World Series vision that got Nathan Eovaldi to the Rangers is the same one that got him to re-sign
WASHINGTON (AP) — President Joe Biden said Sunday that the U.S. government believes missing American journalist Austin Tice, who disappeared 12 years ago near the Syrian capital, is alive and that Washington is committed to bringing him home after Bashar Assad’s ouster from power in Damascus. “We think we can get him back,” Biden told reporters at the White House, while acknowledging that “we have no direct evidence” of his status. “Assad should be held accountable.” Biden said officials must still identify exactly where Tice is after his disappearance in August 2012 at a checkpoint in a contested area west of Damascus. “We’ve remained committed to returning him to his family,” he said. Tice, who is from Houston and whose work had been published by The Washington Post, McClatchy newspapers and other outlets. A video released weeks after Tice went missing showed him blindfolded and held by armed men and saying, “Oh, Jesus.” He has not been heard from since. that it was holding him. The United States has no new evidence that Tice is alive, but continues to operate under the assumption he is alive, according to a U.S. official. The official, who was not authorized to comment publicly and spoke on condition of anonymity, said the U.S. will continue to work to identify where he is and to try to bring him home. His mother, Debra, said at a news conference Friday in Washington that the family had information from a “significant source,” whom she did not identify, establishing that her son was alive. “He is being cared for and he is well — we do know that,” she said. The Tice family met this past week with officials at the State Department and the White House. “To everyone in Syria that hears this, please remind people that we’re waiting for Austin,” Debra Tice said in comments that hostage advocacy groups spread on social media Sunday. “We know that when he comes out, he’s going to be fairly dazed & he’s going to need lots of care & direction. Direct him to his family please!”The standard Lorem Ipsum passage, used since the 1500s "Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" Thanks for your interest in Kalkine Media's content! To continue reading, please log in to your account or create your free account with us.
Trump says he can't guarantee tariffs won't raise prices, won't rule out revenge prosecutionsNEW YORK — President-elect Donald Trump's lawyers urged a judge again Friday to throw out his hush money conviction, balking at the prosecution's suggestion of preserving the verdict by treating the case the way some courts do when a defendant dies. They called the idea "absurd." The Manhattan district attorney's office asked Judge Juan M. Merchan to "pretend as if one of the assassination attempts against President Trump had been successful," Trump's lawyers wrote in a 23-page response. In court papers made public Tuesday, District Attorney Alvin Bragg's office proposed an array of options for keeping the historic conviction on the books after Trump's lawyers filed paperwork this month asking for the case to be dismissed. They include freezing the case until Trump leaves office in 2029, agreeing that any future sentence won't include jail time, or closing the case by noting he was convicted but that he wasn't sentenced and his appeal wasn't resolved because of presidential immunity. 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Trump lawyers Todd Blanche and Emil Bove reiterated Friday their position that the only acceptable option is overturning his conviction and dismissing his indictment, writing that anything less will interfere with the transition process and his ability to lead the country. The Manhattan district attorney's office declined comment. It's unclear how soon Merchan will decide. He could grant Trump's request for dismissal, go with one of the prosecution's suggestions, wait until a federal appeals court rules on Trump's parallel effort to get the case moved out of state court, or choose some other option. In their response Friday, Blanche and Bove ripped each of the prosecution's suggestions. Halting the case until Trump leaves office would force the incoming president to govern while facing the "ongoing threat" that he'll be sentenced to imprisonment, fines or other punishment as soon as his term ends, Blanche and Bove wrote. Trump, a Republican, takes office Jan. 20. The prosecution's suggestion that Merchan could mitigate those concerns by promising not to sentence Trump to jail time on presidential immunity grounds is also a non-starter, Blanche and Bove wrote. The immunity statute requires dropping the case, not merely limiting sentencing options, they contend. Attorney Todd Blanche listens May 30 as his client Donald Trump speaks at Manhattan criminal court during jury deliberations in his criminal hush money trial in New York. Blanche and Bove, both of whom Trump tapped for high-ranking Justice Department positions, expressed outrage at the prosecution's novel suggestion that Merchan borrow from Alabama and other states and treat the case as if Trump died. Blanche and Bove accused prosecutors of ignoring New York precedent and attempting to "fabricate" a solution "based on an extremely troubling and irresponsible analogy between President Trump" who survived assassination attempts in Pennsylvania in July and Florida in September "and a hypothetical dead defendant." Such an option normally comes into play when a defendant dies after being convicted but before appeals are exhausted. It is unclear whether it is viable under New York law, but prosecutors suggested that Merchan could innovate in what's already a unique case. "This remedy would prevent defendant from being burdened during his presidency by an ongoing criminal proceeding," prosecutors wrote in their filing this week. But at the same time, it wouldn't "precipitously discard" the "meaningful fact that defendant was indicted and found guilty by a jury of his peers." Prosecutors acknowledged that "presidential immunity requires accommodation" during Trump's impending return to the White House but argued that his election to a second term should not upend the jury's verdict, which came when he was out of office. Longstanding Justice Department policy says sitting presidents cannot face criminal prosecution. Other world leaders don't enjoy the same protection. For example, Israeli Prime Minister Benjamin Netanyahu is on trial on corruption charges even as he leads that nation's wars in Lebanon and Gaza. President-elect Donald Trump attends a Dec. 7 meeting with French President Emmanuel Macron at the Elysee Palace in Paris. Trump has fought for months to reverse his May 30 conviction on 34 counts of falsifying business records. Prosecutors said he fudged the documents to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier, which Trump denies. Trump's hush money conviction was in state court, meaning a presidential pardon — issued by Biden or himself when he takes office — would not apply to the case. Presidential pardons only apply to federal crimes. Since the election, special counsel Jack Smith ended his two federal cases, which pertained to Trump's efforts to overturn his 2020 election loss and allegations that he hoarded classified documents at his Mar-a-Lago estate. A separate state election interference case in Fulton County, Georgia, is largely on hold. Trump denies wrongdoing in each case. Trump was scheduled for sentencing in the hush money case in late November, but following Trump's Nov. 5 election win, Merchan halted proceedings and indefinitely postponed the former and future president's sentencing so the defense and prosecution could weigh in on the future of the case. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Here are the people Trump picked for key positions so far President-elect Donald Trump 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, White House Chief of Staff Susie Wiles, 67, was a senior adviser to Trump's 2024 presidential campaign and its de facto manager. Marco Rubio, Secretary of State 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, Secretary of Defense 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. Pam Bondi, Attorney General 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. Kristi Noem, Secretary of Homeland Security 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. Doug Burgum, Secretary of the Interior 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., Secretary of Health and Human Services 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, Treasury Secretary 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. Lori Chavez-DeRemer, Labor Secretary 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, Housing and Urban Development 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, Secretary of Transportation 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. Chris Wright, Secretary of Energy 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. Linda McMahon, Secretary of Education 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, Secretary of Agriculture 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. Howard Lutnick, Secretary of Commerce 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. Trump Transition FILE - Former Rep. Doug Collins speaks before Republican presidential nominee former President Donald Trump at a campaign