In what has become a bit of an annual tradition , I sat down with Amazon CTO Werner Vogels at AWS re:Invent this week . Another annual tradition now is that Vogels, who joined Amazon in 2004, publishes a series of predictions for the next year. It’d be easy to think that this year’s predictions are all about AI, but instead, Vogels focuses on how Millennials and Gen Z think about being part of the workforce, nuclear energy, combatting misinformation, open data for disaster preparedness, and the need for intention-driven technology. Unlike his employer, whose keynotes this week focused almost exclusively on AI, Vogels only mentions it three times in his written predictions “ for 2025 and beyond .” And while AI is now a steady drone in the background, he seems to be more preoccupied with how technology in general is shaping the world right now. The next generation of employees “I’ve been very much interested in looking at companies that are interested in solving really hard human problems, really big problems, like economic equality, whether it’s food, health care globally,” he told me. “And with that whole ‘Now Go Build’ documentary series, we’ve raised some of those. But one of the things that I’ve been noticing in the past, let’s say four or five years, is that there is a new generation of workers out there that are actually willing to take a pay cut if they can work for a company that has sustainability in mind — all these issues.” He also said that he has heard from a number of NGOs that there is a massive increase in tech workers who would like to volunteer at these organizations. “Where, in the past — five, ten years ago, you would have to beg for people to come. Now people knock on the door,” he said. “The problem that these companies have is how to manage them. They don’t actually have the people. An organization like Mercy Corps, for example, they only have two people that are in tech, right? Because that money goes to the area [where] they can actually have impact. They don’t go on the tech side....Now, they have an engineer for two weeks. They have all these great ideas that they want to do, and even companies that are coming to them saying: ‘Oh, you can have our products for free.’ But they do not have the people to work on this.” Vogels believes — and I think a lot of people would back him up — that the next generation of workers will also bring this mindset to the companies they work for, and that these companies will have to adapt to them. “That means as employers, if you’re interested in actually hiring the absolute best engineers, you better make sure that you change your company culture to actually be able to attract these people. It’s no longer: do I get the best laptop? Do I get the best screen? Do I get two screens, right? But does my work matter? And that’s a really big shift, because it’s no longer about what’s the salary I’m getting? Because I’m willing to give up some of it if the work I’m doing means something right. And that means that, as an employer, you need to change that as well.” When I asked him if this means that Amazon itself may also have to change its vaunted set of leadership principles (the ones new employee at Amazon basically has to memorize), he noted that “with scale and success comes broad responsibility” — the final of the 16 leadership principles. Amazon, he stressed, also has a whole division focused on Social Responsibility and Impact. Who can you even trust anymore? In that context, he also noted that one of his predictions for next year is about fighting misinformation and — within that context — supporting open source intelligence. “We have rapidly shifted from an era of prolonged news cycles that lasted weeks or months to a constant stream of updates that break at the speed of a click. Social media platforms have become a primary source for disseminating and consuming news, and it’s never been harder to distinguish between what’s true and false,” he writes in his prediction blog post. If technology brought us fake news, “then it’s also our responsibility as technologists to go the other way around to find solutions,” he told me. He believes that solutions like browser sidebars that display relevant context — and maybe academic research — about a given topic, could be helpful, for example. “Elon is really good in time to push the story that media can’t be trusted,” Vogels said. “And since there’s many competing voices, can you trust the Washington Post and The New York Times and LA Times? Can you, or not? I mean, in the past, these used to be the source of truth. There was no discussion. If you were published in the Frankfurter Allgemeine, everybody in Germany would read that and know that that’s the truth. But can we help with technology? Is there a general perception, at least during the US, recent US elections, that the general media can be trusted? At least one candidate is pushing that story very hard. Then we need to make sure that there is context around those stories that demonstrate which ones are telling the truth or not.” “If we look at X and sort of the community notes, I’m not really sure whether the community notes are terribly useful, but [they] should be. And the question is, can we automate these kind of things?” Meanwhile, the organizations doing open-source intelligence work, he said, are often not using the most advanced technology. He believes that locating where an image was taken, for example, should be automated by using image recognition. Similarly, he hopes that access to open data will help NGOs to improve their disaster preparedness by allowing them to build better maps in areas where commercial mapping isn’t financially viable, for example, or by building new real-time data sources for tracking wildfires. Fighting tech addiction Vogels also noted that one of the reasons technology has been such an accelerant for the spread of misinformation is because our devices and apps have become so addictive. “We have tremendous impact with our technology on the lives of people, not only in terms of whether we advocate for what’s the truth, but the amount of time we spend with technology,” he said. Applications today, he said, are essentially built to be sticky and addictive. “We as adults may be able to handle that,” he said (though I’ll interject here that I’m not sure if adults actually can). “You know, if your kid of four years old is sitting in the back of the car, and, you know, in the past, they will be singing or yammering: ‘Are we there? Are we there?’ But [what] parents now do is just give them an iPad. Kids at four or five years old know how to use YouTube, but it also means that they get on a cycle of continuous highs, continuous highs, continuous highs. So the expectation is that these kids, and we already see that, are more prone to other types of addiction later as well, because you need to continuously get this next high whether it’s drugs, food, drinking, sex, or whatever.” People, he believes, are realizing this now and starting to take some action — maybe that’s using a dumb phone or going offline for extended periods. He noted that new regulations in Australia, which seek to ban kids under 16 from using social media, “is a pretty brute force approach, but it does signal a problem,” even if forbidding something to teenagers will make it more appealing, of course. “After all, you know, in the Netherlands [where cannabis has long been tolerated], a lot [fewer] kids continue to smoke weed because it wasn’t cool.” It’s up to technologists to ensure that their applications aren’t addictive — maybe by making the interfaces simpler, for example. “I mean, probably for TechCrunch, if somebody reads one article, you wanted them to read more articles. After all, pageviews equals income. It’s a business. But you know, how addictive do you make your interfaces, right? And yes, of course, as a company, you have a responsibility to shareholders to do that, but I think these days, we also have a social responsibility to make sure that our society is healthy enough in ten, twenty years from now that you can continue to be in business.” The nuclear option This year’s set of predictions is a bit of “all over the place” (Vogels’ words, not mine), and his next one is about the use of nuclear energy. In Vogels’ view, the expansion of nuclear energy and the growth of renewable energy “will lay the groundwork for a future where our energy infrastructure is a catalyst for innovation, not a constraint.” “We know how to do small nuclear,” he told me — referring to the reactors used to power military submarines, for example. “We just never built them because they weren’t commercially interesting. Plus, society didn’t accept them as being [located] somewhere near them. If your submarine will go up in flame, fine, submarine, you chose for that. It’s a different story.” But we’ve now also reached a point where large businesses aren’t allowed to build new facilities near cities like Amsterdam, where Vogels lives, because the energy companies can’t deliver enough electricity to them anymore — not because they can’t generate enough. A few years ago, Vogels told me that he wasn’t ready to retire yet . I don’t get the sense that anything has changed for him. He’s clearly still enjoying his role — even if his predictions this year are a bit darker than usual.Herro was thrown to the ground by the Rockets’ Amen Thompson with 35 seconds left and the Heat leading 99-94. Players and coaches from both benches then came onto the court. Both players were thrown out along with Rockets guard Jalen Green, coach Ime Udoka and assistant coach Ben Sullivan. Terry Rozier was also ejected for Miami. Houston led 92-85 after Fred VanVleet’s layup with 8:10 to play, but the Rockets missed their next 11 shots, allowing Miami to tie the game when Herro found Haywood Highsmith for a 3-pointer with 4:47 to play. Herro’s jumper with 1:56 to play put the Heat on top for good. MAGIC 102, NETS 101 ORLANDO, Fla. (AP) — Cole Anthony drove for a layup with 0.2 seconds left to complete Orlando's 17-point fourth-quarter comeback in a win over Brooklyn. Cam Thomas missed a jumper from the corner at the final horn. Anthony scored 10, and Tristan da Silva scored 13 of his 21 points in the fourth quarter for Orlando, which was down 71-51 midway through the third quarter. Goga Bitadze added 19 points, 11 rebounds and five assists. The Magic’s comeback was their second in eight days after Orlando rallied from 25 points down to beat Miami 121-114 on Dec. 21. Thomas came off the bench with 25 points to lead the Nets in his first game since Nov. 25. Jalen Wilson added 16 points including two free throws with 6.2 seconds left. Thomas, Brooklyn’s leading scorer with 24.7 points per game, played 25 minutes after missing 13 games with a strained left hamstring. PACERS 123, CELTICS 114 BOSTON (AP) — Tyrese Haliburton scored 31 points and Indiana rebounded from a 37-point loss to Boston two nights earlier by winning the rematch. Andrew Nembhard, who returned after missing Friday’s game with tendinitis in his left knee, added 17 points, eight rebounds and eight assists for the Pacers. Pascal Siakam chipped in with 17 points and Bennedict Mathurin had 14. Jaylen Brown led Boston with 31 points and six assists. Jayson Tatum had 22 points, nine boards and six assists. Payton Pritchard added 21 points and Derrick White scored 17. The Celtics lost their sixth game at home already this season. Last season, they went 37-4 at TD Garden during the regular season and 9-2 in the playoffs en route to the NBA championship. HAWKS 136, RAPTORS 107 TORONTO (AP) — Trae Young had 34 points and 10 assists, De’Andre Hunter scored 22 points and Atlanta routed Toronto for their fourth straight win. Clint Capela had 11 points and 13 rebounds as the Hawks opened a six-game trip by handing the reeling Raptors their 10th consecutive loss. Scottie Barnes scored 19 points and RJ Barrett had 17, but the Raptors fell behind by more than 30 points and allowed more than 130 for the second straight game. Toronto gave up a franchise-worst 155 points in Thursday’s loss at Memphis. Young shot 7 for 13 from 3-point range, singlehandedly making as many shots from distance than the entire Raptors team, who combined to go 7 for 24. Toronto’s Bruce Brown made his season debut after sitting out the first 31 games recovering from right knee surgery. Brown soared for a one-handed dunk for his first points shortly after entering the game in the first quarter. He finished with 12 points in 19 minutes. THUNDER 130, GRIZZLIES 106 OKLAHOMA CITY (AP) — Shai Gilgeous-Alexander scored 35 points and Oklahoma City won their 11th straight game, beating short-handed Memphis in a matchup of Western Conference leaders that turned lopsided before halftime. Rookie Ajay Mitchell scored 17 points, Aaron Wiggins contributed 16 and Jalen Williams added 14 points and 10 rebounds for the Thunder (26-5), who opened a five-game lead over second-place Memphis. Gilgeous-Alexander made 14 of 19 shots to go along with seven assists, six rebounds and a team-high four blocks. He sat most of the fourth quarter. Oklahoma City blocked nine shots, including three by center Isaiah Hartenstein. The Thunder led 76-50 at halftime behind 23 points from Gilgeous-Alexander and 12 each from Mitchell and Kenrich Williams, who combined to go 5 for 7 on 3-point shots. Oklahoma City outscored the Grizzlies 42-19 in the second quarter to take control. Desmond Bane had 22 points and nine rebounds for Memphis (22-11), which played without star Ja Morant (shoulder) and Zach Edey, the team’s No. 9 overall draft pick, who was in concussion protocol. Jay Huff added 17 points but Jaren Jackson Jr., the team’s leading scorer at 21.9 points per game, managed 13 points on 3-of-17 shooting.Blake Lively's It Ends With Us Co-Star Brandon Sklenar Defends Her Amid Sexual Harassment Case Against Justin Baldoni
