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top 646 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. Leverkusen needed patience to take advantage against a riled-up Bayern team that created better chances in the first half. The home team was without Harry Kane, injured over the weekend against Borussia Dortmund. Bayern confirmed a right hamstring injury and said the England captain will be out “for the time being.” Leverkusen coach Xabi Alonso sent on Patrik Schick for the second half, but the in-form Czech forward limped off with what looked like a left calf injury after less than 15 minutes. Nathan Tella replaced Schick in the 61st, then scored eight minutes later with a header to Álex Grimaldo’s perfectly positioned cross. “The first title of the season is gone, and that hurts,” Bayern midfielder Joshua Kimmich said. Alonso, a former Bayern midfielder, has never lost in five games against his former club while Leverkusen coach. Bayern was knocked out in the second round last season. Also, Werder Bremen defeated second-division side Darmstadt 1-0. Earlier, 2022 finalist Freiburg was knocked out in a 3-1 loss at third-division team Arminia Bielefeld, and Stuttgart won 3-0 at Jahn Regensburg. AP soccer: https://apnews.com/hub/soccer

B.C. Conservative leader faces test after colleagues' letter attacks Surrey MLABridge Defense Announces Strategic Investment in Federated IT

BRP Inc. executives said the Ski-Doo maker needs to stay calm in the face of tariffs proposed by U.S. president-elect Donald Trump — tariffs that could hurt a manufacturer that depends on Mexican production. "I don't think we should overreact right now," chief financial officer Sébastien Martel told analysts on a conference call Friday. "We should not speculate too much, because there are hundreds of different possibilities." Last month, the incoming president threw markets into turmoil when he threatened to slap a 25 per cent tariff on all products entering the U.S. from Canada and Mexico. Trump also proposed a 10 per cent tariff on Chinese imports. Some 70 per cent of BRP's production stems from Mexico, Martel said. The company also churns out Ski-Doo snowmobiles and some of its Can-Am three-wheeled motorcycles at a factory in Valcourt, Que. He stressed the advantage of Mexico's lower labour costs as well as its skilled workforce and the benefits of a North American free trade agreement. "We believe we would not be the same company had we not had that footprint in Mexico," Martel said. Roughly 10 per cent of BRP's goods are sourced from China, Martel noted, adding that those parts are "less technically complex." "There are parts that we could easily transfer to another supplier," he said. "Obviously, it would require work." Many observers have framed Trump's tariff threat as a gambit to gain negotiating leverage, rather than an announcement set in stone. "We are used to dealing with evolving trade agreements and have always succeeded in finding solutions to new tariffs," said CEO José Boisjoli. National Bank analyst Cameron Doerksen said the "uncertainty on this issue" remains a problem. "With the return of the Trump administration, the risk of tariffs on powersports imports into the U.S. market has risen materially, with BRP potentially vulnerable," he said in a note to investors. The uncertainty over tariffs could hardly come at a worse time for the company. BRP saw earnings plunge across all product lines amid dropping demand last quarter, capping off a tough year for the recreational vehicle manufacturer. Net income at the Sea-Doo maker fell 70 per cent year-over-year to $27.3 million in the quarter ended Oct. 31. Third-quarter revenue decreased 17 per cent to $1.96 billion. "Our retail performance was as anticipated, reflecting a challenging market dynamic due to soft industry trends," Boisjoli said, stating that discounts from competitors added to the company's woes. A slow start to the snowmobile season has not helped either. "The snow is a bit late, but now it’s catching up. And we expect good retail this season," Boisjoli said, adding that Ski-Doo sales over the next three months remain a "big question." After an urge for outdoor activity sparked a sales boom during the COVID-19 pandemic, buyers responded to inflation and interest rate hikes by pulling back from pricey recreational purchases. BRP's revenues have fallen year-over-year for eight straight quarters. Last month, the company laid off more than 120 employees in its home province of Quebec. The cuts followed some 1,150 layoffs across North America earlier this year, leaving it with roughly 20,000 workers globally. In October, BRP put its marine businesses up for sale as it looks to focus on powersports products and cut the cable to its money-losing boat brands. Nonetheless, its diluted earnings of $1.16 per share beat analysts' expectations of 69 cents, according to financial markets firm LSEG Data & Analytics. The performance boosted BRP's stock price seven per cent; it closed at $72.75 on the Toronto Stock Exchange on Friday. The company forecast that sales of seasonal products such as Ski-Doos and Sea-Doos will fall by more than 30 per cent this year. The category accounted for a third of BRP revenues last quarter. It predicted sales of all-terrain vehicles and other year-round products — comprising more than half of revenue in the quarter — will drop by more than 20 per cent. This report by The Canadian Press was first published Dec. 6, 2024. Companies in this story: (TSX:DOO) Christopher Reynolds, The Canadian Press— Enhanced liquidity through issuance of Second Lien Notes — Obtained amendment to credit agreement and extended note payable — Fourth quarter fiscal 2024 revenue down 7.3% to $130.4 million — Full year fiscal 2024 revenue down 14.3% to $490.7 million — Conference call begins today at 4:30 pm ET WEST LAFAYETTE, Ind., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Inotiv, Inc. NOTV (the "Company"), a leading contract research organization specializing in nonclinical and analytical drug discovery and development services and research models and related products and services, today announced financial results for the three months ("Q4 FY 2024") and twelve months ("FY 2024") ended September 30, 2024. Revenue by Segment (in millions of USD) Three Months Ended September 30, % change Twelve Months Ended September 30, % change 2024 2023 2024 2023 (unaudited) (unaudited) (unaudited) (unaudited) DSA (Discovery & Safety Assessment) $44.6 $50.2 (11.2 )% $180.1 $185.1 (2.7 )% RMS (Research Models & Services) $85.8 $90.5 (5.2 )% $310.6 $387.3 (19.8 )% Total $130.4 $140.7 (7.3 )% $490.7 $572.4 (14.3 )% Management Commentary Robert Leasure Jr., President and Chief Executive Officer, commented, "The fourth quarter was productive for Inotiv, including completing previously announced site optimization plans, some recovery of NHP sales with existing and new customers, raising capital and amending our credit agreement. Going forward, we are planning further integration and cost reduction initiatives, we will continue to focus on improving the customer experience, and we will continue to evaluate opportunities to improve our balance sheet. We look forward to seeing results from initiatives we have implemented during the last two years. Moreover, addressing the challenges we have faced over the past two years has made many aspects of our business stronger. "Overall, with the exception of the volatility we saw in the NHP business in 2024, we have seen financial improvements in some other aspects of our business. In addition to improving our financial performance, our goals for 2025 include reducing volatility in our NHP business and a continued focus on the customer, compliance and animal welfare. We will continue our customer-driven strategy that has a strong scientific foundation and fuels innovation as One Inotiv. We've grown stronger, adding key partners and building new services and products that have expanded our scientific expertise, services, and offerings. By integrating these efforts over the last two years, we're streamlining our systems and processes to create a more unified customer driven approach across our global footprint." Highlights Q4 FY 2024 Highlights Revenue was $130.4 million in Q4 FY 2024, a decrease of $10.3 million or 7.3%, compared to $140.7 million during the three months ended September 30, 2023 ("Q4 FY 2023"), primarily driven by a $5.6 million, or 11.2%, decrease in Discovery and Safety Assessment ("DSA") revenue and a decrease of $4.7 million, or 5.2%, in Research Models and Services ("RMS") revenue. Revenue of $130.4 million in Q4 FY 2024 was an increase of $24.6 million, or 23.3%, compared to revenue of $105.8 million in the sequential prior quarter of Q3 FY 2024 2 . Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $8.7 million, or 6.2% of total revenue, in Q4 FY 2023. Consolidated net loss for Q4 FY 2024 was $18.9 million, or 14.5% of total revenue, compared to consolidated net loss of $26.1 million, or 24.7% of total revenue, in the sequential prior quarter of Q3 FY 2024. Adjusted EBITDA 1 in Q4 FY 2024 was $5.4 million, or 4.1% of total revenue, compared to $23.7 million, or 16.8% of total revenue, in Q4 FY 2023. Book-to-bill ratio for Q4 FY 2024 was 0.78x for the DSA services business. DSA backlog was $129.9 million at September 30, 2024, down from $132.1 million at September 30, 2023. FY 2024 Highlights Revenue was $490.7 million during FY 2024, a decrease of $81.7 million, or 14.3%, compared to $572.4 million during the twelve months ended September 30, 2023 ("FY 2023"), primarily driven by a $76.7 million, or 19.8%, decrease in RMS revenue and a $5.0 million, or 2.7%, decrease in DSA revenue. Consolidated net loss for FY 2024 was $108.9 million, or 22.2% of total revenue, compared to consolidated net loss of $104.9 million, or 18.3% of total revenue, for FY 2023. Consolidated net loss for FY 2024 included a $28.5 million charge related to the Resolution Agreement (the "Resolution Agreement") the Company and its related entities entered into with the U.S. Department of Justice ("DOJ") and the United States Attorney's Office for the Western District of Virginia ("USAO-WDV") and the Plea Agreement (the "Plea Agreement") Envigo RMS, LLC and Envigo Global Services, Inc. entered into with the DOJ and the USAO-WDV. Each of the Resolution Agreement and the Plea Agreement were entered into on June 3, 2024 in connection with the resolution of a previously-announced criminal investigation into the Company's shuttered canine breeding facility located in Cumberland, Virginia. Consolidated net loss for FY 2023 included a $66.4 million non-cash goodwill impairment charge related to the RMS segment. Adjusted EBITDA 1 in FY 2024 was $18.2 million, or 3.7% of total revenue, compared to $65.8 million, or 11.5% of total revenue, in FY 2023. Book-to-bill ratio for FY 2024 was 0.99x for the DSA services business. 1 This is a non-GAAP financial measure. Refer to "Note on Non-GAAP Financial Measures" in this release for further information. 