Latest news with #Michaels
Perth Now
5 days ago
- Entertainment
- Perth Now
Billionaire film mogul David Geffen sued by estranged husband Donovan Michaels
David Geffen is being sued by his estranged husband. The 82-year-old film producer is accused of treating Donovan Michaels, 32, like a "living social experiment" during the couple's two-year marriage in a lawsuit filed in the Los Angeles Superior Court. Michaels has accused Geffen of breach of contract and alleges that the record executive kicked him out of their New York while he attended Amazon tycoon Jeff Bezos's wedding to Lauren Sanchez in Venice last month and went back on a promise to give him lifelong financial support. The lawsuit alleges that Geffen – who has an estimated net worth of $8.8 billion – used a "toxic mix of seduction, control, promises of love and lavish displays of wealth to entrap" Michaels in a loop of "dependency, submission and humiliation". Patty Glaser, a partner at the law firm representing the film mogul, said: "There was no contract – express, written, oral or implied – that has ever existed. We will be vigorously and righteously defending against this false, pathetic lawsuit." The complaint says that Geffen met Michaels on the dating site in 2016 and paid him $10,000 for sex. The couple married in a private Beverly Hills ceremony in 2023 and the complaint claims that Geffen did not seek a prenuptial agreement. The DreamWorks co-founder filed for divorce in May, citing irreconcilable differences, and the pair had kept details of their separation private until Michaels filed his lawsuit. The dancer – whose real name is David Armstrong – described himself in the lawsuit as a vulnerable young gay black man who had been exploited by a "wealthy, powerful white gay billionaire who believed himself untouchable". Geffen is alleged to have criticised "every aspect of Michaels's appearance" and body hygiene that required him to get "painful" laser and dental treatments. Michaels claims that he was frequently subjected to "back-handed insults and put-downs" about his "past and lack of sophistication". He likened the pair's relationship to the plot of the movie Trading Places and alleges that Geffen treated him like "a living social experiment – a trophy to show off to his wealthy friends, under the guise of benevolence". The lawsuit states: "Geffen told Michaels he loved him, and the two agreed to treat each other as life partners, share all assets equally and that Geffen would support Michaels financially for life. "Michaels gave up his dreams – his modelling career, his independence – to dedicate himself fully to this promise." The suit also alleges that Geffen ordered Michaels to "immediately vacate" the couple's New York home as he partied aboard his $400 million Rising Sun superyacht in the lead-up to the Bezos wedding. It states that Michaels was left homeless as Geffen was "decadently and extravagantly partying and dancing the night away in Venice, Italy with the other 0.0001 per cent of the wealthiest people on the planet". The complaint says: "While Geffen holds himself out to the public as an extraordinarily charitable man whose foundation gives millions and millions of dollars to advocacy and support groups for the homeless and disadvantaged populations, he is simultaneously endeavouring to render Michaels impoverished and homeless."
