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Shoals Technologies Group, Inc. Reports Financial Results for First Quarter 2024

– Quarterly Revenue of $90.8 million –
– Gross Margin of 40.2% –
– Net Income of $4.8 million –
– Adjusted EBITDA of $20.5 million –
– Backlog and Awarded Orders Increased 17% Year-Over-Year to $615.2 million –
– Provides Second Quarter and Full Year 2024 Outlook –

PORTLAND, Tenn., May 07, 2024 (GLOBE NEWSWIRE) -- Shoals Technologies Group, Inc. ("Shoals" or the "Company") (NASDAQ:SHLS), a leading provider of electrical balance of system ("EBOS") solutions for solar, battery storage, and electric vehicle charging infrastructure, today announced results for its first quarter ended March 31, 2024.

"Despite additional project delays in the period, the team's continued strong execution allowed Shoals to meet our first quarter outlook. While some industry and supply chain disruptions persist, including extended equipment lead times and long interconnection queues, we remain confident in the long-term fundamental drivers of the industry and our ability to execute our strategic plan. Our offering continues to resonate with customers, supported by backlog and awarded orders increasing 17% year-over-year, and more than $75 million in new orders added during the quarter," said Brandon Moss, CEO of Shoals.

"In the short term, our results will continue to be impacted by project timing, but the medium- and long-term outlook for domestic utility scale solar remains bright, as reflected in robust quoting activity and pipeline levels. Load growth is expected to increase significantly over the next five years, driven by a combination of data center growth, reshoring of manufacturing, electric vehicles and increased weather volatility, requiring more heating and cooling. Meeting all that new demand will require more generation capacity and we expect solar to be a prime beneficiary. We remain very excited about the opportunity ahead," added Mr. Moss.

First Quarter 2023 Financial Results
Revenue decreased 14%, to $90.8 million, compared to $105.1 million for the prior-year period, due to lower sales volumes resulting from fewer production days, as well as project delays.

Gross profit was $36.5 million, compared to $48.3 million in the prior-year period. Gross profit as a percentage of revenue was 40.2% compared to 45.9% in the prior-year period. The decline from the prior-year period was primarily due to higher labor costs and reduced leverage on fixed costs.

General and administrative expenses were $22.8 million, compared to $20.0 million during the same period in the prior year. This increase was primarily the result of planned increases in payroll expense due to higher headcount supporting growth and legal fees related to the patent infringement and wire insulation shrinkback matters.

Income from operations was $11.6 million, compared to $26.1 million during the prior-year period.

Net income was $4.8 million compared to $17.0 million during the prior-year period.

Net income attributable to Shoals Technologies Group, Inc. was $4.8 million compared to $14.3 million during the prior-year period. Basic and diluted net income per share was $0.03 compared to basic and diluted net income per share of $0.10 in the prior-year period.

Adjusted EBITDA* decreased $17.6 million to $20.5 million compared to $38.1 million for the prior-year period.

Adjusted net income* decreased $12.7 million to $12.6 million compared to $25.3 million during the prior-year period. Adjusted diluted earnings per share* were $0.07 compared to $0.15 in the prior-year period.

* A reconciliation of the Company's non-GAAP measures to the most closely comparable U.S. generally accepted accounting principles ("GAAP") measures are found within this release.

Backlog and Awarded Orders
The Company's backlog and awarded orders as of March 31, 2024, were $615.2 million, representing a 17% increase compared to the prior-year period and a 3% sequential decrease from December 31, 2023. The increase in backlog and awarded orders as compared to the prior-year period reflects consistent demand for the Company's innovative products, with robust growth in international markets, which comprises more than 12% of backlog and awarded orders.

Backlog represents signed purchase orders or contractual minimum purchase commitments with take-or-pay provisions and awarded orders are orders we are in the process of documenting a contract but for which a contract has not yet been signed.

Second Quarter 2024 Outlook
The Company is providing an outlook for the second quarter given the near-term uncertainty in the utility scale solar market, which has resulted in shifting order patterns. Based on current business conditions, business trends and other factors, for the quarter ending June 30, 2024, the Company expects:

  • Revenue to be in the range of $85 million to $95 million
  • Adjusted EBITDA to be in the range of $20 million to $25 million

Full Year 2024 Outlook
Based on current business conditions, business trends and other factors, for the full year 2024, the Company expects:

  • Revenue to be in the range of $440 million to $490 million
  • Adjusted EBITDA* to be in the range of $130 million to $150 million
  • Adjusted net income* to be in the range of $85 million to $100 million
  • Cash Flow from operations to be in the range of $100 million to $115 million
  • Capital expenditures to be in the range of $15 million to $20 million
  • Interest expense to be in the range of $15 million to $20 million

A reconciliation of Adjusted EBITDA guidance and Adjusted net income guidance, which are forward-looking measures that are non-GAAP measures, to the most closely comparable GAAP measures is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty in predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, amortization of intangible assets and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future.