2 "Q3 FY 2024" refers to the three months ended June 30, 2024. Operational and Capital Resources Highlights The consolidation of operating activities from the Company's Blackthorn, U.K. facility into its Hillcrest, U.K. site have been completed and the Company exited the leased facility by the end of September 2024. On September 13, 2024, the Company entered into a Seventh Amendment to the Company's Credit Agreement. The Seventh Amendment, among other changes, permitted the incurrence of the issuance by the Company of Second Lien Notes (as defined below) in an aggregate amount of approximately $22.6 million, made certain changes to the component definitions of the financial covenants, including the definition of Fixed Charge Coverage Ratio, and increased the cash netting capability in the Secured Leverage Ratio covenant. The Seventh Amendment included the addition of a maximum capital expenditure limit and a minimum EBITDA test effective September 13, 2024, waived the existing financial covenants from the date of the Seventh Amendment until June 30, 2025, and established additional new financial covenants for the fiscal quarters starting June 30, 2025 and thereafter. On September 13, 2024, certain investors acquired $22.0 million principal amount of the 15.00% Senior Secured Second Lien PIK Notes due 2027 (the "Second Lien Notes") and warrants to purchase 3,946,250 of the Company's common shares for consideration comprised of (i) $17.0 million in cash and (ii) the cancellation of approximately $8.3 million of the Company's 3.25% Convertible Senior Notes due 2027. In connection with this transaction, the Company also issued to the structuring agent approximately $0.6 million principal amount of the Second Lien Notes and warrants to purchase 200,000 of the Company's common shares as compensation for its services as structuring agent. Announcement In fiscal 2025, the Company intends to initiate the next phase of our site optimization program to further improve and consolidate additional RMS facilities in the U.S. This next phase is another important program, which the Company projects will eliminate approximately $4.0 million to $5.0 million in operating expenses and further improve RMS margins when completed. Most of these financial benefits are not expected until fiscal 2026. The Company expects to incur additional immaterial capital expenditures, which are included in our capital plan, and immaterial expenses in connection with the next phase of our site optimization program. The Company also believes it can achieve another $0.5 million to $1.0 million in cost reductions from the continued integration of its North American transportation and distribution system. Subsequent Event On October 24, 2024, the Company and Orient BioResource Center entered into a Third Amendment to extend the maturity date of the Seller Payable to January 27, 2026. Fourth Quarter Fiscal 2024 Financial Results (Three Months Ended September 30, 2024) Revenue decreased 7.3% to $130.4 million in Q4 FY 2024 as compared to $140.7 million in Q4 FY 2023. The lower total revenue in the fourth quarter was driven by a $5.6 million decrease in DSA revenue and a $4.7 million decrease in RMS revenue. DSA revenues decreased primarily due to a decrease in safety assessment services of $3.4 million, which was primarily due to decreased revenue from general toxicology services as a result of a change in the mix of studies conducted, and a decrease in discovery service revenue of $2.0 million as a result of the decline in overall biotech activity in the market. The decrease in RMS revenue was due to the lower non-human primate ("NHP") related product and service revenue of $1.6 million mainly as a result of lower pricing for NHPs. Additionally, in Q4 FY 2024, there was a decrease of $1.7 million in RMS revenue as a result of the sale of our Israeli businesses in Q4 FY 2023. The remaining decrease in RMS revenue in Q4 FY 2024 was primarily due to a decline in small animal model sales. Operating loss was $13.2 million in Q4 FY 2024 as compared to operating income of $2.5 million in Q4 FY 2023. RMS operating income decreased by $10.7 million, or 91.1%, driven by the decrease in revenue discussed above and an increase in cost of revenue of $6.8 million. The increased RMS cost of revenue was primarily due to increased costs associated with NHP-related product and service revenue of $10.4 million, partially offset by decreases from the impact of the sale of our Israeli business of $1.2 million, as well as decreases in restructuring costs, transportation costs and costs related to sites closed in connection with our optimization plan. DSA operating income decreased by $4.8 million, or 71.5%, primarily due to the decrease in revenue noted above. Full Year Fiscal 2024 Financial Results (Twelve Months Ended September 30, 2024) Revenue decreased 14.3% to $490.7 million in FY 2024 as compared to $572.4 million in FY 2023. The lower total revenue in FY 2024 was primarily driven by a $76.7 million decrease in RMS revenue and a decrease in DSA revenue of $5.0 million. The decrease in RMS revenue was due primarily to the negative impact of lower NHP sales of $60.4 million. Additionally, there was a decrease of $10.6 million in RMS revenue as a result of the sale of our Israeli businesses in the fourth quarter of fiscal 2023. The remaining decrease in RMS revenue in FY 2024 was due primarily to decreases in small animal model sales and RMS services in the U.S., partially offset by an increase in diet, bedding and enrichment product sales and an increase in small animal model sales outside of the U.S. and RMS services outside of the U.S. The decrease in DSA revenue in FY 2024 was primarily driven by a $5.0 million decrease in discovery services revenue as a result of the decline in overall biotech activity in the market. Operating loss was $86.4 million in FY 2024 as compared to $81.5 million in FY 2023. The higher total operating loss in FY 2024 was due to an increase in RMS operating loss of $7.0 million and a decrease in DSA operating income of $6.5 million, partially offset by a decrease in unallocated corporate expenses of $8.6 million. The increase in RMS operating loss was primarily driven by the negative margin impact resulting from the decrease in RMS revenue noted above and included the $28.5 million charge incurred during FY 2024 related to the Resolution Agreement and Plea Agreement, partially offset by the $66.4 million non-cash goodwill impairment charge related to our RMS segment in FY 2023 that did not recur in FY 2024. DSA operating income decreased primarily due to the