New York Post
6 days ago
- Entertainment
- New York Post
Fitness guru Jillian Michaels wants ‘a lot more banned' than food dyes
A famed fitness guru is a fan of the Make America Healthy Again movement and wants to see Robert Kennedy Jr.'s vision come to fruition. Fitness trainer, entrepreneur and media personality Jillian Michaels spoke to Fox News Digital following her speech at the Turning Point USA Student Action Summit in Tampa, Florida. Michaels is an advocate for a complete overhaul of American consumption of food and pharmaceuticals. Advertisement 'I would love to see all the things that Kennedy campaigned on,' Michaels said. 'The MAHA movement, they're up against four of the biggest lobbies in the country. So, Big Ag, Big Food, Big Pharma, Big Insurance.' Michaels also expressed her support for alternative methods of treatment. 'I would love to see psychedelics into the FDA so that it can be used therapeutically for veterans, for people with addiction under medical use,' she said. 6 Jillian Michaels coaches participants on 'The Biggest Loser.' © NBC Universal, Inc. Advertisement 6 Michaels has expressed her support for alternative methods of treatment. Brian Zak/Page Six She also believes ingredient bans should go beyond food dyes. 'Honestly, I would like to see a hell of a lot more banned from our food supply than just red number 40,' she said, referring to the widely used synthetic food dye. Advertisement As changes occur, Michaels acknowledged that all changes won't happen instantly. 'You're certainly not going to get it all overnight, but [what] we need to appreciate is the small wins along the way,' she said. 6 Jillian Michaels speaks at a briefing in the James Brady Press Briefing Room at the White House on May 22, 2025. AP 6 Group photo of 'The Biggest Loser' season 8 contestants. Advertisement However, Michaels encouraged people to take accountability for their own health, 'and ultimately, at the end of the day, which we're not going to get from the government, you can create in your own life by taking agency.' In January, the FDA banned red dye — called Red 3, or erythrosine — from foods, dietary supplements and ingested medicines after being linked to cancer, as Fox News Digital previously reported. Food manufacturers have until 2027 to remove that dye from their products, while drug manufacturers will have until the following year. 6 Jillian Michaels and Bob Harper of 'The Biggest Loser.' 6 Robert F. Kennedy Jr. speaking at a 'Make Oklahoma Healthy Again' event on June 26, 2025.. REUTERS Artificial food colorings were originally manufactured from coal tar, while most synthetic food dyes today are made from petroleum, or crude oil, according to the American Chemical Society (ACS) website. As the HHS noted in a press release in April, among the steps to be taken are 'establishing a national standard and timeline for the food industry to transition from petrochemical-based dyes to natural alternatives; initiating the process to revoke authorization for two synthetic food colorings — Citrus Red No. 2 and Orange B — within the coming months; and working with industry to eliminate six remaining synthetic dyes — FD&C Green No. 3, FD&C Red No. 40, FD&C Yellow No. 5, FD&C Yellow No. 6, FD&C Blue No. 1, and FD&C Blue No. 2 — from the food supply by the end of next year.'
Forbes
7 days ago
- Entertainment
- Forbes
Billionaire David Geffen Sued By Estranged Husband
David Geffen, the billionaire record executive and co-founder of DreamWorks Pictures, filed for divorce in April from estranged husband Donovan Michaels, who has now sued Geffen for breach of an oral contract between the two, accusing him of reneging on promised financial support and coercing him with drugs and alcohol. David Geffen previously filed for divorce from Donovan Michaels. (Photo by Stephane Cardinale - ... More Corbis/Corbis via Getty Images) Corbis via Getty Images Michaels, 32, sued Geffen, 82, in Los Angeles County Superior Court, alleging Geffen breached an oral contract the two had made under which 'Geffen would support Michaels financially for life' if he acted as Geffen's life partner, caretaker and travel companion. After Geffen filed for divorce from Michaels in April, Michaels alleges in the new lawsuit Geffen breached their contract by cutting off financial support and demanding he vacate Geffen's New York home, which effectively left him homeless. In the lawsuit, Michaels alleges Geffen exploited him as a 'vulnerable, marginalized young gay Black man,' stating Geffen was a 'wealthy, powerful white gay billionaire who believed himself untouchable.' Michaels claims Geffen demanded he get 'painful laser