Webcast and Conference Call Information
Company management will host a webcast and conference call on May 7, 2024, at 5:00 p.m. Eastern Time, to discuss the Company's financial results.

Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://investors.shoals.com.

The conference call can be accessed live over the phone by dialing 1-877-407-0789 (domestic) or +1-201-689-8562 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 or for international callers, +1-412-317-6671. The access ID number for the replay is 13743838. The telephonic replay will be available until 11:59 p.m. Eastern Time on May 21, 2024.

About Shoals Technologies Group, Inc.
Shoals Technologies Group, Inc. is a leading provider of electrical balance of systems (EBOS) solutions for solar, storage, and electric vehicle charging infrastructure. Since its founding in 1996, the Company has introduced innovative technologies and systems solutions that allow its customers to substantially increase installation efficiency and safety while improving system performance and reliability. Shoals Technologies Group, Inc. is a recognized leader in the renewable energy industry whose solutions are deployed on over 62 GW of solar systems globally. For additional information, please visit: https://www.shoals.com.

Investor Relations Contact
Shoals Technologies Group, Inc.
Email: investors@shoals.com

Forward-Looking Statements

This report contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations; including our financial guidance for the second quarter of 2024 and for the full year ending December 31, 2024; expectations regarding the utility scale solar market; project delays; regulatory environment; pipeline and orders; business strategies; technology developments; financing and investment plans; warranty, litigation and liability accruals and estimates of loss or gains; litigation strategy and expected benefits or results from the current intellectual property and wire insulation shrinkback litigation; competitive position; potential growth opportunities, including international growth, production and capacity at our plants; and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "will," "would" or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

Some of the key factors that could cause actual results to differ from our expectations include, among others, if demand for solar energy projects does not continue to grow or grows at a slower rate than we anticipate, we may not be able to achieve our anticipated level of growth and our business will suffer; if we fail to accurately estimate the potential losses related to the wire insulation shrinkback matter, or fail to recover the costs and expenses incurred by us from the supplier, our profit margins, financial results, business and prospects could be materially adversely impacted; defects or performance problems in our products or their parts, including those related to the wire insulation shrinkback matter, could result in loss of customers, reputational damage and decreased revenue, and may have a material adverse effect on our business, financial condition and results of operations; we may experience delays, disruptions, quality control or reputational problems in our manufacturing operations in part due to our vendor concentration; if we or our suppliers face disputes with labor unions, we may not be able to achieve our anticipated level of growth and our business could suffer; if we fail to retain our key personnel and attract additional qualified personnel, or successfully integrate our new Chief Executive Officer, our business strategy and prospects could suffer; our products are primarily manufactured and shipped from our production facilities in Tennessee, and any damage or disruption at these facilities may harm our business; we may face difficulties with respect to the planned consolidation and relocation of our Tennessee-based manufacturing and distribution operations, and may not realize the benefits thereof; unsatisfactory safety performance may subject us to penalties, negatively impact customer relationships, result in higher operating costs, and negatively impact employee morale and turnover; the market for our products is competitive, and we may face increased competition as new and existing competitors introduce EBOS system solutions and components, which could negatively affect our results of operations and market share; current macroeconomic events, including high inflation, high interest rates, a potential recession and geopolitical instability could impact our business and financial results; our industry has historically been cyclical and experienced periodic downturns; the interruption of the flow of raw materials from international vendors has disrupted our supply chain, including as a result of the imposition of additional duties, tariffs and other charges on imports and exports; we are subject to risks associated with legal proceedings and claims, including the patent infringement complaints that we filed with the U.S. International Trade Commission (the "ITC") and two District Courts, the securities litigation initiated in March 2024, and other legal proceedings and claims, which may or may not arise in the normal course of our business; if we fail to, or incur significant costs in order to, obtain, maintain, protect, defend or enforce our intellectual property and other proprietary rights, including those that are subject to the patent infringement complaints we filed with the ITC and two District Courts, our business and results of operations could be materially harmed; and future growth in the EV charging market is highly dependent on the demand for, and consumers' willingness to adopt, EVs.

These and other important risk factors are described more fully in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission and could cause actual results to vary from expectations. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date of this report. You should read this report with the understanding that our actual future results may be materially different from what we expect.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Measures

Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted Earnings per Share ("EPS")

We define Adjusted Gross Profit as gross profit plus wire insulation shrinkback expenses. We define Adjusted Gross Profit Percentage as Adjusted Gross Profit divided by revenue. We define Adjusted EBITDA as net income plus (i) interest expense, net, (ii) income tax expense, (iii) depreciation expense, (iv) amortization of intangibles, (v) equity-based compensation, (vi) wire insulation shrinkback expenses, and (vii) wire insulation shrinkback litigation expenses. We define Adjusted Net Income as net income attributable to Shoals Technologies Group, Inc. plus (i) net income impact from assumed exchange of Class B common stock to Class A common stock as of the beginning of the earliest period presented, (ii) adjustment to the provision for income tax, (iii) amortization of intangibles, (iv) amortization / write-off of deferred financing costs, (v) equity-based compensation, (vi) wire insulation shrinkback expenses, and (vii) wire insulation shrinkback litigation expenses, all net of applicable income taxes. We define Adjusted Diluted EPS as Adjusted Net Income divided by the diluted weighted average shares of Class A common stock outstanding for the applicable period, which assumes the exchange of all outstanding Class B common stock for Class A common stock as of the beginning of the earliest period presented.

Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with, GAAP. We present Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS because we believe they assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS: (i) as factors in evaluating management's performance when determining incentive compensation, as applicable; (ii) to evaluate the effectiveness of our business strategies; and (iii) because our credit agreement uses measures similar to Adjusted EBITDA, Adjusted Net Income and Adjusted Diluted EPS to measure our compliance with certain covenants.

Among other limitations, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and may be calculated by other companies in our industry differently than we do or not at all, which may limit their usefulness as comparative measures.

Because of these limitations, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. You should review the reconciliation of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage, net income to Adjusted EBITDA, and net income attributable to Shoals Technologies Group, Inc. to Adjusted Net Income and Adjusted Diluted EPS below and not rely on any single financial measure to evaluate our business.

 
Shoals Technologies Group, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except shares and par value)
 
    March 31,
2024
  December 31,
2023
Assets        
Current Assets        
Cash and cash equivalents   $ 15,236     $ 22,707  
Accounts receivable, net     103,403       107,118  
Unbilled receivables     23,406       40,136  
Inventory, net     59,565       52,804  
Other current assets     6,872       4,421  
Total Current Assets     208,482       227,186  
Property, plant and equipment, net     26,213       24,836  
Goodwill     69,941       69,941  
Other intangible assets, net     46,772       48,668  
Deferred tax assets     465,700       468,195  
Other assets     8,198       5,167  
Total Assets   $ 825,306     $ 843,993  
         
Liabilities and Stockholders' Equity        
Current Liabilities        
Accounts payable   $ 15,728     $ 14,396  
Accrued expenses and other     10,352       22,907  
Warranty liability—current portion     31,708       31,099  
Deferred revenue     21,834       22,228  
Long-term debt—current portion           2,000  
Total Current Liabilities     79,622       92,630  
Revolving line of credit     168,750       40,000  
Long-term debt, less current portion           139,445  
Warranty liability, less current portion     20,091       23,815  
Other long-term liabilities     2,866       3,107  
Total Liabilities     271,329       298,997  
Commitments and Contingencies        
Stockholders' Equity        
Preferred stock, $0.00001 par value – 5,000,000 shares authorized; none issued and ...