event at the Cobb Energy Performing Arts Centre, Oct. 15, 2024, in Atlanta. Karoline Leavitt, White House press secretary 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. Tulsi Gabbard, National Intelligence Director 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. John Ratcliffe, Central Intelligence Agency Director 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, Federal Bureau of Investigation Director 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. Lee Zeldin, Environmental Protection Agency Administrator 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.” Brendan Carr, Chairman of the Federal Communications Commission 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. Paul Atkins, Chair of the Securities and Exchange Commission 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, NASA Administrator 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. Elise Stefanik, Ambassador to the United Nations 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. Matt Whitaker, Ambassador to NATO 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. David Perdue, Ambassador to China President-elect Donald Trump tapped former Sen. David Perdue of Georgia to be ambassador to China, saying in a social media post that the former CEO “brings valuable expertise to help build our relationship with China.” Perdue lost his Senate seat to Democrat Jon Ossoff four years ago and ran unsuccessfully in a primary against Republican Georgia Gov. Brian Kemp. Perdue pushed Trump's debunked lies about electoral fraud during his failed bid for governor. Mike Huckabee, Ambassador to Israel 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. Kimberly Guilfoyle, Ambassador to Greece Guilfoyle is a former California prosecutor and television news personality who led the fundraising for Trump's 2020 campaign and became engaged to Don Jr. in 2020. Trump called her “a close friend and ally” and praised her “sharp intellect make her supremely qualified.” Guilfoyle was on stage with the family on election night. “I am so proud of Kimberly. She loves America and she always has wanted to serve the country as an Ambassador. She will be an amazing leader for America First,” Don Jr. posted. The ambassador positions must be approved by the U.S. Senate. Guilfoyle said in a social media post that she was “honored to accept President Trump’s nomination to serve as the next Ambassador to Greece and I look forward to earning the support of the U.S. Senate.” Steven Witkoff, Special Envoy to the Middle East 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. Keith Kellogg, Special Envoy for Ukraine and Russia 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) Mike Waltz, National Security Adviser 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, Deputy Chief of Staff for Policy 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. Tom Homan, ‘Border Czar’ 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. Rodney Scott, Customs and Border Protection Commissioner Customs and Border Protection, with its roughly 60,000 employees, falls under the Department of Homeland Security. It includes the Border Patrol, which Rodney Scott led during Trump's first term, and is essentially responsible for protecting the country's borders while facilitating trade and travel. Scott comes to the job firmly from the Border Patrol side of the house. He became an agent in 1992 and spent much of his career in San Diego. When he was appointed head of the border agency in January 2020, he enthusiastically embraced Trump's policies. After being forced out under the Biden administration, Scott has been a vocal supporter of Trump's hard-line immigration agenda. He appeared frequently on Fox News and testified in Congress. He's also a senior fellow at the Texas Public Policy Foundation. Billy Long, Internal Revenue Service commissioner 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.” Kelly Loeffler, Small Business Administration administrator 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. Dr. Mehmet Oz, Centers for Medicaid and Medicare Services administrator 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 and Vivek Ramaswamy to advise White House on government efficiency 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, Office of Management and Budget 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. Kari Lake, Voice of America Trump says he’s picking Kari Lake as director of Voice of America, installing a staunch loyalist who ran unsuccessfully for Arizona governor and a Senate seat to head the congressionally funded broadcaster that provides independent news reporting around the world. Lake endeared herself to Trump through her dogmatic commitment to the falsehood that both she and Trump were the victims of election fraud. She has never acknowledged losing the gubernatorial race and called herself the “lawful governor” in her 2023 book, “Unafraid: Just Getting Started.” Additional selections to the incoming White House 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. Ron Johnson, Ambassador to Mexico Johnson — not the Republican senator — served as ambassador to El Salvador during Trump's first administration. His nomination comes as the president-elect has been threatening tariffs on Mexican imports and the mass deportation of migrants who have arrived to the U.S.-Mexico border. Johnson is also a former U.S. Army veteran and was in the Central Intelligence Agency. Tom Barrack, Ambassador to Turkey Barrack, a wealthy financier, met Trump in the 1980s while helping negotiate Trump’s purchase of the renowned Plaza Hotel. He was charged with using his personal access to the former president to secretly promote the interests of the United Arab Emirates, but was acquitted of all counts at a federal trial in 2022. Trump called him a “well-respected and experienced voice of reason.” Andrew Ferguson, Federal Trade Commission Ferguson, who is already one of the FTC's five commissioners, will replace Lina Khan, who became a lightning rod for Wall Street and Silicon Valley by blocking billions of dollars worth of corporate acquisitions and suing Amazon and Meta while alleging anticompetitive behavior. “Andrew has a proven record of standing up to Big Tech censorship, and protecting Freedom of Speech in our Great Country,” Trump wrote on Truth Social, adding, “Andrew will be the most America First, and pro-innovation FTC Chair in our Country’s History.” Jacob Helberg, undersecretary of state for economic growth, energy and the environment Dan Bishop, deputy director for budget at the Office of Budget and Management Leandro Rizzuto, Ambassador to the Washington-based Organization of American States Dan Newlin, Ambassador to Colombia Peter Lamelas, Ambassador to Argentina Stay up-to-date on the latest in local and national government and political topics with our newsletter.SAN FRANCISCO , Dec. 5, 2024 /PRNewswire/ -- Docusign, Inc. (NASDAQ: DOCU) today announced results for its fiscal quarter ended October 31, 2024. Prepared remarks and the news release with the financial results will be accessible on Docusign's website at investor.docusign.com prior to its webcast. "Docusign delivered powerful new innovation for customers highlighted by new capabilities to its Intelligent Agreement Management ("IAM") platform," said Allan Thygesen , CEO of Docusign. "In Q3, early IAM momentum outpaced expectations, and we continued to drive improvement in our core business with strong revenue growth and operating profit." Third Quarter Financial Highlights A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures and Other Key Metrics." Key Business Highlights: IAM Product Releases and Highlights : Docusign announced new product capabilities to its IAM platform. Highlights from recent product releases include: Contract Lifecycle Management ("CLM") Product Releases and Highlights : Developer Ecosystem: Guidance The company currently expects the following guidance: Total revenue $758 to $762 Subscription revenue $741 to $745 Billings $870 to $880 Non-GAAP gross margin 81.0 % to 82.0 % Non-GAAP operating margin 27.5 % to 28.5 % Non-GAAP diluted weighted-average shares outstanding 209 to 214 Total revenue $2,959 to $2,963 Subscription revenue $2,885 to $2,889 Billings $3,056 to $3,066 Non-GAAP gross margin 81.9 % to 82.1 % Non-GAAP operating margin 29.5 % to 29.7 % Non-GAAP diluted weighted-average shares outstanding 210 to 212 A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release. Webcast Conference Call Information The company will host a conference call on December 5, 2024 at 2:00 p.m. PT ( 5:00 p.m. ET ) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com . Prepared remarks and the news release with the financial results will also be accessible on Docusign's website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EST) December 19, 2024 using the passcode 13750095. About Docusign Docusign brings agreements to life. Over 1.6 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people's lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign's IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com . Copyright 2024. Docusign, Inc. is the owner of DOCUSIGN® and all its other marks (www.docusign.com/IP). Investor Relations: Docusign Investor Relations investors@docusign.com Media Relations: Docusign Corporate Communications media@docusign.com Forward-Looking Statements This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under "Guidance" above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, as well as statements related to our expectations regarding the benefits, rollout and customer demand of the Docusign IAM platform. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates, and market volatility on the global economy; our ability to estimate the size and growth of our total addressable market; our ability to compete effectively in an evolving and competitive market; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; our ability to effectively sustain and manage our growth and future expenses and maintain or increase future profitability; our ability to attract new customers and maintain and expand our existing customer base; our ability to effectively implement and execute our restructuring plans; our ability to scale and update our platform to respond to customers' needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products; our ability to successfully execute our technical developments, go-to-market and sales strategy for our IAM platform; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility or other indebtedness; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of regional and global conflicts; and our ability to maintain proper and effective internal controls. Additional risks and uncertainties that could affect our financial results are included in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K for the fiscal year ended January 31, 2024 filed on March 21, 2024 , our quarterly report on Form 10-Q for the quarter ended October 31, 2024 , which we expect to file on December 6, 2024 with the Securities and Exchange Commission (the "SEC"), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law. Non-GAAP Financial Measures and Other Key Metrics To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results. Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share : We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs, fair value adjustments to strategic investments, acquisition-related expenses, lease-related impairment and lease-related charges, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024 and fiscal 2025, we have determined the projected non-GAAP tax rate to be 20%. Free cash flow : We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth. Billings : We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended October 31, Nine Months Ended October 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenue: Subscription $ 734,693 $ 682,352 $ 2,143,542 $ 1,991,026 Professional services and other 20,127 18,069 56,945 58,470 Total revenue 754,820 700,421 2,200,487 2,049,496 Cost of revenue: Subscription 134,587 114,227 393,561 339,354 Professional services and other 21,950 28,418 67,887 85,360 Total cost of revenue 156,537 142,645 461,448 424,714 Gross profit 598,283 557,776 1,739,039 1,624,782 Operating expenses: Sales and marketing 290,597 292,473 859,705 867,916 Research and development 151,101 136,640 432,992 387,964 General and administrative 97,555 108,215 277,162 316,910 Restructuring and other related charges — 710 29,721 30,293 Total operating expenses 539,253 538,038 1,599,580 1,603,083 Income from operations 59,030 19,738 139,459 21,699 Interest expense (462) (1,577) (1,150) (5,135) Interest income and other income, net 13,006 17,673 41,745 47,373 Income before provision for (benefit from) income taxes 71,574 35,834 180,054 63,937 Provision for (benefit from) income taxes 9,151 (2,971) (804,340) 17,198 Net income $ 62,423 $ 38,805 $ 984,394 $ 46,739 Net income per share attributable to common stockholders: Basic $ 0.31 $ 0.19 $ 4.81 $ 0.23 Diluted $ 0.30 $ 0.19 $ 4.69 $ 0.23 Weighted-average shares used in computing net income per share: Basic 203,567 204,456 204,674 203,609 Diluted 208,706 208,054 209,755 208,317 Stock-based compensation expense included in costs and expenses: Cost of revenue—subscription $ 14,862 $ 13,705 $ 44,636 $ 38,143 Cost of revenue—professional services and other 4,765 7,343 14,465 21,359 Sales and marketing 49,347 53,715 154,396 150,604 Research and development 53,184 48,310 150,816 129,458 General and administrative 31,070 36,337 91,239 111,271 Restructuring and other related charges — 8 4,836 4,996 CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) October 31, 2024 January 31, 2024 Assets Current assets Cash and cash equivalents $ 610,870 $ 797,060 Investments—current 331,506 248,402 Accounts receivable, net 300,444 439,299 Contract assets—current 13,645 15,922 Prepaid expenses and other current assets 75,412 66,984 Total current assets 1,331,877 1,567,667 Investments—noncurrent 112,805 121,977 Property and equipment, net 278,623 245,173 Operating lease right-of-use assets 113,365 123,188 Goodwill 455,678 353,138 Intangible assets, net 83,307 50,905 Deferred contract acquisition costs—noncurrent 445,987 409,627 Deferred tax assets—noncurrent 816,538 2,031 Other assets—noncurrent 132,028 97,584 Total assets $ 3,770,208 $ 2,971,290 Liabilities and Equity Current liabilities Accounts payable $ 18,144 $ 19,029 Accrued expenses and other current liabilities 94,591 104,037 Accrued compensation 158,779 195,266 Contract liabilities—current 1,307,749 1,320,059 Operating lease liabilities—current 19,507 22,230 Total current liabilities 1,598,770 1,660,621 Contract liabilities—noncurrent 22,931 21,980
Donald Trump called for the end of daylight savings time in a post on Truth Social Friday. “The Republican Party will use its best efforts to eliminate Daylight Saving Time, which has a small but strong constituency, but shouldn’t! Daylight Saving Time is inconvenient, and very costly to our nation,” the president-elect wrote . DOGE heads Elon Musk and Vivek Ramaswamy also posted last month that they wanted to end the changing of the clock. Most American adults dislike daylight savings— but are uncertain whether they want daylight savings time or standard time to be permanent. Trump has not signaled which he would pick. Standard time, in place during the winter, extends daylight in the morning. Daylight savings time, used during the summer, extends daylight in the evenings. Twenty states have passed bills enacting year-round DST, though they can’t be implemented without federal action. The Senate passed a permanent DST bill in 2022, but further efforts have sputtered out. Arizona and Hawaii both have permanent standard time. BBC reported that Apple’s new AI notification system sent a message from the outlet that falsely claimed Luigi Mangione shot himself. The new technology aims to group together notifications; however, it falsely wrote that the suspect in UnitedHealthcare CEO Brian Thompson’s Manhattan slaying had shot himself. The BBC sent a message to Apple in regards to the notification, but the company declined to comment. A BBC spokesperson said, “It is essential to us that our audiences can trust any information or journalism published in our name and that includes notifications.” The notification included other news stories, which were described correctly. The message read: “Luigi Mangione shoots himself; Syrian mother hopes Assad pays the price; South Korea police raid Yoon Suk Yeol’s office.” The BBC also reported that it’s seemingly not the only news organization dealing with the misleading summarizations. A screenshot allegedly showed that a New York Times grouped notification read that Israeli Prime Minister Benjamin Netanyahu was arrested. The screenshot could not be independently verified by the BBC, and the New York Times declined to comment. Posters are a great way to celebrate your favorite fandom. But if you’re looking for that real “WOW!” factor, nothing beats Fathead . For 17 years, Fathead has been an industry leader in officially licensed graphic wall art across sports and entertainment. You can even create personalized products, making big-head cutouts and life-size wall decals from your own photos. Installing the decals is a breeze. Unroll the decal and lie it flat. Wipe down your wall with a damp cloth. After the wall is dry, peel off the decal backing and apply it slowly, smoothing out any bubbles as you go. Need to adjust? No problem— Fathead decals can be peeled off and reapplied easily. No matter your favorite football team, Fathead has a wall decal for them . 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The caption read, “Karma is the guy on the @Chiefs saying happy bday to me.” The clips showed Kelce and Swift celebrating his wins at games, the pair at her concerts, and her glitzed out in Chiefs gear. “If you told me 2 years ago I would be following the NFL on tiktok and not falling asleep everytime a game is on TV... never would’ve believed it,” wrote one commenter. “Happy birthday Taylor. Thank you for uniting the Swifties and the Football Fans together in the name of art and sport,” another wrote. Swift has been seen at many Chiefs games since the beginning of her relationship with the tight end, with him visiting her at some of her tour dates. karma is the guy on the @Chiefs saying happy bday to me 🎶 #taylorswift #traviskelce #nfl #kansascitychiefs Saturday Night Live alum Pete Davidson , known best to some for his past relationships with Kim Kardashian , Ariana Grande , Kate Beckinsale , and more famous women, now says he doesn’t want to be known as “this f---ing loser who just dates people,” in a new interview for W Magazine . to promote his new role as creative director for colorful sock brand Doublesoul, Davidson told the outlet his feeling that he was one of “a handful of celebs every couple of years” that the media “destroys,” after multiple run-ins with tabloids over his famous exes. “For some reason, I’m one of the people they chose to go after,” he said. But, he added, “It’s actually, in a way, a blessing, because it allowed me to take a step back and evaluate things. What do you want to be? Who are you?” Davidson said he only wants to be seen publicly “when it’s movie, stand-up, charity, or business ventures” and to focus on his stand-up career. “I’m someone who is from Staten Island, wanted to do stand-up, and if I got to do anything else because of stand-up, it was a miracle.” Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. Consuming cannabis as an adult feels very different than doing so as a fresh-faced 21-year-old—so why should your smoking habits make your space feel like a disheveled college dorm room? NWTN Home’s collection of chic smoking essentials offers a more elevated way to enjoy cannabis in the comfort of your home. 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The iconic sitcom Malcolm in the Middle will hit screens for the first time in 18 years, with a limited run of four episodes set to premiere on Disney+ . Frankie Muniz, who will reprise his role as Malcolm, announced the reboot Friday, along with Bryan Cranston and Jane Kaczmarek, who play his parents. The original creator of the show will also return as a writer. The new series follows Malcolm returning home with his daughter for his parents’ 40th wedding anniversary, according to Deadline . Christopher Kennedy Masterson, who played the eldest brother Francis, and Justin Berfield, who played the middle child Reese, are likely to be asked to reprise their roles. Though it’s unlikely that Erik Per Sullivan, who plays the youngest brother Dewey, will make an appearance. He quit acting in 2010 and has not appeared at any reunions. Malcolm in the Middle first premiered on Fox in 2000 and ran for seven seasons. Its success as a family comedy is credited with paving the way for other single-camera sitcoms. Legendary quarterback Aaron Rodgers is finally opening up about his strained relationship with his family. In his new documentary, Aaron Rodgers: Enigma , Rodgers explained that he has “stunted emotional intelligence” because of the lack of open emotion in his home growing up. “I think I saw my dad cry when my grandfather passed. And that might have been it,” Rodgers shared. “There wasn’t space for emotion.” Rodgers’ brother, Jordan, first opened up about the family’s rift during his time on The Bachelorette in 2016. During a hometown date with his now-wife JoJo Fletcher, the family explained that while they “miss” Rodgers, they no longer have a relationship with him. In a 2017 profile with The New York Times , Rodgers’ father, Ed, confirmed that he hadn’t spoken to his son in three years. “Fame can change things,” he said. At the time, Rodgers said he didn’t want to talk about his family publicly. In the doc, Rodgers spoke about his family while participating in an ayahuasca ceremony. The quarterback said the psychedelic drug allows users to “model a new way of thinking about masculinity, or what it means to be a man.” Released bodycam footage shows Paris Hilton’s ex-fiancé, Chris Zylka, in a chaotic brawl with police after a failed carjacking. Police in a Cleveland suburb first responded to reports of a shirtless, barefoot man walking in traffic in freezing temperatures on Dec. 4, local outlet WKBN first reported. Zylka was found in the middle of an intersection, where he allegedly tried to break into a woman’s car. He pointed a cell phone at the cops and began foaming at the mouth, leading officers to believe he was under the influence of drugs, according to the police report. Footage shows Zylka struggling with police officers and resisting arrest even after being tasered in the leg twice. He was then put in an ambulance by paramedics. The actor is now facing felony charges of assault and attempt to commit an offense, as well as misdemeanor disorderly conduct, resisting arrest and aggravated menacing. Hilton and Zylka started dating in 2017 after being friends for years. He proposed in early 2018 during a ski trip in Aspen, Colorado, but they called off their engagement in November that same year. Vanderpump Rules alum James Kennedy is refusing to apologize for his domestic violence arrest . “We are in the process of conducting our own investigation into the allegations levied by the Burbank Police Department against James,” Kennedy’s attorneys said in a statement to the Daily Mail . “We understand that there were no injuries and we are hoping that, after careful review, the city’s attorneys will decide not to file formal charges.” Police were called to Kennedy’s home on Tuesday because of an argument between Kennedy and a woman. That night, Kennedy attended Kathy Hilton’s Christmas party with girlfriend Ally Lewber, though it’s unknown if she is the victim. Police told People that after an investigation, they arrested the reality star for misdemeanor domestic violence. He later posted $20,000 bail. A source at the Christmas party told People that Kennedy was acting “super aggressive.” “He was acting so erratic, running back and forth to the bar and body-checking people along the way,” the source alleged. “He appeared inebriated. Spent the evening mostly alone but when he did speak to people, he appeared irritated and rude.” Scouted selects products independently. If you purchase something from our posts, we may earn a small commission. Apparently, boosting prostate health can actually be pleasurable—at least, that’s what premium sexual wellness brand MysteryVibe says. The Molto, an ultra-slim and bendable prostate vibrator designed by a doctor, is engineered to be the same size and width as a doctor’s finger and to mimic similar motions to that performed during an exam, allowing for not only intense prostate (the prostate is often hailed as the male ‘G-spot’) and anal stimulation but also a release of prostatic fluids. According to the brand, some studies have found that excess prostatic fluid can lead to inflammation and pressure, so not only is this a sex toy , but it’s also possibly an investment in your prostate health. Think of it almost like a lymphatic massage for your prostate—except one that can give you intense orgasms, too. Made with body-safe silicone, the multifunctional and gender-fluid vibrator is powered by one “anatomically-placed” motor that delivers potent yet precise vibration to the anus and prostate without feeling bulky or inflexible. It’s a great sex toy for those new to anal play or who are looking for an ultra-sleek vibrator with possible health-boosting benefits. The prostate vibrator is equipped with 16 vibration settings and eight pre-set vibration patterns, allowing for superior control and customization. Plus, the device comes with access to a catalog of vibration patterns with the free MysteryVibe smartphone app. Best of all? Because the Molto vibrator is an FDA-registered class II medical device, it’s also FSA/HSA eligible. A doctor has rubbished Brandi Glanville’s scary medical theory about her “deflated” face , saying he’s concerned about an infection that started via an injection. The 52-year-old Real Housewives of Beverly Hills alum claims doctor s told her that it may have been caused by “a parasite that jumps around my face.” But Dr. Terry Dubrow, from Botched , has said he’s “concerned about an infectious process”. He told TMZ : “It’s an infectious process or a foreign body reaction to something she’s had injected.” A foreign body reaction is the response of biological tissue to any foreign material in the tissue, despite it often being inert and nontoxic, according to ScienceDirect.com Dubrow added: “Brandi needs a diagnosis... she has to figure out if there’s a microorganism in there. It’s not gonna be a parasite, it’s not gonna be something she ate... it’s going to be something that got into her bloodstream though, and seeded some foreign body.” Dubrow thinks Glanville either has a micro bacterium, a type of bacteria, or a fungus, a type of organism. Sick it! pic.twitter.com/hrtAzRwOCW A Buckingham Palace maid was arrested this week after she allegedly went “crazy” following a staff Christmas party which saw glasses and punches thrown in a London bar. A report in The Sun said as many as 50 royal servants gathered for an after-party following drinks at the palace Tuesday when the maid, 24, took a swing at a bar manager, threw glasses, and was ultimately arrested for common assault, criminal damage, and being drunk and disorderly. She was released after 24 hours with a fine. “The group walked in and this one girl just got hysterical,” a source told The Sun . “She started smashing glasses and abusing our staff members, so we had to call the police. I’ve never seen one person get that crazy during a night out. She was on another level.” A Buckingham Palace spokesperson said: “We are aware of an incident outside the workplace involving a number of Household staff who had previously attended an early evening reception at the Palace. While this was an informal social gathering, not an official palace Christmas party, the facts will be fully investigated, with a robust disciplinary process followed in relation to individual staff and appropriate action taken.”Every week at a community centre in West Auckland, a