decreased revenue noted above. Unallocated corporate expenses decreased primarily due to decreases in professional fees, acquisition and integration costs, stock compensation expense and compensation and benefits expense, partially offset by an increase in information technology expenses. Cash and cash equivalents of $21.4 million at September 30, 2024, compares to $35.5 million at September 30, 2023. Cash used by operating activities was $6.8 million for FY 2024, which included payments of $6.5 million related to the Resolution Agreement and the Plea Agreement, compared to cash provided by operating activities of $27.9 million for FY 2023. For FY 2024, capital expenditures totaled $22.3 million compared to $27.5 million for FY 2023. Total debt, net of debt issuance costs, as of September 30, 2024, was $393.3 million. As of September 30, 2024, there were no borrowings on the Company's $15.0 million revolving credit facility. Webcast and Conference Call Management will host a conference call on Tuesday, December 3, 2024, at 4:30 pm ET to discuss fourth quarter and full year fiscal 2024 results. Interested parties may participate in the call by dialing: (800) 267-6316 (Domestic) (203) 518-9783 (International) "Inotiv" (Conference ID) The live conference call webcast will be accessible in the Investors section of the Company's web site and directly via the following link: https://viavid.webcasts.com/starthere.jsp?ei=1697836&tp_key=5c08e65813 For those who cannot listen to the live broadcast, an online replay will be available in the Investors section of Inotiv's web site at: https://ir.inotiv.com/events-and-presentations/default.aspx . Note on Non-GAAP Financial Measures This press release contains financial measures that are not calculated in accordance with generally accepted accounting principles in the United States (GAAP), including Adjusted EBITDA and Adjusted EBITDA as a percentage of total revenue for the three and twelve months ended September 30, 2024 and 2023 and selected business segment information for those periods. Adjusted EBITDA as reported herein refers to a financial measure that excludes from consolidated net loss, statements of operations line items interest expense and income tax benefit/provision, as well as non-cash charges for depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution and Plea Agreements, gain on sale of subsidiary, gain on extinguishment of debt, and goodwill impairment loss. The adjusted business segment information excludes from operating loss and unallocated corporate operating expenses for these same expenses. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in this press release. The Company believes that these non-GAAP measures provide useful information to investors. Among other things, they may help investors evaluate the Company's ongoing operations. They can assist in making meaningful period-over-period comparisons and in identifying operating trends that would otherwise be masked or distorted by the items subject to the adjustments. Management uses these non-GAAP measures internally to evaluate the performance of the business, including to allocate resources. Investors should consider these non-GAAP measures as supplemental and in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Management has chosen to provide this supplemental information to investors, analysts, and other interested parties to enable them to perform additional analyses of our results and to illustrate our results giving effect to the non-GAAP adjustments. Management strongly encourages investors to review the Company's condensed consolidated financial statements and publicly filed reports in their entirety and cautions investors that the non-GAAP measures used by the Company may differ from similar measures used by other companies, even when similar terms are used to identify such measures. About the Company Inotiv, Inc. is a leading contract research organization dedicated to providing nonclinical and analytical drug discovery and development services and research models and related products and services. The Company's products and services focus on bringing new drugs and medical devices through the discovery and preclinical phases of development, all while increasing efficiency, improving data, and reducing the cost of taking new drugs and medical devices to market. Inotiv is committed to supporting discovery and development objectives as well as helping researchers realize the full potential of their critical research and development projects, all while working together to build a healthier and safer world. Further information about Inotiv can be found here: https://www.inotiv.com/ . This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, statements regarding our intent, belief or current expectations with respect to ( i) our strategic plans; (ii) trends in the demand for our services and products; (iii) trends in the industries that consume our services and products; (iv) market and company-specific impacts of NHP supply and demand matters; (v) compliance with the Resolution Agreement and Plea Agreement and the expected impacts on the Company related to the compliance plan and compliance monitor, and the expected amounts, timing and expense treatment of cash payments and other investments thereunder; (vi) our ability to service our outstanding indebtedness and to comply or regain compliance with financial covenants, including those established by the Seventh Amendment to our Credit Agreement; (vii) our current and forecasted cash position; (viii) our ability to make capital expenditures, fund our operations and satisfy our obligations; (ix) our ability to manage recurring and unusual costs; (x) our ability to realize the expected benefits related to our restructuring and site optimization plans; (xi) our expectations regarding the volume of new bookings, pricing, operating income or