treatments and dental treatments' and subjected him to verbal 'insults and put-downs,' while also demanding Michaels provide 'sexual access at will, including acts Michaels found degrading.' Michaels alleges Geffen filed for divorce after Michaels began seeking treatment for addiction and told the billionaire he wanted to develop 'an independent identity that he could be proud of, not one solely tied to Geffen and his singular approval.' Forbes reached out to lawyers representing both Geffen and Michaels for comment, though Geffen's lawyer Patty Glaser called the lawsuit is 'pathetic' and 'false,' stating there 'was no contract — express, written, oral, or implied — that has ever existed,' according to the The Los Angeles Times. Court documents indicate the couple did not sign a prenup upon getting married in 2023. San Francisco-based family law attorney Samantha Bley DeJean told the New York Times Michaels would be entitled to half of what Geffen earned through his 'time, skill and effort' during their marriage, but Michaels would not be entitled to income Geffens earned passively, like residuals or dividends from his film or music ventures. Geffen's divorce filing says he intends to pay spousal support, the Times reported, and DeJean told the Times that Geffen is so wealthy 'any spousal support that he'd be ordered to pay probably will not make a dent for him.' Forbes Valuation Geffen is worth an estimated $8.8 billion as of Wednesday, according to Forbes estimates. Geffen amassed a significant fortune as a successful music record executive and film producer, co-founding Asylum Records in 1971 and Geffen Records in 1980. Musicians who have released albums under his labels have included Joni Mitchell, Bob Dylan, Linda Ronstadt, John Lennon, the Eagles and Nirvana. Geffen founded the Geffen Film Company in 1982, under which he produced films including 'Risky Business' (1983), 'Little Shop of Horrors' (1986) and 'Beetlejuice' (1988), and he co-founded DreamWorks Pictures with Steven Spielberg and Jeffrey Katzenberg in 1994. Geffen came out as gay in 1992, but was previously known for his relationship with Cher in the 1970s. Further Reading Without a Prenup, David Geffen's Divorce Could Get Interesting (New York Times)
Business Wire
7 days ago
- Business
- Business Wire
PROG Holdings Reports Second Quarter 2025 Results
SALT LAKE CITY--(BUSINESS WIRE)--PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build today announced financial results for the second quarter ended June 30, 2025. "Our second quarter results once again demonstrate the resiliency of our Leasing business and our ability to manage through a period of high uncertainty and the loss of an important retail partner to liquidation," said Steve Michaels, President and CEO of PROG Holdings. "The revenue and earnings outperformance compared to guidance reflects strong execution in our Progressive Leasing business, where our teams took deliberate actions to preserve portfolio health while expanding balance of share with key retail partners - even as we navigated notable GMV headwinds. At the same time, Four Technologies delivered another outstanding quarter, with over 200% revenue growth and continued profitability. Four is delivering value to our ecosystem – driving cross-sell opportunities and enhancing customer engagement across our platform." "At Progressive Leasing, we're advancing our technology initiatives – deploying AI-powered tools, optimizing our digital funnel, and enhancing our mobile and web experiences to create a more seamless, personalized customer journey. These improvements are driving greater efficiency and top-of-funnel engagement, even as we make strategic decisions to moderate GMV growth and maintain portfolio performance within our targeted annual write-off range to fulfill our expectation of sustainable and profitable growth." "I am extremely proud of our team's execution as we strike the balance of executing on growth objectives in our Progressive Leasing business and further developing our other suite of products which holds significant promise," Michaels concluded. Consolidated Results Consolidated revenues for the second quarter of 2025 were $604.7 million, an increase of 2.1% from the same period in 2024. Consolidated net earnings for the quarter were $38.5 million, compared with $33.8 million in the prior year period. The effective income tax rate was 26.8% in the second quarter. Adjusted EBITDA for the quarter was $73.5 million, or 12.2% of revenues, compared with $72.3 million, or 12.2% of revenues for the same period in 2024. Diluted earnings per share for the second quarter of 2025 were $0.95, compared with $0.77 in the year ago period. On a non-GAAP basis, diluted earnings per share were up 10.9% at $1.02 in the second quarter of 2025, compared with $0.92 for the same period in 2024. The Company's diluted weighted average shares outstanding in the second quarter were 7.2% lower year-over-year. Progressive Leasing Results Progressive Leasing's second quarter GMV of $413.9 million was down 8.9% compared to the same period in 2024. The provision for lease merchandise write-offs for the quarter was 7.5% of leasing revenues, within the Company's 6-8% targeted annual range. Liquidity and Capital Allocation PROG Holdings ended the second quarter of 2025 with cash of $222.0 million and gross debt of $600.0 million. The Company repurchased $25.7 million of its stock in the quarter at an average price of $28.51 per share, leaving $309.6 million of repurchase capacity under its $500 million share repurchase program. Additionally, the Company paid a quarterly cash dividend of $0.13 per share. 2025 Outlook The Company is providing selective third quarter outlook metrics and updating its full year 2025 outlook by increasing the low end of our previous range on revenues and earnings metrics and maintaining the previous high ends of those same metrics. The updated outlook below assumes a difficult operating environment with soft demand for consumer durable goods, no material changes in the Company's current decisioning posture, an effective tax rate for Non-GAAP EPS of approximately 27%, and no impact from additional share repurchases. Conference Call and Webcast The Company has scheduled a live webcast and conference call for Wednesday, July 23, 2025, at 8:30 A.M. ET to discuss its financial results for the second quarter of 2025. To access the live webcast, visit the Events and Presentations page of the Company's Investor Relations website, About PROG Holdings, Inc. PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions, Vive Financial, an omnichannel provider of second-look revolving credit products, Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four, and Build, provider of personal credit building products. More information on PROG Holdings and its companies can be found at Forward Looking Statements: Statements, estimates and projections in this press release regarding our business that are not historical facts are "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as "delivering," "driving," "advancing," "expectation," "estimate," "target," "uncertainty," "outlook," "assumes," "intends" and similar forward-looking terminology. These risks and uncertainties include (i) continued volatility and challenges in the macroeconomic environment and their impact on: (a) consumer confidence and customer demand for the merchandise that our retail partners sell, in particular consumer durables, such as home appliances, electronics and furniture; (b) our customers' disposable income and their ability to make the lease and loan payments they owe the Company; (c) the availability of consumer credit; and (d) our overall financial performance and outlook; (ii) the impact of the uncertain macroeconomic environment on our proprietary algorithms and decisioning tools that we use to approve customers such that they are no longer indicative of our customers' ability to perform, which in turn may limit the ability of our businesses to manage risk, avoid lease and loan charge-offs and may result in insufficient reserves to cover actual losses; (iii) a large percentage of Progressive Leasing's revenue being concentrated with several key retail partners, and the loss of any of these retail partner relationships materially and adversely affecting several aspects of our performance; (iv) Progressive Leasing being unable to attract additional retail partners and retain and grow its relationships with its existing retail partners, resulting in several aspects of our performance being materially and adversely affected; (v) Progressive Leasing being unable to attract new consumers and retain and grow its relationships with its existing customers materially and adversely affecting several aspects of our performance; (vi) Vive and Four's business models differing significantly from Progressive Leasing's lease-to-own business, which means each of these businesses have different risk profiles; (vii) our efforts to modernize and enhance certain enterprise-wide information management systems and technologies adversely impacting our businesses and operations; (viii) the inability of our businesses to successfully operate in highly and increasingly competitive industries materially and adversely affecting several aspects of our