Category: Americas

MIL-OSI USA: Kaine Statement on President Trump’s 2025 Address to Congress

US Senate News:

Source: United States Senator for Virginia Tim Kaine

Published: March 05 2025

WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) released the following statement after President Trump’s joint address to Congress:

“President Trump’s address showed that he and his Administration have no problem turning their backs on middle-class Americans. In his first few weeks in office, President Trump has imposed steep tariffs that will raise costs and hurt businesses, fired thousands of federal workers who provide critical services to millions of Americans, illegally stopped the flow of federal funds that support programs Americans rely on, and cozied up to dictators like Vladimir Putin while abandoning Ukraine and our democratic allies. If the President, his Administration, and Republicans in Congress continue to go down the current path they are on, they should expect that they will be met with fierce opposition as more and more Americans will feel the impacts of Trump’s terrible policies. I know many Virginians are worried about the state of our country, and they have my commitment that I’ll continue to stand up against any efforts that will harm Virginians, hurt our economy, or make Virginians less safe.”

Kaine brought Fairfax resident and veteran Jason King as his guest. Jason was fired from his position in the Federal Aviation Administration’s safety division as a result of the Trump Administration’s mass firing of federal employees.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: NEWS: Sanders, Scott, Schumer, Jeffries, Murray, Bipartisan Colleagues Introduce Legislation to Protect the Rights of American Workers
US Senate News:
Source: United States Senator for Vermont – Bernie Sanders

WASHINGTON, March 5 – Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), and Rep. Bobby Scott (D-Va.), Ranking Member of the House Committee on Education and Workforce, alongside Senate Minority Leader Chuck Schumer (D-N.Y.), House Minority Leader Hakeem Jeffries (D-N.Y.), House Democratic Whip Katherine Clark (D-Mass.), Sen. Patty Murray (D-Wash.) and Congressional and labor leaders, today reintroduced the Richard L. Trumka Protecting the Right to Organize Act (PRO Act), comprehensive labor legislation to protect the rights of workers to stand together and bargain for fairer wages, better benefits and safer workplaces. The legislation was renamed in honor of former AFL-CIO President Richard L. Trumka.

Joining Sanders, Scott, Schumer, Jeffries and Murray on the PRO Act are Sens. Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Wis.), Michael Bennet (D-Colo.), Richard Blumenthal (D-Conn.), Lisa Blunt Rochester (D-Del.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Richard Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), John Hickenlooper (D-Colo.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Maine), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), Peter Welch (D-Vt.), Sheldon Whitehouse (D-R.I.) and Ron Wyden (D-Ore.), as well as 210 cosponsors in the House.

“Never before in the history of our nation have income and wealth inequality been greater than today. Workers are falling further and further behind. In response, millions of Americans have expressed their desire to join a union,” said Sanders. “However, the billionaire class is fighting with all its might to put down attempts by workers to exercise their constitutional right to unionize. That includes the decision by President Trump to illegally fire National Labor Relations Board Member Gwynne Wilcox and effectively shut down the NLRB. Without a functioning NLRB, corporate bosses can illegally fire unionizing workers, flagrantly violate labor laws and render free and fair union elections near impossible. Supporting the immediate reinstatement of Member Wilcox and the swift passage of the PRO Act would be major steps toward building real worker power. The PRO Act is long overdue and I am proud to be introducing this bill in the Senate.”

“Unions are essential for building a strong middle class and improving the lives of workers and families. Regrettably, for too long, workers have suffered from anti-union attacks and toothless labor laws that undermined their right to form a union,” said Scott. “As union approval remains at record highs, Congress has an urgent responsibility to ensure that workers can join a union and negotiate for higher pay, better benefits, and safer workplaces. The PRO Act is the most critical step Congress can take to uplift American workers. I urge my House and Senate colleagues on both sides of the aisle to join me in advancing the most significant update for workers’ labor organizing rights in over eighty years.”

“As we speak Donald Trump and his billionaire buddies are stealing the American dream away from working families, rigging every lever of society in favor of the billionaire class,” said Schumer. “That’s why we need the PRO Act, to empower hardworking Americans to bargain for better wages, benefits, and safer working conditions. I’ve been involved in this fight for a very, very long time, and I will stay in this fight for as long as it takes – until every worker gets the wage they deserve, until the right to organize is protected and encouraged and secure, and until we finally make the PRO Act the law of the land.”

“Right now, Donald Trump and Elon Musk are attacking workers, including mass firing people by the tens of thousands, left and right, regardless of how important that work is,” said Murray. “Reintroducing the PRO Act is more important now than ever. This is about making sure we are not just pushing back—but also pushing forward: charting a positive vision for workers and daring Republicans to make their actions match their words. Who do you stand with—the billionaires like Elon Musk and Donald Trump—whose favorite two words are ‘you’re fired?’ Or do you stand with hard working American women and men. People who just want fair pay, decent treatment, and a government that works to make their lives better, not worse? That should not be too much to ask! I’m going to keep fighting, come hell or high water, to make it easier for workers to join together and fight for the better pay and working conditions they deserve.”

“When our unions are strong, the United States of America is strong,” said Jeffries. “While Republicans are focused on giving handouts to their billionaire donors, Democrats will continue to fight to make sure that every American worker can organize and thrive and fight for better wages, better pay, better safety conditions and better benefits. Thanks to the leadership of Ranking Member Bobby Scott, that is exactly what the PRO Act does and we will not rest until we get this legislation across the finish line.”

“Billionaires know there’s no greater threat to their power than a union card,” said Clark. “That’s why they’re using miles of red tape to deny the American people their basic, constitutional right to organize. We can cut that red tape for good. The PRO Act is yet another chance for Republicans to show where they stand: with working people or their billionaire donors.”

“The PRO Act will safeguard the fundamental right of American workers to collectively bargain and organize and will ensure workers receive fair treatment while holding their employers to just standards,” said Rep. Brian Fitzpatrick (R-Pa.). “I am proud to lead this bipartisan effort to strengthen the right of our nation’s hardest-working men and women to organize and negotiate for better wages, benefits, and conditions. A strong workforce is the foundation of a strong nation, and I look forward to working with my colleagues on both sides of the aisle to see this vital legislation through.”

“Americans believe in the power of unions and tens of millions of working people would become union members tomorrow if they could. But American labor law is broken, weighted on the side of the bosses and against the workers. In too many workplaces, in too many industries across the country, big corporations and billionaire CEOs still retaliate against us for organizing. They refuse to negotiate our contracts, force us to sit through hours of anti-union propaganda, and engage in illegal union-busting every day. Now they have an unelected, unaccountable, union-buster trying to illegally fire tens of thousands of our fellow workers in federal jobs and an administration rolling back the workplace protections. The PRO Act is long overdue, and the American people agree. We urge elected leaders of both parties to move this critical legislation forward so that all workers have the chance to stand together and build better lives for themselves and their families,” said AFL-CIO President Liz Shuler.

Large corporations and the wealthy continue to capture the rewards of a growing economy while working families and middle-class Americans are left behind. From 1979 to 2023, annual wages for the bottom 90% of households increased just 44 percent, while average incomes for the wealthiest 1% increased more than 180 percent.

Unions are critical to increasing wages and creating a strong economy that rewards hardworking people. Through the power of collective bargaining, the typical union worker earns 16 percent more than the typical non-union worker.

The American people’s support for unions is surging. According to a 2024 Gallup poll, 70 percent of Americans approve of labor unions — remaining at near record highs. Despite growing support for unions, billionaire- and special interest-funded attacks on the rights of workers, unions and labor laws have eroded union density and made it harder for workers to organize. The share of American workers who are union members has fallen from roughly one in three workers in 1956 to a new low of 9.9 percent in 2024. The PRO Act restores fairness to the economy by strengthening the federal law that protects the right of workers to join a union and bargain for higher pay, better benefits and safer workplaces.

The PRO Act would protect the right to organize and collectively bargain by:
- Bolstering remedies and punishing violations of the rights of workers through authorizing meaningful penalties for employers that violate their rights, strengthening support for workers who suffer retaliation for exercising their rights and authorizing a private right of action for violation of the rights of workers.
- Strengthening the rights of workers to join together and negotiate for better working conditions by enhancing their right to support secondary boycotts, ensuring unions can collect “fair share” fees, modernizing the union election process and facilitating initial collective bargaining agreements.
- Restoring fairness to an economy rigged against workers by closing loopholes that allow employers to misclassify their employees as supervisors and independent contractors and increasing transparency in labor-management relations.
More than 18 organizations endorsed the PRO Act, including the AFL-CIO, Service Employees International Union (SEIU), United Autoworkers (UAW), United Steelworkers (USW), Communications Workers of America (CWA), National Nurses United (NNU), International Alliance of Theatrical Stage Employees (IATSE), Department for Professional Employees, AFL-CIO (DPE), National Postal Mail Handlers Union (NPMHU), American Federation of Teachers (AFT), International Association of Sheet Metal, Air, Rail and Transportation Workers (SMART), the American Federation of Musicians, International Association of Machinists and Aerospace Workers (IAM), International Union of Bricklayers and Allied Craftworkers, Laborers’ International Union of North America (LiUNA), Transport Workers Union (TWU), International Brotherhood of Electrical Workers (IBEW) and the International Union of Painters and Allied Trades (IUPAT).

Read the bill text here.

Read a fact sheet here.

Read a section-by-section summary here.
MIL OSI USA News –
March 6, 2025
MIL-OSI USA: Ricketts Introduces Dr. Jay Bhattacharya, President Trump’s Nominee to Lead NIH

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

March 5, 2025

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) introduced Dr. Jay Bhattacharya, President Trump’s nominee to lead the National Institutes of Health (NIH), in front of the Senate Health, Education, Labor, and Pensions (HELP) Committee. Senator Ricketts said the following of Dr. Bhattacharya:

“He showed great intellectual honesty and courage because he offered alternative suggestions about how to handle the pandemic…” Sen. Ricketts said. “Dr. Bhattacharya helped give me a perspective and certainly demonstrated that he was thinking not just about how does the virus impact people but if we do lockdowns and so forth how will that impact people’s health? And there were other impacts from doing those shutdowns.”

When he was Governor, Ricketts consulted with Dr. Bhattacharya to develop Nebraska’s highly successful response to the COVID-19 pandemic. Politico ranked Nebraska as having the best COVID response of any state considering health, economic, social, and educational factors.

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MIL OSI USA News –

March 6, 2025
MIL-OSI Canada: Alberta pushes back on illegal U.S. tariffs
As part of its non-tariff retaliatory measures, Alberta is altering its procurement practices to ensure Alberta’s government, as well as agencies, school boards, Crown corporations and Alberta municipalities, purchase their goods and services from Alberta companies, Canadian companies or countries with which Canada has a free trade agreement that is being honoured.

“I will always put the best interests of Alberta and Albertans first. These non-tariff actions are measured, proportionate and put an emphasis on defending Alberta and Canada against these economically destructive tariffs imposed by U.S. President Donald Trump, while breaking down restrictive provincial trade barriers so we can fast-track nation building resource projects and allow for the unrestricted movement of goods, services and labour across the country. I understand this is an uncertain time for many Albertans, and our government will continue to do all it can to prioritize Alberta’s and Canada’s world-class products and businesses as we face this challenge together. I also look forward to working with my provincial counterparts to help unite Canada and ensure free and fair trade throughout our country.”

Danielle Smith, Premier

Alberta’s government has also directed Alberta Gaming, Liquor and Cannabis to suspend the purchase of U.S. alcohol and video lottery terminals (VLTs) from American companies until further notice. This will ensure Alberta and Canadian brands take priority in restaurants, bars and on retail shelves.

“We are committed to putting Canadian businesses first. By suspending the purchase of U.S. produced alcohol, slot machines and VLTs, we are ensuring that Alberta and Canadian brands take priority in our restaurants, bars and retail stores. We will continue to take bold steps to support local industries and strengthen our economy.”

Dale Nally, Minister of Service Alberta and Red Tape Reduction

To encourage the purchase of stock from vendors in Alberta, Canada and other countries with which Canada has a free trade agreement, the government will help all Alberta grocers and other retailers with labelling Canadian products in their stores. In the coming weeks, Alberta’s government will augment these efforts by launching a “Buy Alberta” marketing campaign. Spearheaded by Minister of Agriculture and Irrigation RJ Sigurdson, this campaign will remind Albertans of their options for local food and the importance of supporting Alberta’s agriculture producers and processers.

“Alberta’s agriculture producers and processers are the best in the world. Although these U.S. tariffs are incredibly concerning, this “Buy Alberta” campaign will put a spotlight on Alberta’s farmers, ranchers and agri-food businesses and support Albertans in choosing goods from right here at home.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Building on Alberta’s reputation as a leader in removing barriers to trade within Canada, Alberta’s government will continue to push other provinces to match our ambition in providing full labour mobility and eliminating trade barriers through work like mutual recognition of regulations. This will allow for goods, services and labour from other provinces to flow into and out of Alberta without having to undergo additional regulatory assessments.

“While no one wins in a tariff war, this situation underscores the need to develop Canada’s trade infrastructure and the diversification of our trading partners and could be the catalyst to unlocking Canada’s true potential. As we look at how best to support Albertans and our businesses, we must also work to reduce internal trade and labour mobility barriers while expanding markets for Alberta energy, agricultural and manufactured products into Europe, Asia, the Americas and beyond. Albertans and Canadians are counting on us.”

Matt Jones, Minister of Jobs, Economy and Trade

Alberta’s government is also focused on doubling oil production. With U.S. tariffs in place on Canadian energy products, Alberta is looking elsewhere for additional pipeline infrastructure, including east and west, in order to get our products to new markets.

Alberta’s government will continue to engage with elected officials and industry leaders in the U.S. to reverse these tariffs on Canadian goods and energy and rebuild Canada’s relationship with its largest trading partner and ally.

Quick facts
- On March 4, U.S. President Trump implemented a 25 per cent tariff on all Canadian goods and a 10 per cent tariff on Canadian energy.
- The U.S. is Alberta’s – and Canada’s – largest trading partner.
- Alberta is the second largest provincial exporter to the U.S. after Ontario.
  - In 2024, Alberta’s exports to the U.S. totalled C$162.6 billion, accounting for 88.7 per cent of total provincial exports.
  - Energy products accounted for approximately C$132.8 billion or 82.2 per cent of Alberta’s exports to the U.S. in 2024.
- About 10 per cent of liquor products in stock in Alberta are imported from the United States.
  - U.S. products represent a small minority of the beer and refreshment beverage categories; however, a significant number of wines originate in the U.S.
  - In 2023-24, about $292 million in U.S. liquor products were sold in Alberta.
- Alberta has been a longstanding supporter of reducing barriers to trade within Canada. In 2019, the province removed 21 of 27 exceptions, including all procurement exceptions, and narrowed the scope of two others. Since then, the province has only added 2 exceptions, which allow for the management the legalization of cannabis.
  - Removing party-specific exemptions has helped facilitate even greater access to the Alberta market for Canadian companies in the areas of government tenders, Crown land acquisition, liquor, energy and forest products, among others.
Related information
- Premier Smith’s speaking notes
- Response to U.S. tariffs: Premier Smith
MIL OSI Canada News –
March 6, 2025
MIL-OSI USA: ICE removes human rights violator, sex offender to Rwanda

Source: US Immigration and Customs Enforcement

WASHINGTON – U.S. Immigration and Customs Enforcement successfully removed Napolean Ahmed Mbonyunkiza, a 56-year-old Rwandan convicted sex offender and human rights violator, to his home country, March 4.

Ahmed Mbonyunkiza was charged in 2010 with sexual abuse in the third degree, neglect of a dependent person, and dependent adult abuse in the United States. He was released on bond but fled prior to the completion of his criminal court proceedings.

ICE paroled Ahmed Mbonyunkiza into the U.S. in 2013 to face justice for his crimes. ICE’s Human Rights Violators and War Crimes Center uncovered during the investigation his ties to the Mouvement Republicain National pour la Democratie et le Developpement, a political party affiliated with the notorious Interahamwe militia which played a significant role in the Rwandan genocide.

