DURHAM, N.C. — Duke's Cooper Flagg knows what's coming from older and stronger defenders. So too does Auburn coach Bruce Pearl when it comes to the pressure facing his frontcourt star, Johni Broome. On Wednesday night, the two preseason Associated Press All-Americans headlined a heavyweight matchup worthy of March, though from very different positions: Flagg as the 17-year-old touted freshman mentioned as a possible No. 1 overall NBA draft pick long before showing up on campus, Broome as the 22-year-old fifth-year senior who started his career at a mid-major. Yet they're each shouldering the burden of top billing on a team with national title aspirations, all on display as the ninth-ranked Blue Devils beat the second-ranked Tigers 84-78 in the ACC/SEC Challenge. The 6-foot-9, 205-pound Flagg finished with a game-high 22 points and 11 rebounds with four assists, three steals and two blocks. The 6-10 240-pound Broome had 20 points, 12 rebounds and three assists before fouling out late. They didn't match up directly, but remained the gravitational force at the center of everything — from offensive plans to collapsing defenses — all the same. For Flagg, it was sign of big-game growth after late stumbles in losses to Kentucky and Kansas, along with handling the physical play of the Tigers. "That's something I'm going to start to see more and more," Flagg said. "It's definitely going to be a game plan for the other team, just to try and be physical with me. I think that's something that I've been dealing with since I was in sixth, seventh grade. People look at me and think they can just out-tough me, be more physical with me, and it would take me out the game. "But I've just got to keep playing through it, keep learning how to use that against them and just keep getting better." He did that against the veteran-laden Tigers, scoring 16 points and drawing seven fouls while getting to the line nine times after halftime. He felt several of those, too, such as Chaney Johnson's off-ball bump that knocked him to the hardwood midway through the second half and left him wincing. "I told him all week: 'They're going at you the whole time,'" junior teammate Tyrese Proctor said. "They had a couple of dirty plays. I just told him to keep his head composed and poised and just trust himself." Flagg pushed through regardless and showed some of his smooth moves, particularly in the second half. A dribble drive into the lane for a fallaway jumper over 6-11 big man Dylan Cardwell; pouncing on a defensive switch to drive and easily score over 6-4 guard Denver Jones; a spinning drop-step score in the paint while being fouled, leaving Pearl staring at officials and pointing to the Tigers' end of the court about an earlier no-call. Flagg also had no turnovers in his 37 minutes, a reversal after losing late turnovers in the losses to the Wildcats and Jayhawks. "To be able to coach him, he never fights you," Duke coach Jon Scheyer said. "He just never fights you. In a game, you can get on him. In practice he's always wanting to get better and in every aspect of his game. "I've always felt like Cooper's a one-time guy. He needs to experience something one time to get adjusted." As for Broome, he was coming off a dominating run through the Maui Invitational that made him the AP men's college basketball national player of the week Tuesday. Auburn also jumped two spots in Monday's latest AP Top 25, erasing nearly all of top-ranked Kansas' previous margin on the No. 2-ranked team. And that made the Tigers just the second top-2 nonconference team to play in Cameron Indoor Stadium since 1965 and first since top-ranked Michigan's "Fab Five" lost here December 1992 — exactly 32 years ago Thursday. Broome, who played his first two college seasons at Morehead State, offered matchup concerns with his ability to handle the ball on the perimeter, alter shots and attack the glass. And he was unbothered by the hostility of Duke's famously rambunctious "Cameron Crazies" fans, staring at them through much of pregame warmups with a grin and even laughing multiple times. He didn't shoot well early (2 for 9 in the first half) but started thriving in the pick-and-roll after halftime with Duke's defense stretched by Auburn's 3-point shooters. He nearly had a double-double in the second half (15 points, nine rebounds), including when he finished at the rim through Mason Gillis' foul and knocked Gillis to the ground — then gave him a lengthy stare as he stood over him. Broome led the Tigers until fouling out with 15 seconds left with Blue Devils fans starting to chant "Our house! Our house!" to mark another home win in their famed arena. He never flinched, even in the face of Auburn's first loss. "I think he's handled (the pressure) really well," Pearl said. "One of the reasons our team has played well so far this year is Johni's been a tremendously consistent player. Clearly a (national) player of the year candidate. If our team continues to win, he's our best player. ... He's able to do it on both ends, and he's able to do it inside and out." Subscribe to stay connected to Tucson. A subscription helps you access more of the local stories that keep you connected to the community. Be the first to know Get local news delivered to your inbox!Bollywood and Hollywood witnessed an extraordinary year in 2024 with a lineup of films which were a combination of impactful storytelling, star power and technology. From Stree 2 to Inside Out 2, the film industry showcased an impressive lineup of blockbusters that captivated audiences worldwide. (Also Read: HT Rewind 2024 | Only sequels in the building: How Hollywood killed originality as remakes, franchises ruled box office ) Bollywood's Box Office Titans 2024 Kalki 2898 AD Kalki 2898 AD starring Prabhas in the lead role is a sci-fi epic narrating the story of a warrior who tries to earn money illegally in a dystopian future. The star-studded cast includes Prabhas and Bollywood actors Amitabh Bachchan, Deepika Padukone and Disha Patani in the prominent roles. It was directed by Nag Ashwin. With over-the-top graphics and extensive overseas release, the film grossed approx. ₹ 1100 crore at the box office worldwide. Stree 2 This Rajkumar Rao and Shraddha Kapoor starrer was a surprise entry in the club of Bollywood Blockbusters 2024. It minted approx ₹ 850 crore at the worldwide box office. It was directed by Amar Kaushik. The film marked the fourth instalment in the Maddock Supernatural Universe and is the sequel to Stree (2018). Along with the lead cast, the film also stars Pankaj Tripathi, Abhishek Banerjee, and Aparshakti Khurana. Actor Varun Dhawan also had a special cameo in the movie. Bhool Bhulaiyaa 3 The much-anticipated sequel of Kartik Aaryan starrer Bhool Bhulaiyaa 2 didn't disappoint the fans. It was directed by Anees Bazmee and starred Madhuri Dixit, Vidya Balan and Triptii Dimri in the lead roles. The film garnered approx ₹ 422 crore at the box office worldwide. Singham Again Rohit Shetty's Singham Again continued the legacy of his blockbuster "cop universe." Ajay Devgn reprised his iconic role as Bajirao Singham, delivering high-octane action sequences that enthralled fans. This action-packed spectacle raked approx-- ₹ 300 crore globally. Singham Again also stars Kareena Kapoor Khan, Akshay Kumar, Tiger Shroff, Ranveer Singh, and Deepika Padukone among others. Ajay, in a candid conversation with ANI, said, “I am thankful to the audience for giving us so much love. For a long time, the police were always shown in a negative light in films. Singham as well as Gangaajal was one of the first films that showed how an ideal police officer should be. After that, it became a trend of making positive films about police.” Pushpa 2: The Rule It's not even been a month since the film's release, and this Allu Arjun-starrer has already bagged Bollywood's highest-grosser crown. According to Mythri Movie Makers, the official production house of Pushpa 2: The Rule, its worldwide collection has surpassed the ₹ 1700 crore mark. On the massive success of Pushpa 2: The Rule, Allu Arjun expressed his heartfelt gratitude to fans at the "Thank You India" press meet. He said, "I have to say something about the box office number. The number you see is a reflection of the people's love. The numbers are temporary, but the love that is etched in your hearts will remain forever. Thank you for that love." Directed by Sukumar and produced by Mythri Movie Makers and Muttamsetty Media, the film witnessed Allu Arjun, Rashmika Mandanna, and Fahadh Faasil reprising their roles as Pushpa Raj, Srivalli, and Bhanwar Singh Shekawat. Allu Arjun plays the role of the red sandalwood smuggler in the film. Hollywood's Box Office Titans of 2024 As 2024 draws to a close, the global box office has been dominated by sequels and franchise films, engaging audiences worldwide. Take a look at the highest-grossing Hollywood films of the year. Inside Out 2 A sequel that resonated with the viewers and minted nearly USD 1.7 billion at the global box office featured Riley entering puberty and experiencing new, more complex emotions. It was directed by Kelsey Mann and stars Amy Poehler, Maya Hawke and Kensington Tallman in the lead roles. Deadpool & Wolverine The Marvel film never stays out of the race for highest box office grosser. Ryan Reynolds and Hugh Jackman played the roles of Deadpool and Wolverine, respectively. Shawn Levy directed it. It minted over USD 1.138 billion. Despicable Me 4 The love for minion characters in Despicable Me often turns out to be profitable for producers. Directed by Chris Renaud, the main character's voice were given by Steve Carell, Kristen Wiig and Pierre Coffin. It collected around USD 969 million. Dune: Part Two Denis Villeneuve's Dune: Part Two expanded the saga of Paul Atreides while delivering breathtaking visuals and an intense narrative centred around politics, power, and rebellion. The movie grossed over USD 714 million globally. Moana 2 This animated film is another addition to the Hollywood's highest-grossing movies. Directed by David G Derrick, the film revolves around Moana who craves adventure to the far seas of Oceania. It has grossed USD 725 million. As 2024 ends, the box office reports of the highest-grossing films indicate that the audience is inclined towards diverse stories, emotional connections, and stunning visuals. This year's box office hits have set a high standard, and as we look to 2025, the film industry is gearing up for big releases, including Salman Khan's Sikandar, Hrithik Roshan's War 2, Aamir Khan's Sitaare Zameen Par and more.
‘Y2K’: You had to be there