Full story available on Benzinga.com


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(Anthony, who married his love Kate last season, also makes an appearance.)  Among them, another unexpected sibling, Francesca (Hannah Dodd), who was previously played by a different actress in a much smaller version of the role, returns from Bath just in time to make an amiable connection with the quiet, quirky but charming John Stirling (Victor Alli), a little-known earl who seems destined to easily win her hand. Francesca and her mother seem to represent opposite ends of the marriage spectrum: Lady Violet wants all of her children to make a love match like she did with her late husband, but Francesca seems perfectly content to make a convenient marriage based on her friendship with the earl.  What’s less clear is what either man hopes to gain from wooing a Bridgerton. Lady Danbury seems to be wary of Marcus, with the vague implication that he might be a rake, but he gets so little screen time that we barely get any sense of his character beyond his shallow banter with Violet. John, by contrast, gets one of the more interesting arcs of the season — if you can call socially awkward courtship an arc. Both get sidelined by a script that has too many characters to cycle through and not enough time to devote to giving them all three dimensions.  Additionally, as Black gentlemen of the ton, both men appear to be disconnected from the society they’re moving within. Marcus has arrived from out of town and no one seems to know him apart from Lady Danbury. John likewise seems to have come to town specifically to tour the marriage mart — no one among the Bridgerton families seems to know him at all. His apparent neurodivergence further sets him apart from their sphere, at least initially.  It’s unclear whether the writers intended both characters to feel this isolated, or whether it’s a byproduct of the show’s divided attention, but the result leaves us questioning what role Black men actually play in this society, and how integrated they actually are within it. Recall that our season one hero, Simon (Regé-Jean Page), was also a solitary figure within his set whose best friend, Will Mondrich (Martins Imhangbe), was a working-class boxer who bonded with him through the military. Throughout season one, Will’s primary role was that of sidekick and exposition tool for Simon. Over the course of season two and season three, Bridgerton has tried to redeem its mechanical use of him in season one by gradually elevating him through the social ranks. Season two sees him breaking away from the shady world of boxing and trying to establish himself as a respectable barkeep. Season three cavalierly upends that storyline by handing Will’s young son a surprise title and elevating Will’s entire family to the peerage. This “unexpected fortune” trope forms the basis for many a romance, but Will is happily married to Alice (Emma Naomi). She’s not too pleased, though, when Will fights to keep his club and continue running it himself. His resistance to luxury horrifies the gentlemen who formerly patronized his establishment, and they drop him, threatening both his business and his family’s new position in society. Given that Will is one of only a few significant characters in Bridgerton with an actual job — dressmaker Madame Delacroix (Kathryn Drysdale) has likewise hovered around the edges of polite society for all three seasons — it’s hardly surprising that so much of his character revolves around work. It also makes sense that a show so fixated on wealth would explicitly create an upwardly mobile character to both center all the show’s class concerns and represent the show’s modern middle-class viewer. Yet it’s striking that the conflicts that arise from this new season three storyline have everything to do with class but nothing to do with race. The Mondriches have no trouble being accepted by the ton until Will determines to keep the club; it’s only his choice to buck the trendy disdain for work that makes him unfashionable. Will and Alice each afford the show a rich opportunity to explore the combination of class and race, one that so far the show has declined. Bridgerton’s prequel series, Queen Charlotte, addresses these intersections more explicitly — and arguably more improbably — than the main series yet has. There seems to be little thematic connection between the social isolation of Marcus, John, and Simon and the ease with which Will is initially accepted into society. Yet their disconnection, combined with the fact that Will’s patrons turn on him so rapidly once he chooses to keep working, implies that for all of these men, race may be the primary factor keeping them set apart from the other characters. Again, this could be all down to the writing, to the show’s expanding storylines and self-conscious frippery. Still, intentional or not, race provides subtle friction for these characters. That brings us to Bridgerton’s most isolated character of all. Queen Charlotte may be the reason Bridgerton’s London has so many diverse marriages Bridgerton is a story that’s ultimately all about competition — competition for a better position in society, for a wealthy spouse, for more money, and for more power. At the center of all that competition sits the regent herself — Queen Charlotte (Golda Rosheuvel), who simultaneously reigns over London society and fiercely fights to maintain her position.  The show configures its arch gossipmonger, the anonymous scandal-sheet writer Lady Whistledown, as the foil to the queen herself. Both women exert huge influence over the fates of their fellow members of the ton. But where Whistledown’s influence is usually strategic, due to her writer’s need to protect herself and her loved ones, the queen’s influence often feels random and quixotic — characterized by bored vanity and occasional whimsy. Queen Charlotte, much like the real-life prince regent who’s missing from this version of history, functions as a sort of chaotic neutral in the world she dominates, using her power and social influence to move chess pieces around according to her whims. Typically, only Whistledown, who operates more like a true neutral among the society she observes, can disturb her sense of studied nonchalance.  