NewzIntel Latest Reports – Page 4614

MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers on the Canada-U.S. relationship and economic prosperity

Source: Government of Canada – Prime Minister

Today, Prime Minister Justin Trudeau, the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, the Minister of Transport and Internal Trade, Anita Anand, and Canada’s Ambassador to the United States, Kirsten Hillman, met virtually with Canada’s premiers to discuss the Canada-U.S. relationship and economic prosperity.

The Prime Minister provided an update on his recent conversations with the President of the United States of America, Donald J. Trump, during which the President decided to pause the implementation of U.S. tariffs against Canadian goods for a period of 30 days. The Prime Minister and the premiers reiterated their determination to continue engaging with U.S. partners at the federal, state, and local levels to prevent the imposition of any tariffs on Canadian exports and emphasize the benefits of Canada-U.S. co-operation. The Prime Minister welcomed the premiers’ upcoming mission to Washington, D.C., under the auspices of the Council of the Federation, as a significant opportunity for engagement and advocacy.

The Prime Minister and Minister LeBlanc discussed progress in the implementation of Canada’s $1.3 billion border plan. The Government of Canada has been redoubling its efforts to uphold border security with new helicopters and technology, enhanced co-ordination with U.S. law enforcement agencies, increased resources to stop the flow of fentanyl, and nearly 10,000 frontline personnel working on protecting the border. This Monday, the Prime Minister announced further commitments to appoint a Fentanyl Czar, list cartels as terrorists, ensure 24/7 eyes on the border, and launch a Canada-U.S. Joint Strike Force to combat organized crime, fentanyl, and money laundering. The Prime Minister also signed a new intelligence directive on organized crime and fentanyl, backed with an investment of $200 million. The Prime Minister thanked premiers for their ongoing efforts to complement Canada’s border plan and committed to continue working in close partnership as the Government of Canada implements the recently announced new measures.

With the current pause in the proposed U.S. tariffs, First Ministers recognized the important opportunity to build a long-term prosperity agenda for Canada. They welcomed the positive conversations that took place at the meeting of the Committee on Internal Trade in Toronto, Ontario, on January 31, 2025. First Ministers endorsed the recommendations of Internal Trade Ministers to strengthen the Canadian Free Trade Agreement, advance mutual recognition and labour mobility, and explore opportunities to open new domestic markets in key sectors. They looked forward to making progress on these important priorities.

The Prime Minister also highlighted the upcoming Canada-U.S. Economic Summit that the Council on Canada-U.S. Relations will hold in Toronto on February 7, 2025. Building on the Council’s work to date, the Summit will bring together Canadian leaders in trade, business, public policy, and organized labour to explore ways to grow Canada’s economy, make it easier to build and trade within the country, diversify export markets, and rejuvenate productivity.

The Prime Minister and the premiers agreed to remain in close contact and to continue standing up for Canadian consumers, jobs, and businesses. They agreed to reconvene in two weeks’ time, or sooner if necessary, to discuss next steps in Canada’s engagement with the United States.

Associated Links

MIL OSI Canada News –

February 6, 2025

MIL-OSI USA: ICE Boston arrests Brazilian fugitive, immigration absconder wanted for failure to serve her sentence after felony bank fraud conviction

Source: US Immigration and Customs Enforcement

BOSTON — U.S. Immigration and Customs Enforcement apprehended a foreign fugitive and criminal alien Jan. 31 wanted in Brazil for failure to serve a sentence after her conviction for bank fraud. ICE is withholding the name and likeness of this alien offender due to privacy issues concerning this individual.

A Brazilian court convicted the criminal alien August 2015 of felony bank fraud and sentenced her to two years and eight months incarceration.

U.S. Customs and Border Protection arrested the criminal alien May 2018 as she attempted to unlawfully entered the United States near Nogales, Arizona, released her on an order of recognizance and enrolled her in ICE’s Alternatives to Detention program. Those who are released from custody must comply with the terms and conditions of their release, including appearances at all scheduled court hearings and compliance with program requirements. The alien failed to comply with the requirements and later that month and was reclassified as an absconder.

“ICE deportation officers are in the field every day ensuring that criminal aliens trying to evade justice, like this individual, are held accountable for their actions,” said ICE Enforcement and Removal Operations Boston acting Field Office Director Patricia H. Hyde. “ICE Boston is committed to locating and apprehending these fugitives and ensuring they are made to and face the consequences of their criminal conduct.”

The criminal alien will remain in ICE custody pending removal proceedings.

Members of the public with information regarding foreign fugitives from justice can report crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about the ICE ERO Boston mission to increase public safety in our communities on X, @EROBoston.

MIL OSI USA News –

February 6, 2025

MIL-OSI Security: U.S. Attorney’s Office and U.S. Border Patrol Announce Arrest in Smuggling Case Involving Unaccompanied Juveniles

Source: Office of United States Attorneys

ALBUQUERQUE – A Mexican national faces federal charges after U.S. Border Patrol agents arrested him for allegedly attempting to smuggle two undocumented juveniles through New Mexico.

According to the complaint, on January 23, 2025, Border Patrol agents encountered Jesus Antonio Rodriguez-Bermudez, a Mexican national who had entered the United States illegally in December 2024, driving on New Mexico State Road 26, a highway that has been exploited by smugglers. After observing suspicious driving behavior, agents conducted a traffic stop. During the stop, agents discovered two unaccompanied juvenile males concealed under a blanket in the back of the vehicle. It was later determined that the two juveniles are brothers, ages 7 and 9.

When questioned by the agents, Rodriguez-Bermudez allegedly admitted to transporting the juveniles, who were not U.S. citizens, from El Paso, Texas to Albuquerque, New Mexico as part of a smuggling scheme.

Rodriguez-Bermudez will remain in custody pending trial, which has not been set. If convicted, Rodriguez-Bermudez faces up to 10 years in prison.

U.S. Attorney Alexander M.M. Uballez and Chief Patrol Agent Anthony Scott Good of the U.S. Border Patrol El Paso Sector made the announcement today.

The U.S. Border Patrol investigated this case. Assistant United States Attorney Ry Ellison is prosecuting the case.

# # #

MIL Security OSI –

February 6, 2025

MIL-OSI Security: Sorrento Man Indicted For Circle K Robberies In Lake And Orange Counties

Source: Office of United States Attorneys

Ocala, FL – United States Attorney Roger B. Handberg announces the return of an indictment charging Jose Flores Avila (33, Sorrento) with two counts of interference with commerce by robbery and one count of brandishing a firearm during and in relation to a crime of violence. Each robbery offense carries a maximum sentence of 20 years’ imprisonment. The firearm offense carries a mandatory minimum sentence of 7 years, up to life, in federal prison, which must be served after any prison term imposed for the robberies.

According to the indictment, Avila robbed a Circle K store in Zellwood, Florida, on May 23, 2024. During the robbery, Avila brandished a firearm and took currency and cigarettes from an employee of the business. Two days later, on May 25, 2024, Avila robbed a second Circle K store in Sorrento, Florida. In that robbery, he again took currency and cigarettes from a store employee.

An indictment is merely a formal charge that a defendant has committed one or more violations of federal criminal law, and every defendant is presumed innocent unless, and until, proven guilty.

This case was investigated by the Federal Bureau of Investigation, the Lake County Sheriff’s Office, and the Orange County Sheriff’s Office. It will be prosecuted by Assistant United States Attorney Belkis H. Callaos.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

February 6, 2025

MIL-OSI Security: U.S. Marshals Arrest Violent Illegal Immigrant

Source: US Marshals Service

Atlanta, GA – On January 30, 2025, Marcel Pierre Grant, a citizen of Jamaica with a history of violence and illegal immigration, was captured by the United States Marshals Service in Atlanta, Georgia.

Despite being deported, over many years, Marcel Grant has committed numerous, serious crimes.

In 2001, Marcel Grant was charged with carrying and possessing a firearm in public. In 2002, he was arrested for armed robbery with a firearm, aggravated unlawful use of a weapon, bank robbery utilizing a firearm, possession of a weapon by a convicted felon, and numerous other crimes. In 2003, he was charged with conspiracy to commit aggravated bank robbery and use of a firearm during a crime of violence. In 2006, he was arrested as a deportable alien.

More recently, in 2022, Grant was arrested for illegal re-entry of a previously removed alien. He was also detained for possession of a firearm or knife during the commission of a felony, possession of a controlled substance with intent to distribute, and possession of methamphetamine. In 2023, he was again charged with possession of a firearm or knife during the commission of a felony and possession of a weapon by a convicted felon.

Despite his long history, in 2024, Grant was released from custody. He remained in the United States. Grant was required to submit to monitoring under the authority of United States Probation. However, Grant failed to follow the guidelines of this monitoring.

Due to Grant’s failure to comply, the U.S. Marshals became responsible for the case. On January 30, 2025, Grant was arrested without incident. The arrest unit included officers from the U.S. Marshals Service for the Northern District of Georgia and the Southeast Regional Fugitive Taskforce.

As of today, Grant is being detained and will soon answer for his crimes.

About Grant’s arrest, United States Marshal Thomas Brown said, “Let the message go out to all criminals, both foreign and domestic. If you do harm to the citizens of the United States, you will not be allowed a moment of peace. You will not find shelter. If you illegally come to our communities to wreak havoc, you will be caught, and you will answer for your crimes.”

The U.S. Marshals Service is the primary federal agency charged with conducting fugitive investigations throughout the country. The U.S. Marshals Service regularly works in concert with other federal, state, and local law enforcement agencies to seek out and arrest violent fugitives and sex offenders. The U.S. Marshals Service has established task forces throughout the nation, and professional relationships worldwide, to facilitate the apprehension of fugitives.

If you have further questions about the United States Marshals, please call (703)740-1699. The U.S. Marshals for the Northern District of Georgia can be reached at (404) 331-6833.

MIL Security OSI –

February 6, 2025

MIL-OSI: Orange County Bancorp, Inc. Announces Fourth Quarter and Full-Year Earnings for Fiscal 2024

Source: GlobeNewswire (MIL-OSI)

Net Interest Income increased $3.4 million, or 3.8%, to $91.8 million for the year ended December 31, 2024, from $88.4 million for the year ended December 31, 2023
Net Interest Margin grew 5 basis points to 3.83% for the year ended December 31, 2024, from 3.78% for the year ended December 31, 2023
Total Loans grew $68.7 million, or 3.9%, to $1.8 billion at December 31, 2024 as compared to $1.7 billion at December 31, 2023.
Total Deposits rose $114.6 million, or 5.6%, to $2.2 billion at December 31, 2024, from $2.0 billion at year-end 2023
Book value per share increased $1.72, or 11.8%, to $16.35 at December 31, 2024, from $14.63 at December 31, 2023
Trust and investment advisory income rose $470 thousand, or 16.7%, to $3.3 million for Q4 2024, as compared to $2.8 million for Q4 2023

MIDDLETOWN, N.Y., Feb. 05, 2025 (GLOBE NEWSWIRE) — Orange County Bancorp, Inc. (the “Company” – Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced net income of $7.2 million, or $0.63 per basic and diluted share, for the three months ended December 31, 2024. This compares with net income of $8.1 million, or $0.72 per basic and diluted share, for the three months ended December 31, 2023. The decrease in earnings per share, basic and diluted, was due primarily to an increase in non-interest expense offset by increases in net interest income and non-interest income during the current period. For the twelve months ended December 31, 2024, net income was $27.9 million, or $2.47 per basic and diluted share, as compared to $29.5 million, or $2.62 per basic and diluted share, for the twelve months ended December 31, 2023.

Book value per share rose $1.72, or 11.8%, from $14.63 at December 31, 2023 to $16.35 at December 31, 2024. Tangible book value per share increased $1.74, or 12.4%, from $14.06 at December 31, 2023 to $15.80 at December 31, 2024 (see “Non-GAAP Financial Measure Reconciliation” below for additional detail). These increases were driven primarily by earnings during the twelve months ended December 31, 2024, offset by an increase in accumulated other comprehensive income (loss) associated with unrealized losses within the investment securities portfolio.

“Orange Bank closed out 2024 with another solid quarter,” said Company President and CEO Michael Gilfeather. “Earnings of $7.2 million for the three months ended December 31, 2024 increased our full year total to $27.9 million. Though below our record $29.5 million in earnings the prior year, I am pleased by the results given challenges in the current interest rate environment and significant charges related to a non-performing participation loan. Additionally, given our historically conservative approach to credit quality, we have taken provisions to adequately reserve for charges associated with the previously disclosed participation loan.

The economic environment in our region remains strong, enabling us to expand and improve the quality of our loan portfolio. For the year just ended, total loans grew nearly $70 million, or 4%, to $1.8 billion.

Deposit growth was also robust during 2024, with deposits increasing $114.6 million, or 5.6%, to $2.2 billion at December 31, 2024. Even more impressive is the fact the majority of these new deposits were sourced internally as the result of a very targeted and strategic initiative.

Low cost deposits and strong, high quality loan growth enabled us to expand net interest margin to 3.83% for the year ended December 31, 2024 from 3.78% during the year ended December 31, 2023. This is no small achievement given the uncertainty regarding interest rate and economic policy that characterized much of the year.

Our Wealth Management business also maintained its consistent performance, contributing $3.3 million of trust and investment advisory income for the quarter, a $470 thousand, or 16.7%, increase over the same period last year. We have always viewed this division as an essential component of our business bank model, offering financial, advisory, estate and planning services for business customers and their families. Since inception, these services have allowed us to expand and retain our customer relationships, new and current, and increase overall customer satisfaction. As successful as this initiative has been, we saw an opportunity to leverage its success further through the promotion of David Dineen. David has been tasked with further aligning and expanding the capabilities of the Bank with the needs of our customers and we are very excited by its prospects.

We have worked hard to deliver strong, consistent results, despite occasional challenges, and it is exciting to see the market recognize our efforts. This resulted in favorable stock price performance during the year that supported a 2-for-1 stock split in Q4, improving liquidity for shareholders. We always seek opportunities that benefit stakeholders, whether customers, shareholders or employees, and it is rewarding to achieve and implement them.

As we end the year with another solid quarter, I want to again thank our employees for their hard work and dedication, our customers for their trust and business, and our investors for their continued confidence and support.”

Fourth Quarter and Fiscal Year 2024 Financial Review

Net Income

Net income for the fourth quarter of 2024 was $7.2 million, a decrease of $960 thousand, or 11.8%, from net income of $8.1 million for the fourth quarter of 2023. The decrease was primarily the result of increased non-interest expense over the same quarter last year. Net income for the twelve months ended December 31, 2024 was $27.9 million, as compared to $29.5 million for the same period in 2023. The decrease similarly reflected increased non-interest expense during the twelve months of 2024 over the same period in 2023.

Net Interest Income

For the three months ended December 31, 2024, net interest income rose $929 thousand, or 4.2%, to $23.1 million, versus $22.2 million during the same period last year. The increase was driven primarily by a $1.4 million increase in interest and fees on loans during the current period. For the twelve months ended December 31, 2024, net interest income reached $91.8 million, representing an increase of $3.4 million, or 3.8%, over the twelve months ended December 31, 2023.

Total interest income rose $639 thousand, or 2.0%, to $32.2 million for the three months ended December 31, 2024, compared to $31.6 million for the three months ended December 31, 2023. The increase reflected a 5.4% growth in interest and fees associated with loans and a 3.2% increase in interest income from tax-exempt investment securities. For the twelve months ended December 31, 2024, total interest income rose $9.5 million, or 8.0%, to $127.2 million as compared to $117.8 million for the twelve months ended December 31, 2023.

Total interest expense decreased $290 thousand during the fourth quarter of 2024, to $9.1 million, as compared to $9.4 million during the fourth quarter of 2023. The decrease represented the combined effect of management focus on low-cost deposits and a decrease in costs associated with brokered deposits and borrowed funds utilized as alternate sources of funding. Interest expense associated with Time Deposits, mainly brokered, decreased to $1.7 million during the fourth quarter of 2024 as compared to $2.5 million during the fourth quarter of 2023. Interest expense associated with FHLB advances drawn and other borrowings during the quarter totaled $1.9 million, as compared to $2.6 million during the fourth quarter of 2023. During the twelve months ended December 31, 2024, total interest expense rose $6.1 million, to $35.5 million, as compared to $29.4 million for the same period last year.

Provision for Credit Losses

As of January 1, 2023, the Company adopted the current expected credit losses methodology (“CECL”) accounting standard, which includes loans individually evaluated, as well as loans evaluated on a pooled basis to assess the adequacy of the allowance for credit losses. The Bank seeks to estimate lifetime losses in its loan and investment portfolio using discounted cash flows and supplemental qualitative considerations, including relevant economic considerations, portfolio concentrations, and other external factors, as well as evaluation of investment securities held by the Bank.

The Company recognized net recovery within its provision for credit losses of $51 thousand for the three months ended December 31, 2024, as compared to a $462 thousand charge for the three months ended December 31, 2023. This recovery was due primarily to slower loan growth during the 2024 fourth quarter combined with the composition of loans closed during the quarter. The allowance for credit losses to total loans was 1.44% as of December 31, 2024 and 2023. For the twelve months ended December 31, 2024, the provision for credit losses totaled $7.7 million as compared to $7.9 million for the twelve months ended December 31, 2023. No reserves for investment securities were recorded during 2024.

Non-Interest Income

Non-interest income rose $562 thousand, or 15.0%, to $4.3 million for the three months ended December 31, 2024, compared to $3.7 million for the three months ended December 31, 2023. This growth was due to increased fee income within several of the Company’s fee income categories, including investment advisory income, trust income, and service charges on deposit accounts. For the twelve months ended December 31, 2024, non-interest income increased $2.6 million, to $16.0 million, as compared to $13.4 million for the twelve months ended December 31, 2023.

Non-Interest Expense

Non-interest expense was $18.5 million for the fourth quarter of 2024, reflecting an increase of $3.7 million, or 25.4%, as compared to $14.7 million for the same period in 2023. The increase in non-interest expense consisted primarily of increases in compensation costs, technology charges, and professional fees as well as the recognition of increased costs associated with the nonperforming loan participation and certain costs related to a fraudulent incident within one of our branches. As a result, our efficiency ratio increased to 67.4% for the three months ended December 31, 2024, from 56.9% for the same period in 2023. For the twelve months ended December 31, 2024, our efficiency ratio increased to 60.5% from 55.8% for the same period in 2023. Non-interest expense for the twelve months ended December 31, 2024 reached $65.2 million, reflecting an $8.4 million increase over non-interest expense of $56.8 million for the twelve months ended December 31, 2023.

Income Tax Expense

Provision for income taxes for the three months ended December 31, 2024 was $1.8 million, as compared to $2.6 million for the same period in 2023. For the twelve months ended December 31, 2024, the provision for income taxes was $6.9 million, as compared to $7.7 million for the twelve months ended December 31, 2023. The decrease for both 2024 periods was due to lower income before income taxes. Our effective tax rate for the three-month period ended December 31, 2024 was 20.1%, as compared to 24.1% for the same period in 2023. Our effective tax rate for the twelve-month period ended December 31, 2024 was 19.9%, as compared to 20.6% for the same period in 2023.

Financial Condition

Total consolidated assets increased $24.5 million, or approximately 1.0%, to $2.5 billion at December 31, 2024. The stability of the balance sheet reflects loan growth and continued increases in deposits and cash, as well as paydowns of borrowings during the current twelve-month period.

Total cash and due from banks increased from $147.4 million at December 31, 2023, to $150.3 million at December 31, 2024, an increase of approximately $3.0 million, or 2.0%. This slight increase resulted primarily from increases in deposit balances and managed loan growth which elevated cash levels while reducing short-term borrowings.

Total investment securities decreased $51.0 million, or 10.1%, from $504.5 million at December 31, 2023 to $453.5 million at December 31, 2024. The decrease continues to be driven primarily by investment maturities and paydowns during the twelve months of 2024.

Total loans increased $68.7 million, or 3.9%, from $1.7 billion at December 31, 2023 to $1.8 billion at December 31, 2024. The increase was primarily driven by an increase of $102.7 million related to commercial real estate loans as well as a $3.8 million increase in home equity loans offset by decreases in all other loan categories during 2024.

Total deposits increased $114.6 million, reaching $2.2 billion at December 31, 2024, from $2.0 billion at December 31, 2023. This increase was due primarily to $94.1 million of growth in money market accounts, $26.2 million increase in interest bearing demand accounts, and $42.9 million increase in savings accounts. The increases in deposit accounts were offset by a $48.1 million decrease in noninterest-bearing demand accounts and relatively stable balances in certificates of deposit, mainly associated with brokered deposits utilized by the Bank for short term funding purposes. Deposit composition at December 31, 2024 included 45.6% in demand deposit accounts (including NOW accounts) as a percentage of total deposits. Uninsured deposits, net of fully collateralized municipal relationships, remained stable and represented approximately 39% of total deposits at December 31 2024, as compared to 37% of total deposits at December 31, 2023.

FHLBNY short-term borrowings decreased by $111.0 million, or 49.4%, to $113.5 million as of December 31, 2024, as compared to $224.5 million at December 31, 2023. The decrease in borrowings was driven by increased deposits which outpaced loan growth in 2024 and allowed for paydowns of borrowings while maintaining adequate levels of cash at December 31, 2024. The decrease in borrowings reflects a strategic focus on actively managing liquidity sources and pursuing opportunities to reduce funding costs.

