local and international laws and regulations and statutes; potential future litigation and other legal proceedings; the value of the Company’s securities holdings; concentration of the Company’s investment portfolio into one or few holdings; the recognition of losses in a particular security even if the Company has not sold the security; volatility in the Company’s stock price, including volatility due to potential short squeezes; continued high degrees of media coverage by third parties; the availability and future sales of substantial amounts of the Company’s Class A common stock; fluctuations in the Company’s results of operations from quarter to quarter; the Company’s ability to incur additional debt; risks associated with the Company’s investment in marketable, nonmarketable and interest-bearing securities, including the impact of such investments on the Company’s financial results; and the Company’s ability to maintain effective control over financial reporting. Additional factors that could cause results to differ materially from those reflected or described in the forward-looking statements can be found in GameStop's most recent Annual Report on Form 10-K and other filings made from time to time with the SEC and available at www.sec.gov or on the Company’s investor relations website (https://investor.gamestop.com). Forward-looking statements contained in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. GameStop Corp. Schedule II (in millions, except per share data) (unaudited) Non-GAAP results The following tables reconcile the Company's selling, general and administrative expenses (“SG&A expense”), operating loss, net income (loss) and net income (loss) per share as presented in its unaudited consolidated statements of operations and prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) to its adjusted SG&A expense, adjusted operating loss, adjusted net income (loss), adjusted EBITDA and adjusted net income (loss) per share. The diluted weighted-average shares outstanding used to calculate adjusted earnings per share may differ from GAAP weighted-average shares outstanding. Under GAAP, basic and diluted weighted-average shares outstanding are the same in periods where there is a net loss. The reconciliations below are from continuing operations only. GameStop Corp. Schedule III (in millions) (unaudited) Non-GAAP results The following table reconciles the Company's cash flows provided by (used in) operating activities as presented in its unaudited Consolidated Statements of Cash Flows and prepared in accordance with GAAP to its free cash flow. Free cash flow is considered a non-GAAP financial measure. Management believes, however, that free cash flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use by investors in evaluating the company’s financial performance. Non-GAAP Measures and Other Metrics Adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share are supplemental financial measures of the Company’s performance that are not required by, or presented in accordance with, GAAP. We believe that the presentation of these non-GAAP financial measures provide useful information to investors in assessing our financial condition and results of operations. We define adjusted EBITDA as net income (loss) before income taxes, plus interest income, net and depreciation and amortization, excluding stock-based compensation, certain transformation costs, business divestitures, asset impairments, severance and other non-cash charges. Net income (loss) is the GAAP financial measure most directly comparable to adjusted EBITDA. Our non-GAAP financial measures should not be considered as an alternative to the most directly comparable GAAP financial measure. Furthermore, non-GAAP financial measures have limitations as an analytical tool because they exclude some but not all items that affect the most directly comparable GAAP financial measures. Some of these limitations include: certain items excluded from adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure; adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements; and our computations of adjusted EBITDA may not be comparable to other similarly titled measures of other companies. We compensate for the limitations of adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share as analytical tools by reviewing the comparable GAAP financial measure, understanding the differences between the GAAP and non-GAAP financial measures and incorporating these data points into our decision-making process. Adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share are provided in addition to, and not as an alternative to, the Company’s financial results prepared in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because adjusted EBITDA, adjusted SG&A expense, adjusted operating loss, adjusted net income (loss) and adjusted net income (loss) per share may be defined and determined differently by other