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RALEIGH, N.C. — North Carolina Gov. Roy Cooper on Tuesday vetoed a Hurricane Helene relief bill that also included sweeping changes to the power and authority structures for several state leaders and agencies. Senate Bill 382, which lawmakers passed last week, was originally expected to primarily address ongoing disaster relief efforts for the impacts of the devastating storm that hit Western North Carolina in September. But when lawmakers unveiled the bill just hours before the first vote on it, it included far more than relief measures. Among several other changes, the Republican-drafted bill would strip the state’s next governor, Democrat Josh Stein, of the power to appoint members of the State Board of Elections and instead give the authority to the next auditor, Republican Dave Boliek. It would prevent the state’s next attorney general, Democrat Jeff Jackson, from taking positions on behalf of the state that are “contrary to or inconsistent with the position of the General Assembly,” which has Republican majorities in both chambers. The lieutenant governor and state superintendent would also lose some authority. The bill would set aside $227 million for the state’s Helene relief fund, but it does not appear to spend all of that money. It would provide $25 million to the Department of Agriculture and Consumer Services for debris removal, $2 million for technical assistance to soil and water conservation districts in affected areas and $200 million split between two separate loan programs. Cooper, a Democrat, called the bill “a sham” and said “it does not send money to Western North Carolina but merely shuffles money from one fund to another in Raleigh.” Three Republicans in the state House, all representing western parts of the state, voted against the bill. No Senate Republicans followed suit. Cooper’s veto of SB 382 marks his 12th this year, and lawmakers so far have overridden all 11 previous vetoes. Rep. Destin Hall, whom House Republicans elected last week to succeed Tim Moore as speaker of the House in the next legislative session, said last week that he was confident that his chamber would have enough votes to override Cooper’s veto of the bill, which requires a three-fifths majority. Lawmakers are expected to return to Raleigh on Monday. Non-Helene measures in bill The bill would also: •Significantly reduce the amount of time voters are given to fix issues with their provisional ballots and require counties to finish counting all provisional ballots on the third day after Election Day, a process that took nearly two weeks this year. •Make the the State Highway Patrol into a standalone department, rather than a subset of the N.C. Department of Public Safety, and require the governor’s choice for Highway Patrol commander to be approved by lawmakers. •Eliminate the positions of two Superior Court judges after their terms expire, including a Democrat who threw out two amendments to the North Carolina Constitution that voters approved in 2018 — one on voter ID and another to cap the state income tax rate. •Require the governor to fill any vacancies on the state Supreme Court and Court of Appeals from a list of people recommended by the leaving judge’s political party. •Allow donations from corporations, business entities and labor unions to be used to fund legal actions for political parties. •Shift control of the state Utilities Commission away from the governor. •Require an extra step before the attorney general’s office can intervene in matters before the Utilities Commission, such as cases over how much Duke Energy’s utilities can charge for electricity. •Prevent incoming State Superintendent of Public Instruction Mo Green, a Democrat, from appealing decisions made by the N.C. Charter School Review Board. Cooper criticized those measures and others in the bill on Tuesday, saying the legislation “plays politics.” “This legislation was titled disaster relief but instead violates the constitution by taking appointments away from the next Governor for the Board of Elections, Utilities Commission and Commander of the NC Highway Patrol, letting political parties choose appellate judges and interfering with the Attorney General’s ability to advocate for lower electric bills for consumers,” he said in a statement. Cooper also noted that the bill did not provide grants for small businesses in the disaster-affected counties, calling the move a “cruel blow.” Local business owners and officials from Western North Carolina had advocated for state legislators to fund grants over loans, with Buncombe County Democratic Rep. Eric Ager noting in a press conference last week that it could be difficult for businesses to pay back loans. Ager and other Democratic legislators from the western part of the state criticized the bill for its relative lack of Helene-related funding combined with the additional measures it included. Democratic Rep. Julie Mayfield, also of Buncombe County, questioned why the Helene measures weren’t included in their own bill, separate from the other provisions. Hall told reporters the measures were combined into a single bill because the state had already provided “about a billion dollars in Helene relief.” Lawmakers previously appropriated about $877 million for Helene recovery in two separate relief bills. Republican Sen. Ralph Hise, who represents several counties in Western North Carolina, said during floor debate over SB 382 last week that considering additional funding measures in December would depend on congressional actions. ---------- Reporters Luciana Perez Uribe Guinassi, Adam Wagner, Kyle Ingram, Avi Bajpai and Dawn Baumgartner Vaughan contributed. -------- ©2024 The Charlotte Observer. Visit at charlotteobserver.com . Distributed by Tribune Content Agency, LLC.THE DALLES — At this time of the year, every team feels confident and has a good outlook about the upcoming basketball season. For The Dalles High Riverhawks girls squad, they’re hoping for one of their best seasons in the past 10 years. The Riverhawks, guided by fourth-year Coach Darcy Hodges, have an experienced squad led by seniors Sydney Newby, Laci Hoylman and Yadhira Cruz Torres. Hodges said: “We have everyone returning from last year, so hopefully that helps us out a little bit and provides us with a stronger team with lots of experience, and we also have some younger kids who can step up and help