Revamped PSG see off Toulouse before Bayern clashWASHINGTON (AP) — Former Rep. said Friday that he will not be returning to Congress after withdrawing his name from consideration to be attorney general under President-elect Donald Trump amid growing allegations of sexual misconduct. “I’m still going to be in the fight, but it’s going to be from a new perch. I do not intend to join the 119th Congress,” Gaetz told conservative commentator Charlie Kirk, adding that he has “some other goals in life that I’m eager to pursue with my wife and my family.” The announcement comes a day after Gaetz, a Florida Republican, stepped aside from the Cabinet nomination process amid growing fallout from that cast doubt on his ability to be confirmed as the nation’s chief federal law enforcement officer. The 42-year-old has vehemently denied the allegations against him. Gaetz’s nomination as attorney general had inside the Justice Department, but reflected Trump’s desire to place a loyalist in a department following the criminal cases against him. Hours after Gaetz withdrew, Trump nominated Pam Bondi, the former Florida attorney general, who would come to the job with years of legal work under her belt and that other trait Trump prizes above all: loyalty. It’s unclear what’s next for Gaetz, who is no longer a member of the House. He surprised colleagues by resigning from Congress the same day that Trump nominated him for attorney general. Some speculated he could still be sworn into office for another two-year term on Jan. 3, given that he had just won reelection earlier this month. But Gaetz, who has been in state and national politics for 14 years, said he’s done with Congress. “I think that eight years is probably enough time in the United States Congress,” he said.ALL-REMOTE COMPANY/WILMINGTON, Del.--(BUSINESS WIRE)--Dec 9, 2024-- Phreesia, Inc. (NYSE: PHR) (“Phreesia” or the "Company") announced financial results today for the fiscal third quarter ended October 31, 2024. "We are excited about the future here at Phreesia,” said CEO and Co-Founder Chaim Indig. “Our network continues to grow, adoption of our current offerings is increasing, and we are beginning to see the promise of new solutions we are investing in.” Please visit the Phreesia investor relations website at ir.phreesia.com to view the Company's Q3 Fiscal Year 2025 Stakeholder Letter. Fiscal Third Quarter Ended October 31, 2024 Highlights Fiscal Year 2025 Outlook We are narrowing our revenue outlook for fiscal 2025 to a range of $418 million to $420 million from a previous range of $416 million to $426 million, implying year-over-year growth of 17% to 18%. We are updating our Adjusted EBITDA outlook for fiscal 2025 to a range of $34 million to $36 million from a previous range of $26 million to $31 million. Our outlook reflects our strong performance in the fiscal third quarter and our continued focus on margin improvement. We are maintaining our expectation for AHSCs to reach approximately 4,200 for fiscal 2025, compared to 3,601 in fiscal 2024. We are maintaining our expectation for Total revenue per AHSC to increase in fiscal 2025 compared to the $98,944 we achieved in fiscal 2024. Fiscal Year 2026 Outlook We are introducing our revenue outlook for fiscal 2026. We expect revenue to be in the range of $472 million to $482 million. The revenue range provided for fiscal 2026 assumes no additional revenue from potential future acquisitions completed between now and January 31, 2026. We are introducing our Adjusted EBITDA outlook for fiscal 2026. We expect Adjusted EBITDA to be in the range of $78 million to $88 million. The Adjusted EBITDA range provided for fiscal 2026 assumes continued improvement in operating leverage across the Company through focusing on efficiency. We expect AHSCs to reach approximately 4,500 in fiscal 2026. Additionally, we expect Total revenue per AHSC in fiscal 2026 to increase from fiscal 2025. We believe our $81.7 million in cash and cash equivalents as of October 31, 2024, along with cash generated in our normal operations, gives us sufficient flexibility to reach our fiscal 2025 and fiscal 2026 outlook. Additionally, our available borrowing capacity under our credit facility with Capital One provides us with an additional source of capital to pursue future growth opportunities not incorporated into our fiscal 2025 and fiscal 2026 outlook. As of October 31, 2024 we have no borrowings outstanding under our credit facility. Non-GAAP Financial Measures We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). For further information regarding the non-GAAP financial measures included in this press release, including a reconciliation of GAAP to non-GAAP financial measures and an explanation of these measures, please see “Non-GAAP financial measures” below. Available Information We intend to use our Company website (including our Investor Relations website) as well as our Facebook, X, LinkedIn and Instagram accounts as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Forward Looking Statements This press release includes express or implied statements that are not historical facts and are considered forward-looking 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. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. These statements include, but are not limited to, statements regarding: our future financial and operating performance, including our revenue, operating leverage, margins, Adjusted EBITDA, cash flows and profitability 3; our ability to finance our plans to achieve our fiscal 2025 and fiscal 2026 outlook with our current cash balance and cash generated in the normal course of business; and our outlook for fiscal 2025 and fiscal 2026, including our expectations regarding revenue, Adjusted EBITDA, AHSCs and Total revenue per AHSC. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including, without limitation, risks associated with: our ability to effectively manage our growth and meet our growth objectives; our focus on the long-term and our investments in growth; the competitive environment in which we operate; our ability to comply with the covenants in our credit agreement with Capital One; changes in market conditions and receptivity to our products and services; our ability to develop and release new products and services and successful enhancements, features and modifications to our existing products and services; our ability to maintain the security and availability of our platform; the impact of cyberattacks, security incidents or breaches impacting our business; changes in laws and regulations applicable to our business model; our ability to make accurate predictions about our industry and addressable market; our ability to attract, retain and cross-sell to healthcare services clients; our ability to continue to operate effectively with a primarily remote workforce and attract and retain key talent; our ability to realize the intended benefits of our acquisitions and partnerships; and difficulties in integrating our acquisitions and investments; and other general, market, political, economic and business conditions (including from the results of the 2024 U.S. presidential and congressional elections and the warfare and/or political and economic instability in Ukraine, the Middle East or elsewhere). The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those listed or described in our filings with the Securities and Exchange Commission (“SEC”), including in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 that will be filed with the SEC following this press release. The forward-looking statements in this press release speak only as of the date on which the statements are made. We undertake no obligation to update, and expressly disclaim the obligation to update, any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. This press release includes certain non-GAAP financial measures as defined by SEC rules. We have provided a reconciliation of those measures to the most directly comparable GAAP measures, with the exception of our Adjusted EBITDA outlook for the reasons described above. Conference Call Information We will hold a conference call on Monday December 9, 2024 at 5:00 p.m. Eastern Time to review our fiscal 2025 third quarter financial results. To participate in our live conference call and webcast, please dial (800) 715-9871 (or (646) 307-1963 for international participants) using conference code number 7404611 or visit the “Events & Presentations” section of our Investor Relations website at ir.phreesia.com . A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. About Phreesia Phreesia is a trusted leader in patient activation, giving providers, life sciences companies and other organizations tools to help patients take a more active role in their care. Founded in 2005, Phreesia enabled approximately 150 million patient visits in 2023—more than 1 in 10 visits across the U.S.