SAN FRANCISCO, Dec. 05, 2024 (GLOBE NEWSWIRE) -- ASP Isotopes Inc. (NASDAQ: ASPI) and certain of its most senior executives are now entangled in a securities class action, alleging the company deceived investors by making false and misleading statements about its advanced nuclear fuel technologies. Hagens Berman urges investors in ASP Isotopes who suffered substantial losses to submit your losses now . Class Period: Oct. 30, 2024 – Nov. 26, 2024 Lead Plaintiff Deadline: Feb. 3, 2025 Visit: www.hbsslaw.com/investor-fraud/aspi Contact the Firm Now: ASPI@hbsslaw.com 844-916-0895 ASP Isotopes Inc. (ASPI) Securities Class Action: The suit, filed in the United States District Court for the Southern District of New York, claims that ASPI misled investors about the viability and potential of its Aerodynamic Separation Process (ASP) and Quantum Enrichment technologies. The complaint alleges that ASPI overstated the effectiveness of its enrichment technologies, the development potential of its high assay low-enriched uranium facility, and the performance of its nuclear fuels operating segment. The truth emerged on Nov. 26, 2024, when a scathing report by Fuzzy Panda Research revealed that ASPI's technology was outdated and unlikely to be commercially viable. The report accused ASPI of using "old, disregarded laser enrichment technology" to falsely position itself as a cutting-edge nuclear fuel company. It also alleged that ASPI had employed individuals to promote its stock and that former executives of Centrus Energy had deemed its technology "virtually worthless.". Following the release of the report, ASPI's stock price plummeted 23% in a single trading day. These events have prompted shareholder rights firm Hagens Berman to open a probe. “We are investigating whether ASPI may have misled investors about the true commercial prospects for its ASP and Quantum Enrichment technologies," said Reed Kathrein, a partner leading the investigation. If you invested in ASP Isotopes or have knowledge that may assist the firm’s investigation, submit your losses now » If you’d like more information and answers to frequently asked questions about the ASP Isotopes case and our investigation, read more » Whistleblowers: Persons with non-public information regarding ASP Isotopes should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ASPI@hbsslaw.com . About Hagens Berman Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw . Contact: Reed Kathrein, 844-916-0895Taylor Fritz shared on social media the new hate messages he received at the start of the season. The world No. 4 is competing in the United Cup , where he made his debut with a loss to Felix Auger-Aliassime , and just hours later, he shared the hate messages he received on social media. This is not a new issue for players on both the ATP and WTA tours. With the rise of betting and the ability for fans to send messages directly to players on social media, many have spoken out about this controversial topic, with some even receiving threats. Fritz shares hate messages on social media Players like Caroline Garcia , Iga Swiatek , and Coco Gauff have previously reported receiving constant hate messages on social media. This time, it was the current No. 1 American, Taylor Fritz, who shared some of the messages he received shortly after a match. “New season of tennis has officially started. We’re so back ” he posted on X (formerly Twitter) alongside a screenshot of the messages he received on Instagram. “Someone will kill you soon,” “You are a dog sh*t,” and “I hope you get a sudden heart attack” were some of the messages visible in the screenshot, which Fritz received minutes after his loss to Felix Auger-Aliassime (6-4, 5-7, 3-6). Despite the loss, Team USA won their tie against Canada. In the first match, Coco Gauff defeated 2021 US Open runner-up Leylah Fernandez (6-3, 6-2), paving the way for Fritz’s match, where he was defeated. They then played a deciding mixed doubles match (with the same singles participants), and the duo of Gauff and Fritz secured the win for the Americans (7-6, 7-5). Their next challenge will be against Croatia on December 31. Fritz will face the world No. 10, while later, world No. 3 Coco Gauff will challenge Paris 2024 silver medalist Donna Vekic , who had previously defeated Gauff in the third round of the Olympic Games, crushing Gauff’s hopes of winning a medal. New season of tennis has officially started. We’re so back pic.twitter.com/ia80fSYbM0 This article first appeared on TennisUpToDate.com and was syndicated with permission.
ST. HELENA, Calif.--(BUSINESS WIRE)--Dec 5, 2024-- The Duckhorn Portfolio, Inc. (NYSE: NAPA) (the “Company”) today reported its financial results for the three months ended October 31, 2024. First Quarter 2025 Highlights Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus the prior year period. Excluding Sonoma-Cutrer, net sales declined $8.4 million or 8.2%. Net sales were negatively impacted by one-time inventory transfers, as outgoing distributors in certain states transferred unsold inventory to the new distributors in those jurisdictions. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, down 250 basis points versus the prior year period. Excluding Sonoma-Cutrer, gross profit declined $5.7 million or 10.6% and gross profit was 51.1%. Adjusted gross profit was $63.8 million, an increase of $10.6 million, or 19.8%. Adjusted gross profit margin was 51.9%, versus 52.0% in the prior year. Excluding Sonoma-Cutrer, adjusted gross profit declined $4.7 million or 8.9% and gross profit margin was 51.6%. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, and adjusted EBITDA margin was 39.5%, up 560 basis points versus the prior year period. Cash was $5.4 million as of October 31, 2024. The Company’s leverage ratio was 1.7x net debt (net of debt issuance costs) to trailing twelve months adjusted EBITDA. “We are pleased to begin fiscal 2025 with strong financial performance. Our growth continues to outpace the industry as our teams remain focused on advancing our strategic initiatives,” said Deirdre Mahlan, President, CEO and Chairperson. “We believe our distinctive brands, operational excellence and market-leading performance leave us well positioned to deliver long-term growth and profitability.” First Quarter 2025 Results Three months ended October 31, 2024 2023 Net sales growth (decline) 19.9 % (5.2 )% Volume contribution 24.7 % (3.4 )% Price / mix contribution (4.8 )% (1.8 )% Three months ended October 31, 2024 2023 Wholesale – Distributors 79.3 % 77.0 % Wholesale – California direct to trade 13.9 15.6 DTC 6.8 7.4 Net sales 100.0 % 100.0 % Net sales were $122.9 million, an increase of $20.4 million, or 19.9%, versus $102.5 million in the prior year period. The increase was driven primarily by the addition of Sonoma-Cutrer, partially offset by a lower price / mix contribution. Gross profit was $61.5 million, an increase of $7.6 million, or 14.2%, versus the prior year period. Gross profit margin was 50.0%, a decline of 250 basis points versus the prior year period. Adjusted gross profit was $63.8 million, an increase of $10.6 million or 19.8% versus the prior year period, reflecting higher net sales with the addition of Sonoma-Cutrer. Adjusted gross profit margin was 51.9% a decline of 10 basis points versus the prior year, as a result of an increase in cost of goods. Total selling, general and administrative expenses were $40.8 million, an increase of $10.3 million, or 33.8%, versus $30.5 million in the prior year period. Adjusted selling, general and administrative expenses were $23.9 million, an increase of $1.3 million, or 5.8%, versus $22.6 million in the prior year period, and a decrease of 260 basis points as a percentage of net sales. Net income was $11.2 million, or $0.08 per diluted share, versus $15.5 million, or $0.13 per diluted share, in the prior year period. Adjusted net income was $23.8 million, or $0.16 per diluted share, versus $17.2 million, or $0.14 per diluted share, in the prior year period. Adjusted EBITDA was $48.6 million, an increase of $13.9 million, or 39.9%, versus $34.7 million in the prior year period. This increase was driven primarily by an increase in net sales associated with the addition of Sonoma-Cutrer and ongoing operating cost controls that resulted in slower growth of adjusted selling, general and administrative expenses as a percentage of net sales. As a result, adjusted EBITDA margin improved 560 basis points versus the prior year period. Conference Call and Webcast The Company will no longer host its earnings conference call and webcast. About The Duckhorn Portfolio, Inc. The Duckhorn Portfolio is North America’s premier luxury wine company, with eleven wineries, ten state-of-the-art winemaking facilities, eight tasting rooms and over 2,200 coveted acres of vineyards spanning 38 Estate properties. Established in 1976, when vintners Dan and Margaret Duckhorn founded Napa Valley’s Duckhorn Vineyards, today, our portfolio features some of North America’s most revered wineries, including Duckhorn Vineyards, Decoy, Sonoma-Cutrer, Kosta Browne, Goldeneye, Paraduxx, Calera, Migration, Postmark, Canvasback and Greenwing. Sourcing grapes from our own Estate vineyards and fine growers in Napa Valley, Sonoma County, Anderson Valley, California’s North and Central coasts, Oregon and Washington State, we offer a curated and comprehensive portfolio of acclaimed luxury wines with price points ranging from $20 to $230 across more than 15 varietals. Our wines are available throughout the United States, on five continents, and in more than 50 countries around the world. To learn more, visit us at: https:// www.duckhornportfolio.com/ . Investors can access information on our investor relations website at: https://ir.duckhorn.com . Use of Non-GAAP Financial Information In addition to the Company’s results, which are determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company believes the following non-GAAP measures presented in this press release and discussed on the related teleconference call are useful in evaluating its operating performance: adjusted gross profit, adjusted selling, general and administrative expenses, adjusted EBITDA, adjusted net income and adjusted EPS. Certain of these non-GAAP measures exclude depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, casualty losses or gains, impairment losses, inventory write-downs, changes in the fair value of derivatives, and certain other items, net of the tax effects of all such adjustments, which are not related to the Company’s core operating performance. The Company believes that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. The Company’s management team uses these non-GAAP financial measures to evaluate business performance in comparison to budgets, forecasts and prior period financial results. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided herein for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Readers are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Forward-Looking Statements This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements regarding the timing or nature of future operating or financial performance or other events. For example, all statements The Duckhorn Portfolio makes relating to its estimated and projected financial results or its plans and objectives for future operations, growth initiatives or strategies are forward-looking statements. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to manage the growth of its business; the Company’s reliance on its brand name, reputation and product quality; the effectiveness of the Company’s marketing and advertising programs, including the consumer reception of the launch and expansion of our product offerings; general competitive conditions, including actions the Company’s competitors may take to grow their businesses; overall decline in the health of the economy and the impact of inflation on consumer discretionary spending and consumer demand for wine; the occurrence of severe weather events (including fires, floods and earthquakes), catastrophic health events, natural or man-made disasters, social and political conditions, war or civil unrest; risks associated with disruptions in the Company’s supply chain for grapes and raw and processed materials, including corks, glass bottles, barrels, winemaking additives and agents, water and other supplies; risks associated with the disruption of the delivery of the Company’s wine to customers; disrupted or delayed service by the distributors and government agencies the Company relies on for the distribution of its wines outside of California; the Company’s ability to successfully execute its growth strategy; risks associated with our acquisition of Sonoma-Cutrer Vineyards, Inc.; decreases in the Company’s wine score ratings by wine rating organizations; quarterly and seasonal fluctuations in the Company’s operating results; the Company’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; the Company’s ability to protect its trademarks and other intellectual property rights, including its brand and reputation; the Company’s ability to comply with laws and regulations affecting its business, including those relating to the manufacture, sale and distribution of wine; the risks associated with the legislative, judicial, accounting, regulatory, political and economic risks and conditions specific to both domestic and to international markets; claims, demands and lawsuits to which the Company is, and may in the future, be subject and the risk that its insurance or indemnities coverage may not be sufficient; the Company’s ability to operate, update or implement its IT systems; the Company’s ability to successfully pursue strategic acquisitions and integrate acquired businesses; the Company’s potential ability to obtain additional financing when and if needed; the Company’s substantial indebtedness and its ability to maintain compliance with restrictive covenants in the documents governing such indebtedness; the Company’s largest shareholders’ significant influence over the Company; the potential liquidity and trading of the Company’s securities; the future trading prices of the Company’s common stock and the impact of securities analysts’ reports on these prices; and the risks identified in the Company’s other filings with the SEC. The Company cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read the Company’s filings with the SEC, available at www.sec.gov , for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. The Company’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except shares and per share data) October 31, 2024 July 31, 2024 ASSETS Current assets: Cash $ 5,407 $ 10,872 Accounts receivable trade, net 88,016 52,262 Due from related party 222 10,845 Inventories 530,293 448,967 Prepaid expenses and other current assets 11,040 14,594 Total current assets 634,978 537,540 Property and equipment, net 568,391 568,457 Operating lease right-of-use assets 26,369 27,130 Intangible assets, net 190,577 192,467 Goodwill 484,379 483,879 Other assets 7,470 7,555 Total assets $ 1,912,164 $ 1,817,028 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 66,357 $ 5,774 Accrued expenses 69,346 34,164 Accrued compensation 7,994 11,386 Deferred revenue 12,264 80 Current maturities of long-term debt 9,721 9,721 Due to related party 342 1,714 Other current liabilities 4,250 3,905 Total current liabilities 170,274 66,744 Revolving line of credit 83,000 101,000 Long-term debt, net of current maturities and debt issuance costs 198,263 200,734 Operating lease liabilities 23,579 24,286 Deferred income taxes 151,104 151,104 Other liabilities 694 705 Total liabilities 626,914 544,573 Stockholders’ equity: Common stock, $0.01 par value; 500,000,000 shares authorized; 147,200,572 and 147,073,614 issued and outstanding at October 31, 2024 and July 31, 2024, respectively 1,472 1,471 Additional paid-in capital 1,012,874 1,011,265 Retained earnings 270,299 259,135 Total The Duckhorn Portfolio, Inc. stockholders’ equity 1,284,645 1,271,871 Non-controlling interest 605 584 Total stockholders’ equity 1,285,250 1,272,455 Total liabilities and stockholders’ equity $ 1,912,164 $ 1,817,028 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except shares and per share data) Three months ended October 31, 2024 2023 Sales $ 124,669 $ 103,903 Excise tax 1,727 1,394 Net sales 122,942 102,509 Cost of sales 61,442 48,656 Gross profit 61,500 53,853 Selling, general and administrative expenses 40,798 30,483 Income from operations 20,702 23,370 Interest expense 5,115 4,004 Other expense (income), net 117 (1,813 ) Total other expenses, net 5,232 2,191 Income before income taxes 15,470 21,179 Income tax expense 4,285 5,629 Net income 11,185 15,550 Net income attributable to non-controlling interest (21 ) (13 ) Net income attributable to The Duckhorn Portfolio, Inc. $ 11,164 $ 15,537 Earnings per share of common stock: Basic $ 0.08 $ 0.13 Diluted $ 0.08 $ 0.13 Weighted average shares of common stock outstanding: Basic 147,128,486 115,339,774 Diluted 147,186,767 115,451,719 THE DUCKHORN PORTFOLIO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Three months ended October 31, 2024 2023 Cash flows from operating activities Net income $ 11,185 $ 15,550 Adjustments to reconcile net income to net cash from operating activities: Depreciation and amortization 10,631 7,329 Gain on disposal of assets (61 ) (42 ) Change in fair value of derivatives 137 (1,889 ) Amortization of debt issuance costs 194 194 Equity-based compensation 2,254 1,150 Change in operating assets and liabilities; net of acquisition: Accounts receivable trade, net (35,754 ) (22,547 ) Due from related party 10,623 — Inventories (80,443 ) (66,115 ) Prepaid expenses and other current assets 3,550 1,781 Other assets (212 ) 283 Accounts payable 61,149 28,045 Accrued expenses 37,058 51,985 Accrued compensation (3,392 ) (7,808 ) Deferred revenue 12,184 11,132 Due to related party (1,372 ) — Other current and non-current liabilities (496 ) (982 ) Net cash provided by operating activities 27,235 18,066 Cash flows from investing activities Purchases of property and equipment, net of sales proceeds (11,556 ) (10,395 ) Net cash used in investing activities (11,556 ) (10,395 ) Cash flows from financing activities Payments under line of credit (18,000 ) (13,000 ) Borrowings under line of credit — 23,000 Payments of long-term debt (2,500 ) (2,500 ) Taxes paid related to net share settlement of equity awards (644 ) (342 ) Net cash (used in) provided by financing activities (21,144 ) 7,158 Net (decrease) increase in cash (5,465 ) 14,829 Cash - Beginning of period 10,872 6,353 Cash - End of period $ 5,407 $ 21,182 Supplemental cash flow information Interest paid, net of amount capitalized $ 4,585 $ 4,009 Income taxes paid $ — $ 11,607 Non-cash investing activities Property and equipment additions in accounts payable and accrued expenses $ 2,568 $ 3,300 THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Adjusted gross profit, adjusted selling, general and administrative expenses, adjusted net income, adjusted EBITDA and adjusted EPS, collectively referred to as “Non-GAAP Financial Measures,” are commonly used in the Company’s industry and should not be construed as an alternative to net income or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP Financial Measures may not be comparable to similarly titled measures reported by other companies. The Company has included these Non-GAAP Financial Measures because it believes the measures provide management and investors with additional information to evaluate business performance in comparison to budgets, forecasts and prior year financial results. Non-GAAP Financial Measures are adjusted to exclude certain items that affect comparability. The adjustments are itemized in the tables below. You are encouraged to evaluate these adjustments and the reason the Company considers them appropriate for supplemental analysis. In evaluating adjustments, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments set forth below. The presentation of Non-GAAP Financial Measures should not be construed as an inference that future results will be unaffected by unusual or recurring items. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that the Company calculates as net income before interest, taxes, depreciation and amortization, non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items which are not related to our core operating performance. Adjusted EBITDA is a key performance measure the Company uses in evaluating its operational results. The Company believes adjusted EBITDA is a helpful measure to provide investors an understanding of how management regularly monitors the Company’s core operating performance, as well as how management makes operational and strategic decisions in allocating resources. The Company believes adjusted EBITDA also provides management and investors consistency and comparability with the Company’s past financial performance and facilitates period to period comparisons of operations, as it eliminates the effects of certain variations unrelated to its overall performance. Adjusted EBITDA has certain limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s debt; adjusted EBITDA does not reflect income tax payments that may represent a reduction in cash available to the Company; and other companies, including companies in the Company’s industry, may calculate adjusted EBITDA differently, which reduce their usefulness as comparative measures. Because of these limitations, you should consider adjusted EBITDA alongside other financial performance measures, including net income and the Company’s other GAAP results. In evaluating adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA should not be construed as an inference that the Company’s future results will be unaffected by the types of items excluded from the calculation of adjusted EBITDA. Adjusted Gross Profit Adjusted gross profit is a non-GAAP financial measure that the Company calculates as gross profit excluding the impact of purchase accounting adjustments (including depreciation and amortization related to purchase accounting), non-cash equity-based compensation expense, and certain inventory charges. We believe adjusted gross profit is a useful measure to us and our investors to assist in evaluating our operating performance because it provides consistency and direct comparability with our past financial performance between fiscal periods, as the metric eliminates the effects of non-cash or other expenses unrelated to our core operating performance that would result in fluctuations in a given metric for reasons unrelated to overall continuing operating performance. Adjusted gross profit should not be considered a substitute for gross profit or any other measure of financial performance reported in accordance with GAAP. Adjusted Net Income and Adjusted Selling, General and Administrative Expenses Adjusted net income is a non-GAAP financial measure that the Company calculates as net income excluding the impact of non-cash equity-based compensation expense, purchase accounting adjustments, transaction expenses, acquisition integration expenses, changes in the fair value of derivatives and certain other items unrelated to core operating performance, as well as the estimated income tax impacts of all such adjustments included in this non-GAAP performance measure. We believe adjusted net income assists us and our investors in evaluating our performance period-over-period. In calculating adjusted net income, we also calculate the following non-GAAP financial measures which adjust each GAAP-based financial measure for the relevant portion of each adjustment to reach adjusted net income: Adjusted SG&A – calculated as selling, general, and administrative expenses excluding the impacts of purchase accounting, transaction expenses, acquisition integration expenses, equity-based compensation; and Adjusted income tax – calculated as the tax effect of all adjustments to reach adjusted net income based on the applicable blended statutory tax rate for the period. Adjusted net income should not be considered a substitute for net income or any other measure of financial performance reported in accordance with GAAP. Adjusted EPS Adjusted EPS is a non-GAAP financial measure that the Company calculates as adjusted net income divided by diluted share count for the applicable period. We believe adjusted EPS is useful to us and our investors because it improves the comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share or any other measure of financial performance reported in accordance with GAAP. THE DUCKHORN PORTFOLIO, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited, in thousands, except per share data) Three months ended October 31, 2024 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 122,942 $ 61,500 $ 40,798 $ 11,164 $ 4,285 $ 11,164 $ 0.08 Percentage of net sales 50.0 % 33.2 % 9.1 % Interest expense 5,115 Income tax expense 4,285 Depreciation and amortization expense 119 (1,903 ) 10,631 EBITDA $ 31,195 Purchase accounting adjustments 1,957 1,957 542 1,415 0.01 Transaction expenses (13,125 ) 13,125 3,636 9,489 0.06 Acquisition integration costs (152 ) 152 42 110 — Change in fair value of derivatives 137 38 99 — Equity-based compensation 266 (1,734 ) 2,000 504 1,496 0.01 Non-GAAP results $ 122,942 $ 63,842 $ 23,884 $ 48,566 $ 9,047 $ 23,773 $ 0.16 Percentage of net sales 51.9 % 19.4 % 39.5 % Three months ended October 31, 2023 Net sales Gross profit SG&A Adjusted EBITDA Income tax Net income Diluted EPS GAAP results $ 102,509 $ 53,853 $ 30,483 $ 15,537 $ 5,629 $ 15,537 $ 0.13 Percentage of net sales 52.5 % 29.7 % 15.2 % Interest expense 4,004 Income tax expense 5,629 Depreciation and amortization expense 124 (3,108 ) 7,329 EBITDA $ 32,499 Purchase accounting adjustments 25 25 7 18 — Transaction expenses (3,236 ) 3,236 861 2,375 0.02 Change in fair value of derivatives (1,889 ) (502 ) (1,387 ) (0.01 ) Equity-based compensation 206 (846 ) 1,052 272 780 0.01 Lease income, net (926 ) (926 ) (716 ) (210 ) (56 ) (154 ) — Non-GAAP results $ 101,583 $ 53,282 $ 22,577 $ 34,713 $ 6,211 $ 17,169 $ 0.14 Percentage of net sales 52.0 % 22.0 % 33.9 % Note: Sum of individual amounts may not recalculate due to rounding. View source version on businesswire.com : https://www.businesswire.com/news/home/20241205396304/en/ CONTACT: Investor Contact Ben Avenia-Tapper IR@duckhorn.com 707-339-9232Media Contact Jessica Liddell, ICR DuckhornPR@icrinc.com 203-682-8200 KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON INDUSTRY KEYWORD: RETAIL LUXURY WINE & SPIRITS AGRICULTURE NATURAL RESOURCES SPECIALTY FOOD/BEVERAGE SOURCE: The Duckhorn Portfolio, Inc. Copyright Business Wire 2024. PUB: 12/05/2024 04:05 PM/DISC: 12/05/2024 04:06 PM http://www.businesswire.com/news/home/20241205396304/en
WASHINGTON — The House shut down Democrats' efforts Thursday to release the long-awaited ethics report into former Rep. Matt Gaetz, pushing the fate of any resolution to the yearslong investigation of sexual misconduct allegations into further uncertainty. Matt Gaetz talks before President-elect Donald Trump speaks during an America First Policy Institute gala at his Mar-a-Lago estate Nov. 14 in Palm Beach, Fla. The nearly party-line votes came after Democrats had been pressing for the findings to be published even though the Florida Republican left Congress and withdrew as President-elect Donald Trump’s nominee for attorney general. Rep. Tom McClintock, R-Calif., was the sole Republican to support the effort. Most Republicans have argued that any congressional probe into Gaetz ended when he resigned from the House. Speaker Mike Johnson also requested that the committee not publish its report, saying it would be a terrible precedent to set. While ethics reports have previously been released after a member’s resignation, it is extremely rare. Shortly before the votes took place, Rep. Sean Casten, D-Ill., who introduced one of the bills to force the release, said that if Republicans reject the release, they will have “succeeded in sweeping credible allegations of sexual misconduct under the rug.” Gaetz has repeatedly denied the claims. Earlier Thursday, the Ethics panel met to discuss the Gaetz report but made no decision, saying in a short statement that the matter is still being discussed. It's unclear now whether the document will ever see the light of day as lawmakers have only a few weeks left before a new session of Congress begins. It's the culmination of weeks of pressure on the Ethics committee's five Republicans and five Democrats who mostly work in secret as they investigate allegations of misconduct against lawmakers. The status of the Gaetz investigation became an open question last month when he abruptly resigned from Congress after Trump's announcement that he wanted his ally in the Cabinet. It is standard practice for the committee to end investigations when members of Congress depart, but the circumstances surrounding Gaetz were unusual, given his potential role in the new administration. Rep. Michael Guest, R-Miss., the committee chairman, said Wednesday that there is no longer the same urgency to release the report given that Gaetz has left Congress and stepped aside as Trump's choice to head the Justice Department. “I’ve been steadfast about that. He’s no longer a member. He is no longer going to be confirmed by the Senate because he withdrew his nomination to be the attorney general,” Guest said. The Gaetz report has also caused tensions between lawmakers on the bipartisan committee. Pennsylvania Rep. Susan Wild, the top Democrat on the panel, publicly admonished Guest last month for mischaracterizing a previous meeting to the press. Gaetz has denied any wrongdoing and said last year that the Justice Department’s separate investigation against him into sex trafficking allegations involving underage girls ended without federal charges. His onetime political ally Joel Greenberg, a fellow Republican who served as the tax collector in Florida’s Seminole County, admitted as part of a plea deal with prosecutors in 2021 that he paid women and an underage girl to have sex with him and other men. The men were not identified in court documents when he pleaded guilty. Greenberg was sentenced in late 2022 to 11 years in prison. Among President-elect Donald Trump's picks are Susie Wiles for chief of staff, Florida Sen. Marco Rubio for secretary of state, former Democratic House member Tulsi Gabbard for director of national intelligence and Florida Rep. Matt Gaetz for attorney general. Susie Wiles, 67, was a senior adviser to Trump's 2024 presidential campaign and its de facto manager. Trump named Florida Sen. Marco Rubio to be secretary of state, making a former sharp critic his choice to be the new administration's top diplomat. Rubio, 53, is a noted hawk on China, Cuba and Iran, and was a finalist to be Trump's running mate on the Republican ticket last summer. Rubio is the vice chairman of the Senate Intelligence Committee and a member of the Senate Foreign Relations Committee. “He will be a strong Advocate for our Nation, a true friend to our Allies, and a fearless Warrior who will never back down to our adversaries,” Trump said of Rubio in a statement. The announcement punctuates the hard pivot Rubio has made with Trump, whom the senator called a “con man" during his unsuccessful campaign for the 2016 GOP presidential nomination. Their relationship improved dramatically while Trump was in the White House. And as Trump campaigned for the presidency a third time, Rubio cheered his proposals. For instance, Rubio, who more than a decade ago helped craft immigration legislation that included a path to citizenship for people in the U.S. illegally, now supports Trump's plan to use the U.S. military for mass deportations. Pete Hegseth, 44, is a co-host of Fox News Channel’s “Fox & Friends Weekend” and has been a contributor with the