losses and liquidity; (xii) our ability to effectively fill the recent expanded capacity or any future expansion or acquisition initiatives undertaken by us; (xiii) our ability to develop and build infrastructure and teams to manage growth and projects; (xiv) our ability to continue to retain and hire key talent; (xv) our ability to market our services and products under our corporate name and relevant brand names; (xvi) our ability to develop new services and products; (xvii) our ability to negotiate amendments to the Credit Agreement or obtain waivers related to the financial covenants defined within the Credit Agreement, including those detailed in the Company's filings with the U.S. Securities and Exchange Commission. Further discussion of these risks, uncertainties, and other matters can be found in the Risk Factors detailed in our Annual Report on Form 10-K as filed on December 12, 2023, as well as other filings we make with the Securities and Exchange Commission. Company Contact Investor Relations Inotiv, Inc. LifeSci Advisors Beth A. Taylor, Chief Financial Officer Steve Halper (765) 497-8381 (646) 876-6455 btaylor@inotivco.com shalper@lifesciadvisors.com INOTIV, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 Service revenue $ 54,475 $ 58,718 $ 219,663 $ 223,813 Product revenue 75,942 82,022 271,076 348,612 Total revenue $ 130,417 $ 140,740 $ 490,739 $ 572,425 Costs and expenses: Cost of services provided (excluding depreciation and amortization of intangible assets) 40,464 39,460 157,826 147,819 Cost of products sold (excluding depreciation and amortization of intangible assets) 60,014 52,955 221,742 242,664 Selling 5,102 5,030 20,883 19,075 General and administrative 20,529 22,410 77,034 104,706 Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Other operating expense 2,881 3,825 42,542 18,537 Goodwill impairment loss — — — 66,367 Operating (loss) income $ (13,167 ) $ 2,460 $ (86,406 ) $ (81,460 ) Other (expense) income: Interest expense (12,316 ) (11,268 ) (46,884 ) (43,019 ) Other income 1,438 1,582 2,530 237 Loss before income taxes $ (24,045 ) $ (7,226 ) $ (130,760 ) $ (124,242 ) Income tax benefit (provision) 5,154 (1,480 ) 21,875 19,340 Consolidated net loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Less: Net (loss) income attributable to noncontrolling interests — 957 (440 ) 238 Net loss attributable to common shareholders $ (18,891 ) $ (9,663 ) $ (108,445 ) $ (105,140 ) Loss per common share Net loss attributable to common shareholders: Basic $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Diluted $ (0.73 ) $ (0.38 ) $ (4.19 ) $ (4.10 ) Weighted-average number of common shares outstanding: Basic 26,001 25,738 25,897 25,641 Diluted 26,001 25,738 25,897 25,641 INOTIV, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts) (Unaudited) As of September 30, 2024 2023 Assets Current assets: Cash and cash equivalents $ 21,432 $ 35,492 Trade receivables and contract assets, net of allowances for credit losses of $6,931 and $7,446, respectively 73,560 87,383 Inventories, net 18,173 56,102 Prepaid expenses and other current assets 50,248 33,408 Assets held for sale — 1,418 Total current assets 163,413 213,803 Property and equipment, net 188,328 191,068 Operating lease right-of-use assets, net 49,165 38,866 Goodwill 94,286 94,286 Other intangible assets, net 274,396 308,428 Other assets 11,773 10,079 Total assets $ 781,361 $ 856,530 Liabilities, shareholders' equity and noncontrolling interest Current liabilities: Accounts payable $ 33,526 $ 32,564 Accrued expenses and other liabilities 28,218 25,776 Fees invoiced in advance 41,986 55,622 Current portion of long-term operating lease 11,774 10,282 Current portion of long-term debt 3,538 7,950 Total current liabilities 119,042 132,194 Long-term operating leases, net 40,010 29,614 Long-term debt, less current portion, net of debt issuance costs 389,801 369,795 Other long-term liabilities 34,963 6,373 Deferred tax liabilities, net 27,041 50,064 Total liabilities 610,857 588,040 Shareholders' equity and noncontrolling interest: Common shares, no par value: Authorized 74,000,000 shares at September 30, 2024 and September 30, 2023; 26,015,129 issued and outstanding at September 30, 2024 and 25,777,169 at September 30, 2023 6,466 6,406 Additional paid-in capital 724,789 715,696 Accumulated deficit (562,163 ) (453,278 ) Accumulated other comprehensive income 1,412 330 Total equity attributable to common shareholders 170,504 269,154 Noncontrolling interest — (664 ) Total shareholders' equity and noncontrolling interest 170,504 268,490 Total liabilities and shareholders' equity and noncontrolling interest $ 781,361 $ 856,530 INOTIV, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Fiscal Years Ended September 30 2024 2023 Operating activities: Consolidated net loss $ (108,885 ) $ (104,902 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities, net of acquisitions: Depreciation and amortization 57,118 54,717 Employee stock compensation expense 6,740 7,844 Changes in deferred taxes (23,251 ) (25,810 ) Provision for expected credit losses 58 1,273 Amortization of debt issuance costs and original issue discount 3,745 3,182 Noncash interest and accretion expense 7,378 6,284 Other non-cash operating activities (452 ) 1,972 Gain on debt extinguishment (1,860 ) — Goodwill impairment loss — 66,367 Changes in operating assets and liabilities: Trade receivables and contract assets 14,168 9,550 Inventories 38,210 14,011 Prepaid expenses and other current assets (16,357 ) 11,249 Operating lease right-of-use assets and liabilities, net 1,589 884 Accounts payable 613 5,963 Accrued expenses and other liabilities 2,158 (8,339 ) Fees invoiced in advance (14,339 ) (12,907 ) Other asset and liabilities, net 26,562 (3,455 ) Net cash (used in) provided by operating activities (6,805 ) 27,883 Investing activities: Capital expenditures (22,310 ) (27,503 ) Proceeds