—scale that we believe allows us to make meaningful impact. Offering patient-driven digital solutions for intake, outreach, education and more, Phreesia enhances the patient experience, drives efficiency and improves healthcare outcomes. Phreesia, Inc. Consolidated Balance Sheets (in thousands, except share and per share data) October 31, 2024 January 31, 2024 (Unaudited) Assets Current: Cash and cash equivalents $ 81,740 $ 87,520 Settlement assets 25,046 28,072 Accounts receivable, net of allowance for doubtful accounts of $1,468 and $1,392 as of October 31, 2024 and January 31, 2024, respectively 71,408 64,863 Deferred contract acquisition costs 362 768 Prepaid expenses and other current assets 11,017 14,461 Total current assets 189,573 195,684 Property and equipment, net of accumulated depreciation and amortization of $87,861 and $76,859 as of October 31, 2024 and January 31, 2024, respectively 25,973 16,902 Capitalized internal-use software, net of accumulated amortization of $53,210 and $45,769 as of October 31, 2024 and January 31, 2024, respectively 51,322 46,139 Operating lease right-of-use assets 1,656 266 Deferred contract acquisition costs 450 986 Intangible assets, net of accumulated amortization of $7,536 and $4,925 as of October 31, 2024 and January 31, 2024, respectively 29,014 31,625 Goodwill 75,845 75,845 Other assets 1,870 2,879 Total Assets $ 375,703 $ 370,326 Liabilities and Stockholders’ Equity Current: Settlement obligations $ 25,046 $ 28,072 Current portion of finance lease liabilities and other debt 8,866 6,056 Current portion of operating lease liabilities 1,021 393 Accounts payable 15,870 8,480 Accrued expenses 29,080 37,130 Deferred revenue 22,188 24,113 Other current liabilities 7,130 5,875 Total current liabilities 109,201 110,119 Long-term finance lease liabilities and other debt 10,292 5,400 Operating lease liabilities, non-current 840 134 Long-term deferred revenue 199 97 Long-term deferred tax liabilities 446 270 Other long-term liabilities 133 2,857 Total Liabilities 121,111 118,877 Commitments and contingencies Stockholders’ Equity: Preferred stock, undesignated, $0.01 par value - 20,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; no shares issued or outstanding as of both October 31, 2024 and January 31, 2024 — — Common stock, $0.01 par value - 500,000,000 shares authorized as of both October 31, 2024 and January 31, 2024; 59,439,197 and 57,709,762 shares issued as of October 31, 2024 and January 31, 2024, respectively 594 577 Additional paid-in capital 1,094,629 1,039,361 Accumulated deficit (795,106 ) (742,969 ) Accumulated other comprehensive loss (5 ) — Treasury stock, at cost, 1,355,169 shares as of both October 31, 2024 and January 31, 2024 (45,520 ) (45,520 ) Total Stockholders’ Equity 254,592 251,449 Total Liabilities and Stockholders’ Equity $ 375,703 $ 370,326 Phreesia, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Revenue: Subscription and related services $ 49,363 $ 42,595 $ 144,717 $ 119,783 Payment processing fees 24,704 23,218 77,064 71,102 Network solutions 32,733 25,806 88,351 70,409 Total revenues 106,800 91,619 310,132 261,294 Expenses: Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 Payment processing expense 16,683 15,410 51,648 47,352 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 General and administrative 19,633 20,240 58,182 61,105 Depreciation 3,566 4,483 11,011 13,231 Amortization 3,521 2,980 10,052 8,003 Total expenses 120,643 123,664 360,617 368,195 Operating loss (13,843 ) (32,045 ) (50,485 ) (106,901 ) Other expense, net (144 ) (47 ) (261 ) (39 ) Interest income, net 26 523 311 2,027 Total other (expense) income, net (118 ) 476 50 1,988 Loss before provision for income taxes (13,961 ) (31,569 ) (50,435 ) (104,913 ) Provision for income taxes (442 ) (372 ) (1,702 ) (1,326 ) Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.25 ) $ (0.58 ) $ (0.91 ) $ (1.96 ) Weighted-average common shares outstanding, basic and diluted 57,891,591 55,251,074 57,358,637 54,139,555 (1) Our potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. Phreesia, Inc. Consolidated Statements of Comprehensive Loss (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Other comprehensive loss, net of tax: Change in foreign currency translation adjustments, net of tax (3 ) — (5 ) — Other comprehensive loss, net of tax (3 ) — (5 ) — Comprehensive loss $ (14,406 ) $ (31,941 ) $ (52,142 ) $ (106,239 ) Phreesia, Inc. Consolidated Statements of Cash Flows (Unaudited) (in thousands) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Operating activities: Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Amortization of deferred financing costs and debt discount 62 84 174 253 Cost of Phreesia hardware purchased by customers 571 582 1,248 1,232 Deferred contract acquisition costs amortization 1,322 235 1,706 855 Non-cash operating lease expense 207 142 568 484 Deferred taxes 57 39 176 181 Changes in operating assets and liabilities: Accounts receivable (10,141 ) (991 ) (6,558 ) (3,361 ) Prepaid expenses and other assets 1,005 (1,530 ) 4,286 (761 ) Deferred contract acquisition costs (552 ) — (765 ) — Accounts payable 6,948 1,189 5,198 (1,226 ) Accrued expenses and other liabilities (3,655 ) 469 (6,202 ) 6,530 Lease liabilities (202 ) (232 ) (622 ) (884 ) Deferred revenue 954 218 (1,823 ) (1,347 ) Net cash provided by (used in) operating activities 5,785 (6,310 ) 16,125 (29,300 ) Investing activities: Acquisitions, net of cash acquired — (10,406 ) — (14,279 ) Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Net cash used in investing activities (4,182 ) (15,717 ) (17,031 ) (31,512 ) Financing activities: Proceeds from issuance of common stock upon exercise of stock options 17 250 583 925 Treasury stock to satisfy tax withholdings on stock compensation awards — (1,451 ) — (12,176 ) Proceeds from employee stock purchase plan 840 919 2,443 2,782 Finance lease payments (1,895 ) (1,729 ) (5,170 ) (5,156 ) Constructive financing — — — 1,688 Principal payments on financing agreements (304 ) (273 ) (888 ) (318 ) Debt issuance costs and loan facility fee payments — — (152 ) (250 ) Financing payments of acquisition-related liabilities (309 ) — (1,673 ) — Net cash used in financing activities (1,651 ) (2,284 ) (4,857 ) (12,505 ) Effect of exchange rate changes on cash and cash equivalents (10 ) — (17 ) — Net decrease in cash and cash equivalents (58 ) (24,311 ) (5,780 ) (73,317 ) Cash and cash equivalents – beginning of period 81,798 127,677 87,520 176,683 Cash and cash equivalents – end of period $ 81,740 $ 103,366 $ 81,740 $ 103,366 Supplemental information of non-cash investing and financing information: Right of use assets acquired in exchange for operating lease liabilities $ — $ 346 $ 1,958 $ 346 Property and equipment acquisitions through finance leases $ 6,847 $ 371 $ 13,709 $ 7,438 Purchase of property and equipment and capitalized software included in current liabilities $ 3,508 $ 2,911 $ 3,508 $ 2,911 Capitalized stock-based compensation $ 343 $ 309 $ 1,006 $ 1,023 Issuance of stock to settle liabilities for stock-based compensation $ 2,853 $ 3,420 $ 10,679 $ 10,641 Issuance of stock as consideration in business combinations $ — $ 30,645 $ — $ 35,321 Deferred consideration liabilities payable in business combinations $ — $ 10,294 $ — $ 10,294 Capitalized software acquired through vendor financing $ — $ — $ — $ 2,047 Cash paid for: Interest $ 595 $ 295 $ 1,459 $ 649 Income taxes $ 549 $ — $ 2,559 $ 48 Non-GAAP Financial Measures This press release and statements made during the above-referenced webcast may include certain non-GAAP financial measures as defined by SEC rules. Adjusted EBITDA is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income or loss or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of our liquidity. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. We have provided below a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measure. We have presented Adjusted EBITDA in this press release and our Quarterly Report on Form 10-Q to be filed after this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short and long-term operational plans. In particular, we believe that the exclusion of the amounts eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. We have not reconciled our Adjusted EBITDA outlook to GAAP Net income (loss) because we do not provide an outlook for GAAP Net income (loss) due to the uncertainty and potential variability of Other (income) expense, net and (Benefit from) provision for income taxes, which are reconciling items between Adjusted EBITDA and GAAP Net income (loss). Because we cannot reasonably predict such items, a reconciliation of the non-GAAP financial measure outlook to the corresponding GAAP measure is not available without unreasonable effort. We caution, however, that such items could have a significant impact on the calculation of GAAP Net income (loss). Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows: Because of these and other limitations, you should consider Adjusted EBITDA along with other GAAP-based financial performance measures, including various cash flow metrics, net loss, and our GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net loss for each of the periods indicated: Phreesia, Inc. Adjusted EBITDA ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 Net loss $ (14,403 ) $ (31,941 ) $ (52,137 ) $ (106,239 ) Interest income, net (26 ) (523 ) (311 ) (2,027 ) Provision for income taxes 442 372 1,702 1,326 Depreciation and amortization 7,087 7,463 21,063 21,234 Stock-based compensation expense 16,525 17,963 49,813 53,749 Other expense, net 144 47 261 39 Adjusted EBITDA $ 9,769 $ (6,619 ) $ 20,391 $ (31,918 ) We calculate Free cash flow as Net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. Additionally, Free cash flow is a supplemental measure of our performance that is not required by, or presented in accordance with, GAAP. We consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by our business that can be used for strategic opportunities, including investing in our business, making strategic investments, partnerships and acquisitions and strengthening our financial position. The following table presents a reconciliation of Free cash flow from Net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated: Phreesia, Inc. Free cash flow ( Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands, unaudited) 2024 2023 2024 2023 Net cash provided by (used in) operating activities $ 5,785 $ (6,310 ) $ 16,125 $ (29,300 ) Less: Capitalized internal-use software (3,566 ) (4,069 ) (11,112 ) (13,889 ) Purchases of property and equipment (616 ) (1,242 ) (5,919 ) (3,344 ) Free cash flow $ 1,603 $ (11,621 ) $ (906 ) $ (46,533 ) Phreesia, Inc. Reconciliation of GAAP and Adjusted Operating Expenses (Unaudited) Three months ended October 31, Nine months ended October 31, (in thousands) 2024 2023 2024 2023 GAAP operating expenses General and administrative $ 19,633 $ 20,240 $ 58,182 $ 61,105 Sales and marketing 30,071 36,478 92,266 111,135 Research and development 29,315 28,544 87,738 82,484 Cost of revenue (excluding depreciation and amortization) 17,854 15,529 49,720 44,885 $ 96,873 $ 100,791 $ 287,906 $ 299,609 Stock compensation included in GAAP operating expenses General and administrative $ 6,049 $ 5,798 $ 18,534 $ 17,423 Sales and marketing 5,431 6,322 16,500 19,850 Research and development 3,793 4,561 11,049 13,002 Cost of revenue (excluding depreciation and amortization) 1,252 1,282 3,730 3,474 $ 16,525 $ 17,963 $ 49,813 $ 53,749 Adjusted operating expenses General and administrative $ 13,584 $ 14,442 $ 39,648 $ 43,682 Sales and marketing 24,640 30,156 75,766 91,285 Research and development 25,522 23,983 76,689 69,482 Cost of revenue (excluding depreciation and amortization) 16,602 14,247 45,990 41,411 $ 80,348 $ 82,828 $ 238,093 $ 245,860 Phreesia, Inc. Key Metrics (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Key Metrics: Average number of healthcare services clients ("AHSCs") 4,237 3,688 4,157 3,481 Healthcare services revenue per AHSC $ 17,481 $ 17,845 $ 53,351 $ 54,836 Total revenue per AHSC $ 25,207 $ 24,842 $ 74,605 $ 75,063 The definitions of our key metrics are presented below. Additional Information (Unaudited) Three months ended October 31, Nine months ended October 31, 2024 2023 2024 2023 Patient payment volume (in millions) $ 1,081 $ 965 $ 3,340 $ 2,970 Payment facilitator volume percentage 81 % 82 % 81 % 82 % ______________________________ 1 Adjusted EBITDA is a non-GAAP measure. We define Adjusted EBITDA as net income or loss before interest income, net, provision for income taxes, depreciation and amortization, and before stock-based compensation expense and other expense, net. See “Non-GAAP Financial Measures” for a reconciliation of Adjusted EBITDA to the closest GAAP measure. 2 Free cash flow is a non-GAAP measure. We define Free cash flow as net cash provided by (used in) operating activities less capitalized internal-use software development costs and purchases of property and equipment. See “Non-GAAP Financial Measures” for a reconciliation of Free cash flow to the closest GAAP measure. 3 We define “profitability,” discussed herein, in terms of Adjusted EBITDA, a non-GAAP financial measure. See ‘Non-GAAP Financial Measures’ for a definition of Adjusted EBITDA and a reconciliation of our Adjusted EBITDA to Net loss, the closest GAAP measure. View source version on businesswire.com : https://www.businesswire.com/news/home/20241209683231/en/ CONTACT: Investor Relations Contact:Balaji Gandhi Phreesia, Inc. investors@phreesia.com (929) 506-4950Media Contact:Nicole Gist Phreesia, Inc. nicole.gist@phreesia.com (407) 760-6274 KEYWORD: DELAWARE UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: SCIENCE SOFTWARE PRACTICE MANAGEMENT RESEARCH HEALTH HOSPITALS HEALTH TECHNOLOGY TECHNOLOGY SOURCE: Phreesia, Inc. Copyright Business Wire 2024. PUB: 12/09/2024 04:05 PM/DISC: 12/09/2024 04:05 PM http://www.businesswire.com/news/home/20241209683231/en
AAR to announce second quarter fiscal year 2025 results on January 7, 2025
(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.) Robert Gudmestad , Colorado State University (THE CONVERSATION) During the American Civil War, huge metal monsters roamed the Mississippi River. Called ironclads, these boats were about 50 yards long, carried 75 tons of armor on their hulls and decks, sported up to 13 guns, and had crews numbering up to 250 men. The seven city-class ironclads , sometimes called the turtles, were the most recognizable boats in the fleet, but northern laborers also converted a few existing steamboats into armored vessels. The Union used this cutting-edge naval technology to attack Confederate forts at places like Tennessee’s Fort Henry and Island No. 10 , and Vicksburg, Mississippi . But these conventional battles are only one part of the larger story of the Union’s Mississippi River Squadron. Piecing together fragments As a Civil War historian who has been researching the Union’s river navy for seven years, I have learned that the fleet was important in ways beyond its attacks on southern forts. It protected Union transports and supply boats from Confederate ambushes. In the process, the Union navy waged a nasty war against southerners who supported the insurgents. The evidence for this unconventional war is hidden in the shadows of the archives. Bits and pieces of information are littered throughout the Official Records of the Union and Confederate Navies , materials in the National Archives, collections of sailors’ letters and diaries , and post-war accounts . Piecing together this fragmentary material, I created a database of 559 separate episodes where gunboats attacked a target, southerners shot at a federal boat, or there was a mutual fight. I then worked with my university’s mapping experts to analyze the data using computers. As the resulting map makes clear, combat between Union gunboats and southerners occurred across the Civil War’s western theater but was also clustered in a few important areas. My research also reframes our understanding of the Civil War away from well-known battles to a constant, grinding war that sucked in thousands of civilians. Confederates seek loot and supplies This irregular guerrilla war was an improvisation that began in earnest in the summer of 1862. By that point, Union ironclads and speedy rams had squashed the measly Confederate River Defense Fleet at Memphis. As northern armies began to march overland toward Vicksburg and elsewhere, they depended on steamboats for supplies. The Confederates created mobile ambush squads that were conglomerations of artillery and cavalry and sent them to the shores of the Mississippi River and its tributaries to attack Union supply boats and the ironclad gunboats that protected them. One of these ambush groups was a mixture of about 250 men from the Third Maryland Artillery and a squadron of Texas cavalry. They had four cannons, including one christened “Black Bess.” On May 3, 1863, they captured the Minnesota, a steamer carrying US$40,000 worth of Union supplies. Hungry Confederates swarmed aboard to find “ flour, bacon, potatoes, pickles of all sorts , sugar, coffee, rice, ginger, syrup, cheese, butter, oranges, lemons, preserves, canned oysters, whiskey, wines, musquito [sic] nets, clothing, stationery, tobacco, etc. etc.” After wolfing down “a luxurious dinner,” a member of the artillery remembered how the rebels shared their extra food with sympathetic civilians in the area. Union fights back Union commanders realized that their ironclads clustered their men into a few boats, so they improvised and created a fleet of tinclads , also known as “mosquitoes.” These boats were lightly armored, had a crew of about 70 men, carried six to eight light cannons and could go just about anywhere because they had a draft of 30 inches of water. By the end of 1862, the Union put 17 tinclads into action and fitted out 74 by the time Robert E. Lee surrendered in 1865. The crews of the tinclads and the other gunboats waged a deadly game of whack-a-mole along the western rivers. Whenever rebels popped up and attacked a boat, the fleet tried to smite it. This reactive strategy failed because rebels could quickly retreat into the southern countryside, so Admiral David Dixon Porter devised a new strategy. He gave Union commanders the authority to confiscate or destroy civilian property, including food, animals, cotton, buildings and personal property. Porter intended to starve rebels by depriving the men and their horses of food. He also hoped to inflict enough punishment on civilians that they would withdraw their support from the insurgents. Punishment turns to plunder Union sailors were quick to carry out Porter’s orders. For instance, when Confederate-aligned guerrillas near Helena, Arkansas, killed one sailor from the USS Cairo and nearly captured another, revenge was swift. Union sailor George Yost , who was a 14-year-old cabin boy, reported that 40 sailors from the boat landed at a nearby plantation and burned “up all the houses barns and everything combustible near the scene of the assassination.” But such punitive attacks often became plundering sprees. When the USS Cincinnati stopped at a plantation on the Mississippi River in March 1863, sailors went ashore and, after chasing away the owner, took 150 chickens, 600 pounds of bacon, a bull, some geese and a couple of guinea hens. According to a sailor whose letters are in the Buffalo History Museum , they also helped themselves to bed clothes, pictures, crockery, “&c. &c. &c. &c. &c. &c.” – a clear implication that they took all kinds