network since 2014, where he developed a friendship with Trump, who made regular appearances on the show. Hegseth lacks senior military or national security experience. If confirmed by the Senate, he would inherit the top job during a series of global crises — ranging from Russia’s war in Ukraine and the ongoing attacks in the Middle East by Iranian proxies to the push for a cease-fire between Israel, Hamas and Hezbollah and escalating worries about the growing alliance between Russia and North Korea. Hegseth is also the author of “The War on Warriors: Behind the Betrayal of the Men Who Keep Us Free,” published earlier this year. Trump tapped Pam Bondi, 59, to be attorney general after U.S. Rep. Matt Gaetz withdrew his name from consideration. She was Florida's first female attorney general, serving between 2011 and 2019. She also was on Trump’s legal team during his first impeachment trial in 2020. Considered a loyalist, she served as part of a Trump-allied outside group that helped lay the groundwork for his future administration called the America First Policy Institute. Bondi was among a group of Republicans who showed up to support Trump at his hush money criminal trial in New York that ended in May with a conviction on 34 felony counts. A fierce defender of Trump, she also frequently appears on Fox News and has been a critic of the criminal cases against him. Trump picked South Dakota Gov. Kristi Noem, a well-known conservative who faced sharp criticism for telling a story in her memoir about shooting a rambunctious dog, to lead an agency crucial to the president-elect’s hardline immigration agenda. Noem used her two terms leading a tiny state to vault to a prominent position in Republican politics. South Dakota is usually a political afterthought. But during the COVID-19 pandemic, Noem did not order restrictions that other states had issued and instead declared her state “open for business.” Trump held a fireworks rally at Mount Rushmore in July 2020 in one of the first large gatherings of the pandemic. She takes over a department with a sprawling mission. In addition to key immigration agencies, the Department of Homeland Security oversees natural disaster response, the U.S. Secret Service, and Transportation Security Administration agents who work at airports. The governor of North Dakota, who was once little-known outside his state, Burgum is a former Republican presidential primary contender who endorsed Trump, and spent months traveling to drum up support for him, after dropping out of the race. Burgum was a serious contender to be Trump’s vice presidential choice this summer. The two-term governor was seen as a possible pick because of his executive experience and business savvy. Burgum also has close ties to deep-pocketed energy industry CEOs. Trump made the announcement about Burgum joining his incoming administration while addressing a gala at his Mar-a-Lago club, and said a formal statement would be coming the following day. In comments to reporters before Trump took the stage, Burgum said that, in recent years, the power grid is deteriorating in many parts of the country, which he said could raise national security concerns but also drive up prices enough to increase inflation. “There's just a sense of urgency, and a sense of understanding in the Trump administration,” Burgum said. Robert F. Kennedy Jr. ran for president as a Democrat, than as an independent, and then endorsed Trump . He's the son of Democratic icon Robert Kennedy, who was assassinated during his own presidential campaign. The nomination of Kennedy to lead the Department of Health and Human Services alarmed people who are concerned about his record of spreading unfounded fears about vaccines . For example, he has long advanced the debunked idea that vaccines cause autism. Scott Bessent, 62, is a former George Soros money manager and an advocate for deficit reduction. He's the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary. He told Bloomberg in August that he decided to join Trump’s campaign in part to attack the mounting U.S. national debt. That would include slashing government programs and other spending. “This election cycle is the last chance for the U.S. to grow our way out of this mountain of debt without becoming a sort of European-style socialist democracy,” he said then. Oregon Republican U.S. Rep. Lori Chavez-DeRemer narrowly lost her reelection bid this month, but received strong backing from union members in her district. As a potential labor secretary, she would oversee the Labor Department’s workforce, its budget and put forth priorities that impact workers’ wages, health and safety, ability to unionize, and employer’s rights to fire employers, among other responsibilities. Chavez-DeRemer is one of few House Republicans to endorse the “Protecting the Right to Organize” or PRO Act would allow more workers to conduct organizing campaigns and would add penalties for companies that violate workers’ rights. The act would also weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Scott Turner is a former NFL player and White House aide. He ran the White House Opportunity and Revitalization Council during Trump’s first term in office. Trump, in a statement, credited Turner, the highest-ranking Black person he’s yet selected for his administration, with “helping to lead an Unprecedented Effort that Transformed our Country’s most distressed communities.” Sean Duffy is a former House member from Wisconsin who was one of Trump's most visible defenders on cable news. Duffy served in the House for nearly nine years, sitting on the Financial Services Committee and chairing the subcommittee on insurance and housing. He left Congress in 2019 for a TV career and has been the host of “The Bottom Line” on Fox Business. Before entering politics, Duffy was a reality TV star on MTV, where he met his wife, “Fox and Friends Weekend” co-host Rachel Campos-Duffy. They have nine children. A campaign donor and CEO of Denver-based Liberty Energy, Write is a vocal advocate of oil and gas development, including fracking — a key pillar of Trump’s quest to achieve U.S. “energy dominance” in the global market. Wright also has been one of the industry’s loudest voices against efforts to fight climate change. He said the climate movement around the world is “collapsing under its own weight.” The Energy Department is responsible for advancing energy, environmental and nuclear security of the United States. Wright also won support from influential conservatives, including oil and gas tycoon Harold Hamm. Hamm, executive chairman of Oklahoma-based Continental Resources, a major shale oil company, is a longtime Trump supporter and adviser who played a key role on energy issues in Trump’s first term. President-elect Donald Trump tapped billionaire professional wrestling mogul Linda McMahon to be secretary of the Education Department, tasked with overseeing an agency Trump promised to dismantle. McMahon led the Small Business Administration during Trump’s initial term from 2017 to 2019 and twice ran unsuccessfully as a Republican for the U.S. Senate in Connecticut. She’s seen as a relative unknown in education circles, though she expressed support for charter schools and school choice. She served on the Connecticut Board of Education for a year starting in 2009 and has spent years on the board of trustees for Sacred Heart University in Connecticut. Brooke Rollins, who graduated from Texas A&M University with a degree in agricultural development, is a longtime Trump associate who served as White House domestic policy chief during his first presidency. The 52-year-old is president and CEO of the America First Policy Institute, a group helping to lay the groundwork for a second Trump administration. She previously served as an aide to former Texas Gov. Rick Perry and ran a think tank, the Texas Public Policy Foundation. Trump chose Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs. Trump made the announcement Tuesday on his social media platform, Truth Social. Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration. Both are tasked with putting forward candidates for key roles in the next administration. The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial. Doug Collins is a former Republican congressman from Georgia who gained recognition for defending Trump during his first impeachment trial, which centered on U.S. assistance for Ukraine. Trump was impeached for urging Ukraine to investigate Joe Biden in 2019 during the Democratic presidential nomination, but he was acquitted by the Senate. Collins has also served in the armed forces himself and is currently a chaplain in the United States Air Force Reserve Command. "We must take care of our brave men and women in uniform, and Doug will be a great advocate for our Active Duty Servicemembers, Veterans, and Military Families to ensure they have the support they need," Trump said in a statement about nominating Collins to lead the Department of Veterans Affairs. Karoline Leavitt, 27, was Trump's campaign press secretary and currently a spokesperson for his transition. She would be the youngest White House press secretary in history. The White House press secretary typically serves as the public face of the administration and historically has held daily briefings for the press corps. Leavitt, a New Hampshire native, was a spokesperson for MAGA Inc., a super PAC supporting Trump, before joining his 2024 campaign. In 2022, she ran for Congress in New Hampshire, winning a 10-way Republican primary before losing to Democratic Rep. Chris Pappas. Leavitt worked in the White House press office during Trump's first term before she became communications director for New York Republican Rep. Elise Stefanik, Trump's choice for U.S. ambassador to the United Nations. Former Hawaii Rep. Tulsi Gabbard has been tapped by Trump to be director of national intelligence, keeping with the trend to stock his Cabinet with loyal personalities rather than veteran professionals in their requisite fields. Gabbard, 43, was a Democratic House member who unsuccessfully sought the party's 2020 presidential nomination before leaving the party in 2022. She endorsed Trump in August and campaigned often with him this fall. “I know Tulsi will bring the fearless spirit that has defined her illustrious career to our Intelligence Community,” Trump said in a statement. Gabbard, who has served in the Army National Guard for more than two decades, deploying to Iraq and Kuwait, would come to the role as somewhat of an outsider compared to her predecessor. The current director, Avril Haines, was confirmed by the Senate in 2021 