performance; (ix) our business, results of operations, financial condition, and prospects being materially and adversely affected due to Progressive Leasing failing to maintain a consistently high level of consumer satisfaction and trust in its brand; (x) our businesses being subject to extensive federal, state and local laws and regulations, including certain laws and regulations unique to the industries in which our businesses operate, that may subject them to government investigations and significant monetary penalties, remediation expenses and compliance-related burdens that may result in them changing the manner in which they operate, which may be materially adverse to several aspects of our performance; (xi) our performance being materially and adversely affected due to the transactions offered to consumers by our businesses being negatively characterized by federal, state and local government officials, consumer advocacy groups and the media; (xii) our inability to protect confidential, proprietary, or sensitive information, including the confidential information of our customers, being adversely affected by cyber-attacks or similar disruptions, which may result in significant costs, litigation and reputational damage or otherwise have a material adverse impact on several aspects of our performance; (xiii) any significant disruption in our vendors' information technology systems, or disruptions in the information our businesses rely on in their lease and loan decisioning, materially and adversely affecting several aspects of our performance; (xiv) our capital allocation strategy and financial policies, including our current stock repurchase and dividend programs, as well as any potential debt repurchase program not being effective at enhancing shareholder value, or providing other benefits we expect; and (xv) the other risks and uncertainties discussed under "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 19, 2025. Statements, estimates and projections in this press release that are "forward-looking" include without limitation statements, estimates and projections about: (i) growing our balance of share with key retail partners; (ii) the performance of our lease portfolio, including our annual write-offs; (iii) the progress of our Four Technologies business and the benefits we expect from that business; (iv) the advancement of our technology initiatives; (v) our ability to continue achieving sustainable and profitable growth; (vi) our revised full year 2025 outlook and the guidance we provide for the third quarter. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release. PROG Holdings, Inc. Consolidated Balance Sheets (In thousands, except share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS: Cash and Cash Equivalents $ 222,027 $ 95,655 Accounts Receivable (net of allowances of $68,788 in 2025 and $71,607 in 2024) 60,531 80,225 Lease Merchandise (net of accumulated depreciation and allowances of $440,339 in 2025 and $440,831 in 2024) 526,303 680,242 Loans Receivable (net of allowances and unamortized fees of $58,930 in 2025 and $57,342 in 2024) 148,320 146,985 Property and Equipment, Net 21,179 21,443 Operating Lease Right-of-Use Assets 3,352 4,035 Goodwill 296,061 296,061 Other Intangibles, Net 65,774 73,775 Income Tax Receivable 8,817 10,644 Deferred Income Tax Assets 26,472 26,472 Prepaid Expenses and Other Assets 75,760 78,230 Total Assets $ 1,454,596 $ 1,513,767 LIABILITIES & SHAREHOLDERS' EQUITY: Accounts Payable and Accrued Expenses $ 92,765 $ 93,190 Deferred Income Tax Liabilities 54,271 74,320 Customer Deposits and Advance Payments 35,504 40,917 Operating Lease Liabilities 9,171 11,496 Debt, Net 594,212 643,563 Total Liabilities 785,923 863,486 SHAREHOLDERS' EQUITY: Common Stock, Par Value $0.50 Per Share: Authorized: 225,000,000 Shares at June 30, 2025 and December 31, 2024; Shares Issued: 82,078,654 at June 30, 2025 and December 31, 2024 41,039 41,039 Additional Paid-in Capital 349,707 358,538 Retained Earnings 1,531,768 1,469,450 1,922,514 1,869,027 Less: Treasury Shares at Cost Common Stock: 42,535,192 Shares at June 30, 2025 and 41,262,901 at December 31, 2024 (1,253,841 ) (1,218,746 ) Total Shareholders' Equity 668,673 650,281 Total Liabilities & Shareholders' Equity $ 1,454,596 $ 1,513,767 Expand PROG Holdings, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2025 2024 OPERATING ACTIVITIES: Net Earnings $ 73,201 $ 55,740 Adjustments to Reconcile Net Earnings to Cash Provided by Operating Activities: Depreciation of Lease Merchandise 845,550 816,370 Other Depreciation and Amortization 12,111 14,515 Provisions for Accounts Receivable and Loan Losses 198,650 174,822 