Chris Clarke appointed practice leader of Homeland Security & Law Enforcement; Bryan Miller to lead newly combined Defense, Diplomacy, & Intel (DDI) practice MCLEAN, Va. , Dec. 16, 2024 /PRNewswire/ -- Guidehouse, a global consultancy providing advisory, digital, and managed services to the commercial and public sectors, has named Shannon White the new leader of its Defense & Security segment effective Jan. 1, 2025 . White succeeds John Saad , who has been named President of Guidehouse. Additionally, Chris Clarke will take on White's former role as Guidehouse's Defense & Security's Homeland Security & Law Enforcement practice leader. White brings a wealth of expertise in the national security sectors, along with a proven ability to deliver complex, high-impact solutions. With a track record of driving innovation and meaningful results, she has been instrumental in shaping Guidehouse's growth and impact across its diverse portfolio. Under her leadership, the Defense & Security segment will continue to focus on delivering mission-critical solutions to address the nation's most pressing defense and security challenges. "Shannon is a passionate leader whose experience will be invaluable as we continue to support purpose-driven initiatives to preserve security across the U.S.," said John Saad , President of Guidehouse. "Her strategic vision and expertise will accelerate Guidehouse's growth through transformative engagements with our clients in the defense, national security, and public sectors." Chris Clarke , Homeland Security & Law Enforcement practice leader Clarke, a partner at the firm, brings over 20 years of experience engaging with clients on complex challenges, with a focus on risk management and financial transformation. He has worked extensively across the U.S. Department of Homeland Security, U.S. Department of Justice, and the Intelligence Community leading hundreds of consultants to deliver a range of services in support of solving strategic challenges for Guidehouse clients. Bryan Miller , Defense, Diplomacy, & Intel (DDI) practice leader To position the firm for additional growth and to align with the evolving needs of its clients, Guidehouse has combined Defense & Security's Defense & Intelligence and Diplomacy & Development practices into a newly combined Defense, Diplomacy, & Intel (DDI) practice under the leadership of Bryan Miller . Miller, a partner at the firm, has over 20 years of industry experience focused on delivering strategy, supply chain and transformation programs to the U.S. Government. "This new structure strengthens our capabilities and provides a more cohesive approach to serving these interconnected client missions," added Saad. "Chris and Bryan are remarkable leaders with unmatched expertise in navigating the complexities of public safety and national security. We congratulate them on these new roles and are confident they will drive tremendous value for our clients and teams." Named a Military Friendly® Employer for six consecutive years, Guidehouse's Defense & Security segment serves U.S. diplomatic, intelligence, law enforcement, and defense agencies. Backed by proven success in helping clients compete, deter, and win, the firm delivers mission-critical optimization, technology modernization, and financial management solutions. About Guidehouse Guidehouse is a global consultancy providing advisory, digital, and managed services to the commercial and public sectors. Guidehouse is purpose-built to serve the national security, financial services, healthcare, energy, and infrastructure industries. Disrupting legacy consulting delivery models with its agility, capabilities, and scale, the firm delivers technology-enabled and focused solutions that position clients for innovation, resilience, and growth. With high-quality standards and a relentless pursuit of client success, Guidehouse's more than 18,000 employees collaborate with leaders to outwit complexity and achieve transformational changes that meaningfully shape the future. guidehouse.com Media Contact: Cecile Fradkin, cfradkin@scprgroup.com , Guidehouse View original content to download multimedia: https://www.prnewswire.com/news-releases/guidehouse-names-shannon-white-leader-of-defense--security-segment-302332867.html SOURCE GuidehouseDozens killed in sectarian violence in Pakistan – AP

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IRVING, Texas , Dec. 10, 2024 /PRNewswire/ -- The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly dividend of one dollar and forty-one cents ($1.41) per share of common stock, payable Feb. 20, 2025 , to shareholders of record at the close of business on Jan. 21, 2025 . Caterpillar has paid a cash dividend every year since the company was formed and has paid a quarterly dividend since 1933. Caterpillar has paid higher annual dividends to shareholders for 31 consecutive years and is recognized as a member of the S&P 500 Dividend Aristocrats Index. About Caterpillar With 2023 sales and revenues of $67.1 billion , Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html . View original content to download multimedia: https://www.prnewswire.com/news-releases/caterpillar-inc-maintains-dividend-302328163.html SOURCE Caterpillar Inc.Climate-threatened nations stage protest at COP29 over contentious dealChina and Malaysia formally established diplomatic relations on May 31, 1974, making it the first such relationship among the Association of Southeast Asian Nations (ASEAN). Since then, bilateral relations have generally progressed smoothly. In 1999, the two countries signed a joint statement outlining a framework for future bilateral