from sale of property and equipment 5,478 1,115 Cash paid for other investing activities — (2,367 ) Net cash used in investing activities (16,832 ) (28,755 ) Financing activities: Payments on revolving credit facility (12,000 ) (21,000 ) Payments on senior term notes and delayed draw term loans (3,454 ) (2,070 ) Borrowings on revolving loan facility 12,000 6,000 Issuance of second lien notes 17,000 — Borrowings on delayed draw term loans — 35,000 Other financing activities, net (3,871 ) (2,058 ) Net cash provided by financing activities 9,675 15,872 Effect of exchange rate changes on cash and cash equivalents (98 ) 1,512 Net (decrease) increase in cash and cash equivalents (14,060 ) 16,512 Cash, cash equivalents, and restricted cash at beginning of period 35,492 18,980 Cash, cash equivalents, and restricted cash at end of period $ 21,432 $ 35,492 Noncash financing activity: Non-cash debt issuance costs $ 3,512 $ 1,363 Supplemental disclosure of cash flow information: Cash paid for interest $ 36,138 $ 35,459 Income taxes paid, net $ 1,843 $ 7,146 INOTIV, INC. RECONCILIATION OF GAAP TO NON-GAAP SELECT BUSINESS SEGMENT INFORMATION (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 DSA Revenue 44,568 50,216 180,116 185,090 Operating income 1,928 6,768 8,699 15,246 Operating income as a % of total revenue 1.5 % 4.8 % 1.8 % 2.7 % Add back: Depreciation and amortization of intangible assets 4,605 4,545 17,865 16,371 Restructuring costs 124 — 465 97 Startup costs 709 1,291 3,278 6,858 Total non-GAAP adjustments to operating income 5,438 5,836 21,608 23,326 Non-GAAP operating income 7,366 12,604 30,307 38,572 Non-GAAP operating income as a % of DSA revenue 16.5 % 25.1 % 16.8 % 20.8 % Non-GAAP operating income as a % of total revenue 5.6 % 9.0 % 6.2 % 6.7 % RMS Revenue 85,849 90,524 310,623 387,335 Operating income (loss) 1,044 11,757 (31,929 ) (24,904 ) Operating income (loss) as a % of total revenue 0.8 % 8.4 % (6.5 %) (4.4 %) Add back: Depreciation and amortization of intangible assets 9,833 9,997 38,614 38,288 Restructuring costs 391 1,317 2,909 4,529 Amortization of inventory step up 142 116 351 679 Other unusual, third party costs 1,258 806 5,886 3,958 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating income (loss) 11,624 12,236 76,260 113,821 Non-GAAP operating income 12,668 23,993 44,331 88,917 Non-GAAP operating income as a % of RMS revenue 14.8 % 26.5 % 14.3 % 23.0 % Non-GAAP operating income as a % of total revenue 9.7 % 17.0 % 9.0 % 15.5 % Unallocated Corporate Operating Loss (16,139 ) (16,065 ) (63,176 ) (71,802 ) Unallocated corporate operating expenses as a % of total revenue (12.4 )% (11.4 )% (12.9 )% (12.5 )% Add back: Depreciation and amortization of intangible assets 156 58 639 58 Stock option expense 1,622 1,988 6,740 7,844 Acquisition and integration costs — 35 70 1,228 Other unusual, third party costs — — — 572 Total non-GAAP adjustments to operating loss 1,778 2,081 7,449 9,702 Non-GAAP operating loss (14,361 ) (13,984 ) (55,727 ) (62,100 ) Non-GAAP operating loss as a % of total revenue (11.0 )% (9.9 )% (11.4 )% (10.8 )% Total Revenue 130,417 140,740 490,739 572,425 Operating (loss) income (13,167 ) 2,460 (86,406 ) (81,460 ) Operating (loss) income as a % of total revenue (10.1 )% 1.7 % (17.6 )% (14.2 %) Add back: Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Restructuring costs 515 1,317 3,374 4,626 Acquisition and integration costs — 35 70 1,228 Amortization of inventory step up 142 116 351 679 Startup costs 709 1,291 3,278 6,858 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement — — 28,500 — Goodwill impairment loss — — — 66,367 Total non-GAAP adjustments to operating (loss) income 18,840 20,153 105,317 146,849 Non-GAAP operating income 5,673 22,613 18,911 65,389 Non-GAAP operating income as a % of total revenue 4.3 % 16.1 % 3.9 % 11.4 % INOTIV, INC. RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Twelve Months Ended September 30, 2024 2023 2024 2023 GAAP Consolidated Net Loss $ (18,891 ) $ (8,706 ) $ (108,885 ) $ (104,902 ) Adjustments (a) Interest expense 12,316 11,268 46,884 43,019 Income tax (benefit) provision (5,154 ) 1,480 (21,875 ) (19,340 ) Depreciation and amortization of intangible assets 14,594 14,600 57,118 54,717 Stock compensation expense 1,622 1,988 6,740 7,844 Acquisition and integration costs (1) — (145 ) 70 1,449 Startup costs 709 1,291 3,278 6,858 Restructuring costs (2) 515 1,317 3,374 4,626 Unrealized foreign exchange (gain) loss (744 ) 956 (1,320 ) 950 Amortization of inventory step up 142 116 351 679 (Gain) loss on disposition of assets 862 84 (76 ) 403 Other unusual, third party costs 1,258 806 5,886 4,530 Resolution Agreement and Plea Agreement (3) — — 28,500 — Gain on sale of subsidiary — (1,377 ) — (1,377 ) Gain on debt extinguishment (1,860 ) — (1,860 ) — Goodwill impairment loss (4) — — — 66,367 Adjusted EBITDA (b) $ 5,369 $ 23,678 $ 18,185 $ 65,823 GAAP consolidated net loss as a percent of total revenue (14.5 )% (6.2 )% (22.2 )% (18.3 )% Adjustments as a percent of total revenue 18.6 % 23.0 % 25.9 % 29.8 % Adjusted EBITDA as a percent of total revenue 4.1 % 16.8 % 3.7 % 11.5 % (a) Adjustments to certain GAAP reported measures for the three and twelve months ended September 30, 2024 and 2023 include, but are not limited to, the following: (1) For the three and twelve months ended September 30, 2024 and 2023, represents charges for legal services, accounting services, travel and other related activities in connection with various acquisitions and the related integration of those acquisitions. (2) For the three and twelve months ended September 30, 2024, primarily represents costs incurred in connection with the exit of multiple sites and the enablement of the in-house integration of Inotiv's North American transportation operations as previously disclosed. For the three and twelve months ended September 30, 2023, primarily represents