following several years in a number of top national security and intelligence positions. Trump has picked John Ratcliffe, a former Texas congressman who served as director of national intelligence during his first administration, to be director of the Central Intelligence Agency in his next. Ratcliffe was director of national intelligence during the final year and a half of Trump's first term, leading the U.S. government's spy agencies during the coronavirus pandemic. “I look forward to John being the first person ever to serve in both of our Nation's highest Intelligence positions,” Trump said in a statement, calling him a “fearless fighter for the Constitutional Rights of all Americans” who would ensure “the Highest Levels of National Security, and PEACE THROUGH STRENGTH.” Kash Patel spent several years as a Justice Department prosecutor before catching the Trump administration’s attention as a staffer on Capitol Hill who helped investigate the Russia probe. Patel called for dramatically reducing the agency’s footprint, a perspective that sets him apart from earlier directors who sought additional resources for the bureau. Though the Justice Department in 2021 halted the practice of secretly seizing reporters’ phone records during leak investigations, Patel said he intends to aggressively hunt down government officials who leak information to reporters. Trump has chosen former New York Rep. Lee Zeldin to serve as his pick to lead the Environmental Protection Agency . Zeldin does not appear to have any experience in environmental issues, but is a longtime supporter of the former president. The 44-year-old former U.S. House member from New York wrote on X , “We will restore US energy dominance, revitalize our auto industry to bring back American jobs, and make the US the global leader of AI.” “We will do so while protecting access to clean air and water,” he added. During his campaign, Trump often attacked the Biden administration's promotion of electric vehicles, and incorrectly referring to a tax credit for EV purchases as a government mandate. Trump also often told his audiences during the campaign his administration would “Drill, baby, drill,” referring to his support for expanded petroleum exploration. In a statement, Trump said Zeldin “will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet.” Trump has named Brendan Carr, the senior Republican on the Federal Communications Commission, as the new chairman of the agency tasked with regulating broadcasting, telecommunications and broadband. Carr is a longtime member of the commission and served previously as the FCC’s general counsel. He has been unanimously confirmed by the Senate three times and was nominated by both Trump and President Joe Biden to the commission. Carr made past appearances on “Fox News Channel," including when he decried Democratic Vice President Kamala Harris' pre-Election Day appearance on “Saturday Night Live.” He wrote an op-ed last month defending a satellite company owned by Trump supporter Elon Musk. Trump said Atkins, the CEO of Patomak Partners and a former SEC commissioner, was a “proven leader for common sense regulations.” In the years since leaving the SEC, Atkins has made the case against too much market regulation. “He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before,” Trump wrote on Truth Social. The commission oversees U.S. securities markets and investments and is currently led by Gary Gensler, who has been leading the U.S. government’s crackdown on the crypto industry. Gensler, who was nominated by President Joe Biden, announced last month that he would be stepping down from his post on the day that Trump is inaugurated — Jan. 20, 2025. Atkins began his career as a lawyer and has a long history working in the financial markets sector, both in government and private practice. In the 1990s, he worked on the staffs of two former SEC chairmen, Richard C. Breeden and Arthur Levitt. Jared Isaacman, 41, is a tech billionaire who bought a series of spaceflights from Elon Musk’s SpaceX and conducted the first private spacewalk . He is the founder and CEO of a card-processing company and has collaborated closely with Musk ever since buying his first chartered SpaceX flight. He took contest winners on that 2021 trip and followed it in September with a mission where he briefly popped out the hatch to test SpaceX’s new spacewalking suits. Rep. Elise Stefanik is a representative from New York and one of Trump's staunchest defenders going back to his first impeachment. Elected to the House in 2014, Stefanik was selected by her GOP House colleagues as House Republican Conference chair in 2021, when former Wyoming Rep. Liz Cheney was removed from the post after publicly criticizing Trump for falsely claiming he won the 2020 election. Stefanik, 40, has served in that role ever since as the third-ranking member of House leadership. Stefanik’s questioning of university presidents over antisemitism on their campuses helped lead to two of those presidents resigning, further raising her national profile. If confirmed, she would represent American interests at the U.N. as Trump vows to end the war waged by Russia against Ukraine begun in 2022. He has also called for peace as Israel continues its offensive against Hamas in Gaza and its invasion of Lebanon to target Hezbollah. President-elect Donald Trump says he's chosen former acting Attorney General Matt Whitaker to serve as U.S. ambassador to NATO. Trump has expressed skepticism about the Western military alliance for years. Trump said in a statement Wednesday that Whitaker is “a strong warrior and loyal Patriot” who “will ensure the United States’ interests are advanced and defended” and “strengthen relationships with our NATO Allies, and stand firm in the face of threats to Peace and Stability.” The choice of Whitaker as the nation’s representative to the North Atlantic Treaty Organization is an unusual one, given his background is as a lawyer and not in foreign policy. A Republican congressman from Michigan who served from 1993 to 2011, Hoekstra was ambassador to the Netherlands during Trump's first term. “In my Second Term, Pete will help me once again put AMERICA FIRST,” Trump said in a statement announcing his choice. “He did an outstanding job as United States Ambassador to the Netherlands during our first four years, and I am confident that he will continue to represent our Country well in this new role.” Trump will nominate former Arkansas Gov. Mike Huckabee to be ambassador to Israel. Huckabee is a staunch defender of Israel and his intended nomination comes as Trump has promised to align U.S. foreign policy more closely with Israel's interests as it wages wars against the Iran-backed Hamas and Hezbollah. “He loves Israel, and likewise the people of Israel love him,” Trump said in a statement. “Mike will work tirelessly to bring about peace in the Middle East.” Huckabee, who ran unsuccessfully for the Republican presidential nomination in 2008 and 2016, has been a popular figure among evangelical Christian conservatives, many of whom support Israel due to Old Testament writings that Jews are God’s chosen people and that Israel is their rightful homeland. Trump has been praised by some in this important Republican voting bloc for moving the U.S. embassy in Israel from Tel Aviv to Jerusalem. Trump on Tuesday named real estate investor Steven Witkoff to be special envoy to the Middle East. The 67-year-old Witkoff is the president-elect's golf partner and was golfing with him at Trump's club in West Palm Beach, Florida, on Sept. 15, when the former president was the target of a second attempted assassination. Witkoff “is a Highly Respected Leader in Business and Philanthropy,” Trump said of Witkoff in a statement. “Steve will be an unrelenting Voice for PEACE, and make us all proud." Trump also named Witkoff co-chair, with former Georgia Sen. Kelly Loeffler, of his inaugural committee. Trump said Wednesday that he will nominate Gen. Keith Kellogg to serve as assistant to the president and special envoy for Ukraine and Russia. Kellogg, a retired Army lieutenant general who has long been Trump’s top adviser on defense issues, served as National Security Advisor to Trump's former Vice President Mike Pence. For the America First Policy Institute, one of several groups formed after Trump left office to help lay the groundwork for the next Republican administration, Kellogg in April wrote that “bringing the Russia-Ukraine war to a close will require strong, America First leadership to deliver a peace deal and immediately end the hostilities between the two warring parties.” (AP Photo/Mariam Zuhaib) Trump asked Rep. Michael Waltz, R-Fla., a retired Army National Guard officer and war veteran, to be his national security adviser, Trump announced in a statement Tuesday. The move puts Waltz in the middle of national security crises, ranging from efforts to provide weapons to Ukraine and worries about the growing alliance between Russia and North Korea to the persistent attacks in the Middle East by Iran proxies and the push for a cease-fire between Israel and Hamas and Hezbollah. “Mike has been a strong champion of my America First Foreign Policy agenda,” Trump's statement said, "and will be a tremendous champion of our pursuit of Peace through Strength!” Waltz is a three-term GOP congressman from east-central Florida. He served multiple tours in Afghanistan and also worked in the Pentagon as a policy adviser when Donald Rumsfeld and Robert Gates were defense chiefs. He is considered hawkish on China, and called for a U.S. boycott of the 2022 Winter Olympics in Beijing due to its involvement in the origin of COVID-19 and its mistreatment of the minority Muslim Uighur population. Stephen Miller, an immigration hardliner , was a vocal spokesperson during the presidential campaign for Trump's priority of mass deportations. The 39-year-old was a senior adviser during Trump's first administration. Miller has been a central figure in some of Trump's policy decisions, notably his move to separate thousands of immigrant families. Trump argued throughout the campaign that the nation's economic, national security and social priorities could be met by deporting people who are in the United States illegally. Since Trump left office in 2021, Miller has served as the president of America First Legal, an organization made up of former Trump advisers aimed at challenging the Biden administration, media companies, universities and others over issues such as free speech and national security. Thomas Homan, 62, has been tasked with Trump’s top priority of carrying out the largest deportation