As we learn in the issue-laden prequel series, Charlotte secured her position in the world of Bridgerton through a sociopolitical “experiment” spearheaded by her husband to integrate the races among all social classes. So what seems like arbitrary meddling in the affairs of the ton on Charlotte’s part may be her way of ensuring that the “experiment” continues for the benefit of all British society.  Yet increasingly, for all Charlotte’s queendom ensures the elevation of her and all Black characters in this universe, we see that it’s left her almost entirely alone. Her position of power alienates her from almost everyone in the ton; the sole exception, Lady Danbury, serves her more as an advisor than a friend.  We might question, then, whether anything in Bridgerton, for all its lavish luxury, leads to true community or connection, especially for its characters of color. Throughout the third season, the proliferation of minor characters of color becomes more than just window dressing; it becomes a metaphor for the show’s inability to do more than merely maneuver its characters, like Charlotte herself, without providing a cohesive narrative purpose for any of them.  The show offers marriage and family as the best path to meaning, and matchmaking duly occupies most of Charlotte’s attention; yet outside of the Bridgertons, all of the marriages we’re privy to are either arranged (the Featheringtons) or currently experiencing friction (the Mondriches). And even among the Bridgertons, marriage feels so burdensome that several members of the family have done all they can to avoid it. Meanwhile, queerness exists so far outside the main scope of the show so far that it mainly occurs only accidentally; the writers so far have seemed committed to a fully heteronormative, traditional take on the concepts of marriage and family. All of this means that Bridgerton season three, for all its infusion of new characters, ultimately feels like more of the same. The ultimate test might be simply the depth test, and the show’s failure to dole out so little of it to anyone. Still, if Bridgerton has firmly embraced superficiality, then this season at least gives multiple races an equal slice of its thinly layered pie. This threadbare representation makes for the gauzy fabric Bridgerton prefers, never mind that it’s not enough for a decent muslin gown at Vauxhall. With the string quartet playing Pitbull, no one will notice. 
vox.com
What Time Is ‘The Good Doctor’ On Tonight? How To Watch ‘The Good Doctor’ Series Finale Live And Online
It's time to say goodbye to Dr. Shaun Murphy.
nypost.com
Emma Hayes, USWNT’s new coach, names her first roster as Olympics near
The Americans will play two friendlies against South Korea before the 18-player squad for the Paris Games is selected by the former Chelsea boss.
washingtonpost.com
‘I think she thinks that she’s still good’: Ayo Edebiri reveals how Jennifer Lopez reacted to her ‘scam’ career diss
Ayo Edebiri had to apologize for her insulting comments about Jennifer Lopez when they filmed "SNL" together earlier this year.
nypost.com
Stay cool with the Igloo Polar Hard Cooler this Memorial Day weekend, now 20% off on Amazon
Cool off with Igloo this Memorial Day!
nypost.com
Scientists Are Very Worried About NASA’s Mars Plan
In the Martian lowlands, one rocky crater is dotted with small holes, winding from the floor to the rim like breadcrumbs. Their clean and cylindrical appearance is distinctly unnatural, suggesting the work of aliens—which it is. For three years, a robot from Earth has been collecting samples of rock and soil into six-inch-long tubes, whirring and crackling on the otherwise quiet planet. The robot, a rover named Perseverance, has deposited some of the samples on the Martian surface in sealed tubes. The others, about two dozen so far, remain stored inside the rover's belly.Perseverance will stay on Mars forever, but the majority of its carefully packaged samples are meant to return to Earth. The Mars Sample Return mission, known as MSR for short, is one of the boldest undertakings in NASA history, as consequential as it is complicated. The endeavor, which involves sending an extra spacecraft to the red planet to retrieve the samples, serves as a precursor to getting future astronauts home from Mars. It’s a test of whether the United States can keep up with China’s space program, which is scheduled to return its own Mars samples in the 2030s. It could uncover new information about our planetary neighbor’s history, and reveal a picture of the cosmic wilderness that was the early solar system. Some scientists hope the dusty fragments will contain tiny fossilized microbes that would prove life once existed on Mars. Those tiny life forms will have been dead for who knows how long—but still would be evidence of a second genesis in our own backyard. If, that is, the samples ever make it back to Earth. NASA officials recently announced that the sample-return effort has become too expensive and fallen worryingly behind schedule. The latest estimated cost of as much as $11 billion is nearly double what experts initially predicted, and the way things are going, the samples won't arrive home until 2040, seven years later than expected. At a press conference last month, NASA chief Bill Nelson repeatedly called the state of the Mars Sample Return mission "unacceptable," a striking chastisement of his own agency, considering that MSR is an in-house effort. Officials have put out a call—to NASA’s own ranks and to private space companies—for “quicker and cheaper” plans that don’t require “huge technological leaps” to bring the samples home.