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circus freaks BEAVERTON, Ore.--(BUSINESS WIRE)--Dec 19, 2024-- NIKE, Inc. (NYSE:NKE) today reported fiscal 2025 financial results for its second quarter ended November 30, 2024. "After an energizing 60 days of being back with my NIKE teammates, our clear priority is to return sport to the center of everything we do," said Elliott Hill, President & CEO, NIKE, Inc. "We're taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I'm confident you will see more moments of NIKE being NIKE again." "NIKE's second-quarter financial performance largely met our expectations, as we continue to make progress in shifting our portfolio," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. "Under Elliott's leadership, we are accelerating our pace and reigniting brand momentum through sport." Second Quarter Income Statement Review November 30, 2024 Balance Sheet Review Shareholder Returns NIKE continues to have a strong track record of consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts. In the second quarter, the Company returned approximately $1.6 billion to shareholders, including: As of November 30, 2024, a total of 112.8 million shares have been repurchased under the program for a total of approximately $11.3 billion. Conference Call NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on December 19, 2024, to review fiscal second quarter results. The conference call will be broadcast live via the Internet and can be accessed at https://investors.nike.com . For those unable to listen to the live broadcast, an archived version will be available at the same location through approximately 9:00 p.m. PT, January 10, 2025. About NIKE, Inc. NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com . Individuals can also visit https://news.nike.com and follow @NIKE. Forward-Looking Statements This press release contains forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K. * Non-GAAP financial measure. See additional information in the accompanying Divisional Revenues. NIKE, Inc. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) THREE MONTHS ENDED % SIX MONTHS ENDED % (In millions, except per share data) 11/30/2024 11/30/2023 Change 11/30/2024 11/30/2023 Change Revenues $ 12,354 $ 13,388 -8 % $ 23,943 $ 26,327 -9 % Cost of sales 6,965 7,417 -6 % 13,297 14,636 -9 % Gross profit 5,389 5,971 -10 % 10,646 11,691 -9 % Gross margin 43.6 % 44.6 % 44.5 % 44.4 % Demand creation expense 1,122 1,114 1 % 2,348 2,183 8 % Operating overhead expense 2,883 3,032 -5 % 5,705 6,079 -6 % Total selling and administrative expense 4,005 4,146 -3 % 8,053 8,262 -3 % % of revenues 32.4 % 31.0 % 33.6 % 31.4 % Interest expense (income), net (24 ) (22 ) — (67 ) (56 ) — Other (income) expense, net (8 ) (75 ) — (63 ) (85 ) — Income before income taxes 1,416 1,922 -26 % 2,723 3,570 -24 % Income tax expense 253 344 -26 % 509 542 -6 % Effective tax rate 17.9 % 17.9 % 18.7 % 15.2 % NET INCOME $ 1,163 $ 1,578 -26 % $ 2,214 $ 3,028 -27 % Earnings per common share: Basic $ 0.78 $ 1.04 -25 % $ 1.48 $ 1.99 -26 % Diluted $ 0.78 $ 1.03 -24 % $ 1.48 $ 1.97 -25 % Weighted average common shares outstanding: Basic 1,486.8 1,520.8 1,492.3 1,524.6 Diluted 1,490.0 1,532.1 1,495.9 1,537.7 Dividends declared per common share $ 0.400 $ 0.370 $ 0.770 $ 0.710 NIKE, Inc. CONSOLIDATED BALANCE SHEETS (Unaudited) November 30, November 30, % Change (Dollars in millions) 2024 2023 ASSETS Current assets: Cash and equivalents $ 7,979 $ 7,919 1 % Short-term investments 1,782 2,008 -11 % Accounts receivable, net 5,302 4,782 11 % Inventories 7,981 7,979 0 % Prepaid expenses and other current assets 1,936 1,943 0 % Total current assets 24,980 24,631 1 % Property, plant and equipment, net 4,857 5,153 -6 % Operating lease right-of-use assets, net 2,736 2,943 -7 % Identifiable intangible assets, net 259 269 -4 % Goodwill 240 281 -15 % Deferred income taxes and other assets 4,887 3,926 24 % TOTAL ASSETS $ 37,959 $ 37,203 2 % LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 1,000 $ — 100 % Notes payable 49 6 717 % Accounts payable 3,255 2,709 20 % Current portion of operating lease liabilities 481 456 5 % Accrued liabilities 5,694 5,470 4 % Income taxes payable 767 358 114 % Total current liabilities 11,246 8,999 25 % Long-term debt 7,973 8,930 -11 % Operating lease liabilities 2,562 2,785 -8 % Deferred income taxes and other liabilities 2,141 2,343 -9 % Redeemable preferred stock — — — Shareholders’ equity 14,037 14,146 -1 % TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 37,959 $ 37,203 2 % NIKE, Inc. DIVISIONAL REVENUES (Unaudited) % Change Excluding Currency Changes 1 % Change Excluding Currency Changes 1 THREE MONTHS ENDED SIX MONTHS ENDED (Dollars in millions) 11/30/2024 11/30/2023 % Change 11/30/2024 11/30/2023 % Change North America Footwear $ 3,236 $ 3,757 -14 % -14 % $ 6,448 $ 7,490 -14 % -14 % Apparel 1,693 1,668 1 % 1 % 3,024 3,147 -4 % -4 % Equipment 250 200 25 % 25 % 533 411 30 % 30 % Total 5,179 5,625 -8 % -8 % 10,005 11,048 -9 % -9 % Europe, Middle East & Africa Footwear 1,982 2,186 -9 % -12 % 3,934 4,446 -12 % -12 % Apparel 1,136 1,200 -5 % -8 % 2,129 2,337 -9 % -10 % Equipment 185 181 2 % -1 % 383 394 -3 % -4 % Total 3,303 3,567 -7 % -10 % 6,446 7,177 -10 % -11 % Greater China Footwear 1,203 1,361 -12 % -14 % 2,449 2,648 -8 % -8 % Apparel 472 469 1 % -3 % 832 870 -4 % -6 % Equipment 36 33 9 % 9 % 96 80 20 % 21 % Total 1,711 1,863 -8 % -11 % 3,377 3,598 -6 % -7 % Asia Pacific & Latin America Footwear 1,234 1,303 -5 % -4 % 2,286 2,444 -6 % -3 % Apparel 437 437 0 % 0 % 785 808 -3 % -1 % Equipment 73 65 12 % 10 % 135 125 8 % 10 % Total 1,744 1,805 -3 % -2 % 3,206 3,377 -5 % -2 % Global Brand Divisions 2 13 12 8 % -2 % 27 25 8 % 9 % TOTAL NIKE BRAND 11,950 12,872 -7 % -8 % 23,061 25,225 -9 % -9 % Converse 429 519 -17 % -18 % 930 1,107 -16 % -16 % Corporate 3 (25 ) (3 ) — — (48 ) (5 ) — — TOTAL NIKE, INC. REVENUES $ 12,354 $ 13,388 -8 % -9 % $ 23,943 $ 26,327 -9 % -9 % TOTAL NIKE BRAND Footwear $ 7,655 $ 8,607 -11 % -12 % $ 15,117 $ 17,028 -11 % -11 % Apparel 3,738 3,774 -1 % -2 % 6,770 7,162 -5 % -6 % Equipment 544 479 14 % 12 % 1,147 1,010 14 % 13 % Global Brand Divisions 2 13 12 8 % -2 % 27 25 8 % 9 % TOTAL NIKE BRAND REVENUES $ 11,950 $ 12,872 -7 % -8 % $ 23,061 $ 25,225 -9 % -9 % 1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company's underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. 2 Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. 3 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse, but managed through the Company's central foreign exchange risk management program. NIKE, Inc. EARNINGS BEFORE INTEREST AND TAXES 1 (Unaudited) THREE MONTHS ENDED % SIX MONTHS ENDED % (Dollars in millions) 11/30/2024 11/30/2023 Change 11/30/2024 11/30/2023 Change North America $ 1,371 $ 1,526 -10 % $ 2,587 $ 2,960 -13 % Europe, Middle East & Africa 831 927 -10 % 1,623 1,857 -13 % Greater China 375 514 -27 % 877 1,039 -16 % Asia Pacific & Latin America 460 521 -12 % 862 935 -8 % Global Brand Divisions 2 (1,133 ) (1,168 ) 3 % (2,360 ) (2,373 ) 1 % TOTAL NIKE BRAND 1 1,904 2,320 -18 % 3,589 4,418 -19 % Converse 53 115 -54 % 174 282 -38 % Corporate 3 (565 ) (535 ) -6 % (1,107 ) (1,186 ) 7 % TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES 1 1,392 1,900 -27 % 2,656 3,514 -24 % EBIT margin 1 11.3 % 14.2 % 11.1 % 13.3 % Interest expense (income), net (24 ) (22 ) — (67 ) (56 ) — TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES $ 1,416 $ 1,922 -26 % $ 2,723 $ 3,570 -24 % 1 The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as "EBIT"), which represents Net income before Interest expense (income), net and Income tax expense. Total NIKE Brand EBIT, Total NIKE, Inc. EBIT and EBIT margin are considered non-GAAP financial measures. Management uses these non-GAAP financial measures when evaluating the Company's performance, including when making financial and operating decisions. Additionally, management believes these non-GAAP financial measures provide investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. EBIT margin is calculated as total NIKE, Inc. EBIT divided by total NIKE, Inc. Revenues. References to EBIT and EBIT margin should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. 