of personal possessions. This strategy of exhaustion produced indifferent results. The Mississippi River Squadron was not able to quash resistance. Many civilians stayed loyal to the Confederacy and supported guerrillas until the war ended. And since the boats only patrolled the water, they could not occupy the land and drive out the rebels. But the river navy provided enough protection to Union supply lines to ensure victory over the Confederate army. The Union’s Mississippi River Squadron didn’t have to win its war; it merely had to prevent the rebels from winning theirs. This article is republished from The Conversation under a Creative Commons license. Read the original article here: https://theconversation.com/union-gunboats-didnt-just-attack-rebel-military-sites-they-went-after-civilian-property-too-129846 .THE deaths yesterday of another three migrants in the Channel shames Britain and France. More than 1,300 have illegally crossed since Christmas . Yet a solution to the deadly trade is as far away as ever. More than 150,000 have arrived here illegally since records began in 2018 — a town the size of Blackpool. At least 287 are believed to have died in the attempt. Endless empty promises of a crackdown also followed in the wake of the death of two-year-old Alan Kurdi in the Mediterrenean back in 2015. read more on opinion But Labour has since scrapped the Rwanda scheme which was the only available deterrent. Home Secretary Yvette Cooper has pledged to crack down on the smuggling gangs and is spending £15million on spy satellites to track ringleaders. But following yesterday’s deaths off the coast of Sangatte, the local Mayor summed up the scale of the problem. “It never stops,” he said. Most read in The Sun “It’s crossing after crossing, without any let-up.” His despair summed up the folly of tackling the evil supply of small boats without addressing the massive demand among migrants to reach Britain. The thugs trading in human misery are still laughing at hapless ministers. Even as the bodies pile up. Trapped by tax LABOUR’S rocky start in Government will get much worse if it whacks up taxes again next year. A new poll revealed Keir Starmer would lose his majority if an election was held today. It proves he has little room for error among fed up Brits. Non-existent growth following the jobs tax Budget has left the PM begging industry watchdogs — hardly famed for radical innovation and risk-taking — for ideas. Businesses plan to axe workers and cut spending in the next 12 months, depressing the economy further. So can Chancellor Rachel Reeves avoid a U-turn on her promises not to raise taxes again next year? Voters are unlikely to forgive her twice. Stoking hatred IS it any wonder religious hate crimes are on the rise in the face of blatant two-tier policing. Allowing pro-Palestinian mobs to take to the streets to repeatedly call for Jewish deaths has achieved two unwanted results. It has encouraged hard-line Islamists to spout bile without fear of prosecution — and stoked racism from anti-Muslim thugs. READ MORE SUN STORIES Shameful anti-Israel bias from the BBC — our supposedly impartial national broadcaster — has only thrown fuel on the fire. Unless fairness is restored, the hate will continue to flourish.
Palakkad punch for BJP raises more questions than answers as vote erosion detected from stronghold regionsAP News Summary at 12:39 p.m. EST
Swiss National Bank trimmed its position in shares of Meritage Homes Co. ( NYSE:MTH – Free Report ) by 0.4% during the third quarter, HoldingsChannel.com reports. The firm owned 70,900 shares of the construction company’s stock after selling 300 shares during the period. Swiss National Bank’s holdings in Meritage Homes were worth $14,539,000 at the end of the most recent quarter. A number of other hedge funds have also recently made changes to their positions in MTH. Wedge Capital Management L L P NC boosted its stake in shares of Meritage Homes by 734.4% during the third quarter. Wedge Capital Management L L P NC now owns 272,122 shares of the construction company’s stock valued at $55,804,000 after purchasing an additional 239,511 shares in the last quarter. Swedbank AB bought a new position in shares of Meritage Homes during the first quarter worth about $25,495,000. Mizuho Markets Americas LLC bought a new position in shares of Meritage Homes during the second quarter worth about $22,887,000. Boston Partners bought a new position in shares of Meritage Homes during the first quarter worth about $23,106,000. Finally, Blackstone Inc. raised its position in shares of Meritage Homes by 216.7% during the first quarter. Blackstone Inc. now owns 190,000 shares of the construction company’s stock worth $33,337,000 after acquiring an additional 130,000 shares during the last quarter. 98.44% of the stock is owned by institutional investors and hedge funds. Meritage Homes Trading Up 3.8 % Shares of MTH stock opened at $184.44 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.75 and a current ratio of 1.75. Meritage Homes Co. has a fifty-two week low of $137.70 and a fifty-two week high of $213.98. The stock has a 50 day simple moving average of $192.28 and a two-hundred day simple moving average of $184.26. The company has a market cap of $6.67 billion, a P/E ratio of 8.35 and a beta of 1.82. Meritage Homes Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $3.00 dividend on an annualized basis and a yield of 1.63%. Meritage Homes’s dividend payout ratio (DPR) is presently 13.58%. Wall Street Analysts Forecast Growth MTH has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded Meritage Homes from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $205.00 to $235.00 in a research report on Thursday, October 31st. Wolfe Research upgraded Meritage Homes from a “peer perform” rating to an “outperform” rating and set a $230.00 price objective for the company in a research report on Wednesday, August 14th. Wedbush upgraded Meritage Homes from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $160.00 to $195.00 in a research report on Tuesday, October 15th. Keefe, Bruyette & Woods lowered their target price on Meritage Homes from $210.00 to $198.00 and set a “market perform” rating for the company in a report on Tuesday, November 5th. Finally, Raymond James downgraded Meritage Homes from an “outperform” rating to a “market perform” rating in a report on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Meritage Homes currently has an average rating of “Hold” and a consensus price target of $218.17. View Our Latest Stock Analysis on Meritage Homes Meritage Homes Company Profile ( Free Report ) Meritage Homes Corporation, together with its subsidiaries, designs and builds single-family attached and detached homes in the United States. The company operates through two segments, Homebuilding and Financial Services. It acquires and develops land; and constructs, markets, and sells homes for entry-level and first move-up buyers in Arizona, California, Colorado, Utah, Texas, Florida, Georgia, North Carolina, South Carolina, and Tennessee. Further Reading Want to see what other hedge funds are holding MTH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Meritage Homes Co. ( NYSE:MTH – Free Report ). Receive News & Ratings for Meritage Homes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Meritage Homes and related companies with MarketBeat.com's FREE daily email newsletter .Connected, Brainy, Athletic: The Suspect In US Insurance CEO's SlayingFor a week without any new hit movie PVOD releases or a particularly interesting Netflix lineup, some interesting news tops our report this week. Clint Eastwood’s “Juror No. 2” (Warner Bros. Division, in spite of itself) debuts at #1 on PVOD. As noted initially last week, it immediately topped iTunes’ VOD last week and has maintained that position, and is also tops for the full week at Fandango. That’s a key sign of how public awareness of VOD has grown and how, for many, it’s a main source of recent movies that are otherwise minimally available to audiences in theaters. In the case of “Juror No. 2,” this was because of WB’s decision to keep its release limited (with very little marketing and most awareness created by social media outrage over its handling). But the primacy of VOD as a major source of revenue, and as a priority in terms of release, has been called into question by two very successful recent movies moving to streaming very quickly. Amazon MGM will stream “Red One” on Prime 27 days after its release (grossing $85 million so far in the U.S./Canada, #4 this past weekend with another $7 million). “ Conclave ” (Focus) will stream on parent company NBC Universal’s Peacock beginning Friday, after a short PVOD exclusive of just over two weeks, 49 days after its theatrical release. Those are both aggressive moves, particularly by Amazon. Though very quick for studios other than Universal in providing home availability, 27 days isn’t radical (though unusual for a film still doing as well in theaters as “Conclave”). But streaming, in this case meaning around 180 million U.S. Amazon Prime subscribers can watch the movie at no extra cost, is vastly more competitive to theaters than a $19.99 two-day PVOD rental. And also it is earlier than two other recent high-end Amazon productions. “Air” hit Prime after 38 days, “Saltburn” 36. And at a minimum it will limit PVOD interest (if even initially released; “Air” and “Saltburn” were initially Prime exclusives), with the substantial revenue available there not