The CPM has launched an agitation demanding an investigation into the suicide of Vijayan. One of the documents being circulated is an agreement of Vijayan with a person showing a transaction of Rs 30 lakhs in return for jobs in the cooperative banks ruled by the Congress. Wayanad: All is certainly not well for the Congress party at its bastion, Wayanad. The Congress leadership in Wayanad has been caught in an embarrassing situation with bribe for job scam allegation following the suicide of Wayanad District Congress Committee (DCC) treasurer N M Vijayan and his son Jijesh few days ago. CPM leader P R Jayaprakash alleged that Vijayan ended his life because he was unable to repay the huge sums received as bribes by Congress leaders from various persons offering jobs in the Cooperative Urban Bank, Sulthan Bathery ruled by the Congress. He said that CPM would launch an agitation against the rampant corruption in the Urban Bank, Sulthan Bathery and expose the true colours of the Congress leaders. CPM has announced a protest march to the office of tainted MLA I C Balakrishnan at Sulthan Bathery on Monday. Events that transpired It was after few documents that have surfaced which show that Vijayan had allegedly taken bribe for securing jobs in cooperative banks ruled by Congress. The CPM has launched an agitation demanding an investigation into the suicide of Vijayan. One of the documents being circulated is an agreement of Vijayan with a person showing a transaction of Rs 30 lakhs in return for jobs in the cooperative banks ruled by the Congress. A letter allegedly written by Vijayan to KPCC president K Sudhakaran demanding urgent intervention in the matter has also emerged, leaving the Congress party on a weak spot. Agreement letter that exposed the Congress leadership in Wayanad According to an agreement dated October 9, 2019, reportedly signed by the late Vijayan with Peter Master, a native of Ambalavayal, an amount of Rs 30 lakh was received from Peter by Vijayan to provide a job for his son to the first vacancy that emerged in any of the cooperative banks ruled by the Congress including the Service Cooperative Bank, Madakkimala, Cooperative Urban Bank, Sulthan Bathery and Service Cooperative Bank, Poothadi. The amount was given to Vijayan on the assurance given by Balakrishnan, who was also the then DCC president, shows the document. If the son of Peter failed to get the job, Vijayan would ensure that the amount would be returned with 7 per cent interest to Peter and for assurance a blank cheque from Vijayan was given to Peter, according to the document. It was this document that has been now in the possession of the Wayanad CPM leadership that has put the Congress in a tight spot. The case has been now taken up and is being probed by Wayanad Dysp. Click for more latest Kerala news . Also get top headlines and latest news from India and around the world at News9. Vivek Narayanan is currently working in TV9 Network as a Special Correspondent contributing towards the various developments in Kerala covering all domains ranging from local issues, sports to political developments. Sports, especially football, is one sport he always look to cover and discuss. He has nearly 10 years of experience in print, broadcast and digital journalism. His flair for socio-political developments, sports and environment kept him floating and hitched towards journalism. He is always looking for positive developments that while reported could make a difference in the life of people around. Latest News
Now Syria's long-ruling Baath party is collapsing, tooFreeport’s Jameson Tavern cutting ties with its historic locationCAPITAL IDEAS: What was the buzz in 2024?
From near-empty parking lots, the banner trailing the Cessna 150J propeller plane that flew over MetLife Stadium on Sunday morning felt almost like a thought bubble over the Giants fans’ heads — with one huge difference. The message was far too polite to summarize what these fans were thinking given the current state of this franchise. “MR MARA ENOUGH — PLZ FIX THIS DUMPSTER FIRE” the banner read, and like most paying customers at the team’s latest loss, Tom Holden was well past the plz part of that sentiment. His family has had season tickets for this franchise for more than a half century, long before it moved from Yankee Stadium to New Jersey in the mid-70s.For more Nevada Newsmakers click here Hillary Schieve has just two years remaining in her final term as Reno's mayor. Yet she said on Nevada Newsmakers recently that she is no "lame duck." "There's still so much work to do," Schieve told host Sam Shad. "It's never ending." Fighting crime, improving neighborhoods and revitalizing downtown are among Schieve's priorities. She was first elected mayor in 2014 and is a former president of the U.S. Conference of Mayors. "I'll just say this because I've been, you know, very vocal about it. There's a lot of red tape in government. It can be very challenging," she said. "And so there are still a lot of things that I want to get done," Schieve said. "You know, I want to get downtown cleaned up. You probably saw what happened with the Lakemill Lodge, right? Lakemill Lodge, a 123-room dilapidated motel on Mill Street, was closed recently after human waste and used syringes were discovered in stairwells. The Lakemill Lodge has long been considered an eyesore for downtown and a home to those with mental health and drug addiction issues. "You know, we're really staying on top of situations," Schieve said. "So really revitalizing downtown is super critical. (We need) more events to raise tourism. (We need) safe neighborhoods and I want to make sure that we are on top of crime every which way." Fighting crime is a main reason why Schieve supports the City Council's recent approval of Reno Police Department's expanded use of automatic license-plate readers. The license plate readers and associated software are part of an ongoing RPD program aimed at reducing gun violence, according to the Reno Gazette Journal. The license-plate readers (LPRs) are installed in some police vehicles, in downtown locations and along major roads, according to various news reports. "We want safety in our neighborhoods now more than ever," Schieve said. "And I know that some people are like, 'You know, we don't want people to be watching over us.'" Opponents of the license-plate reading technology point out that the mass surveillance will also be watching citizens who have no connection to those committing crimes. Some see it as an invasion of privacy. Yet Schieve feels the new technology is needed to fight crime. "We are in a time where those things are necessary," she said. "Especially with new technology coming out, we can really utilize it and catch criminals faster. And that's what I want to do – be a very forward-thinking city when it comes to crime. I think if there are tools out there, we need to utilize every single one of them." "For me, it's about catching criminals faster," she continued. "I want safe neighborhoods. We want to hold people accountable. It's really, really critical that we're addressing crime on every