NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Americas

  • MIL-OSI: Capgemini announces leadership appointments

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Sam Connatty
    Tel.: +44 (0)370 904 3601
    Email: sam.connatty@capgemini.com

    Capgemini announces leadership appointments

    • Anirban Bose becomes CEO of the Americas Strategic Business Unit
    • Kartik Ramakrishnan becomes CEO of the Financial Services Strategic Business Unit
    • Jerome Simeon will take on the role of Chief Revenue Officer
    • Franck Greverie will become Chief Technology Officer

    Paris, October 23, 2024 – Capgemini today announced some key leadership appointments. Anirban Bose succeeds Jim Bailey as CEO of the Americas Strategic Business Unit, effective November 1. Consecutively, Kartik Ramakrishnan is appointed CEO of the Financial Services Strategic Business Unit. Jerome Simeon will become Chief Revenue Officer and Franck Greverie Chief Technology Officer, both from January 1, 2025. Following an outstanding 34-year long career at Capgemini, Olivier Sevillia, Chief Operating Officer, has decided to pursue new endeavors as an individual, and will leave the Group at the end of 2024. With his deep global experience and passion for digital transformation, Olivier will focus on promoting the techno-business ecosystem of European companies to help improve their competitiveness. The whole Capgemini team is looking forward to supporting Olivier in his next chapter.

    “These appointments strengthen the Group’s growth ambition and reinforce Capgemini’s role as the go to business and technology partner for our clients. Anirban Bose has been at the helm of our Financial Services division for the last six years and instrumental in building and shaping this business across the globe. Anirban is well positioned to accelerate our trajectory in the Americas, building on our progress in the region over the past 4 years under the leadership of Jim Bailey. I would like to thank Jim for his many contributions to Capgemini. Kartik Ramakrishnan, who has been running the Banking sector for the past six years, is Anirban’s natural successor, to ensure the global business will continue to go from strength to strength,” comments Aiman Ezzat, CEO of the Capgemini Group. “To bolster our laser focus on growth, Jerome Simeon will take on a new position of Chief Revenue Officer for the Group in the new year. His role will encompass our activities across sales, key clients and industries to bring even greater value to our clients as we accompany them on their business-critical transformations. Franck Greverie will add Chief Technology Officer to his scope of responsibility, also from January 1. His deep tech expertise and forward-thinking approach will accelerate our efforts to build innovative value creating solutions for our clients. I wish Anirban, Kartik, Jerome and Franck every success in their new roles.”

    Aiman Ezzat continues, “After an outstanding 34-year long career at Capgemini and an impressive track record in leading and operating strategic businesses across the Group, Olivier Sevillia will step down as Group COO at the end of 2024. We are all looking forward to supporting Olivier in his new endeavors as an individual, focused on applying his extensive experience in digital transformation to promote a rich techno-business ecosystem to help improve the competitiveness of European businesses. The board of directors joins me in thanking him and paying tribute to his commitment and service.”

    Biography: Anirban Bose

    Anirban was Head of Capgemini’s Financial Services Strategic Business Unit and a member of the Group Executive Board from 2018. He was also responsible for overseeing the Asia Pacific Strategic Business Unit.

    Prior to this, Anirban was the Head of Capgemini’s Banking and Capital Markets Business Unit.

    Between 2007 and 2015 Anirban led Capgemini’s Banking Business Unit. From 2004 to 2007, Anirban served as executive vice president at Kanbay before its 2007 acquisition by Capgemini.

    Anirban resides in New York. He graduated from the Indian Institute of Technology of Varasani with a Bachelor of Technology. He holds an MBA in Finance from the University of Chicago.

    Biography: Kartik Ramakrishnan

    Kartik was the Deputy CEO of Capgemini’s Financial Services Strategic Business Unit and also led Capgemini’s Banking and Capitals Markets business. Kartik has been a member of the Group Executive Committee since 2023.

    Prior to this, Kartik was responsible for managing sales teams across banking and capital markets.

    Kartik has spent over 25 years consulting in the banking and payments industry. Over his career, he has been involved in launching new products and developing innovative, cost-effective solutions for financial services firms across the globe in countries such as Australia, Canada, Germany, India, Singapore, United Kingdom and United States of America.

    Kartik has a bachelor’s degree from the Indian Institute of Technology and a master’s degree from the Booth School of Business at University of Chicago.

    Biography: Jerome Simeon

    Jerome became the Head of Global Industries in 2023. He has been a Member of the Group Executive Board since 2021.

    Prior to this, he was the CEO of the Southern Europe Strategic Business Unit. From 2018 to 2020, Jerome was Managing Director of Capgemini in France, when he also joined the Group Executive Committee.

    From 2014, he was CEO, Application Services France after serving as Commercial Director (from 2012 to 2014).

    Prior to this, from 2007 to 2010, he held commercial positions in Capgemini’s Telecom & Media business after managing the development and sales for the Property & Services Europe sector of BT Global Services for two years.

    Jerome joined Capgemini in 1998, after eight years with the group Générale des Eaux/Vivendi. Jerome graduated from Toulouse Business School.

    Biography: Franck Greverie

    Franck Greverie has been the Chief Portfolio Officer at Capgemini since 2018.

    Franck has been on the Group Executive Board since 2020, when he took on additional responsibilities overseeing Cloud Infrastructure Services (cloud & cybersecurity), Business Services and Insights & Data (Data & AI) Global Business Lines.

    Prior to this, from 2016, Franck led the Cloud & Cybersecurity activities of Capgemini. He joined Capgemini in 2015 as Head of the Cybersecurity Global Service Line.

    Between 2012 and 2015, Franck was an Executive VP at Bull, where he was in charge of the Security Division, and also led the Middle East, Africa and Asia activities.

    Prior to that, Franck was the Managing Director of the Information Systems Security and Cybersecurity activities for Thales Group (France, UK, Germany, Norway, USA, Asia) since 2018. His career with Thales began in 2004, as Head of Strategy, Business Development and Marketing for the Security activity.

    Franck is a graduate of ESME, engineering school, and of the Executive MBA of ESSEC Business School.

    Note to Editors
    High-resolution photography of Anirban Bose, Kartik Ramakrishnan, Jerome Simeon and Franck Greverie is available on request.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organisations to accelerate their dual transition to a digital and sustainable world while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market-leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get the future you want | http://www.capgemini.com

    Attachment

    • 10_23_Capgemini leadership appointments

    The MIL Network –

    January 24, 2025
  • MIL-OSI NGOs: Cuba: Amnesty International designates four persons as prisoners of conscience in the midst of a new wave of state repression

    Source: Amnesty International –

    In a context of systematic human rights violations, a completely restricted civic space and the criminalization of any form of dissent, Amnesty International today declared political dissident Félix Navarro, independent journalist and Dama de Blanco Sayli Navarro, 11J protester Roberto Pérez Fonseca and activist Luis Robles as prisoners of conscience.

    “These designations are a recognition of the dozens of people who remain in prison in Cuba for peacefully exercising their rights, and of all those who live under constant surveillance, harassment and the threat of criminalization. A recognition of the courage and resistance of the people of Cuba who are standing up to constant and generalized repression and fighting for their rights and the rights of all people,” said Ana Piquer, Americas director at Amnesty International.

    Félix Navarro is a 71-year-old political dissident and founder of the “Pedro Luis Boitel” Party for Democracy. For over 30 years, he has been the coordinator of the Patriotic Union of Cuba and has been associated with the Cuba Decides platform and the Council for the Democratic Transition in Cuba. Félix is currently serving his third prison sentence for political reasons. He was imprisoned in 1992 on charges of “enemy propaganda” for putting up “anti-revolution” posters in his home town. In 2003, he was sentenced to 25 years in prison in the criminal proceedings following the crackdown known as the “Black Spring”, along with 75 other dissidents, journalists and activists. In this context, he was declared a prisoner of conscience by Amnesty International. He was released on extra-penal leave on 23 March 2011, together with fellow prisoner of conscience José Daniel Ferrer, as the last of the group of 75 to be freed after previously refusing to be released in exchange for exile.

    Sayli Navarro, his daughter, is a 38-year-old activist and cofounder of the Damas de Blanco (Ladies in White), a group of mothers, wives and daughters of the group of 75 people arrested during the “Black Spring”. Sayli has lived with the consequences of the state repression exercised against her father since she was a child. She was expelled from university in 2010 because of her “counter-revolutionary links”, and has been arbitrarily detained, subjected to interrogation and threatened on a number of occasions by state security agents and police authorities.  

    Félix and Sayli Navarro were sentenced in March 2022 to 9 and 8 years in prison respectively for events related to the protests of 11 and 12 July 2021. Both were violently arrested on 12 July at their local police station in the town of Perico, Matanzas province, when they went to enquire about the situation of members of their movement who had been arrested during the protests the day before.  

    Luis Robles, 32, was sentenced to four years and six months in prison in March 2022 on charges of enemy propaganda and disobedience for peacefully protesting on a pedestrian street in central Havana in December 2020. Luis was holding up a sign that read ‘’Freedom‘’, ‘’No+Repression‘’ and ‘’#Free-Denis‘’ and walking in circles as dozens of people began to film him. Luis Robles held up the sign for several minutes until the police approached him, took the sign from him and arrested him, with Luis putting up no resistance. This happened a few days after the San Isidro Movement staged a lockdown and hunger strike to demand the release of rapper Denis Solís. Luis wanted to express his solidarity with the rapper and his support for the San Isidro Movement.

    Roberto Pérez Fonseca, 41, was sentenced in October 2021 to 10 years’ imprisonment for his participation in the protests of 11 July 2021. Roberto was charged with the offences of contempt, assault, public disorder and incitement to commit a crime, all of which are typically used by the Cuban authorities against those who exercise their right to freedom of peaceful assembly and association. The United Nations Working Group on Arbitrary Detention found Roberto’s detention to be arbitrary and motivated by the peaceful exercise of his right to freedom of assembly and association, as well as to freedom of opinion and expression. It also found that Roberto’s right to a fair and impartial trial had been violated.

    These designations come in the context of renewed repression by the Cuban authorities against activists, human rights defenders, journalists, intellectuals and independent media in the last weeks of September. This includes an alarming increase in ill-treatment, harassment, arbitrary detentions, new threats of criminalization, denial of prison benefits and worrying reports of deterioration in the health and physical integrity of detainees.

    “Following the widespread state repression unleashed by the July 2021 protests, and with many activists, political opponents and dissidents unjustly imprisoned, the Cuban state seems intent on eradicating any capacity for resistance within Cuban society, which now extends to projects, spaces and activism not linked to traditional political opposition or dissidence,” added Ana Piquer.

    Independent media organizations El Toque, Periodismo de Barrio and Cubanet have claimed in editorials and on social media that their contributors have received threats of criminalization from the authorities in recent weeks. According to these reports, contributors have repeatedly been summoned by police and state security agents and informed of possible criminal prosecution for “mercenarism”. In addition, activists and independent media contributors reported on their social networks that they had received arbitrary summonses followed by interrogations by the authorities and state security agents about their journalistic work and their links to certain individuals or media outlets considered to be “counter-revolutionary”. In this context, Amnesty International has had access to the testimonies of at least 20 activists, who have reported being threatened with imprisonment, forced to record themselves and sign declarations of self-incrimination, and deprived of their mobile phones and computers. Similarly, Cuban human rights organizations reported that at least three independent media contributors were forced to write public resignations on their social networks, expressing their intention not to work with independent media. On 16 September, the cultural magazine PM Magazine announced that it was closing down permanently due to increasing pressure and harassment against its director by state security agents.

    “This climate of constant fear and intimidation adds to our concern at the continuing reports of the deteriorating health and ill-treatment of prisoners of conscience Loreto Hernández, Pedro Albert and José Daniel Ferrer, and the increasing and systematic harassment of journalist Carlos Michael Morales, and Damas de Blanco leader Berta Soler. It is imperative that the international community show solidarity and demand the immediate release of those imprisoned for exercising their rights, and an end to the repression and harassment of dissidents in Cuba,” said Ana Piquer.

    Amnesty International calls for the immediate and unconditional release of prisoners of conscience, and of all those unjustly imprisoned solely for exercising their human rights. The organization also calls on the government of Miguel Díaz-Canel to respect human rights, including the right to freedom of expression, association and peaceful assembly, to repeal repressive legislation, and to end the repression of dissidents.

    In order to determine whether a person is a prisoner of conscience, Amnesty International uses the information available to it regarding the circumstances leading to their detention. By designating a particular person as a prisoner of conscience, Amnesty is affirming that this person must be immediately and unconditionally released but is not endorsing their past or present views or conduct.

    MIL OSI NGO –

    January 24, 2025
  • MIL-OSI: Despite overwhelming hype, Jabra research finds only 26% of office workers use AI in daily work

    Source: GlobeNewswire (MIL-OSI)

    • Workplaces believe in the power of AI, with 84% of leaders saying AI can enhance work, but 82% are unprepared for integration of the tech into the workplace
    • 90% of knowledge workers wouldn’t trust AI for tasks that require human judgement or creativity
    • Workers are equally not using AI in their personal lives, with only 26% reporting regular use

    LOWELL, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) — Jabra, a global leader in enterprise audio and video solutions, released a new report, Great ExpectAItions – Work in the Age of AI, which reveals that while many business decision-makers (84%) express high levels of trust in AI, very few office workers (26%) are using it in their daily roles due to a variety of perceived challenges. This disconnect suggests that even though leadership is optimistic about AI’s potential, they may yet lack the necessary vision or skills to effectively implement it across the workforce.

    The study, conducted among 1,800 AI decision makers surveyed across 6 countries and 4,200 employees from 14 countries, highlights that despite strong enthusiasm for AI, there is a clear disconnect between trust in the technology and its actual use in the workplace. While 85% of decision-makers express high interest in AI, the vast majority (82%) acknowledge they need to better understand how AI can improve workplace efficiency.

    Additionally, although 54% of employees believe AI can improve their work and 54% feel confident in their ability to collaborate successfully with AI, there’s still a significant gap in actual adoption in regular use at work. Jabra’s data found this appears due to several perceived challenges and demographic considerations:

    • 90% of employees wouldn’t trust AI for tasks that require creativity and innovation. This reluctance isn’t just about trust, it’s also about the satisfaction that comes from being personally involved in these more meaningful tasks.
    • There’s a clear generational divide in AI adoption, with 47% of Millennials and 37% of Gen Z indicating they feel positive about AI versus only 15% of Boomers. Adoption wise, 28% of Millennials and Gen Z use AI day to day at work, versus just 15% of Boomers.
    • AI decision-makers are relatively young – 58% are between the ages of 18 and 39 – and 71% are not from the IT department.

    Paul Sephton, Head of Brand Communications at Jabra, said: “We see many organizations eager to jump on the AI wave, but some are still dancing in the dark when it comes to effective implementation and meaningful use. As tools rapidly shift toward voice-driven input rather than text alone, it’s crucial for organizations to recognize how this evolution will change our interactions with AI and enhance productivity.”

    “To avoid what we call ‘AI-washing’ – simply jumping on the AI bandwagon – organizations must carefully evaluate the productivity gains that AI can offer and actively involve their employees in this journey. At Jabra, we believe in harnessing the power of AI not just to enhance productivity, but to foster a more connected and capable workforce, driving innovation and collaboration at every level.”

    Read more and download full report here:

    https://www.jabra.com/thought-leadership/ai-at-work

    Note to Editors
    The Great ExpectAItions – Work in the Age of AI Report leveraged two quantitative surveys conducted in August 2024. The first surveyed 1800 AI decision-makers from six countries (300 per country) – USA, UK, France, Germany, Japan and India. The second surveyed 4200 knowledge workers from 14 countries (300 per country) – USA, UK, France, Germany, Poland, UAE, Italy, the Netherlands, Spain, Japan, India, Singapore, Australia and Hong Kong.

    PR contact
    Hayley Minardi
    Manager, PR & Communications, Jabra
    hminardi@jabra.com

    About Jabra

    Jabra is a world leading brand in audio, video and collaboration solutions – engineered to empower consumers and businesses. Proudly part of GN Group, we are committed to bringing people closer to one another and to what is important to them. Jabra engineering excellence leads the way, building on over 150 years of pioneering work within GN. This allows us to create integrated tools for contact centers, offices, and collaboration to help professionals work more productively from anywhere; and true wireless headphones and earbuds that let consumers better enjoy calls, music, and media. http://www.jabra.com

    Founded in 1869, GN Group employs more than 7,000 people and is listed on Nasdaq Copenhagen (GN.CO). GN’s solutions are sold in 100 countries across the world. Visit our homepage GN.com or connect with us on LinkedIn, Facebook, and X.

    © 2024 GN Audio A/S. All rights reserved. Jabra® is a registered trademark of GN Audio A/S. All other trademarks included herein are the property of their respective owners (design and specifications are subject to change without notice).

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/70547059-e2bb-4ea5-866f-e1e9f844fb5b

    The MIL Network –

    January 24, 2025
  • MIL-OSI USA: Governor Lamont Directs Flags To Half-Staff in Honor of Wethersfield Firefighter Robert Sharkevich

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that he is directing U.S. and state flags in Connecticut lowered to half-staff in honor of Robert Sharkevich Sr., a member of the Wethersfield Volunteer Fire Department and former member of the Hartford Fire Department who died in the line of duty while responding to a brush fire at Lamentation Mountain in Berlin.

    Flags should be lowered effective immediately and remain lowered until sunset on the date of interment, which has not yet been determined. The Office of the Governor will send out a notification when flags should be returned to full staff.