Stockholders’ equity increased approximately $20.2 million during the year ended 2024, reaching $185.5 million at December 31, 2024 from $165.4 million at December 31, 2023. The increase was due primarily to $27.9 million of net income during the twelve months of 2024, partially reduced by dividends and an increase in unrealized losses of approximately $3.6 million, net of taxes, mainly related to the market value of investment securities within the Company’s equity as accumulated other comprehensive income (loss).

At December 31, 2024, the Bank maintained capital ratios in excess of regulatory standards for well capitalized institutions. The Bank’s Tier 1 capital to average assets ratio was 10.23%, both common equity and Tier 1 capital to risk weighted assets were 14.12%, and total capital to risk weighted assets was 15.37%.

Wealth Management

At December 31, 2024, our Wealth Management Division, which includes trust and investment advisory, held $1.8 billion in assets under management or advisory, as compared to $1.6 billion at December 31, 2023, a 12.9% increase. Trust and investment advisory income for the year ended December 31, 2024 reached $12.2 million, representing an increase of 18.5%, or $1.9 million, as compared to $10.3 million for the year ended December 31, 2023.

The breakdown of trust and investment advisory assets as of December 31, 2024 and December 31, 2023, respectively, is as follows:

ORANGE COUNTY BANCORP, INC.
SUMMARY OF AUM/AUA
(UNAUDITED)
(Dollar Amounts in thousands)
	At December 31, 2024				At December 31, 2023
	Amount		Percent		Amount		Percent
Investment Assets Under Management & Advisory	$	1,105,143	61.99	%	$	909,384	57.56	%
Trust Asset Under Administration & Management	677,723		38.01	%	670,515		42.44	%
Total	$	1,782,866	100.00	%	$	1,579,899	100.00	%

Loan Quality

At December 31, 2024, the Bank had total non-performing loans of $6.3 million, or 0.35% of total loans. Total non-accrual loans represented approximately $6.3 million of loans as of December 31, 2024, compared to $4.4 million at December 31, 2023. The increase was primarily the result of one commercial real estate participation loan which remains non-performing and in non-accrual status at year end.

Liquidity

Management believes the Bank has the necessary liquidity to meet normal business needs. The Bank uses a variety of resources to manage its liquidity position. These include short term investments, cash from lending and investing activities, core-deposit growth, and non-core funding sources, such as time deposits exceeding $250,000, brokered deposits, FHLBNY advances, and other borrowings. As of December 31, 2024, the Bank’s cash and due from banks totaled $150.3 million. The Bank maintains an investment portfolio of securities available for sale, comprised mainly of US Government agency and treasury securities, Small Business Administration loan pools, mortgage-backed securities, and municipal bonds. Although the portfolio generates interest income for the Bank, it also serves as an available source of liquidity and funding. As of December 31, 2024, the Bank’s investment in securities available for sale was $453.5 million, of which $104.7 million was not pledged as collateral or specifically designated to any borrowings. Additionally, as of December 31, 2024, the Bank’s overnight advance line capacity at the FHLBNY was $512.2 million, of which $101.0 million was used to collateralize municipal deposits and $10.0 million was utilized for long term advances. As of December 31, 2024, the Bank’s unused borrowing capacity at the FHLBNY was $398.7 million. The Bank also maintains additional borrowing capacity of $20 million with other correspondent banks. Additional funding is available to the Bank through the discount window lending by the Federal Reserve. At December 31, 2024, the Bank was not utilizing any available funding from the Federal Reserve.

The Bank also considers brokered deposits an element of its deposit strategy. As of December 31, 2024, the Bank had brokered deposit arrangements with various terms totaling approximately $180.0 million.

Non-GAAP Financial Measure Reconciliations
The following table reconciles, as of the dates set forth below, stockholders’ equity (on a GAAP basis) to tangible equity and total assets (on a GAAP basis) to tangible assets and calculates our tangible book value per share.

	December 31, 2024			December 31, 2023
	(Dollars in thousands except for share data)
Tangible Common Equity:
Total stockholders’ equity	$	185,531		$	165,376
Adjustments:
Goodwill	(5,359		)	(5,359		)
Other intangible assets	(821		)	(1,107		)
Tangible common equity	$	179,351		$	158,910
Common shares outstanding	11,350,158			11,302,622
Book value per common share	$	16.35		$	14.63
Tangible book value per common share	$	15.80		$	14.06

Tangible Assets
Total assets	$	2,509,927		$	2,485,468
Adjustments:
Goodwill	(5,359		)	(5,359		)
Other intangible assets	(821		)	(1,107		)
Tangible assets	$	2,503,747		$	2,479,002
Tangible common equity to tangible assets	7.16		%	6.41		%

About Orange County Bancorp, Inc

Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.

Forward Looking Statements

Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

For further information:
Michael Lesler
EVP & Chief Financial Officer
mlesler@orangebanktrust.com
Phone: (845) 341-5111


ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
(UNAUDITED)
	(Dollar Amounts in thousands except per share data)

			December 31, 2024			December 31, 2023

		ASSETS

Cash and due from banks			$	150,334		$	147,383
Investment securities – available-for-sale			443,775			489,948
(Amortized cost $519,567 at December 31, 2024 and $560,994 at December 31, 2023)
Restricted investment in bank stocks			9,716			14,525
Loans			1,815,751			1,747,062
Allowance for credit losses			(26,077		)	(25,182		)
	Loans, net		1,789,674			1,721,880

Premises and equipment, net			15,808			16,160
Accrued interest receivable			6,680			5,934
Bank owned life insurance			42,257			41,447
Goodwill			5,359			5,359
Intangible assets			821			1,107
Other assets			45,503			41,725

		TOTAL ASSETS	$	2,509,927		$	2,485,468

		LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:
	Noninterest bearing		$	651,135		$	699,203
	Interest bearing		1,502,224			1,339,546
		Total deposits	2,153,359			2,038,749

FHLB advances, short term			113,500			224,500
FHLB advances, long term			10,000			10,000
Subordinated notes, net of issuance costs			19,591			19,520
Accrued expenses and other liabilities			27,946			27,323

		TOTAL LIABILITIES	2,324,396			2,320,092

		STOCKHOLDERS’ EQUITY

Common stock, $0.25 par value; 30,000,000 shares authorized;
	11,366,608 issued; 11,350,158 and 11,302,622 outstanding,
	at December 31, 2024 and December 31, 2023, respectively		2,842			2,842
Surplus			120,896			120,392
Retained Earnings			129,919			107,361
Accumulated other comprehensive income (loss), net of taxes			(67,751		)	(64,108		)
Treasury stock, at cost; 16,450 and 63,986 shares at December 31,
	2024 and December 31, 2023, respectively		(375		)	(1,111		)
		TOTAL STOCKHOLDERS’ EQUITY	185,531			165,376

		TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,509,927		$	2,485,468

ORANGE COUNTY BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
			For Three Months Ended December 31,					Twelve Months Ended December 31,
			2024			2023		2024		2023
INTEREST INCOME
	Interest and fees on loans		$	27,263		$	25,866	106,030		$	96,264
	Interest on investment securities:
		Taxable	2,696			3,153		11,672		12,723
		Tax exempt	582			564		2,304		2,285
	Interest on Federal funds sold and other		1,665			1,984		7,221		6,498

		TOTAL INTEREST INCOME	32,206			31,567		127,227		117,770

INTEREST EXPENSE
	Savings and NOW accounts		5,308			4,045		20,475		13,126
	Time deposits		1,658			2,500		7,399		6,393
	FHLB advances and borrowings		1,932			2,643		6,666		8,938
	Subordinated notes		230			230		921		922
		TOTAL INTEREST EXPENSE	9,128			9,418		35,461		29,379

		NET INTEREST INCOME	23,078			22,149		91,766		88,391

Provision for credit losses			(51		)	462		7,710		7,868
		NET INTEREST INCOME AFTER
		PROVISION FOR CREDIT LOSSES	23,129			21,687		84,056		80,523

NONINTEREST INCOME
	Service charges on deposit accounts		278			221		1,015		809
	Trust income		1,511			1,391		5,511		5,098
	Investment advisory income		1,772			1,422		6,738		5,241
	Investment securities gains(losses)		–			–		–		107
	Earnings on bank owned life insurance		264			259		815		984
	Other		480			450		1,893		1,180
		TOTAL NONINTEREST INCOME	4,305			3,743		15,972		13,419

NONINTEREST EXPENSE
	Salaries		7,177			6,141		27,475		24,747
	Employee benefits		2,243			2,080		8,938		7,439
	Occupancy expense		1,243			1,147		4,790		4,761
	Professional fees		1,601			1,241		5,931		4,753
	Directors’ fees and expenses		272			769		1,053		1,451
	Computer software expense		1,761			1,336		5,952		5,050
	FDIC assessment		330			380		1,308		1,403
	Advertising expenses		409			583		1,575		1,657
	Advisor expenses related to trust income		18			31		113		120
	Telephone expenses		181			178		746		712
	Intangible amortization		72			72		286		285
	Other		3,159			770		7,043		4,415
		TOTAL NONINTEREST EXPENSE	18,466			14,728		65,210		56,793

	Income before income taxes		8,968			10,702		34,818		37,149

Provision for income taxes			1,804			2,578		6,935		7,671
		NET INCOME	$	7,164		$	8,124	27,883		$	29,478

Basic and diluted earnings per share			$	0.63		$	0.72	$	2.47	$	2.62

Weighted average shares outstanding			11,322,045			11,264,908		11,303,118		11,258,300

ORANGE COUNTY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(UNAUDITED)
(Dollar Amounts in thousands)

	Three Months Ended December 31,
	2024					2023
	Average Balance		Interest		Average Rate	Average Balance		Interest		Average Rate
Assets:
Loans Receivable (net of PPP)	$	1,813,263	$	27,261	5.96%	$	1,725,560	$	25,863	5.95%
PPP Loans	174		2		4.56%	222		3		5.36%
Investment securities	456,552		3,207		2.79%	471,955		3,480		2.93%
Due from banks	143,908		1,665		4.59%	149,312		1,984		5.27%
Other	9,033		71		3.12%	12,432		237		7.56%
Total interest earning assets	2,422,930		32,206		5.27%	2,359,481		31,567		5.31%
Non-interest earning assets	94,263					98,224
Total assets	$	2,517,193				$	2,457,705

Liabilities and equity:
Interest-bearing demand accounts	$	339,233	$	402	0.47%	$	314,008	$	409	0.52%
Money market accounts	698,335		3,967		2.25%	600,451		2,958		1.95%
Savings accounts	269,244		939		1.38%	228,078		678		1.18%
Certificates of deposit	162,610		1,658		4.05%	217,137		2,500		4.57%
Total interest-bearing deposits	1,469,422		6,966		1.88%	1,359,674		6,545		1.91%
FHLB Advances and other borrowings	132,908		1,932		5.77%	187,989		2,643		5.58%
Subordinated notes	19,579		230		4.66%	19,508		230		4.68%
Total interest bearing liabilities	1,621,909		9,128		2.23%	1,567,171		9,418		2.38%
Non-interest bearing demand accounts	679,727					719,535
Other non-interest bearing liabilities	25,664					24,376
Total liabilities	2,327,300					2,311,082
Total shareholders’ equity	189,893					146,623
Total liabilities and shareholders’ equity	$	2,517,193				$	2,457,705

Net interest income			$	23,078				$	22,149
Interest rate spread ¹					3.04%					2.92%
Net interest margin ²					3.78%					3.72%
Average interest earning assets to interest-bearing liabilities	149.4%					150.6%

Notes:
¹ The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
² Net interest margin is the annualized net interest income divided by average interest-earning assets

ORANGE COUNTY BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(UNAUDITED)
(Dollar Amounts in thousands)

	Twelve Months Ended December 31,
	2024					2023
	Average Balance		Interest		Average Rate	Average Balance		Interest		Average Rate
Assets:
Loans Receivable (net of PPP)	$	1,760,057	$	106,022	6.01%	$	1,683,232	$	96,236	5.72%
PPP Loans	192		8		4.16%	1,133		28		2.47%
Investment securities	467,145		13,255		2.83%	503,410		14,055		2.79%
Due from banks	153,634		7,221		4.69%	142,003		6,498		4.58%
Other	8,218		721		8.75%	11,561		953		8.24%
Total interest earning assets	2,389,246		127,227		5.31%	2,341,339		117,770		5.03%
Non-interest earning assets	95,597					96,259
Total assets	$	2,484,843				$	2,437,598

Liabilities and equity:
Interest-bearing demand accounts	$	366,103	$	1,751	0.48%	$	331,056	$	1,284	0.39%
Money market accounts	670,231		15,199		2.26%	617,345		9,429		1.53%
Savings accounts	254,098		3,525		1.38%	245,663		2,413		0.98%
Certificates of deposit	168,202		7,399		4.39%	165,239		6,393		3.87%
Total interest-bearing deposits	1,458,634		27,874		1.91%	1,359,303		19,519		1.44%
FHLB Advances and other borrowings	126,149		6,666		5.27%	170,371		8,938		5.25%
Subordinated notes	19,553		921		4.70%	19,481		922		4.73%
Total interest bearing liabilities	1,604,336		35,461		2.20%	1,549,155		29,379		1.90%
Non-interest bearing demand accounts	675,983					717,689
Other non-interest bearing liabilities	26,440					23,338
Total liabilities	2,306,759					2,290,182
Total shareholders’ equity	178,084					147,416
Total liabilities and shareholders’ equity	$	2,484,843				$	2,437,598

Net interest income			$	91,766				$	88,391
Interest rate spread ¹					3.11%					3.13%
Net interest margin ²					3.83%					3.78%
Average interest earning assets to interest-bearing liabilities	148.9%					151.1%

Notes:
¹ The Interest rate spread is the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities
² Net interest margin is the annualized net interest income divided by average interest-earning assets

ORANGE COUNTY BANCORP, INC.
SELECTED RATIOS AND OTHER DATA
(UNAUDITED)

	Three Months Ended December 31,		Twelve Months Ended December 31,
	2024	2023	2024	2023
Performance Ratios:
Return on average assets (1)	1.14%	1.32%	1.12%	1.21%
Return on average equity (1)	15.09%	22.16%	15.66%	20.00%
Interest rate spread (2)	3.04%	2.92%	3.11%	3.13%
Net interest margin (3)	3.78%	3.72%	3.83%	3.78%
Dividend payout ratio (4)	19.76%	15.95%	19.05%	17.56%
Non-interest income to average total assets	0.68%	0.61%	0.64%	0.55%
Non-interest expenses to average total assets	2.93%	2.40%	2.62%	2.33%
Average interest-earning assets to average interest-bearing liabilities	149.39%	150.56%	148.92%	151.14%

	At	At
	December 31, 2024	December 31, 2023
Asset Quality Ratios:
Non-performing assets to total assets	0.25%	0.18%
Non-performing loans to total loans	0.35%	0.25%
Allowance for credit losses to non-performing loans	413.99%	568.83%
Allowance for credit losses to total loans	1.44%	1.44%

Capital Ratios (5):
Total capital (to risk-weighted assets)	15.37%	14.16%
Tier 1 capital (to risk-weighted assets)	14.12%	12.91%
Common equity tier 1 capital (to risk-weighted assets)	14.12%	12.91%
Tier 1 capital (to average assets)	10.23%	9.42%

Notes:
(1) Annualized for the three and twelve month periods ended December 31, 2024 and 2023, respectively.
(2) Represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the periods.
(3) The net interest margin represents net interest income as a percent of average interest-earning assets for the periods.
(4) The dividend payout ratio represents dividends paid per share divided by net income per share.
(5) Ratios are for the Bank only.

ORANGE COUNTY BANCORP, INC.
SELECTED OPERATING DATA
(UNAUDITED)
(Dollar Amounts in thousands except per share data)
	Three Months Ended December 31,					Twelve Months Ended December 31,
	2024			2023		2024		2023
Interest income	$	32,206		$	31,567	$	127,227	$	117,770
Interest expense	9,128			9,418		35,461		29,379
Net interest income	23,078			22,149		91,766		88,391
Provision for credit losses	(51		)	462		7,710		7,868
Net interest income after provision for credit losses	23,129			21,687		84,056		80,523
Noninterest income	4,305			3,743		15,972		13,419
Noninterest expenses	18,466			14,728		65,210		56,793
Income before income taxes	8,968			10,702		34,818		37,149
Provision for income taxes	1,804			2,578		6,935		7,671
Net income	$	7,164		$	8,124	$	27,883	$	29,478

Basic and diluted earnings per share	$	0.63		$	0.72	$	2.47	$	2.62
Weighted average common shares outstanding	11,322,045			11,264,908		11,303,118		11,258,300

	At			At
	December 31, 2024			December 31, 2023
Book value per share	$	16.35		$	14.63
Net tangible book value per share (1)	$	15.80		$	14.06
Outstanding common shares	11,350,158			11,302,622

Notes:
(1) Net tangible book value represents the amount of total tangible assets reduced by our total liabilities. Tangible assets are calculated by reducing total assets, as defined by GAAP, by $5,359 in goodwill and $821, and $1,107 in other intangible assets for December 31, 2024 and December 31, 2023, respectively.

ORANGE COUNTY BANCORP, INC.
LOAN COMPOSITION
(UNAUDITED)
(Dollar Amounts in thousands)
	At December 31, 2024				At December 31, 2023
	Amount		Percent		Amount		Percent
Commercial and industrial (a)	$	251,313	13.84	%	$	273,562	15.66	%
Commercial real estate	1,362,054		75.01	%	1,259,356		72.08	%
Commercial real estate construction	80,993		4.46	%	85,725		4.91	%
Residential real estate	74,973		4.13	%	78,321		4.48	%
Home equity	17,365		0.96	%	13,546		0.78	%
Consumer	29,053		1.60	%	36,552		2.09	%
Total loans	1,815,751		100.00	%	1,747,062		100.00	%
Allowance for loan losses	26,077				25,182
Total loans, net	$	1,789,674			$	1,721,880

(a) – Includes PPP loans of:	$	170			$	215

ORANGE COUNTY BANCORP, INC. DEPOSITS BY ACCOUNT TYPE (UNAUDITED) (Dollar Amounts in thousands)
	At December 31, 2024						At December 31, 2023
	Amount		Percent		Average Rate		Amount		Percent		Average Rate
Noninterest-bearing demand accounts	$	651,135	30.24	%	0.00	%	$	699,203	34.30	%	0.00	%
Interest bearing demand accounts	331,115		15.38	%	0.42	%	304,892		14.95	%	0.49	%
Money market accounts	679,082		31.54	%	2.15	%	584,976		28.69	%	2.04	%
Savings accounts	271,014		12.59	%	1.25	%	228,161		11.19	%	1.19	%
Certificates of Deposit	221,013		10.26	%	3.97	%	221,517		10.87	%	4.57	%
Total	$	2,153,359	100.00	%	1.31	%	$	2,038,749	100.00	%	1.29	%

ORANGE COUNTY BANCORP, INC.
NON-PERFORMING ASSETS
(UNAUDITED)
(Dollar Amounts in thousands)

	December 31, 2024			December 31, 2023

Non-accrual loans:
Commercial and industrial	$	293		$	556
Commercial real estate	6,000			2,692
Commercial real estate construction	–			–
Residential real estate	6			1,179
Home equity	–			–
Consumer	–			–
Total non-accrual loans	6,299			4,427
Accruing loans 90 days or more past due:
Commercial and industrial	–			–
Commercial real estate	–			–
Commercial real estate construction	–			–
Residential real estate	–			–
Home equity	–			–
Consumer	–			–
Total loans 90 days or more past due	–			–
Total non-performing loans	6,299			4,427
Other real estate owned	–			–
Other non-performing assets	–			–
Total non-performing assets	$	6,299		$	4,427

Ratios:
Total non-performing loans to total loans	0.35		%	0.25		%
Total non-performing loans to total assets	0.25		%	0.18		%
Total non-performing assets to total assets	0.25		%	0.18		%

The MIL Network –

February 6, 2025

MIL-OSI: WSCG Announces Marketing Partnership with Joey Gase Racing for the 2025 NASCAR XFINITY Race at Daytona International Speedway

Source: GlobeNewswire (MIL-OSI)

SALT LAKE CITY, UT, Feb. 05, 2025 (GLOBE NEWSWIRE) — WSCG, and its consumer brand HUMBL, a leading innovator of digital wallets, web platforms and blockchain technologies, is proud to sponsor NASCAR driver Joey Gase at the upcoming United Rentals 300 on Saturday, February 15, 2025, at Daytona International Speedway.

This marketing partnership includes the HUMBL logo on Gase’s race car, a fan contest for an exclusive Behind the Scenes – VIP Experience and will have its logo featured in the latest NASCAR video game.

“We’re thrilled to partner again with Joey Gase for the United Rentals 300,” said Brian Foote, CEO of WSCG, Inc. “Joey’s dedication to racing aligns perfectly with our commitment to innovation and excellence in technology. We look forward to an exciting race and engaging with NASCAR fans through this unique collaboration.”

As part of the partnership, HUMBL’s logo will be prominently displayed on the quarter panel of Gase’s race car. Race fans will also have the chance to win an exclusive VIP Experience, providing a behind-the-scenes experience and the opportunity to sit on Joey’s pit box during the race at Daytona International Speedway. The contest will be hosted on HUMBL’s social media channels, offering multiple ways to enter.