cooperation. In 2004, leaders from both sides reached a consensus on developing a strategic partnership. This partnership was elevated to a “ ” in 2013. In 2023, the two nations announced the establishment of a China-Malaysia community with a shared future. Malaysia is strategically located at the heart of Southeast Asia and serves as a gateway to ASEAN’s 650 million people and a combined GDP of US$3.2 trillion. Its geographical advantage positions it as a hub for accessing ASEAN markets and connecting to the Middle East, Australia, and New Zealand. In 2023, bilateral trade between China and Malaysia amounted to US$190.24 billion. Of this, China’s exports to Malaysia totaled US$87.38 billion, while imports from Malaysia reached US$102.86 billion. China has remained Malaysia’s largest trading partner for 15 consecutive years. Major imports from Malaysia include integrated circuits, computers and their components, palm oil, and plastic products. Key Chinese exports to Malaysia consist of computers and their components, integrated circuits, apparel, and textiles. Chinese enterprises have rapidly increased their investments in Malaysia, with a growing diversification of sectors. Chinese companies operate extensively across the country, with major ongoing projects concentrated in railways, bridges, hydropower plants, and real estate. New developments are also emerging in highways, metro systems, light rail, and telecommunications. China has implemented a unilateral , while Malaysia offers 30-day visa-free entry for Chinese citizens. According to Malaysian statistics, over 1.47 million Chinese tourists visited Malaysia in 2023, maintaining China’s position for the seventh consecutive year as Malaysia’s largest source of tourists outside ASEAN. China-Malaysia bilateral trade Malaysia was China’s 10th largest global trading partner and the second largest within ASEAN. However, due to factors such as the decline in international commodity prices (including palm oil and natural gas), uncertainties arising from geopolitical conflicts, and a high base from the previous year, China-Malaysia bilateral trade experienced a slight decline in 2023, decreasing by 5.2 percent year on year. Despite these fluctuations, China remains Malaysia’s primary source of imports and second-largest export destination, underscoring the deep economic ties between the two nations and Malaysia’s pivotal role as China’s second-largest ASEAN trading partner. Source: China’s key export products to Malaysia primarily include electrical machinery, machinery, furniture, plastics, steel products, vehicles and parts, mineral fuels, and textiles. Since 2019, these traditional export categories have consistently ranked among the top 10 in export value, with significant growth in each category. Source: What has increased during 2019-2023: Natural or cultured pearls, a 117 percent increase; Articles of apparel and clothing accessories, a 70 percent increase; Preparations of meat or fish, a 53 percent increase. Malaysia’s exports to China have been stable and robust in recent years with electrical and electronics (E&E) products accounting for the largest share of total exports. The primary export categories from Malaysia to China encompass electrical machinery, mineral fuels, plastics, and medical photographic machinery, demonstrating the diversity of goods traded with the world’s second-largest economy. Source: What has increased during 2019-2023: Paper and paperboard, a 95 percent increase; Residues and waste from the food industry, a 41 percent increase; Edible fruit and nuts, a 39 percent increase. China-Malaysia bilateral investment Benefiting from the diversification of global and regional supply chains and the adoption of ‘China+1’ strategies, net foreign direct investment (FDI) inflows into Malaysia have surged in recent years. To mitigate the impacts of trade tensions with the US, China has been looking to relocate some supply chains or establish new plants in Southeast Asia, including Malaysia. This has led to a steady influx of investment from both Chinese and US companies, making Malaysia one of the fastest-growing hubs for data centers, which are essential for powering artificial intelligence systems. The China-Malaysia Qinzhou Industrial Park and the Malaysia-China Kuantan Industrial Park, jointly developed by China and Malaysia, are thriving and have established a new model of international cooperation known as the “ ” initiative. This initiative exemplifies the close and dynamic trade relationship between the two nations, highlighting their shared vision for future collaboration. Launched under the China-ASEAN strategic framework, it integrates the Qinzhou and Kuantan parks as sister industrial hubs. These parks provide industry-specific infrastructure strategically located near major Malaysian ports and transportation hubs, optimizing logistics for high-value sectors such as manufacturing, electronics, and smart technology. Favorable policies, including tax incentives, tariff reductions, and subsidies, enhance cost efficiency, while joint ventures with Malaysian companies facilitate localized market penetration and access to broader ASEAN markets. Additionally, the initiative promotes technology and knowledge transfer, driving innovation and aligning exports with Malaysia’s focus on renewable energy, e-commerce, and other high-growth industries. This comprehensive ecosystem positions the Twin Parks as a critical enabler of export growth, creating significant opportunities for Chinese businesses to expand their presence in Malaysia and the ASEAN region. Source: As of the end of 2023, Malaysia