more as well.” Last season, Newby (first team) and Hoylman (second team) earned 4A Tri-Valley Conference (TVC) all- league awards. Juniors Hailey Johnston and Jackie Begay both earned honorable mention awards. The Riverhawks have all 10 of their varsity players returning from last year’s 9-14 squad, 6-4 in the six-team TVC standings. “The girls have put a lot of work in during the offseason to become physically stronger,” said Hodges. “We have a lot of talent on the team, and it will be interesting to see how things play out. It’s nice to not have to rebuild, and so we get to continue what we started last year.” In the last two years, the Riverhawks qualified for an Oregon School Activities Association (OSAA) play-in round road matchup, losing a season ago, 47-36, at Stayton. The Riverhawks are focusing on advancing to the state playoffs for the first time since 2015. To do so, they’ll have to contend with defending champion Madras, which lost seven seniors from its 2023-24 team. Crook County was second in the TVC, and it lost three seniors to graduation. The Riverhawks and Molalla are the only two TVC teams not to lose any seniors. The Riverhawks started practice Nov. 18 in preparation for their 24-game schedule, which begins with a 7 p.m. Dec. 4 nonleague road game at Scappoose (10-13 last year). The Riverhawks play their first home game Dec. 10 against North Marion. “I’m not sure who will be the top team this year, but Crook County is always tough,” said Hodges, a 1999 The Dalles High graduate. “I’m not sure what Madras will do after losing a multiple number of kids, but they’re usually one of the top teams. I’m just hoping that we will battle for first place in the league. I’m hopeful that we will continue to grow and build off of what we have achieved over the last three years.” The Riverhawk roster also includes junior Makaila Collins; sophomores Morgan Donivan, Kestly Hodges and Evelyn Rogers; and frosh Bryce Newby and Willow Ziegenhagen. The Riverhawks’ lineup will have three players (Sydney Newby, Hoylman and Rogers) who are six-foot or taller.
NoneBETHUNE-COOKMAN 79, NORTH DAKOTA 67
At the heart of Skeetchestn territory is the Deadman Watershed, a living landscape of roughly 900 sq. km of forest and grassland northwest of Kamloops (Tk’emlups). Industrial logging and the roads it requires has been a major stressor on this area, and the 2017 Elephant Hill wildfire and the 2021 Sparks Lake wildfire consumed much of the remaining forest. “The Deadman Watershed has been absolutely devastated,” says Shaun Freeman, senior wildlife and habitat biologist with Skeetchestn Natural Resource corp. “What we ended up with is a lot of hydrological issues.” In the early spring, the snowpack melts all at once, with little water retained in the upper watershed due to vegetation loss, he explains. This has knock-on effects for the entire ecosystem Tsecmenúl̓ecwem-kt (We Repair the Land ) is a project led by Skeetchestn Indian Band to remedy this situation. Since launching this year, their goal is to restore the watershed and enhance its resilience in the face of worsening climate change, while simultaneously studying how mitigation measures following severe wildfires can help protect landscapes. They have many partners including Thompson Rivers University, the province and the Secwépemc Fisheries Commission. But the arguably most hardworking collaborator is one you may not expect — an ancient ally in ecological stewardship known in Secwepemctsín as sqlew’uwi and in English as the North American Beaver. To help the land, Skeetchestn’s Tsecmenúl̓ecwem-kt project has successfully populated the upper watershed with one beaver, known as Doug, with the goal to re-introduce more over coming years. Beavers like Doug have a natural instinct to build dams across flowing water, creating ponds to evade predators. These ponds influence local hydrology, enhancing the habitat for countless other species, including plants, waterfowl, amphibians, invertebrates and of course salmon. “Having ponds and wetlands keeps moisture in the soil and keeps that deciduous component healthy,” which Freeman says is important because those tree species don’t burn to the extent of evergreens. This creates natural fire breaks which can stall or potentially stop a wildfire from moving across the valley. What’s even more important is slowing down the flow rate to maintain downstream flow into the heat of summer, when low flows block fish passage and can even be fatal. “We are trying to make sure that the streams are not just a pile of rocks when it comes to August and September because everything, including us, needs water,” Freeman says. “Healthy ecosystems require water which is why we are trying to have the beavers help us do that recovery.” “In terms of relocating beavers, it’s a little bit more complex than just grabbing them, putting them in the truck and dropping them off,” he says. They must be set up for success. Since the 2021 Sparks Lake wildfire, there has been good regrowth of deciduous species, including aspen and willow which are important to beavers as food and building material. Three sites with good conditions were selected for possible reintroduction. But the timing of the beaver capture and release is critical. “We don’t want to be in a position where we’re capturing beavers that have kits in the lodge,” he says. Which means capturing needs to happen in the late winter or early spring. They also need time to prepare their infrastructure — the lodge, feed pile and any dams they need to control the water level — in their new habitat. If you put them in too late, the chance of successful colonization is reduced. So, the first step was to prepare the holding facility where the beavers will stay between capture and release: the beaver hotel. In creating a good habitat for Doug the beaver, the Interior Wildlife Rehabilitation Society was very helpful, and the team visited the Summerland beaver hotel to learn how it works and design their own. The first guest of the Skeetchestn beaver hotel, a female the team named Willow, was not quite what they expected. “Unfortunately, Willow decided to climb the seven foot chain link fence, as evidenced by the muddy footprints she left behind,” says Freeman, something they didn’t know a beaver could do. In contrast the second beaver they caught, a male they named Doug, was more than satisfied with his accommodations. “He knew the