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Lux Optics has released a loose product roadmap for its next big iPhone photo app, Halide 3.0 (which it’s calling Halide Mark III). After being more forthright than usual in the development of its , which was recently by Apple, Lux is giving the next version of its popular photo app a touch of the Steam indie dev treatment. Not only is Lux already hyping key upcoming features in by cofounder Ben Sandofsky, but it also plans to open up the development process via a , where users can give feedback once they start trying Halide Mark III. So far, Lux has detailed three upcoming features for Halide Mark III that subscribers will be able to try early: Color Grades, HDR photos, and an app redesign. Color grades will operate a lot like they do in Kino, with users able to quickly load an aesthetic look / color palette based on Lux’s own creations, film stocks, and imported recipes cooked by other users. In addition to what sounds like Lux’s take on Fujifilm’s film emulations, Halide Mark III will also include the developer’s take on HDR photos — now that iOS 18’s Adaptive HDR feature is making it easier to view HDR images on more platforms. Not much has been revealed so far about Halide 3.0’s redesigned interface, but Sandofsky said in the blog post that form follows function, and “if Halide’s version of Instant Grade goes as smooth as we think it will, we’ll make grade-picking central to the UI, just like Kino.” Sandofsky’s blog post also didn’t go into further detail about when Halide Mark III will ship beyond sometime in 2025, and it didn’t say how much Halide Mark III will cost. But the on Threads that Mark III will be included for Mark II users, and an upgrade for v1 users. /Q3 Net Revenue: $1.516 billion , grew by 7% year-on-year Q3 Gross Margin: 23.0% GAAP gross margin; 60.5% non-GAAP gross margin Q3 Diluted income (loss) per share: $(0.78) GAAP diluted loss per share; $0.43 non-GAAP diluted income per share SANTA CLARA, Calif. , Dec. 3, 2024 /PRNewswire/ -- Marvell Technology, Inc. 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 Net revenue is expected to be $1.800 billion +/- 5%. GAAP gross margin is expected to be approximately 50%. Non-GAAP gross margin is expected to be approximately 60%. GAAP operating expenses are expected to be approximately $710 million . Non-GAAP operating expenses are expected to be approximately $480 million . Basic weighted-average shares outstanding are expected to be 867 million. Diluted weighted-average shares outstanding are expected to be 877 million. GAAP diluted net income per share is expected to be $0.16 +/- $0.05 per share. Non-GAAP diluted net income per share is expected to be $0.59 +/- $0.05 per share. 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: Management's evaluation of Marvell's operating performance; Management's establishment of internal operating budgets; Management's performance comparisons with internal forecasts and targeted business models; and Management's determination of the achievement and measurement of certain types of compensation including Marvell's annual incentive plan and certain performance-based equity awards (adjustments may vary from award to award). 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, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Cash flows from operating activities: Net loss $ (676.3) $ (164.3) $ (1,085.2) $ (540.7) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 76.6 72.1 225.5 226.0 Stock-based compensation 158.4 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 269.8 805.5 811.6 Restructuring related impairment charges 521.8 0.8 524.1 32.2 Deferred income taxes (47.9) (57.0) (106.2) (283.7) Other expense, net 9.0 18.2 42.1 39.9 Changes in assets and liabilities: Accounts receivable 62.2 (5.5) 123.7 (22.4) Prepaid expenses and other assets (45.5) 53.7 176.2 14.4 Inventories (108.2) 70.6 (60.2) 123.1 Accounts payable 75.0 (0.7) 109.8 (87.5) Accrued employee compensation 71.1 59.7 11.9 0.7 Accrued liabilities and other non-current liabilities 175.2 27.1 (49.8) 55.8 Net cash provided by operating activities 536.3 503.0 1,167.2 823.9 Cash flows from investing activities: Purchases of technology licenses (0.5) (0.3) (6.2) (3.3) Purchases of property and equipment (75.0) (54.4) (214.7) (265.3) Acquisitions, net of cash acquired — — (10.4) (5.5) Other, net — 0.1 0.9 (0.2) Net cash used in investing activities (75.5) (54.6) (230.4) (274.3) Cash flows from financing activities: Repurchases of common stock (200.0) (50.0) (525.0) (50.0) Proceeds from employee stock plans 0.8 0.7 52.4 61.1 Tax withholding paid on behalf of employees for net share settlement (58.6) (44.9) (190.3) (168.7) Dividend payments to stockholders (51.9) (51.8) (155.6) (154.9) Payments on technology license obligations (58.9) (31.6) (124.4) (110.2) Proceeds from borrowings — 1,045.3 — 1,295.3 Principal payments of debt (32.8) (1,006.9) (76.6) (1,600.6) Other, net — (7.0) — (7.0) Net cash used in financing activities (401.4) (146.2) (1,019.5) (735.0) Net increase (decrease) in cash and cash equivalents 59.4 302.2 (82.7) (185.4) Cash and cash equivalents at beginning of period 808.7 423.4 950.8 911.0 Cash and cash equivalents at end of period $ 868.1 $ 725.6 $ 868.1 $ 725.6 Marvell Technology, Inc. Reconciliations from GAAP to Non-GAAP (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 GAAP gross profit $ 349.4 $ 587.6 $ 551.2 $ 1,464.8 $ 1,629.5 Special items: Stock-based compensation 16.3 11.2 15.7 37.2 38.7 Amortization of acquired intangible assets 180.4 191.3 184.3 552.2 553.8 Restructuring related charges (a) 356.8 — — 356.8 — Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Total special items 567.7 199.9 308.0 963.8 830.3 Non-GAAP gross profit $ 917.1 $ 787.5 $ 859.2 $ 2,428.6 $ 2,459.8 GAAP gross margin 23.0 % 46.2 % 38.9 % 37.1 % 39.9 % Stock-based