Ahmed Mbonyunkiza pled guilty in 2014 to all charges and was sentenced to a maximum of 30 years in prison. He ultimately served 10 years before being taken into ICE custody in January 2024, at which time he was placed into removal proceedings.

An immigration judge from the Justice Department’s Executive Office for Immigration Review ordered his removal to Rwanda on April 15, 2024. ICE successfully executed the removal, turning the criminal alien over to Rwandan authorities without incident.

The Human Rights Violators and War Crimes Center is led by ICE and leverages the expertise of criminal investigators, attorneys, historians, intelligence analysts and federal partners to provide a whole of government approach to prevent the U.S. from becoming a safe haven for individuals who commit war crimes, genocide, torture and other human rights abuses around the globe. Currently, ICE has more than 180 active investigations into suspected human rights violators and is pursuing more than 1,945 leads and removals cases involving suspected human rights violators from 95 different countries. The center has issued more than 79,000 lookouts since 2003, for potential perpetrators of human rights abuses and stopped over 390 human rights violators and war crimes suspects from entering the U.S.

Individuals can report suspicious criminal activity to the ICE Tip Line 24 hours a day, seven days a week by dialing 866-DHS-2-ICE or (866-347-2423) or completing the online tip form. Highly trained specialists take reports from both the public and law enforcement agencies on more than 400 laws enforced by ICE.

Learn more about ICE mission to remove human rights violators from your community on X @ICEgov.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Missing plane and pilot located near Whiskey Dick Mountain

Source: Washington State News 2

Pilot found deceased; search mission ends

OLYMPIA – The search for a missing plane and pilot ended on Wednesday, March 5, when air search and rescue crews located the crash site near Whiskey Dick Mountain, east of Ellensburg. Tragically the pilot and sole occupant was found deceased.

The plane was located around 9 a.m. with the assistance of a Life Flight helicopter. Kittitas County Sheriff’s Office is working to safely recover the pilot’s body. Immediate family members have been notified.

The Washington State Department of Transportation was notified Tuesday night of a missing a red, white and blue Cessna 150 enroute to the Lake Chelan Airport. The plane departed from the Yakima Air Terminal/McAllister Field at 3:43 p.m. Tuesday. A family member reported it missing when the plane did not arrive.

Tracking data revealed the plane’s last recorded location was in the hills between Ellensburg and the Columbia River. Ground and air search teams deployed throughout the night, focusing on that area.

While the crash site was located quickly, this was a heartbreaking discovery for everyone involved. WSDOT is deeply grateful to all who dedicated their time, expertise and resources to the search mission. This effort was made possible through the collaboration of multiple agencies, including the Air Force Rescue Coordination Center, the Washington State Emergency Operations Center, the Chelan, Grant and Douglas County Sheriff’s offices and the Life Flight Air Ambulance.

WSDOT , by statute (RCW 47.68.380) is charged with the coordination and management of aerial search and rescue within the state.

This concludes WSDOT’s involvement in the mission. Further information will be released by the Kittitas County Sheriff’s Office. Media questions about any investigation of cause can be directed to the National Transportation Safety Board.

MIL OSI USA News –

March 6, 2025
MIL-OSI Security: Three Wanted Defendants from Mexico Secured in Arizona

Source: Office of United States Attorneys

PHOENIX, Ariz. – Jose Bibiano Cabrera-Cabrera, 37; Jesus Humberto Limon-Lopez, 43; and Jose Guadalupe Tapia-Quintero, 53; all of Mexico, appeared last week for their initial appearances after they were secured from Mexico on February 27, 2025.

The defendants taken into U.S. custody include leaders and managers of drug cartels recently designated as Foreign Terrorist Organizations and Specially Designated Global Terrorists, such as the Sinaloa Cartel, Cártel de Jalisco Nueva Generación (CJNG), Cártel del Noreste (formerly Los Zetas), La Nueva Familia Michoacana, and Cártel de Golfo (Gulf Cartel). These defendants are collectively alleged to have been responsible for the importation into the United States of massive quantities of poison, including cocaine, methamphetamine, fentanyl, and heroin, as well as associated acts of violence.

Tapia-Quintero is charged with Conspiracy to Distribute Methamphetamine with Intent to Import into the United States; Conspiracy to Import Methamphetamine; Conspiracy to Possess with the Intent to Distribute Methamphetamine; Conspiracy to Commit Promotional Money Laundering; Conspiracy to Commit Concealment Money Laundering; and Aiding and Abetting. He is facing up to life imprisonment.

Limon-Lopez is charged with Continuing Criminal Enterprise; Conspiracy to Distribute Methamphetamine, Fentanyl, Heroin, and Cocaine; Conspiracy to Import Methamphetamine, Fentanyl, Heroin, and Cocaine; Distribution of Methamphetamine; Distribution of Fentanyl; Distribution of Heroin; Distribution of Cocaine; and Conspiracy to Unlawfully Export Firearms and Ammunition. He faces up to life imprisonment.

Cabrera-Cabrera is charged with Conspiracy to Distribute Methamphetamine, Fentanyl, Heroin, and Cocaine; Conspiracy to Import Methamphetamine, Fentanyl, Heroin, and Cocaine; and Conspiracy to Unlawfully Export Firearms and Ammunition. He faces up to life imprisonment.

An indictment is merely an allegation of criminal conduct, not evidence. An individual is presumed innocent until evidence is presented to a jury that establishes guilt beyond a reasonable doubt.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

The OCDETF Arizona Strike Force is comprised of agents and officers from Customs and Border Protection, the Department of Homeland Security, Homeland Security Investigations, the Drug Enforcement Administration, the Federal Bureau of Investigation, the Internal Revenue Service, Criminal Investigations, the United States Marshals Service, the United States Postal Service, United States Postal Inspection Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Arizona Army National Guard, the Maricopa County Sheriff’s Office, the Pima County Sheriff’s Office, and the Scottsdale Police Department. The prosecution is being handled by the United States Attorney Office for the District of Arizona.

CASE NUMBER: CR-13-00179-PHX-SRB
CR-21-01864-TUC-SHR
RELEASE NUMBER: 2025-030_Cabrera-Cabrera

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

MIL Security OSI –

March 6, 2025
MIL-OSI: NCS Multistage Holdings, Inc. Schedules Fourth Quarter and Full Year 2024 Earnings Release and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, March 05, 2025 (GLOBE NEWSWIRE) — NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) will host a conference call to discuss its fourth quarter and full year 2024 results on Tuesday March 11, 2025 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). NCS will issue its fourth quarter and full year 2024 earnings release the evening prior to the conference call.

The conference call will be available via a live audio webcast. Participants who wish to ask questions may register for the call here to receive the dial-in numbers and unique PIN. If you wish to join the conference call but do not plan to ask questions, you may join the listen-only webcast here. It is recommended that participants join at least 10 minutes prior to the event start. The replay will be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well construction, well completions and field development strategies. NCS provides products and services primarily to exploration and production companies for use in onshore and offshore wells, predominantly wells that have been drilled with horizontal laterals in both unconventional and conventional oil and natural gas formations. NCS’s products and services are utilized in oil and natural gas basins throughout North America and in selected international markets, including the North Sea, the Middle East, Argentina and China. NCS’s common stock is traded on the Nasdaq Capital Market under the symbol “NCSM.” Additional information is available on the website, www.ncsmultistage.com.

Contact:
Mike Morrison
Chief Financial Officer and Treasurer
+1 281-453-2222
IR@ncsmultistage.com

The MIL Network –

March 6, 2025
MIL-OSI USA: Kennedy explains how new natural disaster tax law could save Louisianians money this tax season

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

Watch Kennedy’s comments here.
WASHINGTON – Sen. John Kennedy (R-La.) explained how changes to the tax code could affect how some Louisianians claim deductions related to damage from Hurricanes Laura, Delta, Ida and Francine in a speech on the Senate floor.
Key excerpts of the speech are below:
“I realize, Mr. President of the Senate, that you would probably prefer to be condemned to hearing O.J. jokes for the rest of eternity than to hear me talk about federal income tax filing, but it is important for Americans and my people back in Louisiana because we have a new deduction for people who have uninsured losses from natural disasters. It’s really important in my state because many of my people have suffered damages, for which they did not receive insurance payments, from Hurricanes Laura, Delta, Ida and Francine.
“It is called the Federal Disaster Tax Relief Act. What it does is the following: It changes the law. It now says that if you are a victim of a natural disaster like a hurricane and you have a loss that is not paid for by your insurance, you can now deduct off your income tax—dollar for dollar—any uninsured property damage in excess of $500.”
. . .
“I know folks are thinking, well, I already filed my income taxes for 2021 and 2022 and 2023. You can file an amended return. It is very simple to do. You just file an amended return that says: There has been a change in the law, and I am entitled to have this higher deduction, and therefore the federal government owes me money, and therefore please send me my check. So, I wanted to make sure that Americans knew about this new tax provision we passed.”
Background:
In Dec. 2024, Congress passed the Federal Disaster Tax Relief Act, which allows Americans who suffered damage as a result of a federally declared disaster—including some hurricanes, tornados, and wildfires—to deduct from their taxes certain uninsured property damage in excess of $500.
Louisianians who suffered uninsured property damage during Hurricanes Laura, Delta, Ida and Francine may be eligible for the new deduction. Those who already claimed losses from those storms between 2021 and 2023 may be able to amend their previously filed taxes to claim the new deduction.
Individuals and couples that receive the standard tax deduction—which is 90% of Americans—will still receive the full standard deduction in addition to any deduction they may claim related to storm damage under this new law.
Watch Kennedy’s full speech here.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Kennedy identifies 3 ways Congress can unplug the Biden admin’s “inflation machine”

US Senate News:

Source: United States Senator John Kennedy (Louisiana)

Watch Kennedy’s comments here.
WASHINGTON – Sen. John Kennedy (R-La.) detailed the three ways in which Congress can work with the Trump administration to address inflation in a speech on the Senate floor.
Key excerpts of the speech are below:
“I don’t want to dwell on the past, but President Biden’s administration was an inflation machine. . . . What the American people are wondering every single day as they sell blood plasma to go to the grocery store is: when am I going to get some relief from these high prices? And we do need to provide them relief. I want to talk about three ways that we are in the process of trying to reduce those prices that my Democratic colleagues caused.”
. . .
“Number one: reduce spending. You see it every single day from President Trump. He said he was going to audit federal spending, and that is exactly what he is doing.”
. . .
“Number two: deregulation. The federal government wants to regulate every breath we take. . . . It is just amazing, and each one of these regulations has a cost. The cost of all of our regulations today is in excess of $2 trillion—not billion, not million—$2 trillion.
“What does that mean? That means when a business produces a product or it delivers a service—and it has to comply with a meaningless, gnarly federal regulation which costs money—that extra expense is added to the cost of the product or the service. Duh. I mean, businesses have to stay in business. They can’t eat the cost so they pass it on, and that leads to higher prices.”
. . .
“The third way we are attacking these high prices is by trying to stimulate the economy to increase wages so that we actually can grow out of these high prices so that people will have more money to spend when they buy a car or go to the grocery store. We are not going to do that with tepid GDP growth. . . . We are going to do that through the tax code.
“We have about $4.5 trillion worth of tax cuts that we implemented back in 2017 that caused the economy to grow and wages to go up until COVID hit. Those tax cuts are expiring here very shortly, and we are going to extend them.”
. . .
“We are well aware that high prices are gutting the American people like a fish, but by reducing spending, by deregulating the economy, and by designing a tax code that looks like somebody designed it on purpose, we are going to get those high prices down.”
Watch Kennedy’s full speech here.

MIL OSI USA News –

March 6, 2025
MIL-OSI United Kingdom: British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy
Source: United Kingdom – Executive Government & Departments
World news story

British Ambassador discusses economic growth, trade opportunities and investment climate with Minister of Economy

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The British Ambassador to Guatemala, Juliana Correa, paid a courtesy visit to the Minister of Economy, Gabriela Garcia-Quinn on 5 March.
The Ambassador and the Minister reviewed key areas of bilateral and international economic collaboration between the UK and Guatemala noting their shared values and interests, and their desire for increased cooperation.

Ambassador Correa welcomed Guatemalan efforts to enhance economic security, strengthen the resilience of critical supply chains and to coordinate efforts to address future challenges and build prosperity.

Amongst these, the UK commends the advancements made on the Competition Law, the openness to foreign investment, improved steps in the fight against corruption and continued collaboration to increase the UK-Guatemala trade figures through the UK-Central America Association Agreement.

According to Guatemala’s trade figures, bilateral trade in 2024 was US$155.7 million, an increase of 4.8% compared to the previous year. Exports of Guatemalan products were US$102.4 million, a decrease of -0.8%; while imports of British products were US$53.3 million, an increase of 17.6%.

Finally, Ambassador Correa agreed to continue building up on economic opportunities detected by UK companies, share experiences that would benefit the business environment and work together to uphold and promote the rules-based international economic system, including free and open trade.

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Published 5 March 2025
MIL OSI United Kingdom –
March 6, 2025
MIL-OSI Canada: More tax relief on the way for Jasper
Source: Government of Canada regional news (2)
Alberta’s government is committed to ensuring Jasper residents and businesses are supported as the community recovers from last summer’s wildfire. Since the beginning of the wildfire, more than $178 million has been provided from across the provincial government to support Jasper residents and businesses as the community recovers and rebuilds.

Budget 2025, if passed, further supports the province’s commitment to the recovery of the Municipality of Jasper by providing more than $3 million in additional revenue stabilization funding to help compensate for lower municipal revenues, reducing the burden on municipal taxpayers.

“As people visit and move back home to Jasper, more people are relying on the municipality to deliver the essential services they need. That’s why we are providing more revenue stabilization to the municipality to counteract the municipal revenue that they lost during the wildfires. This will help reduce the tax burden on the remaining homes and businesses in Jasper.”

Ric McIver, Minister of Municipal Affairs

With more than $3 million in additional support for the Municipality of Jasper, Alberta’s government has now provided a total assistance package of more than $181 million. The additional municipal revenue stabilization funding builds upon the more than $3 million that was previously provided, bringing the total to over $6 million. This additional funding will help the Municipality of Jasper deliver essential services such as snow clearing, transit, roadwork and more to its residents.

“These funds for revenue stabilization are a welcome support for Jasper and will help further economic recovery. Last year’s wildfires were devastating, but I am continually encouraged with the tenacity and resolve of residents and businesses. Every piece of support helps along the journey to rebuild and recover, and I am grateful for this funding to help further reduce financial burdens.”

Martin Long, Minister of Infrastructure and MLA for West Yellowhead

“On behalf of the Municipality of Jasper, I extend our sincere gratitude to the Government of Alberta for its continuing support. The additional revenue stabilization funding announced today, for the 2025 tax year, will provide much-needed relief as our community continues to recover from last summer’s wildfire. This support ensures that we can maintain essential services for our residents and businesses while easing the financial strain on taxpayers.”

Richard Ireland, mayor, Municipality of Jasper

Alberta’s total assistance package of over $181 million during and after the wildfire includes:
- Up to $149 million in Disaster Recovery Program funding.
- $7.5 million in emergency evacuation payments to more than 6,500 Jasperites.
- More than $12 million in matching funds to support the Canadian Red Cross in providing support to residents and business owners in Jasper.
- $2.5 million in tourism support.
- $121,400 to support the Jasper Food Bank.
- $3.02 million in tax relief for lease holders of residential and business properties.
- $6.5 million in revenue stabilization for the Municipality of Jasper.
- $2 million one-time grant to support contracted transit services.
Budget 2025 is meeting the challenge faced by Alberta with continued investments in education and health, lower taxes for families and a focus on the economy.
MIL OSI Canada News –
March 6, 2025
MIL-OSI USA: Statement from CWA President Claude Cummings Jr. on the Passing of Congressman Sylvester Turner

Source: Communications Workers of America

Our entire Communications Workers of America family is saddened by the death of Congressman and former Houston Mayor Sylvester Turner. Congressman Turner was a champion for all working people and a great friend to CWA members in Houston.