gravy train was coming to him.” There were a couple of times he was so deeply asleep the team thought, “Oh geez, Doug’s dead!” And they would have to wiggle his cage and tip him out. Skeetchestn is not the only community interested in the positive effect beavers and their dams have on ecosystems. Elsewhere in the province the 10,000 Watersheds Project is building Beaver Dam Analogs, an alternative to natural beaver dams which seek to mimic their effect on hydrology. While these are an exciting technology, Freeman says they have drawbacks. Humans have to build them and, unless the analog is adopted by beavers, humans are responsible for maintaining them too. “They are also liable if something goes wrong,” says Freeman. “But you can’t sue a beaver.” While the busy beavers are the charismatic stars of the Tsecmenúl̓ecwem-kt project, the human partners are hard at work, too. Despite interest in beavers as a partner in ecosystem restoration, there isn’t much in the scientific literature evaluating a habitat before and after beaver reintroduction. “This is where the Western science monitoring comes into place,” says Freeman. “The province and our fisheries team are involved with measuring the hydrology, downstream flow, water temperature and such so that we have that baseline.” They will be monitoring over time to establish what influence the beavers have on the watershed. The team has conducted drone surveys of the habitat, mapping the water and vegetation distribution, while also ensuring no beavers have moved into a separate area that will be monitored as an experimental ‘no beaver’ control — the standard for comparison in a scientific study. They are also doing an inventory with respect to the species at risk that call this watershed home, including both terrestrial species like Western rattlesnake, Great Basin Spadefoot toad and Louis’ woodpecker to name just a few, and aquatic ones especially salmonids like Chinook, Coho and Steelhead. Don Ignace and the Secwepemc Fisheries Commission are doing a lot of the aquatic restoration work. There are also researchers from multiple B.C. universities and government agencies working on other aspects of restoration, like planting and road deactivation. The federally and provincially co-funded BC Salmon Restoration and Innovation Fund is providing $4 million dollars. This first year has been mostly successful, Freeman says. The team wants to focus on introducing beavers in pairs so that they can establish a colony, but unfortunately Willow’s escape was not the only hurdle the team faced on that front. The beaver colonies in the lower watershed that had been the targets for relocation suffered deaths over the winter. The team was not keen on taking any additional beavers from them at their current population level. So, Doug was introduced alone to the upper watershed and he seemed to like the location the team selected, suggesting their assumptions about the habitat’s suitability for supporting beaver are very likely correct. “He went right at it, barely leaving the site we released him from and just started building,” he says. Doug actually built two lodges. “I think he decided the first one wasn’t up to his specifications, whatever those may be,” he says, but Doug seems much happier with the second. Next year the team will be sourcing beavers from some of the areas where they are overly abundant. “Because we do have the ability to host beavers for as long as necessary, we’re able to really start sourcing and looking at some of these other areas which have similar problems in future to and basically become the beaver hub, so to speak, for Secwepemc territory.” They have already had offers from staff in Tk’emlúps that have some issues with beavers in high numbers. If beavers overpopulate a watershed, they can do damage, he explains. “So, we have a job for them. It may not be in the low part of the drainage, but we definitely have a job for them in the top,” Freeman says. “It’s just a case of shifting from where we have an over abundance, putting them where we don’t have any, then letting them work their magic to help us recreate the hydrology into something that’s going to sustain the whole water table.”HONG KONG: Saudi Arabia’s unprecedented attempt to diversify from an oil economy to something more sustainable seems to be churning along nicely. The female labour participation rate has nearly doubled to 36 per cent from 2016, the year Crown Prince Mohammed bin Salman laid out his Vision 2030. Unemployment is at a record low. Last year, the number of domestic and foreign tourists exceeded 100 million for the first time. Headline statistics aside, what’s Saudi Arabia really like? Curious, I did some sightseeing myself in early November, taking advantage of a new route between Hong Kong and Riyadh. The two financial centres have been strengthening economic ties, cross-investing and offering exchange-traded funds on each other’s bourses. Cathay Pacific started a direct flight late last month. Before the trip, my friend and I were fussing over our outfits, worrying that we might get stopped on the street for not dressing conservatively enough. We were also a bit nervous about our road trip – after all, women were forbidden from driving until mid-2018. VISITORS WELCOME What we saw was an open, friendly nation that welcomed visitors. We blended in as well as any foreigners would in Abu Dhabi or Dubai, and we didn’t spot the much-feared religious police. In Medina, we accidentally roamed into the courtyard of the Prophet’s Mosque, not knowing that it was for Muslims only. When a policeman asked us to leave, his tone was apologetic. In just a few years, entertainment options have ballooned in a nation where the median age is only 30. Perhaps because of the desert heat, nightlife there is booming. From Riyadh’s Boulevard City – a sprawling commercial development that includes an amusement park, outdoor cinemas and retail stores – to Jeddah’s Red Sea waterfront, people crowded into the streets, singing, dancing and hanging out in cafes and hookah lounges well into the night. Female drivers are now commonplace. And while most Saudi women are still wearing long, flowing abayas as well as face coverings, fashionistas have tossed off their hijab and are wearing their abaya like a cloak. No one judges or casts disapproving glances. What about men? We took plenty of Uber rides and talked to Saudi drivers. One laughingly