[Read: Scientists really, really want a piece of Mars]NASA officials say that they remain committed to the return effort, but researchers—including the agency’s collaborators who work on the project—are concerned. “The path forward is not clear,” Aileen Yingst, a geologist at the Planetary Science Institute who works on the Perseverance mission, told me. Scientists who study Mars are worried that the mission will be downsized. Scientists who don’t study Mars—and a few who do—are frustrated, because MSR consumes so much of NASA’s budget. Scientists can’t imagine NASA giving up on the mission entirely, but the debacle has even prompted some whispered jokes about China coming along and claiming the tubes on the surface before NASA can fly them home. Last year, an independent review ordered by NASA ominously warned that “by abandoning return of Mars samples to other nations, the U.S. abandons the preeminent role that [President John F. Kennedy] ascribed to the scientific exploration of space.”If and when the MSR tubes come home, their contents could dramatically shift our understanding of Mars. The first NASA spacecraft to land on Mars, in 1976, carried instruments designed to examine Martian soil for evidence of tiny, metabolizing life forms but didn’t find anything conclusive. Some bits of Martian rock, ejected by colliding asteroids, have made it to Earth as meteorites. (And scientists have tried to find proof of life in these, too). But such fragments arrive scorched by atmospheric reentry, their composition altered and contaminated from the journey. Pristine samples are far more tantalizing.MSR would deliver Martian dirt straight from an area that scientists believe holds a promising chance at containing signs of life from 3.5 billion years ago. The Perseverance rover is exploring the shores of what scientists believe was once a lake, at a crater called Jezero, where the sedimentary rock may bear signs of a once-habitable world, or preserved life itself. The samples might also offer hints about Earth’s origin story. The rocks that existed here 4 billion years ago, when the solar system was just getting started, have since been crushed, melted, and eroded away. But Mars, a world lacking plate tectonics and serious weather, still bears rocks from the time of its very formation.[Read: The most overhyped planet in the galaxy]The promise of such samples has been a top research priority for planetary scientists for over a decade. The original plan to do so, devised by NASA’s Jet Propulsion Laboratory (JPL), is accordingly ambitious, involving several different spacecraft to retrieve the capsules, launch them into Martian orbit, and fly them back to Earth. No astronauts are involved, but Mars scientists have likened the mission choreography to the Apollo program in terms of complexity.That plan was apparently destined to unravel from the start. NASA’s independent review found that MSR had “unrealistic budget and schedule expectations from the beginning" and was "organized under an unwieldy structure," with "unclear roles, accountability, and authority.” Technically ambitious missions always cost more, and MSR is arguably one of the most complicated that NASA has ever undertaken. But the scientists who help NASA set exploration priorities have no control over the budgets of the resulting programs—Congress does.Last summer, some congressional appropriators briefly threatened the entire MSR effort with cancellation. This February, facing uncertainty over the money that Congress would allocate for MSR in the next fiscal year, the JPL laid off more than 500 employees. (Congress has since allocated a fraction of what NASA spent on the mission last year.) Thanks to budget concerns, NASA has delayed the launch of a telescope that would monitor potentially hazardous asteroids near Earth, and put on hold a proposed mission to study Earth’s atmosphere and magnetic field.Some scientists fear that MSR will draw resources away from other potential projects to search for life in places that they now believe to be far more promising than Mars. The search for alien life in the solar system has long been guided by water, and in the 1990s, when NASA kicked off a golden age of Mars missions, the red planet’s ice regions seemed appealing. But in the years since, other celestial bodies have become more compelling. A moon of Saturn, Titan, is the only body in the solar system besides Earth that has bodies of liquid on its surface, even if that liquid is methane. Two moons of Jupiter, Europa and Enceladus, are likely icy worlds with subsurface oceans; on the latter, cracks in the ice release plumes of salty water, hinting at something like deep-sea hydrothermal activity on Earth. NASA is launching an orbiting mission to Europa later this year, and the latest survey of planetary scientists advised NASA to start working on another to Enceladus. “If I could go anywhere, I would go to Enceladus,” Brook Nunn, an astrobiologist at the University of Washington, told me.[Read: Mars’s soundscape is strangely beautiful]Even some Mars scientists believe that Mars is no longer the top candidate. Darby Dyar, a planetary geologist at Mount Holyoke College, has spent decades studying Mars. “If anybody should be enthusiastic about the returned samples, it’s me, and I am,” she told me. But now she works on a NASA mission to Venus, a planet that might rival Mars as a candidate for extraterrestrial life, and she says she wouldn’t prioritize MSR over her current research.For scientists who support Mars exploration, MSR is a problem, siphoning funds away from other efforts to study it. “There’s so many aspects to studying a planet that do not involve analyzing small amounts of rocks in the lab,” says Catherine Neish, a planetary scientist at Western University, in Canada, who’s working on an international mission to map the ice deposits on Mars’s polar regions. NASA pulled its financial support from that project in 2022, citing MSR’s cost as part of its motivation. Planetary scientists have recommended prioritizing a mission to drill deep into the ice at the Martian poles, far from Perseverance’s domain, where conditions could be just comfortable enough to support small life forms now.NASA is well aware of the all-consuming nature of MSR. As the mission is redrawn, officials have said they are even willing to consider proposals that would bring home just 10 sample tubes, one-third of the amount initially planned. Lindsay Hays, a program scientist at NASA’s planetary-science division, told me that NASA will seek input from the science community about which sample tubes to return. “NASA has a responsibility to use taxpayer funds in the most effective and efficient way possible,” she said. “But it’s also part of our mandate to the nation to do things that have never been done before.”[Read: Too much of a good thing at NASA]Most planetary scientists aren’t happy with a potentially scaled-back approach either. “You’ve decimated the science, because now you’re not going to get the diversity that you could have if we brought back the full suite of samples,” Phil Christensen, a geologist at Arizona State University who co-chaired the community’s latest decadal survey, told me.A badly delayed sample-return mission would fracture NASA’s grand vision for its Martian future. By the 2040s, NASA intends to be focused not on the red planet’s soil, but on sending astronauts there and, crucially, bringing them back. That operation relies on having successfully practiced launching off from Mars, which NASA hasn’t yet managed with MSR. Instead, the agency is back at the drawing board, hoping to find a way out of an $11 billion pit. Officials expect to finish reviewing new proposals and come to a decision on the mission’s future in the fall. Meanwhile, Perseverance chugs along, excavating the mythical oasis of Jezero Crater with each curated tube.