As a native Houstonian, I had the honor of working closely with Sylvester throughout his career. He had the ability to bring people from all walks of life and different political parties together to focus on finding solutions to tough challenges. As a leader in the Texas legislature, he worked across the aisle to facilitate increased investment in our communities by telecommunications companies like AT&T, resulting in better service and thousands of jobs. As Mayor of Houston, he saw our beloved city through several natural disasters and the COVID-19 pandemic, and he paid special attention to creating economic opportunities for young people in our city.

My prayers are with Sylvester’s family during this difficult time. We will never forget Congressman Turner’s service to the City of Houston, the State of Texas, and our country. Although we will miss his leadership during these challenging times, we will fight on in his name.

###

About CWA: The Communications Workers of America represents working people in telecommunications, customer service, media, airlines, health care, public service and education, manufacturing, tech, and other fields.

cwa-union.org @cwaunion

MIL OSI USA News –

March 6, 2025

MIL-OSI: Zscaler Reports Second Quarter Fiscal 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Second Quarter Highlights

Revenue grows 23% year-over-year to $647.9 million
Calculated billings grows 18% year-over-year to $742.7 million
Deferred revenue grows 25% year-over-year to $1,878.5 million
GAAP net loss of $7.7 million compared to GAAP net loss of $28.5 million on a year-over-year basis
Non-GAAP net income of $127.1 million compared to non-GAAP net income of $99.4 million on a year-over-year basis

SAN JOSE, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Zscaler, Inc. (Nasdaq: ZS), the leader in cloud security, today announced financial results for its second quarter of fiscal year 2025, ended January 31, 2025.

“Growing adoption of Zero Trust and AI is driving strong demand for our platform, resulting in yet another strong quarter that exceeded our guidance on both top and bottom line. We are leading the industry towards Zero Trust Everywhere by transforming security from legacy appliance-based to a Zero Trust architecture,” said Jay Chaudhry, Chairman and CEO of Zscaler. “By combining AI with Zero Trust, we are delivering several key innovations to secure our customers’ use of AI applications, creating new avenues of growth.”

Second Quarter Fiscal 2025 Financial Highlights

Revenue: $647.9 million, an increase of 23% year-over-year.
Income (loss) from operations: GAAP loss from operations was $40.1 million, or 6% of revenue, compared to $45.5 million, or 9% of revenue, in the second quarter of fiscal 2024. Non-GAAP income from operations was $140.5 million, or 22% of revenue, compared to $103.2 million, or 20% of revenue, in the second quarter of fiscal 2024.
Net income (loss): GAAP net loss was $7.7 million, compared to $28.5 million in the second quarter of fiscal 2024. Non-GAAP net income was $127.1 million, compared to $99.4 million in the second quarter of fiscal 2024.
Net income (loss) per share, diluted: GAAP net loss per share was $0.05, compared to $0.19 in the second quarter of fiscal 2024. Non-GAAP net income per share was $0.78, compared to $0.63 in the second quarter of fiscal 2024.
Cash flows: Cash provided by operations was $179.4 million, or 27% of revenue, compared to $142.1 million, or 27% of revenue, in the second quarter of fiscal 2024. Free cash flow was $143.4 million, or 22% of revenue, compared to $100.8 million, or 19% of revenue, in the second quarter of fiscal 2024.
Deferred revenue: $1,878.5 million as of January 31, 2025, an increase of 25% year-over-year.
Cash, cash equivalents and short-term investments: $2,880.2 million as of January 31, 2025, an increase of $470.6 million from July 31, 2024.

Recent Business Highlights

Introduced the industry’s first Zero Trust Segmentation solution for branches and cloud environments. The new solution improves customers’ security posture by preventing lateral movement from ransomware attacks, while cutting firewall and infrastructure spend in half.
Started offering the Zero Trust Network Access (ZTNA) service natively integrated within RISE with SAP. Zscaler Private Access™ (ZPA™) for SAP helps enable SAP customers with on-premises ERP workloads to simplify and de-risk their cloud migration, without the complexity and risk associated with traditional VPNs.
Appointed Phil Tee as EVP of AI Innovations. Tee previously co-founded an enterprise AI-driven provider of intelligent monitoring solutions for DevOps and ITOps.
Achieved FedRAMP authorization for Zscaler Zero Trust Browser. The authorization assures agencies of compliance with rigorous security standards, facilitating cloud adoption and streamlining the procurement process.
Announced that Nokia, a multinational technology leader, is migrating from its traditional firewall-based security model to the Zscaler Zero Trust Exchange to enhance its security, improve operational efficiency, and strengthen cloud capabilities.

Change in Non-GAAP Measures Presentation

Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

Financial Outlook

For the third quarter of fiscal 2025, we expect:

Revenue of $665 million to $667 million
Non-GAAP income from operations of $140 million to $142 million
Non-GAAP net income per share of approximately $0.75 to $0.76, assuming approximately 163 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

For the full year of fiscal 2025, we expect:

Revenue of approximately $2.640 billion to $2.654 billion
Calculated billings of $3.153 billion to $3.168 billion
Non-GAAP income from operations of $562 million to $572 million
Non-GAAP net income per share of $3.04 to $3.09, assuming approximately 163.5 million fully diluted shares outstanding and a non-GAAP tax rate of 23%

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Guidance for non-GAAP income from operations excludes stock-based compensation expense and related employer payroll taxes, amortization of debt issuance costs, and amortization expense of acquired intangible assets. We have not reconciled our expectations of non-GAAP income from operations and non-GAAP net income per share to their most directly comparable GAAP measures because certain items are out of our control or cannot be reasonably predicted. For those reasons, we are also unable to address the probable significance of the unavailable information, the variability of which may have a significant impact on future results. Accordingly, a reconciliation for the guidance for non-GAAP income from operations and non-GAAP net income per share is not available without unreasonable effort.

For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

Conference Call and Webcast Information

Zscaler will host a conference call for analysts and investors to discuss its second quarter of fiscal 2025 and outlook for its third quarter of fiscal 2025 and full year fiscal 2025 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

Date:	Wednesday, March 5, 2025
Time:	1:30 p.m. PT
Webcast:	https://ir.zscaler.com
Dial-in:	To join by phone, register at the following link: (https://register.vevent.com/register/BI81201a44d72f48cab018ea30aa79b03b). After registering, you will be provided with a dial-in number and a personal PIN that you will need to join the call.

Upcoming Conferences

Third quarter of fiscal 2025 investor conference participation schedule:

Morgan Stanley Technology, Media and Telecom Conference in San Francisco
Thursday, March 6, 2025

Susquehanna Travel, Tech + Gambling Forum (Virtual)
Friday, March 7, 2025

Loop Capital Markets 2025 Investor Conference (Virtual)
Monday, March 10, 2025

Stifel Technology 2025 Technology One-on-One Conference in New York City
Tuesday, March 11, 2025

Cantor Global Technology Conference in New York City
Wednesday, March 12, 2025

Sessions which offer a webcast will be available on the Investor Relations section of the Zscaler website at https://ir.zscaler.com/

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements regarding our future financial and operating performance, including our financial outlook for the third quarter of fiscal 2025 and full year fiscal 2025. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including but not limited to: macroeconomic influences and instability, geopolitical events, operations and financial results and the economy in general; risks related to the use of AI in our platform; our ability to identify and effectively implement the necessary changes to address execution challenges; risks associated with managing our rapid growth, including fluctuations from period to period; our limited experience with new products and subscriptions and support introductions and the risks associated with new products and subscription and support offerings, including the discovery of software bugs; our ability to attract and retain new customers; the failure to timely develop and achieve market acceptance of new products and subscriptions as well as existing products and subscription and support; rapidly evolving technological developments in the market for network security products and subscription and support offerings and our ability to remain competitive; length of sales cycles; useful lives of our assets and other estimates; and general market, political, economic and business conditions.

Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth from time to time in our filings and reports with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024 filed on December 5, 2024 and our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed on September 12, 2024, as well as future filings and reports by us, copies of which are available on our website at ir.zscaler.com and on the SEC’s website at www.sec.gov. You should not rely on these forward-looking statements, as actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Use of Non-GAAP Financial Information

We believe that the presentation of non-GAAP financial information provides important supplemental information to management and investors regarding financial and business trends relating to our financial condition and results of operations. For further information regarding why we believe that these non-GAAP measures provide useful information to investors, the specific manner in which management uses these measures, and some of the limitations associated with the use of these measures, please refer to the “Explanation of Non-GAAP Financial Measures” section of this press release.

About Zscaler

Zscaler (Nasdaq: ZS) accelerates digital transformation so customers can be more agile, efficient, resilient, and secure. The Zscaler Zero Trust Exchange™ platform protects thousands of customers from cyberattacks and data loss by securely connecting users, devices, and applications in any location. Distributed across more than 160 data centers globally, the SASE-based Zero Trust Exchange is the world’s largest in-line cloud security platform.

Zscaler™ and the other trademarks listed at https://www.zscaler.com/legal/trademarks are either (i) registered trademarks or service marks or (ii) trademarks or service marks of Zscaler, Inc. in the United States and/or other countries. Any other trademarks are the properties of their respective owners.

Investor Relations Contacts

Ashwin Kesireddy
VP, Investor Relations and Strategic Finance
(415) 798-1475
ir@zscaler.com

Natalia Wodecki
Media Relations Contact
press@zscaler.com


ZSCALER, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702
Cost of revenue^{(1) (2)}		148,498			117,199			289,960			228,593
Gross profit		499,402			407,800			985,895			793,109
Operating expenses:
Sales and marketing^{(1) (2)}		307,872			276,481			613,959			543,592
Research and development^{(1) (2)}		170,860			122,181			325,114			235,720
General and administrative⁽¹⁾		60,810			54,595			117,629			105,311
Total operating expenses		539,542			453,257			1,056,702			884,623
Loss from operations		(40,140	)		(45,457	)		(70,807	)		(91,514	)
Interest income		30,878			28,385			60,926			54,327
Interest expense⁽³⁾		(2,339	)		(3,605	)		(5,482	)		(6,764	)
Other income (expense), net		(4,936	)		172			(5,588	)		(1,040	)
Loss before income taxes		(16,537	)		(20,505	)		(20,951	)		(44,991	)
Provision for (benefit from) for income taxes⁽⁴⁾		(8,813	)		7,964			(1,176	)		16,961
Net loss	$	(7,724	)	$	(28,469	)	$	(19,775	)	$	(61,952	)
Net loss per share, basic and diluted	$	(0.05	)	$	(0.19	)	$	(0.13	)	$	(0.42	)
Weighted-average shares used in computing net loss per share, basic and diluted		153,672			148,951			153,114			148,287

⁽¹⁾Includes stock-based compensation expense and related payroll taxes as follows:
Cost of revenue	$	17,619	$	13,434	$	33,412	$	26,389
Sales and marketing		69,979		65,855		134,845		124,523
Research and development		65,896		44,120		124,761		85,163
General and administrative		22,862		22,127		43,912		42,190
Total	$	176,356	$	145,536	$	336,930	$	278,265

⁽²⁾Includes amortization expense of acquired intangible assets as follows:
Cost of revenue	$	3,815	$	2,717	$	7,490	$	5,434
Sales and marketing		425		226		850		452
Research and development		5		140		145		233
Total	$	4,245	$	3,083	$	8,485	$	6,119

⁽³⁾Includes amortization of debt issuance costs

982

978

1,963

1,955

⁽⁴⁾Benefit from a release of valuation allowance (*)	$	17,188			$	—			$	17,188			$	—

^(*) During the three months ended January 31, 2025, we recognized a tax benefit of $17.2 million attributable to the release of the valuation allowance on United Kingdom (U.K.) deferred tax assets.


ZSCALER, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
	January 31,			July 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	1,758,506		$	1,423,080
Short-term investments		1,121,734			986,574
Accounts receivable, net		514,314			736,529
Deferred contract acquisition costs		156,079			148,873
Prepaid expenses and other current assets		114,573			101,561
Total current assets		3,665,206			3,396,617
Property and equipment, net		422,315			383,121
Operating lease right-of-use assets		83,703			89,758
Deferred contract acquisition costs, noncurrent		284,286			296,525
Acquired intangible assets, net		55,658			63,835
Goodwill		417,730			417,029
Other noncurrent assets		77,070			58,083
Total assets	$	5,005,968		$	4,704,968

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	24,600		$	23,309
Accrued expenses and other current liabilities		90,626			91,708
Accrued compensation		140,430			160,810
Deferred revenue		1,595,780			1,643,919
Convertible senior notes		1,147,513			1,142,275
Operating lease liabilities		49,917			50,866
Total current liabilities		3,048,866			3,112,887
Deferred revenue, noncurrent		282,725			251,055
Operating lease liabilities, noncurrent		40,912			44,824
Other noncurrent liabilities		26,119			22,100
Total liabilities		3,398,622			3,430,866
Stockholders’ Equity
Common stock		155			152
Additional paid-in capital		2,797,350			2,426,819
Accumulated other comprehensive loss		(22,304	)		(4,789	)
Accumulated deficit		(1,167,855	)		(1,148,080	)
Total stockholders’ equity		1,607,346			1,274,102
Total liabilities and stockholders’ equity	$	5,005,968		$	4,704,968


ZSCALER, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
	Six Months Ended
	January 31,
	2025			2024
Cash Flows from Operating Activities
Net loss	$	(19,775	)	$	(61,952	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense		45,911			29,361
Amortization expense of acquired intangible assets		8,485			6,119
Amortization of deferred contract acquisition costs		79,191			61,504
Amortization of debt issuance costs		1,963			1,955
Non-cash operating lease costs		31,565			21,633
Stock-based compensation expense		329,295			269,570
Accretion of investments purchased at a discount		(10,110	)		(9,582	)
Unrealized losses on hedging transactions		3,036			2,841
Deferred income taxes		(17,359	)		(1,437	)
Other		1,303			1,403
Changes in operating assets and liabilities, net of effects of business acquisitions:
Accounts receivable		222,043			102,374
Deferred contract acquisition costs		(74,158	)		(67,744	)
Prepaid expenses, other current and noncurrent assets		(12,144	)		2,660
Accounts payable		98			(2,412	)
Accrued expenses, other current and noncurrent liabilities		(11,481	)		6,020
Accrued compensation		(20,380	)		562
Deferred revenue		(16,469	)		62,477
Operating lease liabilities		(30,246	)		(22,477	)
Net cash provided by operating activities		510,768			402,875
Cash Flows from Investing Activities
Purchases of property, equipment and other assets		(32,043	)		(59,553	)
Capitalized internal-use software		(43,416	)		(17,816	)
Payments for business acquisitions, net of cash acquired		(834	)		(4,377	)
Purchase of strategic investments		(786	)		(2,000	)
Purchases of short-term investments		(729,066	)		(761,796	)
Proceeds from maturities of short-term investments		605,003			594,687
Proceeds from sale of short-term investments		—			2,105
Net cash used in investing activities		(201,142	)		(248,750	)
Cash Flows from Financing Activities
Proceeds from issuance of common stock upon exercise of stock options		3,456			3,848
Proceeds from issuance of common stock under the employee stock purchase plan		22,344			18,407
Net cash provided by financing activities		25,800			22,255
Net increase in cash and cash equivalents		335,426			176,380
Cash and cash equivalents at beginning of period		1,423,080			1,262,206
Cash and cash equivalents at end of period	$	1,758,506		$	1,438,586


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024

Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702

Non-GAAP Gross Profit and Non-GAAP Gross Margin
GAAP gross profit	$	499,402		$	407,800		$	985,895		$	793,109
Add: Stock-based compensation expense and related payroll taxes		17,619			13,434			33,412			26,389
Add: Amortization expense of acquired intangible assets		3,815			2,717			7,490			5,434
Non-GAAP gross profit	$	520,836		$	423,951		$	1,026,797		$	824,932
GAAP gross margin		77	%		78	%		77	%		78	%
Non-GAAP gross margin		80	%		81	%		80	%		81	%

