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Mutual of America Capital Management LLC reduced its holdings in shares of Credo Technology Group Holding Ltd ( NASDAQ:CRDO – Free Report ) by 0.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 102,209 shares of the company’s stock after selling 958 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Credo Technology Group were worth $3,148,000 as of its most recent SEC filing. Other hedge funds have also made changes to their positions in the company. Swedbank AB boosted its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after buying an additional 1,072,301 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Credo Technology Group by 22.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Credo Technology Group by 27.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock worth $54,225,000 after acquiring an additional 362,634 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Credo Technology Group by 62.7% in the second quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock valued at $20,913,000 after acquiring an additional 252,349 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock. Analyst Upgrades and Downgrades Several equities analysts have issued reports on the company. Barclays raised their price objective on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Craig Hallum lifted their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Roth Mkm upped their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $36.56. Insider Transactions at Credo Technology Group In other news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. This represents a 5.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink . Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. This trade represents a 0.35 % decrease in their position. The disclosure for this sale can be found here . In the last three months, insiders sold 1,324,817 shares of company stock valued at $43,552,936. Corporate insiders own 16.04% of the company’s stock. Credo Technology Group Price Performance NASDAQ:CRDO opened at $45.84 on Friday. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of -288.63 and a beta of 2.19. The firm’s fifty day moving average price is $37.02 and its 200 day moving average price is $30.75. Credo Technology Group Holding Ltd has a 1-year low of $16.82 and a 1-year high of $48.94. Credo Technology Group ( NASDAQ:CRDO – Get Free Report ) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. As a group, analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year. Credo Technology Group Company Profile ( Free Report ) Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables. Further Reading Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd ( NASDAQ:CRDO – Free Report ). Receive News & Ratings for Credo Technology Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Credo Technology Group and related companies with MarketBeat.com's FREE daily email newsletter .DAMASCUS — Thousands of Syrians gathered Friday in Damascus’ historic main mosque for the first Muslim Friday prayers since the ouster of President Bashar Assad, while giant crowds celebrated in the capital’s largest square and across the country. The gatherings were a major symbolic moment for the dramatic change of power in Syria, nearly a week after insurgents swept into Damascus, ousting the Assad-led state that had ruled the country for a half century with an iron grip. It came as U.S. Secretary of State Antony Blinken met with allies around the region looking to shape the transition, calling for an “inclusive and non-sectarian” interim government. Blinken arrived in Iraq on a previously unannounced stop after talks in Jordan and Turkey — which backs some of the Syrian insurgent factions. So far, U.S. officials have not talked of direct meetings with Syria’s new rulers. The main insurgent force, Hayat Tahrir al-Sham, has been working to establish security and start a political transition after seizing Damascus early Sunday. The group has tried to reassure a public both stunned by Assad’s fall and concerned over extremist jihadis among the rebels. The insurgents’ leadership says it has broken with its extremist past, though HTS is still labeled a terrorist group by the United States and European countries. HTS’s leader, Ahmad al-Sharaa, formerly known as Abu Mohammed al-Golani, appeared in a video message Friday congratulating “the great Syrian people for the victory of the blessed revolution.” “I invite them to head to the squares to show their happiness without shooting bullets and scaring people,” he said. “And then after we will work to build this country and as I said in the beginning, we will be victorious by the help of God.” Syrians celebrate in the historic heart of Damascus Huge crowds, including some insurgents, packed Damascus’ historic Umayyad Mosque in the capital’s old city, many waving the rebel opposition flag — with its three red stars — which has swiftly replaced the Assad-era flag with with its two green stars. According to Arab TV stations, the Friday sermon was delivered by Mohammed al-Bashir, the interim prime