Stock-Based Compensation 14,536 13,737 Deferred Income Taxes (20,049 ) (16,973 ) Impairment of Assets — 6,018 Non-Cash Lease Expense (1,642 ) (1,603 ) Other Changes, Net (943 ) (155 ) Changes in Operating Assets and Liabilities: Additions to Lease Merchandise (784,951 ) (836,084 ) Book Value of Lease Merchandise Sold or Disposed 93,340 89,549 Accounts Receivable (147,179 ) (145,312 ) Prepaid Expenses and Other Assets 5,480 377 Income Tax Receivable and Payable 1,749 26,206 Accounts Payable and Accrued Expenses (4,620 ) (5,113 ) Customer Deposits and Advance Payments (5,413 ) (967 ) Cash Provided by Operating Activities 279,820 191,127 INVESTING ACTIVITIES: Investments in Loans Receivable (370,099 ) (172,513 ) Proceeds from Loans Receivable 339,206 158,644 Purchases of Property and Equipment (3,896 ) (3,999 ) Other Proceeds — 46 Cash Used in Investing Activities (34,789 ) (17,822 ) FINANCING ACTIVITIES: Repayments on Revolving Facility (50,000 ) — Dividends Paid (10,443 ) (10,346 ) Acquisition of Treasury Stock (51,775 ) (61,177 ) Issuance of Stock Under Stock Option and Employee Purchase Plans 1,028 799 Cash Paid for Shares Withheld for Employee Taxes (7,385 ) (7,863 ) Debt Issuance Costs (84 ) — Cash Used in Financing Activities (118,659 ) (78,587 ) Increase in Cash and Cash Equivalents 126,372 94,718 Cash and Cash Equivalents at Beginning of Period 95,655 155,416 Cash and Cash Equivalents at End of Period $ 222,027 $ 250,134 Net Cash Paid During the Period: Interest $ 18,795 $ 18,461 Income Taxes $ 45,044 $ 12,728 Expand PROG Holdings, Inc. Quarterly Revenues by Segment (In thousands) (Unaudited) Three Months Ended June 30, 2025 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 569,674 $ — $ — $ 569,674 Interest and Fees on Loans Receivable — 16,160 18,829 34,989 Total Revenues $ 569,674 $ 16,160 $ 18,829 $ 604,663 Expand (Unaudited) Three Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 570,516 $ — $ — $ 570,516 Interest and Fees on Loans Receivable — 15,421 6,224 21,645 Total Revenues $ 570,516 $ 15,421 $ 6,224 $ 592,161 Expand PROG Holdings, Inc. Six Month Revenues by Segment (In thousands) (Unaudited) Six Months Ended June 30, 2025 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 1,221,231 $ — $ — $ 1,221,231 Interest and Fees on Loans Receivable — 31,820 35,700 67,520 Total Revenues $ 1,221,231 $ 31,820 $ 35,700 $ 1,288,751 Expand (Unaudited) Six Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Lease Revenues and Fees $ 1,191,066 $ — $ — $ 1,191,066 Interest and Fees on Loans Receivable — 31,471 11,494 42,965 Total Revenues $ 1,191,066 $ 31,471 $ 11,494 $ 1,234,031 Expand Use of Non-GAAP Financial Information: Non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA are supplemental measures of our performance that are not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Non-GAAP diluted earnings per share for the full year 2025 and third quarter 2025 outlook excludes intangible amortization expense. Non-GAAP net earnings and non-GAAP diluted earnings per share for the three and six months ended June 30, 2025 exclude intangible amortization expense and costs related to the cybersecurity incident, net of insurance recoveries. Non-GAAP net earnings and non-GAAP diluted earnings per share for the three and six months ended June 30, 2024 exclude intangible amortization expense, restructuring expenses, costs related to the cybersecurity incident, and accrued interest on an uncertain tax position related to Progressive Leasing's $175 million settlement with the FTC in 2020. The amount for the after-tax non-GAAP adjustment, which is tax effected using our statutory tax rate, can be found in the reconciliation of net earnings and diluted earnings per share to non-GAAP net earnings and diluted earnings per share table in this press release. The Adjusted EBITDA figures presented in this press release are calculated as the Company's earnings before interest expense, net, depreciation on property and equipment, amortization of intangible assets and income taxes. Adjusted EBITDA for the full year 2025 and third quarter 2025 outlook excludes stock-based compensation expense. Adjusted EBITDA for the three and six months ended June 30, 2025 excludes stock-based compensation expense and costs related to the cybersecurity incident, net of insurance recoveries. Adjusted EBITDA for the three and six months ended June 30, 2024 excludes stock-based compensation expense, restructuring expenses, and costs related to the cybersecurity incident. The amounts for these pre-tax non-GAAP adjustments can be found in the segment EBITDA tables in this press release. Management believes that