compensation 1.1 % 0.9 % 1.1 % 0.9 % 0.9 % Amortization of acquired intangible assets 11.9 % 15.0 % 13.0 % 14.0 % 13.6 % Restructuring related charges (a) 23.5 % — % — % 9.0 % — % Other cost of goods sold (b) 1.0 % (0.2) % 7.6 % 0.5 % 5.9 % Non-GAAP gross margin 60.5 % 61.9 % 60.6 % 61.5 % 60.3 % Total GAAP operating expenses $ 1,052.2 $ 688.0 $ 697.5 $ 2,420.3 $ 2,163.9 Special items: Stock-based compensation (142.1) (143.7) (142.8) (412.6) (415.8) Amortization of acquired intangible assets (84.5) (84.4) (85.5) (253.3) (257.8) Restructuring related charges (a) (358.3) (4.0) (3.4) (366.4) (105.3) Other (c) (0.4) (0.1) (28.7) (11.5) (41.3) Total special items (585.3) (232.2) (260.4) (1,043.8) (820.2) Total non-GAAP operating expenses $ 466.9 $ 455.8 $ 437.1 $ 1,376.5 $ 1,343.7 GAAP operating margin (46.4) % (7.9) % (10.3) % (24.2) % (13.1) % Stock-based compensation 10.5 % 12.2 % 11.2 % 11.4 % 11.1 % Amortization of acquired intangible assets 17.5 % 21.7 % 19.0 % 20.4 % 19.9 % Restructuring related charges (a) 47.2 % 0.3 % 0.2 % 18.3 % 2.6 % Other cost of goods sold (b) 0.9 % (0.2) % 7.6 % 0.4 % 5.8 % Other (c) — % — % 2.1 % 0.3 % 1.0 % Non-GAAP operating margin 29.7 % 26.1 % 29.8 % 26.6 % 27.3 % GAAP interest and other loss, net $ (47.7) $ (45.8) $ (41.2) $ (139.0) $ (137.0) Special items: Other (c) (1.4) 0.3 (4.2) (3.5) (12.6) Total special items (1.4) 0.3 (4.2) (3.5) (12.6) Total non-GAAP interest and other loss, net $ (49.1) $ (45.5) $ (45.4) $ (142.5) $ (149.6) GAAP net loss $ (676.3) $ (193.3) $ (164.3) $ (1,085.2) $ (540.7) Special items: Stock-based compensation 158.4 154.9 158.5 449.8 454.5 Amortization of acquired intangible assets 264.9 275.7 269.8 805.5 811.6 Restructuring related charges (a) 715.1 4.0 3.4 723.2 105.3 Other cost of goods sold (b) 14.2 (2.6) 108.0 17.6 237.8 Other (c) (1.0) 0.4 24.5 8.0 28.7 Pre-tax total special items 1,151.6 432.4 564.2 2,004.1 1,637.9 Other income tax effects and adjustments (d) (102.3) 27.1 (45.8) (73.0) (188.7) Non-GAAP net income $ 373.0 $ 266.2 $ 354.1 $ 845.9 $ 908.5 GAAP weighted-average shares — basic 865.7 865.7 862.6 865.5 860.1 GAAP weighted-average shares — diluted 865.7 865.7 862.6 865.5 860.1 Non-GAAP weighted-average shares — diluted (e) 875.5 875.7 872.2 875.8 867.6 GAAP diluted net loss per share $ (0.78) $ (0.22) $ (0.19) $ (1.25) $ (0.63) Non-GAAP diluted net income per share $ 0.43 $ 0.30 $ 0.41 $ 0.97 $ 1.05 (a) Restructuring and other related items include asset impairment charges, recognition of future contractual obligations, employee severance costs, facilities related charges, and other. (b) Other cost of goods sold includes charges for an intellectual property licensing claim, product claim related matters that were fully resolved in the fourth quarter of fiscal 2024, and acquisition integration related inventory costs. (c) Other costs in operating expenses and interest and other loss, net include gain or loss on investments and asset acquisition related costs. (d) Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 7.0% for the three and nine months ended November 2, 2024 and three months ended August 3, 2024. Other income tax effects and adjustments relate to tax provision based on a non-GAAP income tax rate of 6% for the three and nine months ended October 28, 2023. (e) Non-GAAP diluted weighted-average shares differs from GAAP diluted weighted-average shares due to the non-GAAP net income reported. Marvell Technology, Inc. Outlook for the Fourth Quarter of Fiscal Year 2025 Reconciliations from GAAP to Non-GAAP (Unaudited) (In millions, except per share amounts) Outlook for Three Months Ended February 1, 2025 GAAP net revenue $1,800 +/- 5% Special items: — Non-GAAP net revenue $1,800 +/- 5% GAAP gross margin ~ 50% Special items: Stock-based compensation 0.7 % Amortization of acquired intangible assets 9.3 % Non-GAAP gross margin ~ 60% Total GAAP operating expenses ~ $710 Special items: Stock-based compensation 142 Amortization of acquired intangible assets 78 Restructuring related charges and other 10 Total non-GAAP operating expenses ~ $480 GAAP diluted net income per share $0.16 +/- $0.05 Special items: Stock-based compensation 0.18 Amortization of acquired intangible assets 0.28 Restructuring related charges and other 0.01 Other income tax effects and adjustments (0.04) Non-GAAP diluted net income per share $0.59 +/- $0.05 Quarterly Revenue Trend (Unaudited) Our product solutions serve five large end markets where our technology is essential: (i) data center, (ii) enterprise networking, (iii) carrier infrastructure, (iv) consumer, and (v) automotive/industrial. These markets and their corresponding customer products and applications are noted in the table below: End market Customer products and applications Data center • Cloud and on-premise Artificial intelligence (AI) systems • Cloud and on-premise ethernet switching • Cloud and on-premise network-attached storage (NAS) • Cloud and on-premise AI servers • Cloud and on-premise general-purpose servers • Cloud and on-premise storage area networks • Cloud and on-premise storage systems • Data center interconnect (DCI) Enterprise networking • Campus and small medium enterprise routers • Campus and small medium enterprise ethernet switches • Campus and small medium enterprise wireless access points (WAPs) • Network appliances (firewalls, and load balancers) • Workstations Carrier infrastructure • Broadband access systems • Ethernet switches • Optical transport systems • Routers • Wireless radio access network (RAN) systems Consumer • Broadband gateways and routers • Gaming consoles • Home data storage • Home wireless access points (WAPs) • Personal Computers (PCs) • Printers • Set-top boxes Automotive/industrial • Advanced driver-assistance systems (ADAS) • Autonomous vehicles (AV) • In-vehicle networking • Industrial ethernet switches • United States military and government