minister installed by HTS this week. The scene resonated on multiple levels. The mosque, one of the world’s oldest dating back some 1,200 years, is a beloved symbol of Syria, and sermons there like all mosque sermons across Syria had been tightly controlled under Assad’s rule. Also, in the early days of the anti-government uprising in 2011, protesters would leave Friday prayers to march in rallies against Assad — before he launched a brutal crackdown that turned the uprising into a long and bloody civil war. “I didn’t step foot in Umayyad Mosque since 2011,” because of the tight security controls around it, said one worshipper, Ibrahim al-Araby. “Since 11 or 12 years, I haven’t been this happy.” Another worshipper, Khair Taha, said there was “fear and trepidation for what’s to come — but there is also a lot of hope that now we have a say and we can try to build.” Blocks away in Damascus’ biggest roundabout, named Umayyad Square, thousands gathered, including many families with small children — a sign of how, so far at least, the country’s transformation has not seen violent instability. “Unified Syria to build Syria,” the crowd chanted. Some shouted slurs against Assad and his late father, calling them pigs, an insult that would have previously led to offenders being hauled off to one of the feared detention centers of Assad’s security forces. One man in the crowd, 51-year-old Khaled Abu Chahine — originally from the southern province of Daraa, where the 2011 uprising first erupted — said he hoped for “freedom and coexistence between all Syrians, Alawites, Sunnis, Shiites and Druze.” The interim prime minister, al-Bashir, had been the head of a de facto administration created by HTS in Idlib, the opposition’s enclave in northwest Syria. The rebels had been bottled up in Idlib for years before fighters broke out in a shock offensive and marched across Syria in 10 days. Similar scenes of jubilation took place in major cities across Syria, including in Aleppo, Homs, Hama, Latakia and Raqqa. US and its allies try to shape a rapidly changing Syria Al-Sharaa, HTS’ leader, has promised to bring a pluralistic government to Syria, seeking to dispel fears among many Syrians — especially its many minority communities — that the insurgents will bring a hard-line, extremist rule. Another key factor will be winning international recognition for a new government in Syria, a country where multiple foreign powers have their hands in the mix. The Sunni Arab insurgents who overthrew Assad did so with vital help from Turkey, a longtime foe of the U.S.-backed Kurds. Turkey controls a strip of Syrian territory along the shared border and backs an insurgent faction uneasily allied to HTS — and is deeply opposed to any gains by Syria’s Kurds. The U.S. has troops in eastern Syria to combat remnants of the Islamic State group and supports Kurdish-led fighters who rule most of the east. Since Assad’s fall, Israel has bombed sites all over Syria, saying it is trying to prevent weapons from falling into extremist hands, and has seized a swath of southern Syria along the border with the Israeli-occupied Golan Heights, calling it a buffer zone. After talks with Turkey’s Foreign Minister Hakan Fidan, Blinken said there was “broad agreement” between Turkey and the U.S. on what they would like to see in Syria. That starts with an “interim government in Syria, one that is inclusive and non-sectarian and one that protects the rights of minorities and women” and does not “pose any kind of threat to any of Syria’s neighbors,” Blinken said. Fidan said the priority was “establishing stability in Syria as soon as possible, preventing terrorism from gaining ground, and ensuring that IS and the PKK aren’t dominant” — referring to the Islamic State group and the Kurdistan Workers Party. Ankara considers the PKK within Turkey’s borders a terrorist group — as it does the Kurdish-backed forces in Syria backed by the U.S. A U.S. official said that in Ankara, President Recep Tayyip Erdogan and Fidan both told Blinken that Kurdish attacks on Turkish positions would have to be responded to. The official spoke to reporters on condition of anonymity to discuss private diplomatic talks. The U.S. has been trying to limit such incidents in recent days and had helped organize an agreement to prevent confrontations around the northern Syrian town of Manbij, which was taken by Turkey-backed opposition fighters from the U.S.-backed Kurdish forces earlier this week. In Baghdad, Blinken met with Iraqi Prime Minister Mohammed al-Sudani, saying both countries wanted to ensure the Islamic State group — also known by its Arabic acronym Daesh — doesn’t exploit Syria’s transition to re-emerge. “Having put Daesh back in its box, we can’t let it out, and we’re determined to make sure that that doesn’t happen,” Blinken said. The U.S. official who briefed reporters said that Blinken had impressed upon al-Sudani the importance of Iraq exercising its full sovereignty over its territory and airspace to stop Iran from transporting weapons and equipment to Syria, either for Assad supporters or onward to the militant Hezbollah group in Lebanon.

