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As Ghana prepares for the upcoming 2024 General Elections this weekend, the Private Newspapers and Online News Publishers Association of Ghana (PRINPAG) has called on its members to uphold professionalism and contribute to a peaceful and credible electoral process. Recognizing the media’s pivotal role in shaping public opinion, PRINPAG urges journalists and publishers to adhere to the highest standards of accuracy and integrity in their reporting. This advice was outlined in a press release issued by PRINPAG and signed by Jeorge Wilson Kingson, Executive Secretary, and Andrew Edwin Arthur, President. The association further stressed the importance of verifying facts before publication and avoiding the spread of misinformation or sensational headlines that could inflame tensions leading up to the elections. PRINPAG also emphasized the need for the media to prioritize national unity and peace, urging its members to refrain from publishing content that could exacerbate divisions or incite violence. Instead, journalists are encouraged to focus on stories that promote understanding and social cohesion. With an eye on the integrity of the electoral process, the association reminded members to maintain objectivity and avoid allowing political biases to influence their reporting. In this critical time, journalists have a responsibility to provide balanced and fair coverage that respects all parties involved. PRINPAG further called on its members to use their platforms to educate the public on the importance of peaceful participation in the elections, encouraging citizens to exercise their franchise responsibly and respect the results of the democratic process. The association also underscored the importance of ethical decision-making, urging journalists to follow the PRINPAG Code of Ethics and to remember the significant impact their work has on both the public and the media profession. Members are also reminded to prioritize their safety and report any threats or intimidation to both security agencies and PRINPAG leadership. PRINPAG remains committed to supporting free, fair, and credible elections in Ghana and will take action against any members who engage in unprofessional conduct during this period. The association commended its members for their continued efforts to inform the public responsibly and urged them to continue prioritizing peace and democracy during the election season. The PRINPAG Secretariat will remain open throughout the election period, offering administrative support and assistance to all members. Below is the full statement FOR IMMEDIATE RELEASE PRINPAG CAUTIONS MEMBERS TO UPHOLD PROFESSIONALISM AND PROMOTE PEACE DURING THE 2024 GENERAL ELECTIONS As Ghana approaches a significant milestone in its democratic journey with the 2024 General Elections scheduled for this weekend, the National Leadership of the Private Newspapers and Online News Publishers Association of Ghana (PRINPAG) wishes to remind all members of their critical role in promoting credible, peaceful, and transparent elections. The media serves as a powerful instrument for information dissemination and nation-building. As journalists and publishers, we are entrusted with the responsibility of informing the public accurately, fairly, and without bias. In this regard, we urge all PRINPAG members to: 1. Adhere to Professional Standards: Uphold the highest standards of journalism by verifying facts before publication. Refrain from spreading misinformation, sensational headlines, or unverified claims that may inflame tensions. 2. Prioritize Peace and National Cohesion: Avoid publishing content that could exacerbate divisions, incite violence, or undermine the peace and stability of the nation. Instead, focus on promoting messages that foster unity and understanding. 3. Steer Clear of Extreme Partisanship: As watchdogs of democracy, journalists must maintain neutrality and objectivity. Avoid allowing political affiliations or biases to cloud your judgment or influence your reportage. 4. Promote Civic Responsibility: Educate the public on the importance of peaceful participation in the electoral process. Encourage citizens to exercise their franchise responsibly and to respect the outcome of the elections. 5. Exercise Ethical Judgment: Let the PRINPAG Code of Ethics guide your actions and decisions during this critical period. Remember that your work impacts not only your audience but also the reputation of the media profession as a whole. 6. Personal Security: We also urge our members to prioritize their personal security and promptly report any threats, intimidation, or attacks to both state security agencies and the national leadership of PRINPAG. PRINPAG stands resolute in its commitment to supporting free, fair, and credible elections in Ghana. We will not hesitate to call out or sanction members who breach ethical guidelines or engage in unprofessional conduct during this election period. We commend the efforts of all our members who have worked diligently to inform the public in the lead-up to the elections. Let us continue to do so responsibly, keeping Ghana’s peace and democracy at the forefront of our priorities. We would like to take this opportunity to inform all members of the Association that the PRINPAG Secretariat will remain open throughout the election period, providing administrative support and any other assistance members may require. Together, we can make history as a media fraternity that contributes positively to Ghana’s