solutions • Video surveillance Quarterly Revenue Trend (Unaudited) (Continued) Three Months Ended % Change Revenue by End Market (In millions) November 2, 2024 August 3, 2024 October 28, 2023 YoY QoQ Data center $ 1,101.1 $ 880.9 $ 555.8 98 % 25 % Enterprise networking 150.9 151.0 271.1 (44) % — % Carrier infrastructure 84.7 75.9 316.5 (73) % 12 % Consumer 96.5 88.9 168.7 (43) % 9 % Automotive/industrial 82.9 76.2 106.5 (22) % 9 % Total Net Revenue $ 1,516.1 $ 1,272.9 $ 1,418.6 7 % 19 % Three Months Ended Revenue by End Market % of Total November 2, 2024 August 3, 2024 October 28, 2023 Data center 73 % 69 % 39 % Enterprise networking 10 % 12 % 19 % Carrier infrastructure 6 % 6 % 22 % Consumer 6 % 7 % 12 % Automotive/industrial 5 % 6 % 8 % Total Net Revenue 100 % 100 % 100 % For further information, contact: Ashish Saran Senior Vice President, Investor Relations 408-222-0777 ir@marvell.com View original content to download multimedia: https://www.prnewswire.com/news-releases/marvell-technology-inc-reports-third-quarter-of-fiscal-year-2025-financial-results-302321507.html SOURCE Marvell © 2024 Benzinga.com. 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Pay first, deliver later: Some women are being asked to prepay for their baby

TAMPA, Fla. (AP) — Tampa Bay’s bid for a fourth straight NFC South title and fifth consecutive playoff berth is gaining momentum. Back-to-back wins over a pair of last-place teams , combined with Atlanta’s three-game losing streak, have propelled the Bucs (6-6) to a tie atop the division. Although the Falcons (6-6) hold a tiebreaker after sweeping the season series between the teams, Tampa Bay can control its own destiny by finishing strong against a less than imposing schedule. The Bucs, who are back in the thick of the race after beating the New York Giants and Carolina Panthers, figure to be favored in four of their five remaining games. “Every week, we said it’s a playoff game, we got to take care of us. It’s not going to be easy. As it was (Sunday), it’s going to be a dog fight every week,” coach Todd Bowles said after Sunday’s 26-23 overtime win at Carolina. “We got to clean up some things, we know that, but it's hard to win in this league,” the coach said of the mistake-filled victory that lifted the Bucs back to .500. “We’ll take a win any way we can get it.” After facing Las Vegas (2-10) this week, the Bucs will finish with road games against the Los Angeles Chargers (8-4) and Dallas Cowboys (5-7), followed by home dates vs. Carolina (3-9) and the New Orleans Saints (4-8). What’s working Kicker Chase McLaughlin has been one of team’s most consistent performers, converting 21 of 23 field goal attempts. He was 4 of 5 against the Panthers, including 51-yarder to force overtime on the final play of regulation. He missed from 55 yards in OT before winning it with a 30-yard field goal on Tampa Bay’s next possession. What needs help Just when it appeared the defense was beginning to trend in the right direction, Carolina's Bryce Young threw for 298 yards without an interception against the Bucs in one of his better outings of the season. “In the first half, he did it with his feet and the second half he did it with his arm,” Bowles said. Stock up Running back Bucky Irving rushed for a career-best 152 yards and finished with 185 from scrimmage against Carolina, making him the first rookie since Miles Sanders in 2019 to have consecutive games with 150-plus yards from scrimmage. Stock down A week after playing well offensively and defensively in a 23-point rout of the New York Giants, the Bucs were sloppy against the Panthers. In addition to throwing two interceptions, Mayfield was sacked four times. Tampa Bay was penalized seven times for 54 yards, and the defense was only able to sack Young once. Injuries Mayfield (sore leg), linebacker K.J. Britt (sprained ankle) and safety Mike Edwards (hamstring) will be on the injury report this week. Bowles said he’s not sure what Mayfield's practice status will be when the team reconvenes Wednesday, however he expects the quarterback to play Sunday. Key numbers 37 and 101 — Wide receiver Mike Evans had another big day against Carolina, posting the 37th 100-yard receiving performance of his career — fifth among active players. He also moved ahead of Hall of Famers Steve Largent and Tim Brown for sole possession of ninth place on the all-time list for TD receptions with 101. Next steps The Buccaneers host Las Vegas in Tampa Bay's first home game in a month and the third consecutive outing against a last-place team. The Raiders (2-10) have lost eight in a row. NFL: https://apnews.com/hub/nflEasey Street murder suspect arrives in Melbourne after extradition from Italy

Harry, Meghan Markle on ‘last chance’: Royal insider reveals Netflix executives are ‘exhausted’Veritasi Homes Unveils Tinuola Towers: Future Of Luxury In NigeriaTurkish Airlines to Begin Operations at The New Terminal One at JFK and Unveil World-Class Lounge

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JAMAICA, N.Y. , Dec. 13, 2024 /PRNewswire/ -- The New Terminal One at John F. Kennedy International Airport (JFK) today announced that Turkish Airlines will begin operations at the new terminal when it opens in 2026. Turkish Airlines will also unveil a brand new, state-of-the-art lounge for its premium customers, launching the next phase of the award-winning airline's growth at its top U.S. gateway. The New Terminal One, set to be the largest international terminal in the United States , will offer best-in-class amenities and innovative technology for a transformational and efficient travel experience. The New Terminal One is a key component of the Port Authority of New York and New Jersey's $19 billion transformation of JFK Airport into a world-class gateway, which will include two new terminals, the modernization and expansion of two existing terminals, a