Hunting down a story: The scoop on the evolution — and looming sale — of Outside Bozeman

Canada is considering export taxes on goods, including uranium, oil and potash, if President-elect Donald Trump imposes the broad tariffs he pledged. The Details : According to a Bloomberg report , retaliatory tariffs on U.S.-made goods and export controls on certain Canadian products are most likely, with export levies also on the table as a last resort. The Bloomberg report cited officials familiar with discussions inside Prime Minister Justin Trudeau's government. The sources also said Trudeau's government may consider expanding its powers over export controls as part of a scheduled update on the country's fiscal and economic conditions. Why It Matters: U.S. oil refineries, especially in the Midwest, rely heavily on Canadian crude oil imports. Export levies would increase the cost of imported Canadian oil and potentially squeeze refinery margins. Some of the largest oil refiners in the U.S. are Marathon Petroleum Corp. MPC and Valero Energy Corp . VLO . Read Next: Canadian Oil Sector Hedges Trump Tariff Risk, US Midwest Refineries Could Be Affected Canadian export taxes on uranium could be devastating to U.S. nuclear energy producers with Canada supplying about a quarter of the uranium U.S. producers use for their nuclear reactors. Constellation Energy Corp. CEG , the largest owner of non-rate-regulated nuclear plants in the U.S., and Duke Energy Corp. DUK , which operates 11 nuclear units in North and South Carolina, could face supply disruptions as domestic uranium production is virtually nonexistent. The companies could pass along the increased costs to consumers in areas served by nuclear power plants. American farmers rely heavily on imports of Canadian potash as a source of fertilizer. If Canada imposes export levies on potash, several American farm-related stocks could be affected due to the reliance of U.S. agriculture on the fertilizer. Companies tied to crops heavily dependent on potash, such as soybeans, corn, sugar beets and potatoes could see increased costs. These companies include Archer-Daniels-Midland Co. ADM and Bunge Limited BG . Food producers, like General Mills, Inc. GIS and Kellanova K may face higher input costs for agricultural products reliant on potash fertilizers and could pass those costs along to consumers. Read Next: SoFi Unlocks SpaceX Exposure For Retail Investors: Here’s How Image: Shutterstock © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.New Jersey Drone Mystery Prompts Senator Patrol, FBI ProbeST Picks: The growing draw of ‘iron rice bowls’ for China’s young people

NoneST. 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/enBy KAITLYN HUAMANI The commencement of the holiday season often means the lengthening of to-do lists. There are lights to hang, cards to mail , cookies to bake and, of course, gifts to buy . Gift exchanges, whether they’re among friends, family or co-workers, can be a fun way to get in the holiday spirit. But can also be another stressor during a busy time of year. Secret Santa exchanges — where participants are assigned a gift recipient and tasked with finding them a perfect present within a price limit — sometimes mean that those in friend groups are paired with “frenemies,” someone inevitably draws themselves, or colleagues who are virtually strangers are matched up. Those possible pitfalls inspired Peter Imburg to create Elfster , a free online Secret Santa organizer, after he saw the time and effort it took to coordinate the logistics of a gift exchange with his family over 20 years ago. More top-down organization, he says, helps things run more smoothly. Elfster, for instance, creates pairings, asks for wish lists, offers gift suggestions at different price points and sends reminders, among other features meant to make the organizational hurdles of a gift exchange less daunting. “The organizer is like the hero. They make it all happen,” Imburg said, adding that his site aims “to make it a lot easier for the organizer to do that with a minimal amount of effort.” Cameron Rogers, a New Jersey-based social media content creator and podcast host on wellness and motherhood, understands the stress that gift exchanges can bring up. “Having to give generic gifts to people I’m not necessarily close with is extremely difficult,” Rogers said. “I can pick a good gift for my husband or my kids or my mom, but for people who I don’t know the ins and outs of their lives, I think it’s hard to pick something that you know they’re actually going to enjoy.” Related Articles Health | Does the approach to treating opioid addiction need a radical overhaul? Health | Rural areas experience the brunt of healthcare system deficiencies. Are there solutions? Health | Nursing homes fell behind on vaccinating patients for COVID Health | A twice-yearly shot could help end AIDS. But will it get to everyone who needs it? Health | States poised to end coverage for millions if Trump cuts Medicaid funding She recently shared a guide to Secret Santa gifts under $50 on her social media channels, emphasizing how challenging it can be to find something within a set price range that will be well-received. Gifts with a specific purpose — kitchen gadgets, home items or winter gear — and gifts that have a personalized aspect like a monogram are good go-to options for anyone feeling lost after receiving their Secret Santa assignment, she said. Imburg said the “gift gurus” at Elfster also have suggestions, especially for recipients who aren’t offering any clues as to what they’d like. In a similar vein as Rogers, the Elfster team offered ideas for some practical gifts, like water bottles, blankets and massage guns. Other no-nonsense home and kitchen items, like food storage containers, charging stations and more are featured on the site’s “Top Trending Gift Ideas for 2024” list. Gift cards, although they are not particularly glamorous, are an essentially foolproof option, Rogers said, and they won’t leave your recipient wondering where they’ll find room on their shelf for another mug or book. “I don’t want to give someone something solely to check a box,” Rogers said. “I want them to enjoy it, instead of being like, ‘What do I do with this now?’” Some gift-givers find that Secret Santa (and its many counterparts like White Elephant and Yankee Swap) actually cuts down on stress and spending, as it’s often done in place of giving individual presents to each member of a group. Nicole Troiano of Cranston, Rhode Island, finds them to be a fun way to handle holidays with large groups — even if co-workers may need to ask around to get specifics on their assigned person. “It’s fun to do it that way and think about something that would be good for that person,” she said. “And then, when they open it, they’re like, ‘Oh my God!’” By the weekend after Thanksgiving, Troiano had already purchased and wrapped her gift for the exchange she’s taking part in this year. After her swap, a lucky participant will be the new owner of a cutting board, two bottles of wine wearing bottle-size ugly sweaters, and gourmet chocolates.