    “I am very heartbroken to learn the news of the tragic loss of Firefighter Sharkevich, who died while bravely and courageously responding to the brush fire at Lamentation Mountain in Berlin,” Governor Lamont said. “His selfless dedication to public service and the safety of his community and the surrounding towns is nothing less than heroic. On behalf of the people of Connecticut, I thank him for the service he has provided to our state, and I extend my deepest condolences to his family, friends, and colleagues in the Wethersfield Volunteer Fire Department and Hartford Fire Department.”

    “This is a tragic reminder of the sacrifice and risk that our professional and volunteer firefighters face day in and day out when they put on their uniforms,” Lt. Governor Susan Bysiewicz said. “Firefighter Sharkevich bravely answered the call to assist the area’s fire crews in responding to this brush fire, and he will forever be remembered as a hero. My heart breaks for his loved ones and the members of the Wethersfield Volunteer Fire Department, the Hartford Fire Department, and Connecticut’s whole firefighting community. I am keeping each of them and their loved ones in my thoughts and prayers.”

    In accordance with the governor’s directive, flags will be at half-staff on the Connecticut State Capitol building and all other state-operated buildings, grounds, and facilities statewide. Individuals, businesses, schools, municipalities, and any other private entities and government subdivisions are encouraged to lower their flags for this same duration of time. Since no flag should fly higher than the U.S. flag, all other flags, including state, municipal, corporate, or otherwise, should also be lowered.

     

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Submissions: WHO – Ten additional countries in the Western Pacific Regionpledge to invest in WHO

    Source: World Health Organization (WHO)

    MANILA, 23 October 2024 – In a historic show of support, 10 more countries in the Western Pacific Region pledged to provide an additional US$ 12.1 million to the World Health Organization (WHO) through its first-ever Investment Round. This comes in addition to US$ 18 million announced by Singapore in May. The WHO Investment Round aims to secure predictable, flexible, and resilient resources for WHO’s core work over the next four years.

    The seventy-fifth session of the WHO Regional Committee for the Western Pacific began on Monday with Member States formally endorsing the new regional vision Weaving Health for Families, Communities and Societies in the Western Pacific Region (2025-2029): Working together to improve health, well-being and save lives.

    The financial commitments were made during a Special Event on the Investment Round at the Regional Committee today. Governments and partners from across Asia and the Pacific in attendance emphasized the importance of ensuring WHO has robust financing to implement its global strategy for the 2025-2028 period, the 14th General Programme of Work, which was approved by Member States at the World Health Assembly in May 2024.

    The Government of the Philippines co-hosted the Special Event and made a historic pledge of US$ 10 million to the WHO Investment Round. During his remarks, Secretary of Health Dr Teodoro J. Herbosa of the Philippines said “A robust, reliable, and sustainably funded WHO is crucial for the Western Pacific Region and the world to address inequities and inequalities in health which were amplified by the COVID-19 pandemic. Today, we have taken a significant first step towards a future where health and well-being are accessible to everyone.”

    Malaysia also demonstrated its support of WHO’s work through a US$ 2 million pledge towards the Investment Round.

    In a powerful symbol of Pacific leaders’ commitment to health and WHO’s pivotal role in supporting them, eight Pacific Island countries pledged to double their funding contributions to WHO for 2025.  First-ever voluntary contributions to WHO were announced today by Papua New Guinea, and Cook Islands, Palau, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.

    Speaking to the Regional Committee through a live video connection on Tuesday morning, WHO Director-General Dr Tedros Adhanom Ghebreyesus noted that to support the implementation of the Organization’s new global strategy, “we have launched the first WHO Investment Round, which aims to mobilize the sustainable and predictable resources we need to do our work. Thank you all for your commitment to promoting, providing and protecting health, for all people of the Western Pacific.”

    During the Investment Round Special Event, WHO Regional Director for the Western Pacific, Dr Saia Ma’u Piukala, thanked Member States and partners for their pledges, which will enable the Organization to support countries more effectively.

    “The commitments made today are truly historic,” Dr Piukala said. “They include a doubling of financial contributions from several of our small island developing states, and significant sums from the Philippines and Malaysia.

    “It’s a sign of governments’ confidence in WHO as their partner in health, and a recognition of the need for sustainable financing in order to deliver on the vision of weaving health for families, communities and societies in the Western Pacific,” he said.

    Prior to the meeting, WHO launched the document All for Health, Health for All: WHO Investment Case 2025-28 Western Pacific to capture the impact of a fully-funded Western Pacific Region over the next four years.

    Partners joined Members States in statements of support for WHO. Organizations including the Asian Development Bank, the Institute of Philanthropy and Temasek Trust committed to working closely with WHO during the next four years. Earlier this month, the Institute of Philanthropy made a US$10 million pledge to the Investment Round during the World Health Summit in Berlin, following a $1.2 million pledge in May at the World Health Assembly. The Temasek Foundation also pledged $10 million on the sidelines of the United Nations General Assembly in September.

    “We are off to a great start for the Investment Round in the Western Pacific based on today’s event,” said Dr Piukala. “Today we also heard that we should expect to see more countries and partners stepping up to provide additional resources in the coming weeks.”

    With a fully and sustainably funded operating budget for 2025–2028, WHO will be better able to tackle emergencies and outbreaks that jeopardize health security and threaten lives, reduce the burden of both infectious diseases and noncommunicable diseases (NCDs), and continue working to improve the health and well-being of everyone, especially the most vulnerable.

    Launched at the World Health Assembly in May 2024, the Investment Round aims to mobilize contributions that are flexible and thereby aligned with WHO’s strategy as approved by its Member States, predictably provided at the start of the four-year programme cycle to enable strategic decision-making, and resilient in that they will derive from a larger, more diverse set of donors.

    WHO’s Investment Round will culminate at the G20 leaders’ summit chaired by Brazilian President Lula da Silva next month.

    Notes:

    The seventy-fifth session of the Western Pacific Regional Committee began on 21 October and runs through 25 October at WHO’s Regional Office for the Western Pacific in Manila, Philippines. The agenda (https://cdn.who.int/media/docs/default-source/wpro—documents/regional-committee/session-75/wpr-rc75-01-provisional-agenda.pdf ) and timetable (https://cdn.who.int/media/docs/default-source/wpro—documents/regional-committee/session-75/tentative-timetable_rc75.pdf ) are available online. A livestream of proceedings, all other official documents, as well as fact sheets and videos on the issues to be addressed can be accessed here. https://www.who.int/westernpacific/about/governance/regional-committee/session-75

    Working with 194 Member States across six regions, WHO is the United Nations specialized agency responsible for public health. Each WHO region has a regional committee – a governing body composed of ministers of health and senior officials from Member States. Each regional committee meets annually to agree on health actions and to chart priorities for WHO’s work.

    The WHO Western Pacific Region is home to more than 1.9 billion people across 37 countries and areas: American Samoa (United States of America), Australia, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji, French Polynesia (France), Guam (United States of America), Hong Kong SAR (China), Japan, Kiribati, the Lao People’s Democratic Republic, Macao SAR (China), Malaysia, the Marshall Islands, the Federated States of Micronesia, Mongolia, Nauru, New Caledonia (France), New Zealand, Niue, the Commonwealth of the Northern Mariana Islands (United States of America), Palau, Papua New Guinea, the Philippines, Pitcairn Islands (United Kingdom of Great Britain and Northern Ireland), the Republic of Korea, Samoa, Singapore, Solomon Islands, Tokelau, Tonga, Tuvalu, Vanuatu and Viet Nam, Wallis and Futuna (France).

    MIL OSI – Submitted News –

    January 24, 2025
  • MIL-OSI Africa: Kaspersky uncovers new Grandoreiro light variant, the threat also expands to Asia and Africa

    Source: Africa Press Organisation – English (2) – Report:

    JOHANNESBURG, South Africa, October 23, 2024/APO Group/ —

    Despite the arrest of important operators in early 2024, Grandoreiro continues to be used by its partners in new campaigns. Kaspersky Global Research and Analysis team (GReAT) (www.Kaspersky.co.za) has discovered a new light version focused on Mexico targeting around 30 banks. These findings are to be highlighted at the Security Analyst Summit (SAS) 2024. Remaining one of the most active threats globally and targeting users of more than 1,700 banks, Grandoreiro variants account for around five percent of banking trojan attacks this year.  Mexico is one of the most targeted countries by various Grandoreiro strains, including the new light version, seeing 51,000 recorded incidents this year.

    Kaspersky data indicates Grandoreiro has been active since 2016. In 2024, the threat targets more than 1,700 financial institutions and 276 cryptocurrency wallets across 45 countries and territories, lastly adding Asia and Africa to the list of its targets, making it a truly global financial threat. Among countries affected in Africa are Algeria, Angola, Ethiopia, Ghana, Ivory Coast, Kenya, Mozambique, Nigeria, South Africa, Tanzania, Uganda.

    After assisting an INTERPOL-coordinated action, which has led to Brazilian authorities arresting (http://apo-opa.co/3BUqgrb) operators behind a Grandoreiro banking trojan operation, Kaspersky discovered that the group’s codebase has been split into lighter, fragmented versions of the trojan, to continue its attacks. Recent analysis has identified a specific light version focused primarily on Mexico, which has been used to target approximately 30 financial institutions. The creators likely have access to the source code and are launching new campaigns using the simplified legacy malware.

    “All the recent developments underscore the evolving nature of the threat. Fragmented and lighter versions may represent a trend that could extend beyond Mexico and into other regions, including beyond Latin America. However, we believe that only some trusted affiliates have access to the malware source code to develop such lighter versions. Grandoreiro operates differently from the traditional ‘Malware-as-a-Service’ model we are accustomed to. You won’t find announcements on underground forums selling the Grandoreiro package; instead, access to it appears to be limited,” explains Fabio Assolini, head of the Latin American (GReAT) at Kaspersky.

    Multiple variants of Grandoreiro, including the new light version and the primary malware, accounted for approximately five percent of global banking trojan attacks detected by Kaspersky in 2024, making it one of the most active threats worldwide. Kaspersky has also analysed the newer samples of the primary Grandoreiro from 2024, and observed new tactics. It records mouse activity to mimic real user patterns, aiming to evade detection by machine learning-based security systems that analyse behaviour. By replaying natural mouse movements, the malware aims to trick anti-fraud tools into seeing the activity as legitimate.

    Additionally, Grandoreiro has adopted a cryptographic technique known as Ciphertext Stealing (CTS), which Kaspersky has never seen being used in malware. In this case, its aim is to encrypt the malicious code strings. “Grandoreiro has a large and complex structure, which would make it easier for security tools or analysts to detect if its strings were not encrypted. This is likely why they introduced this new technique – to complicate the detection and analysis of their attacks,” Fabio Assolini elaborated.

    To protect from financial malware, Kaspersky security experts recommend organisations to:

    • Enable a Default Deny policy for critical user profiles, particularly those in financial departments; this ensures that only legitimate web resources can be accessed.
    • Provide cybersecurity awareness training (http://apo-opa.co/4e3nlKa) to staff, especially to employees responsible for accounting, that includes instructions on how to detect phishing pages.
    • Use protection solutions for mail servers with anti-phishing capabilities such as Kaspersky Security for Mail Server, to decrease the chance of infection through a phishing email.

    While banks should educate its customers, individuals are advised to:

    • Never open links or documents included in unexpected or suspicious-looking messages. Be attentive to web pages – from the right web address to details of interface.
    • Use a reliable security solution, such as Kaspersky Premium (http://apo-opa.co/4dWrbEW), that protect digital assets from a wide range of financial cyberthreats.
    • Install only applications obtained from reliable sources.
    • Refrain from approving rights or permissions requested by applications without first ensuring they match the application’s feature set.
    • Install the latest updates and patches for all software used.

    Read more on Securelist (http://apo-opa.co/3C4N5bD). The comprehensive Grandoreiro analysis and overview is to be presented by GReAT at Kaspersky’s sixteenth Security Analyst Summit (SAS) (http://apo-opa.co/3BPHtly), which takes place from October 22-25, 2024, in Bali.

    MIL OSI Africa –

    January 24, 2025
  • MIL-OSI NGOs: Cuba: Amnesty declares four new prisoners of conscience in midst of new wave of state repression

    Source: Amnesty International –

    Widespread state repression has been enforced since the July 2021 protests, but a renewed effort to suppress dissent began this September

    Félix Navarro, Dama de Blanco Sayli Navarro, Roberto Pérez Fonseca and Luis Robles have been named as prisoners of conscience

    ‘This is a recognition of the courage and resistance of the people of Cuba who … fighting for their rights and the rights of all people’ – Ana Piquer

    Amnesty International has declared political dissident Félix Navarro, independent journalist Dama de Blanco Sayli Navarro, 11J protester Roberto Pérez Fonseca and activist Luis Robles as prisoners of conscience.

    These designations come in the context of renewed repression by the Cuban authorities against activists, human rights defenders, journalists, intellectuals and independent media in the last weeks of September. This includes an alarming increase in ill-treatment, harassment, arbitrary detentions, new threats of criminalisation, denial of prison benefits and worrying reports of deterioration in the health and physical integrity of detainees.

    Ana Piquer, Director of the Americas at Amnesty International, said:

    “These designations are a recognition of the dozens of people who remain in prison in Cuba for peacefully exercising their rights, and of all those who live under constant surveillance, harassment and the threat of criminalisation. This is a recognition of the courage and resistance of the people of Cuba who are standing up to constant and generalised repression and fighting for their rights and the rights of all people.

    “Following the widespread state repression unleashed by the July 2021 protests, and with many activists, political opponents and dissidents unjustly imprisoned, the Cuban state seems intent on eradicating any capacity for resistance within Cuban society, which now extends to projects, spaces and activism not linked to traditional political opposition or dissidence.

    “It is imperative that the international community show solidarity and demand the immediate release of those imprisoned for exercising their rights, and an end to the repression and harassment of dissidents in Cuba.”

    Prisoners of conscience

    • Félix Navarro is a 71-year-old political dissident and founder of the “Pedro Luis Boitel” Party for Democracy. For over 30 years, he has been the coordinator of the Patriotic Union of Cuba and has been associated with the Cuba Decides platform and the Council for the Democratic Transition in Cuba. Félix is currently serving his third prison sentence for political reasons. He was imprisoned in 1992 on charges of “enemy propaganda” for putting up “anti-revolution” posters in his hometown. In 2003, he was sentenced to 25 years in prison in the criminal proceedings following the crackdown known as the “Black Spring”, along with 75 other dissidents, journalists and activists. In this context, he was declared a prisoner of conscience by Amnesty. He was released on extra-penal leave on 23 March 2011, together with fellow prisoner of conscience José Daniel Ferrer, as the last of the group of 75 to be freed after previously refusing to be released in exchange for exile.
    • Sayli Navarro, Félix Navarro’s daughter, is a 38-year-old activist and co-founder of the Damas de Blanco (Ladies in White), a group of mothers, wives and daughters of the group of 75 people arrested during the “Black Spring”. Sayli has lived with the consequences of the state repression exercised against her father since she was a child. She was expelled from university in 2010 because of her “counter-revolutionary links”, and has been arbitrarily detained, subjected to interrogation and threatened on a number of occasions by state security agents and police authorities.  

    Félix and Sayli Navarro were sentenced in March 2022 to 9 and 8 years in prison respectively for events related to the protests of July 2021. Both were violently arrested on 12 July at their local police station in the town of Perico, Matanzas province, when they went to enquire about the situation of members of their movement who had been arrested during the protests the day before.  

    • Luis Robles, 32, was sentenced to four years and six months in prison in March 2022 on charges of enemy propaganda and disobedience for peacefully protesting on a pedestrian street in central Havana in December 2020. Luis was holding up a sign that read “Freedom”, “No+Repression” and “#Free-Denis” while walking in circles as dozens of people began to film him. Luis held up the sign for several minutes until the police approached him, took the sign from him and arrested him, with Luis putting up no resistance. This happened a few days after the San Isidro Movement staged a lockdown and hunger strike to demand the release of rapper Denis Solís. Luis wanted to express his solidarity with the rapper and the San Isidro Movement.
    • Roberto Pérez Fonseca, 41, was sentenced in October 2021 to 10 years imprisonment for his participation in the protests of July 2021. Roberto was charged with the offences of contempt, assault, public disorder and incitement to commit a crime, all of which are typically used by the Cuban authorities against those who exercise their right to freedom of peaceful assembly and association. The United Nations Working Group on Arbitrary Detention found Roberto’s detention to be arbitrary and motivated by the peaceful exercise of his right to freedom of assembly and association, as well as to freedom of opinion and expression. It also found that Roberto’s right to a fair and impartial trial had been violated.

    Climate of repression

    Independent media organisations El Toque, Periodismo de Barrio and Cubanet have claimed in editorials and on social media that their contributors have received threats of criminalisation from the authorities in recent weeks. According to these reports, contributors have repeatedly been summoned by police and state security agents and informed of possible criminal prosecution for “mercenarism”. In addition, activists and independent media contributors reported on their social networks that they had received arbitrary summonses followed by interrogations by the authorities and state security agents about their journalistic work and their links to certain individuals or media outlets considered to be “counter-revolutionary”.

    Amnesty has had access to the testimonies of at least 20 activists who have reported being threatened with imprisonment, forced to record themselves and sign declarations of self-incrimination, and deprived of their mobile phones and computers. Similarly, Cuban human rights organisations reported that at least three independent media contributors were forced to write public resignations on their social networks, expressing their intention not to work with independent media.