ranked among the top 20 countries (regions) for China’s outbound FDI stock, reaching US$13.48 billion, which accounts for 0.5 percent of China’s total. Additionally, according to from Malaysia’s Malaysian Investment Development Authority (MIDA), in 2022, China was Malaysia’s largest source of approved foreign investment. Malaysia approved a total of RM 163.3 billion (approximately US$36.9 billion) in FDI that year, of which RM 55.4 billion (US$12.5 billion) came from China, accounting for 33.9 percent of the total. In 2023, China ranked among the top five foreign investors in Malaysia, driven by the manufacturing and services sectors. Malaysia’s international standard legal framework, abundant resources, competitive labor costs, and proximity to ASEAN markets further solidify its position as a preferred destination for Chinese enterprises. China’s investment in Malaysia highlights a strongly tied partnership rooted in cultural, economic, and strategic advantages. Chinese companies such as Vanke and CRRC Corporation have leveraged Malaysia’s pro-investment environment and multicultural society, which includes a significant Chinese population, to streamline operations and enhance cooperation. has played a vital role in advancing Malaysia’s transportation sector, particularly in rail and related industries, aligning with Malaysia’s goals of developing sustainable and modern infrastructure. In the telecommunication sector, , beginning in 2001 and 2004 respectively, were drawn by Malaysia’s focus on modernizing its telecommunications infrastructure. With Malaysia’s skilled workforce and a business-friendly environment, these firms have significantly contributed to the country’s digital transformation, supporting Malaysia in gaining access to cutting-edge technology while the firms secure a strategic foothold in a growing market. China’s investment in Malaysia’s real estate sector has been on the rise, exemplified most prominently by the Forest City project. stands as Malaysia’s most ambitious Chinese-funded real estate project, spanning over 1,386 hectares and blending luxury housing with service-oriented industries like tourism, healthcare, and green technology. Malaysia offers a competitive investment environment with strategic initiatives such as tax incentives for manufacturing, green energy, and technology sectors and its promotion of five economic corridors to balance regional development. The government also supports in targeted industries, boosting Malaysia’s attractiveness for FDI. Malaysia presents an exceptional opportunity for investors due to its combination of strategic location, advanced infrastructure, and business-friendly policies. Situated in the heart of Southeast Asia, Malaysia’s well-developed transport networks—including international airports, seaports, highways, and railways—facilitate efficient logistics and commerce, making it a central hub for global trade. The country also features over equipped with essential amenities, offering tax and duty incentives to reduce operational costs. In addition, Malaysia also benefits from ASEAN’s regional growth, which features the third-largest labor market globally. With its expanding middle class and increasing demand for goods and services, . These synergies between Malaysia’s infrastructure, strategic location, and access to ASEAN markets firmly establish it as a key hub for international commerce and innovation. The Malaysian government actively supports foreign investment through economic corridors that target regional development. Through its participation in ASEAN Free Trade Agreements (AFTA), . These reduced trade barriers translate into lower operational costs, allowing businesses in Malaysia to capitalize on the opportunities within one of the largest global trade blocs. As a market-oriented economy, it is supported by , which allows foreign investors to own 100 percent equity in manufacturing and specific service industries. The country has , generating over 104,000 jobs and US$143 billion in investments. Malaysia’s strong economic foundation and growth prospects are another draw for investors. As one of the most competitive and innovative emerging markets in ASEAN, Malaysia ranks highly in global indices for investment opportunities. Its policies, such as the “ ,” support digitalization and AI technologies to take up 26 percent of the total GDP in the next decade. Similarly, the “ ” aims to support Malaysia in achieving nationwide electrification and equitable development by expanding rural energy access, enhancing demand-side energy efficiency across sectors, and optimizing the value of indigenous resources like natural gas and petrochemicals. It also promotes private investment in renewable energy sources such as solar, hydroelectric, and bioenergy to support sustainable industry growth and regional competitiveness. The country is rich in natural resources, from palm oil and rubber to petroleum and minerals, supporting a diverse range of industries. Its skilled workforce, with relatively low labor costs, enhances the competitiveness of its manufacturing and service sectors. Additionally, Malaysia’s multicultural environment, especially the large Chinese community, facilitates smooth operations for foreign companies, particularly those from China. China-Malaysia bilateral agreement , effective since 1988 and revised periodically, is designed to eliminate the risk of double taxation on income and foster enhanced economic relations between Malaysia and China. It outlines clear tax obligations for income generated across both countries, ensuring taxpayers are not taxed twice on the same earnings. The treaty stipulates withholding tax rates on various income types to reduce tax burdens for cross-border transactions: Dividends: 5 percent if the recipient holds at least 25 percent (China to Malaysia), or 10 percent (Malaysia to China) of the shares in the company paying the dividends. 