theatlantic.com
This Outdoor Trampoline from SereneLife is at its lowest price ever today on Amazon
Jump around, and save!
nypost.com
Wrongful conviction hearing starts for Missouri man imprisoned 33 years
A wrongful conviction hearing for Christopher Dunn begins in Missouri. Dunn has spent 33 years in prison for a murder he says he didn't commit.
cbsnews.com
Mayor Adams may revoke Diddy’s key to NYC after ‘chilling’ domestic-abuse video
Mayor Eric Adams says his administration is considering taking back Sean "Diddy" Combs' key to the city after horrifying footage surfaced of the rapper brutally assaulting ex-girlfriend Cassie Ventura.
nypost.com
West Virginia transgender athlete defeated girls in track events over 700 times, new legal filing says
A new court filing in a lawsuit against the Biden administration said a transgender track-and-field athlete at a West Virginia middle school displaced girls in competition over 700 times.
foxnews.com
Disney’s Pixar cutting nearly 200 jobs, will focus exclusively on feature films, cut streaming series
Disney CEO Bob Iger has scaled back spending on original streaming content to lift Disney+ to profitability.
nypost.com
Bruce Nordstrom, who helped grow family-led department store chain, dies at 90
Bruce Nordstrom, a retail executive who helped expand his family’s Pacific Northwest department store chain into an upscale national brand, died at his home Saturday.
latimes.com
Laughter at Bengal Cat's Hilarious Way of Getting Revenge on Dog
"Thankfully, he has never gone anywhere else inappropriate," Skeeter's owner from Queensland, Australia, told Newsweek.
newsweek.com
Dad won’t see this gift coming: A temperature-controlled Ember Mug
Drink piping hot coffee, sip after sip.
nypost.com
Construction Complete On New High-Speed Rail Tunnel
A 14-mile high-speed rail tunnel has been finished in China after 10 years.
newsweek.com
The Shenandoah County School Board’s Terrible History Lesson
A Virginia school board voted to reinstate confederate names. It’s a disgraceful chapter of our community’s history, write Sarah Kohrs and Neil Thorne.
time.com
The Reich Stuff
At this point, Americans will believe almost any story about Donald Trump. That is both a strength and a weakness for him. On the one hand, it means that nearly nothing he says, including for example that he wants to be a dictator, penetrates too deeply. On the other hand, it means people rarely extend him the benefit of the doubt, even when it’s warranted.That’s what happened yesterday, when Trump’s Truth Social account posted a video featuring fake newspapers with celebratory imagined headlines about Trump (IT’S A LANDSLIDE! TRUMP WINS!!). Below, a sub-headline referred to “the creation of a unified Reich.” Naturally, the combination of Trump and a “unified Reich” was combustible. “This man is a stain, a Nazi, a pure a [sic] simple garbage of a human being,” fulminated Adam Kinzinger, the former Republican congressman. “Flush Trump down the toilet.” The controversy is illuminating about Trump and the presidential campaign, but perhaps not in the ways that it first appeared.Trump’s account has removed the video, and his campaign said it did not create the video but reposted it from another user. It also said the post was done not by Trump but by a staffer who hadn’t noticed the “Reich” reference. Although Trump has a long history of blaming staffers for foolish posts, the excuse here is plausible. The video appears to have been made using a stock video template available online. And the text that appears in the video—about the “unified Reich”—comes, as the Associated Press notes, from a Wikipedia entry about World War I (“German industrial strength and production had significantly increased after 1871, driven by the creation of a unified Reich”) rather than anything about Nazis. It’s a safe bet that the gospel singer Candi Staton wasn’t aiming to boost Hitler when she used the same template for a video of a song about the 16th Street Baptist Church bombing.[David A. Graham: Trump says he’ll be a dictator “on day one”]This election cycle has seen a slew of stories about how the Trump campaign is far more professionally run and regimented than in 2016 and 2020. That appears to be true, but only in a limited sense. Any competent campaign would have vetted such a video before it reposted it in order to avoid just this kind of mess. But Trump and his team can’t or won’t bother to look carefully at what he (or his staff) reposts on social media, and never have. In 2016, he posted an anti-Semitic meme with a Star of David and then tried to convince people it was a “sheriff’s star.” In 2017, he posted a GIF that showed him body-slamming CNN, created by a Reddit user who, whaddya know, also posted lots of anti-Semitic material. Earlier this year, a brief controversy broke out when Trump posted a video of a convoy of trucks decked out in pro-Trump swag, including an image of a bound and tied Joe Biden on one truck’s tailgate.Despite having served as president for four years, and despite being a gifted political messenger, Trump has never grasped—or perhaps never cared—that sloppy words from someone in his position can be hugely consequential, and he resists guardrails that would protect him.