new ground transportation center, and an entirely new, simplified roadway network. Turkish Airlines, which currently flies 19 times weekly from JFK Airport to its hub at Istanbul , providing seamless connections to its extensive global network, will continue to offer top-tier service from the new terminal. As part of its expansion in the JFK market, Turkish Airlines will open an 11,000-square-foot lounge in the New Terminal One – twice the size of the airline's lounge at the existing Terminal 1. The new lounge will feature premium amenities, expansive views of JFK Airport's airfield and provide direct boarding access to aircraft, offering unmatched convenience for Turkish Airlines' business class customers and top-tier frequent flyers. Recognized for its exceptional in-flight service, Turkish Airlines recently received the World Class Award from the Airline Passenger Experience Association (APEX) for the fourth consecutive year, placing it among just 10 airlines in the world to have received this prestigious recognition. Turkish Airlines was also chosen as the Best Airline in Europe nine times by Skytrax. Over the years Turkish Airlines also received accolades from Skytrax and other prestigious organizations numerous times for its Business and Economy Class offerings and Lounges. Turkish Airlines offers service to 351 destinations, including 25 in the Americas. Turkish is a member of the Star Alliance and will join other alliance members at the New Terminal One: LOT Polish Airlines, EVA Air and Air China. "We are thrilled to welcome Turkish Airlines to the New Terminal One at JFK, where their commitment to world-class customer service aligns perfectly with our mission to provide an unparalleled customer experience," said The New Terminal One Chief Executive Officer Jennifer Aument . "We look forward to working closely with our colleagues at Turkish Airlines to elevate the travel experience for customers from 2026 and beyond." Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat stated: "We are excited to bring Turkish Airlines' world-class service to the New Terminal One at JFK, further enhancing our passengers' travel experience with a state-of-the-art-lounge. This move underlines our commitment to continue our growth in the U.S market." In addition to Turkish Airlines, the New Terminal One has partnered with several other global carriers, including Air France, KLM, Etihad, LOT Polish Airlines, Korean Air, EVA Air, Air Serbia, SAS, Neos and Philippine Airlines. Air China is also partnering with the terminal on elevating the travel experience for Chinese customers visiting New York . The New Terminal One is focused on improving the customer experience by collaborating with potential airline partners. This includes working with airline teams across all customer journey touchpoints. Set to be JFK Airport's largest terminal when complete, the New Terminal One will offer a world-class customer experience and additional widebody aircraft gate capacity – providing international airlines a unique opportunity to grow their service at JFK, the top global gateway to the U.S. About The New Terminal One The New Terminal One at John F. Kennedy International Airport is a bold and exciting project to develop a world-class international terminal that will serve as an anchor terminal in the Port Authority's $19 billion transformation of JFK into a global gateway to the New York metropolitan area and the United States . The New Terminal One will set a new standard for design and service, aspiring to obtain a Top 5 Skytrax ranking and be considered one of the finest airport terminals in the world. The New Terminal One is being built on sites now occupied by Terminal 1 and the former Terminal 2 and Terminal 3, where it will anchor JFK's south side. Construction is taking place in phases. The first phase, including the new arrivals and departures halls and first set of 14 new gates, is expected to open in 2026. At completion, anticipated in 2030, the New Terminal One will be 2.6 million square feet, making it the largest terminal at JFK and nearly the same size as LaGuardia Airport's two new terminals combined. The New Terminal One will be a 23-gate, state-of-the-art, international-only terminal. Sustainably designed and future-focused, the terminal will feature expansive, naturally lit public spaces, cutting-edge technology, and an array of amenities, all designed to enhance the customer experience and compete with some of the highest-rated airport terminals in the world. The New Terminal One consortium of labor, operating, and financial partners is led by Ferrovial, JLC Infrastructure, Ullico, and Carlyle. The New Terminal One is being built by union labor and is committed to local inclusion and labor participation, focusing on diversity and capacity-building opportunities, including ambitious participation goals of 30% for minority and women-owned enterprises, 10% for local business enterprises and 3% for service-disabled veteran-owned businesses. To learn more about the New Terminal One at JFK International Airport, visit https://www.anewjfk.com/projects/the-new-terminal-one/ About Turkish Airlines Established in 1933 with a fleet of five aircraft, Star Alliance member Turkish Airlines has a fleet of 491 (passenger and cargo) aircraft flying to 351 worldwide destinations in 130 countries (298 international destinations and 53 domestic destinations within Turkiye). More information about Turkish Airlines can be found on its official website www.turkishairlines.com or its social media accounts on Facebook, X, YouTube, LinkedIn and Instagram. View original content to download multimedia: https://www.prnewswire.com/news-releases/turkish-airlines-to-begin-operations-at-the-new-terminal-one-at-jfk-and-unveil-world-class-lounge-302331710.html SOURCE The New Terminal One at JFKNEW YORK (AP) — Wall Street is set to break more records Monday as U.S. stocks rise to add to last week’s gains. The S&P 500 was 0.2% higher, as of 3 p.m. Eastern time, and sitting just below its all-time high set two weeks ago. The Dow Jones Industrial Average added 397 points, or 0.9%, to its own record set on Friday, while the Nasdaq composite was 0.1% higher. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.By JUAN A. LOZANO, Associated Press HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives , including former CEO Jeffrey Skilling , were eventually convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial. On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. Follow Juan A. Lozano on X at https://x.com/juanlozano70