10 percent for all other cases. Interest: 10 percent. Royalties: 10 percent. The RCEP Agreement aims to enhance trade and investment among its members by reducing tariffs, simplifying customs procedures, and promoting economic integration. China-Malaysia future opportunities Malaysia’s energy sector is poised for a promising transformation, underpinned by robust plans for renewable energy development and market reforms. Malaysia has incentivized green technology tax benefits since 2001. The . The government’s supportive policies are aiming to attract investments in green technology projects in sectors such as circular economy, low carbon emissions, renewable energy, energy storage, etc. As of 2022, the country’s power industry had an installed capacity of 42 GW and generated 151 TWh of electricity annually. Guided by the “ ” introduced in 2019, the government is gradually liberalizing Peninsular Malaysia’s electricity market to attract independent enterprises and diversify fuel sources. Malaysia has set ambitious renewable energy targets, aiming to increase the share of renewables in installed capacity from 16 percent in 2021 to 31 percent by 2025 and 40 percent by 2040. Furthermore, the nation is committed to reducing its carbon emission intensity by 45 percent by 2030 and 60 percent by 2035, using 2005 levels as a baseline. To achieve these goals, Malaysia plans to halt the construction of new coal plants and retire 7 GW of coal-fired power by 2033. These initiatives highlight Malaysia’s dedication to reducing fossil fuel dependence, curbing carbon emissions, and fostering a sustainable energy future aligned with global climate commitments. Malaysia’s E&E industry is thriving and evolving with increasing opportunities for investment. Semiconductor manufacturing remains one of the country’s primary contributors to economic growth, with strong participation from multinational corporations (MNCs) in the downstream segments such as assembly, advanced packaging, and testing. , as of 2021, foreign investment accounted for 99.4 percent of the total approved investment in electronic components, with the sector receiving US$19.38 billion in investment, resulting in over 12,400 job opportunities. The growing demand for electronics, driven by global trends in automation, electric vehicles, and renewable energy, ensures that Malaysia will remain at the forefront of the semiconductor and electronic component industries. By 2027, the global semiconductor market is expected to grow to US$141.1 billion, and this favorable business climate makes it an attractive location for investors looking to capture a share of this expanding market. Malaysia is also emerging as a leader in the solar energy space, with an almost complete ecosystem of 250 companies involved in solar cell production, inverters, and system integration. The solar sector attracted a significant portion of the total approved investment, reflecting Malaysia’s strategic commitment to renewable energy. Additionally, Malaysia is well-positioned to capitalize on the shift toward advanced manufacturing, with a focus on -embedded electronic products, smart devices, and smart energy solutions. The government’s ongoing support for research and development, coupled with favorable tax incentives, further enhances Malaysia’s appeal as a global electronics manufacturing hub. shows the government’s objectives to attract financial incentives, grants, and support to encourage AI adoption and innovation domestically. In 2024, Malaysia presents an increasingly attractive landscape for investors in the AI industry, driven by its strategic integration of AI technologies across key sectors such as manufacturing, healthcare, finance, and education. , the country is on track to harness AI to significantly boost its GDP, with projections indicating a 30 percent increase. This robust government-backed initiative, coupled with improvements in global AI readiness rankings, reflects Malaysia’s commitment to becoming a regional and global leader in AI. The country’s focus on fostering public-private partnerships, workforce upskilling, and cutting-edge digital infrastructure enhances its attractiveness for investors seeking growth in a rapidly evolving AI ecosystem. Additionally, and its emphasis on digitalization as a regional priority highlight the nation’s growing influence in shaping the future of AI adoption within Southeast Asia. Investors can expect a conducive environment for innovation, supported by a clear national AI vision, strategic research investments, and initiatives designed to overcome AI adoption barriers. With Malaysia positioning itself as a hub for AI-driven growth, the country’s comprehensive approach to AI readiness, workforce development, and cross-border collaboration presents significant opportunities for long-term investment in this dynamic sector. Malaysia’s healthcare sector is also offering compelling opportunities for international investors. Investors are attracted by incentives such as tax allowances for establishing or expanding private hospitals and facilities specializing in ambulatory care or rehabilitation. With a rising middle class and a growing aging population, there is a substantial demand for high-quality private healthcare services, including . The sector’s push toward digitalization presents