2 Global Brand Divisions primarily represent demand creation and operating overhead expense, including product creation and design expenses that are centrally managed for the NIKE Brand, as well as costs associated with NIKE Direct global digital operations and enterprise technology. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment. 3 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. View source version on businesswire.com : https://www.businesswire.com/news/home/20241219682756/en/ CONTACT: Investor Contact: Paul Trussell investor.relations@nike.comMedia Contact: Virginia Rustique-Petteni media.relations@nike.com KEYWORD: OREGON UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: FASHION FOOTWEAR RETAIL SPORTS DEPARTMENT STORES GENERAL SPORTS SOURCE: NIKE, Inc. Copyright Business Wire 2024. PUB: 12/19/2024 04:15 PM/DISC: 12/19/2024 04:15 PM http://www.businesswire.com/news/home/20241219682756/enKaipara Mayor and self-described "Trump of the North" Craig Jepson loves nothing better than fishing over summer. Across the Northland border, in Auckland waters - in the first instance at least. Northland's Mangawhai-based mayor likes to head out across the bar from his upper Mangawhai Harbour home to catch snapper, trevally and more. His favourite fishing spot is in Auckland waters, off Te Arai on the Pakiri coast, about 500 metres south of the border between the two regions. Jepson loves it because it's the quickest best place to get to. He fishes in Auckland waters' Mokohinau Islands as well. But Jepson mixes this up with Northland-based fishing too, off Bream Head and the Hen and Chickens - all depending on wind and sea conditions. The border is no more than an arbitrary line on the map when it comes to fishing. Off Te Arai is the closest to home. "It's all about how much time I have." Mangawhai living's a buzz for Jepson and his partner Jeanette Reid. "There are dolphins up the harbour and great ice creams at the pub," he said. "Mangawhai has a great vibe, I love the ability to go fishing at the drop of a hat. "I love the lifestyle. I love the people here. We often have people over for barbecues and discuss the politics of the day." He and Reid enjoy biking along Mangawhai's ever-lengthening shared path joining the settlement's north and south, which has been built in stages since 2021. Jepson also uses it to bike from home to Mangawhai-based Kaipara District Council (KDC) meetings. But it's boating and fishing that offer more appeal. Jepson's been boating for six decades, starting as a deckhand for his father out of Tauranga when he was 17. He favours simplicity when it comes to eating his fresh caught fish. "A shake or rice flour and cooked in the pan with butter." And then eaten simply with a fried egg - and peas. Much of his catch is given away. Jepson has seen Mangawhai change since he moved there 22 years ago - and there's more to come. Mangawhai is New Zealand's fastest-growing coastal settlement. When he first arrived, vacant holiday baches predominated. Fast forward two decades and it's now 60 percent permanent residents. Most are from Auckland. They work remotely, travel to and from New Zealand's largest city for all or some of the week. There are many variations of that theme, the living style transition supercharged by Covid-19. A thousand more houses are either shaping up or on the horizon for Mangawhai. Northland's southern border with Auckland is just 5km south of Mangawhai. The new 18km Puhoi to Warkworth State Highway 1 four-laning extension that opened in June 2023 has made it easier to travel between Mangawhai and Auckland. Jepson says it's already having an impact on the settlement's population growth. "The trick is trying to manage growth so that we don't kill the goose that laid the golden egg," Jepson said. He says recent technological updates to the settlement's wastewater treatment plant will help Mangawhai as it faces a significant population explosion over summer. The award-winning wastewater treatment plant is one of the most efficient in New Zealand, Jepson said. Getting rid of Mangawhai's mangroves is next in Jepson's sights. As part of this he wants to get rid of the equivalent of about 1.5 rugby fields of mangroves he can see from his house, amidst a much wider removal. His latest mission is stirring up controversy, but Jepson's not afraid to voice his at-times divisive views. Under his helm Kaipara became the only council to can its existing Māori ward , karakia have been removed from council meetings , KDC's Māori relationship agreements with local iwi terminated , and the Kaipara-based Ruawai climate adaptation pilot dumped . He is pushing for a locally based waste to energy plant , despite community opposition and has pulled out of Local Government New Zealand. His penchant for standing up for what he believes in was highlighted when he and his partner joined the Wellington protests over the Covid-19 mandates, seven months before he became mayor. The self-described "Trump of the North" was thrilled when the now-United States president Donald Trump in November won the country's elections. "It's great because it's the end of woke." He held a celebratory gathering at home in honour of Trump's success, the day after the presidency was confirmed. Jepson admires what he says is Trump's ability to go against the grain - along with the president's approaches towards freedom of choice, less government, and freedom of speech. He admires Trump's ability not to fall into what he says is the trap of "group think - knowing the truth but believing the lies". And Jepson's wardrobe now includes a Trump election campaign cap from the United States. He describes KDC as a bellwether council in the global right-wing shift Trump's 2024 election was part of. Like Trump, Jepson doesn't mind standing out - for all the wrong reasons in some people's eyes, but for the right reasons in the eyes of others. He is fine about being labelled as a black sheep mayor, comfortable going against the mainstream. "I'm not scared to confront issues we need to discuss." His 2022 election win with a 1500 vote majority, among 8000 total votes, proved that his position was popular, he said. Jepson will be standing as mayor again in the 2025 elections. "There's too much still to do." LDR is local body journalism co-funded by RNZ and NZ On Air.

Genetic changes linked to social behavior differences in autism and schizophreniaNew Jersey interim Sen. George Helmy stepping down for Andy Kim to be sworn in early