Additionally, NASCAR fans can experience the HUMBL-sponsored car in the latest NASCAR video game, allowing players to drive Gase’s car and compete in virtual races from home.

Registered users of HUMBL Financial will be automatically entered into the VIP Experience contest for two pit passes, making it easy for fans to participate. The giveaway is free to enter – simply create an account at HUMBLFinancial.com for a chance to win. No purchase is necessary to win.

About WSCG, Inc.

WSCG is headquartered in Salt Lake City, Utah and staffed by experienced professionals in finance, technology and real estate. The company recently purchased the HUMBL brand and holds licensing and distribution relationships with HUMBL Financial.

Safe Harbor Statement

This release contains forward-looking statements, which reflect the company’s current expectations and assumptions regarding future events. These statements are subject to inherent risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “continue,” “may,” “will,” “could,” and similar expressions. Actual outcomes may differ due to various factors, including but not limited to market conditions, competitive developments, operational challenges, regulatory changes, and the company’s ability to execute its business strategy. The company undertakes no obligation to update or revise any forward-looking statements to reflect changes in circumstances or new information, except as required by applicable law.

Media Contact

PR@HUMBL.com

The MIL Network –

February 6, 2025

MIL-OSI: SiriusPoint Announces Date for Fourth Quarter and Full Year 2024 Earnings Release

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, Feb. 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”) today announced that it is planning to release its fourth quarter and full year 2024 financial results after the market close on Tuesday, February 18, 2025. The Company will also hold a webcast, which can also be accessed as a conference call, to discuss its financial results at 8:30 am (Eastern Time) on Wednesday, February 19, 2025.

The webcast of the live conference call can be accessed by logging onto the Investor Relations section of the Company’s website at www.siriuspt.com. The online replay of the webcast will be available on the Company’s website immediately following the call.

The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international) and asking for the SiriusPoint Ltd. Fourth Quarter 2024 Earnings Call. A replay will be available at the conclusion of the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the passcode 13750607. The replay will be available until 11:59 pm (Eastern Time) on March 5, 2025.

About SiriusPoint

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators within our Insurance & Services segment. With over $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge, SiriusPoint
liam.blackledge@siriuspt.com
+44 203 772 3082

Media
Sarah Hills, Rein4ce
sarah.hills@rein4ce.co.uk
+44 771 888 2011

The MIL Network –

February 6, 2025

MIL-OSI: Palomar Holdings, Inc. Announces Fourth Quarter and Full Year 2024 Financial Results Release Date and Conference Call

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ: PLMR) (the “Company”) today announced that it will release its fourth quarter and full year 2024 results after the market close on Wednesday, February 12, 2025, and will host a conference call at 12:00 p.m. (Eastern Time) the following day, Thursday, February 13, 2025.

The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Fourth Quarter 2024 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on February 13, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13751157. The replay will be available until 11:59 p.m. (Eastern Time) on February 20, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at https://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.

Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd., Palomar Insurance Agency, Inc., Palomar Excess and Surplus Insurance Company (“PESIC”), and Palomar Underwriters Exchange Organization, Inc. Palomar’s consolidated results also include Laulima Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.

To learn more, visit PLMR.com

Follow Palomar on LinkedIn: @PLMRInsurance

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.

The MIL Network –

February 6, 2025

MIL-OSI: StoneX Group Inc. Reports Fiscal 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

Record Quarterly Net Operating Revenues of $492.1 million, up 17%

Record Quarterly Net Income of $85.1 million, ROE of 19.5%

Record Quarterly Diluted EPS of $2.54 per share, up 19%

Announces a Three-for-Two Stock Split

NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (the “Company”; NASDAQ: SNEX), a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise, today announced its financial results for the fiscal year 2025 first quarter ended December 31, 2024. In addition and as discussed further below, on February 5, 2024, the Company’s Board of Directors approved a three-for-two split of the Company’s common stock.

Sean O’Connor, the Company’s Executive Vice-Chairman of the Board, stated, “We achieved another record quarterly result, building on momentum realized through fiscal 2024, reporting net income of $85.1 million, a 23% increase over the prior year quarter, diluted EPS of $2.54, and a 19.5% return on equity for the first fiscal quarter of 2025. We experienced continued strong client engagement with increased volumes across all operating segments and products despite relatively low volatility.”

StoneX Group Inc. Summary Financials

Consolidated financial statements for the Company will be included in our Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission (the “SEC”). Upon filing, the Quarterly Report on Form 10-Q will also be made available on the Company’s website at www.stonex.com.

	Three Months Ended December 31,
(Unaudited) (in millions, except share and per share amounts)		2024			2023		% Change
Revenues:
Sales of physical commodities	$	27,051.1		$	18,820.9		44%
Principal gains, net		308.9			293.8		5%
Commission and clearing fees		149.3			129.7		15%
Consulting, management, and account fees		47.8			38.5		24%
Interest income		378.2			290.1		30%
Total revenues		27,935.3			19,573.0		43%
Cost of sales of physical commodities		26,991.0			18,788.8		44%
Operating revenues		944.3			784.2		20%
Transaction-based clearing expenses		86.5			74.3		16%
Introducing broker commissions		44.3			39.1		13%
Interest expense		306.2			236.0		30%
Interest expense on corporate funding		15.2			13.2		15%
Net operating revenues		492.1			421.6		17%
Compensation and other expenses:
Variable compensation and benefits		133.3			121.9		9%
Fixed compensation and benefits		119.2			96.2		24%
Trading systems and market information		20.0			18.7		7%
Professional fees		19.0			15.7		21%
Non-trading technology and support		19.7			16.9		17%
Occupancy and equipment rental		13.0			7.7		69%
Selling and marketing		12.0			11.7		3%
Travel and business development		8.4			7.1		18%
Communications		2.1			2.2		(5)%
Depreciation and amortization		15.7			11.2		40%
Bad debts (recoveries), net		1.8			(0.3	)	n/m
Other		16.7			16.9		(1)%
Total compensation and other expenses		380.9			325.9		17%
Other gains		5.7			—		n/m
Income before tax		116.9			95.7		22%
Income tax expense		31.8			26.6		20%
Net income	$	85.1		$	69.1		23%
Earnings per share:⁽¹⁾
Basic	$	2.66		$	2.20		21%
Diluted	$	2.54		$	2.13		19%
Weighted-average number of common shares outstanding:⁽¹⁾
Basic		30,976,042			30,233,107		2%
Diluted		32,444,772			31,274,307		4%

Return on equity (“ROE”)⁽¹⁾		19.5	%		19.3	%
ROE on tangible book value⁽¹⁾		20.5	%		20.5	%
n/m = not meaningful to present as a percentage

(1	)	The Company calculates ROE on stated book value based on net income divided by average stockholders’ equity. For the calculation of ROE on tangible book value, the amount of goodwill and intangibles, net is excluded from stockholders’ equity.

The following table presents our consolidated operating revenues by segment for the periods indicated.

	Three Months Ended December 31,
(in millions)		2024			2023		% Change
Segment operating revenues represented by:
Commercial	$	232.3		$	198.4		17%
Institutional		539.6			435.7		24%
Self-Directed/Retail		124.1			92.5		34%
Payments		58.1			60.6		(4)%
Corporate		11.1			9.2		21%
Eliminations		(20.9	)		(12.2	)	71%
Operating revenues	$	944.3		$	784.2		20%

The following table presents our consolidated income by segment for the periods indicated.

	Three Months Ended December 31,
(in millions)		2024			2023		% Change
Segment income represented by:
Commercial	$	102.2		$	87.2		17%
Institutional		78.1			65.2		20%
Self-Directed/Retail		56.9			28.7		98%
Payments		34.1			35.0		(3)%
Total segment income	$	271.3		$	216.1		26%
Reconciliation of segment income to income before tax:
Segment income	$	271.3		$	216.1		26%
Net operating loss within Corporate⁽¹⁾		(21.1	)		(15.6	)	35%
Overhead costs and expenses		(133.3	)		(104.8	)	27%
Income before tax	$	116.9		$	95.7		22%

(1	)	Includes interest expense on corporate funding.

Key Operating Metrics

The tables below present operating revenues disaggregated across the key products we provide to our clients and select operating data and metrics used by management in evaluating our performance, for the periods indicated.

	Three Months Ended December 31,
		2024			2023		% Change
Operating Revenues (in millions):
Listed derivatives	$	111.8		$	109.2		2%
Over-the-counter (“OTC”) derivatives		36.6			44.5		(18)%
Securities		401.8			316.2		27%
FX/Contracts for difference (“CFD”) contracts		98.6			74.6		32%
Payments		56.8			59.4		(4)%
Physical contracts		92.6			51.4		80%
Interest/fees earned on client balances		107.6			98.4		9%
Other		48.3			33.5		44%
Corporate		11.1			9.2		21%
Eliminations		(20.9	)		(12.2	)	71%
	$	944.3		$	784.2		20%
Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)		53,180			50,759		5%
Listed derivatives, average rate per contract (“RPC”)⁽¹⁾	$	2.03		$	2.03		—%
Average client equity – listed derivatives (millions)	$	6,620		$	6,170		7%
OTC derivatives (contracts, 000’s)		859			814		6%
OTC derivatives, average RPC	$	42.84		$	54.92		(22)%
Securities average daily volume (“ADV”) (millions)	$	8,733		$	6,224		40%
Securities rate per million (“RPM”)⁽²⁾	$	237		$	295		(20)%
Average money market/FDIC sweep client balances (millions)	$	1,197		$	1,060		13%
FX/CFD contracts ADV (millions)	$	11,685		$	10,917		7%
FX/CFD contracts RPM	$	133		$	109		22%
Payments ADV (millions)	$	84		$	75		12%
Payments RPM	$	10,414		$	12,557		(17)%

(1	)	Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average rate per contract.
(2	)	Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM while interest income related to securities lending is excluded.

Interest expense

	Three Months Ended December 31,
(in millions)		2024		2023	% Change
Interest expense attributable to:
Trading activities:
Institutional dealer in fixed income securities	$	223.6	$	172.1	30%
Securities borrowing		22.0		14.6	51%
Client balances on deposit		33.8		36.3	(7)%
Short-term financing facilities of subsidiaries and other direct interest of operating segments		26.8		13.0	106%
		306.2		236.0	30%
Corporate funding		15.2		13.2	15%
Total interest expense	$	321.4	$	249.2	29%

Increased interest expense attributable to trading activities principally resulted from an increase in our fixed income, securities borrowing, and physical business activities. The increase in interest expense for the three months ended December 31, 2024 attributable to corporate funding was principally due to an increase in the aggregate amount of senior secured notes outstanding, related to the March 1, 2024 issuance of our 7.875% Senior Secured Notes due 2031 (the “Notes due 2031”), effectively replacing our 8.625% Senior Secured Notes due 2025 (“the Notes due 2025”). This increase was partially offset by lower average borrowings on our revolving credit facility.

Variable vs. Fixed Expenses
The table below sets forth our variable expenses and non-variable expenses as a percentage of total non-interest expenses for the periods indicated.

	Three Months Ended December 31,
(in millions)		2024	% of Total		2023		% of Total
Variable compensation and benefits	$	133.3	26%	$	121.9		28%
Transaction-based clearing expenses		86.5	17%		74.3		17%
Introducing broker commissions		44.3	9%		39.1		9%
Total variable expenses		264.1	52%		235.3		54%
Fixed compensation and benefits		119.2	23%		96.2		22%
Other fixed expenses		126.6	25%		108.1		24%
Bad debts (recoveries), net		1.8	—%		(0.3	)	—%
Total non-variable expenses		247.6	48%		204.0		46%
Total non-interest expenses	$	511.7	100%	$	439.3		100%

Other Gains, net

The results of the three months ended December 31, 2024 included nonrecurring gains of $5.7 million resulting from proceeds received from class action settlements.

Segment Results

Our business activities are managed through four operating segments, including Commercial, Institutional, Self-Directed/Retail and Payments.

The tables below present the financial performance, a disaggregation of operating revenues, and select operating data and metrics used by management in evaluating the performance of our segments, for the periods indicated. Additional information on the performance of our segments will be included in our Quarterly Report on Form 10-Q to be filed with the SEC.

Commercial

	Three Months Ended December 31,
(in millions)		2024		2023		% Change
Revenues:
Sales of physical commodities	$	27,033.7	$	18,809.5		44%
Principal gains, net		67.2		77.1		(13)%
Commission and clearing fees		48.7		44.3		10%
Consulting, management and account fees		6.5		5.8		12%
Interest income		52.9		41.3		28%
Total revenues		27,209.0		18,978.0		43%
Cost of sales of physical commodities		26,976.7		18,779.6		44%
Operating revenues		232.3		198.4		17%
Transaction-based clearing expenses		17.6		15.8		11%
Introducing broker commissions		11.3		10.4		9%
Interest expense		14.2		8.8		61%
Net operating revenues		189.2		163.4		16%
Variable compensation and benefits		43.5		37.0		18%
Net contribution		145.7		126.4		15%
Fixed compensation and benefits		17.0		15.5		10%
Other fixed expenses		25.3		23.8		6%
Bad debts (recoveries), net		1.2		(0.1	)	n/m
Non-variable direct expenses		43.5		39.2		11%
Segment income		102.2		87.2		17%
Allocation of overhead costs		9.7		8.8		10%
Segment income, less allocation of overhead costs	$	92.5	$	78.4		18%

	Three Months Ended December 31,
		2024		2023	% Change
Operating Revenues (in millions):
Listed derivatives	$	62.2	$	59.4	5%
OTC derivatives		36.6		44.5	(18)%
Physical contracts		90.1		50.6	78%
Interest/fees earned on client balances		36.6		37.2	(2)%
Other		6.8		6.7	1%
	$	232.3	$	198.4	17%

Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)		10,608		9,523	11%
Listed derivatives, average RPC ⁽¹⁾	$	5.67	$	5.95	(5)%
Average client equity – listed derivatives (millions)	$	1,727	$	1,700	2%
OTC derivatives (contracts, 000’s)		859		814	5%
OTC derivatives, average RPC	$	42.84	$	54.92	(22)%

(1	)	Give-up fee revenues, related to contract execution for clients of other FCMs, as well as cash and voice brokerage revenues are excluded from the calculation of listed derivatives, average RPC.

Institutional

	Three Months Ended December 31,
(in millions)		2024		2023		% Change
Revenues:
Sales of physical commodities	$	—	$	—		—%
Principal gains, net		108.6		103.2		5%
Commission and clearing fees		85.7		73.3		17%
Consulting, management and account fees		20.3		17.3		17%
Interest income		325.0		241.9		34%
Total revenues		539.6		435.7		24%
Cost of sales of physical commodities		—		—		—%
Operating revenues		539.6		435.7		24%
Transaction-based clearing expenses		63.0		52.9		19%
Introducing broker commissions		8.1		7.7		5%
Interest expense		294.5		226.5		30%
Net operating revenues		174.0		148.6		17%
Variable compensation and benefits		56.2		48.4		16%
Net contribution		117.8		100.2		18%
Fixed compensation and benefits		18.6		16.4		13%
Other fixed expenses		22.4		19.0		18%
Bad debts (recoveries), net		—		(0.4	)	(100)%
Non-variable direct expenses		41.0		35.0		17%
Other gain		1.3		—		n/m
Segment income	$	78.1	$	65.2		20%
Allocation of overhead costs		14.8		12.8		16%
Segment income, less allocation of overhead costs	$	63.3	$	52.4		21%

	Three Months Ended December 31,
		2024		2023	% Change
Operating Revenues (in millions):
Listed derivatives	$	49.6	$	49.8	—%
Securities		373.5		293.6	27%
FX contracts		9.6		8.0	20%
Interest/fees earned on client balances		70.3		60.5	16%
Other		36.6		23.8	54%
	$	539.6	$	435.7	24%

Volumes and Other Select Data:
Listed derivatives (contracts, 000’s)		42,572		41,236	3%
Listed derivatives, average RPC ⁽¹⁾	$	1.12	$	1.12	—%
Average client equity – listed derivatives (millions)	$	4,893	$	4,470	9%
Securities ADV (millions)	$	8,733	$	6,224	40%
Securities RPM ⁽²⁾	$	237	$	295	(20)%
Average money market/FDIC sweep client balances (millions)	$	1,197	$	1,060	13%
FX contracts ADV (millions)	$	4,082	$	3,970	3%
FX contracts RPM	$	36	$	34	6%

(1	)	Give-up fee revenues, related to contract execution for clients of other FCMs, revenues are excluded from the calculation of listed derivatives, average RPC.
(2	)	Interest expense associated with our fixed income activities is deducted from operating revenues in the calculation of Securities RPM, while interest income related to securities lending is excluded.

Self-Directed/Retail

	Three Months Ended December 31,
(in millions)		2024		2023	% Change
Revenues:
Sales of physical commodities	$	17.4	$	11.4	53%
Principal gains, net		79.5		55.6	43%
Commission and clearing fees		13.5		11.2	21%
Consulting, management and account fees		19.3		14.1	37%
Interest income		8.7		9.4	(7)%
Total revenues		138.4		101.7	36%
Cost of sales of physical commodities		14.3		9.2	55%
Operating revenues		124.1		92.5	34%
Transaction-based clearing expenses		3.4		3.5	(3)%
Introducing broker commissions		24.0		20.4	18%
Interest expense		2.1		1.6	31%
Net operating revenues		94.6		67.0	41%
Variable compensation and benefits		3.0		4.4	(32)%
Net contribution		91.6		62.6	46%
Fixed compensation and benefits		9.4		10.3	(9)%
Other fixed expenses		29.2		23.5	24%
Bad debts, net of recoveries		0.5		0.1	400%
Non-variable direct expenses		39.1		33.9	15%
Other gain		4.4		—	n/m
Segment income		56.9		28.7	98%
Allocation of overhead costs		12.6		11.5	10%
Segment income, less allocation of overhead costs	$	44.3	$	17.2	158%

	Three Months Ended December 31,
		2024		2023	% Change
Operating Revenues (in millions):
Securities	$	28.3	$	22.6	25%
FX/CFD contracts		89.0		66.6	34%
Physical contracts		2.5		0.8	213%
Interest/fees earned on client balances		0.7		0.7	—%
Other		3.6		1.8	100%
	$	124.1	$	92.5	34%

Volumes and Other Select Data:
FX/CFD contracts ADV (millions)	$	7,603	$	6,948	9%
FX/CFD contracts RPM	$	185	$	151	23%

Payments

	Three Months Ended December 31,
(in millions)		2024		2023	% Change
Revenues:
Sales of physical commodities	$	—	$	—	—%
Principal gains, net		54.4		57.5	(5)%
Commission and clearing fees		1.8		1.5	20%
Consulting, management, account fees		1.3		0.9	44%
Interest income		0.6		0.7	(14)%
Total revenues		58.1		60.6	(4)%
Cost of sales of physical commodities		—		—	—%
Operating revenues		58.1		60.6	(4)%
Transaction-based clearing expenses		1.8		1.8	—%
Introducing broker commissions		0.9		0.6	50%
Interest expense		—		—	—%
Net operating revenues		55.4		58.2	(5)%
Variable compensation and benefits		9.1		10.6	(14)%
Net contribution		46.3		47.6	(3)%
Fixed compensation and benefits		6.6		7.3	(10)%
Other fixed expenses		5.5		5.2	6%
Bad debts, net of recoveries		0.1		0.1	—%
Total non-variable direct expenses		12.2		12.6	(3)%
Segment income		34.1		35.0	(3)%
Allocation of overhead costs		5.6		5.1	10%
Segment income, less allocation of overhead costs	$	28.5	$	29.9	(5)%

	Three Months Ended December 31,
		2024		2023	% Change
Operating Revenues (in millions):
Payments	$	56.8	$	59.4	(4)%
Other		1.3		1.2	8%
	$	58.1	$	60.6	(4)%

Volumes and Other Select Data:
Payments ADV (millions)	$	84	$	75	12%
Payments RPM	$	10,414	$	12,557	(17)%

Overhead Costs and Expenses

We incur overhead costs and expenses, including certain shared services such as information technology, accounting and treasury, credit and risk, legal and compliance, and human resources and other activities. The following table provides information regarding overhead costs and expenses. The allocation of overhead costs to operating segments includes costs associated with compliance, technology, and credit and risk costs. The share of allocated costs is based on resources consumed by the relevant businesses. In addition, the allocation of human resources and occupancy costs is principally based on employee costs within the relevant businesses.

	Three Months Ended December 31,
(in millions)		2024			2023		% Change
Compensation and benefits:
Variable compensation and benefits	$	20.2		$	19.4		4%
Fixed compensation and benefits		61.0			40.6		50%
		81.2			60.0		35%
Other expenses:
Occupancy and equipment rental		12.1			7.3		66%
Non-trading technology and support		15.3			13.0		18%
Professional fees		8.7			7.5		16%
Depreciation and amortization		6.4			5.5		16%
Communications		1.5			1.6		(6)%
Selling and marketing		0.9			1.3		(31)%
Trading systems and market information		1.6			1.7		(6)%
Travel and business development		2.6			1.7		53%
Other		3.0			5.2		(42)%
		52.1			44.8		16%
Overhead costs and expenses		133.3			104.8		27%
Allocation of overhead costs		(42.7	)		(38.2	)	12%
Overhead costs and expense, net of allocation to operating segments	$	90.6		$	66.6		36%

Balance Sheet Summary

The following table below provides a summary of asset, liability and stockholders’ equity information for the periods indicated.