    On 16 September, cultural magazine PM Magazine announced that it was closing down permanently due to increasing pressure and harassment against its director by state security agents.

    Ana Piquer said:

    “This climate of constant fear and intimidation adds to our concern at the continuing reports of the deteriorating health and ill-treatment of prisoners of conscience Loreto Hernández, Pedro Albert and José Daniel Ferrer, and the increasing and systematic harassment of journalist Carlos Michael Morales, and Damas de Blanco leader Berta Soler.”

    Amnesty calls for the immediate and unconditional release of prisoners of conscience, and of all those unjustly imprisoned solely for exercising their human rights. The organisation also calls on the government of Miguel Díaz-Canel to respect human rights, including the right to freedom of expression, association and peaceful assembly, to repeal repressive legislation, and to end the repression of dissidents.

    In order to determine whether a person is a prisoner of conscience, Amnesty uses the information available to it regarding the circumstances leading to their detention. By designating a particular person as a prisoner of conscience, Amnesty is affirming that this person must be immediately and unconditionally released but is not endorsing their past or present views or conduct.

    MIL OSI NGO –

    January 24, 2025
  • MIL-OSI Global: Why Trump’s messaging is becoming more extreme, a mathematician explains

    Source: The Conversation – UK – By Dorje C. Brody, Professor of Mathematics, University of Surrey

    “Talk about extreme.” That was the response of Democratic presidential nominee Kamala Harris at September’s televised debate, after her rival, Donald Trump, made the baseless claim that migrants had been eating the dogs and cats of their neighbours in Springfield, Ohio.

    Despite mounting criticism, Trump doubled down on the accusation. Likewise, during the more recent vice-presidential debate, Trump’s running mate, JD Vance, falsely claimed that the migrants in Springfield are illegal.

    The arrival of hurricanes Milton and Helene then gave them more opportunities to disseminate disinformation. Trump’s team attacked the government over its response to the disaster, claiming that government money earmarked for disaster victims has been spent on migrants who crossed illegally into the US.

    “Kamala spent all her Fema [Federal Emergency Management Agency] money – billions of dollars – on housing for illegal migrants”, Trump said at a rally in Michigan. This point was also repeated by Vance in an opinion piece on October 8 in the Wall Street Journal.

    The claim is false. But does it make sense for Trump’s team to spread such extreme disinformation? Mathematical analysis suggests it can.

    The positions of the candidates on the various issues, such as migration, can be represented on the political spectrum from the left to the right. It is fair to say that Trump places himself at the right end of the spectrum, while Harris sits at the centre.

    If you are at the far end of the spectrum, left or right, then you want to move people as far in your direction as possible. So, given that these days, in the US at least, there appear to be no consequences for disseminating disinformation, you want your messages to be extreme.

    By consistently hyping up the dangers of migrants, for example, more voters will start feeling that something needs to be done, even if they have never encountered an issue themselves.

    Indeed, mathematical models show that the probability of a candidate positioned at the end of the spectrum winning an election can, at least theoretically, reach 100%, if the messages are nothing but extreme. The same does not apply to a candidate positioned in the middle.

    We have seen this effect manifesting itself in the recent elections in Germany and France. Unless the public already has a strong appetite for the centre ground, which was the case for July’s general election in the UK, positions at the centre are often precarious.

    The path to victory for Harris therefore remains steep. But there are means for an effective counteroffensive.

    Clear communication

    Political messages have two purposes: communicating where the candidate stands on the various issues, and making the voters feel that those positions are desirable. We can apply the mathematics of communication, which explains our cognitive response to digesting information, to infer the impact of political messages.

    In particular, we can study how different messages on a given issue combine and interact. This, of course, only concerns voters who consume a variety of information sources, as opposed to those confined to an information echo chamber.

    For those who consume both Democratic and Republican messages, the effect of combining them can be subtle. But, in many cases, they combine in an additive way with some weights on each message.

    You can think of it as a weighted average of the two information sources. For example, if Harris says one thing and Trump says something opposite on a particular issue, then the net effect is each message muting the other slightly.

    So, if Trump says the illegal Haitian migrants in Springfield are eating people’s pets, and Harris says the migrants are there legally and are not eating anyone’s pets, then people might come to the conclusion that, while there may be illegal Haitian migrants in Springfield, they may not be eating pets.

    However, in some cases, one of the weights can take a negative value. This means that rather than adding them, the receiver of the two messages will subtract them. When this happens, the effect of that message is unexpectedly reversed.

    For example, when clear and convincing evidence of the legal status of the migrants in Springfield is presented, the prevailing noise about their pet-eating habits will, in anything, strengthen people’s belief that the claim is false.

    This can happen when the message from Harris is sufficiently loud and clear. Importantly, this does not mean Harris should loudly deny the disinformation. Provided that Harris sticks to her own messages in a clear and transparent manner, the mathematics of communication predicts that disinformation can turn itself against its spreader, for the following reasons.

    The idea, roughly speaking, goes as follows. Suppose that a recipient of the messages is unaware of the prevalence of disinformation, and that there is a considerable gap between the unsubstantiated disinformation and reliable information, with the latter being communicated very clearly.

    In this situation, communication theory shows that the receiver will dismiss disinformation more strongly than someone who is aware of the prevalence of disinformation.

    It is reminiscent of the Japanese martial art judo where the ultimate aim is to use your opponent’s momentum, rather than your own force.

    Disinformation should be challenged. And, indeed, both Harris and her predecessor Joe Biden have come out to condemn Trump’s “onslaught of lies” in relation to the two hurricanes.

    But merely focusing on challenging disinformation is counterproductive. What is more important is for their own message to be communicated loud and clear.

    No crystal ball can tell us whether the Democrats will retain the White House in November. But simply repeating the point that Trump is a threat to democracy, as Biden was prone to do, will not cut it.

    Dorje C. Brody has received funding from UKRI.

    – ref. Why Trump’s messaging is becoming more extreme, a mathematician explains – https://theconversation.com/why-trumps-messaging-is-becoming-more-extreme-a-mathematician-explains-239421

    MIL OSI – Global Reports –

    January 24, 2025
  • MIL-OSI United Kingdom: UK-Germany Trinity House Agreement on Defence – Joint Communique

    Source: United Kingdom – Executive Government & Departments

    A commitment to improve and enhance bilateral defence co-operation between the Ministry of Defence of the Federal Republic of Germany and the Ministry of Defence of the United Kingdom of Great Britain and Northern Ireland.

    In July this year, the Ministry of Defence of the Federal Republic of Germany and the Ministry of Defence of the United Kingdom of Great Britain and Northern Ireland committed to improve and further enhance bilateral defence co-operation to better meet the common challenges of the 21st Century and to best secure the common interests of both countries in defence-related areas. We outlined escalating security concerns, exacerbated by Russia’s war of aggression against Ukraine. We said that the deteriorating strategic environment demanded a unified response to ensure the preservation of European security.

    As we confront these challenges together with Allies and partners, we are guided by our shared values of democracy, freedom, and the rule of law. Recognising the imperative for closer collaboration in the face of evolving geopolitical challenges and shared security threats, we aim to promote stability on NATO’s eastern flank, in Europe as a whole, and beyond for the Euro-Atlantic area. Strategic defence co-operation is an important first pillar in the new relationship between Germany and the United Kingdom, which will be codified in the forthcoming bilateral treaty in 2025.

    Recognising the imperative, we have worked at pace to create our response through this historic, first-of-its kind, defence agreement between our two great nations. Our shared strategic objective is to sustain effective deterrence against would-be aggressors by building credible, resilient defence forces and defence industries, working towards the vision of a peaceful and stable Euro-Atlantic area. To do this, our agreement will become a crucial element in the broader architecture of European security; it is explicitly designed to support our Allies and strengthen the European contribution to NATO. In particular, it complements our respective existing bilateral agreements with France, laying the foundation for increasingly close co-operation between the E3.

    Through this agreement, we have brought focus, resource, and ambition to our previously stated objectives: Strengthening Defence Industries, Reinforcing Euro-Atlantic Security, Enhancing Interoperability, Addressing Emerging Threats, Supporting Ukraine, and Deep Precision Strike. In addition to new governance structures, we will bring these objectives to life through the creation of totemic lighthouse projects, which will serve as beacons for unprecedented levels of co-operation and integration between our respective Armed Forces.

    Deep Precision Strike and Defence: The UK and Germany will work jointly to rapidly develop extended Deep Precision Strike capabilities, to provide a conventional deterrent in Europe and strengthen European Integrated Air and Missile Defence. We will do this in the short term through:

    • Undertaking a comprehensive exercise to compare capability needs and identify synergies.
    • Developing common requirements and military doctrine to aid the development of long-range systems, working in co-operation with Allies and partners, in particular through the European Long Range Strike Approach.
    • Identifying opportunities for industrial collaboration and investment to achieve closer working on countering threats through Integrated Air and Missile Defence.

    And in the medium term through:

    • Joint development and procurement of new extended Deep Precision Strike capabilities in close co-ordination with Allies and partners, giving special focus to new capabilities which far exceed today’s ranges.
    • Joint development of a common approach to deploying extended Deep Precision Strike in all physical domains.
    • Cohering Integrated Air and Missile Defence activity through the European Sky Shield Initiative, NATO’s Multinational Procurement Initiatives, and the UK’s DIAMOND initiative.

    Uncrewed Aerial Systems and Future Connectivity: The UK and Germany will work jointly, in close co-ordination with Allies and partners, to develop and employ Uncrewed Aerial and Offboard Air Systems to ensure interoperability between Future Combat Air Systems. We will do this in the short term through:

    • Joint integration of common missile systems into drone fleets to enhance precision strike capabilities, drawing benefit from each nations’ previous experience, e.g. the integration of Brimstone to UK Uncrewed Air Systems.
    • Sharing plans on integration of capabilities between Current and Future Combat Air Systems, to enable development of interoperable offboard systems.

    And in the medium term through:

    • Joint exploration and development of cross-system Combat Cloud capabilities across aircraft fleets.
    • Joint exploration and development of new Maritime Uncrewed Air System capabilities.
    • Joint exploration and development of common offboard systems compatible with respective Future Combat Air Systems to enable, inter alia, data sharing, to support interoperability and integration of those systems.
    • Supporting implementation of NATO-agreed common standards to ensure connectivity and collaboration between fighter aircraft, reinforcing inter-generation and (un)crewed teaming.

    Strengthening the Eastern Flank through a new Land Strategic Partnership: Using our Forward Land Forces and shared enduring commitment to NATO’s eastern flank as a catalyst, the UK and Germany will work to strengthen NATO by developing doctrine, uncrewed systems, and enabling capabilities to transform our land forces; sustaining continuous land-based deterrence within Europe. We will do this in the short term through:

    • Working jointly in the Armour Capability Coalition to drive innovation in the land domain, through support to Ukraine.
    • Working jointly with Canada and the Baltic States, including through the 3+3 format, to rapidly transform the capability and effectiveness of our respective Forward Land Forces and tap the full potential of synergies of the Forward Land Forces in the Baltic States
    • Co-ordination of UK and German exercises between the Forward Land Forces, with the goal of combined exercises.
    • Working together to tackle the challenges in the shortage of NATO Corps troops across the Alliance. Equipping, training, and exercising the German-British Amphibious Engineer Battalion 130 in Minden to fulfil tasks as one entity within the NATO Force Model.
    • Fostering a deep Industrial Partnership between UK and German Defence Industries, including assisting respective prime contractors wishing to expand production facilities in each other’s countries. Our will to develop industrial co-operation is illustrated by developing plans between the UK MOD and Rheinmetall for a new barrel factory to be opened in the UK, further strengthening the defence industrial links between the UK and Germany.
    • Close collaboration in the BOXER User Group, conducting regular consultations on the “strategic pipeline”, and joint exploration of new capabilities and variants, striving for a closer exchange of BOXER In-Service-Experience topics, and close co-operation in the area of BOXER training and operation. Beyond BOXER, we will pursue joint procurement and through-life capability management initiatives around land vehicles.

     And in the medium term through:

    • Joint development of common offboard systems for Future Ground Combat Systems to support interoperability between those systems, in co-ordination with Allies and Partners
    • Joint development of military doctrines for future land warfighting, supported by Artificial Intelligence and Emerging Disruptive Technologies.

    Undersea Co-operation in the Northern Seas: The UK and Germany will work jointly to strengthen UK-German naval co-operation with a focus on the North Atlantic and North Sea. We will aim to establish and share a clear and concise picture of underwater activity, significantly contributing to the protection of Critical Undersea Infrastructure and Sea Lines of Communications. We will do this in the short term through:

    • Co-ordination of combined and joint operations in the North Atlantic, in close co-operation with Allies and partners, focussing on Anti-Submarine Warfare with ships, submarines, and aircraft. We will enable forward deployments of each other’s units and goods between our countries when required.
    • Episodic deployments of German P-8A Poseidon Maritime Patrol Aircraft in the UK to support interoperability and collaborative Anti-Submarine Warfare operations in the North Atlantic, following their entry into service.
    • Joint development of common training for our Maritime Patrol Aircraft crews.
    • Promoting a common co-operative procurement of the UK’s Lightweight Torpedo STINGRAY MOD 2 for our Maritime Patrol Aircraft.
    • Contributing to the strengthening of NATO’s work strand on Critical Undersea Infrastructure.

    And in the medium term through: 

    • Exploring new offboard undersea surveillance capabilities to improve detection of adversary activity and support the protection of Critical Undersea Infrastructure, supported by Artificial Intelligence and Emerging Disruptive Technologies.

    In addition, we are committed to working together for as long as it takes to support and enable Ukraine to counter Russian aggression. Our combined will is unequivocal, we will continue to ensure Ukraine has the military capabilities it requires. Our specialist teams and our Defence Industries will work ever more closely to ensure that Ukraine will prevail and achieve a fair and lasting peace. In the short term, we will collectively provide Ukraine with a new offensive capability, supporting fitting German donated Sea King Helicopters with modern missile systems. In the longer term, we will work increasingly closely through the Capability Coalitions for Ukraine using the lessons learnt there to continuously develop our co-operation. The UK will increase its support to the German and Polish-led Armour Coalition, Germany will support the UK and Latvian led drone coalition.

    Through our agreed mechanisms, enhanced dialogue, and increased political leadership, we will drive co-operation for decades to come. We will regularly review the content and our collaboration. We will consistently raise our ambitions to meet tomorrow’s threats wherever they come from: on Land, at Sea, or in the Air, in Space or in the Cyber domain; and irrespective of whether these threats are caused by hostile actors or are a result of natural disasters or Climate Change.

    We will confront such threats across all domains and between each of our Armed Forces and joint organisations, with co-operation in Cyber, Communications, and Information Systems forming the backbone and connective tissue required to embark on such an ambitious programme of work.

    John Healey Boris Pistorius
    Secretary of State for Defence of the United Kingdom Federal Minister of Defence of the Federal Republic of Germany

    Related information

    UK-Germany Trinity House Agreement on Defence

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 23 October 2024

    MIL OSI United Kingdom –

    January 24, 2025
  • MIL-OSI: TransUnion Announces Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Exceeded third quarter 2024 financial guidance for revenue and earnings
    • Accelerated revenue growth to 12 percent, driven by U.S. Financial Services, Insurance, Consumer Interactive and International, while executing on technology modernization and transformation program savings
    • Voluntarily prepaid $25 million in debt, bringing total prepayments to $105 million in 2024
    • Raising 2024 financial guidance, we now expect to deliver 9 percent revenue growth for the year

    CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2024.

    Third Quarter 2024 Results

    Revenue:

    • Total revenue for the quarter was $1,085 million, an increase of 12 percent (12 percent on a constant currency basis), compared with the third quarter of 2023.

    Earnings:

    • Net income attributable to TransUnion was $68 million for the quarter, compared with a loss of $319 million for the third quarter of 2023. Diluted earnings per share was $0.35, compared with a loss per share of $1.65 in the third quarter of 2023. Net income attributable to TransUnion margin was 6.3 percent, compared with a loss of 32.9 percent in the third quarter of 2023. Our third quarter 2023 net income (loss) attributable to TransUnion, diluted loss per share and net income (loss) attributable to TransUnion margin were impacted by a $414 million non-cash goodwill impairment expense for our United Kingdom reporting unit in the period.
    • Adjusted Net Income was $205 million for the quarter, compared with $177 million for the third quarter of 2023. Adjusted Diluted Earnings per Share was $1.04, compared with $0.91 in the third quarter of 2023.
    • Adjusted EBITDA was $394 million for the quarter, compared with $356 million for the third quarter of 2023, an increase of 11 percent (11 percent on a constant currency basis). Adjusted EBITDA margin was 36.3 percent, compared with 36.8 percent in the third quarter of 2023.

    “In the third quarter, TransUnion exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets grew by double-digits against stable market conditions, driven by mortgage strength, improving non-mortgage financial services, accelerating insurance growth and large breach remediation wins. Our International segment delivered double-digit organic constant currency revenue growth across India, Latin America, Asia Pacific and Africa.”

    “We continue to progress well against our transformation program. We now expect to capture $85 million of operating expense savings in 2024, driven by strong execution against our operating model optimization to expand our Global Capability Center network. Additionally, our technology modernization is accelerating our pace of innovation with several new capabilities and products launched in the quarter, powered by OneTru.”