MUNICH (AP) — Manuel Neuer was sent off for the first time and Bayern Munich crashed out of the German Cup in the third round with a 1-0 loss at home to defending champion Bayer Leverkusen on Tuesday. The 38-year-old Neuer was never before sent off over a long career including 124 games for Germany, but the Bayern captain was shown a straight red card in the 17th minute for taking out Jeremie Frimpong with a body check when the Dutch winger was almost through on goal after a long pass from Johnathan Tah. Bayern’s players protested but there had been no attempt from Neuer to play the ball. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get any of our free email newsletters — news headlines, obituaries, sports, and more.None

Indian cricket star Nitish Kumar Reddy's dad meets the legendary Sunil Gavaskar at the MCG - and you won't believe what happens nextBy BILL BARROW, Associated Press PLAINS, Ga. (AP) — Newly married and sworn as a Naval officer, Jimmy Carter left his tiny hometown in 1946 hoping to climb the ranks and see the world. Less than a decade later, the death of his father and namesake, a merchant farmer and local politician who went by “Mr. Earl,” prompted the submariner and his wife, Rosalynn, to return to the rural life of Plains, Georgia, they thought they’d escaped. The lieutenant never would be an admiral. Instead, he became commander in chief. Years after his presidency ended in humbling defeat, he would add a Nobel Peace Prize, awarded not for his White House accomplishments but “for his decades of untiring effort to find peaceful solutions to international conflicts, to advance democracy and human rights, and to promote economic and social development.” The life of James Earl Carter Jr., the 39th and longest-lived U.S. president, ended Sunday at the age of 100 where it began: Plains, the town of 600 that fueled his political rise, welcomed him after his fall and sustained him during 40 years of service that redefined what it means to be a former president. With the stubborn confidence of an engineer and an optimism rooted in his Baptist faith, Carter described his motivations in politics and beyond in the same way: an almost missionary zeal to solve problems and improve lives. Carter was raised amid racism, abject poverty and hard rural living — realities that shaped both his deliberate politics and emphasis on human rights. “He always felt a responsibility to help people,” said Jill Stuckey, a longtime friend of Carter’s in Plains. “And when he couldn’t make change wherever he was, he decided he had to go higher.” Defying expectations Carter’s path, a mix of happenstance and calculation , pitted moral imperatives against political pragmatism; and it defied typical labels of American politics, especially caricatures of one-term presidents as failures. “We shouldn’t judge presidents by how popular they are in their day. That’s a very narrow way of assessing them,” Carter biographer Jonathan Alter told the Associated Press. “We should judge them by how they changed the country and the world for the better. On that score, Jimmy Carter is not in the first rank of American presidents, but he stands up quite well.” Later in life, Carter conceded that many Americans, even those too young to remember his tenure, judged him ineffective for failing to contain inflation or interest rates, end the energy crisis or quickly bring home American hostages in Iran. He gained admirers instead for his work at The Carter Center — advocating globally for public health, human rights and democracy since 1982 — and the decades he and Rosalynn wore hardhats and swung hammers with Habitat for Humanity. Yet the common view that he was better after the Oval Office than in it annoyed Carter, and his allies relished him living long enough to see historians reassess his presidency. “He doesn’t quite fit in today’s terms” of a left-right, red-blue scoreboard, said U.S. Transportation Secretary Pete Buttigieg, who visited the former president multiple times during his own White House bid. At various points in his political career, Carter labeled himself “progressive” or “conservative” — sometimes both at once. His most ambitious health care bill failed — perhaps one of his biggest legislative disappointments — because it didn’t go far enough to suit liberals. Republicans, especially after his 1980 defeat, cast him as a left-wing cartoon. It would be easiest to classify Carter as a centrist, Buttigieg said, “but there’s also something radical about the depth of his commitment to looking after those who are left out of society and out of the economy.” ‘Country come to town’ Indeed, Carter’s legacy is stitched with complexities, contradictions and evolutions — personal and political. The self-styled peacemaker was a war-trained Naval Academy graduate who promised Democratic challenger Ted Kennedy that he’d “kick his ass.” But he campaigned with a call to treat everyone with “respect and compassion and with love.” Carter vowed to restore America’s virtue after the shame of Vietnam and Watergate, and his technocratic, good-government approach didn’t suit Republicans who tagged government itself as the problem. It also sometimes put Carter at odds with fellow Democrats. The result still was a notable legislative record, with wins on the environment, education, and mental health care. He dramatically expanded federally protected lands, began deregulating air travel, railroads and trucking, and he put human rights at the center of U.S. foreign policy. As a fiscal hawk, Carter added a relative pittance to the national debt, unlike successors from both parties. Carter nonetheless struggled to make his achievements resonate with the electorate he charmed in 1976. Quoting Bob Dylan and grinning enthusiastically, he had promised voters he would “never tell a lie.” Once in Washington, though, he led like a joyless engineer, insisting his ideas would become reality and he’d be rewarded politically if only he could convince enough people with facts and logic. This served him well at Camp David, where he brokered peace between Israel’s Menachem Begin and Epypt’s Anwar Sadat, an experience that later sparked the idea of The Carter Center in Atlanta. Carter’s tenacity helped the center grow to a global force that monitored elections across five continents, enabled his freelance diplomacy and sent public health experts across the developing world. The center’s wins were personal for Carter, who hoped to outlive the last Guinea worm parasite, and nearly did. As president, though, the approach fell short when he urged consumers beleaguered by energy costs to turn down their thermostats. Or when he tried to be the nation’s cheerleader, beseeching Americans to overcome a collective “crisis of confidence.” Republican Ronald Reagan exploited Carter’s lecturing tone with a belittling quip in their lone 1980 debate. “There you go again,” the former Hollywood actor said in response to a wonky answer from the sitting president. “The Great Communicator” outpaced Carter in all but six states. Carter later suggested he “tried to do too much, too soon” and mused that he was incompatible with Washington culture: media figures, lobbyists and Georgetown social elites who looked down on the Georgians and their inner circle as “country come to town.” A ‘leader of conscience’ on race and class Carter carefully navigated divides on race and class on his way to the Oval Office. Born Oct. 1, 1924 , Carter was raised in the mostly Black community of Archery, just