(Unaudited) (in millions, except for share and per share amounts)	December 31, 2024		September 30, 2024
Summary asset information:
Cash and cash equivalents	$	1,398.2	$	1,269.0
Cash, securities and other assets segregated under federal and other regulations	$	3,156.6	$	2,841.2
Securities purchased under agreements to resell	$	5,479.2	$	5,201.5
Securities borrowed	$	2,120.7	$	1,662.3
Deposits with and receivables from broker-dealers, clearing organizations and counterparties, net	$	7,783.9	$	7,283.2
Receivables from clients, net and notes receivable, net	$	1,096.3	$	1,013.1
Financial instruments owned, at fair value	$	6,918.1	$	6,767.1
Physical commodities inventory, net	$	861.4	$	681.1
Property and equipment, net	$	145.1	$	143.1
Operating right of use assets	$	159.7	$	157.0
Goodwill and intangible assets, net	$	87.0	$	80.6
Other	$	379.1	$	367.1

Summary liability and stockholders’ equity information:
Accounts payable and other accrued liabilities	$	491.3	$	548.8
Operating lease liabilities	$	198.6	$	195.9
Payables to clients	$	11,338.2	$	10,345.9
Payables to broker-dealers, clearing organizations and counterparties	$	445.5	$	734.2
Payables to lenders under loans	$	550.0	$	338.8
Senior secured borrowings, net	$	543.3	$	543.1
Securities sold under agreements to repurchase	$	8,872.9	$	8,581.3
Securities loaned	$	1,826.5	$	1,615.9
Financial instruments sold, not yet purchased, at fair value	$	3,541.6	$	2,853.3
Stockholders’ equity	$	1,777.4	$	1,709.1

Common stock outstanding – shares		32,034,629		31,874,447
Net asset value per share	$	55.48	$	53.62

Three-for-Two Stock Split

On February 5, 2025, the Company’s Board of Directors approved a three-for-two split of its common stock to make stock ownership more accessible to employees and investors. The stock split will be effected as a stock dividend entitling each stockholder of record to receive one additional share of common stock for every two shares owned. Additional shares issued as a result of the stock dividend will be distributed after close of trading on March 21, 2025, to stockholders of record at the close of business on March 11, 2025. Cash will be distributed in lieu of fractional shares based on the opening price of a share of common stock on March 12, 2025. Trading is expected to begin on a stock split-adjusted basis at market open on March 24, 2025. All share and per share amounts contained herein have not been retroactively adjusted for this subsequent stock split.

Conference Call & Web Cast

A conference call to discuss the Company’s financial results will be held tomorrow, Thursday, February 6, 2025 at 9:00 a.m. Eastern time. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. A live webcast of the conference call as well as additional information to review during the call will be made available in PDF form on-line on the Company’s corporate web site at https://register.vevent.com/register/BIe20141cf7fd043c89fde461964a3582e approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,600 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, such as those pertaining to the Company’s financial condition, results of operations, business strategy, financial needs of the Company and the stock split. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms and similar expressions, as they relate to StoneX Group Inc., are intended to identify forward-looking statements.

These forward-looking statements are largely based on current expectations and projections about future events and financial trends that may affect the financial condition, results of operations, business strategy and financial needs of the Company. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, including adverse changes in economic, political and market conditions, including losses from our market-making and trading activities arising from counterparty failures, the loss of key personnel, the impact of increasing competition, the impact of changes in government regulation, the possibility of liabilities arising from violations of foreign, United States (“U.S.”) federal and U.S. state securities laws, the impact of changes in technology in the securities and commodities trading industries, and other risks discussed in our filings with the SEC, including Part I, Item 1A of our Annual Report on Form 10-K for the year ended September 30, 2024. Although we believe that our forward-looking statements are based upon reasonable assumptions regarding our business and future market conditions, there can be no assurances that our actual results will not differ materially from any results expressed or implied by our forward-looking statements.

These forward-looking statements speak only as of the date of this press release. StoneX Group Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. For these statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

StoneX Group Inc.

Investor inquiries:

Kevin Murphy
(212) 403 – 7296
kevin.murphy@stonex.com

SNEX-G

The MIL Network –

February 6, 2025

MIL-OSI: Great Elm Group Reports Fiscal 2025 Second Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PALM BEACH GARDENS, Fla., Feb. 05, 2025 (GLOBE NEWSWIRE) — Great Elm Group, Inc. (“we,” “our,” “GEG,” “Great Elm,” or “the Company”), (NASDAQ: GEG), an alternative asset manager, today announced financial results for its fiscal second quarter ended December 31, 2024.

Fiscal Second Quarter 2025 and Recent Highlights

Great Elm Capital Corp. (NASDAQ: GECC) raised an additional $13.2 million of equity at NAV in December 2024, through the issuance of approximately 1.1 million shares of GECC common stock to Summit Grove Partners (“SGP”).
On February 4, 2025, the Company acquired the assets of Greenfield CRE, a leading construction management company and longstanding partner of Monomoy.
- In connection with the acquisition, Great Elm formed Monomoy Construction Services, LLC (“MCS”) and combined Greenfield with Monomoy BTS Construction Management to launch an integrated, full-service construction business.
- MCS will be dedicated to serving Great Elm’s various real estate verticals, as well as expanding its existing third-party consulting business.
GEG’s fee-paying assets under management (“FPAUM”) and assets under management (“AUM”) totaled approximately $538 million and $751 million, respectively.
- FPAUM and AUM growth of 17% and 14%, respectively, compared to the prior-year period.
Total revenue for the second quarter grew 24% to $3.5 million, compared to $2.8 million for the prior-year period.
- Growth in revenue was primarily driven by increased revenue from Monomoy BTS, Corporation and increased GECC management fees, due to growth in FPAUM.
- Great Elm collected incentive fees from GECC totaling $0.5 million for the three months ended December 31, 2024.
Net income from continuing operations for the second quarter was $1.4 million, compared to a net loss from continuing operations of ($0.2) million in the prior-year period.
Adjusted EBITDA for the second quarter was $1.0 million, compared to $0.6 million in the prior-year period.
Through February 4, 2025, Great Elm has repurchased approximately 4.1 million shares for $7.4 million, at an average price of $1.83 per share, through its share repurchase program.
- Book value per share was $2.30 as of December 31, 2024, excluding Consolidated Funds.
As of December 31, 2024, GEG had approximately $44 million of cash on its balance sheet to support growth initiatives across its alternative asset management platform.

Management Commentary

Jason Reese, Chief Executive Officer of the Company, stated, “We delivered a solid fiscal second quarter 2025, continuing our positive momentum by expanding our assets under management, growing revenue across our credit and real estate businesses and generating strong returns on our investments. Our BDC closed another successful capital raise at NAV, increased its first quarter dividend to 37 cents per share and announced a special dividend in December of 5 cents per share. Additionally, the Great Elm Credit Income Fund (“GECIF”) continued to perform very well, closing December with net inception-to-date returns of approximately 13.9%.¹ GECIF’s established track record leaves us well-positioned to attract further capital to scale our investment management platform.”

“In Real Estate, we were thrilled to announce the acquisition of Greenfield CRE into our newly formed Monomoy Construction Services business. We expect this transaction to enhance our construction management expertise, expand our scope of services, and fortify our overall real estate value proposition to our investors and tenants. Our long-standing relationship with Greenfield will allow us to quickly benefit from the launch of our fully integrated, full-service real estate platform. Importantly, we maintained our commitment to the GEG share repurchase program, continuing to buy back shares at an attractive discount to book value. Looking ahead, we remain focused on executing on our strategic priorities: growing our core credit and real estate businesses, pursuing compelling investment opportunities across our platform and leveraging our strong balance sheet to maximize shareholder value.”

GEG Managed Vehicle Highlights

GECC demonstrated continued strong performance, raised meaningful capital and increased its quarterly base distribution.
- GECC raised $13.2 million of equity at Net Asset Value (“NAV”) through the issuance of approximately 1.1 million shares of GECC common stock to SGP.
- GEG demonstrated its commitment to growing its credit platform through a $3.3 million investment in SGP.
- GECC announced a 5.7% increase on its quarterly base distribution to $0.37 per share for the first quarter of 2025 (compared to the prior $0.35 per share) and paid a special cash distribution of $0.05 per share in January 2025.
Monomoy BTS and Monomoy REIT continued to execute on their strategic priorities.
- Monomoy BTS completed construction of its second build-to-suit property in Mississippi and made meaningful progress on its third project in Florida.
- Monomoy REIT closed on three property purchases for approximately $3.8 million and maintains a strong pipeline of transaction opportunities and open requirements from our tenants.
GECIF delivered a strong return on invested capital of approximately 13.9%, net of fees, for the period from its inception through December 31, 2024.¹

Discussion of Financial Results for the Fiscal Second Quarter Ended December 31, 2024

GEG reported total revenue of $3.5 million, up 24% from $2.8 million in the prior-year period.

GEG recorded net income from continuing operations of $1.4 million, compared to a net loss from continuing operations of ($0.2) million in the prior-year period.

GEG recorded Adjusted EBITDA of $1.0 million, compared to $0.6 million in the prior-year period.

Monomoy CRE, LLC Acquisition

On February 4, 2025, Great Elm acquired the assets of Greenfield, a leading construction management company and longstanding partner of MCRE, our real estate investment manager. In connection with the acquisition, Great Elm formed Monomoy Construction Services, LLC and combined the assets of Greenfield with the assets of Monomoy BTS Construction Management to launch an integrated, full-service construction business. With MCS, Monomoy will offer a full-service, in-house suite of project management, procurement, construction management, asset management, market analysis and feasibility services for its industrial real estate tenants.

Stock Repurchase Program

In the fiscal first quarter 2025, GEG’s Board of Directors approved an incremental stock repurchase program under which GEG is authorized to repurchase up to $20 million in the aggregate of its outstanding common stock in the open market. As of February 4, 2025, the Company has repurchased approximately 4.1 million shares for $7.4 million under this program.

Fiscal 2025 Second Quarter Conference Call & Webcast Information

When:		Thursday, February 6, 2025, 8:30 a.m. Eastern Time (ET)

Call:		All interested parties are invited to participate in the conference call by dialing +1 (877) 407-0752; international callers should dial +1 (201) 389-0912. Participants should enter the Conference ID 13746970 if asked.

Webcast:		The conference call will be webcast simultaneously and can be accessed here. A copy of the slide presentation accompanying the conference call, can be found here.

About Great Elm Group, Inc.

Great Elm Group, Inc. (NASDAQ: GEG) is a publicly-traded, alternative asset manager focused on growing a scalable and diversified portfolio of long-duration and permanent capital vehicles across credit, real estate, specialty finance, and other alternative strategies. Great Elm Group, Inc. and its subsidiaries currently manage Great Elm Capital Corp., a publicly-traded business development company, and Monomoy Properties REIT, LLC, an industrial-focused real estate investment trust, in addition to other investments. Great Elm Group, Inc.’s website can be found at www.greatelmgroup.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release that are “forward-looking” statements, including statements regarding expected growth, profitability, acquisition opportunities and outlook involve risks and uncertainties that may individually or collectively impact the matters described herein. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and represent Great Elm’s assumptions and expectations in light of currently available information. These statements involve risks, variables and uncertainties, and Great Elm’s actual performance results may differ from those projected, and any such differences may be material. For information on certain factors that could cause actual events or results to differ materially from Great Elm’s expectations, please see Great Elm’s filings with the Securities and Exchange Commission (“SEC”), including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Additional information relating to Great Elm’s financial position and results of operations is also contained in Great Elm’s annual and quarterly reports filed with the SEC and available for download at its website www.greatelmgroup.com or at the SEC website www.sec.gov.

Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC, and in public disclosures, of financial measures that are not in accordance with US GAAP, such as adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). Adjusted EBITDA is derived from methodologies other than in accordance with US GAAP. Great Elm believes that Adjusted EBITDA is an important measure for investors to use in evaluating Great Elm’s businesses. In addition, Great Elm’s management reviews Adjusted EBITDA as they evaluate acquisition opportunities.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider it either in isolation from, or as a substitute for, analyzing Great Elm’s results as reported under US GAAP. Non-GAAP financial measures reported by Great Elm may not be comparable to similarly titled amounts reported by other companies.

Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations.

Endnotes
¹Assumes invested at inception on November 1, 2023, and remained invested throughout the succeeding fourteen months ended December 31, 2024, with distributions reinvested, net of founder’s class fees and expenses. Performance results should not be regarded as final until audited financial statements are issued covering the period shown. Past performance is no guarantee of future results. This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment vehicle managed by Great Elm or its affiliates. Any such offer or solicitation will only be made pursuant to the applicable offering documents for such investment vehicle.

Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelmcap.com

Great Elm Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands (except per share data)

ASSETS	December 31, 2024			June 30, 2024
Current assets
Cash and cash equivalents	$	44,288		$	48,147
Restricted cash		–			1,571
Receivables from managed funds		3,725			2,259
Investments in marketable securities		–			9,929
Investments, at fair value		49,918			44,585
Prepaid and other current assets		5,275			1,215
Real estate assets, net		6,524			5,769
Assets of Consolidated Funds:
Cash and cash equivalents		2,568			2,371
Investments, at fair value		11,902			11,471
Other assets		223			253
Total current assets		124,423			127,570
Identifiable intangible assets, net		10,510			11,037
Right-of-use assets		1,784			225
Other assets		1,770			1,614
Total assets	$	138,487		$	140,446
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	185		$	317
Payable for securities purchased		19			–
Accrued expenses and other current liabilities		2,817			7,009
Current portion of related party payables		254			634
Current portion of lease liabilities		335			137
Liabilities of Consolidated Funds:
Payable for securities purchased		340			100
Accrued expenses and other liabilities		151			162
Total current liabilities		4,101			8,359
Lease liabilities, net of current portion		1,442			57
Long-term debt (face value $26,945)		26,231			26,090
Related party payables, net of current portion		–			–
Convertible notes (face value $36,380 and $35,494, including $16,578 and $16,174 held by related parties, respectively)		35,838			34,900
Other liabilities		817			845
Total liabilities		68,429			70,251
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.001 par value; 5,000,000 authorized and zero outstanding		–			–
Common stock, $0.001 par value; 350,000,000 shares authorized and 29,519,825 shares issued and 27,150,036 outstanding at December 31, 2024; and 31,875,285 shares issued and 30,494,448 outstanding at June 30, 2024		26			30
Additional paid-in-capital		3,311,447			3,315,638
Accumulated deficit		(3,249,139	)		(3,252,954	)
Total Great Elm Group, Inc. stockholders’ equity		62,334			62,714
Non-controlling interests		7,724			7,481
Total stockholders’ equity		70,058			70,195
Total liabilities and stockholders’ equity	$	138,487		$	140,446

Great Elm Group, Inc.
Condensed Consolidated Statements of Operations (unaudited)
Amounts in thousands (except per share data)

	For the three months ended December 31,						For the six months ended December 31,
	2024			2023			2024			2023
Revenues	$	3,507		$	2,819		$	7,499		$	6,129
Cost of revenues		458			–			1,093			–
Operating costs and expenses:
Investment management expenses		3,431			2,839			6,489			5,601
Depreciation and amortization		284			283			557			566
Selling, general and administrative		1,306			2,393			3,312			4,108
Expenses of Consolidated Funds		5			–			21			–
Total operating costs and expenses		5,026			5,515			10,379			10,275
Operating loss		(1,977	)		(2,696	)		(3,973	)		(4,146	)
Dividends and interest income		1,567			2,072			3,125			4,058
Net realized and unrealized gain		2,428			1,204			6,206			4,488
Net realized and unrealized gain (loss) on investments of Consolidated Funds		(29	)		114			249			114
Interest and other income of Consolidated Funds		395			128			779			128
Interest expense		(1,030	)		(1,061	)		(2,058	)		(2,123	)
(Loss) income before income taxes from continuing operations		1,354			(239	)		4,328			2,519
Income tax benefit (expense)		–			–			–			–
Net (loss) income from continuing operations		1,354			(239	)		4,328			2,519
Discontinued operations:
Net income from discontinued operations		–			–			–			16
Net (loss) income	$	1,354		$	(239	)	$	4,328		$	2,535
Less: net income attributable to non-controlling interest, continuing operations		178			111			513			111
Net (loss) income attributable to Great Elm Group, Inc.	$	1,176		$	(350	)	$	3,815		$	2,424
Net (loss) income attributable to shareholders per share
Basic	$	0.04		$	(0.01	)	$	0.13		$	0.08
Diluted	$	0.04		$	(0.01	)		0.12			0.08
Weighted average shares outstanding
Basic		27,983			29,889			28,531			29,734
Diluted		28,767			29,889			39,793			30,916

Great Elm Group, Inc.
Reconciliation from Net Income (loss) from Continuing Operations to Adjusted EBITDA
Dollar amounts in thousands

	Three months ended December 31,						Six months ended December 31,
(in thousands)	2024			2023			2024			2023
Net income (loss) from continuing operations – GAAP	$	1,354		$	(239	)	$	4,328		$	2,519
Interest expense		1,030			1,061			2,058			2,123
Income tax expense (benefit)		–			–			–			–
Depreciation and amortization		284			283			557			566
Non-cash compensation		755			839			1,872			1,726
(Gain) loss on investments		(2,399	)		(1,318	)		(6,455	)		(4,602	)
Change in contingent consideration		–			18			(6	)		36
Adjusted EBITDA	$	1,024		$	644		$	2,354		$	2,368

The MIL Network –

February 6, 2025

MIL-OSI: Paycor Announces Second Quarter Fiscal Year 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Entered into a definitive agreement to be acquired by Paychex, Inc.
Q2 Total revenues of $180.4 million, an increase of 13% year-over-year, while expanding operating margins
Q2 Recurring revenues of $167.4 million, an increase of 14% year-over-year

CINCINNATI, Feb. 05, 2025 (GLOBE NEWSWIRE) — Paycor HCM, Inc. (Nasdaq: PYCR) (“Paycor” or the “Company”), a leading provider of human capital management (“HCM”) software, today announced financial results for the second quarter fiscal year 2025, which ended December 31, 2024.

Second Quarter Fiscal Year 2025 Financial Highlights

Total revenues were $180.4 million, an increase of 13% from the second quarter of FY 2024.
Operating profit was $1.2 million, compared to an operating loss of $26.2 million from the second quarter of FY 2024 or 1% of Total revenues compared to (16%) in the second quarter of FY 2024.
Adjusted operating income* was $31.8 million, compared to $23.3 million or an increase of 36% from the second quarter of FY 2024, or 18% of Total revenues compared to 15% in the second quarter of FY 2024.
Net loss was $2.0 million, compared to $26.2 million for the second quarter of FY 2024.
Adjusted net income* was $25.0 million, compared to $18.7 million for the second quarter of FY 2024.
Net cash provided by operating activities improved to $37.1 million from $26.2 million for the second quarter of FY 2024.
Adjusted free cash flow* improved to $28.5 million from $14.8 million for the second quarter of FY 2024.

*Adjusted operating income, adjusted net income and adjusted free cash flow are non-GAAP financial measures. Please see the discussion below under the heading “Non-GAAP Financial Measures” and the reconciliations at the end of this press release for information concerning these and other non-GAAP financial measures referenced in this press release.

Pending Merger with Paychex, Inc.

On January 7, 2025, we announced that we had entered into a definitive agreement (“Merger Agreement”) to be acquired by Paychex, Inc. (“Paychex”) in an all-cash transaction structured as a merger and valued at approximately $4.1 billion, or $22.50 per share. The per-share merger consideration represents a premium of approximately 19% over Paycor’s 30-day volume weighted average trading price as of the unaffected trading date of January 3, 2025. The Merger Agreement has been unanimously approved by Company’s Board of Directors, as well as the holders of a majority of the Company’s outstanding common stock. The merger is expected to close in the first half of calendar 2025, subject to satisfaction of regulatory approvals and other customary closing conditions. Upon completion of the merger, we will become a wholly-owned subsidiary of Paychex, and our common stock will be delisted from Nasdaq.

Given the pending transaction, we will not be hosting an earnings conference call, are suspending financial guidance for fiscal year 2025, and will not provide financial guidance for the third quarter ending March 31, 2025. For further detail and discussion of our financial performance, please refer to our Form 10-Q for the fiscal quarter ended December 31, 2024.

Additional Information and Where to Find It

We intend to file relevant materials with the SEC, including a preliminary and definitive information statement relating to the proposed transaction. The definitive information statement will be mailed to Paycor’s stockholders. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE INFORMATION STATEMENT REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

A free copy of the information statement and other related documents (when available) filed by the Company with the SEC may be found on the “SEC Filings” section of Paycor’s investor relations website at https://www.investors.paycor.com and on the SEC website at www.sec.gov.

No Offer

No person has commenced soliciting proxies in connection with the proposed transaction referenced in this release, and this release is neither an offer to purchase nor a solicitation of an offer to sell securities.