[Read: If Trump wins]Trump’s problem here is that even though his excuse makes sense, he is also an authoritarian who has used anti-Semitic language. Believing that he might have posted subtle Nazi messaging doesn’t require much of a leap. Not only did he attempt to steal the last election and promise to be a dictator, but he has also consistently disregarded checks and balances and suggested “termination” of the Constitution. He called neo-Nazi marchers in Charlottesville, Virginia, in 2017 “very fine people,” hobnobbed with white nationalists, and delivered menacing remarks about American Jews who do not support him—on Rosh Hashanah, no less. His former chief of staff says Trump once told him that “Hitler did some good things.” It’s no coincidence that so many of those past sloppy reposts came from supporters of his who hold hateful views. (It also doesn’t help that a staffer on the campaign of Ron DeSantis, a rival and would-be successor in the GOP presidential primary, was caught surreptitiously inserting Nazi imagery into social-media posts.)The Biden campaign quickly pounced on the situation. “Trump posts a new ad foreshadowing a second Trump term that says he will create a ‘UNIFIED REICH,’ echoing Nazi Germany,” its official account posted on X. The Biden campaign is not stupid, which means both that it should have figured out the real origin of the post (and may well have) and also that it was not going to let an opportunity to savage its opponent pass by.[Yair Rosenberg: Trump’s menacing Rosh Hashana message to American Jews]Biden’s team has been taking a more aggressive approach to Trump as the election nears. After years of elliptically referring to his “predecessor,” the president has begun naming Trump in attacks. The rest of his apparatus is also attacking Trump, trying to remind voters of the reasons they rejected him in 2020. In this case, the Biden campaign seems to have succeeded in manufacturing a controversy. Every major outlet has a headline this morning about the video (a representative example from The Washington Post: “Trump’s Truth Social Account Shares Video Referencing ‘Unified Reich’). These stories are not untruthful—he did share the video—but they are also a little misleading, though perhaps unintentionally so.Whether the backlash to the video helps Biden beat Trump in November is anybody’s guess. Trump’s critics debate whether it is more effective to attack Trump as a threat to democracy, criticize his unpopular policy ideas, paint him as corrupt, or focus on Biden’s positive accomplishments. The incident shows exactly why Trump was so bad at being president. It probably doesn’t tell us anything new about Trump’s feelings regarding Hitler that we didn’t already know. The bizarre thing is that many voters may hear about the controversy and assume that it reveals Trump’s sympathy for the Third Reich, and then vote for him anyway.
theatlantic.com
Anya Taylor-Joy Talks The Use Of AI In ‘Furiosa’ on ‘Live’: “It’s Strange To See Your Eyes And Mouth On Somebody Else’s Face”
""But to be fair, this is what George [Miller] wanted. And it is seamless."
nypost.com
$2,500 Ragdoll Meets Stray Cat for the First Time—Reaction Is Priceless
Purebred ragdolls are not just expensive to buy, they're also expensive to keep, with monthly expenses for the cats ranging from $265 to $750.
newsweek.com
How the Media Is Covering Justice Merchan in Trump’s Criminal Trial
Conservative outlets have criticized Justice Juan M. Merchan as politically motivated, while some liberal media organizations have praised him for muzzling Mr. Trump.
nytimes.com
Which Is Better: Counting Your Steps or Timing Your Workout?
Step count or workout time?
time.com
MAGA Lawyer Gets Dismantled by His Own Damning Trump Emails
Seth Wenig/APDonald Trump made the curious decision to put on a single relevant witness at his New York trial, opting for a MAGA loyalist tangentially involved in the porn star hush money saga—a strategy that failed spectacularly when his testimony only further incriminated the former president.Robert Costello’s role in the Stormy Daniels affair is comedic recursion, a legal version of the Yo Dawg meme. When the feds in 2018 tried to flip then-Trump lawyer Michael Cohen, Costello was the New York lawyer who tried to keep him from cooperating—a cover-up to hide the way Cohen had faked legal invoices, which was itself a cover-up of the hush money payment, which was a cover-up to stop the woman from ruining Trump’s 2016 presidential campaign.For a brief moment in 2018, Costello tried to become Cohen’s lawyer and his “backchannel” to the powerful politician who might corruptly be able to protect him by sidelining the FBI investigation. The idea was to have Cohen represented by Costello, who was close friends with Rudy Giuliani, who was advising the Trump White House—a plan copiously detailed in emails.Read more at The Daily Beast.
thedailybeast.com
Patty Arvielo Is Living Her Family's American Dream as a Top Mortgage CEO
"We are always very future-looking because I need this platform to be sustainable for all my employees and their families," Arvielo told Newsweek.
newsweek.com
Of course Rihanna’s socks cost over $1K
The "Diamonds" singer was spotted outside the Carlyle Hotel in NYC sporting some unusual footwear.
nypost.com
Nikki Glaser reveals the real reason Kim Kardashian was booed at Tom Brady roast
The reality star was in the middle of roasting the NFL legend onstage on May 5 when she had to pause as a roar of boos erupted, which Netflix later edited out.
nypost.com
Forget everything you think you know about what the Trump jury will do
As the former president’s trial wraps up, it’s time to acknowledge that the public experience is vastly different than the jurors’.
washingtonpost.com
Bayley’s push for second WWE Evolution show comes at perfect time despite one potential roadblock
Bayley is right about it being time for a second Evolution show. It's long overdue, but it could initially face a significant hurdle.
nypost.com
‘The Apprentice’ Director Defends Biopic That Shows Donald Trump Assaulting His Ex-Wife, Getting Cosmetic Surgeries: “I Don’t Necessarily Think This Is A Film He Would Dislike”
“Everybody talks about him suing a lot of people — they don’t talk about his success rate though, you know?" director Ali Abbasi said of the Sebastian Stan-led feature.
nypost.com
Defense rests without Trump taking the witness stand in his New York hush money trial
Former President Trump did not stop to speak to reporters as he left the New York courthouse. He is charged with 34 felony counts of falsifying business records.
latimes.com
One of Our Greatest Types of TV Shows Is Now an Endangered Species
TV was once replete with shows that reflected and prescribed what it meant to be a teen. Not anymore.
slate.com
Google, Meta, OpenAI pledge to develop AI safely at global summit
South Korea's presidential office said nations had agreed to prioritize AI safety, innovation and inclusivity.
nypost.com