operation in the nation’s history. Homan, who served under Trump in his first administration leading U.S. Immigration and Customs Enforcement, was widely expected to be offered a position related to the border, an issue Trump made central to his campaign. Though Homan has insisted such a massive undertaking would be humane, he has long been a loyal supporter of Trump's policy proposals, suggesting at a July conference in Washington that he would be willing to "run the biggest deportation operation this country’s ever seen.” Democrats have criticized Homan for his defending Trump's “zero tolerance” policy on border crossings during his first administration, which led to the separation of thousands of parents and children seeking asylum at the border. Former Rep. Billy Long represented Missouri in the U.S. House from 2011 to 2023. Since leaving Congress, Trump said, Long “has worked as a Business and Tax advisor, helping Small Businesses navigate the complexities of complying with the IRS Rules and Regulations.” Dr. Mehmet Oz, 64, is a former heart surgeon who hosted “The Dr. Oz Show,” a long-running daytime television talk show. He ran unsuccessfully for the U.S. Senate as the Republican nominee in 2022 and is an outspoken supporter of Trump, who endorsed Oz's bid for elected office. Elon Musk, left, and Vivek Ramaswamy speak before Republican presidential nominee former President Donald Trump at an Oct. 27 campaign rally at Madison Square Garden in New York. Trump on Tuesday said Musk and former Republican presidential candidate Ramaswamy will lead a new “Department of Government Efficiency" — which is not, despite the name, a government agency. The acronym “DOGE” is a nod to Musk's favorite cryptocurrency, dogecoin. Trump said Musk and Ramaswamy will work from outside the government to offer the White House “advice and guidance” and will partner with the Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government never seen before.” He added the move would shock government systems. It's not clear how the organization will operate. Musk, owner of X and CEO of Tesla and SpaceX, has been a constant presence at Mar-a-Lago since Trump won the presidential election. Ramaswamy suspended his campaign in January and threw his support behind Trump. Trump said the two will “pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.” Russell Vought held the position during Trump’s first presidency. After Trump’s initial term ended, Vought founded the Center for Renewing America, a think tank that describes its mission as “renew a consensus of America as a nation under God.” Vought was closely involved with Project 2025, a conservative blueprint for Trump’s second term that he tried to distance himself from during the campaign. Vought has also previously worked as the executive and budget director for the Republican Study Committee, a caucus for conservative House Republicans. He also worked at Heritage Action, the political group tied to The Heritage Foundation, a conservative think tank. Dan Scavino, deputy chief of staff Scavino, whom Trump's transition referred to in a statement as one of “Trump's longest serving and most trusted aides,” was a senior adviser to Trump's 2024 campaign, as well as his 2016 and 2020 campaigns. He will be deputy chief of staff and assistant to the president. Scavino had run Trump's social media profile in the White House during his first administration. He was also held in contempt of Congress in 2022 after a month-long refusal to comply with a subpoena from the House committee’s investigation into the Jan. 6, 2021, attack on the U.S. Capitol. James Blair, deputy chief of staff Blair was political director for Trump's 2024 campaign and for the Republican National Committee. He will be deputy chief of staff for legislative, political and public affairs and assistant to the president. Blair was key to Trump's economic messaging during his winning White House comeback campaign this year, a driving force behind the candidate's “Trump can fix it” slogan and his query to audiences this fall if they were better off than four years ago. Taylor Budowich, deputy chief of staff Budowich is a veteran Trump campaign aide who launched and directed Make America Great Again, Inc., a super PAC that supported Trump's 2024 campaign. He will be deputy chief of staff for communications and personnel and assistant to the president. Budowich also had served as a spokesman for Trump after his presidency. Jay Bhattacharya, National Institutes of Health Trump has chosen Dr. Jay Bhattacharya to lead the National Institutes of Health. Bhattacharya is a physician and professor at Stanford University School of Medicine, and is a critic of pandemic lockdowns and vaccine mandates. He promoted the idea of herd immunity during the pandemic, arguing that people at low risk should live normally while building up immunity to COVID-19 through infection. The National Institutes of Health funds medical research through competitive grants to researchers at institutions throughout the nation. NIH also conducts its own research with thousands of scientists working at its labs in Bethesda, Maryland. Dr. Marty Makary, Food and Drug Administration Makary is a Johns Hopkins surgeon and author who argued against pandemic lockdowns. He routinely appeared on Fox News during the COVID-19 pandemic and wrote opinion articles questioning masks for children. He cast doubt on vaccine mandates but supported vaccines generally. Makary also cast doubt on whether booster shots worked, which was against federal recommendations on the vaccine. Dr. Janette Nesheiwat, Surgeon General Nesheiwat is a general practitioner who serves as medical director for CityMD, a network of urgent care centers in New York and New Jersey. She has been a contributor to Fox News. Dr. Dave Weldon, U.S. Centers for Disease Control and Prevention Weldon is a former Florida congressman who recently ran for a Florida state legislative seat and lost; Trump backed Weldon’s opponent. In Congress, Weldon weighed in on one of the nation’s most heated debates of the 1990s over quality of life and a right-to-die and whether Terri Schiavo, who was in a persistent vegetative state after cardiac arrest, should have been allowed to have her feeding tube removed. He sided with the parents who did not want it removed. Jamieson Greer, U.S. trade representative Kevin Hassett, Director of the White House National Economic Council Trump is turning to two officials with experience navigating not only Washington but the key issues of income taxes and tariffs as he fills out his economic team. He announced he has chosen international trade attorney Jamieson Greer to be his U.S. trade representative and Kevin Hassett as director of the White House National Economic Council. While Trump has in several cases nominated outsiders to key posts, these picks reflect a recognition that his reputation will likely hinge on restoring the public’s confidence in the economy. Trump said in a statement that Greer was instrumental in his first term in imposing tariffs on China and others and replacing the trade agreement with Canada and Mexico, “therefore making it much better for American Workers.” Hassett, 62, served in the first Trump term as chairman of the Council of Economic Advisers. He has a doctorate from the University of Pennsylvania and worked at the right-leaning American Enterprise Institute before joining the Trump White House in 2017. Former Georgia Sen. Kelly Loeffler was appointed in January 2020 by Georgia Gov. Brian Kemp and then lost a runoff election a year later. She started a conservative voter registration organization and dived into GOP fundraising, becoming one of the top individual donors and bundlers to Trump’s 2024 comeback campaign. Even before nominating her for agriculture secretary, the president-elect already had tapped Loeffler as co-chair of his inaugural committee. Stay up-to-date on the latest in local and national government and political topics with our newsletter.State gets $1.9M to promote air travel from new marketsBy KAITLYN HUAMANI The commencement of the holiday season often means the lengthening of to-do lists. There are lights to hang, cards to mail , cookies to bake and, of course, gifts to buy . Gift exchanges, whether they’re among friends, family or co-workers, can be a fun way to get in the holiday spirit. But can also be another stressor during a busy time of year. Secret Santa exchanges — where participants are assigned a gift recipient and tasked with finding them a perfect present within a price limit — sometimes mean that those in friend groups are paired with “frenemies,” someone inevitably draws themselves, or colleagues who are virtually strangers are matched up. Those possible pitfalls inspired Peter Imburg to create Elfster , a free online Secret Santa organizer, after he saw the time and effort it took to coordinate the logistics of a gift exchange with his family over 20 years ago. More top-down organization, he says, helps things run more smoothly. Elfster, for instance, creates pairings, asks for wish lists, offers gift suggestions at different price points and sends reminders, among other features meant to make the organizational hurdles of a gift exchange less daunting. “The organizer is like the hero. They make it all happen,” Imburg said, adding that his site aims “to make it a lot easier for the organizer to do that with a minimal amount of effort.” Cameron Rogers, a New Jersey-based social media content creator and podcast host on wellness and motherhood, understands the stress that gift exchanges can bring up. “Having to give generic gifts to people I’m not necessarily close with is extremely difficult,” Rogers said. “I can pick a good gift for my husband or my kids or my mom, but for people who I don’t know the ins and outs of their lives, I think it’s hard to pick something that you know they’re actually going to enjoy.” Related Articles Health | Words on ammo in CEO shooting echo common phrase on insurer tactics: Delay, deny, defend Health | Nursing homes fell behind on vaccinating patients for COVID Health | A twice-yearly shot could help end AIDS. But will it get to everyone who needs it? Health | States poised to end coverage for millions if Trump cuts Medicaid funding Health | Tower Health announces leadership transition She recently shared a guide to Secret Santa gifts under $50 on her social media channels, emphasizing how challenging it can be to find something within a set price range that will be well-received. Gifts with a specific purpose — kitchen gadgets, home items or winter gear — and gifts that have a personalized aspect