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The recurring strike action by primary school teachers in the public schools in the Federal Capital Territory (FCT), the nation’s seat of power, over wages is abysmal and repugnant. But what do you expect when virtually all the people at the helm enrolled their children in private schools or abroad? The FCT is undergoing a robust upgrade with various capital projects, particularly roads and bridges. Undoubtedly, construction, rehabilitation of the roads, and the like are important. However, when more concentration is on such social infrastructure and less attention is on the well-being of children, it becomes a disarray of priorities. The health and education of children must take precedence. This is on account that the two determine the future of any society. Governments should not lose sight of the fact that education has critical positive impacts on children and society. Without quality education, children face considerable barriers to employment later in life. So, children who lack proper training are more likely to suffer when they become adults. This can give a clue of the alarming prevalent vices including corruption, banditry, armed robbery, and killings for ritual purposes, among others in virtually all parts of the country. A visit recently to the National Assembly complex where all manner of hyper SUV cars are daily displayed by lawmakers, elected representatives of the people (so to speak) attests that something may be wrong with our reasoning as a people. If we are to talk about our lawmakers’ jumbo allowances amid masses suffering, sadly allocated by them, in short, let’s not go there today. It is worrisome that up till now; governments have not grasped that the survival of the nation lies in children considering that they are the future of the society. If they are well developed, brought up, empowered through education, and sound health, the future will be safe, and vice versa. This accounts for the reason many young people have taken over the forests and bushes as bandits, kidnappers and terrorists. Undeniably, children’s well-being cannot be overemphasised, and children’s rights are human rights that should be protected and promoted. This applies to both boys and girls, and categorically, to survive, develop, thrive, and be protected. Healthy development of children is crucial to the future well-being of any society, and because they are still developing, children are especially vulnerable – more so than adults – to poor living conditions such as poverty, inadequate health care, nutrition, safe water, housing, and environmental pollution. According to statistics, about seven million babies are born every year in Nigeria, and about 262,000 of these babies die at birth every year while almost double of this number die before their fifth birthday. Nigeria accounts for the second-highest national total for neonatal mortality in the world. These figures are verifiable. In other words, there is a need to accelerate the Sustainable Development Goals (SDG) target. Goal – 3 (2) target is to end preventable deaths of newborns and children under 5 years of age by 2030, with all countries aiming to reduce neonatal mortality and under-5 mortality. To achieve these, Nigeria must wake up from slumber to rapidly accelerate under-five mortality rate reduction from 1.8% to 16.5% per year. Across the nation, 30 percent of infant mortality was due to delivery problems with 50 percent of deaths happening on the first day and 75 percent within the first week. Neonatal fatality in the Northwest state of Kaduna is 63 deaths per 1,000 live births, four times higher than in the Southwest. The slow uptake of antenatal care – especially among young, poor, and rural women – is one reason babies do not survive beyond one day. While almost half of all women gave birth in a health facility, only 36 percent of women in rural areas gave birth in a health facility compared to 74 percent of women in urban areas. Again, in Nigeria, 79 percent of newborn deaths are due to three preventable causes: infections, complications during childbirth, mainly asphyxia, and prematurity. So, a greater focus on quality of care around birth and care of small and sick newborns is paramount. During an assessment tour led by the Director-General of Cross River State Primary HealthCare, Dr. Vivian Otu, to the Sick-Babies Unit of the University of Calabar Teaching Hospital (UCTH) and Calabar General Hospital, although oxygen is available, there is a critical need for more incubators, nurses, and drugs at subsidised costs to ensure optimal outcomes. UNICEF has also through support from the Gates Foundation provided an advanced Level-2 newborn unit that provides specialized medical attention and care for small and/or sick newborns with severe complications. The unit is sustained by oxygen produced from the plant, enhancing the hospital’s capacity to provide comprehensive care for these vulnerable patients. To hit the mark, the Primary HealthCare (PHC) centres nationwide must be given the necessary attention as vehicles for integrated service delivery, particularly with a focus on