outside Plains, by a progressive mother and white supremacist father. Their home had no running water or electricity but the future president still grew up with the relative advantages of a locally prominent, land-owning family in a system of Jim Crow segregation. He wrote of President Franklin Roosevelt’s towering presence and his family’s Democratic Party roots, but his father soured on FDR, and Jimmy Carter never campaigned or governed as a New Deal liberal. He offered himself as a small-town peanut farmer with an understated style, carrying his own luggage, bunking with supporters during his first presidential campaign and always using his nickname. And he began his political career in a whites-only Democratic Party. As private citizens, he and Rosalynn supported integration as early as the 1950s and believed it inevitable. Carter refused to join the White Citizens Council in Plains and spoke out in his Baptist church against denying Black people access to worship services. “This is not my house; this is not your house,” he said in a churchwide meeting, reminding fellow parishioners their sanctuary belonged to God. Yet as the appointed chairman of Sumter County schools he never pushed to desegregate, thinking it impractical after the Supreme Court’s 1954 Brown v. Board decision. And while presidential candidate Carter would hail the 1965 Voting Rights Act, signed by fellow Democrat Lyndon Johnson when Carter was a state senator, there is no record of Carter publicly supporting it at the time. Carter overcame a ballot-stuffing opponent to win his legislative seat, then lost the 1966 governor’s race to an arch-segregationist. He won four years later by avoiding explicit mentions of race and campaigning to the right of his rival, who he mocked as “Cufflinks Carl” — the insult of an ascendant politician who never saw himself as part the establishment. Carter’s rural and small-town coalition in 1970 would match any victorious Republican electoral map in 2024. Once elected, though, Carter shocked his white conservative supporters — and landed on the cover of Time magazine — by declaring that “the time for racial discrimination is over.” Before making the jump to Washington, Carter befriended the family of slain civil rights leader Martin Luther King Jr., whom he’d never sought out as he eyed the governor’s office. Carter lamented his foot-dragging on school integration as a “mistake.” But he also met, conspicuously, with Alabama’s segregationist Gov. George Wallace to accept his primary rival’s endorsement ahead of the 1976 Democratic convention. “He very shrewdly took advantage of his own Southerness,” said Amber Roessner, a University of Tennessee professor and expert on Carter’s campaigns. A coalition of Black voters and white moderate Democrats ultimately made Carter the last Democratic presidential nominee to sweep the Deep South. Then, just as he did in Georgia, he used his power in office to appoint more non-whites than all his predecessors had, combined. He once acknowledged “the secret shame” of white Americans who didn’t fight segregation. But he also told Alter that doing more would have sacrificed his political viability – and thus everything he accomplished in office and after. King’s daughter, Bernice King, described Carter as wisely “strategic” in winning higher offices to enact change. “He was a leader of conscience,” she said in an interview. Rosalynn was Carter’s closest advisor Rosalynn Carter, who died on Nov. 19 at the age of 96, was identified by both husband and wife as the “more political” of the pair; she sat in on Cabinet meetings and urged him to postpone certain priorities, like pressing the Senate to relinquish control of the Panama Canal. “Let that go until the second term,” she would sometimes say. The president, recalled her former aide Kathy Cade, retorted that he was “going to do what’s right” even if “it might cut short the time I have.” Rosalynn held firm, Cade said: “She’d remind him you have to win to govern.” Carter also was the first president to appoint multiple women as Cabinet officers. Yet by his own telling, his career sprouted from chauvinism in the Carters’ early marriage: He did not consult Rosalynn when deciding to move back to Plains in 1953 or before launching his state Senate bid a decade later. Many years later, he called it “inconceivable” that he didn’t confer with the woman he described as his “full partner,” at home, in government and at The Carter Center. “We developed a partnership when we were working in the farm supply business, and it continued when Jimmy got involved in politics,” Rosalynn Carter told AP in 2021. So deep was their trust that when Carter remained tethered to the White House in 1980 as 52 Americans were held hostage in Tehran, it was Rosalynn who campaigned on her husband’s behalf. “I just loved it,” she said, despite the bitterness of defeat. Reevaluating his legacy Fair or not, the label of a disastrous presidency had leading Democrats keep their distance, at least publicly, for many years, but Carter managed to remain relevant, writing books and weighing in on societal challenges. He lamented widening wealth gaps and the influence of money in politics. He voted for democratic socialist Bernie Sanders over Hillary Clinton in 2016, and later declared that America had devolved from fully functioning democracy to “oligarchy.” Yet looking ahead to 2020, with Sanders running again, Carter warned Democrats not to “move to a very liberal program,” lest they help re-elect President Donald Trump. Carter scolded the Republican for his serial lies and threats to democracy, and chided the U.S. establishment for misunderstanding Trump’s populist appeal. He delighted in yearly convocations with Emory University freshmen, often asking them to guess how much he’d raised in his two general election campaigns. “Zero,” he’d gesture with a smile, explaining the public financing system candidates now avoid so they can raise billions. Carter still remained quite practical in partnering with wealthy corporations and foundations to advance Carter Center programs. Carter recognized that economic woes and the Iran crisis doomed his presidency, but offered no apologies for appointing Paul Volcker as the Federal Reserve chairman whose interest rate hikes would not curb inflation until Reagan’s presidency. He was proud of getting all the hostages home without starting a shooting war, even though Tehran would not free them until Reagan’s Inauguration Day. “Carter didn’t look at it” as a failure, Alter emphasized. “He said, ‘They came home safely.’ And that’s what he wanted.” Well into their 90s, the Carters greeted visitors at Plains’ Maranatha Baptist Church, where he taught Sunday School and where he will have his last funeral before being buried on family property alongside Rosalynn . Carter, who made the congregation’s collection plates in his woodworking shop, still garnered headlines there, calling for women’s rights within religious institutions, many of which, he said, “subjugate” women in church and society. Carter was not one to dwell on regrets. “I am at peace with the accomplishments, regret the unrealized goals and utilize my former political position to enhance everything we do,” he wrote around his 90th birthday. Pilgrimages to Plains The politician who had supposedly hated Washington politics also enjoyed hosting Democratic presidential contenders as public pilgrimages to Plains became advantageous again. Carter sat with Buttigieg for the final time March 1, 2020, hours before the Indiana mayor ended his campaign and endorsed eventual winner Joe Biden. “He asked me how I thought the campaign was going,” Buttigieg said, recalling that Carter flashed his signature grin and nodded along as the young candidate, born a year after Carter left office, “put the best face” on the walloping he endured the day before in South Carolina. Never breaking his smile, the 95-year-old host fired back, “I think you ought to drop out.” “So matter of fact,” Buttigieg said with a laugh. “It was somehow encouraging.” Carter had lived enough, won plenty and lost enough to take the long view. “He talked a lot about coming from nowhere,” Buttigieg said, not just to attain the presidency but to leverage “all of the instruments you have in life” and “make the world more peaceful.” In his farewell address as president, Carter said as much to the country that had embraced and rejected him. “The struggle for human rights overrides all differences of color, nation or language,” he declared. “Those who hunger for freedom, who thirst for human dignity and who suffer for the sake of justice — they are the patriots of this cause.” Carter pledged to remain engaged with and for them as he returned “home to the South where I was born and raised,” home to Plains, where that young lieutenant had indeed become “a fellow citizen of the world.” —- Bill Barrow, based in Atlanta, has covered national politics including multiple presidential campaigns for the AP since 2012.

RALEIGH, N.C. (AP) — The very close election for a North Carolina Supreme Court seat heads next to a hand recount even as election officials announced a machine recount of over 5.5 million ballots resulted in no margin change between the candidates. The statewide machine recount — in which ballots were run again through tabulators — that wrapped up this week showed Democratic Associate Justice Allison Riggs with a 734-vote lead over Republican challenger Jefferson Griffin, who is a Court of Appeals judge. Most county election boards reported minor vote changes from the machine recount requested by Griffin. But State Board of Elections data showed the post-recount lead exactly the same as what Riggs held after all 100 counties fully completed their ballot canvass in November. Griffin led Riggs by about 10,000 votes on election night, but that lead dwindled and flipped to Riggs as tens of thousands of qualifying provisional and absentee ballots were added to the totals through the canvass. Griffin, who already has pending election protests challenging the validity of more than 60,000 ballots counted statewide, has asked for a partial hand-to-eye recount, which county boards will start Wednesday or Thursday. The partial hand recount applies to ballots in 3% of the voting sites in all 100 counties, chosen at random Tuesday by the state board. Once the partial recount is complete, a statewide hand recount would be ordered if the sample results differ enough from the machine recount that the result would be reversed if the difference were extrapolated to all ballots. Riggs, who was appointed to the Supreme Court in 2023 and now seeks an eight-year term, again claimed victory Tuesday. In a campaign news release, spokesperson Embry Owen said Griffin “needs to immediately concede – losing candidates must respect the will of voters and not needlessly waste state resources.” Riggs is one of two Democrats on the seven-member court. Through attorneys, Griffin has challenged ballots that he says may not qualify for several reasons and cast doubt on the election result. Among them: voter registration records of some voters casting ballots lack driver's license or partial Social Security numbers, and overseas voters never living in North Carolina may run afoul of state residency requirements. State and county boards are considering the protests. Griffin's attorneys on Monday asked the state board to accelerate the matters before it and make a final ruling early next week. "Our priority remains ensuring that every legal vote is counted and that the public can trust the integrity of this election,” state Republican Party spokesperson Matt Mercer said in a news release. Final rulings by the state board can be appealed to state court. Joining Griffin in protests are three Republican legislative candidates who still trailed narrowly in their respective races after the machine recounts. The Supreme Court race and two of these three legislative races have not been called by The Associated Press. READ: The key pending legislative race is for a House seat covering Granville County and parts of Vance County. Republican Rep. Frank Sossamon trails Democratic challenger Bryan Cohn by 228 votes, down from 233 votes before the recount. Sossamon also asked for a partial hard recount in his race, which was to begin Tuesday. Should Cohn win, Republicans will fall one seat short of the 72 needed in the 120-member House to retain its veto-proof majority — giving more leverage to Democratic Gov.-elect Josh Stein in 2025. Senate Republicans already have won 30 of the 50 seats needed to retain its supermajority in their chamber. The AP on Tuesday did call another legislative race not subject to a protest, as Mecklenburg County GOP Rep. Tricia Cotham won her reelection bid over Democrat Nicole Sidman. A machine recount showed Cotham ahead of Sidman by 213 votes, compared to 216 after the county canvass. Cotham’s switch from the Democrats to the Republicans in April 2023 secured the Republicans' 72-seat veto-proof majority so that Democratic Gov. Roy Cooper’s vetoes could be overridden by relying solely on GOP lawmakers. Copyright 2024 The Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

ARLINGTON, Va., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Venture capital firm Energy Innovation Capital (EIC), global digital and AI transformation consulting firm A&MPLIFY by Alvarez and Marsal, world class engineering and research university Virginia Tech, leading cloud and AI platform Amazon Web Services (AWS), and DC region real estate owner and developer JBG SMITH today announced the launch of the Virtus Innovation Center (Virtus) in National Landing ( www.virtusinnovation.com ). While Washington, DC is the epicenter for energy policy and national security, there is untapped potential in the market and a lack of innovation programs that effectively bridge capital formation, incubation, and acceleration for early-stage companies. Once funding is secured, Virtus’ differentiated platform aims to leverage the collective expertise of its partners to provide startup companies the physical resources, capital, and strategic support they need to develop innovative national security and energy technologies. The plan for Virtus’ integrated approach includes: The Virtus Innovation Center will be an independent organization managed by a board of directors comprising sponsors and partners. It is being developed by principals from EIC and A&MPLIFY by Alavarez and Marsal. It is supported by JBG SMITH, AWS, and Virginia Tech. EIC invests across industrial and energy technologies and managing a portfolio with $350 million AUM. A&MPLIFY by Alvarez and Marsal brings its digital, AI, innovation, federal, and energy expertise. Virginia Tech provides distinguished research capabilities and