companies in our industry, our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Contact GameStop Investor Relations 817-424-2001 ir@gamestop.comEssential technology, done right (PRNewsfoto/Marvell Technology Group Ltd.) SANTA CLARA, Calif. , Dec. 10, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today announced that it has pioneered a new custom HBM compute architecture that enables XPUs to achieve greater compute and memory density. The new technology is available to all of its custom silicon customers to improve the performance, efficiency and TCO of their custom XPUs. Marvell is collaborating with its cloud customers and leading HBM manufacturers, Micron, Samsung Electronics, and SK hynix to define and develop custom HBM solutions for next-generation XPUs. HBM is a critical component integrated within the XPU using advanced 2.5D packaging technology and high-speed industry-standard interfaces. However, the scaling of XPUs is limited by the current standard interface-based architecture. The new Marvell custom HBM compute architecture introduces tailored interfaces to optimize performance, power, die size, and cost for specific XPU designs. This approach considers the compute silicon, HBM stacks, and packaging. By customizing the HBM memory subsystem, including the stack itself, Marvell is advancing customization in cloud data center infrastructure. Marvell is collaborating with major HBM makers to implement this new architecture and meet cloud data center operators' needs. The Marvell custom HBM compute architecture enhances XPUs by serializing and speeding up the I/O interfaces between its internal AI compute accelerator silicon dies and the HBM base dies. This results in greater performance and up to 70% lower interface power compared to standard HBM interfaces. The optimized interfaces also reduce the required silicon real estate in each die, allowing HBM support logic to be integrated onto the base die. These real-estate savings, up to 25%, can be used to enhance compute capabilities, add new features, and support up to 33% more HBM stacks, increasing memory capacity per XPU. These improvements boost XPU performance and power efficiency while lowering TCO for cloud operators. "The leading cloud data center operators have scaled with custom infrastructure. Enhancing XPUs by tailoring HBM for specific performance, power, and total cost of ownership is the latest step in a new paradigm in the way AI accelerators are designed and delivered," said Will Chu, Senior Vice President and General Manager of the Custom, Compute and Storage Group at Marvell. "We're very grateful to work with leading memory designers to accelerate this revolution and, help cloud data center operators continue to scale their XPUs and infrastructure for the AI era." "Increased memory capacity and bandwidth will help cloud operators efficiently scale their infrastructure for the AI era," said Raj Narasimhan, senior vice president and general manager of Micron's Compute and Networking Business Unit. "Strategic collaborations focused on power efficiency, such as the one we have with Marvell, will build on Micron's industry-leading HBM power specs, and provide hyperscalers with a robust platform to deliver the capabilities and optimal performance required to scale AI." "Optimizing HBM for specific XPUs and software environments will greatly improve the performance of cloud operators' infrastructure and ensure efficient power use," said Harry Yoon , corporate executive vice president of Samsung Electronics and head of Americas products and solutions planning. "The advancement of AI depends on such focused efforts. We look forward to collaborating with Marvell, a leader in custom compute silicon innovation." "By collaborating with Marvell, we can help our customers produce a more optimized solution for their workloads and infrastructure," said Sunny Kang , VP of DRAM Technology, SK hynix America. "As one of the leading pioneers of HBM, we look forward to shaping this next evolutionary stage for the technology." "Custom XPUs deliver superior performance and performance per watt compared to merchant, general-purpose solutions for specific, cloud-unique workloads," said Patrick Moorhead , CEO and Founder of Moor Insights & Strategy. "Marvell, already a player in custom compute silicon, is already delivering tailored solutions to leading cloud companies. Their latest custom compute HBM architecture platform provides an additional lever to enhance the TCO for custom silicon. Through strategic collaboration with leading memory makers, Marvell is poised to empower cloud operators in scaling their XPUs and accelerated infrastructure, thereby paving the way for them to enable the future of AI." Marvell and the M logo are trademarks of Marvell or its affiliates. Please visit www.marvell.com for a complete list of Marvell trademarks. Other names and brands may be claimed as the property of others. This press release contains forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future events, results or achievements. Actual events, results or achievements may differ materially from those contemplated in this press release. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict, including those described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and no person assumes any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events or otherwise. For further information, contact: Kim Markle pr@marvell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/marvell-announces-breakthrough-custom-hbm-compute-architecture-to-optimize-cloud-ai-accelerators-302328144.html SOURCE Marvell