    “We are raising our 2024 guidance and now expect to deliver 9 percent revenue growth, reflecting third quarter outperformance, stronger mortgage volumes and broad-based strength across the portfolio.”

    Third Quarter 2024 Segment Results

    U.S. Markets:

    U.S. Markets revenue was $848 million, an increase of 12 percent compared with the third quarter of 2023.

    • Financial Services revenue was $367 million, an increase of 17 percent compared with the third quarter of 2023.
    • Emerging Verticals revenue was $307 million, an increase of 3 percent compared with the third quarter of 2023.
    • Consumer Interactive revenue was $174 million, an increase of 21 percent compared with the third quarter of 2023.

    Adjusted EBITDA was $320 million, an increase of 9 percent compared with the third quarter of 2023.

    International:

    International revenue was $242 million, an increase of 11 percent (12 percent on a constant currency basis) compared with the third quarter of 2023.

    • Canada revenue was $39 million, an increase of 7 percent (9 percent on a constant currency basis) compared with the third quarter of 2023.
    • Latin America revenue was $33 million, an increase of 7 percent (13 percent on a constant currency basis) compared with the third quarter of 2023.
    • United Kingdom revenue was $58 million, an increase of 6 percent (4 percent on a constant currency basis) compared with the third quarter of 2023.
    • Africa revenue was $17 million, an increase of 12 percent (10 percent on a constant currency basis) compared with the third quarter of 2023.
    • India revenue was $68 million, an increase of 21 percent (23 percent on a constant currency basis) compared with the third quarter of 2023.
    • Asia Pacific revenue was $26 million, an increase of 11 percent (11 percent on a constant currency basis) compared with the third quarter of 2023.

    Adjusted EBITDA was $110 million, an increase of 14 percent (15 percent on a constant currency basis) compared with the third quarter of 2023.

    Liquidity and Capital Resources

    Cash and cash equivalents was $643 million at September 30, 2024 and $476 million at December 31, 2023.

    For the nine months ended September 30, 2024, cash provided by operating activities was $579 million, compared with $444 million in 2023. The increase in cash provided by operating activities was primarily due to improved operating performance, partially offset by employee separation payments and a penalty paid for the early termination of a facility lease, both of which were in connection with our operating model optimization program. For the nine months ended September 30, 2024, cash used in investing activities was $195 million, compared with $231 million in 2023. The decrease in cash used in investing activities was due primarily to prior year investments in non-consolidated affiliates and lower capital expenditures. For the nine months ended September 30, 2024, capital expenditures were $199 million, compared with $213 million in 2023. Capital expenditures as a percent of revenue represented 6% and 7% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, cash used in financing activities was $220 million, compared with $375 million in 2023. The decrease in cash used in financing activities was primarily due to a decrease in debt prepayments.

    Fourth Quarter and Full Year 2024 Outlook

    Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

        Three Months Ended December 31, 2024   Twelve Months Ended December 31, 2024
    (in millions, except per share data)   Low   High   Low   High
    Revenue, as reported   $ 1,014     $ 1,034     $ 4,161     $ 4,181  
    Revenue growth1:                
    As reported     6 %     8 %     9 %     9 %
    Constant currency1, 2     6 %     8 %     8 %     9 %
    Organic constant currency1, 3     6 %     8 %     8 %     9 %
                     
    Net income attributable to TransUnion   $ 65     $ 77     $ 284     $ 295  
    Net income attributable to TransUnion growth     n/m       n/m       238 %     243 %
    Net income attributable to TransUnion margin     6.4 %     7.4 %     6.8 %     7.1 %
                     
    Diluted Earnings per Share   $ 0.34     $ 0.39     $ 1.45     $ 1.51  
    Diluted Earnings per Share growth   n/m       n/m       237 %     243 %
                     
    Adjusted EBITDA, as reported5   $ 360     $ 375     $ 1,488     $ 1,503  
    Adjusted EBITDA growth, as reported4     10 %     15 %     11 %     12 %
    Adjusted EBITDA margin     35.5 %     36.2 %     35.8 %     36.0 %
                     
    Adjusted Diluted Earnings per Share5   $ 0.92     $ 0.98     $ 3.87     $ 3.93  
    Adjusted Diluted Earnings per Share growth     14 %     21 %     15 %     17 %
    1. Additional revenue growth assumptions:
      1. The impact of changing exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
      2. There is no impact from recent acquisitions for Q4 2024 and FY 2024.
      3. The impact of mortgage is expected to be approximately 5 points of benefit for Q4 2024 and approximately 4 points of benefit for FY 2024.
    2. Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
    3. Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions. There is no impact from recent business acquisitions in Q4 2024 and FY 2024.
    4. Additional Adjusted EBITDA assumptions:
      1. The impact of changing foreign currency exchange rates is expected to have an insignificant impact for Q4 2024 and FY 2024.
    5. For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

    Earnings Webcast Details

    In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at http://www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

    About TransUnion (NYSE: TRU)

    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

    http://www.transunion.com/business 

    Availability of Information on TransUnion’s Website

    Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on http://www.transunion.com/tru.

    Forward-Looking Statements

    This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

    Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

    • macroeconomic effects and changes in market conditions, including the impact of inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
    • our ability to provide competitive services and prices;
    • our ability to retain or renew existing agreements with large or long-term customers;
    • our ability to maintain the security and integrity of our data;
    • our ability to deliver services timely without interruption;
    • our ability to maintain our access to data sources;
    • government regulation and changes in the regulatory environment;
    • litigation or regulatory proceedings;
    • our ability to effectively manage our costs;
    • our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
    • our ability to remediate existing material weakness in our internal control over financial reporting and maintain effective internal control over financial reporting and disclosure controls and procedures;
    • economic and political stability in the United States and international markets where we operate;
    • our ability to effectively develop and maintain strategic alliances and joint ventures;
    • our ability to timely develop new services and the market’s willingness to adopt our new services;
    • our ability to manage and expand our operations and keep up with rapidly changing technologies;
    • our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
    • our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
    • our ability to defend our intellectual property from infringement claims by third parties;
    • geopolitical conditions and other risks associated with our international operations;
    • the ability of our outside service providers and key vendors to fulfill their obligations to us;
    • further consolidation in our end-customer markets;
    • the increased availability of free or inexpensive consumer information;
    • losses against which we do not insure;
    • our ability to make timely payments of principal and interest on our indebtedness;
    • our ability to satisfy covenants in the agreements governing our indebtedness;
    • our ability to maintain our liquidity;
    • share repurchase plans; and
    • our reliance on key management personnel.

    There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

    The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

    For More Information

    TRANSUNION AND SUBSIDIARIES
    Consolidated Balance Sheets (Unaudited)
    (in millions, except per share data)

        September 30,
    2024
      December 31,
    2023
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 643.2     $ 476.2  
    Trade accounts receivable, net of allowance of $18.2 and $16.4     798.4       723.0  
    Other current assets     228.2       275.9  
    Total current assets     1,669.8       1,475.1  
    Property, plant and equipment, net of accumulated depreciation and amortization of $858.3 and $804.4     181.5       199.3  
    Goodwill     5,184.5       5,176.0  
    Other intangibles, net of accumulated amortization of $3,055.8 and $2,719.8     3,356.9       3,515.3  
    Other assets     661.1       739.4  
    Total assets   $ 11,053.8     $ 11,105.1  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Trade accounts payable   $ 319.4     $ 251.3  
    Short-term debt and current portion of long-term debt     66.5       89.6  
    Other current liabilities     609.8       661.8  
    Total current liabilities     995.7       1,002.7  
    Long-term debt     5,134.9       5,250.8  
    Deferred taxes     481.8       592.9  
    Other liabilities     120.2       153.2  
    Total liabilities     6,732.6       6,999.6  
    Stockholders’ equity:        
    Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2024 and December 31, 2023, 201.4 million and 200.0 million shares issued at September 30, 2024 and December 31, 2023, respectively, and 194.9 million and 193.8 million shares outstanding as of September 30, 2024 and December 31, 2023, respectively     2.0       2.0  
    Additional paid-in capital     2,524.3       2,412.9  
    Treasury stock at cost, 6.6 million and 6.2 million shares at September 30, 2024 and December 31, 2023, respectively     (333.0 )     (302.9 )
    Retained earnings     2,312.6       2,157.1  
    Accumulated other comprehensive loss     (289.5 )     (260.9 )
    Total TransUnion stockholders’ equity     4,216.4       4,008.2  
    Noncontrolling interests     104.8       97.3  
    Total stockholders’ equity     4,321.2       4,105.5  
    Total liabilities and stockholders’ equity   $ 11,053.8     $ 11,105.1  
     

    TRANSUNION AND SUBSIDIARIES
    Consolidated Statements of Operations (Unaudited)
    (in millions, except per share data)

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
         2024     2023     2024     2023 
    Revenue   $ 1,085.0     $ 968.7     $ 3,147.0     $ 2,876.9  
    Operating expenses                
    Cost of services (exclusive of depreciation and amortization below)     448.7       368.8       1,261.7       1,136.8  
    Selling, general and administrative     305.7       290.8       922.1       867.7  
    Depreciation and amortization     133.6       131.3       400.5       391.1  
    Goodwill impairment     —       414.0       —       414.0  
    Restructuring     40.5       —       66.8       —  
    Total operating expenses     928.6       1,205.0       2,651.0       2,809.6  
    Operating income (loss)     156.4       (236.3 )     495.9       67.3  
    Non-operating income and (expense)                
    Interest expense     (66.6 )     (72.7 )     (203.2 )     (217.2 )
    Interest income     7.8       5.0       19.9       15.1  
    Earnings from equity method investments     4.7       3.7       14.0       11.7  
    Other (expense) and income, net     (5.4 )     8.7       (26.2 )     (16.3 )
    Total non-operating income and (expense)     (59.6 )     (55.4 )     (195.4 )     (206.8 )
    Income (loss) from continuing operations before income taxes     96.8       (291.7 )     300.5       (139.5 )
    Provision for income taxes     (24.9 )     (22.2 )     (68.9 )     (60.1 )
    Income (loss) from continuing operations     71.9       (313.9 )     231.6       (199.6 )
    Discontinued operations, net of tax     —       (0.5 )     —       (0.7 )
    Net income (loss)     71.9       (314.4 )     231.6       (200.3 )
    Less: net income attributable to the noncontrolling interests     (3.9 )     (4.3 )     (13.4 )     (11.9 )
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
                     
    Basic earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.10 )
    Diluted earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       193.4       196.3       193.3  
                                     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    TRANSUNION AND SUBSIDIARIES
    Consolidated Statements of Cash Flows (Unaudited)
    (in millions)

        Nine Months Ended September 30,
         2024    2023
    Cash flows from operating activities:        
    Net income (loss)   $ 231.6     $ (200.3 )
    Less: Discontinued operations, net of tax     —       0.7  
    Income (loss) from continuing operations     231.6       (199.6 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
    Depreciation and amortization     400.5       391.1  
    Goodwill impairment     —       414.0  
    Loss on repayment of loans     2.6       3.0  
    Deferred taxes     (94.1 )     (101.3 )
    Stock-based compensation     85.6       72.9  
    Loss on early termination of lease     40.5       —  
    Other     17.9       13.1  
    Changes in assets and liabilities:        
    Trade accounts receivable     (88.9 )     (104.2 )
    Other current and long-term assets     31.4       (42.4 )
    Trade accounts payable     44.2       16.9  
    Other current and long-term liabilities     (92.8 )     (19.7 )
    Cash provided by operating activities of continuing operations     578.5       443.8  
    Cash used in operating activities of discontinued operations     —       (0.2 )
    Cash provided by operating activities     578.5       443.6  
    Cash flows from investing activities:        
    Capital expenditures     (198.7 )     (213.2 )
    Proceeds from sale/maturities of other investments     —       63.9  
    Purchases of other investments     —       (43.7 )
    Investments in nonconsolidated affiliates     (5.9 )     (36.9 )
    Proceeds from the sale of investments in nonconsolidated affiliates     3.8       —  
    Payment related to disposal of discontinued operations     —       (0.5 )
    Other     5.7       (0.1 )
    Cash used in investing activities     (195.1 )     (230.5 )
    Cash flows from financing activities:        
    Proceeds from term loans     934.9       —  
    Repayments of term loans     (927.9 )     —  
    Repayments of debt     (141.0 )     (310.9 )
    Debt financing fees     (13.5 )     —  
    Proceeds from issuance of common stock and exercise of stock options     24.5       23.1  
    Dividends to shareholders     (61.7 )     (61.4 )
    Employee taxes paid on restricted stock units recorded as treasury stock     (30.1 )     (17.6 )
    Distributions to noncontrolling interests     (4.7 )     (8.5 )
    Cash used in financing activities     (219.5 )     (375.3 )
    Effect of exchange rate changes on cash and cash equivalents     3.1       (2.2 )
    Net change in cash and cash equivalents     167.0       (164.4 )
    Cash and cash equivalents, beginning of period     476.2       585.3  
    Cash and cash equivalents, end of period   $ 643.2     $ 420.9  
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    TRANSUNION AND SUBSIDIARIES
    Non-GAAP Financial Measures

    We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

    We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

    Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

    Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

    Consolidated Adjusted EBITDA

    Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

    • Discontinued operations, net of tax, as reported on our Consolidated Statements of Operations. We exclude discontinued operations, net of tax because we believe it does not reflect the underlying and ongoing performance of our business operations.
    • Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
    • Provision for income taxes, as reported on our Consolidated Statements of Operations.
    • Depreciation and amortization, as reported on our Consolidated Statements of Operations.
    • Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
    • Operating model optimization program represents employee separation costs, facility lease exit costs, and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
    • Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
    • Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
    • Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

    Consolidated Adjusted EBITDA Margin

    Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

    Adjusted Net Income

    Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

    • Discontinued operations, net of tax (see Consolidated Adjusted EBITDA above).
    • Amortization of certain intangible assets presents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
    • Stock-based compensation (see Consolidated Adjusted EBITDA above).
    • Operating model optimization program (see Consolidated Adjusted EBITDA above).
    • Accelerated technology investment (see Consolidated Adjusted EBITDA above).
    • Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above).
    • Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
    • Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our consolidated statement of operations.

    Adjusted Diluted Earnings Per Share

    Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

    Adjusted Provision for Income Taxes

    Management has excluded the following items from our provision for income taxes for the periods presented:

    • Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
    • Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
    • Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

    Adjusted Effective Tax Rate

    Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income from continuing operations before income taxes. We calculate adjusted income from continuing operations before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income from continuing operations before income taxes.

    Leverage Ratio

    Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Since the Leverage Ratio is calculated on a trailing twelve month basis, prior period goodwill impairment is excluded as this expense may not directly correlate to the underlying performance of our business operations during that period and may vary significantly between periods. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

    This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

    Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

    Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

    SCHEDULE 1
    TRANSUNION AND SUBSIDIARIES
    Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
    (Unaudited)

        For the Three Months Ended September 30, 2024 compared with
    the Three Months Ended September 30, 2023
      For the Nine Months Ended September 30, 2024 compared with
    the Nine Months Ended September 30, 2023
        Reported   CC Growth1   Organic CC
    Growth2
      Reported   CC Growth1   Organic CC
    Growth2
    Revenue:                        
    Consolidated   12.0 %   12.2 %   12.2 %   9.4 %   9.4 %   9.4 %
    U.S. Markets   12.5 %   12.5 %   12.5 %   8.4 %   8.4 %   8.4 %
    Financial Services   17.1 %   17.1 %   17.1 %   13.5 %   13.5 %   13.5 %
    Emerging Verticals   3.3 %   3.3 %   3.3 %   4.0 %   4.0 %   4.0 %
    Consumer Interactive   21.4 %   21.3 %   21.3 %   6.0 %   6.0 %   6.0 %
    International   11.3 %   12.1 %   12.1 %   13.4 %   13.5 %   13.5 %
    Canada   6.8 %   8.6 %   8.6 %   11.5 %   12.7 %   12.7 %
    Latin America   7.2 %   12.7 %   12.7 %   11.8 %   10.9 %   10.9 %
    United Kingdom   6.0 %   3.7 %   3.7 %   4.9 %   2.5 %   2.5 %
    Africa   12.3 %   9.5 %   9.5 %   8.3 %   10.4 %   10.4 %
    India   21.5 %   23.1 %   23.1 %   25.4 %   27.0 %   27.0 %
    Asia Pacific   11.1 %   11.5 %   11.5 %   13.6 %   14.2 %   14.2 %
                             
    Adjusted EBITDA:                        
    Consolidated   10.5 %   10.9 %   10.9 %   10.9 %   11.0 %   11.0 %
    U.S. Markets   9.0 %   9.0 %   9.0 %   8.2 %   8.2 %   8.2 %
    International   13.9 %   15.3 %   15.3 %   17.4 %   17.9 %   17.9 %
    1.  Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
       
    2.  We have no inorganic revenue or Adjusted EBITDA for the periods presented. Organic CC growth rate is the CC growth rate less the inorganic growth rate.