non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA provide relevant and useful information, and are widely used by analysts, investors and competitors in our industry as well as by our management in assessing both consolidated and business unit performance. Non-GAAP net earnings, non-GAAP diluted earnings, and adjusted EBITDA provide management and investors with an understanding of the results from the primary operations of our business by excluding the effects of certain items that generally arose from larger, one-time transactions that are not reflective of the ordinary earnings activity of our operations or transactions that have variability and volatility of the amount. We believe the exclusion of stock-based compensation expense provides for a better comparison of our operating results with our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. This measure may be useful to an investor in evaluating the underlying operating performance of our business. Adjusted EBITDA also provides management and investors with an understanding of one aspect of earnings before the impact of investing and financing charges and income taxes. These measures may be useful to an investor in evaluating our operating performance because the measures: Are widely used by investors to measure a company's operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending upon accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. Are used by rating agencies, lenders and other parties to evaluate our creditworthiness. Are used by our management for various purposes, including as a measure of performance of our operating entities and as a basis for strategic planning and forecasting. Non-GAAP financial measures, however, should not be used as a substitute for, or considered superior to, measures of financial performance prepared in accordance with GAAP, such as the Company's GAAP basis net earnings and diluted earnings per share and the GAAP revenues and earnings before income taxes of the Company's segments, which are also presented in the press release. Further, we caution investors that amounts presented in accordance with our definitions of non-GAAP net earnings, non-GAAP diluted earnings per share, and adjusted EBITDA may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (Unaudited) Three Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Net Earnings $ 33,774 Income Tax Expense (1) 14,565 Earnings (Loss) Before Income Tax Expense $ 53,966 $ 631 $ (6,258 ) 48,339 Interest Expense, Net 7,655 — (316 ) 7,339 Depreciation 1,651 166 441 2,258 Amortization 4,009 — 230 4,239 EBITDA 67,281 797 (5,903 ) 62,175 Stock-Based Compensation 6,135 360 600 7,095 Restructuring Expense 258 — 2,628 2,886 Costs Related to the Cybersecurity Incident 116 — — 116 Adjusted EBITDA $ 73,790 $ 1,157 $ (2,675 ) $ 72,272 Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (Unaudited) Six Months Ended June 30, 2024 Progressive Leasing Vive Other Consolidated Total Net Earnings $ 55,740 Income Tax Expense (1) 24,166 Earnings (Loss) Before Income Tax Expense $ 89,419 $ 1,549 $ (11,062) 79,906 Interest Expense, Net 16,222 — (633) 15,589 Depreciation 3,461 332 833 4,626 Amortization 9,430 — 459 9,889 EBITDA 118,532 1,881 (10,403) 110,010 Stock-Based Compensation 10,846 698 2,193 13,737 Restructuring Expense 18,272 — 2,628 20,900 Costs Related to the Cybersecurity Incident 232 — — 232 Adjusted EBITDA $ 147,882 $ 2,579 $ (5,582) $ 144,879 Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand Previous Fiscal Year 2025 Ranges Progressive Leasing Vive Other Consolidated Total Estimated Net Earnings $109,000 - $125,000 Income Tax Expense (1) 45,000 - 49,000 Projected Earnings (Loss) Before Income Tax Expense $168,000 - $185,000 $(5,000) - $(3,500) $(9,000) - $(7,500) 154,000 - 174,000 Interest Expense, Net 30,000 - 28,000 1,000 6,000 37,000 - 35,000 Depreciation 6,000 500 2,500 9,000 Amortization 15,000 — 1,000 16,000 Projected EBITDA 219,000 - 234,000 (3,500) - (2,000) 500 - 2,000 216,000 - 234,000 Stock-Based Compensation 26,000 - 27,000 1,000 2,000 - 3,000 29,000 - 31,000 Projected Adjusted EBITDA $245,000 - $261,000 $(2,500) - $(1,000) $2,500 - $5,000 $245,000 - $265,000 Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Taxes are calculated on a consolidated basis and are not identifiable by Company segment. Expand (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. Expand (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding. Expand (1) Adjustments are tax-effected using an assumed statutory tax rate of 26%. (2) In some cases, the sum of individual EPS amounts may not equal total non-GAAP EPS calculations due to rounding Expand .