single level. I just think we're at a point in time where people are feeling nervous and anxious, and they want a safe city, and I want a safe city." Another new technology Schieve is embracing for her final years as mayor is Shotspotter, a system intended to detect gunfire and cut police response times. "Sparks actually has had it (Shotspotter) implemented for a while. And, some of that area actually goes into Reno. So we have found that it's been very helpful, even with their technology, over on the Reno side," she said. LIFE AFTER BEING THE MAYOR When Schieve's final term as mayor has expired, she says it is doubtful that she will seek another elected office. "Everyone's asking me what's next?" she said. "It's funny because, as you know, I'm a nonpartisan, and it's very hard to run for another office if you're not in a party. "To be honest with you, I love working in mental health and public service," Schieve said. "I don't think you need to be elected to make a difference. So I'm just going to keep focusing on what we can accomplish at home right here in the city, and then we'll see what that (future) looks like." SOMETHING BIG ON HORIZON Schieve hinted about "some really big projects" for downtown Reno without giving the details. "I think you're going to see – and I can't talk about it – but I'm just going to tease it here for you. But I think you're going to see some really big projects in downtown Reno. You know, I can't talk about them yet, but we're going to make some really big announcements that I'm excited about." The election year made investors and bankers a bit nervous and big things may be happening soon, now that the election is over, Schieve said. "We really did see a lot of things sort of halt because lending wasn't happening," she said. "And that typically happens in an election year. Everyone's very nervous about what that is going to look like. There really isn't stability in the market. But now we're finally starting to see it (stability) and that's great news for downtown Reno." The re-emergence of the Reno Redevelopment Agency, dormant for more than a decade, will oversee many improvements in downtown Reno over the next five years, Schieve said. "I don't know if you know, but the Redevelopment Agency is kicking back up. So we're going to have about $22 million over the next five years to invest in downtown Reno," Schieve said. Living in downtown Reno has become more popular and safer over time, Schieve added. "The other thing that a lot of people don't know is that we have had three times the amount of housing units (built) in downtown Reno than we've had in over a decade, and we're getting ready to bring on 2,500 more," Schieve said. "People are wanting to live in downtown environments of walk-able cities.”The Chief of Defence Staff (CDS), Gen. Christopher Musa, on Thursday charged the Media to support military Operations through developmental journalism towards protecting the Nation’s territorial integrity against external forces Gen Musa made the plea in Abuja while speaking as a special quest honour at the Roundtable Discussion on Nigeria’s Security and National Interest organised by the National Counter Terrorism Center (NCTC) Office of the National Security Adviser (ONSA), for Defence Correspondents The CDS pointed out that development journalism “seeks to promote public awareness and understanding of defence as well as security issues, while holding governments, the defence sector and other stakeholders accountable for their actions as well as informing decision-making by policymakers and defence officials. According to him, the adoption of a development journalism approach allows for a more active collaboration with journalists and media organisations, enabling them to play a more effective role in promoting national cohesion and stability thereby advancing Nigeria’s national interest. “Therefore, our national security cannot and should not solely be reliant on the strength of the Armed Forces of Nigeria rather it should be strengthened by Nigeria’s educated, healthy and socially cohesive population underpinned by development journalism. “More so, the development journalism approach will not only require collaboration and dialogue among stakeholders, it will also focus on people centrism in the accomplishment of Nigeria’s national interest. “This approach thus resonates with my leadership concept which is, “to Nurture a Professional Armed Forces of Nigeria that is People-Centric, Capable of Meeting its Constitutional Responsibilities in a Joint and Collaborative Environment” he said. He pointed out that defence beat should be tailored through a development journalism lens through various options available. The options according to him, include the continuous prioritisation of human security, adoption of investigative reporting on policy impact and the real-world implications as well as promoting dialogue, inclusivity and stakeholders’ engagement through available fora. The CDS stressed the need to advocate for sustainable practices through reporting on innovative practices in defence as well as using available data to tell the stories as evidence-based outcomes allows for a more informed public discourse. According to him, “these options will engender trust and cooperation between the military, civil society and other stakeholders and enhance contextual understanding of local dynamics for enhanced social cohesion and effective collaboration. “Today’s occasion presents me the rare opportunity to make a statement on the critical role of the media in fostering Nigeria’s national security and defence matters thus necessitating collaboration to further Nigeria’s national security interest. “The theme for the discussion; ‘National Security and National Interest: A Development Journalism Approach for the Defence Beat’ is apt. FG launches N20bn consumer credit fund for locally-assembled automobiles “This is in considering the propensity of development and sits at the intersection of national pride, global responsibility as well as the pursuit of peaceful coexistence and sustainable development,“ he added. The CDS commended the Centre for its efforts towards enhancing development journalism and urged participants to humble ideas gained at the Roundtable Discussion in their operations. Speaking easier, the National Coordinator of NCTC, Maj.