zero-dose communities. Observations from the assessment visit reveal that most PHC centres lack the necessary tools for service delivery. For instance, at Ikot Offiong Ambi PHC Catchment Area, Akpabuyo in Cross River state, a maternity Ward operates without electricity and running water during child deliveries. During the rainy season, the environs are often taken over by floods. Also, at Ekpo Abasi PHC, Calabar South Ward 12, the clinic facility is overwhelmed due to space and begs attention for an upgrade intervention from the government and stakeholders. In addition, high bills and high cost of drugs is a serious challenge to many patients. Embracing UNICEF’s approach of placing children’s wellbeing on the front burner can change the narratives to create a desired future for society. Federal and state governments, please take note. For instance, UNICEF with support from IHS Towers, governments of Canada, and Norway, and other counterpart funding partners has so far installed 7 (seven) fully solar-powered Oxygen power plants in various locations including the University of Calabar Teaching Hospital (UCTH) and the General Hospital, Calabar in Cross River state. Others are in Ogun, Kaduna, Ebonyi, Oyo, Rivers, and Bauchi states. According to UNICEF, the installations in Yobe and Kano states are in the final stages of completion. By producing oxygen on-site using solar power, hospitals can reduce their dependency on external epileptic supplies, resulting in greater autonomy and cost efficiency, minimising the risk of supply chain disruptions, and ensuring continuous patient care. The infrastructure investment for improved maternal, newborn, and child health is commendable. UNICEF Country Rep., Cristian Munduate deserves accolades. Such actions need augmentation in governments’ budgets.

2024 breakout producer salute perhaps said it best in July, when they observed that “There’s so much happening in all corners of dance music, and I think we’re back in low-level golden era without realizing it.” Certainly many people in the dance would would agree — but maybe not everyone. Some might say it’s become stale, with remixes and mashups of classic tracks that don’t necessarily always need to be remixed or mashed, and unsustainable as any artists struggle to make a living while others pull massive paychecks. Techno hero Richie Hawtin remarked on “perhaps the biggest disappointment that I felt in our community, our scene since I’ve been part of it” after the September closure of Aslice, which had been designed to let DJs to voluntarily share their set playlists and contribute part of their performance fee to the artists whose music they played. Meanwhile Deadmau5 threatened to take his music off Spotify (although didn’t) after the company’s CEO Daniel Ek remarked that the cost of creating content is “close to zero.” “The cost of creating content was 25+ years of my life and much of those proceeds going to your company you complete f–king idiot,” the producer responded. But fret not, dear dancer. There has been more to celebrate than sour over this year. Thanks to a deliciously strange Netflix film, we’ve danced to some classic bangers all over again. We’ve swooned at legends returning with sensational albums and live sets to match, and we’ve watched in awe as Charli XCX took club culture to the world — even bumpin’ that on Saturday Night Live — with Brat . Of course, it wasn’t all confetti bursts. We’ve mourned and celebrated the life of some of our most beloved artists, too. SOPHIE’s posthumous album was as beautiful as we’d hoped, and tributes for the late Jackmaster brought the dance world together in a moment of communal mourning. Before we welcome in 2025, these were the dance music stories that defined 2024, in chronological order. Saltburn ’s soundtrack did more than enhance the film’s thrilling tale of privilege and desire. While the film was released in November of 2023, 2024 saw its ‘00s dance hits get pushed back into the spotlight, and in some cases, onto the charts. In January, Sophie Ellis-Bextor’s 2001 disco-pop gem “Murder on the Dancefloor” entered the Hot 100 in a first for the artist and also returned to the U.K. Official Singles Chart’s Top 10 after 22 years. Meanwhile, Mason vs. Princess Superstar’s cheeky 2007 mashup “Perfect (Exceeder)” flooded DJ sets and TikTok feeds, on its way to revisiting the U.K. Top 40. — KRYSTAL RODRIGUEZ Aussie icon Kylie Minogue made history at the 2024 Grammys when her viral smash “Padam Padam” won the inaugural award for best pop dance recording. It’s a running start for the newly expanded dance category , and for voters. For years, the dance community has called for a greater separation between “traditional” dance/electronic music and more pop-centric dance songs – a debate which ballooned following Beyoncé’s 2023 category sweep over producers such as Bonobo, Odesza and Kaytranada. With both sides given their respective and rightful space, the Grammys have officially widened the field, offering more inclusive recognition for dance music in all its forms. — K.R. When Charli XCX headed to Ibiza to tape her edition of Boiler Room in mid-July, Brat , which had been released the month prior, was still in something of a nascent phase. But the viral success of the performance — along with a hyped February Boiler Room in Brooklyn that preceded the album’s release — highlighted what the subsequent movement was about to become: messy, chaotic and heaps of fun. Eventually the word and ideal entered the public lexicon, even elbowing its way into the U.S. Presidential race with Charli’s July endorsement : “Kamala IS brat.” The slime-green aesthetic and unashamedly party-focused mindset resonated across generations and proved to be a defining moment in 2024’s release calendar, with Brat currently in its 26th week at No. 1 on Top Dance/Electronic Albums after hitting No. 