bunch of bubbly seniors can be found chatting away and working together on craft projects. Social group members at Te Manawa have found caffeine, crafting, and good mates to be the cure for loneliness. Loneliness among older New Zealanders is now at epidemic levels according to Age Concern. A study by the advocacy group last month showed 59 percent of Kiwis aged 65 and over recently felt lonely or socially isolated. Helen Brown said she joined a social group because she felt very alone after retiring. "I was on my own and really depressed. "My doctor said 'you have to get out of the house and do something' and then I found the knitting group. "My mental health is a lot better and I've made some awesome friends." Lorraine O'Connor worried about not having any social interaction as she got older. "I've got a husband, but once he's gone I will be isolated. "You don't see your neighbours, nobody. The only other person I see is the girl behind the counter at the supermarket. "I come to the Good Friends Group. It's great. We just sit and chat and have a laugh." Fern Clay, who is a widow of five years, said she made sure to stay connected to combat loneliness. "You can sit there at home and mope or you can get up and do things and meet people. "You have to make the effort, you have to meet people halfway I've found." Valerie Foster said she regularly checked her local library notice board to find out what was going on in her community. "You have to make a conscious effort to get out there and do things rather than sitting at home saying poor me. "I don't have relatives in New Zealand. I think friends become really important then - having someone to chat to or do things with." Auckland Council Libraries communities programming lead, Karena Walters, said since Covid-19, they had seen more lonely people arriving at community hubs. "I remember a group of ladies were in tears. They were so lonely and would talk to staff for hours. But to have friendships is the most important thing." She said loneliness could be exacerbated over the summer holidays when many groups shut down. "Over Christmas we know people are far more isolated. Family disappear, they go on holiday. It's a really tough time." But she said the new year is a great time to get involved in new opportunities. "If you don't have family around you, if you're a retired person and you find yourself on your own, pop into community centres, houses, hubs, and libraries. There will be a lot of advertising coming out in early December for what will be starting in the new year. "Have a conversation with someone in one of those places and they'll help find something that works for you. "Don't sit at home. Take the step and get out there. Over Christmas please don't be lonely just reach out." Auckland Council senior advisory panel member Claire Dale encouraged people of all ages to be brave and try new things in 2025. "Visit a local library, phone a friend and arrange to see a movie, volunteer for a charity. "None of these activities are expensive, many are free, and all are potentially enjoyable." Dale said studies had shown lonely people ages 60 to 79 were three times more likely to develop dementia than those who were not lonely. Age Concern chief executive Karen Billings-Jensen said it was important to spread holiday cheer to those who might be feeling low. "We want to make sure people check in on older people and older people can check on their neighbours when things aren't running. "Having a cup of tea with someone can make a huge difference in someone's life around combating loneliness." She encouraged people to contact Age Concern if they or someone they know needed support. Age Concern provides a visiting service, support services, social activities and more.
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After Berkshire Hathaway Sold 235 Million Shares of Bank of America in Q3, This Is Its New Second-Largest HoldingMonitoring Tools Market Future Scope, Opportunities, Business Growth, Size, Share, Segmentation, Dynamics And Forecast To 2028The end of the year is the perfect time to reflect on your portfolio. But sometimes, that can lead to anxiety if there is a rift between where your portfolio is and where you want it to be. Instead of trying to trade your way out of discomfort, a better approach is to engage in exercises that can help set the stage for compounding your wealth over time. Are You Missing The Morning Scoop? Breakfast News delivers it all in a quick, Foolish, and free daily newsletter. Sign Up For Free » Here are investment portfolio actions worth taking before the end of the year. Conduct a portfolio review Investing in the art of putting capital to work in quality companies, identifying risks that can derail an investment thesis, and sticking with winning companies over time -- these are all part of a portfolio review. Having an investment thesis for each asset you own is paramount. Some can be short, whereas others can be long. But it's essential to know what a company does, what it is trying to do, and why you believe it is worth putting your hard-earned money into. You can also make investment theses for companies you don't own but are high on your watchlist so that you can have the conviction to buy them when it makes sense for you to do so. As an example, here's the essence of my investment thesis on Microsoft (NASDAQ: MSFT) : Microsoft is an industry-leading company with exposure to several end markets. It has evolved from mediocre sales growth and weak margins to a high-margin cash cow -- largely thanks to the build-out of Microsoft Cloud and product upgrades of existing software. Microsoft is monetizing artificial intelligence (AI) throughout its product suite, from Microsoft 365 to GitHub, Azure, and more. The company is well diversified across hardware and software. It owns LinkedIn and has a powerful place in gaming with Xbox and Activision Blizzard. Microsoft generates plenty of excess earnings to pay a growing dividend and repurchase more than enough stock to offset stock-based compensation, which grows earnings per share by decreasing the outstanding share count and making Microsoft a better value. Because Microsoft has more cash, cash equivalents, and marketable securities than debt on its balance sheet, it is well positioned to endure an industrywide downturn and even take market share or make timely acquisitions. Microsoft's 36.1 price-to-earnings (P/E) ratio is above its historical levels, putting pressure on the company to deliver outsized growth or risk facing a sell-off. But long term, Microsoft has plenty of levers to pull for growing earnings, making it worth holding even if the stock price goes down in the near term. Aligning allocation with risk tolerance Another mistake investors can make is losing sight of their portfolio allocation. Technically, a portfolio's allocation changes anytime the market is open with movements in stock prices. But the bigger picture is to identify when there is a substantial change in your portfolio. For example, let's say you invested 10% of a $10,000 portfolio in Nvidia and 10% into Meta Platforms a year ago. Nvidia is up 218.9% during that period, while Meta is up 91.8%. Let's assume the other 80% of the portfolio performed in lockstep with the S&P 500 and is up 33.2% during that period.Here's a look at how that hypothetical portfolio would change in just one year. Holding Starting Value Percentage of Portfolio Gain New Value New Percentage of Portfolio Nvidia $1,000 10% 218.9% $3,189 20.2% Meta Platforms $1,000 10% 91.8% $1,918 12.2% S&P 500 $8,000 80% 33.2% $10,656 67.6% Nvidia now makes up around 20% of the portfolio instead of 10%. And even though the Meta investment nearly doubled, its percentage of the portfolio actually didn't change that much because it was offset by outsized gains from Nvidia and good gains from the S&P 500. If you look at how your allocation has evolved and are ok with it, then you may not need to do anything. But you could also find you are way more allocated toward a certain company, theme, or sector than you thought. The knee-jerk reaction may be to sell out of those winners and rebalance into other names. But that strategy can result in regret if you sell a stock just because it went up. It's better to have a clear reason for selling a stock. The best approach for addressing an uncomfortable allocation is to put new capital to work into other high-conviction areas. For example, if someone felt their portfolio is too concentrated in megacap, tech-focused growth companies, they could consider investing in safe dividend stocks, growth companies from other sectors, or a diversified exchange-traded fund (ETF) like the Vanguard Mega Cap Value ETF . Suppose you are in the capital-preservation phase of your financial journey and no longer regularly putting new capital to work in the market. In that case, you may need to take the necessary actions to balance risk and potential reward by investing in companies that are valued based on what they are doing today rather than their potential growth. The next lesson applies to investors in the capital-accumulation phase, so if you're in the preservation stage, feel free to skip it. Set savings and investment goals for 2025 It is just as important to set clear savings goals for 2025 as it is to update your watchlist of stocks you want to buy. Simple math shows us that it is far better to be a great saver and a mediocre investor than a bad saver and an exceptional investor. As an example, let's say two people start with $20,000 and have a 10-year time horizon. Person A earns an average annual return of 10% a year and additionally saves $5,000 per year that goes into the same investment portfolio. At the end of the 10-year period, they end up with a tidy sum of $131,561.97. Person B achieves 20% average annual returns but doesn't contribute any savings. Despite returns that rival Warren Buffett's average from 1965 to 2023, they would end up with $123,834.73 after the 10-year period for the same $20,000 originally invested. It's still highly impressive, but if they would have also saved $5,000 per year, they would end up with over $253,000 at the end of the 10-year period. Position yourself to endure the unexpected Instead of getting caught up in speculating what the stock market will do in 2025, it is a far better use of time and energy to review what you can control: your investments and savings habits. Having a firm grip on these factors makes it far easier to filter out the noise and focus on achieving your financial goals. This can be especially helpful when the market is going down and volatility is high. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor’s total average return is 939% — a market-crushing outperformance compared to 179% for the S&P 500.* They just revealed what they believe are the 10 best stocks for investors to buy right now... See the 10 stocks » *Stock Advisor returns as of December 2, 2024 Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Daniel Foelber has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy . 3 Portfolio Moves Stock Market Investors Should Make Before the End of the Year was originally published by The Motley Fool
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NEW YORK — Major stock indexes on Wall Street drifted to a mixed finish Friday, capping a rare bumpy week for the market. The Standard & Poor’s 500 ended essentially flat, down less than 0.1%, after wavering between tiny gains and losses most of the day. The benchmark index posted a loss for the week, its first after three straight weekly gains. The Dow Jones industrial average slipped 0.2%, while the Nasdaq composite rose 0.1%, ending just below the record high it set on Wednesday. There were more than twice as many decliners as gainers on the New York Stock Exchange. Gains in technology stocks helped temper losses in communication services, financials and other sectors of the market. Broadcom surged 24.4% for the biggest gain in the S&P 500 after the semiconductor company beat Wall Street’s profit targets and gave a glowing forecast, highlighting its artificial intelligence products. The company also raised its dividend. The company’s big gain helped cushion the market’s broader fall. Pricey stock values for technology companies like Broadcom give the sector more weight in pushing the market higher or lower. Artificial intelligence technology has been a focal point for the tech sector and the overall stock market over the last year. Tech companies, and Wall Street, expect demand for AI to continue driving growth for semiconductor and other tech companies. Some tech stocks were a drag on the market. Nvidia fell 2.2%, Meta Platforms dropped 1.7% and Google parent Alphabet slid 1.1%. Among the market’s other decliners were Airbnb, which fell 4.7% for the biggest loss in the S&P 500, and Charles Schwab, which closed 4% lower. Furniture and housewares company RH, formerly known as Restoration Hardware, surged 17% after raising its forecast for revenue growth for the year. All told, the S&P 500 lost 0.16 points to close at 6,051.09. The Dow dropped 86.06 points to 43,828.06. The Nasdaq rose 23.88 points to 19,926.72. Wall Street’s rally stalled this week amid mixed economic reports and ahead of the Federal Reserve’s last meeting of the year. The central bank will meet next week and is widely expected to cut interest rates for a third time since September. Expectations of rate cuts have driven the S&P 500 to 57 all-time highs so far this year. The Fed has been lowering its benchmark interest rate after an aggressive rate hiking stint that was meant to tame inflation. It raised rates from near zero in early 2022 to a two-decade high by the middle of 2023. Under pressure from higher interest rates, inflation eased nearly to the central bank’s 2% target. The economy, including consumer spending and employment, held strong despite the squeeze from inflation and high borrowing costs. A slowing job market, though, has helped push a long-awaited reversal of the Fed’s policy. Inflation rates have been warming up slightly over the last few months. A report on consumer prices this week showed an increase to 2.7% in November from 2.6% in October. The Fed’s preferred measure of inflation, the personal consumption expenditures index, will be released next week. Wall Street expects it to show a 2.5% rise in November, up from 2.3% in October. The economy, though, remains solid heading into 2025 as consumers continue spending and employment remains healthy, said Gregory Daco, chief economist at EY. “Still, the outlook is clouded by unusually high uncertainty surrounding regulatory, immigration, trade and tax policy,” he said. Treasury yields edged higher. The yield on the 10-year Treasury rose to 4.40% from 4.34% late Thursday. European markets slipped. Britain’s FTSE 100 fell 0.1%. Britain’s economy unexpectedly shrank by 0.1% month to month in October, after a 0.1% decline in September, according to data from the Office for National Statistics. Asian markets closed mostly lower. Troise and Veiga write for the Associated Press."Our development capital expenditures(2) budget of $300 to $320 million is targeting stable production averaging 38,000-40,000 boe/d(1) in 2025 (the "2025 Budget"), approximately 85% of which is oil and liquids, with ongoing margin improvements through cost optimization, capitalizing on synergies, and streamlining operational processes to deliver greater value per barrel," said John Jeffrey, Chief Executive Officer of Saturn. "Our focus on increasing free funds flow supports a systematic reduction in leverage ratios over time, underpins opportunistic tuck-in acquisitions, and enables the Company to continue enhancing per share metrics. Over the next three years, we intend to build on the 2025 Budget and drive free funds flow generation with net debt reduction, reflecting Saturn's commitment to sustainable value creation." 2025 BUDGET HIGHLIGHTS Over 70% of our 2025 Budget is expected to be deployed during the second half of the year (37% in Q3 and 34% in Q4), with 24% weighted to Q1 and the balance in Q2, reflecting the seasonal impacts of spring break-up. Given this cadence, production volumes are anticipated to be highest in Q1 and Q4, while free funds flow is anticipated to be highest in Q2 given the low capital spending in that period. Through 2025, Saturn intends to direct free funds flow to net debt reduction, maximizing share buybacks under the current normal course issuer bid, and pursuing core-up acquisitions, all of which are intended to improve per share metrics and underpin long-term sustainability. Our 2025 corporate guidance estimates may fluctuate with commodity prices and / or regulatory changes and are designed to provide readers with information relevant to Management's expectations for financial and operating results during the year. Saturn is also pleased to confirm an accompanying 2025 Guidance Presentation is available for viewing or download from our website . Our returns-focused 2025 Budget is designed to enhance margins and maximize adjusted funds flow ("AFF") and free funds flow. In addition, approximately $15 million is expected to be allocated to capitalized administrative costs, approximately $14 million to asset retirement obligations and $15 million related to lease payments associated with a gas processing contract in 2025. Cash taxes in 2025 are anticipated at approximately $8 million. Sensitivities Saturn's forecasted funds flow is most sensitive to changes in crude oil prices. Saturn estimates that each additional US$5/bbl increase in the US$ WTI oil price would provide an incremental approximately $35 million in AFF(2). Annualized sensitivity analysis on AFF(2), estimated for 2025: 2025 CAPITAL PROGRAM DETAILS A summary of Saturn's 2025 capital plans by area follows, which remains subject to change through the year should operating conditions fluctuate. Southeast Saskatchewan West Saskatchewan Central Alberta OPERATIONS UPDATE Saturn has continued to enhance production efficiency and well performance across our core areas, resulting in positive operational performance since the update provided in our Q3/24 press release . Southeast Saskatchewan We currently have three drilling rigs active in this area which will continue into 2025, two of which are drilling Bakken wells at Viewfield. Since 2023, Saturn has extended the lengths of our Viewfield OHML Bakken wells. Initially drilled at 1-mile laterals, these wells were increased to 1.5-miles, and in 2024 the Company drilled two, 2-mile open hole eight-leg Bakken wells. Consistent with our Saturn Blueprint described below, we successfully expanded the use of multilateral technology to the Company's legacy Spearfish land base, where we drilled Canada's first six-leg by 1-mile multilateral Spearfish well. Saturn's third rig has been steadily drilling in Flat Lake and