Non-GAAP Income from Operations and Non-GAAP Operating Margin
GAAP loss from operations	$	(40,140	)	$	(45,457	)	$	(70,807	)	$	(91,514	)
Add: Stock-based compensation expense and related payroll taxes		176,356			145,536			336,930			278,265
Add: Amortization expense of acquired intangible assets		4,245			3,083			8,485			6,119
Non-GAAP income from operations	$	140,461		$	103,162		$	274,608		$	192,870
GAAP operating margin	(6		)%	(9		)%	(6		)%	(9		)%
Non-GAAP operating margin		22	%		20	%		22	%		19	%


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Non-GAAP Net Income per Share, Diluted
GAAP net loss	$	(7,724	)	$	(28,469	)	$	(19,775	)	$	(61,952	)
Add: GAAP provision for (benefit from) income taxes		(8,813	)		7,964			(1,176	)		16,961
GAAP loss before income taxes		(16,537	)		(20,505	)		(20,951	)		(44,991	)
Add:
Stock-based compensation expense and related payroll taxes		176,356			145,536			336,930			278,265
Amortization expense of acquired intangible assets		4,245			3,083			8,485			6,119
Amortization of debt issuance costs		982			978			1,963			1,955
Non-GAAP net income before income taxes		165,046			129,092			326,427			241,348
Non-GAAP provision for income taxes⁽¹⁾		37,965			29,691			75,083			55,510
Non-GAAP net income	$	127,081		$	99,401		$	251,344		$	185,838

GAAP provision for (benefit from) income taxes	$	(8,813	)	$	7,964		$	(1,176	)	$	16,961
Add: Income tax and other tax adjustments⁽²⁾		46,778			21,727			76,259			38,549
Non-GAAP provision for income taxes⁽¹⁾	$	37,965		$	29,691		$	75,083		$	55,510
Non-GAAP effective tax rate⁽¹⁾		23	%		23	%		23	%		23	%

Non-GAAP net income		127,081			99,401			251,344			185,838
Add: Non-GAAP interest expense, net of tax related to the convertible senior notes		276			276			552			552
Numerator used in computing non-GAAP net income per share, diluted	$	127,357		$	99,677		$	251,896		$	186,390

GAAP net loss per share, diluted	$	(0.05	)	$	(0.19	)	$	(0.13	)	$	(0.42	)
Stock-based compensation expense and related payroll taxes		1.09			0.91			2.08			1.75
Amortization expense of acquired intangible assets		0.03			0.02			0.05			0.04
Amortization of debt issuance costs		0.01			0.01			0.01			0.01
Income tax and other tax adjustments⁽²⁾		(0.29	)		(0.14	)		(0.47	)		(0.24	)
Non-GAAP interest expense related to the convertible senior notes		—			—			—			—
Adjustment to total fully diluted earnings per share⁽³⁾		(0.01	)		0.02			0.01			0.03
Non-GAAP net income per share, diluted	$	0.78		$	0.63		$	1.55		$	1.17

Weighted-average shares used in computing GAAP net loss per share, diluted		153,672			148,951			153,114			148,287
Add: Outstanding potentially dilutive equity incentive awards		2,988			4,670			2,848			4,226
Add: Convertible senior notes		7,626			7,626			7,626			7,626
Less: Antidilutive impact of capped call transactions⁽⁴⁾		(1,769	)		(2,093	)		(1,505	)		(1,254	)
Weighted-average shares used in computing non-GAAP net income per share, diluted		162,517			159,154			162,083			158,885

___________

⁽¹⁾ Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

⁽²⁾ Consists of income tax adjustments related to our long-term non-GAAP effective tax rate of 23%. In the three months ended January 31, 2025, the adjustments exclude the tax benefit of $17.2 million attributable to the release of the valuation allowance on U.K. deferred tax assets.

⁽³⁾ The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted non-GAAP net income per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the non-GAAP net income per share, and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP net income per share.

⁽⁴⁾ We exclude the in-the-money portion of the convertible senior notes for non-GAAP weighted-average diluted shares as they are covered by our capped call transactions. Our outstanding capped call transactions are antidilutive under GAAP but are expected to mitigate the dilutive effect of the convertible senior notes and therefore are included in the calculation of non-GAAP diluted shares outstanding. The capped calls have an antidilutive impact when the average stock price of our common stock in a given period is higher than their exercise price.


ZSCALER, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except percentages)
(unaudited)

	Three Months Ended						Six Months Ended
	January 31,						January 31,
	2025			2024			2025			2024
Calculated Billings
Revenue	$	647,900		$	524,999		$	1,275,855		$	1,021,702
Add: Total deferred revenue, end of period		1,878,505			1,502,175			1,878,505			1,502,175
Less: Total deferred revenue, beginning of period		(1,783,720	)		(1,399,544	)		(1,894,974	)		(1,439,676	)
Calculated billings	$	742,685		$	627,630		$	1,259,386		$	1,084,201

Free Cash Flow
Net cash provided by operating activities	$	179,433		$	142,069		$	510,768		$	402,875
Less: Purchases of property, equipment and other assets		(15,018	)		(30,894	)		(32,043	)		(59,553	)
Less: Capitalized internal-use software		(20,987	)		(10,387	)		(43,416	)		(17,816	)
Free cash flow	$	143,428		$	100,788		$	435,309		$	325,506

Free Cash Flow Margin
Net cash provided by operating activities, as a percentage of revenue		27	%		27	%		40	%		39	%
Less: Purchases of property, equipment and other assets, as a percentage of revenue	(2		)%	(6		)%	(3		)%	(6		)%
Less: Capitalized internal-use software, as a percentage of revenue	(3		)%	(2		)%	(3		)%	(2		)%
Free cash flow margin		22	%		19	%		34	%		32	%

ZSCALER, INC.
Explanation of Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States of America (“GAAP”), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.

Expenses Excluded from Non-GAAP Measures

Stock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance.

Effective August 1, 2024, the beginning of our fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods. Given the significant growth of our business and non-GAAP operating income, we believe this change is necessary to better reflect the performance of our business. We will continue to assess the appropriate non-GAAP tax rate on a regular basis, which could be subject to changes for a variety of reasons, including the rapidly evolving global tax environment, significant changes in our geographic earnings mix, or other changes to our strategy or business operations. Prior period amounts have been recast to reflect this change.

Non-GAAP Financial Measures

Non-GAAP Gross Profit and Non-GAAP Gross Margin. We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Income from Operations and Non-GAAP Operating Margin. We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes and amortization expense of acquired intangible assets. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.

Non-GAAP Net Income per Share, Diluted. We define non-GAAP net income as GAAP net loss excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, amortization of debt issuance costs, and the non-GAAP provision for income taxes adjustment. We define non-GAAP net income per share, diluted, as non-GAAP net income plus the non-GAAP interest expense related to the convertible senior notes divided by the weighted-average diluted shares outstanding, which includes the effect of potentially diluted common stock equivalents outstanding during the period and the anti-dilutive impact of the capped call transactions entered into in connection with the convertible senior notes.

Calculated Billings. We define calculated billings as revenue plus the change in deferred revenue in a period. Calculated billings in any particular period aims to reflect amounts invoiced for subscriptions to access our cloud platform, together with related support services for our new and existing customers. We typically invoice our customers annually in advance, and to a lesser extent quarterly in advance, monthly in advance or multi-year in advance.

Free Cash Flow and Free Cash Flow Margin. We define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.

The MIL Network –

March 6, 2025

MIL-OSI: Silvaco Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Achieved record gross bookings of $65.8 million and revenue of $59.7 million in full-year 2024

Signed 46 new customers in 2024 and expanded relationship with existing customers across key markets including power, automotive, memory, foundry, and display

Expanded Product Portfolio with the Acquisition of Cadence’s Process Proximity Compensation Product Line

SANTA CLARA, Calif., March 05, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO) (“Silvaco” or the “Company”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, today announced its fourth quarter and full year 2024 results.

“We are proud to close out the year with strong momentum and growing customer traction, including 46 new customer wins in 2024 and multiple bookings on our AI based, flagship FTCO platform,” said Dr. Babak Taheri, Silvaco’s Chief Executive Officer. Dr. Taheri continued, “Our first acquisition as a public company marks a significant milestone in executing our M&A strategy for talent, technology and expanding through inorganic growth. With a continued focus on innovation and execution, we are well-positioned to build on this success and drive further growth in 2025 for our EDA and TCAD product lines.”

Fourth Quarter 2024 and Recent Business Highlights

Acquired 13 new customers across key markets including Photonics, Power, Automotive, Memory, and Foundry, which represented approximately 9% of gross bookings for the quarter.
Announced a partnership with Micon Global to expand Silvaco’s reach across the EMEA market, leveraging Micon’s expertise to deliver cutting-edge TCAD, EDA, and SIP solutions to new customers.
Joined the SMART USA Institute under the CHIPS Manufacturing USA program to advance digital twin technologies in semiconductor manufacturing, reinforcing Silvaco’s leadership in innovation. We received our first booking from this program.
Received a $5.0 million follow-on order for FTCO™ digital-twin modeling product from a strategic memory customer. This order extends the footprint of our FTCO™ product line and further validates our strategic focus on this unique technology.
Achieved ISO 9001 certification, underscoring Silvaco’s commitment to quality and continuous improvement across its TCAD, EDA, and SIP product portfolio.
On March 4, 2025, Silvaco closed the acquisition of the Process Proximity Compensation (PPC) product line from Cadence Design Systems, Inc. The addition, an optical proximity correction suite of tools, is highly complementary to Silvaco’s EDA and TCAD tool suites.

Full Year 2024 Business Highlights

Acquired 46 new customers across key markets including Power, Automotive, Government/Mil-Aero, Photonics, IOT, 5G/6G, Memory, and Foundry, which represented approximately 10% of gross bookings for the year.
Expanded Victory TCAD and Digital Twin Modeling Platform to Planar CMOS, FinFET and Advanced CMOS Technologies which is a necessary step to enable FTCO for Advanced Process.
Silvaco Announced that the Ninth Circuit Court of Appeals affirmed the dismissal of all claims against Silvaco brought by Aldini AG.
Silvaco was added to the Russell 2000^®, Russell 3000^®, and Russell Microcap^® indexes in September 2024.
Completed initial public offering in May 2024, raising $106 million net of underwriters’ fees.

Fourth Quarter 2024 Financial Results

GAAP Financial Results

Revenue of $17.9 million, up 43% year-over-year and up 63% quarter-over-quarter.
- TCAD revenue of $12.7 million, up 65% year-over-year.
- EDA revenue of $4.2 million, up 57% year-over-year.
- SIP revenue of $0.9 million, down 57% year-over-year.
GAAP gross profit and GAAP gross margin were $15.4 million and 86%, respectively, which includes the impact of $194,000 stock-based compensation expense, $249,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $9.8 million and 79% in Q4 2023.
GAAP net income of $4.2 million, compared to a GAAP net loss of $2.2 million in Q4 2023.
GAAP basic and diluted net income per share of $0.14, compared to GAAP basic and diluted net loss per share of $(0.11) in Q4 2023.
As of December 31, 2024, cash and cash equivalents and marketable securities totaled $87.5 million.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $20.3 million, up 30% year-over-year.
As of December 31, 2024, the remaining performance obligation balance of $34.3 million, 46% of which is expected to be recognized as revenue in the next 12 months.
Non-GAAP gross profit and non-GAAP gross margin were $16.0 million and 89%, respectively, up from $9.8 million and 79% year-over-year.
Non-GAAP net income of $4.3 million, compared to Non-GAAP net loss of $(1.6) million in Q4 2023.
Non-GAAP diluted net income per share of $0.15, compared to Non-GAAP diluted net loss per share of $(0.08) in Q4 2023.

Full Year 2024 Financial Results

GAAP Financial Results

Revenue of $59.7 million, up 10% year-over-year.
- TCAD revenue of $40.2 million, up 25% year-over-year.
- EDA revenue of $14.6 million, up 4% year-over-year.
- SIP revenue of $4.9 million, down 40% year-over-year.
GAAP gross profit and GAAP gross margin were $47.6 million and 80%, respectively, which includes the impact of $3.0 million stock-based compensation expense, $747,000 amortization of acquired intangible assets, and $80,000 payroll taxes from the RSU lockup release, up from $44.9 million and down from 83% in 2023.
GAAP net loss of $(39.4) million, compared to $(0.3) million in 2023.
GAAP basic and diluted net loss per share of $(1.53), compared to $(0.02) in 2023.

Key Operating Indicators and Non-GAAP Financial Results:

Gross bookings were $65.8 million, up 13% year-over-year.
Non-GAAP gross profit and non-GAAP gross margin were $51.4 million and 86%, respectively, up from $44.9 million and 83% year over year.
Non-GAAP net income of $6.7 million, compared to $3.4 million in 2023.
Non-GAAP diluted net income per share of $0.25, compared to $0.17 in 2023.

For a discussion of the non-GAAP metrics presented in this press release, as well as a reconciliation of non-GAAP metrics to the nearest comparable GAAP metric, see “Discussion of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation” in the accompanying tables below.

Supplementary materials to this press release, including our fourth quarter 2024 financial results, can be found at https://investors.silvaco.com/financial-information/quarterly-results.

First Quarter and Full Year 2025 Financial Outlook

As of March 5, 2025, Silvaco is providing guidance for its first quarter of 2025 and its full-year 2025, which represents Silvaco’s current estimates on its operations and financial results. The financial information below represents forward-looking financial information and in some instances forward-looking, non-GAAP financial information, including estimates of non-GAAP gross margin, non-GAAP operating income (loss) and non-GAAP diluted net income (loss) per share. GAAP gross margin is the most comparable GAAP measure to non-GAAP gross margin, GAAP operating income (loss) is the most comparable GAAP measure to non-GAAP operating income (loss). GAAP diluted net income (loss) per share is the most comparable GAAP measure to non-GAAP diluted net income (loss) per share. Non-GAAP gross margin differs from GAAP gross margin in that it excludes items such as stock-based compensation expense, amortization of acquired intangible assets, and payroll tax from the IPO lock-up release. Non-GAAP operating income (loss) differs from GAAP operating income (loss) in that it excludes items such as acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, IPO preparation costs, and executive severance costs. Non-GAAP diluted net income (loss) per share differs from GAAP diluted net income (loss) per share in that it excludes certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Silvaco is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Therefore, Silvaco has not provided guidance for GAAP gross margin, GAAP operating income or GAAP diluted net income (loss) per share or a reconciliation of the forward-looking non-GAAP gross margin or non-GAAP operating income or non-GAAP diluted net income (loss) per share guidance to GAAP gross margin or GAAP operating income or GAAP diluted net income (loss) per share, respectively. However, it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods.

Based on current business trends and conditions, the Company expects for first quarter 2025 the following:

Gross bookings in the range of $16.0 million to $19.0 million, which would compare to $16.1 million in the first quarter of 2024.
Revenue in the range of $14.5 million to $17.0 million, which would compare to $15.9 million in the first quarter of 2024.
Non-GAAP gross margin in the range of 84% to 87%, which would compare to 88% in the first quarter of 2024.
Non-GAAP operating income in the range of ($1.0) million loss to $1.0 million income, compared to $3.3 million in the first quarter of 2024.
Non-GAAP diluted net income per share in the range of ($0.03) loss to $0.03, compared to $0.12 in the first quarter of 2024.

For full year 2025, the Company expects:

Gross bookings in the range of $72.0 million to $79.0 million, which would represent a 9% to 20% increase from $65.8 million in 2024.
Revenue in the range of $66.0 million to $72.0 million, which would represent a 11% to 21% increase from $59.7 million in 2024.
Non-GAAP gross margin in the range of 84.0% to 89.0%, which would compare to 86% in 2024.
Non-GAAP operating income in the range of $2.0 million to $7.0 million, which would compare to $5.5 million in 2024.
Non-GAAP diluted net income per share in the range of $0.07 to $0.19, compared to $0.25 in 2024.