3 on the Billboard 200 in July, spawning an equally brilliant remix album and making club queen Charli one of the biggest pop success stories of 2024. — THOMAS SMITH You know what makes a show truly unique? Inventing entirely new stage production equipment. This is the bar French electronic duo Justice set in 2024, when the pair and their talented team of light designers, stage producers and mechanical engineers pulled off an absolute spectacle during their comeback show at Coachella 2024. Here, it was genuinely shocking to watch this behemoth of a light show unfold, and wilder still how the French producers appeared seemingly unphased while 11 tons of custom-built moving light fixtures whipped up, down and around them while they tore through much of what was then their still forthcoming fourth album, Hyperdrama , in sharp suits and head-nodding from exciting start to blinding finish. The music also melted two decades and four albums of sweet Justice melodies and assaultive breakdowns into an hour-plus performance that explored most every human emotion without ever once feeling dull. And it altogether set the stage for an extended run behind the album that included major festivals and arena shows. Meanwhile, Hyperdrama collected a pair of 2025 Grammy nods for best dance/electronic album and best dance recording for the slinky “Neverender” This year, some may have thought going to see Justice would be an exercise in nostalgia. It was actually a glimpse into the future. — KAT BEIN The producer’s weekend one performance at Coachella’s giant Sahara Stage on April 13 was plagued by technical issues, with Grimes stopping the performance multiple times to update the audience on what was going wrong in real time. From the crowd, things initially seemed to be going just fine, until about 30 minutes into the show, when Grimes stopped the music entirely and announced that “this s— always f—ing happens, all my tracks are twice as fast so I’m not mixing very well, so I’m going to keep trying, and I appreciate you being here. There has never been a Grimes show without a major technical difficulty. But yes, it will continue.” It did continue, with the producer ultimately screaming out of frustration into the mic while stop/starting her performance show multiple times. It was an interesting situation to witness, and one that blew up on the internet as dance music experts and navel gazers alike analyzed the meaning of it all . After, Grimes tweeted an explanation, writing: “I want to apologize for the technical issues with the show tonight. I wanted to come back rly strong and usually I always handle every aspect of my show myself – to save time this was one of the first times I’ve outsourced essential things like rekordbox bpm’s and letting someone else organize the tracks on the sd card etc. i had a bad feeling beforehand not having run everything thru the cdjs myself and tho I flagged it I wasn’t insistent... I will personally organize all the files next week. I will not let such a thing happen again.” Her weekend two performance went off, it seemed, seamlessly. — K. Bain Released in April, Luca Guadagnino’s wildly fun Challengers movie saw Zendaya, Josh O’Connor and Mike Faist engage in a lurid, testy throuple set against the backdrop of professional tennis. The Call Me By Your Name director enlisted Trent Reznor & Atticus Ross to provide the score and explicitly asked the pair for “very loud techno music” to soundtrack the scenes of betrayal and sexual tension – both on the courts and off. And they delivered: the 16-track collection was punishing, spritely and only upped the ante in the summer’s hottest serve. Even better, scene-leader Boys Noize released a remixed version that added some extra topspin to proceedings. — T.S. To amp up excitement for his 2024 album In Waves – not that it was necessary, given the dance community’s near-decade obsession with the long-gestating follow-up to his 2015 masterpiece In Colour – Jamie xx staged small club residencies, dubbed The Floor, in London, Los Angeles and Brooklyn’s Bushwick neighborhood in late spring and summer. The tiny gigs sold out in seconds and, beyond Jamie’s sets at them, featured surprise nightly lineups with huge names (Four Tet, Hudson Mohawke) and rising talents (Nourished By Time, Bambii) alike. The hugely well-received shows even impressed their own creator, with Jamie telling us “I don’t like to use the word life-changing, but it was up there,” of the Floor set François K played in New York. Luckily, a larger audience will have the chance to enjoy Jamie in the months ahead: He’ll tour North America in January and Europe in March. — ERIC RENNER BROWN Dance music’s man of the moment has continued making each year bigger than the last, achieving milestones many artists can only dream of. On June 14, the British producer brought his emotion-driven electronica to the L.A. Memorial Coliseum in what was his first-ever stadium show. The booking itself was a feat, but Fred announced – and sold out – the show with only four days’ notice. (And only two weeks after he and Skrillex sold out a last-minute rave at San Francisco’s Civic Center Plaza.) The overwhelming success of these seemingly-spontaneous pop-up shows , whether small or stadium-sized, showed that this year, wherever Fred went, the world followed. — K.R. Las Vegas is a dance music town, so when Sphere opened in September of 2023, there was a lot of talk about which DJ would eventually become the first one to play the futuristic venue. While presumably any of the Strip’s regular residents would have been up for the job, the prestige play ultimately went to Italian producer Anyma, who reported selling 100,000 tickets for the residency in less than 24 hours after the shows went on sale in July. The chatter is that these performances by Anyma, whose live shows have long relied on next level