About Paycor

Paycor’s HR, payroll, and talent platform connects leaders to people, data, and expertise. We help leaders drive engagement and retention by giving them tools to coach, develop, and grow employees. We give them unprecedented insights into their operational data with a unified HCM experience that can seamlessly connect to other mission-critical technology. By providing expert guidance and consultation, we help them achieve business results and become an extension of their teams. Learn more at paycor.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact, including statements regarding our future results of operations and financial position, our business outlook, our business strategy and plans, our objectives for future operations, and any statements of a general economic or industry specific nature, are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” “outlook,” “potential,” “targets,” “contemplates,” or the negative or plural of these words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in our most recent Annual Report on Form 10-K, as well as in our other filings with the Securities and Exchange Commission. Additionally, these forward-looking statements are subject to a number of risks, uncertainties and assumptions related to the Merger Agreement. We believe that these risks include, but are not limited to: the risk that the merger may not be completed in a timely manner or at all, which may adversely affect our business and the price of our common stock; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement; potential litigation relating to the merger that could be instituted against the parties to the Merger Agreement or their respective directors or officers, including the effects of any outcomes related thereto; certain restrictions during the pendency of the merger that may impact our ability to pursue certain business opportunities or strategic transactions; uncertainty as to timing of completion of the merger; risks that the benefits of the merger are not realized when and as expected; our ability to manage our growth effectively; the potential unauthorized access to our customers’ or their employees’ personal data as a result of a breach of our or our vendors’ security measures; the expansion and retention of our direct sales force with qualified and productive persons and the related effects on the growth of our business; the impact on customer expansion and retention if implementation, user experience, customer service, or performance relating to our solutions is not satisfactory; the timing of payments made to employees and taxing authorities relative to the timing of when a customer’s electronic funds transfers are settled to our account; future acquisitions of other companies’ businesses, technologies, or customer portfolios; the continued service of our key executives; our ability to innovate and deliver high-quality, technologically advanced products and services; risks specifically associated with our development and use of artificial intelligence in our solutions; our ability to attract and retain qualified personnel; the proper operation of our software; our relationships with third parties that provide financial and other functionality integrated into our HCM platform; the extent to which negative macroeconomic conditions persist or worsen in the markets in which we or our customers operate; and the impact of an economic downturn or recession in the United States or global economy. You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations and assumptions reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We undertake no obligation to publicly update any forward-looking statement after the date of this report, whether as a result of new information, future developments or otherwise, or to conform these statements to actual results or revised expectations, except as may be required by law.

Non-GAAP Financial Measures

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present the following non-GAAP financial measures in this press release: adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted sales and marketing expense, adjusted general and administrative expense, adjusted research and development expense, adjusted net income, adjusted net income per share, adjusted free cash flow and adjusted free cash flow margin. Management believes these non-GAAP measures are useful in evaluating our core operating performance and trends to prepare and approve our annual budget, and to develop short-term and long-term operating plans. Management believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. We define (i) adjusted gross profit as gross profit before amortization of intangible assets and stock-based compensation expense, in each case that are included in costs of revenues, (ii) adjusted gross profit margin as adjusted gross profit divided by total revenues, (iii) adjusted operating income as income (loss) from operations before amortization of acquired intangible assets and naming rights, stock-based compensation expense, exit costs due to exiting leases of certain facilities and other certain corporate expenses, such as costs related to secondary offerings, professional, consulting and other costs and acquisition costs, (iv) adjusted operating income margin as adjusted operating income divided by total revenues, (v) adjusted sales and marketing expense as sales and marketing expenses before amortization of naming rights and stock-based compensation expense, (vi) adjusted general and administrative expense as general and administrative expenses before amortization of acquired intangible assets, stock-based compensation expense, exit costs due to exiting leases of certain facilities and other certain corporate expenses, such as costs related to secondary offerings, professional, consulting and other costs and acquisition costs, (vii) adjusted research and development expense as research and development expenses before stock-based compensation expense, (viii) adjusted net income as income (loss) before expense (benefit) for income taxes after adjusting for amortization of acquired intangible assets and naming rights, accretion expense associated with the naming rights, change in fair value of contingent consideration, stock-based compensation expense, exit costs due to exiting leases of certain facilities and other certain corporate expenses, such as costs related to secondary offerings, professional, consulting and other costs and acquisition costs, all of which are tax effected by applying an adjusted effective income tax rate, (ix) adjusted net income per share as adjusted net income divided by adjusted shares outstanding, which includes potentially dilutive securities excluded from the GAAP dilutive net income (loss) per share calculation, (x) adjusted free cash flow as cash provided (used) by operating activities less the purchase of property and equipment and internally developed software costs, excluding other certain corporate expenses, which are included in cash provided (used) by operating activities and (xi) adjusted free cash flow margin as adjusted free cash flow divided by total revenues.

The non-GAAP financial measures presented in this press release are not measures of financial performance under GAAP and should not be considered a substitute for gross profit, gross margin, income (loss) from operations, operating income margin, sales and marketing expense, general and administrative expense, research and development expense, net income (loss), diluted net income (loss) per share and cash provided (used) by operating activities. Non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider them in isolation, or as a substitute for analysis of our results as reported under GAAP. The non-GAAP financial measures that we present may not be comparable to similarly titled measures used by other companies. A reconciliation is provided below under “Reconciliations of Non-GAAP Measures to GAAP Measures,” for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP.

Investor Relations:
Rachel White
513-954-7388
IR@paycor.com

Media Relations:
Carly Pennekamp
513-954-7282
PR@paycor.com

*Paycor HCM, Inc. and Subsidiaries* *Condensed Consolidated Balance Sheets* *(in thousands, except share amounts)*
	December 31, 2024		June 30, 2024
Assets	(Unaudited)
Current assets:
Cash and cash equivalents	$	114,569	$	117,958
Accounts receivable, net allowance for credit losses		58,252		48,164
Deferred contract costs		75,440		70,377
Prepaid expenses		13,284		12,749
Other current assets		9,397		3,458
Current assets before funds held for clients		270,942		252,706
Funds held for clients		1,333,368		1,109,136
Total current assets		1,604,310		1,361,842
Property and equipment, net		34,087		35,220
Operating lease right-of-use assets		14,308		14,417
Goodwill		765,904		766,653
Intangible assets, net		137,327		171,493
Capitalized software, net		72,046		67,376
Long-term deferred contract costs		199,450		189,826
Other long-term assets		2,770		2,566
Total assets	$	2,830,202	$	2,609,393
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	21,327	$	27,309
Accrued expenses and other current liabilities		24,851		26,450
Accrued payroll and payroll related expenses		36,190		44,923
Deferred revenue		13,395		13,600
Current liabilities before client fund obligations		95,763		112,282
Client fund obligations		1,333,944		1,111,373
Total current liabilities		1,429,707		1,223,655
Deferred income taxes		10,726		16,019
Long-term operating leases		12,765		13,447
Other long-term liabilities		67,986		69,346
Total liabilities		1,521,184		1,322,467
Commitments and contingencies
Stockholders’ equity:
Common stock $0.001 par value per share, 500,000,000 shares authorized, 181,251,037 shares outstanding at December 31, 2024 and 178,210,263 shares outstanding at June 30, 2024		181		178
Treasury stock, at cost, 10,620,260 shares at December 31, 2024 and June 30, 2024		(245,074)		(245,074)
Preferred stock, $0.001 par value, 50,000,000 shares authorized, — shares outstanding at December 31, 2024 and June 30, 2024		—		—
Additional paid-in capital		2,111,961		2,081,668
Accumulated deficit		(557,769)		(548,437)
Accumulated other comprehensive loss		(281)		(1,409)
Total stockholders’ equity		1,309,018		1,286,926
Total liabilities and stockholders’ equity	$	2,830,202	$	2,609,393

Paycor HCM, Inc. and Subsidiaries *Condensed Consolidated Statements of Operations (Unaudited)* *(in thousands, except share amounts)*
	Three Months Ended				Six Months Ended
	December 31,				December 31,
		2024		2023		2024		2023
Revenues:
Recurring and other revenue	$	167,388	$	147,232	$	321,387	$	279,940
Interest income on funds held for clients		13,050		12,309		26,527		23,189
Total revenues		180,438		159,541		347,914		303,129
Cost of revenues		62,186		55,125		121,403		106,503
Gross profit		118,252		104,416		226,511		196,626
Operating expenses:
Sales and marketing		60,137		57,753		116,926		110,531
General and administrative		38,554		56,173		86,850		104,922
Research and development		18,369		16,665		35,797		30,720
Total operating expenses		117,060		130,591		239,573		246,173
Income (loss) from operations		1,192		(26,175)		(13,062)		(49,547)
Other (expense) income:
Interest expense		(1,135)		(1,153)		(2,273)		(2,397)
Other		780		(1,745)		2,450		(814)
Income (loss) before benefit for income taxes		837		(29,073)		(12,885)		(52,758)
Income tax expense (benefit)		2,885		(2,824)		(3,553)		(5,913)
Net loss	$	(2,048)	$	(26,249)	$	(9,332)	$	(46,845)
Basic and diluted net loss per share	$	(0.01)	$	(0.15)	$	(0.05)	$	(0.26)
Weighted average common shares outstanding:
Basic and diluted		179,592,666		177,567,397		179,161,188		177,260,396

*Paycor HCM, Inc. and Subsidiaries* *Condensed Consolidated Statements of Cash Flows (Unaudited)* *(in thousands)*
	Six Months Ended
	December 31,
		2024		2023
Cash flows from operating activities:
Net loss	$	(9,332)	$	(46,845)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		2,848		2,997
Amortization of intangible assets and software		57,533		68,312
Amortization of deferred contract costs		38,638		29,876
Stock-based compensation expense		28,806		35,964
Deferred tax benefit		(6,040)		(5,937)
Bad debt expense		3,301		2,870
Loss on sale of investments		147		142
Loss on foreign currency exchange		442		4
Gain on lease exit		—		(29)
Naming rights accretion expense		2,012		2,061
Change in fair value of deferred consideration		(112)		2,816
Other		44		44
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable		(11,689)		(17,003)
Prepaid expenses and other assets		(6,055)		(7,487)
Accounts payable		(5,824)		(3,207)
Accrued liabilities and other		(12,757)		(10,892)
Deferred revenue		112		255
Deferred contract costs		(53,325)		(53,904)
Net cash provided by operating activities		28,749		37
Cash flows from investing activities:
Purchases of client funds available-for-sale securities		(114,162)		(151,939)
Proceeds from sale and maturities of client funds available-for-sale securities		106,052		103,453
Purchase of property and equipment		(1,756)		(2,068)
Acquisition of intangible assets		(1,553)		(4,133)
Acquisition of businesses, net of cash acquired		—		(28)
Internally developed software costs		(26,484)		(25,308)
Net cash used in investing activities		(37,903)		(80,023)
Cash flows from financing activities:
Net change in cash and cash equivalents held to satisfy client funds obligations		221,962		270,540
Payment of contingent consideration		(1,329)		—
Payment of capital expenditure financing		—		(3,689)
Repayments of debt and finance lease obligations		(597)		(536)
Withholding taxes paid related to net share settlements		(1,957)		(1,829)
Proceeds from employee stock purchase plan		3,444		4,172
Net cash provided by financing activities		221,523		268,658
Impact of foreign exchange on cash and cash equivalents		21		11
Net change in cash, cash equivalents, restricted cash and short-term investments, and funds held for clients		212,390		188,683
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, beginning of period		910,580		879,046
Cash, cash equivalents, restricted cash and short-term investments, and funds held for clients, end of period	$	1,122,970	$	1,067,729
Supplemental disclosure of non-cash investing, financing and other cash flow information:
Capital expenditures in accounts payable	$	54	$	39
Cash paid for interest	$	—	$	145
Capital lease asset obtained in exchange for capital lease liabilities	$	—	$	3,393
Reconciliation of cash, cash equivalents, restricted cash and short-term investments, and funds held for clients to the Consolidated Balance Sheets
Cash and cash equivalents	$	114,569	$	61,719
Funds held for clients		1,008,401		1,006,010
Total cash, cash equivalents, restricted cash and short-term investments, and funds held for clients	$	1,122,970	$	1,067,729

Reconciliations of Non-GAAP Measures to GAAP Measures

Adjusted Gross Profit and Adjusted Gross Profit Margin (Unaudited)

	Three Months Ended				Six Months Ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Gross Profit*	$	118,252	$	104,416	$	226,511	$	196,626
Gross Profit Margin		65.5%		65.4%		65.1%		64.9%
Amortization of intangible assets		914		634		1,789		2,009
Stock-based compensation expense		1,954		2,404		3,456		3,999
Corporate adjustments		—		—		21		—
Adjusted Gross Profit*	$	121,120	$	107,454	$	231,777	$	202,634
Adjusted Gross Profit Margin		67.1%		67.4%		66.6%		66.8%

* Gross Profit and Adjusted Gross Profit were burdened by depreciation expense of $0.5 million and $0.6 million for the three months ended December 31, 2024 and 2023, respectively, and $1.1 million and $1.2 million for the six months ended December 31, 2024 and 2023, respectively. Gross Profit and Adjusted Gross Profit were burdened by amortization of capitalized software of $11.2 million and $9.2 million for the three months ended December 31, 2024 and 2023, respectively, and $21.8 million and $17.6 million for the six months ended December 31, 2024 and 2023, respectively. Gross Profit and Adjusted Gross Profit are burdened by amortization of deferred contract costs of $11.4 million and $8.8 million for the three months ended December 31, 2024 and 2023, respectively, and $22.2 million and $17.0 million for the six months ended December 31, 2024 and 2023, respectively.

Adjusted Operating Income (Unaudited)

	Three Months Ended				Six Months Ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Income (Loss) from Operations	$	1,192	$	(26,175)	$	(13,062)	$	(49,547)
Operating Margin		0.7%		(16.4)%		(3.8)%		(16.3)%
Amortization of intangible assets		12,023		24,963		35,719		50,673
Stock-based compensation expense		16,141		23,049		28,806		35,964
(Gain) loss on lease exit*		(6)		115		—		(29)
Corporate adjustments**		2,442		1,345		3,129		2,156
Adjusted Operating Income	$	31,792	$	23,297	$	54,592	$	39,217
Adjusted Operating Income Margin		17.6%		14.6%		15.7%		12.9%

* Represents exit costs due to exiting leases of certain facilities.
** Corporate adjustments for the three and six months ended December 31, 2024 relate to professional costs associated with the Paychex merger of $1.7 million for both periods and professional, consulting, and other costs associated with strategic initiatives of $0.7 million and $1.4 million, respectively. Corporate adjustments for the three and six months ended December 31, 2023 relate to costs associated with the secondary offering completed in December 2023 (“December 2023 Secondary Offering”) of $0.6 million and $0.6 million, respectively, and professional, consulting, and other costs of $0.7 million and $1.5 million, respectively.

Adjusted Operating Expenses (Unaudited)

	Three Months Ended				Six Months Ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Sales and Marketing expenses	$	60,137	$	57,753	$	116,926	$	110,531
Amortization of intangible assets		(1,058)		(1,058)		(2,117)		(2,117)
Stock-based compensation expense		(5,330)		(7,224)		(9,515)		(11,542)
Adjusted Sales and Marketing expenses	$	53,749	$	49,471	$	105,294	$	96,872
General and Administrative expenses	$	38,554	$	56,173	$	86,850	$	104,922
Amortization of intangible assets		(10,051)		(23,272)		(31,813)		(46,548)
Stock-based compensation expense		(6,051)		(9,951)		(10,837)		(15,023)
Gain (loss) on lease exit*		6		(115)		—		29
Corporate adjustments**		(2,442)		(1,345)		(3,108)		(2,156)
Adjusted General and Administrative expenses	$	20,016	$	21,490	$	41,092	$	41,224
Research and Development expenses	$	18,369	$	16,665	$	35,797	$	30,720
Stock-based compensation expense		(2,806)		(3,470)		(4,998)		(5,400)
Adjusted Research and Development expenses	$	15,563	$	13,195	$	30,799	$	25,320

* Represents exit costs due to exiting leases of certain facilities.
** Corporate adjustments for the three and six months ended December 31, 2024 relate to professional costs associated with the Paychex merger of $1.7 million for both periods and professional, consulting, and other costs associated with strategic initiatives of $0.7 million and $1.4 million, respectively. Corporate adjustments for the three and six months ended December 31, 2023 relate to costs associated with the secondary offering completed in December 2023 (“December 2023 Secondary Offering”) of $0.6 million and $0.6 million, respectively, and professional, consulting, and other costs of $0.7 million and $1.5 million, respectively.

Adjusted Net Income and Adjusted Net Income Per Share (Unaudited)

	Three Months Ended				Six Months Ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Net gain (loss) before benefit for income taxes	$	837	$	(29,073)	$	(12,885)	$	(52,758)
Amortization of intangible assets		12,023		24,963		35,719		50,673
Naming rights accretion expense		1,006		1,031		2,012		2,061
Change in fair value of deferred consideration		—		2,816		(112)		2,816
Stock-based compensation expense		16,141		23,049		28,806		35,964
(Gain) loss on lease exit*		(6)		115		—		(29)
Corporate adjustments**		2,442		1,345		3,129		2,156
Non-GAAP adjusted income before applicable income taxes		32,443		24,246		56,669		40,883
Income tax effect on adjustments***		(7,462)		(5,577)		(13,034)		(9,403)
Adjusted Net Income	$	24,981	$	18,669	$	43,635	$	31,480

Adjusted Net Income Per Share	$	0.14	$	0.11	$	0.24	$	0.18
Adjusted shares outstanding****		180,681,049		177,740,047		179,772,462		177,537,308

* Represents exit costs due to exiting leases of certain facilities.
** Corporate adjustments for the three and six months ended December 31, 2024 relate to professional costs associated with the Paychex merger of $1.7 million for both periods and professional, consulting, and other costs associated with strategic initiatives of $0.7 million and $1.4 million, respectively. Corporate adjustments for the three and six months ended December 31, 2023 relate to costs associated with the secondary offering completed in December 2023 (“December 2023 Secondary Offering”) of $0.6 million and $0.6 million, respectively, and professional, consulting, and other costs of $0.7 million and $1.5 million, respectively.
*** Non-GAAP adjusted income before applicable income taxes is tax effected using an adjusted effective income tax rate of 23.0% for each of the three and six months ended December 31, 2024 and 2023, respectively.
**** Adjusted shares outstanding for the three and six months ended December 31, 2024 and 2023 are based on the if-converted method and include potentially dilutive securities that are excluded from the U.S. GAAP dilutive net income per share calculation because including them in the computation of net income per share would have an anti-dilutive effect.

Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin (Unaudited)

	Three Months Ended				Six Months Ended
(in thousands)	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Net cash provided by operating activities	$	37,060	$	26,166	$	28,749	$	37
Purchase of property and equipment*		(418)		(633)		(1,587)		(2,068)
Internally developed software costs		(13,043)		(12,054)		(26,484)		(25,308)
Corporate adjustments**		4,885		1,345		5,572		2,156
Adjusted Free Cash Flow	$	28,484	$	14,824	$	6,250	$	(25,183)
Adjusted Free Cash Flow Margin		15.8%		9.3%		1.8%		(8.3)%

* Represents purchases of property & equipment, net of $0.2 million of leasehold improvements related to the new Headquarters lease for the three and six months ended December 31, 2024.
** Corporate adjustments for the three and six months ended December 31, 2024 relate to contingent consideration of $4.2 million for both periods and professional, consulting, and other costs associated with strategic initiatives of $0.7 million and $1.4 million, respectively. Corporate adjustments for the three and six months ended December 31, 2023 relate to costs associated with the secondary offering completed in December 2023 (“December 2023 Secondary Offering”) of $0.6 million and $0.6 million, respectively, and professional, consulting, and other costs of $0.7 million and $1.5 million, respectively.

The MIL Network –

February 6, 2025

MIL-OSI: Weatherford Announces Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Fourth quarter revenue of $1,341 million decreased 5% sequentially and 2% year-over-year; full year revenue of $5,513 million increased 7% from prior year, driven by international revenue growth of 10%
Fourth quarter operating income of $198 million decreased 19% sequentially and 8% year-over-year; full year operating income of $938 million increased 14% from prior year
Fourth quarter net income of $112 million, an 8.4% margin, decreased 29% sequentially and 20% year-over-year; full year net income of $506 million, a 9.2% margin, increased by 21% from prior year
Fourth quarter adjusted EBITDA* of $326 million, a 24.3% margin, decreased 8%, or 88 basis points, sequentially and increased 2%, or 74 basis points, year-over-year; full year adjusted EBITDA* of $1,382 million, a 25.1% margin, increased 17%, or 197 basis points, from prior year
Fourth quarter cash provided by operating activities of $249 million and adjusted free cash flow* of $162 million; full year cash provided by operating activities of $792 million and adjusted free cash flow* of $524 million
Shareholder return of $67 million for the quarter, which included dividend payments of $18 million and share repurchases of $49 million
Board approved quarterly cash dividend of $0.25 per share, payable on March 19, 2025, to shareholders of record as of February 21, 2025

^{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the fourth quarter of 2024 and full year 2024.

Revenues for the fourth quarter of 2024 were $1,341 million, a decrease of 5% sequentially and 2% year-over-year. Operating income was $198 million in the fourth quarter of 2024, compared to $243 million in the third quarter of 2024 and $216 million in the fourth quarter of 2023. Net income in the fourth quarter of 2024 was $112 million, with an 8.4% margin, a decrease of 29%, or 279 basis points, sequentially, and a decrease of 20%, or 193 basis points, year-over-year. Adjusted EBITDA* was $326 million, a 24.3% margin, a decrease of 8%, or 88 basis points, sequentially, and an increase of 2%, or 74 basis points, year-over-year. Basic income per share in the fourth quarter of 2024 was $1.54 compared to $2.14 in the third quarter of 2024 and $1.94 in the fourth quarter of 2023. Diluted income per share in the fourth quarter of 2024 was $1.50 compared to $2.06 in the third quarter of 2024 and $1.90 in the fourth quarter of 2023.