quipped that traffic in Riyadh got a lot worse since women began driving. A 69-year-old in Jeddah said he was okay that two of his five adult children were unmarried. One 22-year-old said he was a huge fan of American rapper Eminem, who will perform in Riyadh next month. And people just assumed we were in the Kingdom for business, as if career women were a fact of life. CHANGING LIFESTYLES Anecdotes aside, there’s also statistical evidence that cultural and social reforms are profoundly changing families and how they live and consume. The share of spending on restaurants, hotels, recreation and culture has increased from about 12 per cent in 2017 to nearly 20 per cent this year, according to Capital Economics. Home ownership among Saudi citizens has increased to 64 per cent of households from 47 per cent in 2016, when the government slashed payments for mortgages and taxed land owners who left plots undeveloped. Mortgage lending now accounts for nearly a quarter of banks’ total outstanding credit. As testament to the buzzing economy, rents are growing at a brisk 11 per cent, amid inflows of expatriate workers and large redevelopment plans in Riyadh and Jeddah. As part of Vision 2030, Riyadh aims to lower the country’s unemployment rate and increase small businesses’ contribution to the economy. It’s making progress on both fronts, while a cultural opening is giving young Saudis incentives to work. FALLING SHORT ON SOME METRICS The prince is falling short on some of his metrics, and the nation’s human rights record remains a serious concern. Women who posted online about gender inequality can suffer decades-long jail sentences. The 2022 Personal Status Law requires women to obtain a male guardian’s permission to marry. This perhaps explains why Saudi Arabia is not getting as much foreign capital as Riyadh desires. In 2023, Norway’s largest pension fund KLP blacklisted some of Saudi’s telecom and real estate companies, citing “human rights abuses”. Last year, net foreign direct investment accounted for only 1.2 per cent of gross domestic product, well below Vision 2030’s 5.7 per cent target. In addition, foreigners are still mostly visiting for the pilgrimages of hajj and umrah, even though the country is building ambitious ski slopes in the desert and lavish resorts by the Red Sea that cater to non-religious tourists. The government is aiming for the sector to account for 10 per cent of non-oil GDP. Foreign fund managers have likened Saudi Arabia’s 2016 opening to China’s. I don’t think that’s quite fair, because Saudi is already a developed country in terms of infrastructure. Its roads are well-built and its malls are full of American chain stores – nothing like the 1980s China I knew. But if we look at the speed of cultural changes, the parallel is eerily accurate.
Commentary: From sinkholes to K-pop, there’s a growing threat of disinformation in MalaysiaPep Guardiola’s side at least avoided the indignity of a sixth successive defeat in all competitions but alarm bells continue to ring at the Etihad Stadium after a dramatic late capitulation. A double from Erling Haaland – the first from the penalty spot – and a deflected effort from Ilkay Gundogan, all in the space of nine minutes either side of the break, looked to have ensured a return to winning ways. Yet Guardiola was left with his head in hands as Feyenoord roared back in the last 15 minutes with goals from Anis Hadj Moussa, Sergio Gimenez and David Hancko, two of them after Josko Gvardiol errors. City almost snatched a late winner when Jack Grealish hit the woodwork but there was no masking another dispiriting result. It was hardly the preparation City wanted for Sunday’s crunch trip to Liverpool, and the Feyenoord fans took great delight in rubbing that fact in. They sung the club anthem they share with Liverpool, You’ll Never Walk Alone, and chanted the name of their former manager Arne Slot, the current Reds boss. Guardiola arrived at the ground with a cut on the bridge of his nose and, once again, his side have been struck a nasty blow. Despite not being at their best, they had dominated early on against what seemed limited Dutch opposition. They threatened when a Gundogan shot was deflected wide and Haaland then went close to opening the scoring when he turned a header onto the post. Feyenoord goalkeeper Timon Wellenreuther gifted City another chance when he passed straight to Bernardo Silva but Grealish’s fierce volley struck team-mate Phil Foden. Foden forced a save from Wellenreuther but City had a moment of alarm when Igor Paixao got behind the defence only to shoot tamely at Ederson. Nathan Ake missed the target with a header but some luck finally went City’s way just before the break when Quinten Timber, brother of Arsenal’s Jurrien, was harshly adjudged to have fouled Haaland. The Norwegian rammed home the resulting spot-kick and City returned re-energised for the second period. They won a corner when a Matheus Nunes shot was turned behind and Gundogan fired the hosts’ second – albeit with aid of a deflection – with a firm volley from the edge of the box. City turned up the heat and claimed their third soon after as Gundogan released Nunes with a long ball and his low cross was turned into the net by a sliding Haaland. 44' ⚽️ Man City 1-0 Feyenoord50' ⚽️ Man City 2-0 Feyenoord53' ⚽️ Man City 3-0 Feyenoord75' ⚽️ Man City 3-1 Feyenoord82' ⚽️ Man City 3-2 Feyenoord89' ⚽️ Man City 3-3 Feyenoord 🤯🤯🤯 — UEFA Champions League (@ChampionsLeague) It seemed City were heading for a morale-lifting victory but a couple of Gvardiol errors changed the script. The Croatian, who had a torrid time in Saturday’s 4-0 thrashing by Tottenham, first horribly misplaced a backpass and allowed Moussa to nip in and round Ederson. Ordinarily that 75th-minute reply would have been a mere consolation and City would close out the game, but Gvardiol had another moment to forget eight minutes from time. Again he gave the ball away and Feyenoord pounced. The ball was lofted into the box and Jordan Lotomba fired a shot that glanced the post and deflected across goal, where Gimenez chested in. Ederson then blundered as he raced out of his area and was beaten by Paixao, who crossed for Hancko to head into an empty net. Amid some moments of unrest in the crowd, when objects were thrown, City tried to rally in stoppage time. Grealish had an effort deflected onto the bar but the hosts had to settle for a draw.