visuals, are going to be simply bananas. We’ll find out for sure later this month. — K. Bain Ah, the Olympics. A time when the world can put politics aside (sort of) and come together under the universal flag of human excellence. This year, the summer Olympics came to Paris, and while it was incredible to see the many feats of athletic prowess, we screamed loudest when the Opening Ceremony suddenly became a French Touch freak-out. A parade through the streets set to Cassius? Athletes arriving to Cerrone? A breakdancer carrying the torch while DJ Mehdi’s “Signatune” blasted into televisions around the world? Um, oui !! Suddenly, instead of counting all the flags, we were filling a bingo card of filter house favorites. Even cooler was the epic Closing Ceremony that featured a French music marathon, part of which saw Kavinsky perform his Drive soundtrack hit “Nightcall” — originally produced alongside Daft Punk’s Guy-Manuel de Homem-Christo and mixed by SebastiAn — with live vocals from Phoenix and Angèle. On the day of the performance (Aug. 11), the 14-year-old song set a new record for most Shazams in a single day and then saw an on-demand streaming surge. Doubling down on awesomeness, the Paralympics followed suit with a Closing Ceremony that included performances from Jean Michel-Jarre, Cassius (the group’s first performance since the tragic death of Philippe Zdar in 2019), Kitten, Busy P, Anetha, Chloe Caillet, Kavinsky, Kungs, Kiddy Smile, Etienne De Crecy, Martin Solveig and more. — K. Bein When hyperpop innovator SOPHIE died at age 34 in January 2021, she left behind an ambitious album she was working on with her brother, music producer and engineer Benny Long. On Sept. 25, the world finally got to hear SOPHIE , which they’d started working on shortly after she dropped her influential 2018 GRAMMY-nominated debut LP, Oil of Every Pearl’s Un-Insides . By the end of 2020, the siblings had narrowed it down to 16 tracks, pulled from the unreleased music SOPHIE had been playing in her live sets and editing and remixing based on fans’ reactions. After her death, Long enlisted her collaborators and friends to help him finish the songs. Thus, SOPHIE is rich with a diverse group of artists in dance and pop, including Juliana Huxtable, Nina Kraviz, Kim Petras, Bibi Bourelly and Hannah Diamond, and a cacophony of big sounds and moods. It helps preserve the memory of an artist forever ahead of her time, whose deep impact on pop, dance and art will echo out for decades. “I think her brain,” Long told Billboard with a smile , “was just ahead of the technology,” — A.M.Y. The Cornwall producer’s 1994 album has long been many things to many people: the lengthy, largely beatless collection is at times eerie and austere, but also deeply touching and serene. It has since, deservedly, become one of the most lauded ambient albums of all time as a result of its striking originality and the myths surrounding its production. A 30th anniversary rerelease in October saw the original LP version – including the breathtaking “#19” (aka “Stone In Focus”) – make its way onto streaming for the first time, alongside sought-after remixes from the Aphex archive and a rearranged running order. — T.S. On October 12, influential house-and-beyond Scottish DJ and producer Jackmaster died from an undisclosed head injury in Ibiza. With his Glasgow-based label Numbers, he released early records from Jamie xx, Jessie Ware and SOPHIE, along with the next generation of Glasgow talent including Denis Sulta, Rustie and others, highlighting his role as a tastemaker and champion of fellow dance artists. From his early days of working at influential Glasgow record store Rubadub, the artist born Jack Revill was an enthusiastic lover and dedicated student of dance music, as exemplified in his DJing. “My sets at their most eclectic would include everything I like: house, techno, disco, Italo, dubstep, grime, ’80s pop and everything in between,” he told Billboard in 2018. And as Resident Advisor put it after Revill’s passing, “If you were a participant in the club scene from roughly 2006 to 2018, Jackmaster was an icon.” Then in 2018, he was accused of sexual harassment by staff at a U.K. festival, after which he publicly apologized and took time off to address his substance abuse. Jackmaster’s life and career represented the best and worst of the dance music industry: the deep love for a good rhythm and the comradery in lifting up others with you, and the perils of working in a scene centered on partying, where booze and drugs flow freely. Unlike many, Revill took accountability for his bad behavior and appeared to be putting in the work to do better before his death. — A.M.Y. In January we did a deep dive with Texas-based producer Odetari to hear about why he was the future of dance music. In October, that bet turned out to be a good one, when the artist — who had already put up a laundry list of hit singles on Billboard ‘s Dance/Electronic Songs chart — crossed over onto the Hot 100 with his track “Keep Up.” It was an achievement for dance music generally, particularly in an era when dance tracks don’t cross over to the Hot 100 as much as they did a decade ago, and for Odetari’s acutely futuristic strain of it in particular. — K. Bain Charli XCX, Troye Sivan and their respective teams took great care to make arenas feel like nightclubs on their fall North American Sweat Tour, and it worked. Not only were the shows hyped and hugely well-received, they also made a lot of money. In November, Billboard Boxscore reported that 22 shows in the U.S. and Canada in September and October made $28 million and sold 297,000 tickets, even outperforming Billboard ‘s projections of $23.5 million. And they seemed to have fun while doing it, with tour support artist Shygirl taking us behind the scenes of the tour to give a glimpse of Sweat life on the road. — K. Bain