costs incurred in connection with the exit of multiple sites as previously disclosed. (3) For the twelve months ended September 30, 2024, represents a charge related to the Resolution Agreement and the Plea Agreement as it relates to the matter in which the U.S. Department of Justice, together with federal and state law enforcement agents, executed a search and seizure warrant on the Cumberland facility on May 18, 2022. (4) For the twelve months ended September 30, 2023, represents a non-cash goodwill impairment charge of $66.4 million related to the RMS segment. (b) Adjusted EBITDA - Consolidated net loss before interest expense, income tax benefit/provision, depreciation and amortization of intangible assets, stock compensation expense, acquisition and integration costs, startup costs, restructuring costs, unrealized foreign exchange (gain) loss, amortization of inventory step up, (gain) loss on disposition of assets, other unusual, third party costs, the charge in connection with the Resolution Agreement and the Plea Agreement, gain on sale of subsidiary, gain on debt extinguishment and goodwill impairment loss. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Dunxin Financial Holdings Limited Announces Planned ADS Ratio Change

In matches like these, the scoreline is what counts. Bayern Munich might not have been perfect, but earned three critical points in this Champions League campaign. It was by no means a bad performance, but the team still isn’t fully clicking yet. Defenders turned strikers Kim Min-Jae has now scored his third goal for the club, after just recently scoring along with Dayot Upamecano. Bayern Munich have finally got some well-rounded goal scoring after a lack of defensive goals last season. It is a breath of fresh air seeing Kane and company getting a bit of extra help. Coman needs to improve his finishing Call us a broken record. Yes, finishing has remained Coman’s primary issue for his entire career. Tonight it could have costed Bayern yet another win. Coman should’ve scored without a doubt from his chances tonight. Olise almost certainly would have scored, but everyone has their off days. It seems as though Coman’s leash is a bit longer than most. Midfield depth paid off With Aleksander Pavlovic and João Palhinha out, Leon Goretzka and Konrad Laimer held their own. It is times like this when a lack of depth can cost teams matches, but Bayern’s depth paid off when players like Laimer and Goretzka can step in. Bayern have a hard time putting away games When Dembele was sent off for a second yellow, it should have solidified the victory. Yet, Bayern struggled for a second goal while PSG threatened to equalize. Not every game can be 7-0, but this was probably too close than it needed to be. What did you think about the match? Let us know in the comments below!

Rev Richard Coles says girls threw knickers at him when he was in The CommunardsORLANDO, Fla. — UCF coach Gus Malzahn is resigning after four seasons with the school. ESPN’s Pete Thamel was the first to report the move, which will see Malzahn to leave to take the offensive coordinator job at Florida State. Malzahn previously worked with FSU coach Mike Norvell during their time at Tulsa under then-coach Todd Graham from 2007-08. The Knights ended a disappointing 4-8 season in which they lost eight of their last nine games, the longest losing streak since 2015. Malzahn, 59, was in the fourth year of a contract through 2028. His buyout, it is reported, would have been $13.75 million. He finished 27-25 at UCF but lost 16 of his last 22 games and was a dismal 4-14 in two seasons in the Big 12. After back-to-back nine-win seasons in 2021-22, the Knights went 6-7 in 2023 and 4-8 in 2024. This season started with high expectations as Malzahn made sweeping changes to the program. He retooled the strength and conditioning department and hired Ted Roof and Tim Harris Jr. as defensive and offensive coordinators, respectively. He also added nearly 50 new players to the roster, leaning heavily on the transfer market. UCF started by winning its first three games against New Hampshire, Sam Houston and a thrilling comeback at TCU, but offensive struggles saw the Knights tumble through a TBD-game losing streak to finish the season. Terry Mohajir hired Malzahn on Feb. 15, 2021, six days after he was hired to replace Danny White. The move came eight weeks after Malzahn had been fired at Auburn after eight seasons of coaching the Tigers. The two briefly worked together at Arkansas State in 2012 before Malzahn left for the Auburn job. “When he [Mohajir] offered the job, I was like, ‘I’m in.’ There wasn’t thinking about or talking about ...,” Malzahn said during his introductory press conference. “This will be one of the best programs in college football in a short time. This is a job that I plan on being here and building it.” UCF opened the 2021 season with non-conference wins over Boise State and Bethune-Cookman before traveling to Louisville on Sept. 17, where quarterback Dillon Gabriel suffered a fractured collarbone in the final minute of a 42-35 loss. Backup Mikey Keene would finish out the season as Gabriel announced his intention to transfer. The Knights would finish the season on the plus side by accepting a bid to join the Big 12 Conference in September and then by defeating Florida 29-17 in the Gasparilla Bowl. Malzahn struck transfer portal gold in the offseason when he signed former Ole Miss quarterback John Rhys Plumlee. Plumlee, a two-sport star with the Rebels, helped guide UCF to the American Athletic Conference Championship in its final season. However, Plumlee’s injury forced the Knights to go with Keene and freshman Thomas Castellanos. The team finished with losses to Tulane in the conference championship and Duke in the Military Bowl. Plumlee would return in 2023 as UCF transitioned to the Big 12 but would go down with a knee injury