democratic success. Signed: Jeorge Wilson Kingson Executive Secretary 0244822034 Andrew Edwin Arthur PresidentWhen: 1:05 p.m. Sunday Where: Superdome, New Orleans TV/radio: FOX (Ch. 11)/710 AM; 93.1 FM; 1330 AM (Spanish); Sirius 382, 226 Line: Rams by 3.5 Rams: OUT: TE Tyler Higbee (knee), OL KT Leveston (ankle); QUESTIONABLE: OL Alaric Jackson (foot), OLB Nick Hampton (triceps). Saints: OUT: OL Lucas Patrick (calf); QUESTIONABLE: C Erik McCoy (groin), RB Jamaal Williams (groin), DL Tanoh Kpassagnon (Achilles). What’s at stake? With just six games left in the season, the Rams can’t afford to fall two games below .500 as they try to keep their NFC West title hopes alive. Behind the Cardinals and Seahawks by a game in the divisional race, the Rams need to beat the Saints – one of three teams left on their schedule with losing records – to keep within a reasonable striking distance. Who’s better? The Rams, despite their many inconsistencies, are the better, more balanced team. The Saints, after all, fired head coach Dennis Allen midseason as injuries erased the good vibes around New Orleans following a 2-0 start to the season thanks to an explosive offense. Matchup to watch: Saints RB Alvin Kamara vs. Rams’ run defense. The Rams were gashed in a 37-20 loss last week by Saquon Barkley, rushing for an Eagles-record 255 yards as the Rams front didn’t stay gap sound, putting linebackers and defensive backs in difficult positions. They will get an immediate chance at redemption against another high-powered back in Kamara, who is still managing 4.3 yards per carry despite a litany of injuries along the New Orleans offensive line. Rams win if: They convert at least 40% of their third-down opportunities on offense. ... They average more than 4.0 yards per carry behind RB Kyren Williams. ... They can bottle up Saints tight end and utility man Taysom Hill after he exploded for 138 rushing yards in the Saints’ previous game. Fantasy sleeper: WR Tutu Atwell. The fourth-year receiver popped up in the fourth quarter of last weekend’s loss to the Eagles as a reliable option in the Rams’ hurry-up offense. He could see an uptick in usage Sunday, especially following Demarcus Robinson’s Monday arrest for suspicion of DUI . Prediction: Rams 27, Saints 13. Beat reporter’s record: 8-3 for the season; 6-5 against the spread.
Sporting 1 Arsenal 5: Gunners run riot in Champions League and become first team this term to beat giants in 90 minutesTEHRAN: Tehran has formally protested the arrests of two Iranians in Italy and the United States accused of transferring sensitive US technology to Iran, local media reported. US prosecutors on Monday charged Mahdi Mohammad Sadeghi and Mohammad Abedininajafabadi with “conspiring to export sophisticated electronic components from the United States to Iran in violation of US export control and sanctions laws”, according to a statement from the US Department of Justice. The statement added that the illegally exported technology was used in a January drone attack that killed three US servicemen in Jordan. Iran denied any involvement in the attack, dismissing the claims as “baseless accusations.” “We consider both the cruel and unilateral US sanctions against Iran and these arrests to be contrary to all international laws and standards,” foreign ministry official Vahid Jalalzadeh told the Tasnim news agency late on Saturday. Jalalzadeh said the ministry had “invited” the Italian charg d’affaires and the Swiss ambassador to Tehran — who represents US interests there — to “declare its protests to the arrests”. Abedininajafabadi, 38, was arrested on Monday in Italy by Italian authorities at the request of the United States, the US Department of Justice said. It identified Sadeghi as a 42-year-old dual US-Iranian national who was arrested in the United States. Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );
Try the more than $115 million that will be spread across the conferences at the end of the season, all depending on who gets in and which teams go the farthest. According to the College Football Playoff website , the 12 teams simply making the bracket earn their conferences $4 million each. Another $4 million goes to conferences whose teams get into the quarterfinals. Then, there's $6 million more for teams that make the semifinals and another $6 million for those who play for the title. Most of this bonanza comes courtesy of ESPN, which is forking over $1.3 billion a year to televise the new postseason. A lot of that money is already earmarked — more goes to the Big Ten and Southeastern Conference than the Big 12 or Atlantic Coast — but a lot is up for grabs in the 11 games that will play out between the opening round on Dec. 20 and the final on Jan. 20. In all, the teams that make the title game will bring $20 million to their conferences, all of which distribute that money, along with billions in TV revenue and other sources, in different ways. In fiscal 2022-23, the Big Ten, for instance, reported revenue of nearly $880 million and distributed about $60.5 million to most of its members. The massive stakes might help explain the unabashed lobbying coming from some corners of the football world, as the tension grows in advance of Sunday's final rankings, which will set the bracket. Earlier this week, Big 12 commissioner Brett Yormark lit into the selection committee, which doesn't have a single team higher than 15 in the rankings. That does two things: It positions the Big 12 as a one-bid league, and also threatens to makes its champion — either Arizona