Colorado hands No. 2 UConn second straight loss in MauiRed Bulls go into MLS Cup final with distinctly Canadian flavour in front office
MANCHESTER, England (AP) — Manchester City's winless run extended to six games Tuesday after Feyenoord fought back from three goals down to draw 3-3 in the Champions League. After five-straight losses in all competitions, City looked to be cruising to victory after going three up inside 50 minutes at the Etihad Stadium. Javascript is required for you to be able to read premium content. Please enable it in your browser settings. Get the latest sports news delivered right to your inbox six days a week.Israel and Lebanon's Hezbollah agree to a ceasefire to end nearly 14 months of fightingWith Marc de Grandpre as president and GM and Julian de Guzman as sporting director, the New York Red Bulls come with a distinctly Canadian flavour. On Saturday, both will be cheering on their team as it takes on the Los Angeles Galaxy, led by former Toronto FC coach Greg Vanney, in the MLS Cup final in Carson, Calif. De Grandpre is in his second stint with the Major League Soccer club while de Guzman, a Toronto native and former Canada captain, joined the front office in February. "We're all excited. This is a big moment for the club," said de Grandpre, a Montreal native. "We haven't been here since 2008 (when the Red Bulls lost 3-1 to Columbus in their first final appearance). "This is like a Game 7 ultimately and we're going to leave it all out there and hope for the best," he added. "We're very proud of the team, the players and where we're at. (Saturday), I guess, before kickoff anxiety will kick in but we have to enjoy the moment. These are not moments that occur every year or every other year. We're lucky, fortunate and we're grateful to be here and we'll soak it all in as an organization." While the fourth-place Galaxy (19-8-7) finished 12 places and 17 points ahead of the Red Bulls (11-9-14) in the overall league standings, one can argue the New Yorkers arrive at Dignity Health Sports Park as the team of destiny. Entering the playoffs as the seventh-ranked team in the Eastern Conference, the Red Bulls are the lowest-ever seed to reach the MLS championship game. The Red Bulls started the season with just one loss in their first 10 league outings (4-1-5) and went unbeaten in their first 12 league outings at Red Bull Arena (7-0-5) before losing 2-0 to Philadelphia on Aug. 31. But they limped into the playoffs after winning just one of their last nine regular-season outings (1-5-3). The lone win (4-1) during that run came Oct. 2 at lowly Toronto. De Grandpre points to the break for the Leagues Cup, which ran July 26 to Aug. 25, for the loss of form during that run. The Red Bulls played just two Leagues Cup games, losing to Toronto and Mexico's Pachuca both on penalty kicks, with a 25-day pause before resuming MLS play. "The team managed to persevere, stay resilient and get us into the playoffs," said de Grandpre. "And they're true to the form they were showing early in the season. "It's a group of players who truly enjoy being with each other, love each (other), care for each other and have totally embraced what (German coach) Sandro (Schwarz) has brought to the table in terms of culture and the way we approach the matches. You can feel it in the room. It's a special group of people." The Red Bulls are making the most of their record 15th-straight post-season appearance. They started the playoffs with a bang, upsetting defended champion and second-seeded Columbus 1-0 on the road and then via penalty shootout in Harrison, N.J., to win the best-of-three first-round series. They went on to dispatch No. 6 New York City FC 2-0 in the Eastern Conference semifinal and No. 4 Orlando City 1-0 in the conference final. The Red Bulls have made sure their fans will be on hand to cheer on the team. The club bought almost 2,000 tickets for members of its supporters groups and season-ticket holders as well as for its front office, custodial and security staff from its stadium and training facility, and food and beverage partners. "We want to make sure we reward our fans and that our most important human capital is with us — our staff, the people who make it happen ever day. We want to reward them as well," said de Grandpre. Some 700 members of the Red Bulls supporters groups also each received US$300 as well as a ticket to help defray travel costs. De Grandpre started with Bauer Hockey in Montreal and then, after graduate school in the U.S., became one of the first marketing employees for Red Bull North America in late 1999. In 2006, when the Austria-based energy drink giant bought the New York/New Jersey MetroStars, de Grandpre was tasked with rebranding the franchise to the Red Bulls. He spent two years as the team's managing director before moving on to Qualcomm (wireless technology), Imax (immersive cinema) and KIND (healthy snack foods), rejoining the Red Bulls in April 2014 as GM. "Ever since then, it's been a pleasurable experience, very rewarding. I've surrounded myself and the organization with the best talent in the business," he said. "And I believe that is why we are here today. It's been a long road, but the right way to get there, that's for sure." In 2015, de Grandpre was honoured with the league's Doug Hamilton Executive of the Year award. This report by The Canadian Press was first published Dec. 6, 2024. Follow @NeilMDavidson on the X platform. Neil Davidson, The Canadian Press