is now on the seventh and final 2-mile well to conclude the 2024 program. We also successfully drilled the first ever mono-bore Torquay well at Flat Lake, saving capital costs while materially increasing capital efficiencies. The Company continues to advance our waterflood at Flat Lake with the conversion of ten legacy Torquay producer wells to waterflood injection wells, adding pressure support to the formation and building up five pre-pressurized Bakken inventory locations we plan to drill in 2026. West Saskatchewan The Company has finalized our 2024 drilling program in this area. Saturn drilled 15 net operated Viking wells that are on production (plus seven additional non-operated drills); one disposal well; and our first four net Lower Shaunavon wells at Battrum/Butte, which are currently being completed. In addition, the Company commissioned a stripping station facility in the Battrum Units, which increases fluid processing capacity, optimizing pumping conditions and enhancing production from numerous wells in the Battrum field. Our drilling success in the Viking Plato field through the latter half of 2024 drove the Company to construct a new battery and gathering system for the area, which are expected to reduce current and future field operating expenses as well as lower emissions. Central Alberta Saturn recently concluded drilling the final well of a four-well pad at Lochend, which includes the longest Cardium well drilled on record in Canada, at 7,570m of total well length. Not only is this accomplishment a testament to our team's technical capabilities, it also demonstrates Saturn's culture of innovation and commitment to improving economics. While longer lateral lengths are technically more challenging, drilling extended reach horizontals meaningfully improves capital efficiencies in the Cardium, and can be utilized across other plays and assets within our portfolio. The pad at Lochend is expected to undergo completions through the end of 2024 and into early 2025, with initial production anticipated to come online in mid-Q1/25. The drilling rig from Lochend was relocated up to West Pembina to drill one final well that concludes our Central Alberta 2024 program, culminating in a total of 16 net wells being drilled in 2024, including 12 in the Cardium and four in the Montney oil window. THREE-YEAR OUTLOOK Aligned with our 2025 Budget, Saturn is pleased to present a three-year outlook spanning 2025 to 2027 (the "Outlook"). This Outlook highlights our commitment to long-term resilience, financial strength, and focus on deploying our Saturn Blueprint to maximize free funds flow while continuing to mitigate risks and enhance financial flexibility. To protect our balance sheet and reduce exposure to market volatility, Saturn actively hedges and has 55-60% of oil and liquids volumes (net of royalties) contracted on a rolling forward 12-month basis. Additionally, we have locked in USD/CAD exchange rates at 1.33935 to secure predictable principal and interest payments on our Senior Unsecured Notes issued in June 2024 (the "Senior Notes") for the next three years, safeguarding the Company from currency fluctuations. Strategic pillars of our Outlook include the following, assuming a constant US$70.00/bbl WTI price: Deploying the Saturn Blueprint Our disciplined Saturn Blueprint represents a repeatable strategy of acquiring undervalued mid-life cycle assets that were non-core to other operators, yet have significant untapped development and optimization potential when integrated within our portfolio. Since 2021, Saturn has completed four transformative acquisitions funded through a prudent mix of equity and debt. Today we have a robust, oil-weighted asset base comprised of low-risk, high-return, mid-life cycle properties featuring a long runway of capital-efficient production enhancement projects. By applying the Company's operational expertise and leveraging our extensive infrastructure, we are able to drive down costs, improve capital efficiencies and add incremental reserves, followed by a steady reduction in leverage metrics. We see significant potential to continue unlocking value, increasing free funds flow and driving growth by consistently executing the Saturn Blueprint. Our southeast Saskatchewan area provides a clear demonstration of the Blueprint in action. Since integrating the assets, Saturn's utilization of OHML technology in the Bakken has significantly expanded our drilling inventory, increased reserves, and added a material quantum of net present value to the assets that was not reflected in the purchase price. Further, this provided proof-of-concept to replicate our OHML development strategy in other areas across our portfolio, including the Spearfish, where we anticipate realizing similar value creation. Saturn's Blueprint also prioritizes financial flexibility by targeting to be under 1.0 times net debt to Adjusted EBITDA(2) in the 12 to 18 months following each transaction. All of the Company's outstanding debt, comprised of US$650 million Senior Notes, has been termed out for five years to mid-2029. As such, the Senior Notes eliminate any near-term maturity concerns, have no restrictive financial maintenance covenants and have successfully lowered our borrowing costs by approximately 40%. Through an annual 10% prepayment schedule (2.5% quarterly) of the Senior Notes, Saturn systematically reduces debt, and has further liquidity available with $113 million in cash (as of Q3 2024) and a fully undrawn $150 million credit facility. NOTES (1) See reader advisory: Supplemental Information Regarding Product Types. (2) See reader advisory: Non-GAAP and Other Financial Measures. (3) 2025 Pricing assumptions: WTI crude oil of US$70.00 /bbl; US$13.00/bbl WCS differential; US$3.50/bbl MSW differential; CAD/USD exchange rate of 0.72x; AECO price of C$2.50/GJ. (4) Based on 193 million weighted average basic common shares outstanding. (5) Based on midpoint production of 39,000 boe/d. ABOUT SATURN Saturn is a returns-driven Canadian energy company focused on the efficient and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The Company's portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and ESG-focused culture, Saturn's goal is to increase per share reserves, production and cash flow at an attractive return on invested capital. The Company's shares are listed for trading on the TSX under ticker 'SOIL', on the OTCQX under the ticker 'OILSF' and the Frankfurt Stock Exchange under symbol 'SMKA'. Further information and our corporate presentation are available on Saturn's website at . INVESTOR & MEDIA CONTACTS John Jeffrey, MBA - Chief Executive Officer Tel: +1 (587) 392-7900 Cindy Gray, MBA - VP Investor Relations Tel: +1 (587) 392-7900 ... READER ADVISORIES Non-GAAP and Other Financial Measures Throughout this news release and in other materials disclosed by the Company, Saturn employs certain measures to analyze financial performance, financial position and cash flow. These non-GAAP and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other entities. The non-GAAP and other financial measures should not be considered to be more meaningful than GAAP measures which are determined in accordance with IFRS, such as net income (loss), cash flow from operating activities, and cash flow used in investing activities, as indicators of Saturn's performance. The disclosure under the section "Non-GAAP and Other Financial Measures" including non-GAAP financial measures and ratios, capital management measures and supplementary financial measures in the Company's condensed consolidated interim Financial Statements and MD&A are incorporated by reference into this news release. This news release may use the terms "Adjusted EBITDA", "Adjusted Funds Flow", "Net Debt", "Free Funds Flow", "Net Debt to Annualized Adjusted EBITDA" and "Net Debt to Annualized Quarterly Normalized AFF" which are capital management financial measures. See the disclosure under "Capital Management" in our Condensed consolidated interim Financial Statements and MD&A for the nine months ended September 30, 2024, for an explanation and composition of these measures and how these measures provide useful information to an investor, and the additional purposes, if any, for which management uses these measures. Capital Expenditures Saturn uses development capital expenditures to monitor its capital investments relative to those budgeted by the Company on an annual basis. Saturn's capital budget excludes acquisition and disposition activities as well as the accounting impact of any accrual changes or payments under certain lease arrangements. Development capital expenditures in this press release are calculated as expenditures on exploration and evaluation assets, property plant and equipment and excludes the impact of capitalized administrative costs. Adjusted EBITDA The Company considers Adjusted EBITDA to be a key capital management measure as it was used within certain financial covenants prescribed under the Company's previous Senior Term Loan and demonstrates Saturn's standalone profitability, operating and financial performance in terms of cash flow generation, adjusting for interest related to its capital structure. Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation, amortization and other non-cash or extraordinary items. Adjusted EBITDA is presented both before and after derivatives to identify the impact of WTI commodity contracts hedges in place. Adjusted Funds Flow The Company considers adjusted funds flow to be a key capital management measure as it demonstrates Saturn's ability to generate the necessary funds to manage production levels and fund future growth through capital investment. Adjusted funds flow is calculated as cash flow from operating activities before changes in non-cash working capital, decommissioning expenditures and transaction costs. Management believes that this measure provides an insightful assessment of Saturn's operations on a continuing basis by eliminating certain non-cash charges, actual settlements of decommissioning obligations, of which the nature and timing of expenditures may vary based on the stage of the Company's assets and operating areas, and transaction costs which vary based on the Company's acquisition and disposition activity. Free Funds Flow The Company considers free funds flow to be a key capital management measure as it is used to determine the efficiency and liquidity of Saturn's business, measuring its funds available after capital investment available for debt repayment, pursue acquisitions and gauge optionality to pay dividends and/or return capital to shareholders through share repurchases. Free funds flow is calculated as Adjusted funds flow in the period less expenditures on property, plant and equipment and exploration and evaluation assets, together "capital expenditures". By removing the impact of current period capital expenditures from adjusted funds flow, management monitors its free funds flow to inform its capital allocation decisions. Net Debt Net debt is a key capital management measure as it is used to assess the ongoing liquidity of the Company. Net Debt is calculated as the carrying value of the Senior Notes, less adjusted working capital including cash. The Company closely monitors its capital structure with a goal of maintaining a strong balance sheet to fund the future growth of the Company. Net Debt to Adjusted EBITDA Management considers Net Debt to Adjusted EBITDA an important measure as it is a key metric to identify the Company's ability to fund financing expenses, net debt reductions and other obligations. When this measure is presented quarterly, Adjusted EBITDA is annualized by multiplying by four. When this measure is presented on a trailing twelve-month basis, Adjusted EBITDA for the twelve months preceding the net debt date is used in the calculation. Net Debt to Adjusted EBITDA is calculated as Net Debt divided by annualized Adjusted EBITDA. Net Operating Expenses Net operating expense is calculated by deducting processing income primarily generated by processing third party production at processing facilities where the Company has an ownership interest, from operating expenses presented on the statement of income (loss). Where the Company has excess capacity at one of its facilities, it may process third-party volumes to reduce the cost of ownership in the facility. The Company's primary business activities are not that of a midstream entity whose activities are focused on earning processing and other infrastructure-based revenues, and as such third-party processing revenue is netted against operating expenses in the MD&A. This metric is used by management to evaluate the Company's net operating expenses on a unit of production basis. Net operating expense per boe is a non-GAAP financial ratio and is calculated as net operating expense divided by total barrels of oil equivalent produced over a specific period of time. Operating Netback and Operating Netback, Net of Derivatives The Company's operating netback is determined by deducting royalties, net operating expenses and transportation expenses from petroleum and natural gas sales. The Company's operating netback, net of derivatives is calculated by adding or deducting realized financial derivative commodity contract gains or losses from the operating netback. The Company's operating netback and operating netback, net of derivatives are used in operational and capital allocation decisions. Presenting operating netback and operating netback, net of derivatives on a per boe basis is a non-GAAP financial ratio and allows management to better analyze performance against prior periods on a per unit of production basis. Supplemental Information Regarding Product Types References to gas or natural gas and NGLs in this press release refer to conventional natural gas and natural gas liquids product types, respectively, as defined in National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities, except where specifically noted otherwise. 2025 average production, and the three year Outlook forecast average production at the midpoint of the guidance range, is anticipated to be comprised of approximately 85% crude oil and NGLs and 15% natural gas. Boe Presentation Boe means barrel of oil equivalent. All boe conversions in this news release are derived by converting gas to oil at the ratio of six thousand cubic feet ("Mcf") of natural gas to one barrel ("Bbl") of oil. Boe may be misleading, particularly if used in isolation. A Boe conversion rate of 1 Bbl : 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio of oil compared to natural gas based on currently prevailing prices is significantly different than the energy equivalency ratio of 1 Bbl: 6 Mcf, utilizing a conversion ratio of 1 Bbl : 6 Mcf may be misleading as an indication of value. Forward-Looking Information and Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "scheduled", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to: guidance relating to fiscal year 2025 including the amount of capital expenditures, the timing of capital expenditures, the Company's expected 2025 average production, quarterly fluctuations in production, the Company's average decline rate, anticipated 2025 financial metrics including Adjusted EBITDA, AFF, Free Funds Flow and year end Net Debt; the Company's anticipated use of available funds; the expected number of wells to be drilled at certain of the Company's locations in 2025; the allocation of the Company's expected 2025 capital expenditure budget to certain areas; expectations regarding the Company's waterflood plan and the timing for drilling Bakken inventory locations; reductions in operating costs and emissions resulting from the Viking Plato battery; the successful deployment of extended reach horizontal drilling in certain of the Company's locations; the Company's three year Outlook, including average annual production, reinvestment and capital allocation plans; free funds flow and forecast per share metric growth and net debt; the successful replication of OHML drilling in other of the Company's areas; the Company's drilling and development plans; target production and debt levels; margin improvements through cost optimization; capitalizing on synergies and streamlining operational processes; type-curve performance; expectations regarding netbacks, capital allocations, hedging strategy, capital return strategy and plans; the business plan; acquisition strategy; commodity and foreign exchange pricing; value creation strategy and cost model of the Company. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Saturn, including expectations and assumptions concerning: the timing of and success of future drilling, the ability to successfully replicate certain strategies across the Company's other areas; development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the ability to allocate capital to pay down debt and grow or maintain production, the impact of our hedging strategy, the geological characteristics of Saturn's properties, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners and the ability to integrate acquisitions. Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual plans and results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraints in the availability of services, commodity price and exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation impacting the oil and gas industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Saturn's interim Management Discussion and Analysis for the three and nine months ended September 30, 2024 and Annual Information Form for the year ended December 31, 2023, available on SEDAR+ at sedarplus . Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, our capital expenditure and drilling programs, drilling inventory and booked locations, production and revenue guidance, debt repayment plans and future production and growth plans. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Saturn's prospective results of operations including, without limitation, the Corporation's capital expenditures, production, asset retirement obligations, lease payments and administrative costs, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. Saturn's actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits Saturn will derive therefrom. Saturn has included the FOFI in order to provide readers with a more complete perspective on Saturn's future operations and such information may not be appropriate for other purposes. Saturn disclaims any intention or obligation to update or revise any FOFI statements, whether as a result of new information, future events or otherwise, except as required by law. All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. To view the source version of this press release, please visit SOURCE: Saturn Oil & Gas Inc. 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