human capital with critical skills, and JBG SMITH will provide the physical space for the incubator alongside high quality amenities, both physical and digital, it is delivering across the National Landing neighborhood. “Over the last 20 years the team at EIC has invested in 150 industrial technology companies enabling electrification, decarbonization, AI, autonomy, and critical technology onshoring. The convergence of these sectors has created significant national security and energy resiliency innovation opportunities,” said Andrew Lackner, Managing Partner of EIC Virtus. “The Virtus Innovation Center will enable startups to leverage DC’s defense and energy ecosystem to accelerate the commercialization of dual-use technologies. We look forward to collaborating with startups, corporations, federal agencies, and other investors to accelerate technologies critical to the national interest of the US.” “We’ve seen the success that is possible when startups and corporations work together to find better technological solutions, and Virtus Innovation Incubator is an exciting opportunity to accomplish that in an established and global industry,” said Bob Ghafouri, Co-Founder and Managing Director at A&MPLIFY by Alvarez & Marsal. “Large, forward-thinking companies are engaging successfully with startups, looking at startups as discovery arms and co-collaborators for innovation.” “With the increasing importance of supporting the growth and energy demand of Artificial Intelligence, the intersection of energy and defense has become a national security priority,” said Matt Kelly, JBG SMITH CEO. “As the incubator partner of the Virtus Innovation Center, we are well-positioned with our physical space near the Pentagon and AI infrastructure to collaborate and scale innovation across the startup community to create new solutions for defense and energy.” Virtus aims to meet the heightened demand for technological advancement in energy and security, driven by various factors including: increased geopolitical activity and the evolving complexity of physical and digital threats; the multi-decade shift to lower-carbon energy; and the exponential growth of data, large language models, data centers, and widespread digitalization across sectors that has transformed how work is done. Virtus will also directly benefit from its strategic location in National Landing, which offers a high concentration of defense-tech and adjacent industries, all of which are clustered together with immediate proximity to the Pentagon, Amazon HQ2, Virginia Tech’s $1B Innovation Campus and dozens of relevant private enterprises and government agencies, including seven of the ten largest recipients of federal defense spending. “Virginia Tech could not be more excited to collaborate with Virtus and partners to ensure cutting-edge technologies with dual-use applications including artificial intelligence, integrated communications and networking, and quantum information and sensing reach the marketplace to support the pressing needs of the nation,” said Eric Paterson, Virginia Tech National Security Institute Executive Director. “With proximity to the nation’s Capital, the institute and Innovation Campus bring vast expertise, unique research facilities, and mission-oriented initiatives, which position us to assist partners in the curation of new startups that seek to solve emerging national security challenges.” Learn more about the Virtus Innovation Center: www.virtusinnovation.com About A&MPLIFY by Alvarez & Marsal A&MPLIFY is the artificial intelligence and digital transformation unit of Alvarez & Marsal. We are marketers, product managers, technologists and data scientists from industry, consulting and technology with innovation studios across the US, Europe, Asia, Latin America, Australia and the Middle East. To learn more, visit www.a-mplify.com . About Alvarez & Marsal Founded in 1983, Alvarez & Marsal is a leading global professional services firm. Renowned for its leadership, action and results, Alvarez & Marsal provides advisory, business performance improvement and turnaround management services, delivering practical solutions to address clients' unique challenges. With a world-wide network of experienced operators, world-class consultants, former regulators and industry authorities, Alvarez & Marsal helps corporates, boards, private equity firms, law firms and government agencies drive transformation, mitigate risk and unlock value at every stage of growth. To learn more, visit AlvarezandMarsal.com . About Energy Innovation Capital (EIC) Energy Innovation Capital invests in companies that are developing industrial technologies transforming energy, national security, and resource intensive industries. EIC currently manages four venture capital funds with AUM of $350M, a corporate innovation partnership program, and an active portfolio of 33 companies. For more information, please visit www.energyinnovationcapital.com . About JBG SMITH JBG SMITH owns, operates, invests in, and develops mixed-use properties in high growth and high barrier-to-entry submarkets in and around Washington, DC, most notably National Landing. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Washington, DC metropolitan area. Approximately 75.0% of JBG SMITH's holdings are in the National Landing submarket in Northern Virginia, which is anchored by four key demand drivers: Amazon's new headquarters; Virginia Tech's under-construction $1 billion Innovation Campus; the submarket’s proximity to the Pentagon; and our retail and digital placemaking initiatives and public infrastructure improvements. JBG SMITH's dynamic portfolio currently comprises 13.1 million square feet of high-growth multifamily, office and retail assets at share, 98% of which are Metro-served. It also maintains a development pipeline encompassing 9.3 million square feet of mixed-use, primarily multifamily, development opportunities. JBG SMITH is committed to the operation and development of green, smart, and healthy buildings and plans to maintain carbon neutral operations annually. For more information on JBG SMITH please visit www.jbgsmith.com . About Virginia Tech In 1987 Virginia Tech was designated an R1 institution, which is the highest designation for research universities. With locations in Blacksburg and Roanoke, Virginia, and the Washington D.C. metro area including the Innovation Campus, Virginia Tech offers approximately 280 undergraduate and graduate degree programs to more than 38,000 undergraduate, graduate, and professional students across the commonwealth. The university’s research enterprise encompasses over $419 million in sponsored research expenditures in fiscal year 2023. Virginia Tech is one of six senior military colleges in the U.S., a National Security Agency Center for Academic Excellence in Cyber Defense Research , Center for Academic Excellence in Cyber Operations, and an Intelligence Community Center for Academic Excellence. One of the university’s seven research institutes , the Virginia Tech National Security Institute brings together transdisciplinary researchers, programs, and resources from across the university, integrating student learning and cutting-edge research at a scale unmatched by other organizations, producing research and impacting policy related to legal and practical challenges facing national intelligence, defense, law enforcement, homeland security, and cybersecurity