Los Angeles Times
7 days ago
- Entertainment
- Los Angeles Times
David Geffen accused of abusing ex in suit alleging paid sex and superyacht drug parties
David Geffen has been sued by his estranged husband, Donovan Michaels, who says that the billionaire film producer preyed on his vulnerabilities as a young gay Black man from the foster system and trapped him in a manipulative and abusive relationship. Geffen, 82, and Michaels, 32, met in 2016 on a dating site where affluent individuals often seek relations with younger singles in return for some form of compensation, according to the complaint. On the night they met, the media mogul allegedly paid Michaels $10,000 to have sex with him. The pair continued their relationship and married in 2023, minus a prenup, according to the complaint. In May of this year, Geffen filed for divorce. Now Michaels, whose legal name is David Armstrong, is suing Geffen for breach of contract, saying that the billionaire promised to take care of him financially but left him near broke and homeless. The lawsuit compares their relationship to the plot of the movie 'Trading Places,' saying Geffen used Michaels as a trophy to show off to his rich and famous friends. 'It was a sick game,' the complaint states. 'Michaels became a prop in Geffen's theater of virtue, paraded around as evidence of Geffen's supposed altruism, while privately used as a sexual commodity.' Geffen's attorney Patty Glaser pushed back on Michaels' allegations. 'There was no contract — express, written, oral, or implied — that has ever existed,' she said in a statement to The Times. 'We will be vigorously and righteously defending against this false, pathetic lawsuit.' The 33-page complaint is packed with explosive claims about the exploits of the richest man in the entertainment industry. Geffen has an estimated net worth of $8.8 billion, according to Forbes. He amassed his wealth as a music and movie producer, signing major artists including the Eagles and Joni Mitchell and co-founding Dreamworks Pictures, which has produced iconic movies such as 'Saving Private Ryan' and 'Shrek.' Michaels entered the Michigan foster-care system at 18 months old and grew up in various foster and group homes where he regularly experienced physical and emotional abuse, according to the complaint. He moved to Florida at 19 and relied on exotic dancing and X-rated videos to get by financially. The lawsuit claims that Geffen expected Michaels to use drugs such as cocaine and molly alongside Geffen's friends on the billionaire's 450-foot superyacht the Rising Sun. The complaint alleges that Geffen enjoyed physically dominating his sexual partners and causing them pain. This type of sexual behavior triggered Michaels' childhood trauma and caused him digestive issues, headaches and the need to isolate, according to the complaint. The suit further alleges that the billionaire 'critiqued every aspect of Michaels' appearance,' and that the mere existence of an ingrown hair would raise Geffen's ire. The media mogul allegedly told Michaels 'where to go, what to wear, what to read, what to watch, and what to say' and required him to submit to extensive painful cosmetic treatments. In addition, Geffen allegedly prevented Michaels from continuing to pursue his modeling career, saying he needed to be constantly available. Michaels says he began reevaluating his life and relationship after entering addiction treatment earlier this year. He then approached his husband and said he 'wanted a new beginning wherein he could stand shoulder to shoulder with Geffen as an equal free from power dynamics that existed.' According to the complaint, Geffen then cut Michaels off, demanded a divorce and denied Michaels financial support 'commensurate with his lifestyle' and his share of assets acquired during their cohabitation. While the media mogul was attending fellow billionaire Jeff Bezos and Lauren Sanchez's wedding in Italy last month, he ordered Michaels to vacate his New York residence, the complaint alleges. Michaels is seeking compensatory damages and a judicial determination of his rights under an alleged oral agreement made with Geffen. His attorneys argue that this should entitle him to having his living expenses covered for the rest of his life and an equal division of all properties subject to the agreement. 'While Geffen holds himself out to the public as an extraordinarily charitable man whose foundation gives millions and millions of dollars to advocacy and support groups for the homeless and disadvantaged populations,' the complaint states, 'he is simultaneously endeavoring to render Michaels impoverished and homeless.'