Fourth quarter 2024 cash flows provided by operating activities were $249 million, compared to $262 million in the third quarter of 2024, and $375 million in the fourth quarter of 2023. Adjusted free cash flow* was $162 million, a decrease of $22 million sequentially, and $153 million year-over-year. Capital expenditures were $100 million in the fourth quarter of 2024, compared to $78 million in the third quarter of 2024, and $67 million in the fourth quarter of 2023.

Revenue for the full year 2024 was $5,513 million, compared to revenues of $5,135 million in 2023. Operating income for the full year was $938 million, compared to $820 million in 2023. The Company’s full year 2024 net income was $506 million, compared to $417 million in 2023. Full year cash flows provided by operations were $792 million, compared to $832 million in 2023. Adjusted free cash flow* for the full year was $524 million compared to $651 million in 2023. Capital expenditures for the full year 2024 were $299 million, compared to $209 million in 2023.

Girish Saligram, President and Chief Executive Officer, commented, “The fourth quarter witnessed a significant drop in activity levels in Latin America and a more cautious tone in a few key geographies. Despite a challenging environment in the fourth quarter, the overall full year 2024 was another one of setting new operational highs, and I would like to express my gratitude to the One Weatherford team for that. We ended the year with the best safety record we have ever had, strong margin expansion and solid cash generation.

While the activity outlook continues to evolve, margins and cash flow performance continue to be the cornerstone of our financial and strategic objectives. We are well-positioned to deliver another year of strong cash flow generation in 2025. While there is some temporary activity reduction, we continue to believe in the industry’s mid to long-term resilience and remain committed to our goal of achieving EBITDA margins in the high 20’s over the next few years.”

*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

Operational & Commercial Highlights

ADNOC awarded Weatherford a three-year contract for the provision of rigless services as part of the reactivation of ADNOC’s onshore strings.
Kuwait Oil Company (KOC) awarded Weatherford a Managed Pressure Drilling (MPD) services contract focused on improving operational efficiency, enhancing safety, accelerating well-delivery timelines, and reducing costs by deploying Weatherford’s innovative Victus^TM Intelligent MPD system.
KOC awarded Weatherford a one-year contract to provide and operate two onshore Real Time Decision Centers.
A National Oil Company (NOC) in Qatar awarded Weatherford a five-year contract to provide fishing and drilling tools, with a five-year extension option.
An NOC in Asia awarded Weatherford a three-year contract for the provision of Wireline conveyance and tooling services and a three-year contract for Tubular Running Services (TRS) in onshore India.
OMV Petrom awarded Weatherford a two-year contract for openhole and cased-hole logging services in Romania.
A major operator in Asia awarded Weatherford a three-year contract for providing Modus^TM MPD services for two zones in North and South Sumatra, and awarded a five-year contract to provide openhole and cased-hole Wireline in onshore Indonesia.
Khalda awarded Weatherford a three-year contract to deploy up to 300 wells in Egypt using CygNet^® SCADA and ForeSite^® platform.
Azule Energy awarded Weatherford a three-year contract to provide TRS for the NGC Project in offshore Angola. This is in addition to the recently awarded TRS contract in block 15/06 in the deepwater block.
PTTEP awarded Weatherford a 24-month contract to provide openhole Wireline Services in onshore Thailand.
A major operator in Asia awarded Weatherford with a four-year contract to provide Rotating Control Devices to enable MPD in offshore Indonesia.
Shell Petroleum Development Company awarded Weatherford a three-year contract to provide Well Completions and other related specialized services in onshore Nigeria.

Technology Highlights
On January 14, 2025, at the annual IKTVA forum held at Dahan Dharan Expo, Weatherford signed an agreement with SPARK, a fully integrated industrial ecosystem aimed at making Saudi Arabia a global energy hub. This strategic partnership, aligned with Saudi Arabia’s Vision 2030, enhances Weatherford’s local presence, boosts production capabilities, and supports the region’s energy goals. By advancing local content, fostering talent, and driving innovation, Weatherford demonstrates its commitment to economic growth and to supporting Saudi Arabia’s leadership in energy innovation.

Drilling & Evaluation (“DRE”)
- In the North Sea, Weatherford successfully deployed the world’s first Dual Advanced Kickover Tool for Equinor. The unique solution enables gas lift valve replacements in just a single run, which significantly increases efficiency and reduces cost of conventional systems.
- In Saudi Arabia, Weatherford deployed its compact wireline logging tools with shuttle technology to achieve a record total depth for Aramco. This extended reach well features the longest horizontal section, measuring 23,000 feet.
Well Construction and Completions (“WCC”)
- In deepwater Brazil, Weatherford successfully installed the first OptiRoss^® RFID Multi-Cycle Sliding Sleeve Valve for a major operator. The system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
- In the Middle East, Weatherford successfully deployed its market-leading Optimax Tubing Retrievable Safety Valve for an NOC. This deployment enabled gas lift valve replacements in a single run, significantly increasing efficiency and reducing costs compared to conventional systems.
Production and Intervention (“PRI”)
- In the Middle East, Weatherford’s Alpha1Go remote re-entry system was deployed for an NOC, optimizing rig site operations by significantly reducing whipstock preparation time and minimizing red-zone exposure. This deployment improved both efficiency and safety, demonstrating the system’s effectiveness in facilitating well re-entry operations and real-time team collaboration in various rig environments.
- In US land operations, Weatherford successfully deployed its first Reclaim Dual Barrier Plug and Abandon (P&A) system for a major operator. This innovative dual barrier P&A system safely and reliably abandons wells without the need to pull tubing. By eliminating the requirement for conventional drilling rigs, it significantly reduces costs and minimizes the carbon footprint.

Shareholder Return

During the fourth quarter of 2024, Weatherford repurchased shares for approximately $49 million and paid dividends of $18 million, resulting in total shareholder return of $67 million. Since the inception of the shareholder return program introduced earlier in 2024, the Company repurchased shares for approximately $99 million and paid dividends of $36 million, resulting in total shareholder return of $135 million.

On January 29, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on March 19, 2025, to shareholders of record as of February 21, 2025.

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

	Three Months Ended									Variance				Twelve Months Ended						Variance
($ in Millions)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Seq.		YoY		Dec 31, 2024			Dec 31, 2023			YoY
Revenue	$	398		$	435		$	382		(9	)%	4	%	$	1,682		$	1,536		10	%
Segment Adjusted EBITDA	$	96		$	111		$	97		(14	)%	(1	)%	$	467		$	422		11	%
Segment Adj EBITDA Margin		24.1	%		25.5	%		25.4	%	(140)	bps	(127)	bps		27.8	%		27.5	%	29	bps

Fourth quarter 2024 DRE revenue of $398 million decreased by $37 million, or 9% sequentially, primarily from lower activity in Latin America, partly offset by higher international Wireline activity. Year-over-year DRE revenues increased by $16 million, or 4%, primarily from higher activity in North America and higher international Wireline activity, partly offset by lower activity in Latin America.

Fourth quarter 2024 DRE segment adjusted EBITDA of $96 million decreased by $15 million, or 14% sequentially, primarily driven by lower activity in Latin America, partly offset by higher international Wireline activity. Year-over-year DRE segment adjusted EBITDA decreased by $1 million, or 1%, primarily due to lower activity in Latin America, partly offset by improved performance in Middle East/North Africa/Asia.

Full year 2024 DRE revenues of $1,682 million increased by $146 million, or 10% compared to 2023, as higher Wireline and Drilling-related services activity were partly offset by lower Drilling Services in Latin America.

Full year 2024 DRE segment adjusted EBITDA of $467 million increased by $45 million, or 11% compared to 2023, as higher MPD and Wireline activity were partly offset by lower activity in Latin America.

Well Construction and Completions (“WCC”)

	Three Months Ended									Variance				Twelve Months Ended						Variance
($ in Millions)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Seq.		YoY		Dec 31, 2024			Dec 31, 2023			YoY
Revenue	$	505		$	509		$	480		(1	)%	5	%	$	1,976		$	1,800		10	%
Segment Adjusted EBITDA	$	148		$	151		$	131		(2	)%	13	%	$	564		$	455		24	%
Segment Adj EBITDA Margin		29.3	%		29.7	%		27.3	%	(36)	bps	202	bps		28.5	%		25.3	%	326	bps

Fourth quarter 2024 WCC revenue of $505 million decreased by $4 million, or 1% sequentially, primarily due to lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher Completions and TRS activity in Middle East/North Africa/Asia. Year-over-year WCC revenues increased by $25 million, or 5%, primarily due to higher activity in Middle East/North Africa/Asia and higher Liner Hangers and Well Services activity in Latin America, partly offset by lower activity in North America.

Fourth quarter 2024 WCC segment adjusted EBITDA of $148 million decreased by $3 million, or 2% sequentially, primarily due to lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher Completions and TRS activity in Middle East/North Africa/Asia. Year-over-year WCC segment adjusted EBITDA increased by $17 million, or 13%, primarily due to higher activity in Middle East/North Africa/Asia, partly offset by lower activity in Europe/Sub-Sahara Africa/Russia.

Full year 2024 WCC revenues of $1,976 million increased by $176 million, or 10% compared to 2023, primarily from higher activity in Middle East/North Africa/Asia and Latin America, partly offset by lower activity in North America.

Full year 2024 WCC segment adjusted EBITDA of $564 million increased by $109 million, or 24% compared to 2023, primarily due to improved fall through in major product lines across all geographies.

Production and Intervention (“PRI”)

	Three Months Ended									Variance				Twelve Months Ended						Variance
($ in Millions)	Dec 31, 2024			Sep 30, 2024			Dec 31, 2023			Seq.		YoY		Dec 31, 2024			Dec 31, 2023			YoY
Revenue	$	364		$	371		$	386		(2	)%	(6	)%	$	1,452		$	1,472		(1	)%
Segment Adjusted EBITDA	$	78		$	83		$	88		(6	)%	(11	)%	$	319		$	323		(1	)%
Segment Adj EBITDA Margin		21.4	%		22.4	%		22.8	%	(94)	bps	(137)	bps		22.0	%		21.9	%	3	bps

Fourth quarter 2024 PRI revenue of $364 million decreased by $7 million, or 2% sequentially, primarily due to lower activity in Latin America and lower Intervention Services and Drilling Tools (ISDT) activity in Europe/Sub-Sahara Africa/Russia and North America. Year-over-year PRI revenue decreased by $22 million, or 6%, as lower activity in Middle East/North Africa/Asia and Latin America was partly offset by higher Artificial Lift activity in North America.

Fourth quarter 2024 PRI segment adjusted EBITDA of $78 million, decreased by $5 million, or 6% sequentially, primarily from lower activity in Latin America and lower ISDT activity in Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Artificial Lift activity in Middle East/North Africa/Asia. Year-over-year PRI segment adjusted EBITDA decreased by $10 million, or 11% year-over-year, primarily due to lower activity in Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by better ISDT and Artificial Lift fall through in North America.

Full year 2024 PRI revenues of $1,452 million decreased by $20 million, or 1% compared to 2023, primarily due to lower international Pressure Pumping and Digital Solutions activity, partly offset by higher ISDT activity in Europe/Sub-Sahara Africa/Russia and Middle East/North Africa/Asia.

Full year 2024 PRI segment adjusted EBITDA of $319 million decreased by $4 million, or 1% compared to 2023, as lower activity in international Pressure Pumping and Digital Solutions was partly offset by improved performance in Artificial Lift.

Revenue by Geography

	Three Months Ended								Variance		Twelve Months Ended				Variance
*($ in Millions)*	Dec 31, 2024		Sep 30, 2024		Dec 31, 2023		Seq.		YoY		Dec 31, 2024		Dec 31, 2023		YoY
North America	$	261	$	266	$	248	(2	)%	5	%	$	1,046	$	1,068	(2	)%

International	$	1,080	$	1,143	$	1,114	(6	)%	(3	)%	$	4,467	$	4,067	10	%
Latin America		312		358		342	(13	)%	(9	)%		1,393		1,387	—	%
Middle East/North Africa/Asia		542		542		547	—	%	(1	)%		2,123		1,815	17	%
Europe/Sub-Sahara Africa/Russia		226		243		225	(7	)%	—	%		951		865	10	%
Total Revenue	$	1,341	$	1,409	$	1,362	(5	)%	(2	)%	$	5,513	$	5,135	7	%

North America

Fourth quarter 2024 North America revenue of $261 million decreased by $5 million, or 2% sequentially, primarily due to activity decreases in the North and South regions, partly offset by activity increase offshore in the Gulf of Mexico. Year-over-year, North America increased by $13 million, or 5%, primarily from higher Artificial Lift and Wireline activity, partly offset by a decrease in activity across the WCC segment.

Full year 2024 North America revenue of $1,046 million decreased by $22 million, or 2%, compared to 2023, primarily due to lower activity in the WCC and PRI segments, partly offset by higher Wireline activity.

International

Fourth quarter 2024 international revenue of $1,080 million decreased 6% sequentially and decreased 3% year-over-year, and full year 2024 international revenue of $4,467 million increased 10%, compared to 2023.

Fourth quarter 2024 Latin America revenue of $312 million decreased by $46 million, or 13% sequentially, primarily due to lower Drilling-related Services, partly offset by higher Liner Hangers activity. Year-over-year, Latin America revenue decreased by $30 million, primarily due to lower activity in the DRE and PRI segments, partly offset by higher activity in Liner Hangers and Well Services.

Full year 2024 Latin America revenue of $1,393 million was largely flat, compared to 2023.

Fourth quarter 2024 revenue of $542 million in Middle East/North Africa/Asia was flat sequentially, as higher activity from Completions and Artificial Lift were largely offset by lower MPD and Integrated Services & Projects. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $5 million, or 1%, primarily due to lower activity in the PRI segment, partly offset by higher Drilling-related services and Completions activity.

Full year 2024 revenue of $2,123 million in Middle East/North Africa/Asia increased by $308 million, or 17%, compared to 2023, mainly due to increased activity in the DRE and WCC segments, partly offset by lower activity in Digital Solutions, Artificial Lift and Pressure Pumping.

Fourth quarter 2024 Europe/Sub-Sahara Africa/Russia revenue of $226 million decreased by $17 million, or 7%, sequentially, mainly driven by lower Completions and ISDT activity, partly offset by higher Wireline activity. Year-over-year Europe/Sub-Sahara Africa/Russia revenue was largely flat due to increased activity in the DRE segment, largely offset by lower activity in the WCC and PRI segments.

Full year 2024 Europe/Sub-Sahara Africa/Russia revenue of $951 million increased by $86 million, or 10% compared to 2023, due to increased activity in the DRE and WCC segments, partly offset by lower Pressure Pumping and Artificial Lift activity.

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

Conference Call Details

Weatherford will host a conference call on Thursday, February 6, 2025, to discuss the Company’s results for the fourth quarter ended December 31, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

A telephonic replay of the conference call will be available until February 20, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 9530137. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com

Forward-Looking Statements

This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly and full-year revenues, adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results, based on factors including but not limited to: global political disturbances, war, terrorist attacks, changes in global trade policies and tariffs, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflict, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

Weatherford International plc
Selected Statements of Operations (Unaudited)

	Three Months Ended									Year Ended
*($ in Millions, Except Per Share Amounts)*	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024				December 31, 2023
Revenues:
DRE Revenues	$	398		$	435		$	382		$	1,682			$	1,536
WCC Revenues		505			509			480			1,976				1,800
PRI Revenues		364			371			386			1,452				1,472
All Other		74			94			114			403				327
Total Revenues		1,341			1,409			1,362			5,513				5,135

Operating Income:
DRE Segment Adjusted EBITDA^[1]	$	96		$	111		$	97		$	467			$	422
WCC Segment Adjusted EBITDA^[1]		148			151			131			564				455
PRI Segment Adjusted EBITDA^[1]		78			83			88			319				323
All Other^[2]		11			23			13			84				38
Corporate^[2]		(7	)		(13	)		(8	)		(52	)			(52	)
Depreciation and Amortization		(83	)		(89	)		(83	)		(343	)			(327	)
Share-based Compensation		(10	)		(10	)		(9	)		(45	)			(35	)
Other Charges		(35	)		(13	)		(13	)		(56	)			(4	)
Operating Income		198			243			216			938				820

Other Expense:
Interest Expense, Net of Interest Income of $12, $13, $12, $56 and $59		(25	)		(24	)		(31	)		(102	)			(123	)
Loss on Blue Chip Swap Securities		—			—			—			(10	)			(57	)
Other Expense, Net		(4	)		(41	)		(36	)		(87	)	—		(134	)
Income Before Income Taxes		169			178			149			739				506
Income Tax Provision		(45	)		(12	)		(2	)		(189	)			(57	)
Net Income		124			166			147			550				449
Net Income Attributable to Noncontrolling Interests		12			9			7			44				32
Net Income Attributable to Weatherford	$	112		$	157		$	140		$	506			$	417

Basic Income Per Share	$	1.54		$	2.14		$	1.94		$	6.93			$	5.79
Basic Weighted Average Shares Outstanding		72.6			73.2			72.1			73.0				71.9

Diluted Income Per Share^[3]	$	1.50		$	2.06		$	1.90		$	6.75			$	5.66
Diluted Weighted Average Shares Outstanding		74.5			75.2			73.9			74.9				73.7

^[1]		^{Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation and other adjustments. Research and development expenses are included in segment adjusted EBITDA.}
^[2]		^{All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.}
^[3]		^{Included the maximum potentially dilutive shares contingently issuable for an acquisition consideration during the three months ended September 30, 2024, the value of which was adjusted out of Net Income Attributable to Weatherford in calculating diluted income per share.}

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

*($ in Millions)*	December 31, 2024		December 31, 2023
Assets:
Cash and Cash Equivalents	$	916	$	958
Restricted Cash		59		105
Accounts Receivable, Net		1,261		1,216
Inventories, Net		880		788
Property, Plant and Equipment, Net		1,061		957
Intangibles, Net		325		370

Liabilities:
Accounts Payable		792		679
Accrued Salaries and Benefits		302		387
Current Portion of Long-term Debt		17		168
Long-term Debt		1,617		1,715

Shareholders’ Equity:
Total Shareholders’ Equity		1,283		922

Weatherford International plc
Selected Cash Flows Information (Unaudited)

	Three Months Ended									Year Ended
*($ in Millions)*	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Cash Flows From Operating Activities:
Net Income	$	124		$	166		$	147		$	550		$	449
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization		83			89			83			343			327
Foreign Exchange Losses (Gain)		(2	)		35			43			56			116
Loss on Blue Chip Swap Securities		—			—			—			10			57
Gain on Disposition of Assets		(2	)		(1	)		—			(35	)		(11	)
Deferred Income Tax Provision (Benefit)		—			(19	)		(19	)		8			(86	)
Share-Based Compensation		10			10			9			45			35
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits		24			30			151			(120	)		(84	)
Other Changes, Net		12			(48	)		(39	)		(65	)		29
Net Cash Provided By Operating Activities		249			262			375			792			832

Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment		(100	)		(78	)		(67	)		(299	)		(209	)
Proceeds from Disposition of Assets		13			—			7			31			28
Purchases of Blue Chip Swap Securities		—			—			—			(50	)		(110	)
Proceeds from Sales of Blue Chip Swap Securities		—			—			—			40			53
Business Acquisitions, Net of Cash Acquired		—			(15	)		—			(51	)		(4	)
Other Investing Activities		1			1			(71	)		36			(47	)
Net Cash Used In Investing Activities		(86	)		(92	)		(131	)		(293	)		(289	)

Cash Flows From Financing Activities:
Repayments of Long-term Debt		(23	)		(5	)		(80	)		(287	)		(386	)
Distributions to Noncontrolling Interests		(20	)		(10	)		(31	)		(39	)		(52	)
Tax Remittance on Equity Awards		(22	)		—			(2	)		(31	)		(56	)
Share Repurchases		(49	)		(50	)		—			(99	)		—
Dividends Paid		(18	)		(18	)		—			(36	)		—
Other Financing Activities		(1	)		(6	)		(13	)		(19	)		(20	)
Net Cash Used In Financing Activities	$	(133	)	$	(89	)	$	(126	)	$	(511	)	$	(514	)

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA Margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.

Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)


	Three Months Ended									Year Ended
*($ in Millions, Except Margin in Percentages)*	December 31, 2024			September 30, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Revenues	$	1,341		$	1,409		$	1,362		$	5,513		$	5,135
Net Income Attributable to Weatherford	$	112		$	157		$	140		$	506		$	417
Net Income Margin		8.4	%		11.1	%		10.3	%		9.2	%		8.1	%
Adjusted EBITDA*	$	326		$	355		$	321		$	1,382		$	1,186
Adjusted EBITDA Margin*		24.3	%		25.2	%		23.6	%		25.1	%		23.1	%

Net Income Attributable to Weatherford	$	112		$	157		$	140		$	506		$	417
Net Income Attributable to Noncontrolling Interests		12			9			7			44			32
Income Tax Provision		45			12			2			189			57
Interest Expense, Net of Interest Income of $12, $13, $12, $56 and $59		25			24			31			102			123
Loss on Blue Chip Swap Securities		—			—			—			10			57
Other Expense, Net		4			41			36			87			134
Operating Income		198			243			216			938			820
Depreciation and Amortization		83			89			83			343			327
Other Charges^[1]		35			13			13			56			4
Share-Based Compensation		10			10			9			45			35
Adjusted EBITDA*	$	326		$	355		$	321		$	1,382		$	1,186

Net Cash Provided By Operating Activities	$	249		$	262		$	375		$	792		$	832
Capital Expenditures for Property, Plant and Equipment		(100	)		(78	)		(67	)		(299	)		(209	)
Proceeds from Disposition of Assets		13			—			7			31			28
Adjusted Free Cash Flow*	$	162		$	184		$	315		$	524		$	651

^[1]		^{Other charges in the three and twelve months ended December 31, 2024, primarily included severance and restructuring costs and fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.}

^{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)



*($ in Millions)*	December 31, 2024			September 30, 2024			December 31, 2023
Current Portion of Long-term Debt	$	17		$	21		$	168
Long-term Debt		1,617			1,627			1,715
Total Debt	$	1,634		$	1,648		$	1,883

Cash and Cash Equivalents	$	916		$	920		$	958
Restricted Cash		59			58			105
Total Cash	$	975		$	978		$	1,063

Components of Net Debt
Current Portion of Long-term Debt	$	17		$	21		$	168
Long-term Debt		1,617			1,627			1,715
Less: Cash and Cash Equivalents		916			920			958
Less: Restricted Cash		59			58			105
Net Debt*	$	659		$	670		$	820

Net Income for trailing 12 months	$	506		$	534		$	417
*Adjusted EBITDA for trailing 12 months**	$	1,382		$	1,377		$	1,186

*Net Leverage (Net Debt/Adjusted EBITDA)**		0.48	x		0.49	x		0.69	x

^{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

The MIL Network –

February 6, 2025

MIL-OSI USA: Senator Peters Reintroduces Bipartisan Legislation to Help Prevent Future Infant Formula Shortages

US Senate News:

Source: United States Senator for Michigan Gary Peters

WASHINGTON, DC – U.S. Senator Gary Peters (MI) reintroduced bipartisan legislation to help prevent future infant formula shortages. Peters’ bill is in response to the bacterial contaminations at an infant formula manufacturing plant, the deaths of 9 infants, and infant formula recalls that triggered a nationwide shortage in 2022. Peters’ Protect Infant Formula from Contamination Act – which he introduced with U.S. Senator John Hoeven (R-ND) – aims to strengthen the U.S. Food and Drug Administration’s (FDA) oversight of infant formula manufacturing to improve the safety of our nation’s infant formula supply and ensure American families have access to safe, affordable formula.

“As a father and grandfather, I was devastated for the parents who lost their children. Parents deserve to know with complete confidence that the formula they are giving their babies is safe. I’m working to make sure something like that never, ever happens again,” said Senator Peters. “This commonsense bill would help intercept contaminated formula from reaching the shelves in the first place by allowing the FDA to have a hand in testing for dangerous bacteria. Doing so will help protect our children, but also prevent families from facing another nationwide shortage where folks were struggling to both find and afford infant formula.”

Between September 2021 and February 2022, the FDA received reports of infants who were sickened after consuming powdered infant formula products manufactured by a facility in Michigan. The FDA initiated an onsite inspection at the facility and commenced an investigation that revealed insanitary conditions, including the presence of five different strains of Cronobacter sakazakii within the facility. In February 2022, the FDA warned consumers not to use certain products manufactured at this facility and the company issued a voluntary recall. In addition, in 2023, FDA issued warning letters to three additional infant formula manufacturers to improve conditions at their plants. Peters’ bipartisan legislation would improve the FDA’s ability to help prevent future bacterial contaminations and minimize the supply chain disruptions if product recalls do occur.

Peters’ Protect Infant Formula from Contamination Act would take a three-pronged approach to reduce the risk of infant formula contamination from the bacteria Cronobacter sakazakii that triggered a nationwide formula shortage. Specifically, the bill would:

Require infant formula manufacturers to conduct testing for Cronobacter or Salmonella in infant formula marketed for consumption: Under current law, infant formula manufacturers are required to notify the FDA if their product is contaminated, but only if the product has left their control. Knowledge about such incidents would enable the FDA to more effectively and proactively target its inspections, import controls, and finished product testing requirements for manufacturers.

Require infant formula manufacturers to share positive contaminant results with the FDA: The bill would require manufacturers to share contaminant information with the FDA, supporting the FDA’s efforts to quickly identify the strains and origins of contamination, and detect other potentially contaminated products. This requirement would have helped the FDA identify related Cronobacter or Salmonella strains during the contaminations and formula recalls in 2021.

Require infant formula manufacturers to consult with the FDA on how to properly dispose of contaminated products: Bacteria can live and spread across multiple surfaces in the process of removing infected product from a facility. The safe, comprehensive disposal of contaminated products is critical to ensuring that recontamination risks are eliminated and do not impact other product batches. The bill would ensure the highest, science-backed standards and methods of disposal are made available to manufacturers with impacted products.

Additionally, the bill would require the FDA to issue a progress report to Congress on its implementation of the recommendations it provided in the Long-Term National Strategy to improve the safety and security of our nation’s infant formula supply. In January 2025, the FDA released its Long-Term National Strategy to Increase the Resiliency of the U.S. Infant Formula Market to secure a safe, consistent, and diversified infant formula supply, addressing vulnerabilities exposed by the 2022 formula shortage. Among other recommendations, the FDA’s strategy calls for the testing authorities included in Peters’ Protect Infant Formula from Contamination Act.

The Protect Infant Formula from Contamination Act is supported by numerous key stakeholders including the Association of Maternal and Child Health, First Focus, Zero to Three, March of Dimes, MomsRising, the Academy of Nutrition and Dietetics, and the Center for Science in the Public Interest.

“As the nonprofit organization leading the fight for the health of all moms and babies, March of Dimes is proud to endorse the Protecting Infant Formula from Contamination Act (PIFCA). This critical legislation would strengthen the U.S. Food and Drug Administration’s (FDA) oversight of infant formula manufacturing, ensuring American families have access to a safe, secure, and affordable formula supply,” said Stacey Y. Brayboy, March of Dimes, SVP Public Policy & Government Affairs. “March of Dimes supports the bill’s comprehensive three-pronged approach to enhance FDA surveillance, improve the safety and security of the infant formula supply chain, and address risks like Cronobacter sakazakii contamination, which has tragically caused infant deaths and recalls. By reducing the likelihood of future shortages and promoting safe manufacturing practices, this legislation is vital to protecting babies and supporting families. We thank Senators Gary Peters and John Hoeven for their leadership and urge Congress to act swiftly to pass this important measure.”

“The Protect Infant Formula from Contamination Act is a crucial step in improving food safety standards for infant formula,” said Livleen Gill, President of the Academy of Nutrition and Dietetics. “The Academy of Nutrition and Dietetics believes it is vital to ensure safe, nutritious formula for families, especially for those returning to work or facing breastfeeding challenges. By implementing a rigorous process to monitor and prevent potential contamination, this legislation would reduce the risk of illness and provide parents with greater peace of mind.”

The Protect Infant Formula from Contamination Act is a sensible step to enhance transparency, safety, and consumer trust by ensuring that manufactures notify the FDA when they find a formula product has been contaminated with harmful bacteria. By passing this law, Congress will help to ensure a swifter, more targeted federal response, enhancing the stability and safety of our infant formula supply,” said Sarah Sorscher, Director of Regulatory Affairs at the Center for Science in the Public Interest.

MIL OSI USA News –

February 6, 2025

MIL-OSI USA: Tuberville, Lee Celebrate America’s Role in Creating the Panama Canal

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Mike Lee (R-UT) in introducing a resolution recognizing the great American achievement of creating the Panama Canal, the vital importance of the Canal in America’s trade, national security, and geopolitical interests, and the necessity to ensure the neutrality of the Canal from interference by global adversaries like China.

“The Panama Canal would not exist without America,” said Sen. Tuberville. “Connecting the Atlantic and Pacific Oceans is integral to our global supply chain and national security interests. Now, more than ever, we cannot let our foreign adversaries, like China, have a foot in the door here. I’m glad Congress and the White House are putting America’s interests first when it comes to the Panama Canal.”

Joining U.S. Senators Tuberville and Lee in cosponsoring the resolution are U.S. Senators Marsha Blackburn (R-TN) and Rick Scott (R-FL).

Full text of the resolution can be found here.

BACKGROUND:

Sen. Tuberville has sounded the alarm of the growing Chinese influence in Panama since his visit in 2023. Over the last two years, he has led multiple trips to the country and met with a plethora of Panamanian officials as well as questioned DOD officials on American involvement in the country.

MORE:

ICYMI: Tuberville Joins “Sunday Morning Futures” With Maria Bartiromo

ICYMI: Tuberville Joins Kudlow on Fox Business Network

1819 News: Tuberville Warns of ISIS Fighters Crossing Southern Border—‘They’re Coming by the Droves’

Tuberville Questions Top Defense Nominees on Recruiting and Readiness

Tuberville Discusses Panama Visit, Growing Threat from China During Senate Armed Services Hearing

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 6, 2025

MIL-OSI USA: Tuberville Takes Action to Protect Conservatives, Taxpayers from Political Discrimination by Banks

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Kevin Cramer (R-ND) to reintroduce the Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism.

In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers.

“Banks should make lending decisions based solely on economic factors – not woke political concerns,” said Sen. Tuberville. “Big banks are bowing to pressure from woke activists who oppose loans being given to businesses that don’t fall in line with the left’s agenda. No financial institution should be pressured to cut off lending to a legitimate business. Financial discrimination is un-American and unacceptable. I’m proud to support the Fair Access to Banking Act to push back against attempts to weaponize the banking sector for political reasons.”

“When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals,” said Sen. Cramer. “Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals.”

The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, the Lignite Energy Council, and National Association of Wholesaler-Distributors.

Joining U.S. Senators Tuberville and Cramer in cosponsoring this bill are U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), and Roger Wicker (R-MS).

U.S. Representative Andy Barr (R-KY) introduced similar legislation in the House of Representatives.

Click here for bill text.

BACKGROUND:

Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation.

The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. The Biden administration paused the rule’s implementation in early 2021.

The Senators’ legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 6, 2025

MIL-OSI USA: Tuberville Takes Action to Protect Women’s Olympic Sports in Honor of National Girls and Women in Sports Day

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)

WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) reintroduced the Protection of Women in Olympic and Amateur Sports Act to prohibit any governing body recognized by the U.S. Olympic Committee (USOC) from allowing men to participate in any athletic event intended for females. The bill modifies eligibility requirements for amateur sports governing organizations. Senator Tuberville re-introduced the legislation on National Girls and Women in Sports Day and as part of his continuing fight to protect Title IX and save women’s sports.

Representative Greg Steube (R-FL-17) introduced the House version of this bill.

“Men should not be competing in women’s sports at any level,” said Senator Tuberville. “We were all deeply disturbed last summer to see videos of men boxing against women in the Olympics. This is not only dangerous, but it is incredibly unfair to the young women who have trained their whole lives to compete. Whether in little league or the Olympics, it’s unsafe, it’s unfair, and it’s just plain wrong. I am proud to introduce this bill and hope to see it signed into law long before the United States hosts the 2028 Summer Olympics so we can all enjoy watching safe, fair competition.”

“From the swimming pool to the boxing ring, far-left activists have hijacked the rulebook to push their extremist agenda onto sports governing bodies. Not only is this antithetical to the principles of fair competition, but it constitutes a direct assault on the future of women’s sports altogether,” said Rep. Steube. “It is more important than ever that we stand up for common sense by prohibiting biological males from competing in female athletics. That is why I have reintroduced The Protection of Women in Olympic and Amateur Sports Act to protect the integrity of women’s sports from woke ideologues.”

The Protection of Women in Olympic and Amateur Sports Act boasts the support of a broad coalition of organizations, key stakeholders, and women’s groups.

“As an athlete who has experienced the injustice of competing against a male firsthand, I’m grateful for the leadership of Representative Steube and Senator Tuberville. They have made it clear that they will fight for fairness, privacy, and safety for girls and women in sports,” said Riley Gaines, 12x NCAA All American Swimmer and Independent Women’s Forum Ambassador.

“Women and girls deserve the opportunity to compete in sports on a level playing field, free from unfair competition with male athletes in their own categories. With no national governing body of Olympic sports currently barring all males from women’s categories, this glaring inequity undermines opportunities for female athletes and the integrity of women’s sports. Congressman Steube’s Protection of Women in Olympic and Amateur Sports Act is a vital step to ensure fairness, empower women, and preserve the future of women’s athletics.” —Independent Council on Women’s Sports

“It’s obvious that men do not belong in women’s sports. Yet despite the overwhelming support for this position among the American people, too many sports bodies still allow men who claim to be women to compete against female athletes. This is incredibly unfair to women, and it needs to end. APP is grateful to Congressman Steube and Senator Tuberville for their long-standing leadership in defense of women’s sports, and we are proud to once again support this legislation.” —Terry Schilling, President of American Principles Project

“On numerous occasions, women have been sidelined and victimized due to extreme transgender ideology. It’s time to keep men out of women’s sports. We applaud Representative Steube for his leadership on this issue and urge all members of Congress—regardless of party—to vote for The Protection of Women in Olympic and Amateur Sports Act.” —Kris Ullman, President of Eagle Forum

“Women’s Liberation Front applauds Rep. Steube’s legislation aimed at preserving women’s sports for women and girls. The world witnessed the travesty carried out in Women’s Olympic Boxing in 2024 when the International Olympic Committee allowed men to box women. The men of course won, robbing real women of medals and titles they trained for years to win. We appreciate this legislation as a return to sanity and a decisive move to protect women’s sports.” —Women’s Liberation Front

“Women and girls should never be reduced to spectators in their own sports. Allowing men to deprive women of medals, podium spots, public recognition, and opportunities to compete is unfair and unacceptable. Our laws must acknowledge the clear biological differences between men and women in order to preserve equal athletic opportunities for female athletes. Women and girls deserve a fair and level playing field. We applaud Rep. Steube for his leadership on this bill,” said Matt Sharp, Director of the Center for Public Policy and senior counsel for the Alliance Defending Freedom

“I appreciate Senator Tuberville and Representative Steube for their leadership on protecting women and girls in athletics. Allowing even a single female athlete to be displaced by a male is discriminatory, risky, and unfair. And it must be stopped. That is precisely what lifelong sports advocate Senator Ted Stevens would want — equality in sports, preserving the safety, fairness and equal opportunity for female athletes. This bill will do just that,” said Paula Scanlan, Independent Women’s Voice Ambassador.

“As a former athlete who was forced to compete against a male, resulting in a life-altering injury, it’s crucial to recognize that allowing men’s participation in women’s sports not only deprives women of opportunities but also exposes them to significant danger. I deeply admire Representative Steube and Senator Tuberville for their leadership in addressing this issue and standing up for fairness and safety, especially for women,” said Payton McNabb, Independent Women’s Voice Ambassador.

Read the bill here.

BACKGROUND:

USA Boxing updated their National Rule Book to add a Transgender definition and link to a new Transgender Policy, effective on January 1, 2024. The policy states: “a boxer who transitions from male to female is eligible to compete in the female category” with certain conditions.

Under the Ted Stevens Olympic and Amateur Sports Act, Congress chartered the U.S. Olympic Committee (USOC) and allowed the organization to recognize governing bodies for individual sports. USA Boxing has been recognized by the USOC as the official governing body for boxing. The Act sets out a variety of requirements that must be followed by these individual governing bodies in order to be certified by USOC.

In February 2024, Senator Tuberville originally introduced the Protection of Women in Olympic and Amateur Sports Act during the 118th Congress. Representative Greg Steube introduced the House version.

Fighting for Women’s Sports:

As a former educator, mentor, and coach for more than 40 years, Senator Tuberville is concerned about the future of girls’ and women’s sports. He began his career coaching high school girls’ basketball shortly after the enactment of Title IX and witnessed the law’s positive impacts firsthand. Senator Tuberville has been a vocal advocate of preserving Title IX and urged Joe Biden’s Department of Education officials to keep the protections in place.

In January 2025, Senator Tuberville led 36 Republican colleagues in re-introducing the Protection of Women and Girls in Sports Act of 2025 to preserve Title IX protections for female athletes and ensure fair, safe competition in women’s sports across the country. Senator Tuberville’s bill passed the House in January 2025.

MORE:

ICYMI: Tuberville Joins “The Megyn Kelly Show” to Advocate for Senate Leadership to Schedule Title IX Legislation for a Vote

ICYMI: Tuberville in OutKick: Senate to Consider My Bill, the Protection of Women and Girls in Sports Act

Tuberville Introduces Hallmark Legislation to Preserve Title IX, Protect Women’s Sports

ICYMI: Tuberville Joins Harris Faulkner on Fox News to Discuss Title IX, Save Women’s Sports

Tuberville Leads Colleagues in Fight to Save Title IX, Women’s Sports

Tuberville, Blackburn Urge NCAA President to Keep Men Out of Women’s Sports

The Globalist-Left’s Assault on Female Athletics

Tuberville Sponsors Resolution to Overturn Biden’s Attack on Title IX, Save Women’s Sports

Tuberville Takes Action to Recognize October 10^th as ‘American Girls in Sports Day’

Tuberville Demands Answers on Biden Administration’s Radical Rewrite of Title IX

ICYMI: Tuberville Joins Lou Holtz: There’s an Attack on Title IX

ICYMI: Tuberville on Newsmax: Democrats are Trying to Destroy Women’s Sports, Title IX

Tuberville Leads Roundtable on Protecting Title IX and Saving Women’s Sports

ICYMI: Tuberville Hosts Roundtable About Saving Women’s Sports

What Democrats’ Vote Against Women Reveals About the Future of Sports

Tuberville Forces Senate Vote to Protect Women’s Sports

Tuberville Demands Answers from NCAA, Dept of Ed on Title IX

Tuberville Introduces Legislation to Prohibit Men from Competing in Women’s Olympic Sports

Senator Tuberville joins Fox and Friends to discuss the 50th Anniversary of Inflation and Title IX

Tuberville Calls for Fairness in Women’s Sports

Ahead of 50^th Anniversary of Title IX, Senator Tuberville Warns Biden Admin is Hacking Away at Women’s Progress

Senator Tuberville: Biden Title IX Modifications Will Destroy ‘Opportunities For Generations Of Women And Girls’

Biden executive order will ruin women’s sports and erode Title IX

Dr. Ben Carson, Sen. Tuberville Break Down Why They Think Trans Athletes Shouldn’t Compete In Women’s Sports

U.S. Sen. Tommy Tuberville says Biden administration pushing women to the sidelines

Tuberville on Biden Administration’s Upcoming Title IX Proposed Rule: ‘It would take a wrecking ball to the five decades of Title IX success and tilt what was a level playing field to the far left’

Tuberville Presses Under Secretary of Education Nominee on Title IX, Free Speech on Campus

Tuberville: The Real March Madness

Tuberville Warns Secretary Cardona Against Weakening Title IX Protections

Tuberville Emphasizes Importance of Title IX Protections

Tuberville Offers Amendment Protecting Women’s Title IX Rights

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 6, 2025

MIL-OSI United Nations: Secretary-General Appoints Bjørg Sandkjær of Norway Assistant Secretary-General for Policy Coordination

Source: United Nations General Assembly and Security Council

Biographical Note

United Nations Secretary-General António Guterres announced today the appointment of Bjørg Sandkjær of Norway as Assistant Secretary-General for Policy Coordination in the United Nations Department of Economic and Social Affairs. She will succeed Maria-Francesca Spatolisano of Italy, to whom the Secretary-General and the Under-Secretary-General for Economic and Social Affairs are grateful for her commitment and dedicated service to the Organization.

Ms. Sandkjær has over 26 years of experience in policymaking and international development. She served as Deputy Minister for International Development at the Norwegian Ministry of Foreign Affairs since 2021, having been responsible for the development of Norway’s strategic vision and engagement in international development cooperation issues and played a key role in the negotiations on Norway’s budgetary allocations for official development assistance (ODA) while also leading her country’s engagement in key sustainable development processes and fora, including the high-level political forum on sustainable development.

Ms. Sandkjær also served as the deputy leader of the Standing Committee on Health and Welfare of the Oslo City Council and held several positions at the Norwegian Agency for Development Cooperation, Gavi, the Vaccine Alliance, the Economic Commission for Africa (ECA) and the Church of Norway.

Ms. Sandkjær holds a master’s degree in demography from the London School of Economics and Political Science and an undergraduate degree from the University of Oslo. She is fluent in English and Norwegian.

For information media. Not an official record.

MIL OSI United Nations News –

February 6, 2025

MIL-OSI United Nations: United Nations ‘Fully Committed to Peace, Stability, Inalienable Rights of Palestinian People’, Secretary-General Tells Committee

Source: United Nations General Assembly and Security Council

Following are UN Secretary-General António Guterres’ remarks to the opening of the 2025 session of the Committee on the Exercise of the Inalienable Rights of the Palestinian People, in New York today:

Ambassador Coly Seck, Bureau members, let me begin by congratulating you on your election.

I want to salute this Committee for its work. At its essence, the exercise of the inalienable rights of the Palestinian people is about the right of Palestinians to simply live as human beings in their own land.