in the final minute of the Knights’ 18-16 win at Boise State on Sept. 9. He would miss the next four games as backup Timmy McClain took over the team. Even on his return, Plumlee couldn’t help UCF, on a five-game losing streak to open conference play. The Knights got their first Big 12 win at Cincinnati on Nov. 4 and upset No. 15 Oklahoma State the following week, but the team still needed a win over Houston in the regular-season finale to secure a bowl bid for the eighth straight season. From the moment Malzahn stepped on campus, he prioritized recruiting, particularly in Central Florida. “We’re going to recruit like our hair’s on fire,” Malzahn said at the time. “We’re going to go after the best players in America and we’re not backing down to anybody.” From 2007 to 2020, UCF signed 10 four-star high school and junior college prospects. Eight four-star prospects were in the three recruiting classes signed under Malzahn. The 2024 recruiting class earned a composite ranking of 39 from 247Sports, the highest-ranked class in school history. The 2025 recruiting class is ranked No. 41 and has commitments from three four-star prospects. Malzahn has always leaned on the transfer market, signing 60 players over the past three seasons. Some have paid huge dividends, such as Javon Baker, Lee Hunter, Kobe Hudson, Tylan Grable, Bula Schmidt, Amari Kight, Marcellus Marshall, Trent Whittemore, Gage King, Ethan Barr, Deshawn Pace and Plumlee. Others haven’t been as successful, such as quarterback KJ Jefferson, who started the first five games of this season before being benched for poor performance. Jefferson’s struggles forced the Knights to play musical chairs at quarterback, with true freshman EJ Colson, redshirt sophomore Jacurri Brown and redshirt freshman Dylan Rizk all seeing action at one point or another this season. This season’s struggles led to several players utilizing the NCAA’s redshirt rule after four games, including starting slot receiver Xavier Townsend and kicker Colton Boomer, who have also entered the transfer portal. Defensive end Kaven Call posted a letter to Malzahn on Twitter in which he accused the UCF coaching staff of recently kicking him off the team when he requested to be redshirted. Get local news delivered to your inbox!Saquon Barkley and the Philadelphia Eagles make their second-to-last road trip of the regular season Sunday to face Derrick Henry and the Baltimore Ravens. The NFC East-leading Eagles (9-2) have won seven in a row and play four of their final six games in Philadelphia, traveling only about 125 miles to visit the Ravens (8-4) this weekend and the Washington Commanders in Week 16. Sunday's game features the NFL's two leading rushers. Barkley (1,392 yards) and Henry (1,325) are far ahead of Green Bay's Josh Jacobs (944) in third place. Henry leads the league with 13 rushing touchdowns. Barkley (10) is tied for fourth and Philadelphia quarterback Jalen Hurts (11) tied for second. The matchup also features two of the top candidates for Most Valuable Player honors entering Week 13 in Barkley and Baltimore quarterback Lamar Jackson, who won his second MVP award last season. Their competition includes quarterbacks Josh Allen of Buffalo and Jared Goff of Detroit, with Allen widely considered the favorite. "Lamar Jackson and Derrick Henry are phenomenal football players that help their team win football games, and Jalen Hurts and Saquon Barkley are phenomenal football players that help their team win football games," Eagles coach Nick Sirianni said. "Excited about the opportunity this week because it's our next one. It will be a really good opponent, really well coached, good players, good atmosphere that will be there. Excited about the opportunity this week. And we're going to have to be on it against a really good team." The showdown at M&T Bank Stadium also pits Baltimore's No. 1 offense (426.7 yards per game) and No. 2 scoring offense (30.3 points per game) against Philadelphia's No. 1 defense (274.6) and No. 6 scoring defense (18.1). The Eagles have held seven consecutive opponents to under 300 total yards, while the Ravens have gained at least 329 yards of offense in all 11 games. Philadelphia is coming off a 37-20 road win over the Los Angeles Rams on Sunday night in which Barkley smashed the franchise record with 255 rushing yards. Baltimore also earned a prime-time win in Los Angeles, defeating the Chargers 30-23 in the "Harbaugh Bowl" on Monday night behind Jackson's three touchdowns (two passing, one rushing). Jackson said he's looking forward to the Barkley and Henry show. "I've known Saquon from high school. We were in the all-star game together and he jumped over somebody's head," Jackson recalled Wednesday. "So I've pretty much seen him before I even got to the league, college, anything. I've been knowing about Saquon, but Derrick Henry -- King Henry -- I'm with him every day and I'm seeing what he's capable of, so it's going to be a great matchup." Ravens linebacker Roquan Smith practiced Wednesday after sitting out Monday with a hamstring issue. Nose tackle Michael Pierce (calf) was designated to return from injured reserve. Tight end Charlie Kolar (broken arm) is out for several weeks and cornerback Arthur Maulet (calf) did not practice. The Eagles lost veteran defensive end Brandon Graham to a season-ending triceps injury Sunday. Wideout DeVonta Smith (hamstring) missed the win over the Rams and did not practice Wednesday. Neither did cornerbacks Darius Slay (concussion) or Kelee Ringo (calf). Philadelphia is 5-1 away from home this season -- 6-1 if you count their season-opening "home" victory against the Packers in Sao Paulo, Brazil. Baltimore is 4-1 at home. The Ravens hold a 3-2-1 lead in the series with the Eagles. They haven't met since Baltimore's 30-28 win in Week 6 at Philadelphia in 2020. --Field Level Media

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