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Nicole Shanahan, Robert F. Kennedy Jr.’s running mate in 2024, said on Thursday that the H1-B visa program delivers “massive breaks” for cheap labor for tech companies, and those with the visas are essentially “indentured servants” for big tech. The selection of Siriam Krishnan as a senior policy adviser for artificial intelligence in the White House Office of Science and Technology Policy has sparked a widespread debate over the H1-B visa program, which conservatives have railed as “abusive” and designed to undercut wages of white-collar Americans. Vivek Ramaswamy further enflamed the controversy when he claimed that America “has venerated mediocrity over excellence.” Shanahan weighed into the debate, stating emphatically that the visa program has been abused to serve as corporate welfare, as it delivers “massive breaks” for cheap labor for big tech, and that these visa workers are “indentured servants” for big tech companies. A Rasmussen Reports poll found that a majority of likely American voters believe that the country does not need more foreign H1-B visa workers to fill white-collar jobs. Breitbart News has long reported the countless incidents where white-collar Americans are laid off and forced to train their foreign replacements. She is no stranger to the world of big tech; she was a fellow at Stanford Law School’s CodeX, Stanford Center for Legal Informatics, and used to be married to Sergey Brin, one of the two founders of Google. “I take issue with some of the discourse I’ve read online today suggesting “lazy American culture” is the main driver for why we need to continue the H-1B program. Let’s be real: tech companies getting massive breaks on cheap labor at the expense of the American way of life is predatory,” Shanahan wrote. She continued: The system we’ve constructed with H-1B visas, whether we like it or not, incentivizes people to come here and serve as essentially indentured servants for Big Tech, taking on the tough, grueling jobs that few here in America are excited to perform at the current suppressed salaries. In return, if you’re good at your job, you’re then put on a fast track to get a Green Card, which means legal status and the chance to bring your family over through chain migration. Shanahan also took issue with the notion that companies have to bring in untold numbers of H1-B visa holders because America has a culture of pursuing their passions: Just because our kids have the “right” to chase artistic dreams like music and painting, doesn’t mean we should bring in hundreds of thousands of foreign workers to displace them in math-intensive careers. It’s a two-fold issue: both our education and immigration policies are broken. Instead of tackling these complex issues head-on, Big Tech monopolies and tech VCs are looking for the fastest way to outcompete globally and become industry giants. It’s paid off—look at the insane valuations of these companies! We can’t entirely blame them for this approach—it’s been the industry norm for 40 years—but we can insist they seek out the tough, lasting solutions. No more temporary fixes. Shanahan called for reform to prevent abuse to America’s immigration policies: 1. Immigration policy must be designed to protect the American way of life and its workforce. Singapore’s work permit program, which they designed in the ’90s, was built from this standard and could provide good inspiration. They use a modern-day designation system to manage the influx of labor across various sectors. ⁃ Employers face levies (essentially fees that employers have to pay for each foreign worker they hire. It’s a way to manage the number of foreign workers coming in by making it more expensive to employ them, encouraging companies to also look for talent locally). ⁃ There are Dependency Ceilings, which essentially limit the number of foreign workers based on the local workforce—this is KEY. ⁃ They impose restrictions on the countries from which workers can come. ⁃ Permits are diversified across industries to ensure balance. 