-Gen. Adamu Laka, noted that journalists were pivotal in shaping public perception and policy on critical issues of national security and interests. The National Coordinator who said that journalists had the responsibility to report with accuracy, fairness and sensitivity in an environment that was often fraught with misinformation and heightened emotions assured that the centre would continue to collaborate with the media and other critical stakeholders to achieve and sustain the destruction of terrorist propaganda. He stated the objective of this roundtable discussion was to foster an open and insightful exchange of ideas. According to him, ” by sharing your experiences, observations and challenges, together we aim to enhance collective understanding of the dynamics of terrorism and its evolving tactics and discover the ethical considerations of reporting on such sensitive issues,” he said. The Minister of Information, Muhammed Idris, represented by the Director-General, Voice of Nigeria (VON), Alhaji Jibrin Baba-Ndace, commended the centre for organising the roundtable saying that it would further enlightened , Defence Correspondents in informing the members of the public in positive perspective in their reportage He urged the centre and the military to sustain such media engagement to be able to counter the terrorists’ narratives and urged the media to maintain responsible reporting bearing in mind national security and national interest. Former Defence Spokesman, Maj.-Gen. Chris Olukolade, (rtd), in a paper he delivered at the occasion said that journalists must recognise the potential impact of their stories on public perception and national stability. He stated that defence reporting should align with the broader goal of safeguarding national unity and security against any other things! He also called for fact-checking practice in counter-terrorism reporting to avoid disseminating false or exaggerated claims that could inflame tensions or jeopardise security operations. READ MORE FROM: NIGERIAN TRIBUNE Get real-time news updates from Tribune Online! Follow us on WhatsApp for breaking news, exclusive stories and interviews, and much more. Join our WhatsApp Channel now
Virgo Daily Horoscope Today, Dec 09, 2024 predicts romantic activities
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Tilly's, Inc. TLYS the ", Company", )) today announced financial results for the third quarter of fiscal 2024 ended November 2, 2024. "Our third quarter results included our best quarterly comp sales performance since fiscal 2021, our first month of positive comp sales since February 2022 during fiscal August, and our second consecutive quarter of year-over-year store traffic growth," commented Hezy Shaked, Co-Founder, Executive Chairman, President and Chief Executive Officer. "However, we still have a long way to go to return to generating consistent sales growth and profitability. We are disappointed in our net sales performance in the early stages of the fourth quarter, yet somewhat encouraged by our improved product margins thus far in the fourth quarter." Operating Results Overview Fiscal 2024 Third Quarter Operating Results Overview The following comparisons refer to the Company's operating results for the third quarter of fiscal 2024 ended November 2, 2024 versus the third quarter of fiscal 2023 ended October 28, 2023. Total net sales were $143.4 million, a decrease of 13.8%. This decrease was primarily attributable to the calendar shift impact of last year's 53rd week in the retail calendar, which caused a portion of the back-to-school season's sales volume to shift into the second quarter this year from the third quarter last year, resulting in a net sales reduction of $18.4 million in this year's third quarter. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 3.4% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores were $111.3 million, a decrease of 16.0%. Comparable store net sales decreased 5.6% relative to the comparable 13-week period ended November 4, 2023. Net sales from physical stores represented 77.6% of total net sales this year compared to 79.6% of total net sales last year. The Company ended the third quarter with 246 total stores compared to 249 total stores at the end of the third quarter last year. Net sales from e-com were $32.2 million, a decrease of 5.4%. E-com net sales increased 4.9% relative to the comparable 13-week period ended November 4, 2023. E-com net sales represented 22.4% of total net sales this year compared to 20.4% of total net sales last year. Gross profit, including buying, distribution, and occupancy costs, was $37.2 million, or 25.9% of net sales, compared to $48.7 million, or 29.3% of net sales, last year. Product margins were generally consistent with last year's third quarter, declining by 10 basis points. Buying, distribution, and occupancy costs deleveraged by 320 basis points collectively, despite being $0.7 million lower than last year, primarily due to carrying these costs against a lower level of net sales this year. Selling, general and administrative ("SG&A") expenses were $51.3 million, or 35.7% of net sales, compared to $51.2 million, or 30.8% of net sales, last year. Lower store payroll and related benefits as well as lower non-cash store asset impairment charges were largely offset by increased e-com fulfillment costs. Operating loss was $14.1 million, or 9.8% of net sales, compared to $2.5 million, or 1.5% of net sales, last year, due to the combined impact of the factors noted above. Pre-tax loss was $12.9 million, or 9.0% of net sales, compared to $1.2 million, or 0.7% of net sales, last year. Income tax benefit was $5.0 thousand or 0.0% of pre-tax loss, compared to $0.3 million, or 28.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance. Net loss was $12.9 million, or $0.43 net loss per share, compared to $0.8 million, or $0.03 net loss per share, last year. Weighted average shares were 30.1 million this year compared to 29.9 million shares last year. Fiscal 2024 Year-to-Date Third Quarter Operating Results Overview The following comparisons refer to the Company's operating results for the first 39 weeks of fiscal 2024 ended November 2, 2024 versus the first 39 weeks of fiscal 2023 ended October 28, 2023. Total net sales were $422.2 million, a decrease of 6.2%. Total comparable net sales, including both physical stores and e-commerce ("e-com"), decreased by 6.8% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores were $336.4 million, a decrease of 6.6%. Comparable store net sales decreased 7.4% relative to the comparable 39-week period ended November 4, 2023. Net sales from physical stores represented 79.7% of total net sales this year compared to 80.0% of total net sales last year. Net sales from e-com were $85.8 million, a decrease of 4.7%. E-com net sales decreased 4.6% relative to the comparable 39-week period ended November 4, 2023. E-com net sales represented 20.3% of total net sales this year compared to 20.0% of total net sales last year. Gross profit, including buying, distribution, and occupancy costs, was $111.4 million, or 26.4% of net sales, compared to $119.0 million, or 26.4% of net sales, last year. Product margins improved by 130 basis points primarily due to the combination of improved initial markups and lower total markdowns. Buying, distribution, and occupancy costs deleveraged by 140 basis points collectively, despite being $1.3 million lower than last year, primarily due to carrying these costs against lower net sales this year. SG&A expenses were $147.1 million, or 34.9% of net sales, compared to $141.4 million, or 31.4% of net sales, last year. The $5.7 million