like a monogram are good go-to options for anyone feeling lost after receiving their Secret Santa assignment, she said. Imburg said the “gift gurus” at Elfster also have suggestions, especially for recipients who aren’t offering any clues as to what they’d like. In a similar vein as Rogers, the Elfster team offered ideas for some practical gifts, like water bottles, blankets and massage guns. Other no-nonsense home and kitchen items, like food storage containers, charging stations and more are featured on the site’s “Top Trending Gift Ideas for 2024” list. Gift cards, although they are not particularly glamorous, are an essentially foolproof option, Rogers said, and they won’t leave your recipient wondering where they’ll find room on their shelf for another mug or book. “I don’t want to give someone something solely to check a box,” Rogers said. “I want them to enjoy it, instead of being like, ‘What do I do with this now?’” Some gift-givers find that Secret Santa (and its many counterparts like White Elephant and Yankee Swap) actually cuts down on stress and spending, as it’s often done in place of giving individual presents to each member of a group. Nicole Troiano of Cranston, Rhode Island, finds them to be a fun way to handle holidays with large groups — even if co-workers may need to ask around to get specifics on their assigned person. “It’s fun to do it that way and think about something that would be good for that person,” she said. “And then, when they open it, they’re like, ‘Oh my God!’” By the weekend after Thanksgiving, Troiano had already purchased and wrapped her gift for the exchange she’s taking part in this year. After her swap, a lucky participant will be the new owner of a cutting board, two bottles of wine wearing bottle-size ugly sweaters, and gourmet chocolates.
SAN MARCOS, Texas (AP) — Diante Smith scored 24 points and Lance Ware added a double-double as UT Arlington beat Texas State 80-72 on Sunday night. Smith shot 9 for 11 (2 for 3 from 3-point range) and 4 of 5 from the free-throw line for the Mavericks (7-7). Ware added 19 points on 8-for-10 shooting and 12 rebounds. Raysean Seamster shot 5 of 10 from the field and 3 of 3 from the free-throw line to finish with 13 points, while adding seven rebounds. Tyler Morgan led the Bobcats (8-5) with 22 points, eight rebounds and four steals. Texas State also got 17 points and two blocks from Tylan Pope. Coleton Benson had nine points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .NETCLASS TECHNOLOGY INC. Announces Closing of $9 Million Initial Public Offering
Is Secret Santa stressing you out? Here’s your holiday gift-exchange survival guideNEW YORK (AP) — U.S. stock indexes drifted amid mixed trading Monday, ahead of this week’s upcoming meeting by the Federal Reserve that could set Wall Street’s direction into next year. The S&P 500 rose 0.4%, coming off its first losing week in the last four . The Nasdaq composite climbed 1.2% to a record, while the Dow Jones Industrial Average was a laggard and fell 110 points, or 0.3%. Broadcom leaped 11.2% to help lead the S&P 500 for a second straight day after delivering a profit report last week that beat analysts’ expectations. The technology company is riding a wave of enthusiasm about its artificial-intelligence offerings in particular. The market’s main event, though, will arrive on Wednesday when the Federal Reserve will announce its last move on interest rates for the year. The widespread expectation is that it will cut its main rate for a third straight time, as it tries to boost the slowing job market after getting inflation nearly all the way down to its target of 2%. The question is how much more it will cut rates next year, and Fed officials will release projections for where they see the federal funds rate ending 2025, along with other economic indicators, once their meeting concludes. Fed Chair Jerome Powell will also answer questions in a press conference following the meeting. For now, the general expectation among traders is that the Fed may cut a couple more times in 2025, according to data from CME Group. But such expectations have been shrinking following reports suggesting inflation may be tougher to get all the way down to 2% from here. Besides last month’s slight acceleration in inflation, another worry is that President-elect Donald Trump’s preferences for tariffs and other policies could lead to higher inflation down the line. Goldman Sachs economist David Mericle has dropped his earlier forecast of a cut by the Fed in January, for example. Beyond the possibility of tariffs, he said Fed officials may also want to slow their cuts because of uncertainty about exactly how low rates need to go so that they no longer press the brakes on the economy. Expectations for a series of cuts to rates by the Fed have been one of the main reasons the S&P 500 has set an all-time high 57 times so far this year and is heading for one of its best years of the millennium . The economy has held up better than many feared, continuing to grow even after the Fed hiked the federal funds rate to a two-decade high in hopes of grinding down on inflation, which topped 9% two summers ago. On Wall Street, MicroStrategy jumped as much as 7% during the day as it continues to benefit from the surging price for bitcoin , which set another all-time high. But its stock ended the day down by les than 0.1% after bitcoin’s price pulled back below $106,000 after setting a record above $107,700, according to CoinDesk. The software company has been building its hoard of the cryptocurrency, and its stock price has more than sextupled this year. It will also soon join the Nasdaq 100 index. Bitcoin’s price has catapulted from roughly $44,000 at the start of the year, riding a recent wave of enthusiasm that Trump will create a system that’s more favorable to digital currencies . Honeywell rose 3.7% after saying it’s still considering a spin-off or sale of its aerospace business, as part of a review of its overall business. It said it plans to give an update with the release of its fourth-quarter results. They helped offset a drop for Nvidia, whose chips are powering much of the world’s move into AI. Its stock fell 1.7%. Because it’s grown so massive, with a total value topping $3 trillion, it was the single heaviest weight on the S&P 500. All told, the S&P 500 rose 22.99 points to 6,074.08. The Dow Jones Industrial Average fell 110.58 to 43,717.48, and the Nasdaq composite rose 247.17 to 20,173.89. In the bond market, Treasury yields held relatively steady. The yield on the 10-year Treasury edged down to 4.39% from 4.40% late Friday. The two-year yield, which more closely tracks expectations for the Fed, eased to 4.24% from 4.25%. In stock markets abroad, indexes fell modestly across much of Europe and Asia. They sank 0.9% in Hong Kong and 0.2% in Shanghai after China reported lackluster economic indicators for November despite attempts to strengthen the world’s second-largest economy. South Korea’s Kospi fell 0.2% as law enforcement authorities pushed to summon impeached President Yoon Suk Yeol for questioning over his short-lived martial law decree, and the Constitutional Court met to discuss whether to remove him from office or reinstate him. AP Business Writer Elaine Kurtenbach contributed.Investigators probing South Korea's Yoon Suk Yeol over his short-lived declaration of martial law said Monday they sought an arrest warrant for the suspended president after he failed to report for questioning. Yoon briefly suspended civilian rule this month, plunging South Korea into its worst political crisis in decades. He was stripped of his presidential duties by parliament over the action, but a constitutional court ruling is pending on whether to confirm the impeachment. The conservative leader also faces criminal charges of insurrection, which could result in life imprisonment or even the death penalty. A former prosecutor himself, Yoon had been summoned three times by investigators for questioning, but refused to present himself each time -- including by yesterday's deadline. "The Joint Investigation Headquarters filed an arrest warrant for President Yoon Suk Yeol with the Seoul Western District Court", said the probe team in a statement. The application by investigators marks the first attempt in the country's history to forcibly detain a president before the impeachment procedure is complete. Yoon is being investigated by prosecutors as well as a joint team comprising police, defence ministry, and anti-corruption officials. A 10-page prosecutors' report seen by AFP stated that Yoon authorised the military to fire weapons if needed to enter parliament during his failed martial law bid. Yoon's lawyer Yoon Kab-keun had dismissed the prosecutors' report, telling AFP it was "a one-sided account that neither corresponds to objective circumstances nor common sense". - 'Drag them out' - Yoon declared martial law in an unannounced televised address on December 3, saying it was aimed at eliminating "anti-state elements". Lawmakers rushed to parliament within minutes of the declaration to vote it down. At the same time, heavily armed troops stormed the building, scaling fences, smashing windows and landing by helicopter. According to the prosecution indictment report, Yoon told the chief of the capital defence command, Lee Jin-woo, that military forces could shoot if necessary to enter the National Assembly. "Have you still not got in? What are you doing? Break down the door and drag them out, even if it means shooting," Yoon told Lee, according to the report. Yoon also allegedly told the head of the Defense Counterintelligence Command, General Kwak Jong-keun, to "quickly get inside" the National Assembly since the quorum for lifting the martial law declaration had not been met. "So quickly get inside the National Assembly and bring out the people inside the chamber, and break down the doors with an axe if necessary and drag everyone out," the report quotes Yoon as saying at the time. The report also said there was evidence that Yoon had been discussing declaring martial law with senior military officials as early as March. As investigations began against Yoon, attempts by prosecutors to search his offices were blocked by the presidential security team. South Korea's political turmoil deepened late last week when Yoon's replacement, Han Duck-soo, was also impeached by parliament for failing to sign through bills for investigations into Yoon. Finance Minister Choi Sang-mok has taken over as the new acting president, and found himself thrust immediately into a disaster with the Jeju Air plane crash that claimed 179 lives. hs-hmn/tym