    SCHEDULE 2
    TRANSUNION AND SUBSIDIARIES
    Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
    (dollars in millions)

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       2024    2023    2024    2023
    Revenue:              
    U.S. Markets gross revenue              
    Financial Services $ 367.2     $ 313.7     $ 1,077.6     $ 949.6  
    Emerging Verticals   307.2       297.3       913.1       877.9  
    Consumer Interactive   173.7       143.1       455.1       429.4  
    U.S. Markets gross revenue $ 848.1     $ 754.0     $ 2,445.9     $ 2,256.9  
                   
    International gross revenue              
    Canada $ 39.4     $ 36.9     $ 115.9     $ 103.9  
    Latin America   33.5       31.2       100.9       90.2  
    United Kingdom   57.8       54.5       168.6       160.7  
    Africa   17.1       15.2       48.0       44.3  
    India   68.2       56.1       202.8       161.8  
    Asia Pacific   25.6       23.1       77.1       67.9  
    International gross revenue $ 241.6     $ 217.1     $ 713.3     $ 628.9  
                   
    Total gross revenue $ 1,089.6     $ 971.2     $ 3,159.2     $ 2,885.8  
                   
    Intersegment revenue eliminations              
    U.S. Markets $ (2.8 )   $ (1.0 )   $ (7.4 )   $ (4.6 )
    International   (1.9 )     (1.5 )     (4.8 )     (4.3 )
    Total intersegment revenue eliminations $ (4.7 )   $ (2.5 )   $ (12.3 )   $ (8.9 )
                   
    Total revenue as reported $ 1,085.0     $ 968.7     $ 3,147.0     $ 2,876.9  
                   
    Adjusted EBITDA:              
    U.S. Markets $ 319.9     $ 293.7     $ 920.9     $ 850.9  
    International   110.5       97.0       318.1       271.0  
    Corporate   (36.7 )     (34.5 )     (110.6 )     (104.3 )
    Adjusted EBITDA Margin:1              
    U.S. Markets   37.7 %     38.9 %     37.6 %     37.7 %
    International   45.7 %     44.7 %     44.6 %     43.1 %
    1.  Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
       2024     2023     2024    2023 
    Reconciliation of Net income (loss) attributable to TransUnion to consolidated Adjusted EBITDA:              
    Net income (loss) attributable to TransUnion $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
    Discontinued operations, net of tax   —       0.5       —       0.7  
    Income (loss) from continuing operations attributable to TransUnion $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Net interest expense   58.9       67.8       183.3       202.1  
    Provision for income taxes   24.9       22.2       68.9       60.1  
    Depreciation and amortization   133.6       131.3       400.5       391.1  
    EBITDA $ 285.4     $ (97.0 )   $ 870.8     $ 441.8  
    Adjustments to EBITDA:              
    Stock-based compensation   33.8       27.0       85.7       73.3  
    Goodwill impairment1   —       414.0       —       414.0  
    Mergers and acquisitions, divestitures and business optimization2   7.3       (6.0 )     17.1       24.5  
    Accelerated technology investment3   21.8       16.3       58.6       53.5  
    Operating model optimization program4   47.3       —       86.4       —  
    Net other5   (2.0 )     1.8       9.7       10.6  
    Total adjustments to EBITDA $ 108.3     $ 453.1     $ 257.5     $ 575.8  
    Consolidated Adjusted EBITDA $ 393.7     $ 356.1     $ 1,128.4     $ 1,017.6  
                   
    Net income (loss) attributable to TransUnion margin   6.3 %     (32.9 )%     6.9 %     (7.4 )%
    Consolidated Adjusted EBITDA margin5   36.3 %     36.8 %     35.9 %     35.4 %
                                   

    As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

     1.  During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
     2.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024    2023     2024    2023 
      Transaction and integration costs   $ 3.6   $ 5.8     $ 7.0   $ 21.0  
      Fair value and impairment adjustments     —     (10.7 )     0.8     0.8  
      Post-acquisition adjustments     3.7     —       9.4     5.1  
      Transition services agreement income     —     (1.1 )     —     (2.4 )
      Total mergers and acquisitions, divestitures and business optimization   $ 7.3   $ (6.0 )   $ 17.1   $ 24.5  
     3.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Foundational Capabilities   $ 9.9   $ 8.0   $ 25.0   $ 27.7
      Migration Management     11.0     7.2     29.9     21.9
      Program Enablement     0.9     1.1     3.8     3.9
      Total accelerated technology investment   $ 21.8   $ 16.3   $ 58.6   $ 53.5
     4.  Operating model optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024    2023    2024    2023
      Employee separation   $ —   $ —   $ 24.7   $ —
      Facility exit     40.5     —     42.1     —
      Business process optimization     6.8     —     19.6     —
      Total operating model optimization   $ 47.3   $ —   $ 86.4   $ —
     5.  Net other consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
           2024     2023     2024     2023 
      Deferred loan fee expense from debt prepayments and refinancing   $ 0.1     $ 1.0     $ 9.2     $ 3.1  
      Other debt financing expenses     0.5       0.3       1.6       1.5  
      Currency remeasurement on foreign operations     (1.7 )     0.8       (0.4 )     6.5  
      Other non-operating (income) expense     (0.8 )     (0.3 )     (0.7 )     (0.5 )
      Total other adjustments   $ (2.0 )   $ 1.8     $ 9.7     $ 10.6  
     6.  Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.


    SCHEDULE 3

    TRANSUNION AND SUBSIDIARIES
    Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
    (in millions, except per share data)

        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Income (loss) from continuing operations attributable to TransUnion   $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Discontinued operations, net of tax     —       (0.5 )     —       (0.7 )
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
                     
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       193.4       196.3       193.3  
                     
    Basic earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.12     $ (1.10 )
    Diluted earnings (loss) per common share from:                
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Discontinued operations, net of tax     —       —       —       —  
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
                     
    Reconciliation of Net income (loss) attributable to TransUnion to Adjusted Net Income:                
    Net income (loss) attributable to TransUnion   $ 68.0     $ (318.8 )   $ 218.2     $ (212.2 )
    Discontinued operations, net of tax     —       0.5       —       0.7  
    Income (loss) from continuing operations attributable to TransUnion   $ 68.0     $ (318.3 )   $ 218.2     $ (211.5 )
    Adjustments before income tax items:                
    Amortization of certain intangible assets1     71.5       72.1       214.9       221.2  
    Stock-based compensation     33.8       27.0       85.7       73.3  
    Goodwill impairment2     —       414.0       —       414.0  
    Mergers and acquisitions, divestitures and business optimization2     7.3       (6.0 )     17.1       24.5  
    Accelerated technology investment3     21.8       16.3       58.6       53.5  
    Operating model optimization program4     47.3       —       86.4       —  
    Net other5     (2.1 )     1.8       8.6       9.6  
    Total adjustments before income tax items   $ 179.6     $ 525.2     $ 471.3     $ 796.0  
    Total adjustments for income taxes6     (43.1 )     (29.5 )     (112.9 )     (85.2 )
    Adjusted Net Income   $ 204.5     $ 177.4     $ 576.6     $ 499.3  
                     
    Weighted-average shares outstanding:                
    Basic     194.6       193.4       194.3       193.3  
    Diluted     197.0       194.6       196.3       194.8  
                     
    Adjusted Earnings per Share:                
    Basic   $ 1.05     $ 0.92     $ 2.97     $ 2.58  
    Diluted   $ 1.04     $ 0.91     $ 2.94     $ 2.56  
        Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024   2023   2024   2023
    Reconciliation of Diluted earnings (loss) per share from Net income (loss) attributable to TransUnion to Adjusted Diluted Earnings per Share:                
    Diluted earnings (loss) per common share from:                
    Net income (loss) attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.10 )
    Discontinued operations, net of tax     —       —       —       —  
    Income (loss) from continuing operations attributable to TransUnion   $ 0.35     $ (1.65 )   $ 1.11     $ (1.09 )
    Adjustments before income tax items:                
    Amortization of certain intangible assets1     0.36       0.37       1.09       1.14  
    Stock-based compensation     0.17       0.14       0.44       0.38  
    Goodwill impairment2     —       2.13       —       2.13  
    Mergers and acquisitions, divestitures and business optimization3     0.04       (0.03 )     0.09       0.13  
    Accelerated technology investment4     0.11       0.08       0.30       0.27  
    Operating model optimization program5     0.24       —       0.44       —  
    Net other6     (0.01 )     0.01       0.04       0.05  
    Total adjustments before income tax items   $ 0.91     $ 2.70     $ 2.40     $ 4.09  
    Total adjustments for income taxes7     (0.22 )     (0.15 )     (0.57 )     (0.44 )
    Adjusted Diluted Earnings per Share   $ 1.04     $ 0.91     $ 2.94     $ 2.56  
     

    Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

     1.  Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
     2.  During the three and nine months ended September 30, 2023, we recorded a goodwill impairment of $414.0 million related to our United Kingdom reporting unit in our International segment.
     3.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Transaction and integration costs   $ 3.6   $ 5.8     $ 7.0   $ 21.0  
      Fair value and impairment adjustments     —     (10.7 )     0.8     0.8  
      Post-acquisition adjustments     3.7     —       9.4     5.1  
      Transition services agreement income     —     (1.1 )     —     (2.4 )
      Total mergers and acquisitions, divestitures and business optimization   $ 7.3   $ (6.0 )   $ 17.1   $ 24.5  
     4.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Foundational Capabilities   $ 9.9   $ 8.0   $ 25.0   $ 27.7
      Migration Management     11.0     7.2     29.9     21.9
      Program Enablement     0.9     1.1     3.8     3.9
      Total accelerated technology investment   $ 21.8   $ 16.3   $ 58.6   $ 53.5
     5.  Operating model optimization consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Employee separation   $ —   $ —   $ 24.7   $ —
      Facility exit     40.5     —     42.1     —
      Business process optimization     6.8     —     19.6     —
      Total operating model optimization   $ 47.3   $ —   $ 86.4   $ —
     6.  Net other consisted of the following adjustments:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023
      Deferred loan fee expense from debt prepayments and refinancing   $ 0.1     $ 1.0   $ 9.2     $ 3.1
      Currency remeasurement on foreign operations     (1.7 )     0.8     (0.4 )     6.5
      Other non-operating (income) and expense     (0.5 )     —     (0.2 )     —
      Total other adjustments   $ (2.1 )   $ 1.8   $ 8.6     $ 9.6
     7.  Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

    SCHEDULE 4
    TRANSUNION AND SUBSIDIARIES
    Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
    (dollars in millions)

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
      2024   2023   2024   2023
    Income (loss) from continuing operations before income taxes $ 96.8     $ (291.7 )   $ 300.5     $ (139.5 )
    Total adjustments before income tax items from Schedule 3   179.6       525.2       471.3       796.0  
    Adjusted income (loss) from continuing operations before income taxes $ 276.4     $ 233.5     $ 771.8     $ 656.5  
                   
    Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:              
    Provision for income taxes   (24.9 )     (22.2 )     (68.9 )     (60.1 )
    Adjustments for income taxes:              
    Tax effect of above adjustments   (41.8 )     (27.9 )     (108.5 )     (90.1 )
    Eliminate impact of excess tax (benefit) expense for stock-based compensation   (2.3 )     0.7       (1.4 )     2.7  
    Other1   0.9       (2.2 )     (3.0 )     2.2  
    Total adjustments for income taxes $ (43.1 )   $ (29.5 )   $ (112.9 )   $ (85.2 )
    Adjusted Provision for Income Taxes $ (68.0 )   $ (51.7 )   $ (181.8 )   $ (145.3 )
                   
    Effective tax rate   25.7 %     (7.6 )%     22.9 %     (43.1 )%
    Adjusted Effective Tax Rate   24.6 %     22.2 %     23.6 %     22.1 %
                                   

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

      1.  Other adjustments for income taxes include:
          Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
          2024   2023   2024   2023 
      Deferred tax adjustments   $ 3.8     $ (0.2 )   $ (1.4 )   $ 0.6  
      Valuation allowance adjustments     (2.3 )     (1.9 )     (2.1 )     (0.8 )
      Return to provision, audit adjustments, and reserves related to prior periods     (1.2 )     1.4       1.2       2.6  
      Other adjustments     0.7       (1.6 )     (0.7 )     (0.3 )
      Total other adjustments   $ 0.9     $ (2.2 )   $ (3.0 )   $ 2.2  
     

    SCHEDULE 5
    TRANSUNION AND SUBSIDIARIES
    Leverage Ratio (Unaudited)
    (dollars in millions)

        Trailing Twelve
    Months Ended
    September 30, 2024
    Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:    
    Net income attributable to TransUnion   $ 224.2
    Net interest expense     248.6
    Provision for income taxes     53.6
    Depreciation and amortization     533.8
    EBITDA   $ 1,060.2
    Adjustments to EBITDA:    
    Stock-based compensation   $ 113.0
    Mergers and acquisitions, divestitures and business optimization1     27.2
    Accelerated technology investment2     75.6
    Operating model optimization program3     164.0
    Net other4     14.4
    Total adjustments to EBITDA   $ 394.3
    Leverage Ratio Adjusted EBITDA   $ 1,454.5
         
    Total debt   $ 5,201.4
    Less: Cash and cash equivalents     643.2
    Net Debt   $ 4,558.2
         
    Ratio of Net Debt to Net income attributable to TransUnion     20.3
    Leverage Ratio     3.1

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    1.  Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Transaction and integration costs   $ 16.9  
      Fair value and impairment adjustments     10.3  
      Post-acquisition adjustments     0.1  
      Transition services agreement income     (0.1 )
      Total mergers and acquisitions, divestitures and business optimization   $ 27.2  
    2.  Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Foundational Capabilities   $         33.0        
      Migration Management             37.5        
      Program Enablement             5.1        
      Total accelerated technology investment   $         75.6        
    3.  Operating model optimization consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Employee separation   $         96.6        
      Facility exit             45.5        
      Business process optimization             21.9        
      Total operating model optimization   $         164.0        
    4.  Net other consisted of the following adjustments:
          Trailing Twelve
    Months Ended
    September 30, 2024
      Deferred loan fee expense from debt prepayments and refinancings   $ 15.4  
      Other debt financing expenses     2.3  
      Currency remeasurement on foreign operations     (2.2 )
      Other non-operating (income) and expense     (1.2 )
      Total other adjustments   $ 14.4  
       

    SCHEDULE 6
    TRANSUNION AND SUBSIDIARIES
    Segment Depreciation and Amortization (Unaudited)
    (in millions)

      Three Months Ended September 30,   Nine Months Ended September 30,
       2024    2023    2024    2023
                   
    U.S. Markets $ 99.3   $ 99.3   $ 299.4   $ 292.3
    International   33.4     31.0     98.1     95.5
    Corporate   1.0     1.1     3.0     3.3
    Total depreciation and amortization $ 133.6   $ 131.3   $ 400.5   $ 391.1
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    SCHEDULE 7
    TRANSUNION AND SUBSIDIARIES
    Reconciliation of Non-GAAP Guidance (Unaudited)
    (in millions, except per share data)

      Three Months Ended December 31, 2024   Twelve Months Ended December 31, 2024
      Low   High   Low   High
    Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:              
    Net income attributable to TransUnion $ 65     $ 77     $ 284     $ 295  
    Interest, taxes and depreciation and amortization   216       219       868       872  
    EBITDA $ 281     $ 296     $ 1,152     $ 1,167  
    Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1   79       79       336       336  
    Adjusted EBITDA $ 360     $ 375     $ 1,488     $ 1,503  
                   
    Net income attributable to TransUnion margin   6.4 %     7.4 %     6.8 %     7.1 %
    Consolidated Adjusted EBITDA margin2   35.5 %     36.2 %     35.8 %     36.0 %
                   
    Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:              
    Diluted earnings per share $ 0.34     $ 0.39     $ 1.45     $ 1.51  
    Adjustments to diluted earnings per share1   0.58       0.58       2.42       2.42  
    Adjusted Diluted Earnings per Share $ 0.92     $ 0.98     $ 3.87     $ 3.93  
     

    As a result of displaying amounts in millions, rounding differences may exist in the table above.

    1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
    2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

    The MIL Network –

    January 24, 2025
  • MIL-OSI USA: Deluzio, Casey, Fetterman, Lee Announce $6 Million for Pittsburgh International Airport

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    Funding will help improve the terminal building

     

    Airport Terminal Program funding comes from infrastructure law

     

    With this funding, Pittsburgh International Airport has received more than $129 million in federal funding since the start of 2021

     

    WASHINGTON, D.C. – Today, U.S. Representatives Chris Deluzio (D-PA-17) and Summer Lee (D-PA-12) and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) announced that Pittsburgh International Airport (PIT) is receiving $6,000,000 in competitive grant funding to modernize and rehabilitate the terminal. This funding comes from the Airport Terminal Program (ATP), which was created by the bipartisan Infrastructure Investment and Jobs Act (IIJA) to revitalize the Nation’s aging airports.

     

    “The Infrastructure Law is still at work in Western PA, this time bringing home $6 million more for the Pittsburgh International Airport terminal updates,”said Congressman Deluzio. “The airport is not only a place where people catch flights: but it’s also a workplace, employer, and economic hub. We need to make sure it works as smoothly as possible, and that we help out airport be the best it can be. I’m proud federal funding from the Infrastructure Law is a part of that effort.”

     

    “Pittsburgh International Airport is an essential connection between the region and the world, and it’s critical that the terminals are safe and can meet passenger needs. This investment from the infrastructure law will support ongoing efforts to modernize the airport by replacing floors, bulkheads, and decades-old moving walkways,” said Senator Casey. “I will always fight for investments that boost Southwestern Pennsylvania’s economy and keep the region moving.”

     

    “Pittsburgh’s airport should reflect the grit and resilience of the city it serves and this $6 million investment helps make that happen. Upgrading parts of the terminal that have been in place for over 30 years will help bring our airport back up to speed, create jobs, and ensure it serves both the community and travelers with true Pittsburgh pride,” said Senator Fetterman.