increase in SG&A was primarily attributable to increases in store payroll and related benefits of $1.6 million due to wage rate increases, software as a service expense of $1.4 million, corporate payroll and related benefits of $1.2 million, e-commerce fulfillment expenses of $1.0 million, and non-cash store asset impairment charges of $1.0 million. These increases were partially offset by a variety of smaller expense decreases. Operating loss was $35.7 million, or 8.5% of net sales, compared to $22.5 million, or 5.0% of net sales, last year, due to the combined impact of the factors noted above. Pre-tax loss was $32.6 million, or 7.7% of net sales, compared to $18.8 million, or 4.2% of net sales, last year. Income tax benefit was $21.8 thousand or 0.1% of pre-tax loss, compared to $4.9 million, or 26.0% of pre-tax loss, last year. The decrease in the effective income tax rate was due to the continuing impact of the previously disclosed full, non-cash deferred tax asset valuation allowance. Net loss was $32.6 million, or $1.08 net loss per share, compared to $13.9 million, or $0.47 net loss per share, last year. Weighted average shares were 30.0 million this year compared to 29.8 million shares last year. Balance Sheet and Liquidity As of November 2, 2024, the Company had $51.7 million of cash, cash equivalents and marketable securities and no debt outstanding. Total inventories increased 11.8% as of November 2, 2024 compared to October 28, 2023, largely due to pulling forward new inventory receipts to improve distribution center efficiencies. Total year-to-date capital expenditures at the end of the third quarter were $6.7 million this year compared to $10.5 million last year. Fiscal 2024 Fourth Quarter Outlook Total comparable net sales through December 3, 2024 decreased by 15.3% relative to the comparable period of last year ended December 5, 2023, with meaningfully improved product margins compared to last year. On a shifted basis, lining up the timing of this year's Thanksgiving holiday with last year's, total comparable net sales through December 3, 2024, decreased by 9.6% relative to the comparable period of last year ended November 28, 2023. Based on current and historical trends, the Company currently estimates the following for the fourth quarter of fiscal 2024: Net sales to be in the range of approximately $149 million to $156 million, translating to an estimated comparable net sales decrease in the range of approximately 9% to 5%, respectively, relative to the comparable 13-week period last year; Product margin improvement of approximately 200 basis points relative to last year's fourth quarter; SG&A expenses to be approximately $52 million before factoring in any potential non-cash store asset impairment charges that may arise; Pre-tax loss and net loss to be in the range of approximately $13.0 million to $9.5 million, respectively, with a near-zero effective income tax rate due to the continuing impact of a full, non-cash valuation allowance on deferred tax assets; and Per share results to be in the range of a net loss of $0.43 to $0.32, respectively, with estimated weighted average shares of approximately 30 million. The Company currently expects to have 239 total stores open at the end of the fourth quarter of fiscal 2024. The Company opened three new stores in November and currently expects to close 10 predominantly underperforming stores near the end of the quarter. Conference Call Information A conference call with analysts to discuss these financial results is scheduled for today, December 5, 2024, at 4:30 p.m. ET (1:30 p.m. PT). Analysts interested in participating in the call are invited to dial (877) 300-8521 (domestic) or (412) 317-6026 (international). The conference call will also be available to interested parties through a live webcast at www.tillys.com . Please visit the website and select the "Investor Relations" link at least 15 minutes prior to the start of the call to register and download any necessary software. A telephone replay of the call will be available until December 12, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 10193481. About Tillys Tillys is a leading, destination specialty retailer of casual apparel, footwear, accessories and hardgoods for young men, young women, boys and girls with an extensive selection of iconic global, emerging, and proprietary brands rooted in an active, outdoor and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 249 total stores across 33 states, as well as its website, www.tillys.com . Forward-Looking Statements Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our current operating expectations in light of historical results, the impacts of inflation and potential recession on us and our customers, including on our future financial condition or operating results, expectations regarding changes in the macro-economic environment, customer traffic, our supply chain, our ability to properly manage our inventory levels, and any other statements about our future cash position, financial flexibility, expectations, plans, intentions, beliefs or prospects expressed by management are forward-looking statements. These forward-looking statements are based on management's current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to the impact of inflation on consumer behavior and our business and operations, supply chain difficulties, and our ability to respond thereto, our ability to respond to changing customer preferences and trends, attract customer traffic at our stores and online, execute our growth and long-term strategies, expand into new markets, grow our e-commerce business, effectively manage our inventory and costs, effectively compete with other retailers, attract talented employees, or enhance awareness of our brand and brand image, general consumer spending patterns and levels, including changes in historical spending patterns, the markets generally, our ability to satisfy our financial obligations, including under our credit facility and our leases, and other factors that are detailed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), including those detailed in the section titled "Risk Factors" and in our other filings with the SEC, which are available on the SEC's website at www.sec.gov and on our website at www.tillys.com under the heading "Investor Relations". Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. This release should be read in conjunction with our financial statements and notes thereto contained in our Form 10-K. Tilly's, Inc. Consolidated Balance Sheets (In thousands, except par value) (unaudited) November 2, 2024 February 3, 2 024 October 28, 2 023 ASSETS Current assets: Cash and cash equivalents $ 26,407 $ 47,027 $ 44,425 Marketable securities 25,321 48,021 49,523 Receivables 6,136 5,947 7,118 Merchandise inventories 92,481 63,159 82,753 Prepaid expenses and other current assets 11,781 11,905 11,816 Total current assets 162,126 176,059 195,635 Operating lease assets 181,117 203,825 216,205 Property and equipment, net 42,603 48,063 49,220 Deferred tax assets, net — — 13,229 Other assets 1,424 1,598 1,685 TOTAL ASSETS $ 387,270 $ 429,545 $ 475,974 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 32,577 $ 14,506 $ 27,025 Accrued expenses 12,771 13,063 14,688 Deferred revenue 13,333 14,957 13,520 Accrued compensation and benefits 8,127 9,902 10,590 Current portion of operating lease liabilities 49,944 48,672 50,063 Current portion of operating lease liabilities, related party 3,345 3,121 3,048 Other liabilities 210 336 330 Total current liabilities 120,307 104,557 119,264 Long-term liabilities: Noncurrent portion of operating lease liabilities 135,724 160,531 171,388 Noncurrent portion of operating lease liabilities, related party 16,736 19,267 20,081 Other liabilities 192 321 391 Total long-term liabilities 152,652 180,119 191,860 Total liabilities 272,959 284,676 311,124 Stockholders' equity: Common stock (Class A) 23 23 23 Common stock (Class B) 7 7 7 Preferred stock — — — Additional paid-in capital 174,516 172,478 171,754 Accumulated deficit (60,527 ) (27,962 ) (7,410 ) Accumulated other comprehensive income 292 323 476 Total stockholders' equity 114,311 144,869 164,850 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 387,270 $ 429,545 $ 475,974 Tilly's, Inc. Consolidated Statements of Operations (In thousands, except per share data) (unaudited) Thirteen Weeks Ended Thirty-Nine Weeks Ended November 2, 2 024 October 28, 2 023 November 2, 2024 October 28, 2023 Net sales $ 143,442 $ 166,475 $ 422,165 $ 450,063 Cost of goods sold (includes buying, distribution, and occupancy costs) 105,314 116,825 307,939 328,297 Rent expense, related party 931 931 2,796 2,793 Total cost of goods sold (includes buying, distribution, and occupancy costs) 106,245 117,756 310,735 331,090 Gross profit 37,197 48,719 111,430 118,973 Selling, general and administrative expenses 51,118 51,101 146,734 141,035 Rent expense, related party 133 134 397 400 Total selling, general and administrative expenses 51,251 51,235 147,131 141,435 Operating loss (14,054 ) (2,516 ) (35,701 ) (22,462 ) Other income, net 1,174 1,341 3,114 3,625 Loss before income taxes (12,880 ) (1,175 ) (32,587 ) (18,837 ) Income tax benefit (5 ) (328 ) (22 ) (4,897 ) Net loss $ (12,875 ) $ (847 ) $ (32,565 ) $ (13,940 ) Basic net loss per share of Class A and Class B common stock $ (0.43 ) $ (0.03 ) $ (1.08 ) $ (0.47 ) Diluted net loss per share of Class A and Class B common stock $ (0.43 ) $ (0.03 ) $ (1.08 ) $ (0.47 ) Weighted average basic shares outstanding 30,060 29,872 30,017 29,834 Weighted average diluted shares outstanding 30,060 29,872 30,017 29,834 Tilly's, Inc. Consolidated Statements of Cash Flows (In thousands) (unaudited) Thirty-Nine Weeks Ended November 2, 2 024 October 28, 2 023 Cash flows from operating activities Net loss $ (32,565 ) $ (13,940 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 9,586 9,547 Stock-based compensation expense 1,744 1,684 Impairment of assets 3,605 2,631 (Gain) loss on disposal of assets (45 ) 2 Gain on maturities of marketable securities (1,449 ) (1,156 ) Deferred income taxes — (4,732 ) Changes in operating assets and liabilities: Receivables 611 4,196 Merchandise inventories (29,322 ) (20,636 ) Prepaid expenses and other assets 900 5,980 Accounts payable 18,047 11,033 Accrued expenses (159 ) 106 Accrued compensation and benefits (1,775 ) 2,407 Operating lease liabilities (5,422 ) (4,545 ) Deferred revenue (1,624 ) (2,583 ) Other liabilities (335 ) (452 ) Net cash used in operating activities (38,203 ) (10,458 ) Cash flows from investing activities Purchases of marketable securities (59,557 ) (88,146 ) Purchases of property and equipment (6,678 ) (10,543 ) Proceeds from maturities of marketable securities 83,500 80,000 Proceeds from sale of property and equipment 24 9 Net cash provided by (used in) investing activities 17,289 (18,680 ) Cash flows from financing activities Proceeds from exercise of stock options 294 210 Taxes paid on short-swing profits disgorgement payment — (173 ) Net cash provided by financing activities 294 37 Change in cash and cash equivalents (20,620 ) (29,101 ) Cash and cash equivalents, beginning of period 47,027 73,526 Cash and cash equivalents, end of period $ 26,407 $ 44,425 Tilly's, Inc. Store Count and Square Footage Store Count at Beginning of Quarter New Stores Opened During Quarter Stores Permanently Closed During Quarter Store Count at End of Quarter Total Gross Square Footage End of Quarter (in thousands) 2023 Q1 249 1 2 248 1,809 2023 Q2 248 — 2 246 1,792 2023 Q3 246 3 — 249 1,810 2023 Q4 249 3 4 248 1,801 2024 Q1 248 2 4 246 1,784 2024 Q2 246 1 — 247 1,791 2024 Q3 247 — 1 246 1,780 View source version on businesswire.com: https://www.businesswire.com/news/home/20241205990996/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Former Boise State coach Chris Petersen still gets asked about the Fiesta Bowl victory over Oklahoma on the first day of 2007. That game had everything. Underdog Boise State took a 28-10 lead over one of college football's blue bloods that was followed by a 25-point Sooners run capped by what could have been a back-breaking interception return for a touchdown with 1:02 left. Then the Broncos used three trick plays that remain sensations to not only force overtime but win 43-42. And then there was the marriage proposal by Boise State running back Ian Johnson — shortly after scoring the winning two-point play — to cheerleader Chrissy Popadics that was accepted on national TV. That game put Broncos football on the national map for most fans, but looking back 18 years later, Petersen sees it differently. "Everybody wants to talk about that Oklahoma Fiesta Bowl game, which is great how it all worked out and all those things," Petersen said. "But we go back to play TCU (three years later) again on the big stage. It's not as flashy a game, but to me, that was an even better win." Going back to the Fiesta Bowl and winning, Petersen reasoned, showed the Broncos weren't a splash soon to fade away, that there was something longer lasting and more substantive happening on the famed blue turf. The winning has continued with few interruptions. No. 8 and third-seeded Boise State is preparing for another trip to the Fiesta Bowl, this time in a playoff quarterfinal against No. 5 and sixth-seeded Penn State on New Year's Eve. That success has continued through a series of coaches, though with a lot more of a common thread than readily apparent. Dirk Koetter was hired from Oregon, where Petersen was the wide receivers coach. Not only did Koetter bring Petersen with him to Oregon, Petersen introduced him to Dan Hawkins, who also was hired for the staff. So the transition from Koetter to Hawkins to Petersen ensured at least some level of consistency. Koetter and Hawkins engineered double-digit victory seasons five times over a six-year span that led to power-conference jobs. Koetter went to Arizona State after three seasons and Hawkins to Colorado after five. Then