Q4 2024 Conference Call Details

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks on the day of the conference call, after market close. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, March 5, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco

Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement

This press release contains forward-looking statements based on Silvaco’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

These forward-looking statements include but are not limited to, statements regarding our future operating results, financial position, and guidance, our business strategy and plans, our objectives for future operations, our development or delivery of new or enhanced products, and anticipated results of those products for our customers, our competitive positioning, projected costs, technological capabilities, and plans, and macroeconomic trends.

A variety of risks and factors that are beyond our control could cause actual results to differ materially from those in the forward-looking statements including, without limitation, the following: (a) market conditions; (b) anticipated trends, challenges and growth in our business and the markets in which we operate; (c) our ability to appropriately respond to changing technologies on a timely and cost-effective basis; (d) the size and growth potential of the markets for our software solutions, and our ability to serve those markets; (e) our expectations regarding competition in our existing and new markets; (f) the level of demand in our customers’ end markets; (g) regulatory developments in the United States and foreign countries; (h) changes in trade policies, including the imposition of tariffs; (i) proposed new software solutions, services or developments; (j) our ability to attract and retain key management personnel; (k) our customer relationships and our ability to retain and expand our customer relationships; (l) our ability to diversify our customer base and develop relationships in new markets; (m) the strategies, prospects, plans, expectations, and objectives of management for future operations; (n) public health crises, pandemics, and epidemics and their effects on our business and our customers’ businesses; (o) the impact of the current conflicts between Ukraine and Russia and Israel and Hamas and the ongoing trade disputes among the United States and China on our business, financial condition or prospects, including extreme volatility in the global capital markets making debt or equity financing more difficult to obtain, more costly or more dilutive, delays and disruptions of the global supply chains and the business activities of our suppliers, distributors, customers and other business partners; (p) changes in general economic or business conditions or economic or demographic trends in the United States and foreign countries including changes in tariffs, interest rates and inflation; (q) our ability to raise additional capital; (r) our ability to accurately forecast demand for our software solutions; (s) our expectations regarding the outcome of any ongoing litigation; (t) our expectations regarding the period during which we qualify as an emerging growth company under the JOBS Act and as a smaller reporting company under the Exchange Act; (u) our expectations regarding our ability to obtain, maintain, protect and enforce intellectual property protection for our technology; (v) our status as a controlled company; (w) our use of the net proceeds from our initial public offering, and (x) our ability to successfully integrate, retain key personnel, and realize the anticipated benefits of the acquisition of Cadence’s PPC product line.

It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Accordingly, you should not rely on any of the forward-looking statements. Additional information relating to the uncertainty affecting the Silvaco’s business is contained in Silvaco’s filings with the Securities and Exchange Commission. These documents are available on the SEC Filings section of the Investor Relations section of Silvaco’s website at http://investors.silvaco.com/. These forward-looking statements represent Silvaco’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Silvaco disclaims any obligations to update or alter these forward-looking statements in the future, whether as a result of new information, future events or otherwise.

Discussion of Non-GAAP Financial Measures

We use certain non-GAAP financial measures to supplement the performance measures in our consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. We use these non-GAAP financial measures for financial and operational decision-making and as a mean to assist us in evaluating period-to-period comparisons.

We define non-GAAP gross profit and non-GAAP gross margin as our GAAP gross profit and GAAP gross margin adjusted to exclude certain costs, including stock-based compensation expense, amortization of acquired intangible assets and payroll tax from the IPO lock-up release. We define non-GAAP operating income (loss), as our GAAP operating income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, and executive severance costs. We define non-GAAP net income (loss) as our GAAP net income (loss) adjusted to exclude certain costs, including IPO preparation costs, acquisition-related estimated litigation claim and legal costs, stock-based compensation expense, amortization of acquired intangible assets, payroll tax from the IPO lock-up release, executive severance costs, change in fair value of contingent consideration, foreign exchange (gain) loss, loss on debt extinguishment, and the income tax effect on non-GAAP items. Our non-GAAP diluted net income (loss) per share is calculated in the same way as our non-GAAP net income (loss), but on a per share basis. We monitor non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share as non-GAAP financial measures to supplement the financial information we present in accordance with GAAP to provide investors with additional information regarding our financial results.

Certain items are excluded from our non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share because these items are non-cash in nature or are not indicative of our core operating performance and render comparisons with prior periods and competitors less meaningful. We adjust GAAP gross profit, GAAP gross margin, GAAP operating income (loss), GAAP net income (loss), and GAAP diluted net income (loss) per share for these items to arrive at non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structure and the method by which the assets were acquired. By excluding certain items that may not be indicative of our recurring core operating results, we believe that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share provide meaningful supplemental information regarding our performance.

We believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by our institutional investors and the analyst community to help them analyze our financial performance and the health of our business. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.


SILVACO GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and par value amounts)
	December 31,			December 31,
	2024			2023

ASSETS
Current assets:
Cash and cash equivalents	$	19,606		$	4,421
Short-term marketable securities		63,071			–
Accounts receivable, net		9,211			4,006
Contract assets, net		11,932			8,749
Prepaid expenses and other current assets		3,460			2,549
Deferred transaction costs		–			1,163
Total current assets		107,280			20,888
Non-current assets:
Non-current marketable securities		4,785			–
Property and equipment, net		865			591
Operating lease right-of-use assets, net		1,711			1,963
Intangible assets, net		4,369			342
Goodwill		9,026			9,026
Non-current portion of contract assets, net		12,611			6,250
Other assets		1,698			1,825
Total non-current assets		35,065			19,997
Total assets	$	142,345		$	40,885

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,316		$	2,495
Accrued expenses and other current liabilities		19,801			10,255
Accrued income taxes		1,668			1,626
Deferred revenue, current		7,497			7,882
Operating lease liabilities, current		744			735
Related party line of credit		–			2,000
Vendor financing obligations, current		1,462			–
Total current liabilities		34,488			24,993
Non-current liabilities:
Deferred revenue, non-current		3,593			5,071
Operating lease liabilities, non-current		946			1,198
Vendor financing obligations, non-current		2,928			–
Other non-current liabilities		307			221
Total liabilities		42,262			31,483
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024; no shares authorized as of December 31, 2023		–			–
Common stock, $0.0001 par value; 500,000,000 shares authorized; 28,526,615 shares issued and outstanding as of December 31, 2024; 25,000,000 shares authorized; 20,000,000 shares issued and outstanding as of December 31, 2023		3			2
Additional paid-in capital		130,360			–
(Accumulated deficit) Retained earnings		(28,012	)		11,392
Accumulated other comprehensive loss		(2,268	)		(1,992	)
Total stockholders’ equity		100,083			9,402
Total liabilities and stockholders’ equity	$	142,345		$	40,885

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands except share and per share amounts)

	Three months Ended December 31,						Twelve months Ended December 31,
		2024			2023			2024			2023

Revenue:
Software license revenue	$	13,870		$	8,738		$	43,991		$	39,331
Maintenance and service		3,989			3,748			15,689			14,915
Total revenue		17,859			12,486			59,680			54,246
Cost of revenue		2,422			2,682			12,042			9,354
Gross profit		15,437			9,804			47,638			44,892
Operating expenses:
Research and development		5,283			3,337			20,740			13,170
Selling and marketing		3,983			3,833			18,300			12,707
General and administrative		7,529			4,570			37,571			17,881
Estimated litigation claim		(3,782	)		–			11,306			–
Total operating expenses		13,013			11,740			87,917			43,758
Operating (loss) income		2,424			(1,936	)		(40,279	)		1,134
Loss on debt extinguishment		–			–			(718	)		–
Interest income		1,077			2			2,976			6
Interest and other expenses, net		(67	)		(95	)		(899	)		(630	)
(Loss) income before income tax provision		3,434			(2,029	)		(38,920	)		510
Income tax provision (benefit)		(723	)		218			484			826
Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
(Loss) earnings per share attributable to common stockholders:
Basic and diluted	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Weighted average shares used in computing per share amounts:
Basic and diluted		28,734,082			20,000,000			25,672,845			20,000,000

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
	Year Ended December 31
		2024			2023
Cash flows from operating activities:
Net loss	$	(39,404	)	$	(316	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		1,285			601
Stock-based compensation expense		26,915			–
Provision for credit losses		351			220
Accretion of discount on marketable securities, net		(1,685	)		–
Estimated litigation claim		11,306			–
Loss on debt extinguishment		718			–
Change in fair value of contingent consideration		(27	)		325
Changes in operating assets and liabilities:
Accounts receivable		(5,971	)		1,378
Contract assets		(10,293	)		(5,208	)
Prepaid expense and other current assets		(790	)		133
Other assets		57			(267	)
Accounts payable		1,326			156
Accrued expenses and other current liabilities		(2,160	)		2,015
Accrued income taxes		74			(23	)
Deferred revenue		(1,585	)		2,268
Other non-current liabilities		109			(102	)
Net cash (used in) provided by operating activities		(19,774	)		1,180
Cash flows from investing activities:
Purchases of marketable securities		(99,630	)		–
Maturities of marketable securities		33,600			–
Purchases of property and equipment		(505	)		(339	)
Net cash used in investing activities		(66,535	)		(339	)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting fees		106,020			–
Proceeds from issuance of convertible note, net of debt issuance costs		4,852			–
Proceeds from loan facility		4,250			–
Repayment of loan facility		(4,250	)		–
Proceeds from related party line of credit		–			1,000
Repayment of related party line of credit		(2,000	)		(1,000	)
Proceeds from issuance of common stock for share-based awards		315			–
Payroll taxes related to shares withheld from employees		(4,575	)		–
Deferred transaction costs		(2,649	)		(650	)
Contingent consideration		(74	)		(1,002	)
Payments of vendor financing obligation		(588	)		–
Net cash provided by (used in) financing activities		101,301			(1,652	)
Effect of exchange rate fluctuations on cash and cash equivalents		193			(246	)
Net increase (decrease) in cash and cash equivalents		15,185			(1,057	)
Cash and cash equivalents, beginning of period		4,421			5,478
Cash and cash equivalents, end of period	$	19,606		$	4,421

SILVACO GROUP, INC.
REVENUE
(Unaudited)

	2023										2024
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year
Revenue by Region:
Americas	35	%	29	%	31	%	29	%	31	%	27	%	51	%	31	%	40	%	38	%
APAC	51	%	62	%	61	%	63	%	59	%	62	%	41	%	58	%	52	%	53	%
EMEA	14	%	9	%	8	%	8	%	10	%	11	%	8	%	11	%	8	%	9	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Product Line:
TCAD	62	%	62	%	52	%	62	%	59	%	66	%	69	%	59	%	71	%	68	%
EDA	29	%	20	%	31	%	22	%	26	%	30	%	20	%	24	%	24	%	24	%
SIP	9	%	18	%	17	%	16	%	15	%	4	%	11	%	17	%	5	%	8	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue Item Category:
Software license revenue	75	%	71	%	74	%	70	%	73	%	77	%	74	%	62	%	78	%	74	%
Maintenance and service	25	%	29	%	26	%	30	%	27	%	23	%	26	%	38	%	22	%	26	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

Revenue by Country:
United States	34	%	28	%	28	%	28	%	30	%	51	%	30	%	39	%	39	%	37	%
China	19	%	29	%	16	%	29	%	23	%	17	%	25	%	23	%	23	%	18	%
Other	47	%	43	%	56	%	43	%	47	%	32	%	45	%	38	%	38	%	45	%
Total revenue	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%	100	%

SILVACO GROUP, INC.
GAAP to Non-GAAP Reconciliation
(Unaudited, in thousands except per share amounts)

	Three Months Ended						Twelve Months Ended
	12/31/2024			12/31/2023			12/31/2024			12/31/2023

GAAP Cost of revenue	$	2,422		$	2,682		$	12,042		$	9,354
Less: Stock-based compensation expense		(194	)		–			(2,974	)		–
Less: Amortization of acquired intangible assets		(249	)		–			(747	)		–
Less: Payroll tax from the IPO lock-up release		(80	)		–			(80	)		–
Non-GAAP Cost of revenue	$	1,899		$	2,682		$	8,241		$	9,354
GAAP Gross profit	$	15,437		$	9,804		$	47,638		$	44,892
Add: Stock-based compensation expense		194			–			2,974			–
Add: Amortization of acquired intangible assets		249			–			747			–
Add: Payroll tax from the IPO lockup release		80			–			80			–
Non-GAAP Gross profit	$	15,960		$	9,804		$	51,439		$	44,892
GAAP Research and development	$	5,283		$	3,337		$	20,740		$	13,170
Less: Stock-based compensation expense		(535	)		–			(5,091	)		–
Less: Executive severance		(215	)		–			(215	)		–
Less: Payroll tax from the IPO lock-up release		(397	)		–			(397	)		–
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Research and development	$	4,093		$	3,255		$	14,831		$	12,831
GAAP Sales and marketing	$	3,983		$	3,833		$	18,300		$	12,707
Less: Stock-based compensation expense		(388	)		–			(4,319	)		–
Less: Payroll tax from the IPO lock-up release		(85	)		–			(85	)		–
Less: IPO preparation costs		–			–			(178	)		–
Non-GAAP Sales and marketing	$	3,510		$	3,833		$	13,718		$	12,707
GAAP General and administrative	$	7,529		$	4,570		$	37,571		$	17,881
Less: Stock-based compensation expense		(1,410	)		–			(14,531	)		–
Less: Acquisition-related estimated litigation claim and legal costs		(523	)		(515	)		(4,629	)		(1,707	)
Less: Executive severance		(200	)		–			(200	)		–
Less: Payroll tax from the IPO lock-up release		(163	)		–			(163	)		–
Less: IPO preparation costs		–			(45	)		(695	)		(1,221	)
Non-GAAP General and administrative	$	5,233		$	4,010		$	17,353		$	14,953
GAAP Estimated Litigation claim	$	(3,782	)	$	–		$	11,306		$	–
Add (Less): Acquisition-related estimated litigation claim and legal costs		3,782			–			(11,306	)		–
Non-GAAP Litigation claim	$	–		$	–		$	–		$	–
GAAP Operating expenses	$	13,013		$	11,740		$	87,917		$	43,758
Less: Stock-based compensation expense		(2,333	)		–			(23,941	)		–
Less: Acquisition-related estimated litigation claim and legal costs		3,259			(515	)		(15,935	)		(1,707	)
Less: Executive severance		(415	)		–			(415	)		–
Less: Payroll tax from the IPO lock-up release		(645	)		–			(645	)		–
Less: IPO preparation costs		–			(45	)		(873	)		(1,221	)
Less: Amortization of acquired intangible assets		(43	)		(82	)		(206	)		(339	)
Non-GAAP Operating expenses	$	12,836		$	11,098		$	45,902		$	40,491
GAAP Operating (loss) income	$	2,424		$	(1,936	)	$	(40,279	)	$	1,134
Add: Stock-based compensation expense		2,527			–			26,915			–
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Amortization of acquired intangible assets		292			82			953			339
Non-GAAP Operating (loss) income	$	3,124		$	(1,294	)	$	5,537		$	4,401
GAAP Net (loss) income	$	4,157		$	(2,247	)	$	(39,404	)	$	(316	)
Add: Stock-based compensation expense		2,527			–			26,915			–
Add: Amortization of acquired intangible assets		292			82			953			339
Add (Less): Acquisition-related estimated litigation claim and legal costs		(3,259	)		515			15,935			1,707
Add: Payroll tax from the IPO lockup release		725			–			725			–
Add: Executive Severance		415			–			415			–
Add: IPO preparation costs		–			45			873			1,221
Add: Loss on debt extinguishment		–			–			718			–
Add (Less): Change in fair value of contingent consideration		(9	)		(7	)		(27	)		325
Add (Less): Foreign exchange (gain) loss		(14	)		(3	)		404			335
Add: Income tax effect of non-GAAP adjustment		(566	)		(27	)		(831	)		(169	)
Non-GAAP Net (loss) income	$	4,268		$	(1,642	)	$	6,676		$	3,442
GAAP Net income (loss) per share:
Basic and diluted:	$	0.14		$	(0.11	)	$	(1.53	)	$	(0.02	)
Non-GAAP Net income (loss) per share:
Basic	$	0.15		$	(0.08	)	$	0.26		$	0.17
Diluted	$	0.15		$	(0.08	)	$	0.25		$	0.17
Weighted average shares used in GAAP and non-GAAP net income (loss) per share:
Basic		28,734,082			20,000,000			25,672,845			20,000,000
Diluted		28,849,041			20,000,000			26,841,901			20,000,000

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Farhad Hayat
press@silvaco.com

The MIL Network –

March 6, 2025

MIL-OSI: Climb Global Solutions Reports Record Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

FY 2024 Net Income up 51% to $18.6 Million or $4.06 per share; Adjusted Net Income up 64% to $24.0 Million or $5.26 per share; Adjusted EBITDA up 61% to $39.6 Million

Q4 & FY 2024 Net Sales, Gross Profit, Net Income, EPS and Adjusted EBITDA Increase to Record Levels

EATONTOWN, N.J., March 05, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Summary vs. Same Year-Ago Quarter

Net sales increased 51% to $161.8 million.
Net income increased 33% to $7.0 million or $1.52 per diluted share.
Adjusted net income (a non-GAAP financial measure defined below) increased 87% to $10.3 million or $2.26 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 75% to $16.1 million.
Gross billings (a key operational metric defined below) increased 52% to $605.0 million. Distribution segment gross billings increased 57% to $582.0 million, and Solutions segment gross billings decreased 9% to $23.0 million.