communities that are relevant to current questions of national security law and policy and that aid senior policymakers, key departments, and agencies. Contact: Bethany Hilt hiltb@hiltstrategiccommunications.comSANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. (NASDAQ: MRVL), a leader in data infrastructure semiconductor solutions, today reported financial results for the third quarter of fiscal year 2025. Net revenue for the third quarter of fiscal 2025 was $1.516 billion , $66 .0 million above the mid-point of the Company's guidance provided on August 29, 2024 . GAAP net loss for the third quarter of fiscal 2025 was $(676.3) million, or $(0.78) per diluted share. Non-GAAP net income for the third quarter of fiscal 2025 was $373 .0 million, or $0.43 per diluted share. Cash flow from operations for the third quarter was $536.3 million . "Marvell's fiscal third quarter 2025 revenue grew 19% sequentially, well above the mid-point of our guidance, driven by strong demand from AI. For the fourth quarter, we are forecasting another 19% sequential revenue growth at the midpoint of guidance, while year-over-year, we expect revenue growth to accelerate significantly to 26%, marking the beginning of a new era of growth for Marvell," said Matt Murphy , Marvell's Chairman and CEO. "The exceptional performance in the third quarter, and our strong forecast for the fourth quarter, are primarily driven by our custom AI silicon programs, which are now in volume production, further augmented by robust ongoing demand from cloud customers for our market-leading interconnect products. We look forward to a strong finish to this fiscal year and expect substantial momentum to continue in fiscal 2026." Fourth Quarter of Fiscal 2025 Financial Outlook GAAP diluted EPS is calculated using basic weighted-average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted-average shares outstanding when there is a GAAP net income. Non-GAAP diluted EPS is calculated using diluted weighted-average shares outstanding. Conference Call Marvell will conduct a conference call on Tuesday, December 3, 2024 at 1:45 p.m. Pacific Time to discuss results for the third quarter of fiscal year 2025. Interested parties may join the conference call without operator assistance by registering and entering their phone number at https://emportal.ink/4fngg8m to receive an instant automated call back. To join the call with operator assistance, please dial 1-800-836-8184 or 1-646-357-8785. The call will be webcast and can be accessed at the Marvell Investor Relations website at http://investor.marvell.com/ . A replay of the call can be accessed by dialing 1-888-660-6345 or 1-646-517-4150, passcode 47973# until Tuesday, December 10, 2024 . Discussion of Non-GAAP Financial Measures Non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of acquired intangible assets, acquisition and divestiture-related costs, restructuring and other related charges (including, but not limited to, asset impairment charges, recognition of future contractual obligations, employee severance costs, and facilities related charges), resolution of legal matters, and certain expenses and benefits that are driven primarily by discrete events that management does not consider to be directly related to Marvell's core business. Although Marvell excludes the amortization of all acquired intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting arising from acquisitions, and that such amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Investors should note that the use of intangible assets contributed to Marvell's revenues earned during the periods presented and are expected to contribute to Marvell's future period revenues as well. Marvell uses a non-GAAP tax rate to compute the non-GAAP tax provision. This non-GAAP tax rate is based on Marvell's estimated annual GAAP income tax forecast, adjusted to account for items excluded from Marvell's non-GAAP income, as well as the effects of significant non-recurring and period specific tax items which vary in size and frequency, and excludes tax deductions and benefits from acquired tax loss and credit carryforwards and changes in valuation allowance on acquired deferred tax assets. Marvell's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate such as tax law changes; acquisitions; significant changes in Marvell's geographic mix of revenue and expenses; or changes to Marvell's corporate structure. For the third quarter of fiscal 2025, a non-GAAP tax rate of 7.0% has been applied to the non-GAAP financial results. Marvell believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Marvell's financial condition and results of operations. While Marvell uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Marvell does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Marvell believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Marvell's non-GAAP financial measures useful in their assessment of Marvell's operating performance and the valuation of Marvell. Internally, Marvell's non-GAAP financial measures are used in the following areas: Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Marvell's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Marvell's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "forecasts," "targets," "may," "can," "will," "would" and similar expressions identify such forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, the statements describing our financial outlook and future period revenues. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties, including, but not limited to: risks related to changes in general macroeconomic conditions, or expectations of such conditions, such as high or rising interest rates, macroeconomic slowdowns, recessions, inflation, and stagflation; risks related to our ability to estimate customer demand and future sales accurately; our ability to define, design, develop and market products for the Cloud, 5G markets, and Artificial Intelligence (AI) markets; risks related to our dependence on a few customers for a significant portion of our revenue, particularly as our major customers comprise an increasing percentage of our revenue, as well as risks related to a significant portion of our sales being concentrated in the data center end market; risks related to higher inventory levels; risks related to cancellations, rescheduling or deferrals of significant customer orders or shipments, as well as the ability of our customers to manage inventory; our ability to realize the expected benefits from restructuring activities; the risk of downturns in the semiconductor industry or our customer end markets; the impact of international conflict (such as the current armed conflicts in the Ukraine and in Israel and the Gaza Strip ) and economic volatility in either domestic or foreign markets including risks related to trade conflicts or tensions, regulations, and tariffs, including but not limited to, trade restrictions imposed on our Chinese customers; our ability to retain and hire key personnel; our ability to limit costs related to defective products; risks related to our debt obligations; risks related to the rapid growth of the Company; delays or increased costs related to completing the design, development, production and introduction of our new products due to a variety of issues, including supply chain cross-dependencies, dependencies on EDA and similar tools, dependencies