a priority apparently. By going on Peacock, “Conclave” will reduce its attractiveness to theaters during the upcoming awards period. Its late October release already suggested a stretch into January was unlikely, so after a better than expected $30 million U.S./Canada gross (with added revenue from PVOD; it was #1 at iTunes last week) it will get substantially more viewings on Peacock. This year both in release strategy ( “Conclave” surprisingly but successful had an initial wide opening ) and home availability, key contenders may be taking different routes. “Anora” (Neon) opened platform a week before “Conclave,” and has yet to go on PVOD. Figure that Oscar campaigners for these and other films will try to figure out what impact this has on their chances. “Juror No. 2” rents for $9.99, not the normal $19.99. Did this reduced pricepoint elevate interest and make its #1 ranking at iTunes more likely (their chart is determined by transactions)? Not insignificantly, Fandango ranks by revenue, which means its #1 placement there came with at least double the rentals for #2 “Elevation” (Vertical). The Eastwood movie, apart from the lower price, also will have depreciated performance with its streaming on Max starting on December 20. Sense a theme? Three key streamers will have top October/November films showing before Christmas. Christmas looms large on VOD otherwise. Ron Howard’s “How the Grinch Stole Christmas” (Universal) is second at iTunes, third at Fandango (despite renting for $3.99), with three other titles on iTunes top 10. Among recent releases, the second week of “Terrifier 3” (Cineverse) is only fifth at Fandango, not ranked at all at iTunes. Netflix, the streaming leader, debuted “It Ends with Us” Monday, with a certain #1 ranking possible for some time just ahead. Sony now has a quaint four month window with Netflix to stream its films. Two new originals join their top 10. “That Christmas,” written by Richard Curtis (“Four Weddings and a Funeral” and “Love Actually), a new British animated holiday film, is #2. #3 “Mary,” described by Netflix as a historic coming of age story, is about the birth of Christ. It was directed by D.J. Caruso, prominent two decades ago for “Salton Sea,” “Disturbia,” “Two for the Money,” and more recently “xXx”. Last week’s #1, “Our Little Secret” with Lindsay Lohan, holds on the fourth place. iTunes ranks films daily by number of transactions, while Fandango at Home lists by revenue. The listings below are for Monday, December 9 (iTunes) and the week of December 2-8 (Fandango). The distributors listed are current rights owners. Prices for all titles are for lowest for either rental or download. 1. Juror No. 2 (WB) – $9.99 2. How the Grinch Stole Christmas (Universal) – $3.99 3. Conclave (Focus) – $19.99 4. The Substance (MUBI) – $5.99 5. Rudolph the Red Nosed Reindeer (Universal) – $7.99 6. The Grinch (Universal) – $3.99 7. The Wild Robot (Universal) – $19.99 8. Deadpool & Wolverine (Disney) – $5.99 9. Home Alone (Disney) – $3.99 10. It Ends with Us (Sony) – $5.99 1. Juror No. 2 (WB) – $9.99 2. Elevation (Vertical) – $19.99 3. How the Grinch Stole Christmas (Universal) – $3.99 4. The Wild Robot (Universal) – $19.99 5. Terrifier 3 (Cineverse) – $19.99 6. Dear Santa (Paramount) – $14.99 7. Conclave (Focus) – $19.99 8. Beetlejuice Beetlejuice (WB) – $5.99 9. Alien: Romulus (Disney) – $5.99 10. Smile 2 (Paramount) – $19.99 These are the most-viewed, current rankings on Netflix’s domestic daily chart on December 9. Originals include both Netflix-produced and acquired titles it initially presents in the U.S. Netflix publishes its own worldwide weekly top 10 on Tuesdays based on time viewed , and usually includes films for which it doesn’t have domestic rights. They have no other U.S.-only weekly chart. 1. Subservience (2024 theatrical release) 2. That Christmas (Netflix British animated original) 3. Mary (Netflix original) 4. Our Little Secret (Netflix original) 5. Little (2019 theatrical release) 6. Run All Night (2015 theatrical release) 7. We’re the Millers (2013 theatrical release) 8. Midway (2019 theatrical release) 9. Faster (2010 theatrical release) 10. The Star (2017 theatrical release)
SAN MARCOS, Texas (AP) — Diante Smith scored 24 points and Lance Ware added a double-double as UT Arlington beat Texas State 80-72 on Sunday night. Smith shot 9 for 11 (2 for 3 from 3-point range) and 4 of 5 from the free-throw line for the Mavericks (7-7). Ware added 19 points on 8-for-10 shooting and 12 rebounds. Raysean Seamster shot 5 of 10 from the field and 3 of 3 from the free-throw line to finish with 13 points, while adding seven rebounds. Tyler Morgan led the Bobcats (8-5) with 22 points, eight rebounds and four steals. Texas State also got 17 points and two blocks from Tylan Pope. Coleton Benson had nine points. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
BROOMFIELD, Colo. , Dec. 9, 2024 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2025 ended October 31, 2024 , provided season pass sales results for the 2024/2025 season, updated fiscal 2025 net income attributable to Vail Resorts, Inc. guidance and reaffirmed fiscal 2025 Resort Reported EBITDA guidance, announced capital investment plans for calendar year 2025, declared a dividend payable in January 2025 , and announced first quarter share repurchases. Highlights Commenting on the Company's fiscal 2025 first quarter results, Kirsten Lynch , Chief Executive Officer, said, "Our first fiscal quarter historically operates at a loss, given that our North American and European mountain resorts are generally not open for ski season. The quarter's results were driven by winter operations in Australia and summer activities in North America , including sightseeing, dining, retail, lodging, and administrative expenses. "Resort Reported EBITDA was consistent with the prior year, driven by growth in our North American summer business from increased activities spending and lodging results. This growth was offset by a decline in Resort Reported EBITDA of $9 million compared to the prior year from our Australian resorts due to record low snowfall and lower demand, cost inflation, the inclusion of Crans-Montana, and approximately $2.7 million of one-time costs related to the two-year resource efficiency transformation plan and $0.9 million of acquisition and integration related expenses." Regarding the Company's resource efficiency transformation plan, Lynch said, "Vail Resorts continues to make progress on its two-year resource efficiency transformation plan, which was announced in our September 2024 earnings. The two-year Resource Efficiency Transformation Plan is designed to improve organizational effectiveness and scale for operating leverage as the Company grows globally. Through scaled operations, global shared services, and expanded workforce management, the Company expects $100 million in annualized cost efficiencies by the end of its 2026 fiscal year. We will provide updates as significant milestones are achieved." Turning to season pass results, Lynch said, "Our season pass sales highlight the compelling value proposition of our pass products and our commitment to continually investing in the guest experience at our resorts. Over the last four years, pass product sales for the 2024/2025 North American ski season have grown 59% in units and 47% in sales dollars. For the upcoming 2024/2025 North American ski season, pass product sales through December 3, 2024 decreased approximately 2% in units and increased approximately 4% in sales dollars as compared to the period in the prior year through December 4, 2023 . This year's results benefited from an 8% price increase, partially offset by unit growth among lower priced Epic Day Pass products. Pass product sales are adjusted to eliminate the impact of changes in foreign currency exchange rates by applying an exchange rate of $0.71 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. For the period between September 21, 2024 and December 3, 2024 , pass product sales trends improved relative to pass product sales through September 20, 2024 , with unit growth of approximately 1% and sales dollars growth of approximately 7% as compared to the period in the prior year from September 23, 2023 through December 4, 2023 , due to expected renewal strength, which we believe reflects delayed decision making. "Our North American pass sales highlight strong loyalty with growth among renewing pass holders across all geographies. For the full selling season, the Company acquired a substantial number of new pass holders, however the absolute number of new guests was smaller compared to the prior year, driving the overall unit decline for the full selling season. New pass holders come from lapsed guests, prior year lift ticket guests, and new guests to our database. The Company achieved growth from lapsed guests, who previously purchased a pass or lift ticket but did not buy a pass or lift ticket in the previous season. The decline in new pass holders compared to the prior year was driven by fewer guests who purchased lift tickets in the past season and from guests who are completely new to our database, which we believe was impacted by last season's challenging weather and industry normalization. Epic Day Pass products achieved unit growth driven by the strength in renewing pass holders. We expect to have approximately 2.3 million guests committed to our 42 North American, Australian, and European resorts in advance of the season in non-refundable advance commitment