2. Special economic zones are amazing and can transform local tech job markets. Hiring locally is going to be critical for making sure Americans are taking key tech industry roles AND able to support their families. Sean Moran is a policy reporter for Breitbart News. Follow him on X @SeanMoran3 .Real Madrid's big stars turned on the style to revive the Spanish giant's faltering Champions League title defense on Tuesday. Galacticos Kylian Mbappe, Vinicius Junior and Jude Bellingham all scored in a thrilling 3-2 win at Italian league leader Atalanta. But Madrid still had to ride its luck as Mateo Retegui fired over from in front of goal in stoppage time when handed a golden chance to level the game. It was only Madrid's third win in the competition's revamped league phase and leaves the 15-time champion in the unseeded playoff positions in 18th place. Mbappe was substituted off before halftime with an apparent physical issue. Six-time champion Liverpool leads the way after maintaining its perfect record in Europe this season with a 1-0 win against Girona. Like Madrid, Paris Saint-Germain also picked up a much-needed win, beating Salzburg 3-0 to sit in the last playoff spot in 24th place. Bayer Leverkusen is second after a 1-0 win over Inter Milan, while Aston Villa beat Leipzig 3-2 and is third. Brest is one of this season's surprise packages on its Champions League debut and is fifth after beating PSV Eindhoven 1-0. Mohamed Salah’s 50th Champions League goal maintained Liverpool’s perfect record in the competition this season. The Egypt forward struck a 63rd minute penalty to seal the win in Spain that kept Liverpool atop the 36-team league. But even after a sixth straight win for the Merseyside club, head coach Arne Slot was critical of his players in a game that saw goalkeeper Alisson pull off several saves to keep Girona out. “If you ask me about all the six games, I’m really pleased with all the results, I am really pleased with the five (other) games with the way we played. I’m far from pleased about the performance tonight,” he said. Salah’s goal was his 16th in 22 appearances overall this season. Girona was 30th with just one win from six games. “I almost feel sorry for them because they deserved so much more in this Champions League campaign than the three points they have until now. But we have an incredible goalkeeper,” Slot said. Even after Slot’s criticism, Liverpool continued its outstanding start to the campaign, which also led it the top of the Premier League. Former Manchester United midfielder Donny van de Beek handed Salah the chance to fire the visitors ahead with a clumsy tackle from behind on Luis Diaz in the box. Salah stepped up to convert the penalty and Girona goalkeeper Paulo Gazzaniga went the wrong way. Liverpool’s two remaining games are against Lille at home and PSV Eindhoven away in January. U.S. international Christian Pulisic is the only player to have scored against Liverpool in this season’s Champions League in a 3-1 loss for Milan in September. Bayern Munich routed Shakhtar Donetsk 5-1 to move into the automatic qualifying positions for the round of 16. Michael Olise scored twice as Bayern came back from going 1-0 down inside five minutes to a goal from Brazilian winger Kevin. Sporting Lisbon couldn’t build on taking a third-minute lead at Club Brugge — losing 2-1 in Belgium. Dinamo Zagreb drew 0-0 with Celtic and both teams remain in the playoff positions. James Robson is at https://twitter.com/jamesalanrobson AP soccer: https://apnews.com/hub/soccerHow a GoPro camera has helped the Vikings keep rookie quarterback J.J. McCarthy on track
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Canada to end 30% stake limit to boost pension fund investmentMariah Carey's reign as the "Queen of Christmas" continues. The Grammy-award-winning singer's holiday ballad, "All I Want For Christmas Is You," is now the first to have topped Billboard's Hot 100 list for six years in a row. It's the first song to top the Hot 100 in six distinct runs on the chart, according to Billboard . Only one other song, "The Twist" by Chubby Checker, has even led two stays on the chart. Carey has now placed at the top of the Hot 100 for a record-extending 20 years thanks to her holiday song, which was first released in 1994. RELATED STORY | Barbie released a new Mariah Carey doll for the holidays She also holds the record for number of weeks an artist has sat at the top of the Hot 100 chart with 94. Behind her is Rihanna with 60 and The Beatles with 59. In just the first week of December this year, “All I Want For Christmas Is You" drew 38.2 million streams and 24.4 million radio airplay audience impressions, according to data from Luminate. Carey has leaned into her reign as a Christmas queen since her song started to chart again, even attempting to file a trademark for "Queen of Christmas" but was ultimately denied. Each year, as the holiday season starts to peak over the horizon, she releases special videos on her social media saying, "It's time."
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