additional avenues for investment in telemedicine, health data analytics, and AI-driven diagnostics. Furthermore, Malaysia’s position as a global medical tourism hub offers lucrative opportunities in wellness centers, cosmetic surgery, and fertility treatments. So, catering to regional and global healthcare demands while tapping into Malaysia’s skilled workforce and robust public-private collaboration frameworks will be attractive in the near future. China Briefing is one of five regional publications, supported by . For a complimentary subscription to China Briefing’s content products, please click . Dezan Shira & Associates assists foreign investors into and has done so since 1992 through offices in , , , , , , , , , , , , , and . We also have offices in , , , , , , , and and partner firms assisting foreign investors in , , , , and . For assistance in China, please contact the firm at or visit our website at . 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WEST JORDAN, Utah, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Sportsman's Warehouse Holdings, Inc. ("Sportsman's Warehouse" or the "Company") SPWH today announced third quarter financial results for the thirteen and thirty-nine weeks ended November 2, 2024. "Despite a pressured consumer and complex macroeconomic environment, we focused our efforts on driving sales and achieved growth in our fishing, camping and gift bar categories during the quarter," said Paul Stone, Sportsman's Warehouse President and Chief Executive Officer. "We continue to make progress on our business reset initiatives with a focus on improved in-stocks, in-store and online customer experience and our Great Gear | Great Service program." "To improve our holiday relevancy and drive traffic during the season, we introduced an omni-channel marketing campaign highlighting gear perfect for gifting or for treating yourself, primarily centered around value," continued Stone. "This is a new approach to engaging our customers, which we coupled with an upgraded store experience creating a fully integrated customer experience. As we move through the balance of the holiday season and navigate a pressured consumer environment, we'll continue to prioritize traffic-driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management. Emphasizing the balance sheet and ending the year with positive free cash flow remain our primary objectives." For the thirteen weeks ended November 2, 2024: Net sales were $324.3 million, a decrease of 4.8%, compared to $340.6 million in the third quarter of fiscal year 2023. The net sales decrease was primarily due to the continued impact of consumer inflationary pressures on discretionary spending, resulting in a decline in store traffic and lower demand across most product categories, particularly in ammunition, apparel and footwear. This decrease, however, was partially offset by year-over-year sales growth in our fishing, camping and optics and accessories departments. Same store sales decreased 5.7% during the third quarter of fiscal year 2024, compared to the third quarter of fiscal year 2023, primarily as a result of the impact of consumer inflationary pressures and recessionary concerns on discretionary spending. Gross profit was $103.1 million, or 31.8% of net sales, compared to $103.2 million or 30.3% of net sales in the third quarter of fiscal year 2023. This 150 basis-point increase, as a percentage of net sales, was primarily driven by improved product margins in our apparel and footwear departments, partially offset by increased freight and shrink. Selling, general, and administrative (SG&A) expenses were $100.0 million, or 30.8% of net sales, compared to $100.1 million, or 29.4% of net sales in the third quarter of fiscal year 2023. Net loss was $(0.4) million, compared to a net loss of $(1.3) million in the third quarter of fiscal year 2023. Adjusted net income was $1.4 million, compared to adjusted net loss of $(0.2) million in the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Adjusted EBITDA was $16.4 million, compared to $16.2 million in the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Diluted loss per share was $(0.01), compared to diluted loss per share of $(0.04) in the third quarter of fiscal year 2023. Adjusted diluted earnings per share were $0.04, compared to adjusted diluted loss per share of $(0.01) for the third quarter of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). For the thirty-nine weeks ended November 2, 2024: Net sales were $857.2 million, a decrease of 6.6%, compared to $917.6 million in the first nine months of fiscal year 2023. This net sales decrease was primarily driven by lower demand across most product categories due to current consumer inflationary pressures on discretionary spending. This decrease was partially offset by same store sales growth in our fishing department and the opening of 1 new store since October 28, 2023. Stores that have been open for less than 12 months and were not included in our same store sales, contributed $30.8 million to net sales. Same store sales decreased 9.4% compared to the first nine months of fiscal year 2023, primarily as a result of the same factors noted above that impacted net sales. Gross profit was $266.9 million or 31.1% of net sales, compared to $284.0 million or 31.0% of net sales for the first nine months of fiscal year 2023. This increase, as a percentage of net sales, was primarily due to higher overall product margins, versus last years apparel and footwear clearance events which put pressure on our gross margin, partially offset by increased shrink. SG&A expenses decreased to $288.7 