FY 2024 Summary vs. FY 2023

Net sales increased 32% to $465.6 million.
Net income increased 51% to $18.6 million or $4.06 per diluted share.
Adjusted net income (a non-GAAP financial measure defined below) increased 64% to $24.0 million or $5.26 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 61% to $39.6 million.
Gross billings (a key operational metric defined below) increased 42% to $1.8 billion. Distribution segment gross billings increased 44% to $1.7 billion, and Solutions segment gross billings increased 7% to $89.8 million.

Management Commentary

“Our fourth quarter performance capped off an exceptional 2024, marking another year of record results across all key financial metrics,” said CEO Dale Foster. “Throughout the year, we evaluated over 120 vendors and signed agreements with only 13 of them, demonstrating our commitment to partnering with the most innovative technologies in the market. We also added scale and expertise to our North America operations through the acquisition of Douglas Stewart Software & Services, LLC (“DSS”), which was immediately accretive to earnings. I’m proud of our team’s hard work in generating double-digit organic growth in both the U.S. and Europe, reinforcing our commitment to deepening relationships with our partners across our global footprint.

“Looking ahead, we have a solid foundation in place to continue driving strong organic growth while further improving operating leverage through the implementation of our ERP system. We will also continue to evaluate M&A opportunities that can enhance our service and solutions offerings, as well as expand our geographic footprint in the U.S. and overseas. These initiatives, coupled with our demonstrated track record of execution and a robust balance sheet, will enable us to deliver on our organic and inorganic growth initiatives in 2025.”

Dividend

Subsequent to quarter end, on February 28, 2025, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on March 21, 2025, to shareholders of record on March 17, 2025.

Fourth Quarter 2024 Financial Results

Net sales in the fourth quarter of 2024 increased 51% to $161.8 million compared to $106.8 million for the same period in 2023. This reflects organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DSS on July 31, 2024. In addition, gross billings in the fourth quarter of 2024 increased 52% to $605.0 million compared to $397.0 million in the year-ago period.

Gross profit in the fourth quarter of 2024 increased 48% to $31.2 million compared to $21.1 million for the same period in 2023. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

Selling, general, and administrative (“SG&A”) expenses in the fourth quarter of 2024 were $17.1 million compared to $12.4 million in the year-ago period. DSS represented $2.2 million of the increase. SG&A as a percentage of gross billings decreased to 2.8% for the fourth quarter of 2024 compared to 3.1% in the year-ago period.

Net income in the fourth quarter of 2024 increased 33% to $7.0 million or $1.52 per diluted share, compared to $5.2 million or $1.15 per diluted share for the same period in 2023. Net income was impacted by a $2.5 million charge related to a change in fair value of acquisition contingent consideration associated with Spinnakar Limited. Adjusted net income increased 87% to $10.3 million or $2.26 per diluted share, compared to $5.5 million or $1.21 per diluted share for the year-ago period.

Adjusted EBITDA in the fourth quarter of 2024 increased 75% to $16.1 million compared to $9.2 million for the same period in 2023. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisition of DSS. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 780 basis points to 51.5% compared to 43.7% for the same period in 2023.

On December 31, 2024, cash and cash equivalents were $29.8 million compared to $36.3 million on December 31, 2023, while working capital decreased by $9.3 million during this period. The decrease in cash was primarily attributed to $20.4 million of cash paid at closing for the acquisition of DSS, as well as the timing of receivable collections and payables. Climb had $0.8 million of outstanding debt on December 31, 2024, with no borrowings outstanding under its $50 million revolving credit facility.

For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

Conference Call

The Company will conduct a conference call tomorrow, March 6, 2025, at 8:30 a.m. Eastern time to discuss its results for the fourth quarter and full year ended December 31, 2024.

Climb management will host the conference call, followed by a question-and-answer period.

Date: Thursday, March 6, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 225-9448
International dial-in number: (203) 518-9708
Conference ID: CLIMB
Webcast: Climb’s Q4 & FY 2024 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the US, Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Non-GAAP Financial Measures

Climb Global Solutions uses non-GAAP financial measures, including adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

Key Operational Metric

Gross Billings

Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “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 (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisitions of Data Solutions Holdings Limited and Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com


CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
	(Unaudited)
(Amounts in thousands, except share and per share amounts)

		December 31, 2024			December 31, 2023

ASSETS

Current assets
	Cash and cash equivalents	$	29,778		$	36,295
	Accounts receivable, net of allowance for doubtful accounts of $588 and $709, respectively		341,597			222,269
	Inventory, net		2,447			3,741
	Prepaid expenses and other current assets		6,874			6,755
Total current assets			380,696			269,060

Equipment and leasehold improvements, net			12,853			8,850
Goodwill			34,924			27,182
Other intangibles, net			36,550			26,930
Right-of-use assets, net			1,965			878
Accounts receivable long-term, net			1,174			797
Other assets			824			1,077
Deferred income tax assets			193			324

Total assets		$	469,179		$	335,098

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
	Accounts payable and accrued expenses	$	370,397		$	249,648
	Lease liability, current portion		654			450
	Term loan, current portion		560			540
Total current liabilities			371,611			250,638

	Lease liability, net of current portion		1,685			879
	Deferred income tax liabilities		4,723			5,554
	Term loan, net of current portion		191			752
	Non-current liabilities		381			2,505

Total liabilities			378,591			260,328


Stockholders’ equity
	Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares
	issued, and 4,601,302 and 4,573,448 shares outstanding , respectively		53			53
	Additional paid-in capital		37,977			34,647
	Treasury stock, at cost, 683,198 and 711,052 shares, respectively		(13,337	)		(12,623	)
	Retained earnings		68,787			53,215
	Accumulated other comprehensive loss		(2,892	)		(522	)
Total stockholders’ equity			90,588			74,770
Total liabilities and stockholders’ equity		$	469,179		$	335,098

CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in thousands, except per share data)

		Year ended						Three months ended
		December 31,						December 31,
			2024			2023			2024			2023

Net Sales		$	465,607		$	352,013		$	161,760		$	106,783

Cost of sales			374,527			287,766			130,513			85,713

Gross profit			91,080			64,247			31,247			21,070

Selling, general and administrative expenses			56,508			44,330			17,075			12,400
Depreciation & amortization expense			4,269			2,798			1,336			864
Acquisition related costs			2,311			629			1,110			352
Total selling, general and administrative expenses			63,088			47,757			19,521			13,616

Income from operations			27,992			16,490			11,726			7,454

Interest, net			917			927			162			168
Foreign currency transaction (loss) gain			(273	)		(636	)		415			(536	)
Change in fair value of acquisition contingent consideration			(3,618	)		–			(2,466	)		–
Income before provision for income taxes			25,018			16,781			9,837			7,086
Provision for income taxes			6,408			4,458			2,847			1,840

Net income		$	18,610		$	12,323		$	6,990		$	5,246

Income per common share – Basic		$	4.06		$	2.72		$	1.52		$	1.15
Income per common share – Diluted		$	4.06		$	2.72		$	1.52		$	1.15

Weighted average common shares outstanding – Basic			4,465			4,401			4,485			4,427
Weighted average common shares outstanding – Diluted			4,465			4,401			4,485			4,427

Dividends paid per common share		$	0.68		$	0.68		$	0.17		$	0.17


Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)
(Amounts in thousands, except per share data)

The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1):

		Year ended						Three months ended
		December 31,			December 31,			December 31,			December 31,
			2024			2023			2024			2023

Net income		$	18,610		$	12,323		$	6,990		$	5,246
	Provision for income taxes		6,408			4,458			2,847			1,840
	Depreciation and amortization		4,269			2,798			1,336			864
	Interest expense		335			264			69			170
EBITDA			29,622			19,843			11,242			8,120
	Share-based compensation		4,070			4,148			1,260			726
	Acquisition related costs		2,311			629			1,110			352
	Change in fair value of acquisition contingent consideration		3,618			–			2,466			–
Adjusted EBITDA		$	39,621		$	24,620		$	16,078		$	9,198


		Year ended						Three months ended
		December 31,			December 31,			December 31,			December 31,
Components of interest, net			2024			2023			2024			2023

	Amortization of discount on accounts receivable with extended payment terms	$	(34	)	$	(50	)	$	(11	)	$	(9	)
	Interest income		(1,218	)		(1,141	)		(220	)		(329	)
	Interest expense		335			264			69			170
Interest, net		$	(917	)	$	(927	)	$	(162	)	$	(168	)

(1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

The table below presents net income reconciled to adjusted net income (Non-GAAP) (2):

		Year ended				Three months ended
		December 31,		December 31,		December 31,		December 31,
			2024		2023		2024		2023

	Net income	$	18,610	$	12,323	$	6,990	$	5,246
	Acquisition related costs, net of income taxes		1,733		472		833		264
	One-time CEO stock grant		–		1,796		–		–
	Change in fair value of acquisition contingent consideration		3,618		–		2,466		–
	Adjusted net income	$	23,961	$	14,591	$	10,289	$	5,510

	Adjusted net income per common share – diluted	$	5.26	$	3.24	$	2.26	$	1.21

(2) We define adjusted net income as net income excluding acquisition related costs, net of income taxes, the stock compensation expense recognized for the one-time CEO stock grant, and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income and adjusted net income per common share as supplemental measures of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that adjusted net income and adjust net income per common share provide useful information to investors and others in understanding and evaluating our operating results. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

The table below presents the operational metric of gross billings by segment (3):

		Year ended				Three months ended
		December 31,		December 31,		December 31,		December 31,
			2024		2023		2024		2023

	Distribution gross billings	$	1,695,538	$	1,176,866	$	581,963	$	371,673
	Solutions gross billings		89,764		83,516		23,045		25,370
	Total gross billings	$	1,785,302	$	1,260,382	$	605,008	$	397,043

(3) Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, include amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

The MIL Network –

March 6, 2025

MIL-OSI Global: Investors value green labels — but not always for the right reasons

Source: The Conversation – Canada – By Vasundhara Saravade, Postdoctoral Fellow, Institute of the Environment, L’Université d’Ottawa/University of Ottawa

Imagine you are choosing between two similar investment options. One has a green label, promising to fund climate-friendly projects and assets. The other offers a slightly higher return, but has no green label. Which do you choose?

My recent study explored this question. My co-researchers and I found that, for most retail investors — individual, non-professional investors — the presence of a green label mattered more than the actual environmental impact of the bond or the higher financial return of a non-green option.

This finding raises critical questions about how sustainable finance is marketed and whether green labels alone are enough to drive real environmental change.

Green bonds and retail investors

Green bonds are a financial tool designed to fund environmentally friendly projects. Institutional investors and governments have embraced them, but their adoption by everyday retail investors remains low.

The Canadian market was one of the first to provide access to retail-level green bonds, but demand for such bonds was always oversubscribed. Low interest rates made it difficult to balance investor returns with lending profits. This imbalance squeezed sustainable investment firms like CoPower, which ultimately led to its green bond model winding down.

With the urgent need to attract capital for climate financing, the role of retail investors is now a key topic of discussion. In 2021, these investors accounted for 52 per cent of global assets under management in 2021 — a figure expected to jump to nearly 61 per cent by 2030. This presents a massive opportunity to mobilize private capital toward sustainable finance.

However, before retail investors venture into the green bond market, the sustainable finance sector must address a key question: do people invest in green bonds because they believe in their environmental benefits or simply because of the “green” label?

And, more importantly, does the green label alone persuade retail investors to accept a “greenium” — choosing a lower-return green bond over a higher-return non-green bond — like professional investors do?

The ‘green-label effect’ is real

To determine this, my co-researchers and I conducted an experiment with over 1,000 self-identified retail investors to see how different framing techniques — such as labels, environmental impact and reporting descriptions — shaped their willingness to invest in green bonds.

Our study identified a “green label effect.” Most retail investors relied on green labels as a shortcut to save time and avoid having to evaluate the environmental impact of a bond. Investors often relied on simplified decision cues like labels and financial returns to navigate complex financial information.

Read more:
Sustainable finance: Canada risks being left behind in low-carbon economy

However, a small subset of environmentally conscious investors researched the validity of green bonds and aligned their investments with their values, even at the cost of lower returns.

This highlights the need for green bonds that offer a competitive return, given that a majority still invest based on financial returns in addition to labelling. Labelling alone is not enough to drive mainstream retail investment in sustainable finance.

Our study also found that certain types of personal characteristics made people more likely to invest in labelled green bonds, even if those bonds had the lowest financial returns. Investors with a high-risk tolerance were more likely to invest in green bonds.

Additionally, previous investment experience played a role. Those who had moderately invested in stocks, had none to high levels of experience investing in bonds.

The greenwashing challenge

Our findings highlight both the potential and pitfalls of sustainable finance. The popularity of green-labelled bonds suggests that retail investors are open to sustainable investment and would help to drive growth in this market considerably.

However, the fact that many choose labels without finding out whether the bond is actually green raises concerns about greenwashing. This practice occurs when companies exploit sustainability branding and use green labels on non-green bonds to avoid delivering environmental impact.

If investors rely too much on green labels without verifying the actual impact of their investments, they may inadvertently support projects that fail to make a meaningful difference.

As green finance regulations evolve, governments must strengthen labelling standards and transparency. This would ensure that labelled green bonds deliver on their promises.

Stronger green taxonomies and consumer oversight mechanisms would help prevent misleading claims, protect investors and ensure sustainable finance can scale quickly. Without these safeguards, green bonds could lose credibility and fail to scale effectively.

What should policymakers do?

To expand the green bond market and align it with Canada’s climate goals, policymakers could introduce tax-free government green bonds or green infrastructure bonds. These would incentivize retail investors and raise their awareness of sustainable finance.

Policymakers could allow banks to add green bonds to registered products like tax-free savings accounts or registered retirement savings plans. They could create new green registered products that would encourage individual-level savings and investment, like the first home savings account.

Making verified climate-related financial disclosures easier to use could help retail investors better understand the impact of green products. This would reduce reliance on labels alone and encourage more informed decision-making.

Green bonds have the potential to be a powerful tool in the fight against climate change, but only if they’re backed by real accountability. As our study shows, labels matter a lot — but what’s behind them matters most.

Vasundhara Saravade is affiliated with the Smart Prosperity Institute.

– ref. Investors value green labels — but not always for the right reasons – https://theconversation.com/investors-value-green-labels-but-not-always-for-the-right-reasons-251021

MIL OSI – Global Reports –

March 6, 2025
MIL-OSI USA: ICE Chicago removes Sierra Leonean convicted of visa fraud

Source: US Immigration and Customs Enforcement

ST. LOUIS – U.S. Immigration and Customs Enforcement completed the removal of Prince Solomon Knox, 62, a Sierra Leonean national, to his home country March 1. Knox was arrested by ICE in St. Louis Feb. 4; he has previous convictions for visa fraud and domestic assault after lying about his prior affiliation with armed terrorist groups.