     

    “Today’s announcement of $6 million in federal funding for Pittsburgh International Airport is a big win for the people of Pittsburgh and the hardworking travelers who rely on safe, accessible, and efficient airports. This investment is about putting people first by creating good-paying jobs, ensuring smoother and safer travel experiences, and revitalizing a space that millions pass through each year. It’s also a commitment to the growth and well-being of our community, helping Pittsburgh remain a hub of opportunity and progress for all who live, work, and visit here,” said Congresswoman Lee.

     

    The funding for Pittsburgh International Airport will support the Terminal Modernization Program, which includes installing new flooring, restoring columns and bulkheads, and replacing 32-year-old moving walkways in the concourses. Since the infrastructure law was passed, millions of dollars have been allocated to PIT. In June 2024, Casey, Fetterman, Deluzio, and Lee announced $20.6 million for PIT to support their ongoing terminal improvement project. In February 2024, the Members announced $5.3 million in new infrastructure funding to fund a component of the 700,000 square foot landslide terminal construction. PIT has received a total of $129,706,728 since the start of 2021.
     

    ###

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Deluzio, Casey, Fetterman Secure $87 Million to Build New Manufacturing Facility in Southwestern Pennsylvania, Create Almost 900 Jobs

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    WASHINGTON, D.C. – Today, Congressman Chris Deluzio (D-PA-17), and U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) delivered $87,070,493 in federal funding for Mainspring Energy (MSE), a manufacturer of linear generators. With these funds, the company will build a new, state-of-the art manufacturing facility that will support new 891 jobs in Coraopolis. Funding comes from the Advanced Energy Manufacturing and Recycling Grants Program, made possible by the Infrastructure Investment and Jobs Act (IIJA).  

    “I am thrilled to announce that Coraopolis’ own Mainspring Energy Inc. is receiving more than $87 million in federal dollars to boost its manufacturing of low-carbon generators and create hundreds of full-time and construction jobs in the process,” said Congressman Deluzio. “This is a powerful example of how when we make more stuff here, we can create manufacturing and construction jobs and onshore our supply chains, all while reducing greenhouse gas emissions to help us meet our climate goals. I am proud to support this project and look forward to monitoring its progress and impact on the people and economy in Pennsylvania’s 17th Congressional District.”   

    “This is a game-changing investment for Coraopolis and Southwestern Pennsylvania. With this funding, Mainstream Energy will create good-paying and high-skilled manufacturing jobs and continue Southwestern Pennsylvania’s legacy as an energy leader on the forefront of cutting-edge technology. Pennsylvania workers are the best in the world and I will keep fighting for good paying manufacturing and construction jobs across our Commonwealth,” said Senator Casey.  

    “Western Pennsylvania has always been America’s industrial backbone and the Department of Energy’s investment in Mainspring Energy carries that legacy forward. This move propels us toward a carbon-pollution-free future while keeping our economy strong, competitive, and union-built,” said Senator Fetterman. “As lifelong Pennsylvanians, Senator Casey, Congressman Deluzio, and I understand and honor our state’s proud history of hard work and innovation. We pushed for this investment because it puts Western Pennsylvania back on the map as a leader in cutting-edge manufacturing.” 

    Mainspring Energy manufactures linear generators that power hospitals, supermarkets, data centers, and more across the Nation. The new plant will expand generator production, enhance American global competitiveness, create 891 jobs in Coraopolis. Deluzio wrote a letter of support for this grant, and joined Senators Casey, and Fetterman in the push for the Accelerating Linear Generator Production for Mainspring Energy project. 

    The funding comes from the U.S. Department of Energy (DOE)’s Advanced Energy Manufacturing and Recycling Grants program, which enables manufacturers build new or retrofit existing manufacturing and industrial facilities in communities where coal mines or coal power plants have closed. Senators Casey and Fetterman and Congressman Deluzio urged DOE secretary Jennifer Granholm to support MSE’s project in June 2024. In their letter, the Members highlighted how the new facility would increase domestic manufacturing, boost American competitiveness in the clean energy sector, generate hundreds of good-paying jobs for Pennsylvanians, and carry on the Commonwealth’s proud legacy as an energy state.   

    Mainspring Energy (MSE), in partnership with construction firm Al. Neyer, will establish a state-of-the-art manufacturing facility in Coraopolis to produce 1,000 linear generators annually that will provide clean and reliable power to critical institutions across the Nation including hospitals, businesses, and data centers. The plant will localize the manufacturing supply chain and enhance American global competitiveness in the clean energy sector. Additionally, the project will create 291 construction-related jobs and 600 operations jobs.  

    ### 

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI Europe: Answer to a written question – Impact of possible curb on exports of Russian uranium – E-001721/2024(ASW)

    Source: European Parliament

    Already in 2014, with the European Energy Security Strategy[1], the Commission emphasised the need for all EU operators to have a diversified portfolio of fuel supply and for fuel supply diversification to be a condition for any new investment in the nuclear sector.

    In response to Russia’s full-scale war of aggression against Ukraine, the EU decided to phase out its remaining dependence on Russia. The REPowerEU Plan[2] emphasises further the need for diversification and securing alternative sources of uranium, and boosting conversion, enrichment, and fuel fabrication capacities.

    The Commission and the Euratom Supply Agency (ESA) have been engaging with concerned Member States to assess dependencies and ensure security of supply in the nuclear value chain. Utilities have taken steps to diversify their supplies, increase stockpiling of nuclear material and fuel, and prepare for potential disruptions to supplies.

    The electricity produced in Soviet-designed reactors (dependent on Russian fuel supply) accounts for about 10% of EU gross nuclear electricity capacity. Utilities operating these reactors in Bulgaria, Czechia, Slovakia and Finland have signed supply contracts with alternative fuel suppliers and are moving forward with the licensing process for the new fuels (already tested by several utilities).

    Meanwhile, mothballed uranium mines in the United States (US), Australia, Canada and Africa have returned to operation, and additional conversion and enrichment capacity is being developed in the EU, United Kingdom, US and Canada.

    The Commission and ESA continue to monitor the market and the supply situation and engage with utilities and national authorities to ensure the diversification of supply in the civil nuclear industry.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52014DC0330&from=EN
    • [2] https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/repowereu-affordable-secure-and-sustainable-energy-europe_en

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Europe: Answer to a written question – Lethal fires in Attica – E-001640/2024(ASW)

    Source: European Parliament

    The EU Solidarity Fund (EUSF) can only be activated at the request of Greece within 12 weeks as from the first damage occurred, demonstrating that the total direct damage exceeds the thresholds specified in Article 2 of Regulation (EC) No 2012/2002[1].

    The EUSF may cover part of the costs for emergency and recovery operations incurred by public authorities. This includes, for example, the recovery of essential infrastructure, provision of temporary accommodation to the population, cleaning-up operations, and protection of cultural heritage. So far, Greece has not requested the EUSF assistance for this disaster.

    With response remaining primarily a national competence, the Union Civil Protection Mechanism[2] is already prepositioning ground and aerial resources in forest fire-prone countries.

    This summer, 240 firefighters from Bulgaria, Moldova, Malta and Romania were prepositioned in Greece from 1 July to 15 September 2024 to support the Greek response to forest fires. During the fire in Attica, 80 firefighters from Moldova, Malta and Romania have been immediately deployed as first responders.

    Regarding aerial resources, the EU is financing, as of 15 June until end of October 2024, 75% stand-by costs of two Canadairs firefighting planes, two light scooping planes and one heavy helicopter located in Greece as part of the rescEU safety net response[3]. All these assets are available for a European response and primarily operate on the Greek territory.

    In addition, the EU has signed a grant agreement with Greece for the purchase of two Canadairs that will complement the national response.

    • [1]  Council Regulation (EC) No 2012/2002 of 11 November 2002 establishing the European Union Solidarity Fund (OJ L 311, 14.11.2002, p. 3) as amended by Regulation (EU) No 661/2014 of the European Parliament and the Council of 15 May 2014 (OJ L 189, 27.6.2014, p. 143) and by Regulation (EU) 2020/461 of the European Parliament and the Council of 30 March 2020 (OJ L 99, 31.3.2020, p. 9).
    • [2]  https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/eu-civil-protection-mechanism_en#:~:text=In%20October%202001%2C%20the%20European%20Commission%20established%20the,to%20improve%20prevention%2C%20preparedness%2C%20and%20response%20to%20disasters
    • [3]  https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/resceu_en

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Europe: Highlights – ad-hoc DEVE delegation to Guatemala – Committee on Development

    Source: European Parliament

    Guatemala flag © Image used under the license of Adobe Stock

    A delegation of 6 Members, led by MEP Lukas MANDL (EPP, AT), will travel to Guatemala from 28 to 30 October. The purpose of the mission is to review the EU development portfolio in the country, especially in the context of the current programming period.

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Banking: Committee on Market Access holds third thematic session on supply chain resilience

    Source: WTO

    Headline: Committee on Market Access holds third thematic session on supply chain resilience

    The moderator of the session, Mr Iain Fifer of the United Kingdom, emphasized the critical role of trade data in analyzing and enhancing the resilience of supply chains. He noted the challenges in gathering reliable, timely and relevant data, and underlined how such information can inform decision-making.
    Thailand highlighted logistical challenges related to train freight routes from Thailand to Europe. While rail transport is faster than ocean freight and cheaper than air freight, it faces significant obstacles such as customs clearance issues at multiple borders, a lack of harmonized standards, and higher costs compared to sea freight. Additionally, it stressed how limitations in rail infrastructure add complexity.
    China emphasized the importance of multilateral and bilateral trade frameworks, such as those supported by the WTO, in ensuring smooth supply chain operations. It underscored technological advances, particularly in big data and green energy, as key influencers of the development of global supply chains. China also announced the upcoming release of its Global Supply Chain Connectivity Index at the second China International Supply Chain Expo in November 2024. The document will provide a quantitative assessment of the resilience and stability of global supply chains.
    India focused on the three fundamental pillars of supply chains — production, logistics and markets. It also underlined the importance of digital infrastructure in bolstering supply chain resilience. Additionally, India discussed initiatives such as the Unified Logistics Interface Platform and the PM Gati Shakti National Master Plan, which utilize geospatial data to enhance infrastructure connectivity and logistics efficiency.
    The United States introduced its newly established Supply Chain Center within the Department of Commerce, designed to enhance supply chain resilience. The unit’s “Scale” tool assesses risks across sectors of the US economy by evaluating more than 40 indicators of criticality, vulnerability and resiliency in supply chains. The tool provides an in-depth view of current risks to better inform policy decisions, the United States underlined.
    Switzerland presented an initiative led by the Organisation for Economic Cooperation and Development (OECD) aimed at improving the transparency and resilience of medical supply chains. The initiative was prompted by the supply shortages experienced during the COVID-19 pandemic. Switzerland’s project involves a monitoring mechanism designed to increase visibility in global medical supply chains and address future disruptions through international cooperation and the use of advanced technologies such as artificial intelligence.
    In his conclusion, the moderator emphasized the importance of data design and collection in creating a comprehensive understanding of various supply chains. He stressed that data sharing and collaboration were central themes of the discussion, noting that swift and accurate exchange of information between stakeholders and governments is essential. Additionally, he acknowledged the significant analytical work required after data collection and pointed out that once data analysis is completed, it must be effectively utilized to guide policymaking. The session also featured examples of ongoing policy initiatives shaped by data-driven projects.
    The interim Chair of the Market Access Committee, Ms Nicola Waterfield of Canada, expressed appreciation for the presentations and highlighted the importance of the discussions. She also announced that the Committee’s next formal meeting is scheduled for 19-20 November 2024.

    Share

    MIL OSI Global Banks –

    January 24, 2025
  • MIL-OSI Video: Transforming Social Safety Nets: A Digital Revolution

    Source: International Monetary Fund – IMF (video statements)

    This Analytical Corner focuses on how digital technologies are transforming social safety nets in various country settings such as Brazil, DRC, India, Pakistan, Togo, and Türkiye. Join us to discover innovative strategies to identify, verify, and pay social benefits to enhance support for vulnerable households, even in low-capacity settings. Related publication: Expanding and Improving Social Safety Nets Through Digitalization: Conceptual Framework and Review of Country Experiences (IMF Note, December 2023).

    https://www.youtube.com/watch?v=XIh2aySlzvo

    MIL OSI Video –

    January 24, 2025
  • MIL-OSI Video: Iraq, Gaza/UNSCO, Lebanon & other topics – Daily Press Briefing (22 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    -BRICS
    -Iraq
    -Gaza/UNSCO
    -Occupied Palestinian Territory
    -Gaza/UN Development Programme
    -The UN Interim Force in Lebanon
    -Lebanon/Humanitarian
    -Yemen
    -Sudan
    -Ukraine
    -Security Council/Ukraine
    -Cuba
    -Haiti
    -Democratic Republic of the Congo

    BRICS
    I can confirm that the Secretary-General is once again attending the BRICS summit, which this year takes place in Kazan, in the Russian Federation.

    Iraq
    In a statement issued today, the Secretary-General congratulates the Kurdistan Region of Iraq and its people on the holding of parliamentary elections on 20 October, which took place in a calm and peaceful manner. He further commends the efforts of the Independent High Electoral Commission (IHEC), supported by the United Nations Assistance Mission for Iraq (UNAMI), in the preparations and conduct of these elections.
    As the Kurdistan Region of Iraq awaits the final results, the Secretary-General encourages all political leaders and segments of society to continue to maintain a peaceful atmosphere and urges political actors to resolve any electoral disputes through established legal channels and to complete the electoral process by forming an inclusive government as soon as possible. He reiterates the commitment of the United Nations to support Iraq’s efforts to consolidate democratic gains and build a prosperous future for the people of Iraq.

    Gaza/UNSCO
    Tor Wennesland, the UN Special Coordinator for the Middle East Peace Process, visited Gaza today, where he saw firsthand the continued immense destruction and profound suffering of the people.
    He said he met with UN staff and Palestinian NGOs in Gaza, whose tireless efforts are admirable. He heard directly from them about the alarming security and humanitarian situation across the Strip, particularly in northern Gaza. The challenges faced by the people of Gaza, including serious violations of international humanitarian law, are enormous, with urgent needs for food, medical supplies, and protection.
    Mr. Wennesland said that a significant increase in the entry of humanitarian assistance and an improvement in security is urgently required.  He reiterated the Secretary-General’s repeated call for an immediate ceasefire and the unconditional release of all hostages held by Hamas. He calls on all relevant parties to urgently pursue these goals.

    Gaza/UN Development Programme
    The UN Development Programme (UNDP) says that one year into the Gaza war, the humanitarian crisis has reached a catastrophic level – with unprecedented casualties, widespread destruction and severe food insecurity.
    The war has had a severe impact on critical sectors such as education, healthcare, social services, the economy and the environment, UNDP says in a new report. Educational institutions have suffered significant losses, with numerous casualties among students and educators and the widespread destruction of schools. The healthcare system is nearing collapse, facing critical shortages in medical supplies and widespread malnutrition, particularly among children.
    Economic projections indicate that the gross domestic product (GDP) of the State of Palestine contracted by 35.1 per cent in 2024 compared with a no-war scenario, with unemployment potentially rising to 49.9 per cent. By the end of 2024, the Human Development Index (HDI) in the State of Palestine may fall to 0.643, a level not seen since human development calculations began in 2004.
    Poverty in the State of Palestine is projected to rise to 74.3 per cent in 2024, affecting 4.1 million people, including 2.61 million people who are newly impoverished. The full report is online.

    Full Highlights: https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=22+October+2024

    https://www.youtube.com/watch?v=gfpt8lR-1Oc

    MIL OSI Video –

    January 24, 2025
  • MIL-OSI China: Xi underscores BRICS’ role in building multipolar world, driving globalization

    Source: People’s Republic of China – State Council News

    KAZAN, Russia, Oct. 23 — The BRICS mechanism is a pillar in promoting a multipolar world and fostering an inclusive economic globalization, said Chinese President Xi Jinping on Tuesday as leaders gathered in Kazan for the 16th BRICS Summit.

    Xi made the remarks while meeting with Russian President Vladimir Putin ahead of the leaders’ formal meetings. He noted that BRICS is the world’s most important platform for solidarity and cooperation between emerging markets and developing countries.

    He also voiced his hope to have in-depth discussions with Putin and other leaders participating in the summit on the future development of the BRICS mechanism, so as to secure more opportunities for the Global South.

    Putin thanked China for its support during Russia’s presidency of BRICS, stressing that Russia is ready to closely cooperate with China to ensure the success of the first BRICS Summit after its expansion and bolster BRICS cooperation.

    Kazan, the capital of Tatarstan and the fifth-largest city in Russia, holds historical and cultural significance. Xi told Putin during their meeting that around 400 years ago, the Great Tea Road that connected the two countries went past Kazan, through which tea leaves from China’s Wuyi Mountain region found their way into many Russian households.

    The city is also home to Kazan Federal University, where notable figures like the Russian writer Leo Tolstoy and Russian revolutionary leader Vladimir Lenin studied.

    Russian fighter jets escorted Xi’s plane before its landing at the Kazan International Airport around noon on Tuesday. Guards of honor lined both sides of a red carpet to salute Xi, while Russian youths in traditional attire offered him a warm welcome.

    Kazan Mayor Ilsur Metshin, one of the Russian officials who greeted Xi at the airport, told Xinhua that the city is honored to host the Chinese president.