million or 33.6% of net sales, compared with $301.5 million or 32.9% of net sales for the first nine months of fiscal year 2023. This absolute dollar decrease primarily related to our ongoing cost reduction efforts and decision to not open new stores during fiscal year 2024, partially offset by increases in rent and depreciation expenses. The increase as a percentage of net sales was largely due to lower net sales. Net loss was $(24.3) million, compared to net loss of $(20.3) million in the first nine months of fiscal year 2023. Adjusted net loss was $(21.7) million, compared to adjusted net loss of $(16.6) million in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Adjusted EBITDA was $15.1 million, compared to $19.3 million in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Diluted loss per share was $(0.65), compared to diluted loss per share of $(0.54) in the first nine months of fiscal year 2023. Adjusted diluted loss per share was $(0.58), compared to adjusted diluted loss per share of $(0.44) in the first nine months of fiscal year 2023 (see "GAAP and Non-GAAP Financial Measures"). Balance sheet and capital allocation highlights as of November 2, 2024: The Company ended the third quarter with net debt of $151.3 million, comprised of $130.0 million of borrowings outstanding under the Company's revolving credit facility, $24.0 million of net borrowings outstanding under the Company's term loan facility, and $2.7 million of cash and cash equivalents. Inventory at the end of the third quarter was $438.1 million. Total liquidity was $150.8 million as of the end of the third quarter of fiscal year 2024, comprised of $148.1 million of availability under the Company's revolving credit facility and term loan facility and $2.7 million of cash and cash equivalents. Company Outlook: "Given the current consumer environment and the shift towards value and promotion-driven shopping, we intensified our marketing and advertising campaigns to drive sales, which placed additional pressure on our margins this quarter," said Jeff White, Chief Financial Officer of Sportsman's Warehouse "To ensure strong core product in-stocks and to bring fresh offerings to our stores, we made strategic inventory investments aimed at improving sales during the hunting and holiday seasons. As we progress through the remainder of the year, we will remain disciplined in managing our expenses, and will reduce total inventory levels to generate positive free cash flow. Our mid and long-term objectives will be centered on improving our topline with a focus on margins and profitability." The Company is adjusting its guidance for fiscal year 2024 and expects net sales to be in the range of $1.18 billion to $1.20 billion, adjusted EBITDA to be in the range of $23 million to $29 million and total inventory to be below $350 million. The low end of the adjusted EBITDA range still assumes positive free cash flow for the full year. The Company now expects capital expenditures for 2024 to be in the range of $17 million to $20 million, primarily consisting of technology investments relating to merchandising and store productivity. No new store openings for the remainder of fiscal year 2024 are currently anticipated and we plan to open one new store in fiscal year 2025. The Company has not reconciled expected adjusted EBITDA for fiscal year 2024 to GAAP net income because the Company does not provide guidance for net (loss) income and is not able to provide a reconciliation to net (loss) income without unreasonable effort. The Company is not able to estimate net (loss) income on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from Adjusted EBITDA, including stock-based compensation expense. Conference Call Information A conference call to discuss third quarter 2024 financial results is scheduled for December 10, 2024, at 5:00 PM Eastern Time. The conference call will be held via webcast and may be accessed via the Investor Relations section of the Company's website at www.sportsmans.com . Non-GAAP Financial Measures This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the "SEC") and that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"): adjusted net (loss) income, adjusted diluted (loss) earnings per share and adjusted EBITDA. The Company defines adjusted net (loss) income as net (loss) income plus expenses incurred relating to director and officer transition costs, costs related to the implementation of our cost reduction plan, costs related to legal settlements and related fees and expenses, and fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. Net (loss) income is the most comparable GAAP financial measure to adjusted net (loss) income. The Company defines adjusted diluted (loss) earnings per share as adjusted net (loss) income divided by diluted weighted average shares outstanding. Diluted (loss) earnings per share is the most comparable GAAP financial measure to adjusted diluted (loss) earnings per share. The Company defines Adjusted EBITDA as net (loss) income plus interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation expense, director and officer transition costs, costs related to the implementation of our cost reduction plan, a legal settlement and related fees and expenses, and fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. Net (loss) income is the most comparable GAAP financial measure to adjusted EBITDA. The Company has reconciled these non-GAAP financial measures to the most directly comparable GAAP financial measures under "GAAP and Non-GAAP Financial Measures" in this release. As noted above, the Company has not provided a reconciliation of fiscal year 2024 guidance for Adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors and are frequently used by analysts, investors and other interested parties in the evaluation of companies in the Company's industry. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a more meaningful comparison of its diluted (loss) earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Management uses this information as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company's industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP. The Company's management believes that these non-GAAP financial measures allow investors to evaluate the Company's operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company's core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company's future results, cash flows or leverage will be unaffected by other unusual or non-recurring items. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our progress on our business reset initiatives; our prioritization of traffic-driving marketing and product pricing initiatives, exceptional customer service and prudent inventory management; our emphasis on the balance sheet and ending the year with positive free cash flow; our ability to manage expenses, reduce total inventory levels to generate positive free cash flow; and our guidance for net sales and Adjusted EBITDA for fiscal year 2024. Investors can identify these statements by the fact that they use words such as "aim," "anticipate," "assume," "believe," "can have," "could," "due," "estimate," "expect," "goal," "intend," "likely," "may," "objective," "plan," "positioned," "potential," "predict," "should," "target," "will," "would" and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for the Company's products and ability to conduct its business; the Company's retail-based business model which is impacted by general economic and market conditions and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company's concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region, and could affect the Company's sales and cause the Company's operating results to suffer; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company's entrance into new markets or operations in existing markets, including the Company's plans to open additional stores in future periods, which may not be successful; the Company's implementation of a plan to reduce expenses in response to adverse macroeconomic conditions, including an increased focus on financial discipline and rigor throughout the Company's organization; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company's filings with the SEC, including under the caption "Risk Factors" in the Company's Form 10-K for the fiscal year ended February 3, 2024, which was filed with the SEC on April 4, 2024, and the Company's other public filings made with the SEC and available at www.sec.gov . If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws. About Sportsman's Warehouse Holdings, Inc. Sportsman's Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories. For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com . Investor Contact: Riley Timmer Vice President, Investor Relations Sportsman's Warehouse (801) 304-2816 investors@sportsmans.com SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except per share data) For the Thirteen Weeks Ended November 2, 2024 % of net sales October 28, 2023 % of net sales YOY Variance Net sales $ 324,261 100.0 % $ 340,569 100.0 % $ (16,308 ) Cost of goods sold 221,173 68.2 % 237,384 69.7 % (16,211 ) Gross profit 103,088 31.8 % 103,185 30.3 % (97 ) Operating expenses: Selling, general and administrative expenses 99,973 30.8 % 100,113 29.4 % (140 ) Income from operations 3,115 1.0 % 3,072 0.9 % 43 Interest expense 3,317 1.1 % 3,944 1.2 % (627 ) Other losses - 0.0 % - 0.0 % - Loss before income taxes (202 ) (0.1 %) (872 ) (0.3 %) 670 Income tax expense 162 0.0 % 459 0.1 % (297 ) Net loss $ (364 ) (0.1 %) $ (1,331 ) (0.4 %) $ 967 Loss per share Basic $ (0.01 ) $ (0.04 ) $ 0.03 Diluted $ (0.01 ) $ (0.04 ) $ 0.03 Weighted average shares outstanding Basic 37,869 37,393 476 Diluted 37,869 37,393 476 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited) (amounts in thousands, except per share data) For the Thirty-Nine Weeks Ended November 2, 2024 % of net sales October 28, 2023 % of net sales YOY Variance Net sales $ 857,235 100.0 % $ 917,593 100.0 % $ (60,358 ) Cost of goods sold 590,343 68.9 % 633,547 69.0 % (43,204 ) Gross profit 266,892 31.1 % 284,046 31.0 % (17,154 ) Operating expenses: Selling, general and administrative expenses 288,727 33.6 % 301,450 32.9 % (12,723 ) Loss from operations (21,835 ) (2.5 %) (17,404 ) (1.9 %) (4,431 ) Interest expense 9,408 1.1 % 9,518 1.0 % (110 ) Other losses 457 0.1 % - 0.0 % 457 Loss before income taxes (31,700 ) (3.7 %) (26,922 ) (2.9 %) (4,778 ) Income tax benefit (7,364 ) (0.9 %) (6,664 ) (0.7 %) (700 ) Net loss $ (24,336 ) (2.8 %) $ (20,258 ) (2.2 %) $ (4,078 ) Loss per share Basic $ (0.65 ) $ (0.54 ) $ (0.11 ) Diluted $ (0.65 ) $ (0.54 ) $ (0.11 ) Weighted average shares outstanding Basic 37,729 37,500 229 Diluted 37,729 37,500 229 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Balance Sheets (Unaudited) (amounts in thousands, except par value data) November 2, February 3, 2024 2024 Assets Current assets: Cash and cash equivalents $ 2,666 $ 3,141 Accounts receivable, net 1,447 2,119 Income tax receivable 523 — Merchandise inventories 438,136 354,710 Prepaid expenses and other 19,745 20,078 Total current assets 462,517 380,048 Operating lease right of use asset 320,729 309,377 Property and equipment, net 175,181 