products this year, which are expected to generate over $975 million of revenue and account for approximately 75% of all skier visits (excluding complimentary visits)." Lynch continued, "Heading into the 2024/2025 ski season, we are encouraged by our strong base of committed guests, providing meaningful stability for our Company. Additionally, early season conditions have allowed us to open some resorts earlier than anticipated, including Whistler Blackcomb, Heavenly, Northstar, Kirkwood, and Stevens Pass. Early season conditions have also enabled our Rockies resorts to open with significantly improved terrain relative to the prior year, including the opening of the legendary back bowls at Vail Mountain opening the earliest since 2018. Our resorts in the East are experiencing typical seasonal variability for this point in the year, with all resorts planned to open ahead of the holidays. We are continuing to hire for the winter season, and are on track with our staffing plans and have achieved a strong return rate of our frontline employees from the prior season. Lodging bookings at our U.S. resorts for the upcoming season are consistent with last year. At Whistler Blackcomb, lodging bookings for the full season are lagging prior year levels, which may reflect delayed decision making following challenging conditions in the prior year." Operating Results A more complete discussion of our operating results can be found within the Management's Discussion and Analysis of Financial Condition and Results of Operations section of the Company's Form 10-Q for the first fiscal quarter ended October 31, 2024 , which was filed today with the Securities and Exchange Commission. The following are segment highlights: Mountain Segment Lodging Segment Resort - Combination of Mountain and Lodging Segments Real Estate Segment Total Performance Outlook The Company's Resort Reported EBITDA guidance for the year ending July 31, 2025 is unchanged from the prior guidance provided on September 26, 2024 . The Company is updating its guidance for net income attributable to Vail Resorts, Inc., which it now expects to be between $240 million and $316 million , up from the prior guidance range of $224 million to $300 million . The primary difference is due to a $17 million increase from the gain on sale of real property related to the resolution of the October 2023 Eagle County District Court final ruling and valuation regarding the Town of Vail's condemnation of the Company's East Vail property that was planned for Vail Resorts' incremental affordable workforce housing project, a transaction that has been recorded as Real Estate Reported EBITDA. Additionally, the guidance is updated to include a decrease in expected interest expense of approximately $2 million which assumes that interest rates remain at current levels for the remainder of fiscal 2025. These changes have no impact on expected Resort Reported EBITDA. The Company continues to expect Resort Reported EBITDA for fiscal 2025 to be between $838 million and $894 million , including approximately $27 million of cost efficiencies and an estimated $15 million in one-time costs related to the multi-year resource efficiency transformation plan, and an estimated $1 million of acquisition and integration related expenses specific to Crans-Montana. As compared to fiscal 2024, the fiscal 2025 guidance includes the assumed benefit of a return to normal weather conditions after the challenging conditions in fiscal 2024, more than offset by a return to normal operating costs and the impact of the continued industry normalization, impacting demand. Additionally, the guidance reflects the negative impact from the record low snowfall and related shortened season in Australia in the first quarter of fiscal 2025, which negatively impacted demand and resulted in a $9 million decline of Resort Reported EBITDA compared to the prior year period. After considering these items, we expect Resort Reported EBITDA to grow from price increases and ancillary spending, the resource efficiency transformation plan, and the addition of Crans-Montana for the full year. The guidance also assumes (1) a continuation of the current economic environment, (2) normal weather conditions for the 2024/2025 North American and European ski season and the 2025 Australian ski season, and (3) the foreign currency exchange rates as of our original fiscal 2025 guidance issued September 26, 2024 . Foreign currency exchange rates have experienced recent volatility. Relative to the current guidance, if the currency exchange rates as of yesterday, December 8, 2024 of $0.71 between the Canadian Dollar and U.S. Dollar related to the operations of Whistler Blackcomb in Canada , $0.64 between the Australian Dollar and U.S. Dollar related to the operations of Perisher, Falls Creek and Hotham in Australia , and $1.14 between the Swiss Franc and U.S. Dollar related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland were to continue for the remainder of the fiscal year, the Company expects this would have an impact on fiscal 2025 guidance of approximately negative $5 million for Resort Reported EBITDA. The following table reflects the forecasted guidance range for the Company's fiscal year ending July 31, 2025 for Total Reported EBITDA (after stock-based compensation expense) and reconciles net income attributable to Vail Resorts, Inc. guidance to such Total Reported EBITDA guidance. Fiscal 2025 Guidance (In thousands) For the Year Ending July 31, 2025 (6) Low End High End Range Range Net income attributable to Vail Resorts, Inc. $ 240,000 $ 316,000 Net income attributable to noncontrolling interests 23,000 17,000 Net income 263,000 333,000 Provision for income taxes (1) 91,000 115,000 Income before income taxes 354,000 448,000 Depreciation and amortization 295,000 279,000 Interest expense, net 174,000 166,000 Other (2) 21,000 13,000 Total Reported EBITDA $ 844,000 $ 906,000 Mountain Reported EBITDA (3) $ 818,000 $ 872,000 Lodging Reported EBITDA (4) 16,000 26,000 Resort Reported EBITDA (5) 838,000 894,000 Real Estate Reported EBITDA 6,000 12,000 Total Reported EBITDA $ 844,000 $ 906,000 (1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards may be in-the-money depending on the current value of the stock price. (2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. Additionally, our guidance excludes the impact of any future sales or disposals of land or other assets which are contingent upon future approvals or other outcomes. (3) Mountain Reported EBITDA also includes approximately $25 million of stock-based compensation. (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation. (5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges. (6) Guidance estimates are predicated on an exchange rate of $0.74 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.18 between the Swiss franc and U.S. dollar, related to the operations of Andermatt-Sedrun and Crans-Montana in Switzerland. Liquidity and Return of Capital As of October 31, 2024 , the Company's total liquidity as measured by total cash plus revolver availability was approximately $1,024 million . This includes $404 million of cash on hand, $407 million of U.S. revolver availability under the Vail Holdings Credit Agreement, and $213 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2024 , the Company's Net Debt was 2.8 times its trailing twelve months Total Reported EBITDA. Regarding the return of capital to shareholders, the Company declared a quarterly cash dividend of $2.22 per share of Vail Resorts' common stock payable on January 9, 2025 to shareholders of record as of December 26 , 2024. In addition, the Company repurchased approximately 0.1 million shares during the quarter at an average price of approximately $174 for a total of $20 million . The Company has 1.6 million shares remaining under its authorization for share repurchases. Commenting on capital allocation, Lynch said, "We will continue to be disciplined stewards of our shareholders' capital, prioritizing investments in our guest and employee experience, high-return capital projects, strategic acquisition opportunities, and returning capital to our shareholders. The Company has a strong balance sheet and remains focused on returning capital to shareholders while always prioritizing the long-term value of our shares." Capital Investments Vail Resorts is committed to enhancing the guest experience and supporting the Company's growth strategies through significant capital investments. For calendar year 2025, the Company plans to invest approximately $198 million to $203 million in core capital, before $45 million of growth capital investments at its European resorts, including $41 million at Andermatt-Sedrun and $4 million at Crans-Montana, and $6 million of real estate related capital projects to complete multi-year transformational investments at the key base area portals of Breckenridge Peak 8 and Keystone River Run, and planning investments to support the development of the West Lionshead area into a fourth base village at Vail Mountain. Including European growth capital investments, and real estate related capital, the Company plans to invest approximately $249 million to $254 million in calendar year 2025. Projects in the calendar year 2025 capital plan described herein remain subject to approvals. In calendar year 2025, the Company will embark on two multi-year transformational investment plans at Park City Mountain and Vail Mountain. In addition to embarking on two multi-year