    During the three-day summit, Xi will attend small- and large-scale leaders’ meetings and the BRICS Plus leaders’ dialogue. He will also have in-depth exchanges with leaders of other countries on the current international situation, BRICS cooperation, the development of the BRICS mechanism and important issues of common concern, according to Chinese Foreign Ministry Spokesperson Mao Ning.

    GREATER BRICS

    Observers see the BRICS Summit as an opportunity for Global South countries to voice their needs.

    Victoria Fedosova, deputy director of the Institute for Strategic Research and Forecasts of the Russian Peoples’ Friendship University, said the very dynamic development of BRICS and the growth in its membership reflect a demand for a platform to address global issues.

    “The BRICS mechanism has enormous potential in adjusting the imbalances in global development accumulated over the last 80 years,” said Fedosova.

    The New Development Bank (NDB) is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the NDB, headquartered in Shanghai, provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

    Dilma Rousseff, president of the NDB who is also in Kazan, told Putin during a meeting on Tuesday that the summit is “very important.”

    BRICS has emerged as “the core of this multipolar world” alongside other global and regional organizations, said British author and political commentator Carlos Martinez. “It is essential to move away from the dominance of Western voices and allow countries from the Global South to have a meaningful say in international relations.”

    “BRICS, with its focus on inclusivity and equality, serves as a shining star of this new type of international relations,” he said.

    Zukiswa Roboji, a researcher at Walter Sisulu University in South Africa, said that BRICS has “undoubtedly made notable strides in recent years,” offering emerging economies easier access to financial resources and better opportunities for trade, investment and development.

    Experts also highlighted China’s role in BRICS cooperation and development. Timirkhan Alishev, vice rector for International Affairs at Kazan Federal University, told Xinhua that all initiatives introduced by China are rooted in multilateralism, fostering communication and dialogue on multiple levels.

    “We see China puts a lot of efforts into developing BRICS,” said Alishev, adding that there are no preconditions for BRICS cooperation as one can begin dialogue on equal footing with everyone.

    STRONGER APPEAL

    The term BRIC was initially coined in 2001 by Jim O’Neill, former chief economist at Goldman Sachs, as an investment concept referring to emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

    Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade.

    “Measured by GDP, the BRICS countries have already surpassed the G7 in importance,” said Rousseff in a recent interview with Xinhua.

    One of the key priorities of Russia’s BRICS chairmanship is integrating the new members into the BRICS framework, according to the official website. Other areas of practical cooperation include boosting trade and direct investment, as well as fostering a balanced and equitable transition to a low-carbon economy.

    As BRICS’ influence grows, its appeal has strengthened. Over 30 countries like Thailand, Malaysia, Türkiye and Azerbaijan have either formally applied for or expressed interest in its membership, while many other developing countries are seeking deeper cooperation with the group.

    “Joining BRICS will benefit Thailand in many ways, including advancing cooperation with other developing countries and increasing its influence in the international arena,” said Tang Zhimin, director of China ASEAN Studies at the Bangkok-based Panyapiwat Institute of Management.

    BRICS “has become an engine of growth for the world economy and plays an important role in global policymaking,” Tang added.

    MIL OSI China News –

    January 24, 2025
  • MIL-OSI USA: Administrator Samantha Power Visits Siem Reap, Cambodia

    Source: USAID

    The below is attributable to Spokesperson Benjamin Suarato:

    Today, Administrator Samantha Power arrived in Siem Reap, Cambodia. She began the day by visiting a Cambodian foster family who is receiving support through USAID in caring for a 11-month-old child with a disability. The family’s caseworker and USAID partners who support persons with disabilities and family-focused care also participated. Administrator Power recognized the tireless efforts of Cambodian partners, social workers, and foster families who are supporting child protection in Cambodia. She discussed ways for USAID to continue supporting and advocating for the rights and inclusion of people living with disabilities in Cambodia.

    Administrator Power then traveled to the Svay Thom Pagoda to discuss USAID’s efforts to support local partners in delivering innovative tuberculosis (TB) screening and diagnostic solutions. Despite Cambodia being removed from the WHO High TB Burden Country list in 2021, it remains on the global TB watchlist and experienced setbacks in TB case finding during the COVID-19 pandemic. The Administrator also announced one of USAID’s largest direct awards to a local organization in Cambodia, through which USAID will continue supporting Cambodia’s ambitious goal of ending TB as a public health threat by 2030.

    Administrator Power then met with trade union members and labor activists working at Angkor Wat, a UNESCO-recognized World Heritage Site located in Siem Reap, to discuss working conditions and other pressing labor rights issues, and how USAID support helps tourism-oriented and other trade unions address them. Administrator Power noted the Biden Administration’s strong support for labor rights, including through the 2023 Presidential Memorandum on Advancing Worker Empowerment, Rights, and High Labor Standards Globally. USAID has supported the trade union movement in Cambodia for decades, and Administrator Power discussed with the union members and activists USAID’s continued commitment to working with Cambodian worker organizations.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI USA: Administrator Samantha Power at a Press Gaggle in Siem Reap

    Source: USAID

    ADMINISTRATOR SAMANTHA POWER: Good afternoon, everyone. Thank you for coming. Thanks also to our partners from the Cambodian government who have joined us here today. 

    This is my fourth trip to Cambodia, but it is my first trip to Cambodia as USAID Administrator. But, maybe more significant than that, it is the first trip to Cambodia ever by the USAID Administrator, despite decades of investments that USAID has made in economic development, health development, food security, and the like. So, I feel really personally privileged to be back in a country that I find incredibly beautiful, filled with such warm and hospitable people who have welcomed me many times over the years. To now get to come back as USAID Administrator, it’s a great privilege. 

    I had the chance to tour a tuberculosis screening clinic here at the Svay Thom Pagoda. Over the past five years, USAID’s Community Mobilization Initiatives to End TB, which we have called COMMIT, has helped Cambodia make remarkable progress preventing, detecting, and treating tuberculosis. And, I got to see this screening effort, at least in one of them, up close. 

    In the past 20 years, Cambodia has cut the rate of tuberculosis in this country by almost half, and the country is no longer on the World Health Organization’s list of the 30 highest TB Burden Countries. That is genuine progress. But, of course, the fight against TB is not over. An estimated 54,000 Cambodians contract TB still every year, and about a third of TB cases go undetected. 

    So, to help Cambodia meet its goal of ending TB in this country by 2030, I am pleased today to announce a new five year initiative, which we will call COMMIT II, the second phase of our investment here. We will start with an initial $4 million investment for the first year of the program, with additional funding to come. 

    I want to stress that this is one of the largest local direct awards that USAID has ever given to a local Cambodian organization. We think it’s extremely important to invest directly in Cambodian organizations that are doing the work out in their communities to advance the health and the interests of the Cambodian people. 

    Through this program, COMMIT II, we will work directly with local communities to improve TB screening, diagnosis, and TB preventive therapy. We will focus especially on identifying and treating the cases that are currently going undetected. And, we know that getting at these undetected cases is the key to preventing the spread of this terrible disease. 

    Our work together, that of USAID with the Cambodian people, that of USAID with the Cambodian health ministry, is really just one example of the productive health partnership that has developed over the last decades. And it is also, I think, reflective of what is a deepening partnership between the United States and Cambodia, and between the American people and the Cambodian people. 

    I’d like to say a word about malaria as well. Over the past decade, the U.S. has invested $87 million to support Cambodia’s efforts to eliminate malaria. These efforts, led by the Cambodian people, have been a stunning success, with Cambodia registering zero malaria deaths since 2017 and now on track to completely eliminate malaria as soon as next year. 

    We have also supported Cambodia’s efforts to make childbirth safer for mothers and for infants. Since 2005, Cambodia has reduced maternal deaths by 67 percent, infant deaths by 71 percent, and deaths of children under five by 81 percent. 

    The United States and the American people also stood with the Cambodian people during the COVID-19 pandemic, delivering 3.3 million vaccines and providing $16 million in other support. 

    We are really gratified now that Cambodia has become a new partner in the U.S. Global Health Security Strategy, which aims at making sure that Cambodia has the infrastructure to have the surveillance capacity in communities, the lab equipment and testing equipment that it needs in order to prevent, detect, and respond to future health threats. 

    Now we are supporting Cambodia taking on another urgent health threat, and this is one that – while I know the press has covered TB in the past, has covered the incredible progress made against malaria – this may be a harm and a form of illness that even the press has not yet given significant coverage to. And, this issue is lead poisoning, and specifically the lead poisoning of children. 

    Lead poisoning slows a child’s brain development. It harms their bodies, and it can even kill children. Lead poisoning affects an estimated six million children here in Cambodia. That’s over 70 percent of all kids in this country. 

    Taking on this global menace of lead poisoning is extremely important to USAID. It is an urgent priority for the United States government as a whole, and Cambodia has already made itself a really important partner in this effort. Cambodia was one of just 26 founding member countries in a brand new Partnership for a Lead-Free Future that we just launched in September at the UN General Assembly. And, we are really thankful to the Cambodian Health Ministry and to the government for stepping forward and being a leader in raising its hand and committing itself to eliminating lead poisoning for children here in Cambodia.

    Lead poisoning, unlike a lot of other diseases, is really hard to detect. It is tough to know also what the source of lead poisoning is. Is it spices? Is it paint? Is it the recycling of batteries that is causing lead poisoning? 

    Today, which as it happens, is part of international Lead Poisoning Prevention Week, I am pleased to announce that USAID will support Cambodia’s first-ever national survey to evaluate the levels of lead and other heavy metals in the blood levels of children and pregnant women. We will also look together at the level of lead in products in Cambodian stores. And, we will together work to understand how prevalent lead is in the environment. To be clear, understanding where lead poisoning is coming from here in Cambodia is absolutely critical to preventing it going forward. 

    USAID will also work together with the Royal Government of Cambodia and with UNICEF to take steps to mitigate lead exposure by raising awareness and developing policies and regulations that will prevent future exposure. Together, I am confident that just as we have on malaria and TB and just as we did on COVID-19, together we will make progress against this invisible threat.

    USAID stands ready to support the doctors, the teachers, the parents, the government officials and the citizens who want to rid their communities of lead poisoning once and for all. This partnership matters a great deal to the United States. We see how far it can go, and we are very satisfied with the progress that we have seen in the health sector, and eager to learn from it, to see how we can propel progress in other sectors as well. 

    And with that, I am happy to take your questions. Thank you.

    QUESTION: My name is Chamna. I am from Cambodianess, a news outlet based in Siem Reap and Phnom Penh, ma’am. So, ma’am, my first question is that you know, as the first USAID Administrator to Cambodia, visited Cambodia for two days, can you give us, like, a brief activity that you have done and also you will do tomorrow?

    And, the second question is that, why do you choose Siem Reap, one of the cultural provinces of Cambodia, to visit, ma’am? And, also the third question, I was informed that you will visit Prime Minister Hun Manet tomorrow. So, what do you hope to communicate with the Prime Minister, ma’am?

    ADMINISTRATOR POWER: That’s a lot of questions. So, let me start with why did I come to Siem Reap. This is my third trip to Siem Reap. Once a person has come to Siem Reap once, they always insist on coming back. And, any tourist who has come if they haven’t come back, it is only because it is so far away. But, for me, when I knew I was coming to Cambodia, I’ve had such beautiful connections with the people of this town in my previous visits, such rich conversations. And again, the privilege for me is now to come as USAID Administrator and to actually see the work that we have been doing as the United States, as the American people, with the Cambodian people in communities, you know, in a manner that is not only advancing the U.S.-Cambodian partnership, but touching real lives. And so, just as the Cambodian people have touched me over the years, I felt I had to come back.

    And in terms of the content of the visit – my visit follows on, of course, the visit of Secretary [Lloyd] Austin, our Secretary of Defense. We believe really strongly in the United States in what we call the three Ds – diplomacy, defense, and development – because the three Ds reflect the needs, in a way, of all individuals, which is to be physically secure, to be free, to express oneself, and to live as one chooses and as one, and to raise children in a manner where you can imagine them fulfilling their dreams. 

    And then, of course, to develop economically. And we think that, you know, an enhanced security partnership of the kind that Secretary Austin discussed with more exchanges and more familiarity between us, more diplomatic engagement, and these really significant development investments will hopefully support those incredible Cambodians who are doing work to build a brighter Cambodia for the next generation. And, of course, young people are at the heart of Cambodia’s economic progress, and will be at the heart of its progress in strengthening its institutions, its governance, the rule of law, et cetera. 

    My visit will include, yes, a meeting with Prime Minister. I’m very much looking forward to that. I already had the chance in January of this year to meet with the Prime Minister in Davos when he attended, and I attended, the World Economic Forum. But, of course, now we have had a chance, over many more months, to work on shared challenges like strengthening global health security; to initiate new partnerships like the new partnership to combat lead poisoning. And, I look forward to talking about what more can be done, recognizing that we all want to see Cambodia’s economy continue to grow. He has been very specific, of course, about Cambodia – wanting Cambodia to become an upper middle-income country by 2030. We, as USAID, want to understand how we can be catalytic in supporting certain sectors, and so hearing directly from him about his priorities now deeper into his tenure as Prime Minister will be very important. 

    And, of course, we recognize as well that non-governmental organizations, community-based organizations, civil society organizations, that those organizations who are in the community have such an important role to play as well in delivering services like we saw being delivered, in screening tuberculosis, or in educating the community, but also in rooting out corruption and exposing those forces that get in the way of Cambodia’s economy reaching its full potential, and above all, the Cambodian people benefiting as much as they should from all that Cambodia offers and all that young people are investing in that economy. So, I will see the Prime Minister. 

    I will, of course, later today – I can’t come to Siem Reap without seeing some of Angkor Wat. I will engage with individuals outside of government who are looking at, you know, what more can be done, again, to strengthen freedom and governance and the rule of law in this country. And, you know, I’m really looking forward to learning. On every trip, I learned so much, and Cambodia has changed really so much since my last visit to this country, which was back in 2012. Even just driving around, I can see so many of the changes. But again, my privilege is to be here as USAID Administrator and to talk to our incredible team about what more we can do to accelerate the progress in support of Cambodian leaders, inside and outside ministries.

    QUESTION: Okay, ma’am. Also, my second question has two parts, of course. Now, you’re touring the TB, you know, let’s say, progress. How to eliminate them, how to make the system better. So, what are the development[s] that you see so far back then, back there, when you tour the, you know, the mechanism, and also, what are the challenges that still remain? That, you know, when you talk to the expert, they say, there are many challenges out there that needs to be done. That is the first part of the question. 

    And, the second part of the question can be cultural, again, because I see doctors, I see, you know, organization experts, but, at the same time, they are working on health. But, they are not in the clinic. They are not in the hospital. They are in a pagoda, which is a sanctuary for Cambodia, so Buddhism for hundreds of years. So, when you see, you know, expert, modern, expert, modern equipment coming together with old people in the sanctuary of Cambodian religion, how do you make of the situation?

    ADMINISTRATOR POWER: Well, and this is really important, I think, to stress what is so significant about what Cambodians are doing here, is that they are coming to the people. They are bringing the equipment to diagnose whether TB is present in a person to a more central location than the people would otherwise be able to access. So, normally, this very sophisticated X-ray equipment, and the computers that process the X-rays to diagnose whether somebody is likely to have TB, these individuals would have to go very, very far [to access]. 

    And, what USAID, in partnership with the Cambodian Ministry of Health and with this non-governmental organization that has been at the forefront, what we have done together is come up with activities that are designed to move the diagnosis and, ultimately, the treatment closer to the people. And, that is what you saw here, is a large group of individuals who were told that if you come to this place at this time, you won’t have to drive miles and miles in order to get the X-rays. And so, everyone here either had some symptom of TB, or had someone in their family who had some symptom. So, in their mind, they were worried, “Maybe, would I?” but maybe they weren’t worried enough to drive so far. Maybe they couldn’t afford a bus fare, or, you know, they didn’t have a motorbike in order to be able to make it that far. 

    And so, among the people who are here, I’m sure, are people whose TB cases would have gone undetected if we had relied on the old way of doing things. And so, this is really a partnership that looks at the data, sees that a third of TB cases in Cambodia go undetected, and so we have to fix that. If Cambodia is to reach its goal of getting rid of TB by 2030, that is going to require detecting all the cases of TB so that TB then isn’t spread in communities. And, mobile clinics, mobile health workers, mobile screening is going to be a big part of that solution. 

    And, you know, I think that when one seeks out meeting places, gathering places, one looks and here again, we as the United States and as USAID, we defer entirely to the Cambodian Ministry of Health about where best to situate these mobile screening, this equipment. We may invest the resources to purchase this equipment, but fundamentally, when it comes to respecting Cambodian culture, we are the guests of the Cambodian people. We are the guests of the Cambodian Government, and we take their lead and follow their guidance about how best to, again, meet people where they are likely to feel comfortable traveling to and sitting for some time as they go through the different stages of diagnosis, you know, starting, of course, with with the X-ray. But then, if they are deemed, if it is deemed possible that they have TB, going further, and then even waiting for a couple hours to get the formal diagnosis, then the counseling that is going to come. That is a long afternoon. It’s a lot to ask of particularly elderly people, who are among those who gathered. And so to do so in a manner that is culturally sensitive, but that also allows the individuals who come the comfort of not being out in the blazing sun for the entire day. I’m assuming that is why this location was chosen.

    QUESTION: Okay, so my final question is not related to TB or but it’s more like related to your, let’s say, journalism career. So, in Cambodia right now, a lot of young people are interested in journalism, if not you know the media subject. And also, you said that you were a former journalist working in many countries and zones, and now you are a diplomat, so it’s like a career transition. So, just a message for young people in Cambodia, how does journalism help shape, you know, a person’s career in the future? I mean, after they do journalism, of course.