State or Iowa State — the fifth-best among conference titlists that get automatic bids. Only the top four of those get byes, which could cost the Big 12 a spot in the quarterfinals — or $4 million. “The committee continues to show time and time again that they are paying attention to logos versus resumes,” Yormark said this week, while slamming the idea of teams with two losses in his conference being ranked worse than teams with three in the SEC. The ACC is also staring at a one-bid season with only No. 8 SMU inside the cut line of this week's projected bracket. Miami's loss last week all but bumped the Hurricanes out of the playoffs, a snub that ACC commissioner Jim Phillips said left him “incredibly shocked and disappointed." “As we look ahead to the final rankings, we hope the committee will reconsider and put a deserving Miami in the field," Phillips said in a statement. The lobbying and bickering filters down to the campuses that feel the impact. And, of course, to social media. One of the most entertaining episodes came earlier this week when athletic directors at Iowa State and SMU went back and forth about whose team was more deserving. There are a few stray millions that the selection committee cannot really influence, including a $3 million payment to conferences that make the playoff. In a reminder that all these kids are going to school, after all, the conferences get $300,000 per football team that meets academic requirements to participate in the postseason. (That's basically everyone). Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-footballSAO PAULO (AP) — Brazil’s federal police on Thursday formally accused former President Jair Bolsonaro and 36 other people of attempting a coup to keep him in office after his defeat in the 2022 elections. Police said their sealed findings were being delivered Thursday to Brazil’s Supreme Court, which will refer them to Prosecutor-General Paulo Gonet, who decides either to formally charge Bolsonaro and put him on trial, or toss the investigation. Bolsonaro told the website Metropoles that he was waiting for his lawyer to review the accusation, reportedly about 700 pages long. But he said he would fight the case and dismissed the investigation as being the result of “creativity.” The former right-wing president has denied all claims he tried to stay in office after his narrow electoral defeat in 2022 to his rival, leftist President Luiz Inácio Lula da Silva. Bolsonaro has faced a series of legal threats since then. Police said in a brief statement that the Supreme Court had agreed to reveal the names of all 37 people who were accused “to avoid the dissemination of incorrect news.” Dozens of former and current Bolsonaro aides also were accused, including Gen. Walter Braga Netto, who was his running mate in the 2022 campaign; former Army commander Gen. Paulo Sérgio Nogueira de Oliveira; Valdemar Costa Neto, the chairman of Bolsonaro’s Liberal Party; and his veteran former adviser, Gen. Augusto Heleno. Other investigations produced formal accusations of Bolsonaro’s roles in smuggling diamond jewelry into Brazil without properly declaring them and in directing a subordinate to falsify his and others’ COVID-19 vaccination statuses. Bolsonaro has denied any involvement in either. Another probe found that he had abused his authority to cast doubt on the country’s voting system, and judges barred him from running again until 2030. Still, he has insisted that he will run in 2026, and many in his orbit were heartened by the recent U.S. election win of Donald Trump, despite his own swirling legal threats. But the far-reaching investigations already have weakened Bolsonaro’s status as a leader of Brazil’s right wing, said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Bolsonaro is already barred from running in the 2026 elections,” Melo told the The Associated Press. “And if he is convicted he could also be jailed by then. To avoid being behind bars, he will have to convince Supreme Court justices that he has nothing to do with a plot that involves dozens of his aides. That’s a very tall order,” Melo said. A formal accusation of an attempted coup means the investigation has gathered indications of “a crime and its author,” said Eloísa Machado de Almeida, a law professor at Getulio Vargas Foundation, a university in Sao Paulo. She said she believed there was enough legal grounds for the prosecutor-general to file charges. Bolsonaro’s allies in Congress have been negotiating a bill to pardon individuals who stormed the Brazilian capital and rioted on Jan. 8, 2023 in a failed attempt to keep the former president in power. Analysts have speculated that lawmakers want to extend the legislation to cover the former president himself. However, efforts to push a broad amnesty bill may be “politically challenging” given recent attacks on the judiciary and details emerging in investigations, Machado said. On Tuesday, Federal Police arrested four military and a Federal Police officer, accused of plotting to assassinate Lula and Supreme Court Justice Alexandre de Moraes as a means to overthrow the government following the 2022 elections. And last week, a man carried out a bomb attack in the capital Brasilia . He attempted to enter the Supreme Court and threw explosives outside, killing himself.
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Anthem Blue Cross Blue Shield reverses decision to put a time limit on anesthesiaST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/en
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