194,452 Goodwill 1,496 1,496 Deferred tax asset 7,480 505 Definite lived intangibles, net 282 327 Total assets $ 967,685 $ 886,205 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 112,690 $ 56,122 Accrued expenses 95,094 83,665 Income taxes payable — 126 Operating lease liability, current 48,866 48,693 Revolving line of credit 130,042 126,043 Total current liabilities 386,692 314,649 Long-term liabilities: Term loan, net 23,969 — Operating lease liability, noncurrent 313,454 307,000 Total long-term liabilities 337,423 307,000 Total liabilities 724,115 621,649 Commitments and contingencies Stockholders' equity: Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding — — Common stock, $.01 par value; 100,000 shares authorized; 37,957 and 37,529 shares issued and outstanding, respectively 379 375 Additional paid-in capital 85,144 81,798 Accumulated earnings 158,047 182,383 Total stockholders' equity 243,570 264,556 Total liabilities and stockholders' equity $ 967,685 $ 886,205 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. Condensed Consolidated Statements Cash Flows (Unaudited) (amounts in thousands) Thirty-Nine Weeks Ended November 2, October 28, 2024 2023 Cash flows from operating activities: Net loss $ (24,336 ) $ (20,258 ) Adjustments to reconcile net income to net cash used in operating activities: Depreciation of property and equipment 30,491 28,367 Amortization of discount on debt and deferred financing fees 217 114 Amortization of definite lived intangible 45 45 Loss on asset dispositions 501 — Noncash lease expense 3,239 24,493 Deferred income taxes (6,975 ) (6,664 ) Stock-based compensation 3,438 3,341 Change in operating assets and liabilities, net of amounts acquired: Accounts receivable, net 673 (1,051 ) Operating lease liabilities (7,964 ) (10,539 ) Merchandise inventories (83,426 ) (47,196 ) Prepaid expenses and other 220 (7,403 ) Accounts payable 56,128 26,081 Accrued expenses 9,727 (4,413 ) Income taxes payable and receivable (649 ) (1,554 ) Net cash used in operating activities (18,671 ) (16,637 ) Cash flows from investing activities: Purchase of property and equipment, net of amounts acquired (11,305 ) (71,170 ) Proceeds from sale of property and equipment 55 — Net cash used in investing activities (11,250 ) (71,170 ) Cash flows from financing activities: Net borrowings on line of credit 3,999 97,885 Borrowings on term loan 25,000 — Increase (Decrease) in book overdraft 1,670 (5,611 ) Proceeds from issuance of common stock per employee stock purchase plan 208 456 Payments to acquire treasury stock — (2,748 ) Payment of withholdings on restricted stock units (296 ) (1,649 ) Payment of deferred financing costs and discount on term loan (1,135 ) — Net cash provided by financing activities 29,446 88,333 Net change in cash and cash equivalents (475 ) 526 Cash and cash equivalents at beginning of period 3,141 2,389 Cash and cash equivalents at end of period $ 2,666 $ 2,915 SPORTSMAN'S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Financial Measures (Unaudited) (amounts in thousands, except per share data) The following table presents the reconciliations of (i) GAAP net loss to adjusted net loss and (ii) GAAP diluted loss per share to adjusted diluted loss per share: For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Numerator: Net loss $ (364 ) $ (1,331 ) $ (24,336 ) $ (20,258 ) Director and officer transition costs (1) 279 1,180 709 3,067 Cancelled contract (2) 205 - 911 - Cost reduction plan (3) - 351 - 1,216 Legal settlement (4) 1,750 - 1,750 687 Less tax benefit (519 ) (398 ) (783 ) (1,292 ) Adjusted net loss $ 1,351 $ (198 ) $ (21,749 ) $ (16,580 ) Denominator: Diluted weighted average shares outstanding 37,869 37,393 37,729 37,500 Reconciliation of loss per share: Diluted loss per share: $ (0.01 ) $ (0.04 ) $ (0.65 ) $ (0.54 ) Impact of adjustments to numerator and denominator 0.05 0.03 0.07 0.10 Adjusted diluted loss per share: $ 0.04 $ (0.01 ) $ (0.58 ) $ (0.44 ) (1) Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team. (2) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. (3) Severance expenses paid as part of our cost reduction plan implemented during the 13 weeks ended July 29, 2023. (4) Represents costs related to legal settlements and related fees and expenses. SPORTSMAN'S WAREHOUSE HOLDINGS, INC. GAAP and Non-GAAP Financial Measures (Unaudited) (amounts in thousands, except per share data) The following table presents the reconciliation of GAAP net loss to adjusted EBITDA for the periods presented: For the Thirteen Weeks Ended For the Thirty-Nine Weeks Ended November 2, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Net loss $ (364 ) $ (1,331 ) $ (24,336 ) $ (20,258 ) Interest expense 3,317 3,944 9,408 9,518 Income tax benefit 162 459 (7,364 ) (6,664 ) Depreciation and amortization 9,984 10,663 30,536 28,412 Stock-based compensation expense (1) 1,047 965 3,438 3,341 Director and officer transition costs (2) 279 1,180 709 3,067 Cancelled contract (3) 205 - 911 - Cost reduction plan (4) - 351 - 1,216 Legal settlement (5) 1,750 - 1,750 687 Adjusted EBITDA $ 16,380 $ 16,231 $ 15,052 $ 19,319 (1) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to employees under our equity incentive plan and employee stock purchase plan. (2) Expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team. (3) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems. (4) Severance expenses paid as part of our cost reduction plan implemented during the 13 weeks ended July 29, 2023. (5) Represents costs related to legal settlements and related fees and expenses. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.