Knox entered the U.S. at Chicago O’Hare International Airport April 14, 2004, and came to the attention of ICE in 2006 through an investigation involving allegations of fraud by ineligible combatants or imposter refugees to participate in the refugee resettlement program. The investigation revealed witnesses who provided testimony about involvement with multiple combatant groups in Western Africa, including the Revolutionary United Front, a group that made extensive use of child soldiers while committing acts such as amputating the hands, arms, and legs of tens of thousands of Sierra Leoneans using machetes.

“Foreign nationals, from any country, cannot be allowed to abuse the visa system and migrate to the U.S. fraudulently,” said ICE Enforcement and Removal Operations Chicago Field Office Director Sam Olson. “This is an example of someone not only attempting to escape responsibility in their home country, but also depriving those in the global community of the opportunity to seek desperately needed relief.”

The investigation resulted in a federal grand jury indicting Knox on two counts of visa fraud and two counts of false statements, and ICE arrested him Dec. 21, 2006. Knox was convicted June 20, 2007, by the U.S. District Court for the Northern District of Illinois and sentenced to twelve months incarceration.

An immigration judge ordered Knox removed June 6, 2008, while in custody, and he was later placed under an order of supervision pending removal.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: AFSCME’s Saunders: The PRO Act will loosen billionaires’ grip on our economic future

Source: American Federation of State, County and Municipal Employees Union

WASHINGTON – AFSCME President Lee Saunders released the following statement after a bipartisan group of House and Senate members introduced the Richard L. Trumka Protecting the Right to Organize (PRO) Act to Congress:

“Working people want to be paid fairly. They want benefits like health care, a fair retirement, to know their jobs are secure and that their workplaces are safe and free from discrimination. They know the best way to secure these freedoms is through a union contract. That is why poll after poll shows unions are more popular than ever. But joining or forming a union is exceedingly difficult for far too many. As billionaires and wealthy companies rake in record profits, they are seeking even more control over our lives, using any means necessary to silence workers. Their anti-union extremism is deepening economic inequality, halting progress on health and safety, and harming millions.

“The PRO Act will loosen billionaires’ grip on our economic future and make clear that their days of using illegal union busting tactics without consequence are over. This legislation will level the playing field, giving workers the legal protections they need to organize without fear of retaliation or obstruction. It’s about time Congress prioritized workers over billionaires and gave them a fair shot at improving their workplaces.”

###

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Warner, Kaine, and Klobuchar Unveil Legislation to Undo President Trump’s Senseless Taxes on Canadian Goods

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON– Today, U.S. Sens. Mark R. Warner (D-VA), Tim Kaine, Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, (D-VA), and Amy Klobuchar (D-MN), unveiled legislation to undo President Donald Trump’s wildly unpopular tariffs on Canadian goods, which amount to a 25 percent tax on goods imported from one of America’s top trading partners and closest allies.
“Virginians can’t afford the cost of President Trump’s tariffs, which will raise prices on everything from groceries to houses and cars,” said Sen. Warner. “Congress must step in before President Trump tanks our economy.”
“Americans want prices to go down—not skyrocket, which is exactly what will happen if Congress lets President Trump slap new taxes on goods from one of our largest trading partners and closest allies,” said Sen. Kaine. “We don’t need to guess what kind of damage these senseless new taxes will do. During Trump’s first term, his trade wars spelled disaster for Virginians, particularly for farmers and foresters who were hit especially hard. Congress has a responsibility to stop that from happening again, and I urge all of my colleagues to join me in blocking Trump from destroying our economy.”
“This Administration is igniting a reckless trade war and regular Americans are paying the price,” said Sen. Klobuchar. “Costs for everyone will go up and our farmers and businesses will suffer. Canada is Minnesota’s top trading partner and is a key U.S. ally. We must reverse these damaging tariffs before it’s too late.”
In Virginia in 2024, Canada was the largest export market and accounted for 15 percent of Virginia exports. In Virginia in 2022, top goods exports to Canada included motor vehicles and transportation equipment, such as medium- and heavy-duty trucks. 56.1 percent of Southwest Virginia’s economic output is dependent on trade.
Polls have overwhelmingly demonstrated that the American people do not support Trump’s trade wars. According to a recent survey by Public First, just 28 percent of American adults supported specifically applying tariffs to Canada, while 43 percent opposed.
Specifically, the senators’ legislation would work by terminating the February 1 emergency that Trump used to launch his trade war with Canada, and thus eliminate the tariffs on Canadian imports implemented as a result. Trump’s order cites the International Economic Emergency Powers Act (IEEPA), an unprecedented use of IEEPA in its nearly half century history. After an initial one-month delay, President Trump decided to move forward with the tariffs, with the import taxes starting to be collected on March 4, 2025. In total, President Trump’s IEEPA tariffs will cost the average American household up to $2,000 a year, with the Canada tariffs making up a significant portion of that. These IEEPA tariffs represent the largest tax increase on American families in recent history.

MIL OSI USA News –

March 6, 2025
MIL-OSI Canada: Securing the Alberta-U.S. border
[. Alberta’s government recognizes the need for swift and decisive action that will curb drug trafficking and illegal border crossings to strengthen the province’s border security.

The team’s first cohort has been deployed and hiring will continue until all 51 positions are filled. The IPT is now operational, working closely with the RCMP and Canada Border Services Agency to identify and apprehend individuals suspected of drug smuggling, human trafficking and other illegal activities involving movement across the Canada-U.S. border. To date, 20 members of the Alberta Sheriffs have been assigned to the IPT to patrol between entry points, and to vehicle inspection stations along Alberta’s side of the border.

Sheriffs Interdiction Patrol Team map

“We are committed to strengthening security along Alberta’s southern border to put an end to the dangerous criminal activities that are destroying lives on both sides of the border. In addition to launching our new Interdiction Patrol Team, we are building three new vehicle inspection stations and increasing highway monitoring for suspicious activity. Our plan will ensure that Alberta’s southern border is secure.”

Danielle Smith, Premier

“Alberta’s government is increasing border security and has zero tolerance for illegal activities that threaten the well-being of Albertans or Alberta’s economy. The Alberta Sheriffs Interdiction Patrol Team puts more boots on the ground to identify where and when these activities are taking place, boosting security along our southern border and disrupting dangerous cross-border human, drugs and weapons trafficking in both directions. Let this be a message to all potential traffickers, especially those who traffic deadly fentanyl, you will get caught and you will go to jail.”

Mike Ellis, Minister of Public Safety and Emergency Services

Alberta’s government continues to acquire equipment that will enable the IPT to detect and apprehend individuals committing illegal activity, including drones, night-vision optics and patrol canines. This team will patrol to detect and intercept illicit drugs, illegal firearms and unlawful attempts at illegal international border crossing. The IPT will be fully operational in coming months.

Through this process, Alberta has identified further significant concerns with the shared Canada-U.S. border. In response, Alberta’s government is advancing further measures to increase the security of the southern border.

In addition to the IPT, Alberta Transportation and Economic Corridors is dedicating $15 million over two years for three new vehicle inspection stations near the border, if Budget 2025 passes. This will give Sheriffs dedicated facilities to inspect commercial vehicles, whether they’re crossing into the United States or coming into Canada. The stations will be located on Highway 1 at Dunmore, Highway 3 at Burmis and Highway 4 at Coutts. The stations will include enhanced parking lanes for inspections, and winter ready buildings for year-round inspections.

Another measure undertaken by Alberta’s government is to train highway maintenance workers to identify and report suspicious activity during highway maintenance operations. Volker Stevin has a contract to maintain about 600 kilometres of highways in southern Alberta and by empowering their workers to identify and report suspicious activity, Alberta’s government is layering further security measures without adding additional costs.

“Border security is a priority, and Alberta Transportation and Economic Corridors is doing its part to enhance security and surveillance through three new vehicle inspection stations and with the help of our highway maintenance contractors, who will be trained to detect and report suspicious activity, providing an extra pair of eyes along the border.”

Devin Dreeshen, Minister of Transportation and Economic Corridors

“The Interdiction Patrol Team will play a key role in eradicating crimes that seek to exploit the Alberta-Montana border in both directions. The Alberta Sheriffs are pleased to collaborate with the RCMP, Canada Border Services Agency and our counterparts in the United States as we work to keep our shared border safe and secure.”

Bob Andrews, chief, Alberta Sheriffs

Alberta’s government also amended the Critical Infrastructure Defence Regulation in January 2025 to add a two-kilometre-deep border zone north of the Alberta-United States border to the definition of essential infrastructure under the Critical Infrastructure Defence Act. The act gives peace officers the authority to arrest individuals caught trespassing on, interfering with or damaging essential infrastructure and who do not have a lawful right, to be on the essential infrastructure.

“Amending the Critical Infrastructure Defence Regulation is a key piece of our efforts to strengthen security in the area near the international border. We have quickly taken action that will support law enforcement in improving public safety, and tackle cross-border crime, drugs, illegal migrants and human-trafficking.”

Mickey Amery, Minister of Justice and Attorney General

Quick facts:

IPT will be supported by:
- 51 uniformed officers equipped with carbine rifles (weapons for tactical operations)
- 10 support staff, including dispatchers and analysts
- four drug patrol dogs, critical to ensure reasonable suspicion to search vehicles
- 10 cold weather surveillance drones that can operate in high winds with dedicated pilots
- four narcotics analyzers to test for illicit drugs
The IPT has already conducted more than 3,300 stops/contacts and has been successful in:
- assisting with four Northbound unauthorized border crossings
- executing 18 warrants and conducting two Judicial Interim Release hearings
- conducting three arrests related to possession of cocaine for the purpose of trafficking
Related news
- A plan to secure Alberta’s southern border (Dec. 12, 2024)
Multimedia
- Watch the news conference
MIL OSI Canada News –
March 6, 2025
MIL-OSI Security: Dominican National Pleads Guilty To Multi-Year Conspiracy To Traffic Cocaine Into The United States

Source: Office of United States Attorneys

Tampa, FL – Acting United States Attorney Sara C. Sweeney announces that Elyn Carpio-Pena (47, Dominican Republic) has pleaded guilty to conspiring to import cocaine into the United States. Carpio-Pena faces a minimum of 10 years, up to life, in federal prison. A sentencing date has not yet been set.

According to court documents, between October 2014 and May 2019, while residing in Mexico, Carpio-Pena served as an intermediary between drug suppliers in Mexico and wholesale narcotics purchasers in the United States, connecting the sellers and buyers and receiving a commission for each kilogram of cocaine purchased in the United States. Carpio-Pena also arranged for the drug proceeds to be laundered.

In May 2019, Carpio-Pena moved from Mexico to the La Guajira area of Colombia. While there, he organized the maritime smuggling of cocaine from Colombia to the Dominican Republic with the ultimate destination often being the United States. Not only did Carpio-Pena serve as the intermediary between the cocaine buyers and cocaine owners, but he also arranged, organized, and coordinated the maritime cocaine shipments from Colombia to the Dominican Republic. Carpio-Pena was responsible for no fewer than 20 maritime cocaine shipments during his time living in Colombia, totaling at least 5,000 kilograms. Two of these cocaine shipments were interdicted and seized in Puerto Rico.

In October 2021, Carpio-Pena left Colombia and returned home to the Dominican Republic where he continued to coordinate drug shipments. For the next three months, until January 2022, he received cocaine from Colombia via maritime vessel over the Caribbean Ocean no fewer than three times, totaling approximately 900 kilograms. The ultimate destination for this cocaine was often the United States.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi- jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations.

The specific mission of the OCDETF Panama Express Strike Force is to disrupt and dismantle Transnational Criminal Organizations involved in large scale drug trafficking, money laundering, and related activities. The OCDETF Panama Express Strike Force is comprised of agents and officers from the Coast Guard Investigative Service, Drug Enforcement Administration, Federal Bureau of Investigation, and Homeland Security Investigations. The prosecution is being led by the Office of the United States Attorney for the Middle District of Florida. The case is being prosecuted by Assistant United States Attorney David Pardo.

MIL Security OSI –

March 6, 2025
MIL-OSI Security: Lake County Man Pleads Guilty In Federal Firearms Trafficking Investigation

Source: Office of United States Attorneys

Ocala, Florida – Acting United States Attorney Sara C. Sweeney announces that Jose G. Medina (49, Leesburg) has pleaded guilty to three counts of knowingly making a materially false statement in connection with the acquisition of a firearm and three counts of causing a Federal Firearm Licensee (FFL) to maintain false information in its official records. Medina faces up to 10 years in federal prison for each false statement offense and up to 5 years’ imprisonment for each record-keeping offense. A sentencing date has not yet been set.

According to court records, between January 1 and December 31, 2023, Medina straw-purchased multiple firearms for other individuals. Some of these firearms were intercepted by the United States Custom and Border Patrol (CBP) as other individuals attempted to transport them across the border into Mexico.

On May 27, 2023, an individual was encountered by CBP as he tried to make entry into Mexico at the Eagle Pass (Texas) Port of Entry. He was attempting to bring 10 handguns, 9 rifles, 7 shotguns, 20 ammunition magazines, and large amounts of assorted ammunition into Mexico. The individual stated that he was traveling from Orlando to San Diego de la Union, Guanajuato, Mexico. Medina had purchased one of these recovered firearms nine days earlier.

Firearms and ammunition seized at the U.S. border on May 27, 2023.

On November 17, 2023, CBP officers stopped another individual at the Eagle Pass (Texas) Port of Entry who also was attempting to bring five firearms into Mexico. Medina had purchased two of these firearms less than two weeks earlier.

A record check by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) showed that between January 1 and December 31, 2023, Medina had purchased 82 firearms for a total of $42,085.61—an amount that exceeded his reported annual income. The investigation also revealed that another firearm purchased by an associate of Medina had recently been recovered and electronically traced by Mexican law enforcement using ATF’s e-Trace system.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, Homeland Security Investigations, the Drug Enforcement Administration, the Eustis Police Department, and the Lake County Sheriff’s Office. It is being prosecuted by Assistant United States Attorney Hannah Nowalk Watson.