Judge dismisses charges against Karen Read supporter who scattered rubber ducks and fake $100 bills

A new bill that would allow companies experiencing financial losses to avoid paying a minimum income tax has passed its second reading in the House of Representatives. The bill aims to modify the Companies Income Tax Act to provide better protection for businesses and companies that are not making a profit in a given year. Sponsored by Oboku Oforji from Bayelsa, the bill successfully passed its second reading during a legislative session on Thursday. Currently, existing law requires that companies with no taxable profits must still pay a minimum tax. This minimum tax is 0.5 per cent of the company’s total revenue, excluding certain investment income. The proposed legislation would change this rule. It seeks to create a new exception that would allow companies reporting financial losses to skip paying the minimum tax for that year. Read Also: Senate won’t be intimidated, tax bills on course, says Akpabio During the debate, Oforji explained the bill’s purpose. He argued that the amendment would bring fairness to businesses, especially given the current economic challenges that have caused many companies to struggle and lose money. “This amendment primarily proposes to exempt certain companies from paying minimum tax in years when they are experiencing financial losses,” Oforji stated. James Faleke, who leads the finance committee, supported the bill. He noted that this amendment is part of the tax reform initiatives proposed by President Bola Tinubu. The bill was approved when the house speaker, Tajudeen Abbas, called for a voice vote, with lawmakers vocally supporting the proposed change.From the season’s outset, Timberwolves coach Chris Finch said Minnesota would leave itself the flexibility to close games with whatever lineup the coaching staff felt was needed to secure a victory. ADVERTISEMENT Sometimes, he noted, he’d get the choice right. Surely, there would be other times when he wouldn’t. “Hopefully, I do way more than I don’t,” Finch said this week. Sunday evening, however, was a checkmark in the “not right” column, at least based off the result. The Timberwolves didn’t score in the final 4:47 of their loss to Golden State. Finch said this week that Mike Conley’s inclusion in the closing lineup would’ve added organization to the equation. But he was quick to add that, with the ill-advised shots Anthony Edwards was taking, may not have mattered. ADVERTISEMENT Finch also reiterated what he said after the game, that Nickeil Alexander-Walker was playing “so well,” so he was hesitant to take him off the floor. “Maybe the other thing I could’ve done was go small,” Finch said, “but we’ve not really done that a ton.” That was the cry of many Wolves’ followers on social media on Sunday. Minnesota has proven rather inept at late-game offense when Conley isn’t on the floor. But all recognized Alexander-Walker had also earned the opportunity to close. You certainly won’t take Edwards off the floor in those situations, and the Wolves wanted Jaden McDaniels on the floor to guard Steph Curry. That left Julius Randle and Rudy Gobert as the only options to take off the court in favor of Conley, and that would’ve left Minnesota small. And, as Finch noted, the Wolves simply haven’t gone small this season. Like, at all. None of Naz Reid, Randle or Gobert have played more than 17 minutes this season without another big man next to him. ADVERTISEMENT It’s not something the Wolves practice, either. McDaniels said he’s only repped minutes at the four in practice when one of the bigs have been unavailable. Still, Finch said it wasn’t that he was “uncomfortable” rolling out a small-ball look Sunday. “But I worry a lot about rebounding. We struggle to rebound with our bigger lineups, at times. So, I know our smaller lineups have really struggled,” Finch said. “That’s some of the reason not to go small is really rebounding issues. But I think our guys are comfortable playing in all different combinations. But I haven’t really thought about going small, necessarily.” ADVERTISEMENT Indeed, Minnesota is just 12th in the NBA this season in defensive rebounding rate, grabbing 71.3% of opposing missed shots. The glass was especially an issue Sunday, as Golden State grabbed 14 offensive rebounds that led to 19 second-chance points. But it’s worth noting many of those came by guards in situations in which size was no factor on the play. McDaniels said he’s comfortable playing any position, including the power forward slot. And Minnesota certainly has the wing depth to roll out more small ball lineups if the situation ever called for it. There could be a playoff matchup that does just that, though Finch noted it could also go the other direction where the Wolves’ advantage would be to lean bigger. Versatility rules come April and May. But the Wolves don’t seem overly urgent to trot out any small-ball looks just to see how they perform at this juncture in the campaign. ADVERTISEMENT “Usually, it’s better with Naz at the four (than me),” McDaniels said. There is, however, at least one proponent of doing a little experimenting: Conley. “I think (small ball) kind of promotes a different level of spacing and speed to the game. You’re going to have to rely on guard-guard situations, guard pick and rolls,” Conley said. “Maybe me setting the screen and roll, Just creating different advantages for ourselves, as opposed to our typical offense or typical flow of things. I would love to see it, maybe — see how it works.” ADVERTISEMENT ______________________________________________________ This story was written by one of our partner news agencies. Forum Communications Company uses content from agencies such as Reuters, Kaiser Health News, Tribune News Service and others to provide a wider range of news to our readers. Learn more about the news services FCC uses here .