on the use of third-party, business partner or customer intellectual property, collaboration and synchronization requirements with business partners and customers, requirements to establish new manufacturing, testing, assembly and packing processes, and other issues; our reliance on our manufacturing partners for the manufacture, assembly, testing and packaging of our products; risks related to the ASIC business model which requires us to use third-party IP including the risk that we may lose business or experience reputational harm if third parties, including customers, lose confidence in our ability to protect their IP rights; the risks associated with manufacturing and selling products and customers' products outside of the United States ; our ability to secure design wins from our customers and prospective customers; our ability to complete and realize the anticipated benefits of any acquisitions, divestitures and investments; decreases in gross margin and results of operations in the future due to a number of factors, including high or increasing interest rates and volatility in foreign exchange rates; severe financial hardship or bankruptcy of one or more of our major customers; the effects of transitioning to smaller geometry process technologies; risks related to use of a hybrid work model; the impact of any change in the income tax laws in jurisdictions where we operate and the loss of any beneficial tax treatment that we currently enjoy; the outcome of pending or future litigation and legal and regulatory proceedings; risk related to our Sustainability program; the impact and costs associated with changes in international financial and regulatory conditions; our ability and the ability of our customers to successfully compete in the markets in which we serve; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; supply chain disruptions or component shortages that may impact the production of our products including our kitting process or may impact the price of components which in turn may impact our margins on any impacted products and any constrained availability from other electronic suppliers impacting our customers' ability to ship their products, which in turn may adversely impact our sales to those customers; our ability to scale our operations in response to changes in demand for existing or new products and services; risks associated with acquisition and consolidation activity in the semiconductor industry, including any consolidation of our manufacturing partners; our ability to protect our intellectual property; risks related to the impact of the COVID-19 pandemic (or future pandemics) which have impacted, and for which lingering effects may continue to impact our business, employees and operations, the transportation and manufacturing of our products, and the operations of our customers, distributors, vendors, suppliers, and partners; our maintenance of an effective system of internal controls; financial institution instability; and other risks detailed in our SEC filings from time to time. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that affect our business described in the "Risk Factors" section of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed by us from time to time with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. About Marvell To deliver the data infrastructure technology that connects the world, we're building solutions on the most powerful foundation: our partnerships with our customers. Trusted by the world's leading technology companies for over 25 years, we move, store, process and secure the world's data with semiconductor solutions designed for our customers' current needs and future ambitions. Through a process of deep collaboration and transparency, we're ultimately changing the way tomorrow's enterprise, cloud, automotive, and carrier architectures transform—for the better. Marvell ® and the Marvell logo are registered trademarks of Marvell and/or its affiliates. Marvell Technology, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 $ 3,949.9 $ 4,081.2 Cost of goods sold 1,166.7 685.3 867.4 2,485.1 2,451.7 Gross profit 349.4 587.6 551.2 1,464.8 1,629.5 Operating expenses: Research and development 488.6 486.7 481.1 1,451.4 1,436.6 Selling, general and administrative 205.3 197.3 213.0 602.5 622.0 Restructuring related charges 358.3 4.0 3.4 366.4 105.3 Total operating expenses 1,052.2 688.0 697.5 2,420.3 2,163.9 Operating loss (702.8) (100.4) (146.3) (955.5) (534.4) Interest expense (47.2) (48.4) (52.6) (144.4) (159.1) Interest income and other, net (0.5) 2.6 11.4 5.4 22.1 Interest and other loss, net (47.7) (45.8) (41.2) (139.0) (137.0) Loss before income taxes (750.5) (146.2) (187.5) (1,094.5) (671.4) Provision (benefit) for income taxes (74.2) 47.1 (23.2) (9.3) (130.7) Net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Net loss per share — basic $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Net loss per share — diluted $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Weighted-average shares: Basic 865.7 865.7 862.6 865.5 860.1 Diluted 865.7 865.7 862.6 865.5 860.1 Marvell Technology, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In millions) November 2, 2024 February 3, 2024 Assets Current assets: Cash and cash equivalents $ 868.1 $ 950.8 Accounts receivable, net 997.9 1,121.6 Inventories 859.4 864.4 Prepaid expenses and other current assets 91.4 125.9 Total current assets 2,816.8 3,062.7 Property and equipment, net 781.9 756.0 Goodwill 11,586.9 11,586.9 Acquired intangible assets, net 2,957.7 4,004.1 Deferred tax assets 406.5 311.9 Other non-current assets 1,165.8 1,506.9 Total assets $ 19,715.6 $ 21,228.5 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 538.1 $ 411.3 Accrued liabilities 825.2 1,032.9 Accrued employee compensation 270.9 262.7 Short-term debt 129.4 107.3 Total current liabilities 1,763.6 1,814.2 Long-term debt 3,965.5 4,058.6 Other non-current liabilities 613.6 524.3 Total liabilities 6,342.7 6,397.1 Stockholders' equity: Common stock 1.7 1.7 Additional paid-in capital 14,629.0 14,845.3 Accumulated other comprehensive income (loss) (0.3) 1.1 Accumulated deficit (1,257.5) (16.7) Total stockholders' equity 13,372.9 14,831.4 Total liabilities and stockholders' equity $ 19,715.6 $ 21,228.5 Marvell Technology, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended Nine Months Ended November 2, 2024VALORANT Champions Tour 2025 Cheat Sheet: Expanded Leagues and New Global Events

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CANCUN, Mexico (AP) — Darryl Simmons II scored 19 points to help Gardner-Webb defeat SE Louisiana 73-69 on Tuesday. Simmons shot 7 for 13 (2 for 5 from 3-point range) and 3 of 3 from the free-throw line for the Runnin' Bulldogs (3-3). Pharell Boyogueno scored 15 points while going 6 of 13 (3 for 7 from 3-point range) and added seven rebounds and four steals. Anthony Selden shot 6 of 10 from the field and 3 of 6 from the free-throw line to finish with 15 points. Jeremy Elyzee led the Lions (2-4) in scoring, finishing with 22 points, three steals and two blocks. Sam Hines Jr. added 12 points, seven rebounds, six assists and four steals. Jakevion Buckley finished with 11 points, four assists and three steals. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .Casino at mall in Salem gets nod to open in former Lord & Taylor

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