transformational investment plans, the Company is planning significant investments across the guest experience in calendar year 2025, including: In addition to the investments planned for calendar year 2025, the Company is completing significant investments that will enhance the guest experience for the upcoming 2024/2025 North American and European ski season. As previously announced, the Company expects its capital plan for calendar year 2024 to be approximately $189 million to $194 million , excluding $13 million of incremental capital investments in premium fleet and fulfillment infrastructure to support the official launch of My Epic Gear for the 2024/2025 winter season at 12 destination and regional resorts across North America , $7 million of growth capital investments at Andermatt-Sedrun, $2 million of maintenance and $2 million of integration investments at Crans-Montana, and $3 million of reimbursable capital. Including these one-time investments, the Company's total capital plan for calendar year 2024 is now expected to be approximately $216 million to $221 million . Earnings Conference Call The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 579-2543 (U.S. and Canada ) or +1 (785) 424-1789 (international). The conference ID is MTNQ125. A replay of the conference call will be available two hours following the conclusion of the conference call through December 16, 2024 , at 11:59 p.m. eastern time . To access the replay, dial (800) 753-9146 (U.S. and Canada ) or +1 (402) 220-2705 (international). The conference call will also be archived at www.vailresorts.com . About Vail Resorts, Inc. (NYSE: MTN) Vail Resorts is a network of the best destination and close-to-home ski resorts in the world including Vail Mountain, Breckenridge , Park City Mountain, Whistler Blackcomb, Stowe, and 32 additional resorts across North America ; Andermatt-Sedrun and Crans-Montana Mountain Resort in Switzerland ; and Perisher, Hotham, and Falls Creek in Australia . We are passionate about providing an Experience of a Lifetime to our team members and guests, and our EpicPromise is to reach a zero net operating footprint by 2030, support our employees and communities, and broaden engagement in our sport. Our company owns and/or manages a collection of elegant hotels under the RockResorts brand, a portfolio of vacation rentals, condominiums and branded hotels located in close proximity to our mountain destinations, as well as the Grand Teton Lodge Company in Jackson Hole, Wyo. Vail Resorts Retail operates more than 250 retail and rental locations across North America . Learn more about our company at www.VailResorts.com , or discover our resorts and pass options at www.EpicPass.com . Forward-Looking Statements Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding fiscal 2025 performance and the assumptions related thereto, including, but not limited to, our expected net income and Resort Reported EBITDA; our expectations regarding our liquidity; expectations related to our season pass products; our expectations regarding our ancillary lines of business; capital investment projects; our calendar year 2025 capital plan; our expectations regarding our resource efficiency transformation plan; and the payment of dividends. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to risks related to a prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries and our business and results of operations; risks associated with the effects of high or prolonged inflation, elevated interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the ultimate amount of refunds that we could be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures, or accurately identify the need for, or anticipate the timing of certain capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to resource efficiency transformation initiatives; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe , or that acquired businesses may fail to perform in accordance with expectations; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; risks associated with international operations, including fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024 , which was filed on September 26, 2024 . All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law. Statement Concerning Non-GAAP Financial Measures When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP"). Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance. Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Resort EBITDA Margin as Resort Reported EBITDA divided by Resort net revenue. The Company believes Resort EBITDA Margin is an important measurement of operating performance. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company's ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures. Vail Resorts, Inc. Consolidated Condensed Statements of Operations (In thousands, except per share amounts) (Unaudited) Three Months Ended October 31, 2024 2023 Net revenue: Mountain and Lodging services and other $ 187,050 $ 182,834 Mountain and Lodging retail and dining 73,162 71,442 Resort net revenue 260,212 254,276 Real Estate 63 4,289 Total net revenue 260,275 258,565 Segment operating expense: Mountain and Lodging operating expense 266,264 255,576 Mountain and Lodging retail and dining cost of products sold 28,947 31,295 General and administrative 106,857 108,025 Resort operating expense 402,068 394,896 Real Estate operating expense 1,491 5,181 Total segment operating expense 403,559 400,077 Other operating (expense) income: Depreciation and amortization (71,633) (66,728) Gain on sale of real property 16,506 6,285 Change in estimated fair value of contingent consideration (2,079) (3,057) Loss on disposal of fixed assets and other, net (1,529) (2,043) Loss from operations (202,019) (207,055) Mountain equity investment income, net 2,151The Arcata Tigers outlasted and outgunned the Petaluma Trojans on Friday night in the Redwood Bowl 69-34 to advance to the Division 6 North Coast Section championship game, where the No. 1 seed Tigers will host the No. 2 seed Miramonte Matodors next week. It was a story of two halves for the Tigers’ defense, after allowing 28 points in the first half, Arcata put the shackles on the Trojans’ offense allowing just six points after halftime. The first half was one of the most thrilling halves of football you’ll find, that is unless you’re a defensive coordinator, with nine touchdowns being scored. “I had been saying that we were going to have a shootout or a shutout,” Tigers’ head coach Matt Magers said. “If we could stop their Wing-T, it’s done. We had trouble with our ends and we were really asleep that first half until that punt return.” Arcata led 35-28 at the break thanks to a touchdown by Tigers’ senior Jackson Strand. After a rare defensive stop, Petaluma punted for the first time all night and Strand made them pay taking the kick all the way to the end zone with only 48 seconds left in the second quarter. The game opened with a successful onside kick by the Trojans, who then marched down the field and scored a touchdown. Arcata matched that with a touchdown of their own, as senior running back Alex Greenway found the end zone from two yards out. Petaluma didn’t blink, and led another touchdown drive to jump in front 14-7. Arcata then turned the ball over on downs, as junior quarterback Luke Lemke wasn’t on the same page as his receiver on the fourth down play, in what was the only miscue for the Tigers offense on Friday. The Tigers’ offense had to wait on the sideline long, with senior Cal Tucker intercepting a pass to gift the ball back to Lemke and the offense. The drive ended with another Greenway touchdown rush, with Arcata’s PAT being blocked to keep Petaluma in front 14-13 late in the first quarter. Petaluma again found the endzone, this time missing a PAT of their own to keep their lead at seven. Arcata kept pace with the Trojans, with Lemke finding the end zone from 26 yards out before finding Tucker on the 2-point try to take a 21-20 lead. Both teams almost exclusively went for onside kicks, giving the opposing offenses great field position each drive which helped lead to the offensive onslaught. After another failed Tigers’ onside try, Petaluma drove and scored a touchdown against the Arcata defense before converting a 2-point try of their own to take a 28-21 lead with 6:50 to play in the first half. On the next drive, senior Lennon Gieder’s took his turn in the end zone, with Lemke connecting with the receiver for a 20-yard touchdown. The 2-point try appeared to be a failure with Lemke surrounded in the backfield but the reigning Little 4 Offensive MVP channeled his inner David Blaine and escaped the pocket and scrambled his way into the endzone to put Arcata up 29-28. The Tigers’ defense then forced the punt which turned into the Strand return touchdown before half. “We made our adjustment at the end of the second quarter,” Majers said of his defense. “We pinched our defensive tackles and switched the responsibilites between the pitch man and the quarterback with our outside ‘backers and they had to go away from the veer option.” The momentum stayed with Arcata into the third quarter, with Petaluma fumbling their first possession away to the Tigers. Needless to say, Arcata took advantage of the mistake with Lemke finding senior Dayquan Dunn for a 12-yard touchdown to push their lead to 41-28. Petaluma’s offense did the majority of their damage on the ground, and once they got behind multiple scores they ran out of answers against the Tigers’ defense, as the Trojans were again forced to punt. Lemke then proved that his legs were key, with a 51-yard touchdown as Petaluma just could not bring down the junior quarterback. Lemke’s second rushing touchdown pushed the Arcata lead to 48-28 but it didn’t stay there for long. “He just makes things happen; he’s electric,” Majers said of his quarterback Lemke. Gieder intercepted Petaluma on their next possession, as the Arcata offense took over at their own 30-yard line. It didn’t matter where Arcata began their drives on Friday, it just allowed Lemke to have longer rushing touchdowns, following up his 51-yarder with a 70-yard touchdown on the first play of the drive. “We’re up three scores, it’s time to run the clock out,” Majers said. “He takes it on the 70-yard run, and I go ‘Oh, well there goes running the clock out.’ He’s like another running back for us, he can hit the home run at any point.” Arcata’s defense got another stop which set up the play of the night for the Tigers’ offense. Lemke went deep to a tightly covered receiver down the sideline, but Tucker rose for the ball and caught it around a Trojans’ defender back, squeezing the ball as he went to the ground for the most frustrating hug of the Petaluma defender’s life. “Cal had that crazy catch,” Majers said. “I’ve seen some crazy things but that was the first time I’ve seen that in-person. That was spectacular.” The drive would end with another Greenway touchdown. Both teams added touchdowns in garbage time but it was the performance of a lifetime for the Arcata offense. Arcata’s 69 points was a season-high, as was their 34 points allowed but regardless, their ticket to the NCS championship has been punched. The 11-1 Tigers will now host a 6-6 Miramonte team, who had a very different win Friday night, beating Benicia 7-0 at home setting up an interesting contrast of styles for the Division 6 section title. “We love playing together. That group of guys have been here for three years on varsity, they’re all good friends,” Magers said. “We’re out there to have fun, at the end of the day it’s just a game.” Now the Tigers will host Miramonte Saturday at McKinleyville High at 1 p.m. Dylan McNeill can be reached at 707-441-0526.
Matt Gaetz says he won’t return to Congress next year after withdrawing name for attorney generalBy REBECCA SANTANA WASHINGTON (AP) — President-elect Donald Trump has promised to end birthright citizenship as soon as he gets into office to make good on campaign promises aiming to restrict immigration and redefining what it means to be American. But any efforts to halt the policy would face steep legal hurdles. Birthright citizenship means anyone born in the United States automatically becomes an American citizen. It’s been in place for decades and applies to children born to someone in the country illegally or in the U.S. on a tourist or student visa who plans to return to their home country. It’s not the practice of every country, and Trump and his supporters have argued that the system is being abused and that there should be tougher standards for becoming an American citizen. But others say this is a right enshrined in the 14th Amendment to the Constitution, it would be extremely difficult to overturn and even if it’s possible, it’s a bad idea. Here’s a look at birthright citizenship, what Trump has said about it and the prospects for ending it: During an interview Sunday on NBC’s “Meet the Press” Trump said he “absolutely” planned to halt birthright citizenship once in office. “We’re going to end that because it’s ridiculous,” he said. Trump and other opponents of birthright citizenship have argued that it creates an incentive for people to come to the U.S. illegally or take part in “birth tourism,” in which pregnant women enter the U.S. specifically to give birth so their children can have citizenship before returning to their home countries. “Simply crossing the border and having a child should not entitle anyone to citizenship,” said Eric Ruark, director of research for NumbersUSA, which argues for reducing immigration. The organization supports changes that would require at least one parent to be a permanent legal resident or a U.S. citizen for their children to automatically get citizenship. Others have argued that ending birthright citizenship would profoundly damage the country. “One of our big benefits is that people born here are citizens, are not an illegal underclass. There’s better assimilation and integration of immigrants and their children because of birthright citizenship,” said Alex Nowrasteh, vice president for economic and social policy studies at the pro-immigration Cato Institute. In 2019, the Migration Policy Institute estimated that 5.5 million children under age 18 lived with at least one parent in the country illegally in 2019, representing 7% of the U.S. child population. The vast majority of those children were U.S. citizens. The nonpartisan think tank said during Trump’s campaign for president in 2015 that the number of people in the country illegally would “balloon” if birthright citizenship were repealed, creating “a self-perpetuating class that would be excluded from social membership for generations.” In the aftermath of the Civil War, Congress ratified the 14th Amendment in July 1868. That amendment assured citizenship for all, including Black people. “All persons born or naturalized in the United States and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside,” the 14th Amendment says. “No State shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States.” But the 14th Amendment didn’t always translate to everyone being afforded birthright citizenship. For example, it wasn’t until 1924 that Congress finally granted citizenship to all Native Americans born in the U.S. A key case in the history of birthright citizenship came in 1898, when the U.S. Supreme Court ruled that Wong Kim Ark, born in San Francisco to Chinese immigrants, was a U.S. citizen because he was born in the states. The federal government had tried to deny him reentry into the county after a trip abroad on grounds he wasn’t a citizen under the Chinese Exclusion Act. But some have argued that the 1898 case clearly applied to children born of parents who are both legal immigrants to America but that it’s less clear whether it applies to children born to parents without legal status or, for example, who come for a short-term like a tourist visa. “That is the leading case on this. In fact, it’s the only case on this,” said Andrew Arthur, a fellow at the Center for Immigration Studies, which supports immigration restrictions. “It’s a lot more of an open legal question than most people think.” Some proponents of immigration restrictions have argued the words “subject to the jurisdiction thereof” in the 14th Amendment allows the U.S. to deny citizenship to babies born to those in the country illegally. Trump himself used that language in his 2023 announcement that he would aim to end birthright citizenship if reelected. Trump wasn’t clear in his Sunday interview how he aims to end birthright citizenship. Asked how he could get around the 14th Amendment with an executive action, Trump said: “Well, we’re going to have to get it changed. We’ll maybe have to go back to the people. But we have to end it.” Pressed further on whether he’d use an executive order, Trump said “if we can, through executive action.” He gave a lot more details in a 2023 post on his campaign website . In it, he said he would issue an executive order the first day of his presidency, making it clear that federal agencies “require that at least one parent be a U.S. citizen or lawful permanent resident for their future children to become automatic U.S. citizens.” Related Articles National Politics | Trump has flip-flopped on abortion policy. His appointees may offer clues to what happens next National Politics | In promising to shake up Washington, Trump is in a class of his own National Politics | Election Day has long passed. In some states, legislatures are working to undermine the results National Politics | Trump taps his attorney Alina Habba to serve as counselor to the president National Politics | Massachusetts Democrat Seth Moulton bashes local media for trying to ‘inflame’ LGBTQ remarks Trump wrote that the executive order would make clear that children of people in the U.S. illegally “should not be issued passports, Social Security numbers, or be eligible for certain taxpayer funded welfare benefits.” This would almost certainly end up in litigation. Nowrasteh from the Cato Institute said the law is clear that birthright citizenship can’t be ended by executive order but that Trump may be inclined to take a shot anyway through the courts. “I don’t take his statements very seriously. He has been saying things like this for almost a decade,” Nowrasteh said. “He didn’t do anything to further this agenda when he was president before. The law and judges are near uniformly opposed to his legal theory that the children of illegal immigrants born in the United States are not citizens.” Trump could steer Congress to pass a law to end birthright citizenship but would still face a legal challenge that it violates the Constitution. Associated Press reporter Elliot Spagat in San Diego contributed to this report.Andy Murray enters new chapter with Novak Djokovic as coach of long-time rivalRohit Sharma, Virat Kohli BRUTALLY Trolled; Retirement Calls Grow Louder After Stalwarts Fail at MCG, Again
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