when Petersen became the coach after the 2005 season, he led Boise State to double-digit wins his first seven seasons and made bowls all eight years. He resisted the temptation to leave for a power-conference program until Washington lured him away toward the end of the 2013 season. Then former Boise State quarterback and offensive coordinator Bryan Harsin took over and posted five double-digit victory seasons over his first six years. After going 5-2 during the COVID-shortened 2020 season, he left for Auburn. "They just needed consistency of leadership," said Koetter, who is back as Boise State's offensive coordinator. "This program had always won at the junior-college level, the Division II level, the I-AA (now FCS) level." But Koetter referred to "an unfortunate chain of events" that made Boise State a reclamation project when he took over in 1998. Coach Pokey Allen led Boise State to the Division I-AA national championship game in 1994, but was diagnosed with cancer two days later. He died on Dec. 30, 1996, at 53. Allen coached the final two games that season, Boise State's first in Division I-A (now FBS). Houston Nutt became the coach in 1997, went 4-7 and headed to Arkansas. Then Koetter took over. "One coach dies and the other wasn't the right fit for this program," Koetter said. "Was a really good coach, did a lot of good things, but just wasn't a good fit for here." But because of Boise State's success at the lower levels, Koetter said the program was set up for success. "As Boise State has risen up the conference food chain, they've pretty much always been at the top from a player talent standpoint," Koetter said. "So it was fairly clear if we got things headed in the right direction and did a good job recruiting, we would be able to win within our conference for sure." Success didn't take long. He went 6-5 in 1998 and then won 10 games each of the following two seasons. Hawkins built on that winning and Petersen took it to another level. But there is one season, really one game, no really one half that still bugs Petersen. He thought his best team was in 2010, one that entered that late-November game at Nevada ranked No. 3 and had a legitimate chance to play for the national championship. The Colin Kaepernick-led Wolf Pack won 34-31. "I think the best team that I might've been a part of as the head coach was the team that lost one game to Nevada," Petersen said. "That team, to me, played one poor half of football on offense the entire season. We were winning by a bunch at half (24-7) and we came out and did nothing on offense in the second half and still had a chance to win. "That team would've done some damage." There aren't any what-ifs with this season's Boise State team. The Broncos are in the field of the first 12-team playoff, representing the Group of Five as its highest-ranked conference champion. That got Boise State a bye into the quarterfinals. Spencer Danielson has restored the championship-level play after taking over as the interim coach late last season during a rare downturn that led to Andy Avalos' dismissal. Danielson received the job full time after leading Boise State to the Mountain West championship. Now the Broncos are 12-1 with their only defeat to top-ranked and No. 1 seed Oregon on a last-second field goal. Running back Ashton Jeanty also was the runner-up to the Heisman Trophy. "Boise State has been built on the backs of years and years of success way before I got here," Danielson said. "So even this season is not because of me. It's because the group of young men wanted to leave a legacy, be different. We haven't been to the Fiesta Bowl in a decade. They said in January, 'We're going to get that done.' They went to work." As was the case with Danielson, Petersen and Koetter said attracting top talent is the primary reason Boise State has succeeded all these years. Winning, obviously, is the driving force, and with more entry points to the playoffs, the Broncos could make opportunities to keep returning to the postseason a selling point. But there's also something about the blue carpet. Petersen said he didn't get what it was about when he arrived as an assistant coach, and there was some talk about replacing it with more conventional green grass. A poll in the Idaho Statesman was completely against that idea, and Petersen has come to appreciate what that field means to the program. "It's a cumulative period of time where young kids see big-time games when they're in seventh and eighth and ninth and 10th grade and go, 'Oh, I know that blue turf. I want to go there,'" Petersen said. Be the first to know Get local news delivered to your inbox!New Delhi, December 30: Nvidia is expected to shift its focus towards robotics in 2025 to respond to the growing competition in the AI chip market. The company, known for its dominance in AI hardware, is said to explore opportunities in robotics to drive its future growth. The company reportedly plans to launch a new series of compact computers for humanoid robots. As per a report of Financial Times , Nvidia is preparing to focus on robotics as a long-term growth strategy. The company provides a complete solution that covers everything needed for AI-powered robots. This includes the various software layers that help train the robots, as well as the chips that are installed inside them. Nvidia is expected to introduce its new line of compact computers for humanoid robots, which may be called Jetson Thor, sometime in the first half of 2025. Samsung Patents Eye-Tracking Smart Glasses, Self-Adjusting Galaxy Ring 2 Feature and AI-Powered Imaging Technology for Upcoming Launches: Report. Nvidia is said to be focusing on robotics as a key area for its future growth. As one of the top semiconductor companies in the world, it might be looking for new opportunities. The company is facing more competition in its main business of making chips for AI from companies like AMD. Additionally, major cloud computing companies such as Amazon, Microsoft, and Google are trying to lessen their dependence on Nvidia. By investing in robotics, Nvidia is likely to find new ways to expand and succeed in the business. European Commission Mandates USD Type C Charging Port for All Portable Electronic Devices To Avoid Market Fragmentation. Deepu Talla, the vice-president of robotics at Nvidia, has reportedly mentioned that there is a significant change happening in the robotics market. The change is being influenced by two major technological advancements. The first is the rapid growth of generative AI models. The second breakthrough is the capability to train robots using these foundational models in simulated environments. Most of Nvidia's revenue comes from its data centre business, which includes its AI GPU chips. The segment contributed for around 88 per cent of the company's total sales, which reached USD 35.1 billion in the third quarter. (The above story first appeared on LatestLY on Dec 30, 2024 10:27 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com ).