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 –

March 6, 2025
MIL-OSI USA: Booker’s Joint Address Guest, Cameron McKenzie, Fired Federal Worker of Blairstown, New Jersey

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) will be joined by Cameron McKenzie at President Trump’s Joint Address to Congress this evening. Against the backdrop of increased and uncharacteristic forest fires in New Jersey, McKenzie abruptly lost his job in the United States Forest Service as part of wider DOGE purges across the federal government workforce. As a result of losing his job, Cameron is now planning to sell his home in Blairstown, New Jersey.
“Cameron McKenzie believed deeply in the work he was doing with the United States Forest Service. He was taking care of our environment and serving as a steward to one of our nation’s most valued treasures. Unfortunately, Cameron’s post was part of Elon Musk’s wider effort to purge the federal workforce, and its impact extends beyond the void left in the Forest Service and every other federal agency. Cameron’s future is now uncertain, and he will have to sell his home in Blairstown. What Musk is doing is hemorrhaging our nation’s talented workforce and unduly harming people and communities nationwide, including New Jerseyans. It is my honor to be joined by Cameron this evening, and it is my hope that his courage and resilience are recognized for what they are: patriotic,” said Senator Booker.
Cameron McKenzie is a graduate of Princeton University and Yale University and lives and works in Blairstown, New Jersey. Upon receiving his master’s degree in forestry, he successfully applied to the highly competitive and prestigious Presidential Management Fellowship Program (PMF), whereupon he was assigned to serve in the United States Forest Service as a Community Engagement Specialist. The position afforded him the opportunity to manage U.S. Forest Service outreach programs across more than twenty national forests in the midwestern and northeastern United States. Unfortunately, Cameron’s job with the Forest Service was terminated following wider DOGE purges across the federal government workforce. His story, and those of former federal workers, was featured in a February story in The New York Times.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Booker, Hawley Introduce Bipartisan Legislation to Speed Up Labor Contracts

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ) and Josh Hawley (R-MO) led a bipartisan group of colleagues in introducing legislation to speed up first contracts for new unions. The legislation would ensure that when workers vote to unionize, a labor agreement ultimately becomes a reality. U.S. Senators Gary Peters (D-MI), Bernie Moreno (R-OH), and Jeff Merkley (D-OR) joined as original cosponsors.
After workers vote to form a union, they don’t immediately reap the benefits of collective bargaining. Instead, they first need to obtain an initial agreement with management. But current law stacks the deck in favor of anti-union employers. While existing labor law requires workers and employers to bargain in good faith, the law currently doesn’t impose a negotiation deadline. Over the last few years, it’s taken longer and longer for new unions to secure first contracts. On average, it takes well over a year to get an agreement.
“Americans deserve fair wages, safe workplaces, and good benefits in exchange for their hard work—and forming a union helps workers fight for fairness in their workplace,” said Senator Booker. “Workers who vote to join a union have the right to form that union quickly, instead of facing years of delays from big corporations. This bipartisan bill would ensure that workers are able to have their voices heard and more quickly enjoy the benefits of forming a union instead of facing uncertainty and prolonged stalling tactics.”
“The status quo hurts workers. Despite exercising their legal—and moral—right to bargain collectively, workers are often prevented from enjoying the benefits of the union they voted to form when mega-corporations drag their feet, slow-walk contract negotiations, and try to erode support for the union,” said Senator Hawley. “It’s wrong. We need real labor reform that puts workers first. I’m proud to introduce bipartisan and Teamsters-endorsed legislation that does just that.”
“When unions thrive, working families thrive. Our bipartisan effort is an important step forward to support hardworking Americans by making it easier to form a union, leading to better wages and benefits for all workers. Senator Hawley and I will do all we can to advance this common-sense reform to benefit workers nationwide,” said Senator Merkley.
“When employees stand together to organize their workplace, they deserve to get to the bargaining table as soon as possible,” said Senator Peters. “This bipartisan bill is a step in the right direction. It would help crack down on union busting tactics so our workers can fight for the wages and benefits they deserve, without interference and attempts to delay the process.”
“Greedy corporations will stop at nothing to keep workers from getting a fair first contract. Their playbook is simple: stall, delay, and drag out negotiations to deny workers from securing the wages and conditions they deserve. Teamsters are proud to support the Faster Labor Contracts Act—real labor law reform that forces employers to bargain in good faith and holds them accountable when they don’t,” said Teamsters General President Sean M. O’Brien.
The Faster Labor Contracts Act would:
Amend the National Labor Relations Act to require that after workers have voted to form a union, employers must begin negotiating with the new union within 10 days.
Provide that if no agreement is reached within 90 days, the dispute will be referred to mediation.
Stipulate that if mediation fails within 30 days, or additional periods agreed upon by the parties, the dispute will be referred to binding arbitration to secure an initial contract.
Commission a Government Accountability Office report on average workplace time-to-contract one year after enactment.
Senator Booker has long championed workers’ rights, including by protecting their right to organize. Last Congress, he introduced the Richard L. Trumka Protecting the Right to Organize (PRO) Act, a comprehensive proposal to protect the rights of workers to come together and bargain for higher wages, better benefits, and safer workplaces. While large corporations and wealthy individuals continue to capture the rewards of a growing economy, working families and underserved Americans are left behind.
To read the full text of the bill, click here.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Booker, Warren, Lawmakers to Trump: Fire Elon Musk, Reinstate Agency Leaders, and Federal Watchdogs

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ), along with Senator Elizabeth Warren (D-MA), and House Oversight Committee Ranking Member Gerry Connolly (D-VA) and House Judiciary Committee Ranking Member Jamie Raskin (D-MD), led 38 Members of Congress in a letter to President Donald Trump, raising concerns about his unlawful firings of dozens of independent agency heads and inspectors general (IGs), and calling attention to how many of these firings appear to benefit Elon Musk. The Members also demand that President Trump remove Musk from his government role unless he addresses his conflicts of interest, and immediately reinstate the illegally fired individuals.
“Nearly all of your decisions you made about who to fire appear to benefit Mr. Musk, and many target individuals and agencies that are currently investigating or prosecuting Mr. Musk or his companies for unlawful behavior,” wrote the lawmakers. “Many of these individuals have legal protections dictating why and how they can be removed from office.”
Many of the firings appear to benefit Musk and his business interests. Musk and his companies were the subject of at least 20 recent government investigations or prosecutions, including for possible violations of federal safety and labor laws—until Musk dismantled those agencies. The lawmakers’ letter names several agency heads and watchdogs who were overseeing the investigations who and were improperly fired, including: NLRB Chair Gwynne Wilcox, FEC Chair Ellen Weintraub, EEOC Commissioners Jocelyn Samuels and Charlotte Burrow, and USDA Inspector General Phyllis Fong.
“Altogether, these firings either directly benefit Mr. Musk and his companies or remove guardrails that would hold them accountable to the rule of law,” the lawmakers continued.
Several of Trump’s orders violate the officials’ legal protections. For example, federal law requires the president to notify Congress 30 days before removing an inspector general, but Trump failed to do so before firing over a dozen IGs. He also didn’t provide the justification required to remove a leaders of independent agencies.
“The impacts are vast: in total, your removals of agency heads and career civil servants have affected at least eleven federal agencies with more than thirty-two ongoing investigations, complaints, or enforcement actions on Mr. Musk’s companies,” wrote the lawmakers.
The lawmakers warned that failing to hold Musk accountable hurts American citizens and threatens the democratic system of checks and balances.
“These firings have removed the exact individuals in our government who would hold Mr. Musk and his companies accountable for following the law and protect everyday Americans from threats to their health, welfare, safety, and economic well-being,” wrote the lawmakers.
“We urge you to immediately reinstate the illegally fired individuals and remove Mr. Musk from his government role unless he addresses his massive and glaring conflicts of interest as required by law,” concluded the lawmakers.
The letter is cosigned by U.S. Senators Richard Blumenthal (D-CT), Martin Heinrich (D-NM), Ed Markey (D-MA), Alex Padilla (D-CA), Bernie Sanders (I-VT), Adam Schiff (D-CA), and Chris Van Hollen (D-MD).
In addition to co-leads House Oversight Committee Ranking Member Gerry Connolly (D-VA) and House Judiciary Committee Ranking Member Jamie Raskin (D-MD), the following Representatives signed on: Balint (D-VT), Beyer (D-VA), Brownley (D-CA), Clarke (D-NY), Cleaver (D-MO), Cohen (D-TN), Davis (D-IL), DeSaulnier (D-CA), García (D-IL), Garcia (D-CA), Grijalva (D-AZ), Johnson (D-GA), Kelly (D-IL), Khanna (D-CA), Lee (D-PA), Levin (D-CA), Matsui (D-CA), McIver (D-NJ), Moulton (D-MA), Norton (D-DC), Olszewski (D-MD), Ramirez (D-IL), Scanlon (D-PA), Schakowsky (D-IL), Stansbury (D-NM), Subramanyam (D-VA), Titus (D-NV), Tlaib (D-MI), Tokuda (D-HI), Tonko (D-NY), and Waters (D-CA).
To read the full text of the letter, click here.

MIL OSI USA News –

March 6, 2025
MIL-OSI Canada: Saskatchewan to Halt United States Alcohol and Procurement

Source: Government of Canada regional news

Released on March 5, 2025

Today, Premier Scott Moe announced that the Government of Saskatchewan has directed Saskatchewan Liquor and Gaming Authority (SLGA) to stop purchasing US-produced alcohol and has directed that goods and services procured by the Government of Saskatchewan prioritize Canadian suppliers, with the goal of reducing or eliminating US procurement.

Any future government capital projects have been paused and for those projects in process, contractors will be asked to report on American products and reduce that amount.

“These extraordinary measures are a direct response to President Trump’s unjustified tariffs and a direct attack on the Canadian economy,” Moe said. “This decision was not made lightly, but the Government of Saskatchewan has always and will always stand up for Saskatchewan’s interests and protect our jobs, our economy and our residents.”

Liquor retailers will no longer be able to order US-produced alcohol, however they may still choose to sell their remaining inventory. This approach defends the interests of Saskatchewan’s economy while avoiding negative impacts on Saskatchewan’s liquor retailers who have already purchased US products.

Lotteries and Gaming Saskatchewan has been directed to source from other suppliers the $43 million of VLT and slot machines that are to be upgraded this year and are currently procured from the United States.

“The United States has always been Saskatchewan’s largest and most important trading partner, but when they attack our economy, we have to push back,” Moe said. “Our exports lower the cost of living for millions of Americans and support jobs on both sides of the border. Our goal is to end these tariffs and retaliatory measures as soon as possible so that we can resume our long standing, mutually beneficial relationship.”

The Government of Saskatchewan will also expect school divisions, municipalities and post-secondary institutions to adopt similar procurement policies that prioritize Canadian goods and services.

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For more information, contact:

MIL OSI Canada News –

March 6, 2025
MIL-OSI USA: Tuberville Reintroduces Legislation to Expand Treatment Options for Veterans

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville

WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senators John Hoeven (R-ND) and Kevin Cramer (R-ND) in reintroducing the HBOT Access Act to make Hyperbaric Oxygen Therapy (HBOT) an available resource for veterans suffering from Traumatic Brain Injury (TBI) or Post-Traumatic Stress Disorder (PTSD) who have exhausted other evidence-based treatment options. Senator Tuberville previously introduced this legislation in the 117^th Congress.

Senator Tuberville spoke about the need to expand HBOT for veterans yesterday in a U.S. Senate Veterans’ Affairs Committee (SVAC) hearing and received thunderous applause from veterans in the room.

“Our veterans face many battles from their time in war—including those that we can’t see,” said Senator Tuberville. “We must do more to support them as they face these silent struggles, especially when it comes to mental health. For veterans that have exhausted other options, access to HBOT treatment could make all the difference in them living to see another day. We have nothing to lose, but we do have lives to save. I appreciate Senators Hoeven and Cramer joining me to introduce this critical piece of legislation, and will continue fighting for America’s veterans.”

The HBOT Access Act is endorsed by the American Legion.

BACKGROUND

Senator Tuberville represents Alabama’s more than 400,000 veterans on the Senate Veterans’ Affairs Committee and hasworked to make targeted, yet meaningful changes to how the Department of Veterans Affairs (VA) delivers care and benefits for veterans. He has introduced several pieces of legislation that have been signed into law, including the Supporting Families of the Fallen Act, Restoring Benefits to Defrauded Veterans Act, and legislation to streamline Post-9/11 benefits for service members and their dependents.

The HBOT Access Act would require the VA to provide HBOT as a treatment option to any veteran suffering from TBI or PTSD and who has tried no fewer than two evidence-based treatment options. This legislation builds on the Right to Try Actsigned into law by President Trump. Currently, HBOT is an FDA-approved treatment option for 14 different illnesses, but is not approved for use by the VA for traumatic brain injuries, although evidence of beneficial HBOT treatment is documented within the veterans’ community.

MORE:

WHAT THEY ARE SAYING: Praise Mounts for Tuberville’s HBOT Access Act

Tuberville Leads Effort to Provide Veterans Greater Access to Treatment, Introduces HBOT Access Act

Tuberville Introduces Legislation to Ensure Community Care Access for Veterans

Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans

Senate Passes Tuberville Legislation to Restore Benefits to Defrauded Veterans

House Passes Tuberville Legislation to Restore Benefits to Defrauded Veterans

Tuberville Continues Fight to Protect Veterans’ Access to Community Care

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 –

March 6, 2025
MIL-OSI USA: PHILADELPHIA – Governor Shapiro to Visit Temple University Health System to Highlight Proposed Investments to Grow Pennsylvania’s Nursing Workforce

Source: US State of Pennsylvania

March 06, 2025 – Philadelphia, PA

ADVISORY – PHILADELPHIA – Governor Shapiro to Visit Temple University Health System to Highlight Proposed Investments to Grow Pennsylvania’s Nursing Workforce

Governor Josh Shapiro will visit Temple Women & Families to highlight the major investments his 2025-26 Budget Proposal would make to address the ongoing nursing shortage – including $5 million to support workforce initiatives to educate, train, and recruit nursing professionals.

Governor Shapiro’s budget proposal puts growing our workforce front and center, building upon previous investments to support the demand for reliable health care services throughout the state.
Under the Governor’s leadership, Pennsylvania has expanded workforce development and increased funding for vo-tech programs, career and technical education (CTE), and apprenticeships by nearly $65 million. Today, Pennsylvania invests 50 percent more in workforce development than when the Governor took office, equipping workers with the skills needed for high-demand jobs.

WHO:
Governor Josh Shapiro
Secretary Nancy A. Walker, Department of Labor & Industry
Senator Christine Tartaglione
Representative Jason Dawkins
Michael Young, President and CEO of Temple University Health System
Chaudron Carter, Chief Nursing Executive of Temple University Health System

WHEN:
Thursday, March 6, 2025 at 11:00AM

WHERE:
Temple Women & Families
1331 East Wyoming Avenue
Philadelphia, PA 19124

LIVE STREAM:
pacast.com/live/gov
governor.pa.gov/live/

RSVP:
Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

MIL OSI USA News –

March 6, 2025
MIL-OSI USA: Attorney General James Issues Diversity, Equity, Inclusion, and Accessibility Guidance for Schools

Source: US State of New York

EW YORK – New York Attorney General Letitia James today led a coalition of 14 attorneys general in issuing guidance to K-12 schools, colleges, and universities outlining the benefits, legality, and importance of common diversity, equity, inclusion, and accessibility (DEIA) policies and practices in education. The guidance comes in response to concerns expressed by some educational institutions following an executive order and a U.S. Department of Education (DOE) “Dear Colleague” letter threatening schools that continue to uphold DEIA policies and programming. In the guidance issued today, Attorney General James and the coalition remind educational institutions and entities that their lawful efforts to seek and support diverse, equitable, inclusive, and accessible educational experiences cannot be rendered illegal by an executive order or a letter from DOE – neither of which can make or change the law.

“The administration cannot ban diversity, equity, inclusion, and accessibility efforts with a ‘Dear Colleague’ letter,” said Attorney General James. “Schools and educational institutions can rest assured that they are well within their legal rights to continue building inclusive learning environments for their students. My office will always stand up for the rule of law and defend New Yorkers from threats.”

The Trump administration, in its efforts to dismantle diversity initiatives, has sought to misinterpret and improperly expand the U.S. Supreme Court’s narrow ruling in Students for Fair Admissions, Inc. v. President and Fellows of Harvard College (SFFA). In their guidance, the attorneys general clarify that the administration’s recent executive order and communications from DOE do not change the law with respect to higher education policies.

The attorneys general also emphasize that higher education institutions are well within their rights to continue to seek and cultivate diverse student bodies and equitable outcomes for students. In the guidance, the coalition clarifies that while SFFA limited the ability of higher education institutions to consider an applicant’s race as a “plus” factor for admission, schools can still work to diversify their applicant pools and student bodies through recruitment efforts. The guidance also notes that institutions do not have to ignore race when identifying prospective students for outreach and recruitment programs, provided such programs do not give students preference based on race and that all students have the same opportunity to apply and compete for admission. Attorney General James and the coalition assure schools that they can continue to target outreach to potential applicants based on a wide range of characteristics, such as academic interests, geographic residency, financial means and socioeconomic status, family background, and parental education level.

The attorneys general are also encouraging K-12 schools to strive for a school climate where all students feel safe, supported, respected, and ready to learn. School leaders can do this by reviewing their current practices to ensure that their district complies with anti-discrimination, anti-bullying, and civil rights laws, and by adopting programs and policies that incorporate best practices and meet the needs of their communities. In addition, the attorneys general identify steps schools can take to ensure that all students, including those from historically underrepresented backgrounds, are prepared for college and careers.

Joining Attorney General James in issuing this guidance are the attorneys general of California, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Jersey, Nevada, Oregon, Rhode Island, Vermont, and the District of Columbia.

MIL OSI USA News –

March 6, 2025

Category: Americas

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