Organogenesis Expands Manufacturing Capacity to Support Future Growth- Raising the mid-points of billings, revenue, margins, earnings per share, and free cash flow guidance ranges. - Janesh Moorjani appointed as chief financial officer. SAN FRANCISCO , Nov. 26, 2024 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the third quarter of fiscal 2025. All growth rates are compared to the third quarter of fiscal 2024, unless otherwise noted. A reconciliation of GAAP to non-GAAP results is provided in the accompanying tables. For definitions, please view the Glossary of Terms later in this document. Third Quarter Fiscal 2025 Financial Highlights "Autodesk is leading the industry in modernizing its go-to-market motion. These initiatives enable us to build larger and more durable direct relationships with our customers and to serve them more efficiently. We have already seen significant benefits from these optimization initiatives and there's more to come in the next phase," said Andrew Anagnost , Autodesk president and CEO. "We will continue to deploy capital to offset and buy forward dilution, a practice which has reduced our share count over the last three years, and have significantly extended the duration of our repurchase program by increasing our stock repurchase authorization. Our goal is to deliver sustainable shareholder value over many years." "We generated broad-based underlying growth across products and regions. Overall, macroeconomic, policy, and geopolitical challenges, and the underlying momentum of the business, were consistent with the last few quarters with continued strong renewal rates and headwinds to new business growth," said Betsy Rafael , Autodesk interim CFO. "Given Autodesk's sustained momentum in the third quarter, and smooth launch of the new transaction model in Western Europe , we are raising the midpoints of our billings, revenue, margins, earnings per share, and free cash flow guidance ranges." Additional Financial Details Third Quarter Fiscal 2025 Business Highlights Net Revenue by Geographic Area Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Change compared to prior fiscal year Constant currency change compared to prior fiscal year (In millions, except percentages) $ % % Net Revenue: Americas U.S. $ 579 $ 520 $ 59 11 % * Other Americas 126 120 6 5 % * Total Americas 705 640 65 10 % 11 % EMEA 580 516 64 12 % 13 % APAC 285 258 27 10 % 14 % Total Net Revenue $ 1,570 $ 1,414 $ 156 11 % 12 % ____________________ * Constant currency data not provided at this level. Net Revenue by Product Family Our product offerings are focused in four primary product families: Architecture, Engineering and Construction ("AEC"), AutoCAD and AutoCAD LT, Manufacturing ("MFG"), and Media and Entertainment ("M&E"). Three Months Ended October 31, 2024 Three Months Ended October 31, 2023 Change compared to prior fiscal year (In millions, except percentages) $ % AEC $ 751 $ 675 $ 76 11 % AutoCAD and AutoCAD LT 398 372 26 7 % MFG 307 269 38 14 % M&E 83 73 10 14 % Other 31 25 6 24 % Total Net Revenue $ 1,570 $ 1,414 $ 156 11 % Business Outlook The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties, some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the fourth quarter and full-year fiscal 2025 considers the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2025 GAAP and non-GAAP estimates is provided below or in the tables following this press release. Fourth Quarter Fiscal 2025 Q4 FY25 Guidance Metrics Q4 FY25 (ending January 31, 2025) Revenue (in millions) $1,623 - $1,638 EPS GAAP $1.21 - $1.27 EPS non-GAAP (1) $2.10 - $2.16 ____________________ (1) Non-GAAP earnings per diluted share excludes $0.85 related to stock-based compensation expense, $0.17 for the amortization of both purchased intangibles and developed technologies, and $0.05 for acquisition-related costs, partially offset by ($0.18) related to GAAP-only tax charges. Full Year Fiscal 2025 FY25 Guidance Metrics FY25 (ending January 31, 2025) Billings (in millions) $5,900 - $5,980 Up 14% - 15% Revenue (in millions) (1) $6,115 - $6,130 Up approx. 11% GAAP operating margin 21.5% - 22% Non-GAAP operating margin (2) 35.5% - 36% EPS GAAP $4.95 - $5.01 EPS non-GAAP (3) $8.29 - $8.35 Free cash flow (in millions) (4) $1,470 - $1,500 ____________________ (1) Excluding the impact of foreign currency exchange rates and hedge gains/losses, revenue guidance range would be approximately 1 percentage point higher. (2) Non-GAAP operating margin excludes approximately 11% related to stock-based compensation expense, approximately 2% for the amortization of both purchased intangibles and developed technologies, and approximately 1% related to acquisition-related costs. (3) Non-GAAP earnings per diluted share excludes $3.15 related to stock-based compensation expense, $0.61 for the amortization of both purchased intangibles and developed technologies, $0.23 related to acquisition-related costs, and $0.04 related to losses on strategic investments, partially offset by ($0.69) related to GAAP-only tax charges. (4) Free cash flow is cash flow from operating activities less approximately $30 million of capital expenditures. The fourth quarter and full-year fiscal 2025 outlook assume a projected annual effective tax rate of 20 percent and 19 percent for GAAP and non-GAAP results, respectively. Shifts in geographic profitability continue to impact the annual effective tax rate due to significant differences in tax rates in various jurisdictions. Therefore, assumptions for the annual effective tax rate are evaluated regularly and may change based on the projected geographic mix of earnings. Earnings Conference Call and Webcast Autodesk will host its third quarter conference call today at 5 p.m. ET . The live broadcast can be accessed at autodesk.com/investor . A transcript of the opening commentary will also be available following the conference call. A replay of the broadcast will be available at 7 p.m. ET at autodesk.com/investor . This replay will be maintained on Autodesk's website for at least 12 months. Investor Presentation Details An investor presentation, Excel financials and other supplemental materials providing additional information can be found at autodesk.com/investor . Key Performance Metrics To help better understand our financial performance, we use several key performance metrics including billings, recurring revenue and net revenue retention rate. These metrics are key performance metrics and should be viewed independently of revenue and deferred revenue. These metrics are not intended to be combined with those items. We use these metrics to monitor the strength of our recurring business. We believe these metrics are useful to investors because they can help in monitoring the long-term health of our business. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP. Glossary of Terms Billings: Total revenue plus the net change in deferred revenue from the beginning to the end of the period. Cloud Service Offerings : Represents individual term-based offerings deployed through web browser technologies or in a hybrid software and cloud configuration. Cloud service offerings that are bundled with other product offerings are not captured as a separate cloud service offering. Constant Currency (CC) Growth Rates: We attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates as well as eliminating hedge gains or losses recorded within the current and comparative periods. We calculate constant currency growth rates by (i) applying the applicable prior period exchange rates to current period results and (ii) excluding any gains or losses from foreign currency hedge contracts that are reported in the current and comparative periods. Design Business: Represents the combination of maintenance, product subscriptions, and all EBAs. Main products include, but are not limited to, AutoCAD, AutoCAD LT, Industry Collections, Revit, Inventor, Maya and 3ds Max. Certain products, such as our computer aided manufacturing solutions, incorporate both Design and Make functionality and are classified as Design. Enterprise Business Agreements (EBAs): Represents programs providing enterprise customers with token-based access to a broad pool of Autodesk products over a defined contract term. Flex: A pay-as-you-go consumption option to pre-purchase tokens to access any product available with Flex for a daily rate. Free Cash Flow: Cash flow from operating activities minus capital expenditures. Industry Collections: Autodesk Industry Collections are a combination of products and services that target a specific user objective and support a set of workflows for that objective. Our Industry Collections consist of: Autodesk Architecture, Engineering and Construction Collection, Autodesk Product Design and Manufacturing Collection, and Autodesk Media and Entertainment Collection. Maintenance Plan: Our maintenance plans provide our customers with a cost effective and predictable budgetary option to obtain the productivity benefits of our new releases and enhancements when and if released during the term of their contracts. Under our maintenance plans, customers are eligible to receive unspecified upgrades when and if available, and technical support. We recognize maintenance revenue over the term of the agreements, generally one year. Make Business: Represents certain cloud-based product subscriptions. Main products include, but are not limited to, Assemble, Autodesk Build, BIM Collaborate Pro, BuildingConnected, Fusion, and Flow Production Tracking. Certain products, such as Fusion, incorporate both Design and Make functionality and are classified as Make. Net Revenue Retention Rate (NR3): Measures the year-over-year change in Recurring Revenue for the population of customers that existed one year ago ("base customers"). Net revenue retention rate is calculated by dividing the current quarter Recurring Revenue related to base customers by the total corresponding quarter Recurring Revenue from one year ago. Recurring Revenue is based on USD reported revenue, and fluctuations caused by changes in foreign currency exchange rates and hedge gains or losses have not been eliminated. Recurring Revenue related to acquired companies, one year after acquisition, has been captured as existing customers until such data conforms to the calculation methodology. This may cause variability in the comparison. Other Revenue: Consists of revenue from consulting, and other products and services, and is recognized as the products are delivered and services are performed. Product Subscription: Provides customers a flexible, cost-effective way to access and manage 3D design, engineering, and entertainment software tools. Our product subscriptions currently represent a hybrid of desktop and cloud functionality, which provides a device-independent, collaborative design workflow for designers and their stakeholders. Recurring Revenue: Consists of the revenue for the period from our traditional maintenance plans, our subscription plan offerings, and certain Other revenue. It excludes subscription revenue related to third-party products. Recurring revenue acquired with the acquisition of a business is captured when total subscriptions are captured in our systems and may cause variability in the comparison of this calculation. Remaining Performance Obligations (RPO): The sum of total short-term, long-term, and unbilled deferred revenue. Current remaining performance obligations is the amount of revenue we expect to recognize in the next twelve months. Solution Provider : Solution Provider is the name of our channel partners who primarily serve our new transaction model customers worldwide. Solution Providers may also be resellers in relation to Autodesk solutions. Spend : The sum of cost of revenue and operating expenses. Subscription Plan: Comprises our term-based product subscriptions, cloud service offerings, and EBAs. Subscriptions represent a combined hybrid offering of desktop software and cloud functionality which provides a device-independent, collaborative design workflow for designers and their stakeholders. With subscription, customers can use our software anytime, anywhere, and get access to the latest updates to previous versions. Subscription Revenue: Includes our cloud-enabled term-based product subscriptions, cloud service offerings, and flexible EBAs. Unbilled Deferred Revenue: Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans for subscription, services, and maintenance for which the associated deferred revenue has not been recognized. Under FASB Accounting Standards Codification ("ASC") Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Condensed Consolidated Balance Sheet. Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties, including quotations from management, statements in the paragraphs under "Business Outlook" above statements about our short-term and long-term goals, statements regarding our strategies, market and product positions, performance and results, and all statements that are not historical facts. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our strategy to develop and introduce new products and services and to move to platforms and capabilities, exposing us to risks such as limited customer acceptance (both new and existing customers), costs related to product defects, and large expenditures; global economic and political conditions, including changes in monetary and fiscal policy, foreign exchange headwinds, recessionary fears, supply chain disruptions, resulting inflationary pressures and hiring conditions; geopolitical tension and armed conflicts, and extreme weather events; costs and challenges associated with strategic acquisitions and investments; our ability to successfully implement and expand our transaction model; dependency on international revenue and operations, exposing us to significant international regulatory, economic, intellectual property, collections, currency exchange rate, taxation, political, and other risks, including risks related to the war against Ukraine launched by Russia and our exit from Russia and the current conflict between Israel and Hamas; inability to predict subscription renewal rates and their impact on our future revenue and operating results; existing and increased competition and rapidly evolving technological changes; fluctuation of our financial results, key metrics and other operating metrics; our transition from up front to annual billings for multi-year contracts; deriving a substantial portion of our net revenue from a small number of solutions, including our AutoCAD-based software products and collections; any failure to successfully execute and manage initiatives to realign or introduce new business and sales initiatives, including our new transaction model for Flex; net revenue, billings, earnings, cash flow, or new or existing subscriptions shortfalls; social and ethical issues relating to the use of artificial intelligence in our offerings; our ability to maintain security levels and service performance meeting the expectations of our customers, and the resources and costs required to avoid unanticipated downtime and prevent, detect and remediate performance degradation and security breaches; security incidents or other incidents compromising the integrity of our or our customers' offerings, services, data, or intellectual property; reliance on third parties to provide us with a number of operational and technical services as well as software; our highly complex software, which may contain undetected errors, defects, or vulnerabilities; increasing regulatory focus on privacy issues and expanding laws; governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls; protection of our intellectual property rights and intellectual property infringement claims from others; the government procurement process; fluctuations in currency exchange rates; our debt service obligations; and our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors. Our estimates as to tax rate are based on current interpretations of existing tax law and could be affected by changing interpretations, further guidance, and additional tax legislation. Further information on potential factors that could affect the financial results of Autodesk are included in Autodesk's Form 10-K and subsequent Forms 10-Q, which are on file with the U.S. Securities and Exchange Commission. Autodesk disclaims any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Autodesk The world's designers, engineers, builders, and creators trust Autodesk to help them design and make anything. From the buildings we live and work in, to the cars we drive and the bridges we drive over. From the products we use and rely on, to the movies and games that inspire us. Autodesk's Design and Make Platform unlocks the power of data to accelerate insights and automate processes, empowering our customers with the technology to create the world around us and deliver better outcomes for their business and the planet. For more information, visit autodesk.com or follow @autodesk. #MakeAnything Autodesk uses its investors.autodesk.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts. Autodesk, AutoCAD, AutoCAD LT, BIM 360 and Fusion 360 are trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and service offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document. © 2024 Autodesk, Inc. All rights reserved. Autodesk, Inc. Condensed Consolidated Statements of Operations (In millions, except per share data) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 (Unaudited) (Unaudited) Net revenue: Subscription $ 1,457 $ 1,314 $ 4,195 $ 3,777 Maintenance 9 12 31 40 Total subscription and maintenance revenue 1,466 1,326 4,226 3,817 Other 104 88 266 211 Total net revenue 1,570 1,414 4,492 4,028 Cost of revenue: Cost of subscription and maintenance revenue 105 94 305 285 Cost of other revenue 19 21 57 62 Amortization of developed technologies 23 12 62 34 Total cost of revenue 147 127 424 381 Gross profit 1,423 1,287 4,068 3,647 Operating expenses: Marketing and sales 525 439 1,474 1,344 Research and development 378 339 1,092 1,021 General and administrative 161 165 477 438 Amortization of purchased intangibles 13 10 37 31 Total operating expenses 1,077 953 3,080 2,834
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