We have seen the realization of those rights steadily slip farther out of reach. We have seen a chilling, systematic dehumanization and demonization of an entire people. Of course, nothing justifies the horrific Hamas attacks of 7 October 2023. And nothing justifies what we have seen unfold in Gaza over the last many months.

We all know too well the catalogue of destruction and unspeakable horrors. The nearly 50,000 people — 70 per cent of them women and children — who have been reported killed.

The majority of Gaza’s civilian infrastructure — hospitals, schools and water facilities — that has been destroyed. The overwhelming majority of the entire population who have faced displacement after displacement, hunger and disease. Children, out of school for over a year. A generation, left homeless and traumatized.

I welcome the ceasefire and hostage release deal. I thank the mediators — Egypt, Qatar and the United States — for the continued efforts to ensure implementation. Now, it is time to be crystal clear about objectives going forward.

First, we must keep pushing for a permanent ceasefire and the release of all hostages without delay. We cannot go back to more death and destruction. For our part, the UN is working around the clock to reach Palestinians in need and scale up support. That requires humanitarian access that is rapid, safe, unimpeded, expanded and sustained.

I call on Member States, donors, and the international community to fully fund humanitarian operations and meet urgent needs. And I once again urge Member States to support the essential work of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).

Second, in the search for solutions, we must not make the problem worse. It is vital to stay true to the bedrock of international law. It is essential to avoid any form of ethnic cleansing.

Third, we must reaffirm the two-State solution. Any durable peace will require tangible, irreversible and permanent progress towards the two-State solution, an end to the occupation and the establishment of an independent Palestinian State, with Gaza as an integral part. A viable, sovereign Palestinian State living side by side in peace and security with Israel is the only sustainable solution for Middle East stability.

Beyond Gaza, the situation continues to unravel in the occupied West Bank, including East Jerusalem. I am gravely concerned by rising violence by Israeli settlers and other violations. The violence must stop.

As affirmed by the International Court of Justice, Israel’s occupation of the Palestinian territory must end. International law must be respected and accountability ensured.

We must work towards preserving the unity, contiguity and integrity of the Occupied Palestinian Territory and the recovery and reconstruction of Gaza. A strong and unified Palestinian governance is crucial. The international community must support the Palestinian Authority to this end.

The UN is fully committed to peace, stability and the inalienable rights of the Palestinian people. I commend this Committee for its steadfast dedication to these goals and call on the international community to fully support these efforts.

MIL OSI United Nations News –

February 6, 2025

MIL-OSI New Zealand: Serious crash, Chivalry Rd, Glenfield

Source: New Zealand Police (District News)

Emergency services are currently at the scene of a serious crash on Chivalry Rd, Glenfield, where a cyclist has struck a stationary vehicle.

Police were called about 9.30am.

The cyclist is reported to be in critical condition.

The road is closed, with diversions in place.

Motorists should avoid the area if possible.

ENDS

Issued by Police Media Centre

MIL OSI New Zealand News –

February 6, 2025

MIL-OSI Australia: Online tax schemes on the rise

Source: Australian Department of Revenue

The ATO is warning the community to be alert for potentially dodgy tax schemes which are spreading online, including through social media.

Acting Deputy Commissioner Sarah Taylor is urging individuals to be wary of online promotion of tax schemes promising to significantly reduce or avoid tax altogether.

‘Sometimes tax schemes can be peddled as investment schemes. We don’t want to see honest people lured into unlawful tax schemes with false promises of high returns and tax savings – if an offer seems too good to be true, it probably is,’ Ms Taylor said.

‘Those who invest in unlawful tax schemes stand to lose their hard-earned cash, and risk paying tax with interest and heavy penalties.’

‘Promoters of these schemes are often opportunistic and target vulnerable people. Protect yourself and your money by getting advice from a registered tax practitioner before committing to anything,’ Ms Taylor said.

The ATO’s website lists a number of tax schemes to look out for. In one particular recent scheme, individuals are being advised to invest in a start-up company that allegedly qualifies as an early-stage innovation company (ESIC). By investing in an ESIC, they’re told they can then claim the early-stage investor tax offset on shares purchased through the financing arrangement.

The ATO is concerned individuals may be entering into these arrangements under the belief they are entitled to the tax benefits claimed using the financing arrangements. We are also concerned that the companies may not qualify as ESICs.

Another type of tax scheme being promoted in the community promises individuals they can avoid paying tax by setting up a purported non-profit foundation and diverting their income to it. These schemes are not effective and the individuals will still have to pay the tax on the income.

If you are approached with tax arrangements that sound like either of these examples, or sound too good to be true, seek advice from a registered tax practitioner and report it to the ATO.

The ATO takes a strong stance against all types of unlawful tax schemes and their promotion.

‘Promoting and participating in unlawful tax schemes are not victimless crimes. Those who choose to engage in these behaviours are attempting to obtain an unfair advantage over those who do the right thing,’ Ms Taylor said.

‘We take targeted action against unlawful tax schemes that promote tax avoidance behaviours and against those who promote these schemes. We are committed to helping protect the community against misinformation about schemes spread on various channels.’

If you are offered an unlawful tax scheme, you should reject it and report it to the ATO confidentially by:

completing the tip-off form on the ATO website
phoning the tip-off hotline on 1800 060 062.

If you suspect that you’ve inadvertently become involved in an unlawful tax scheme, you should also contact the ATO immediately. If you proactively approach the ATO, you may be eligible for a reduction in any penalties imposed.

To check if a tax practitioner is registered, use the Tax Practitioners Board’s public registerExternal Link.

More information about unlawful tax schemes can be found at ato.gov.au/taxschemes.

MIL OSI News –

February 6, 2025

MIL-OSI USA: UConn Nursing Hosts Air Force Representatives to Explore Potential Career Paths

Source: US State of Connecticut

Representatives from the United States Air Force visited the School of Nursing to discuss alternative career and leadership opportunities for graduating seniors.

The visit was part of UConn’s Leadership Capstone course (NURS 4282), led by Laura Eiss, RN, MSN, NPD, BC, CNE. Through engagement with nurse leaders from various health care settings, students gain valuable insights into the multifaceted roles and responsibilities of nursing leadership in today’s dynamic health care landscape.

Nursing students were gifted Chick-fil-A to enjoy during the Air Force Nurse Corps presentation (contributed photo)

Lieutenant Colonel Krisha Prentice and Master Sergeant Andrew Magathan, recruiters from the Air Force Nurse Corps, presented various benefits of joining the Air Force, including housing vouchers, scholarships, loan repayment programs, and opportunities for advanced specialization in areas such as surgery, obstetrics, and medical-surgical nursing through the Nurse Transitioning Program (NTC). They also highlighted pathways for nurses pursuing advanced degrees like CRNA, NFP, and NP-Maternal Health.

MSgt. Magathan and Lt. Col. Krisha Prentice (contributed photo)

Lt. Col. Prentice shared her experience leading over 350 nurses and staff, emphasizing the dynamic and impactful roles available in the Air Force. MSgt. Magathan underscored the global nature of being a nurse in the Air Force, stating that nurses collaborate with other military branches worldwide.

“Many of our students already know they are going to pursue advanced degrees, and for many the financial implications from a 4-year undergrad degree might be a barrier,” says Eiss. “This provides a path for some they may not even knew existed.”

The capstone course will continue with presentations from Global Experience students returning from Belgium and from state health care executives to further explore diverse career opportunities.

MIL OSI USA News –

February 6, 2025

MIL-OSI Europe: France opposes any forced displacement of Gaza’s Palestinians

Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

Published on February 5, 2025

Lire la version

Statement by the Ministry for Europe and Foreign Affairs Spokesperson (Paris, February 5, 2025)

France reiterates its opposition to any forced displacement of Gaza’s Palestinian population, which would constitute a serious violation of international law, an attack on the legitimate aspirations of Palestinians and also a major obstacle to the two-state solution and a factor of major destabilization for our close partners, Egypt and Jordan, and the whole region.

France will continue actively promoting the implementation of the two-state solution, which alone can guarantee long-term peace and security to Israelis and Palestinians. Gaza’s future must lie not in the prospect of control by a third State but in the framework of a future Palestinian State, under the aegis of the Palestinian Authority. Hamas must be disarmed and have no part in the territory’s governance. France will continue to express its opposition to settlement activity – which is contrary to international law – and to any hint of the unilateral annexation of the West Bank./.

MIL OSI Europe News –

February 6, 2025

MIL-OSI Security: Three Individuals Sentenced for Harboring Aliens Arriving in Puerto Rico from the Dominican Republic

Source: Office of United States Attorneys

SAN JUAN, Puerto Rico – The last of three defendants was sentenced today to prison for harboring aliens that arrived in Puerto Rico from the Dominican Republic.

Together, defendants Katia Janette Nieves, Junior Melo, and Iris J. Nieves-Ríos coordinated the pickup in August 2023 of at least 50 individuals arriving unlawfully via boat on the west side of Puerto Rico from the Dominican Republic. Despite knowing that these individuals were aliens not lawfully in the United States, the defendants transported them to a residence in San Juan, Puerto Rico, harbored them, and demanded money from family members in order to release the individuals.

Junior Melo was sentenced on December 16, 2024, to 72 months in prison and five years of supervised release. Katia Janette Nieves was sentenced on January 15, 2025, to 72 months in prison and five years of supervised release. Iris J. Nieves-Ríos was sentenced today to 24 months in prison and five years of supervised release.

U.S. Attorney W. Stephen Muldrow of the District of Puerto Rico; and Joseph González, Special Agent in Charge of the FBI San Juan Field Office made the announcement.

The FBI and the Puerto Rico Police Bureau investigated the case.

Assistant U.S. Attorney Daynelle Álvarez-Lora and Assistant U.S. Attorney Linet Suárez prosecuted the case.

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MIL Security OSI –

February 6, 2025

MIL-OSI Security: Mt. Pleasant Business Owner Sentenced to 1.5 Years in Federal Prison

Source: Office of United States Attorneys

CHARLESTON, S.C. — Jonathan Ramaci, 60, of Mt. Pleasant, was sentenced to one and a half years in federal prison after pleading guilty to wire fraud and filing a false income tax return.

Evidence presented to the court showed that Ramaci defrauded the Small Business Association in his application and receipt of approximately $214,000 of fraudulent Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) loans that were authorized pursuant to the CARES Act. Evidence showed that Ramaci submitted fraudulent tax documentation to the SBA and its approved third-party lenders, that were relied on to fund a PPP loan Ramaci received. For the fraudulent EIDL loans, Ramaci falsely represented to the SBA revenue and costs of goods sold for the businesses he was applying for.

As for Ramaci’s tax offense, evidence submitted to the court showed that from 2017 to 2021, Ramaci either failed to file and/or filed false income tax returns and owes the IRS $289,531. Specifically, Ramaci was paying for personal expenses from a business he owned and operated, Elements of Genius, headquartered in Charleston. He was also not reporting his income.

“This defendant’s actions revealed corrupt business practices that cost the taxpayer and the government hundreds of thousands of dollars,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “His deceptive financial scheme warrants this prison sentence and sends the message that such practices will not be tolerated.”

“IRS Criminal Investigation, along with our law enforcement partners, will vigorously pursue business owners who victimize their investors and violate the public trust,” said Special Agent in Charge Donald “Trey” Eakins, Charlotte Field Office, IRS-CI. “The defendant used his position of power to defraud not just his own company, but the honest, hardworking Americans who pay their tax obligations.”

United States District Judge Richard M. Gergel sentenced Ramaci to 18 months imprisonment, to be followed by a three-year term of court-ordered supervision. There is no parole in the federal system. As part of the judgement, the court ordered Ramaci to pay $538,178.88 in restitution for the offenses of conviction. The court also ordered Ramaci to pay restitution in the amount of $1,009,684.00 to victims of offenses that the defendant did not plead guilty to, which was agreed to by the parties in the plea agreement.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

This case was investigated by the FBI Columbia Field Office and IRS Criminal Investigation. Assistant U.S. Attorney Amy Bower is prosecuting the case.

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MIL Security OSI –

February 6, 2025

MIL-OSI Security: Midwest City Man Sentenced to Serve 160 Months in Federal Prison for Manufacturing Crack Cocaine and Illegal Firearm Possession

Source: Office of United States Attorneys

OKLAHOMA CITY – ANTONIO LARINGO KNOX, 53, of Midwest City, has been sentenced to serve more than 13 years in federal prison for manufacturing cocaine base, commonly known as crack cocaine, and illegal possession of firearms after a previous felony conviction, announced U.S. Attorney Robert J. Troester.

On January 17, 2024, a federal grand jury returned a Superseding Indictment against Knox, charging him with manufacturing cocaine base and being a felon in possession of firearms, amongst other charges. On November 7, 2024, following a two-day trial, a federal jury convicted Knox of these two charges. According to evidence presented at trial, on September 12, 2023, Oklahoma City Police Department officers executed a search warrant at Mr. Knox’s home, where they found cocaine base, razor blades, digital scales, ammunition, and firearms. Mr. Knox admitted to manufacturing the cocaine base that was recovered.

At the sentencing hearing on January 31, 2025, U.S. District Judge Stephen P. Friot sentenced Knox to serve 160 months in federal prison, followed by 8 years of supervised release. In announcing his sentence, Judge Friot noted the nature and circumstances of the offense, along with Knox’s criminal history. Public record reflects that Knox’s criminal history includes convictions in Oklahoma County District Court for conspiring to distribute a controlled dangerous substance in case number CF-2004-3693 and possession of a controlled dangerous substance with intent to distribute and possession of a firearm after a previous felony conviction in case number CF-2006-6617.

This case is the result of an investigation by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Oklahoma City Police Department. Assistant U.S. Attorneys Stephen Hoch and Matthew Anderson prosecuted the case.

Reference is made to public filings for additional information.

MIL Security OSI –

February 6, 2025

MIL-OSI Security: Stamford Man Sentenced to More Than 6 Years in Federal Prison for Robbing 3 Banks in 2020

Source: Office of United States Attorneys

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that FRANCESCO PENSIERO, also known as Frank Pensiero, 52, of Stamford, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 78 months of imprisonment, followed by three years of supervised release, for robbing three Connecticut banks in 2020.

According to court documents and statements made in court, on October 13, 2020, Pensiero and an associate robbed the Chase Bank located at 2855 Main Street in Stratford. During the robbery, Pensiero’s associate displayed a handgun on the teller counter and presented the teller with a note that read “this is a robbery give me all your money.” The teller provided Pensiero’s associate with approximately $1,000 and Pensiero and his associate exited the bank.

Later on October 13, 2020, Pensiero robbed the People’s United Bank located at 1160 Kings Highway Cutoff in Fairfield. During the robbery, he pulled out a handgun and presented the teller a note that stated “This is a robbery.” The teller provided Pensiero with $5,458 and Pensiero exited the bank.

On October 28, 2020, Pensiero and his associate robbed the People’s United Bank located at 95 Main Street in New Canaan. Pensiero displayed a handgun, provided the teller with a note demanding money, verbally threatened to kill the teller and other employees, and ordered the bank employees to lie on the floor. Pensiero and his associate stole $9,130 during the robbery, and fled from the bank in a red Chevrolet Monte Carlo SS. The following day, the car was set on fire on Green Avenue in New Canaan.

Pensiero was arrested on a federal criminal complaint on January 27, 2023. On June 3, 2024, he pleaded guilty to bank robbery.

Pensiero’s criminal history includes convictions for bank robbery and other offenses.

Pensiero’s associate was convicted of related state offenses stemming from these robberies.

This investigation was conducted by the Federal Bureau of Investigation and the Stratford, Fairfield, and New Canaan Police Departments. The case was prosecuted by Assistant U.S. Attorney Daniel P. Gordon.

MIL Security OSI –

February 6, 2025

MIL-OSI Security: U.S. Attorney’s Office Secures 51-Month Sentence in Vehicular Homicide Case

Source: Office of United States Attorneys

ALBUQUERQUE – A Sanostee man was sentenced to 51 months in federal prison and ordered to pay nearly $8,000 in restitution after pleading guilty to two counts of involuntary manslaughter for a fatal drunk-driving crash that occurred on the Navajo Nation.

According to court documents, at approximately 6:30 a.m. on August 12, 2023, Leonardo Robbie Duncan, 33, an enrolled member of the Navajo Nation, was driving while intoxicated on Navajo Route 36 near Upper Fruitland, New Mexico, when he crossed into oncoming traffic and collided head-on with a vehicle occupied by Jane and John Doe.

Duncan fled the scene on foot without checking on or assisting the victims. An off-duty Southern Ute Tribal police officer attempted to stop Duncan from leaving but was unsuccessful. John Doe died at the scene; Jane Doe passed away en route to the hospital. Both victims were enrolled members of the Navajo Nation.

Duncan turned himself in to Navajo Nation Police six hours after the crash. At the time of surrender, his blood-alcohol content was 0.08. At the time of the incident, Duncan was on state probation for Battery on a Household Member and had recently violated this probation with an open-container offense. He also had a prior State conviction for Driving While Intoxicated from 2018.

Upon his release from prison, Duncan will be subject to three years of supervised release.

U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

The Farmington Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Navajo Department of Criminal Investigations.

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MIL Security OSI –

February 6, 2025

MIL-OSI Security: Inmate Sentenced to More than Four Years in Prison on Assault Charge

Source: Office of United States Attorneys

BIRMINGHAM, Ala. – A federal judge sentenced a federal inmate for assaulting a corrections officer, announced U.S. Attorney Prim F. Escalona and FBI Special Agent in Charge Carlton Peeples.

U.S. District Court Judge R. David Proctor sentenced Christopher McCallum to 51 months in prison based on his September 2024 guilty plea to assault of an officer.

According to the plea agreement, McCallum was a federal inmate of the Bureau of Prisons at FCI Talladega, serving a sentence for a previous federal conviction. On February 29, 2024, McCallum became disruptive, walked toward the staff with clinched fists, and ultimately assaulted a female corrections officer. McCallum punched her in the head and upper torso area. The corrections officer sustained multiple injuries.

FBI investigated the case. Assistant U.S. Attorney Brad Felton prosecuted the case.

MIL Security OSI –

February 6, 2025

MIL-OSI Security: Lawton Man Sentenced to Serve Life in Federal Prison for Murder After Woman’s Body is Found in Wildlife Refuge in Indian Country

Source: Office of United States Attorneys

Co-Defendant Previously Sentenced to Serve 96 Months for Accessory After the Fact to Murder

OKLAHOMA CITY – TEVIN TERRELL SEMIEN, 30, of Lawton, has been sentenced to serve life in federal prison for second-degree murder and illegal possession of a firearm after a previous felony conviction, announced U.S. Attorney Robert J. Troester.

According to public record, on May 17, 2023, Karon “Dinkers” Conneywerdy Smith, 68, was found dead in the Wichita Mountains Wildlife Refuge. Investigators searched Smith’s home, which was within Indian Country, and observed blood consistent with a violent struggle. Smith’s vehicle was missing as well. On May 21, 2023, Texas law enforcement observed Smith’s vehicle driving south of Dallas, Texas. Officers attempted to pull the vehicle over, but the vehicle fled at a high speed and eventually crashed into a lake. The two occupants of the vehicle, later identified as Semien and Nicole Leigh Logsdon, attempted to flee on foot but were apprehended.

On October 17, 2023, a federal grand jury returned a four-count Indictment against Semien and co-defendant Nicole Leigh Logsdon, 25, also of Lawton. The Indictment charged Semien with one count of first-degree premeditated murder, one alternative count of second-degree murder, and one count of illegally possessing a firearm after a previous felony conviction. Logsdon was separately charged with accessory after the fact to murder.

On April 22, 2024, Semien pleaded guilty to second-degree murder and being a felon in possession of a firearm. As part of his plea, Semien admitted to deliberately and intentionally killing Smith.

On January 10, 2024, Logsdon pleaded guilty to accessory after the fact to murder and admitted to helping Semien in his attempt to avoid arrest and prosecution. On July 15, 2024, Logsdon was sentenced to serve 96 months in federal prison, followed by three years of supervised release.

At the sentencing hearing on February 3, 2025, U.S. District Judge Stephen P. Friot sentenced Semien to serve life in federal prison. In announcing his sentence, Judge Friot noted the nature and circumstances of the offense, pointing out that Semien’s choices and conduct amounted to an “unfathomably cruel and depraved murder.” Judge Friot also noted Semien’s criminal history. Public record further reflects that Semien has previous felony convictions which include burglary in Jefferson County, Texas, and conspiracy to commit second degree burglary in Comanche County District Court case number CF-2022-292.

This case is in federal court because Smith and Logsdon are enrolled members of the Comanche Nation and the murder occurred within Indian Country.

This case is a result of an investigation by the FBI Oklahoma City, Dallas, and New Orleans field offices; the Oklahoma State Bureau of Investigation; the U.S. Fish and Wildlife Service; the Comanche Nation Police Department; the Comanche County Sheriff’s Office; the Lawton Police Department; the U.S. Marshals Service; the Rice, Texas Police Department; and the Navarro County, Texas Sheriff’s Office. Special Assistant U.S. Attorney Kaleigh Blackwell and Trial Attorney Mark Stoneman with DOJ’s Criminal Division (former AUSA with the Western District of Oklahoma) prosecuted the case.

The case furthers the Department of Justice’s Missing or Murdered Indigenous Persons efforts to address violence against Native American individuals. More information about this initiative is at https://www.justice.gov/tribal/mmip.

Reference is made to public filings for more information.

MIL Security OSI –

February 6, 2025

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