    ADMINISTRATOR POWER: I think journalism is an incredibly important form of civic participation. All of you are bringing to your communities news and facts and often vital information that citizens need to learn. For example, when journalists cover a local happening like this in Siem Reap that there was a gathering where people were able to get TB screening and diagnosis right here, somebody reads that or they see that on the news, and then they think to themselves, “Oh, I haven’t been feeling that well. Maybe I will go and find a screening facility. Or I will ask someone if they know when next this kind of gathering is going to happen, this kind of screening, mobile screening is going to be available.” That’s an example of the kind of good that a journalist can do for their community. 

    Obviously, they’re also in countries where corruption has been an issue. Journalism can be extremely important in also helping law enforcement know where corruption is happening so that it can be rooted out. The Cambodian government really wants to continue to grow the economy. All of us would like to see more American investment in Cambodia. Journalists have a really vital role to play in shining a spotlight on the kinds of things that might need to change in order for that investment to come at a faster clip than it has up to this point. 

    So, you know, I look back on my journalism career, and I feel grateful that I had that chance to be a journalist. I feel grateful to have made some small contribution, I hope, through my journalism. But, the other thing that young people should know as they think about their careers is, if you’re a curious person, journalism is incredible. Look at you. You’ve asked that’s your sixth question. You’re clearly a very, very curious person. But, journalism is incredible because you just get to go around and ask questions, any question that comes into your mind. You can actually earn a living asking questions and learning. And so, you get to perform something that hopefully helps your community grow and progress, while also yourself satisfying the kinds of questions that you’ve had maybe since you were a small child. So, I think it’s a great career. 

    The more that Cambodia can strengthen its checks and balances, where it has more and more independent institutions, that will give investors confidence. And journalists, over time, will become more and more independent, and will be a very important source of sunlight on all the developments in Cambodia, helping it progress into a more stable and prosperous society.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: Roper Technologies announces third quarter financial results

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the third quarter ended September 30, 2024. The results in this press release are presented on a continuing operations basis.

    Third quarter 2024 highlights

    • Revenue increased 13% to $1.76 billion; organic revenue increased 4%
    • GAAP DEPS increased 6% to $3.40; adjusted DEPS increased 7% to $4.62
    • GAAP net earnings increased 6% to $368 million; adjusted net earnings increased 7% to $499 million
    • Adjusted EBITDA increased 10% to $717 million
    • Operating cash flow was $755 million; adjusted operating cash flow increased 17%

    “Our portfolio of market-leading technology businesses delivered another solid quarter, highlighted by 13% total revenue growth, 10% EBITDA growth, and 15% free cash flow growth,” said Neil Hunn, Roper Technologies’ President and CEO. “We are, again, increasing our full year guidance to the high end of the range, supported by our third quarter results, the continued expansion of our recurring revenue base, and improving demand for our businesses’ mission critical solutions.”

    “During the third quarter, we completed the acquisition of Transact Campus, which has been combined with our CBORD business. This acquisition adds another high-quality vertical software business to our portfolio with highly compelling value creation opportunities for our shareholders. We remain well positioned to execute our disciplined and process-driven capital deployment strategy, with significant M&A firepower and a robust pipeline of acquisition opportunities,” concluded Mr. Hunn.

    Updating 2024 guidance

    Roper now expects full year 2024 adjusted DEPS of $18.21 – $18.25, compared to previous guidance of $18.10 – $18.25. The Company increased its full year total revenue growth outlook to 13%+ and continues to expect organic revenue growth of approximately 6%.

    For the fourth quarter of 2024, the Company expects adjusted DEPS of $4.70 – $4.74.

    The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

    Conference call to be held at 8:00 AM (ET) today

    A conference call to discuss these results has been scheduled for 8:00 AM ET on Wednesday, October 23, 2024. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 50829. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (http://www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 50829#.

    Use of non-GAAP financial information

    The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

    Minority interests

    Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments gain, net.” Roper also holds a minority interest in Certinia, a leading provider of professional services automation software. The Company’s investment is accounted for under the equity method and its proportionate share of earnings or loss associated with this investment is reported as “equity investments gain, net.” Roper makes non-GAAP adjustments for the impacts associated with these investments.

    Table 1: Revenue and adjusted EBITDA reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP revenue $ 1,563     $ 1,765     13 %
               
    Components of revenue growth          
    Organic         4 %
    Acquisitions         9 %
    Foreign exchange         — %
    Revenue growth         13 %
               
    Adjusted EBITDA reconciliation          
    GAAP net earnings $ 346     $ 368      
    Taxes   97       99      
    Interest expense   42       68      
    Depreciation   9       9      
    Amortization   182       197      
    EBITDA $ 676     $ 741     10 %
               
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions
      9       9      
    Transaction-related expenses for completed
    acquisitions
      5       5      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A
      (34 )     (37 )    
    Gain on sale of non-operating assets   (3 )     —      
    Adjusted EBITDA $ 652     $ 717     10 %
    % of revenue   41.7 %     40.7 %   (100 bps)
                       
    Table 2: Adjusted net earnings reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP net earnings $ 346     $ 368     6 %
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions
      7       7      
    Transaction-related expenses for completed
    acquisitions
      4       4      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A
      (28 )     (29 )    
    Gain on sale of non-operating assets   (3 )     —      
    Amortization of acquisition-related intangible
    assets B
      140       149      
    Adjusted net earnings $ 465     $ 499     7 %
               
    Table 3: Adjusted DEPS reconciliation
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    GAAP DEPS $ 3.21     $ 3.40     6 %
    Restructuring-related expenses associated with the
    Syntellis (’23) and Transact (’24) acquisitions
      0.06       0.07      
    Transaction-related expenses for completed
    acquisitions
      0.03       0.03      
    Financial impacts associated with the minority
    investments in Indicor & Certinia A
      (0.26 )     (0.27 )    
    Gain on sale of non-operating assets   (0.02 )     —      
    Amortization of acquisition-related intangible
    assets B
      1.30       1.38      
    Adjusted DEPS $ 4.32     $ 4.62     7 %
               
    Table 4: Adjusted cash flow reconciliation ($M)
    (from continuing operations)
      Q3 2023   Q3 2024   V %
    Operating cash flow $ 631     $ 755     20 %
    Taxes paid in period related to divestiture   16       —      
    Adjusted operating cash flow $ 647     $ 755     17 %
    Capital expenditures   (13 )     (23 )    
    Capitalized software expenditures   (9 )     (13 )    
    Adjusted free cash flow $ 625     $ 719     15 %
               
    Table 5: Forecasted adjusted DEPS reconciliation
    (from continuing operations)
      Q4 2024   FY 2024
      Low end   High end   Low end   High end
    GAAP DEPS C $ 3.29   $ 3.33   $ 12.64   $ 12.68
    Restructuring-related expenses associated
    with the Transact acquisition
      —     —     0.07     0.07
    Transaction-related expenses for
    completed acquisitions
      —     —     0.05     0.05
    Financial impacts associated with the
    minority investments in Indicor & Certinia A
    TBD   TBD   TBD   TBD
    Amortization of acquisition-related
    intangible assets B
      1.41     1.41     5.45     5.45
    Adjusted DEPS $ 4.70   $ 4.74   $ 18.21   $ 18.25
                   

    Footnotes:

    A. Adjustments related to the financial impacts associated with the minority investments in Indicor & Certinia as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investments in Indicor or Certinia, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
                       
        Q3 2023A   Q3 2024A     Q4 2024E   FY 2024E
      Pretax $ (34 )   $ (37 )     TBD   TBD
      After-tax $ (28 )   $ (29 )     TBD   TBD
      Per share $ (0.26 )   $ (0.27 )     TBD   TBD
                       
    B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). These adjustments are taxed at 21%.
                       
        Q3 2023A   Q3 2024A     Q4 2024E   FY 2024E
      Pretax $ 177     $ 189       $ 193   $ 745
      After-tax $ 140     $ 149       $ 153   $ 588
      Per share $ 1.30     $ 1.38       $ 1.41   $ 5.45
                       
    C. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investments in Indicor or Certinia. These impacts will be excluded from all non-GAAP results in future periods.
       

    Note: Numbers may not foot due to rounding.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at http://www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of the current inflationary environment and ongoing supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

    Roper Technologies, Inc.      
    Condensed Consolidated Balance Sheets (unaudited)    
    (Amounts in millions)      
           
      September 30, 2024   December 31, 2023
    ASSETS:      
           
    Cash and cash equivalents $ 269.6     $ 214.3  
    Accounts receivable, net   821.2       829.9  
    Inventories, net   129.0       118.6  
    Income taxes receivable   43.0       47.7  
    Unbilled receivables   130.3       106.4  
    Other current assets   199.2       164.5  
    Total current assets   1,592.3       1,481.4  
           
    Property, plant and equipment, net   132.8       119.6  
    Goodwill   19,267.2       17,118.8  
    Other intangible assets, net   9,212.7       8,212.1  
    Deferred taxes   35.9       32.2  
    Equity investments   878.6       795.7  
    Other assets   433.2       407.7  
    Total assets $ 31,552.7     $ 28,167.5  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
           
    Accounts payable $ 155.8     $ 143.0  
    Accrued compensation   248.5       250.0  
    Deferred revenue   1,671.0       1,583.8  
    Other accrued liabilities   468.4       446.5  
    Income taxes payable   47.0       40.4  
    Current portion of long-term debt, net   699.0       499.5  
    Total current liabilities   3,289.7       2,963.2  
           
    Long-term debt, net of current portion   7,677.6       5,830.6  
    Deferred taxes   1,649.9       1,513.1  
    Other liabilities   420.0       415.8  
    Total liabilities   13,037.2       10,722.7  
           
    Common stock   1.1       1.1  
    Additional paid-in capital   2,976.9       2,767.0  
    Retained earnings   15,661.4       14,816.3  
    Accumulated other comprehensive loss   (107.4 )     (122.8 )
    Treasury stock   (16.5 )     (16.8 )
    Total stockholders’ equity   18,515.5       17,444.8  
    Total liabilities and stockholders’ equity $ 31,552.7     $ 28,167.5  
           
    Roper Technologies, Inc.          
    Condensed Consolidated Statements of Earnings (unaudited)        
    (Amounts in millions, except per share data)        
                   
      Three months ended
    September 30,
      Nine months ended
    September 30,
        2024       2023       2024       2023  
    Net revenues $ 1,764.6     $ 1,563.4     $ 5,162.1     $ 4,564.3  
    Cost of sales   542.9       467.1       1,566.1       1,382.3  
    Gross profit   1,221.7       1,096.3       3,596.0       3,182.0  
                   
    Selling, general and administrative expenses   725.1       650.2       2,123.9       1,899.6  
    Income from operations   496.6       446.1       1,472.1       1,282.4  
                   
    Interest expense, net   67.7       42.4       188.4       114.6  
    Equity investments gain, net   (37.4 )     (33.9 )     (93.6 )     (98.7 )
    Other (income) expense, net   (0.9 )     (5.0 )     0.9       0.1  
                   
    Earnings before income taxes   467.2       442.6       1,376.4       1,266.4  
                   
    Income taxes   99.3       97.0       289.4       275.5  
                   
    Net earnings from continuing operations   367.9       345.6       1,087.0       990.9  
                   
    Loss from discontinued operations, net of tax   —       (2.9 )     —       (4.1 )
    Gain on disposition of discontinued operations,
    net of tax
      —       4.5       —       8.4  
    Net earnings from discontinued operations   —       1.6       —       4.3  
                   
    Net earnings $ 367.9     $ 347.2     $ 1,087.0     $ 995.2  
                   
    Net earnings per share from continuing
    operations:
                 
    Basic $ 3.43     $ 3.23     $ 10.15     $ 9.30  
    Diluted $ 3.40     $ 3.21     $ 10.06     $ 9.23  
                   
    Net earnings per share from discontinued
    operations:
                 
    Basic $ —     $ 0.02     $ —     $ 0.04  
    Diluted $ —     $ 0.02     $ —     $ 0.04  
                   
    Net earnings per share:              
    Basic $ 3.43     $ 3.25     $ 10.15     $ 9.34  
    Diluted $ 3.40     $ 3.23     $ 10.06     $ 9.27  
                   
    Weighted average common shares outstanding:              
    Basic   107.2       106.7       107.1       106.5  
    Diluted   108.1       107.6       108.0       107.3  
                                   
    Roper Technologies, Inc.    
    Selected Segment Financial Data (unaudited)
    (Amounts in millions; percentages of net revenues)
                                   
      Three months ended September 30,   Nine months ended September 30,
        2024       2023       2024       2023  
      Amount   %   Amount   %   Amount   %   Amount   %
    Net revenues:                              
    Application Software $ 984.4       $ 803.4       $ 2,811.4       $ 2,335.1    
    Network Software   367.1         364.1         1,102.1         1,076.7    
    Technology Enabled
    Products
      413.1         395.9         1,248.6         1,152.5    
    Total $ 1,764.6       $ 1,563.4       $ 5,162.1       $ 4,564.3    
                                   
                                   
    Gross profit:                              
    Application Software $ 672.8   68.3 %   $ 557.7   69.4 %   $ 1,939.6   69.0 %   $ 1,609.2   68.9 %
    Network Software   311.8   84.9 %     310.7   85.3 %     935.9   84.9 %     914.0   84.9 %
    Technology Enabled
    Products
      237.1   57.4 %     227.9   57.6 %     720.5   57.7 %     658.8   57.2 %
    Total $ 1,221.7   69.2 %   $ 1,096.3   70.1 %   $ 3,596.0   69.7 %   $ 3,182.0   69.7 %
                                   
                                   
    Operating profit*:                              
    Application Software $ 259.8   26.4 %   $ 206.9   25.8 %   $ 750.5   26.7 %   $ 601.3   25.8 %
    Network Software   166.0   45.2 %     164.4   45.2 %     492.1   44.7 %     465.0   43.2 %
    Technology Enabled
    Products
      141.1   34.2 %     137.1   34.6 %     424.0   34.0 %     391.7   34.0 %
    Total $ 566.9   32.1 %   $ 508.4   32.5 %   $ 1,666.6   32.3 %   $ 1,458.0   31.9 %
                                   
    * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $70.3 and $62.3 for the three months ended September 30, 2024 and 2023, respectively, and $194.5 and $175.6 for the nine months ended September 30, 2024 and 2023, respectively.
     
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Amounts in millions)
      Nine months ended
    September 30,
        2024       2023  
    Cash flows from operating activities:      
    Net earnings from continuing operations $ 1,087.0     $ 990.9  
    Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities:      
    Depreciation and amortization of property, plant and equipment   27.9       26.3  
    Amortization of intangible assets   573.8       532.8  
    Amortization of deferred financing costs   7.0       7.7  
    Non-cash stock compensation   112.9       99.2  
    Equity investments gain, net   (93.6 )     (98.7 )
    Income tax provision   289.4       275.5  
    Changes in operating assets and liabilities, net of acquired businesses:      
    Accounts receivable   82.8       25.8  
    Unbilled receivables   (17.1 )     (15.3 )
    Inventories   (8.3 )     (11.2 )
    Accounts payable   (7.2 )     12.1  
    Other accrued liabilities   (1.7 )     (72.0 )
    Deferred revenue   24.5       18.6  
    Cash taxes paid for gain on disposal of business   —       (16.4 )
    Cash income taxes paid, excluding tax associated with gain on disposal of
    business
      (383.1 )     (335.6 )
    Other, net   (23.3 )     (24.0 )
    Cash provided by operating activities from continuing operations   1,671.0       1,415.7  
    Cash used in operating activities from discontinued operations   —       (2.4 )
    Cash provided by operating activities   1,671.0       1,413.3  
           
    Cash flows from (used in) investing activities:      
    Acquisitions of businesses, net of cash acquired   (3,464.1 )     (1,970.1 )
    Capital expenditures   (39.2 )     (37.8 )
    Capitalized software expenditures   (33.4 )     (28.7 )
    Distributions from equity investment   9.5       25.3  
    Other, net   (1.0 )     0.6  
    Cash used in investing activities from continuing operations   (3,528.2 )     (2,010.7 )
    Cash provided by disposition of discontinued operations   —       2.0  
    Cash used in investing activities   (3,528.2 )     (2,008.7 )
           
    Cash flows from (used in) financing activities:      
    Proceeds from senior notes   2,000.0       —  
    Payments of senior notes   (500.0 )     (700.0 )
    Borrowings under revolving line of credit, net   565.0       910.0  
    Debt issuance costs   (24.7 )     —  
    Cash dividends to stockholders   (241.1 )     (217.5 )
    Proceeds from stock-based compensation, net   88.1       99.3  
    Treasury stock sales   14.5       11.6  
    Other   (0.1 )     (0.1 )
    Cash provided by financing activities   1,901.7       103.3  
    (Continued)
           
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited) – Continued
    (Amounts in millions)
      Nine months ended
    September 30,
        2024       2023  
    Effect of exchange rate changes on cash   10.8       (1.2 )
           
    Net increase (decrease) in cash and cash equivalents   55.3       (493.3 )
           
    Cash and cash equivalents, beginning of period   214.3       792.8  
           
    Cash and cash equivalents, end of period $ 269.6     $ 299.5  
           

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Climb Channel Solutions Launches NA Partnership with Software Management Platform Vendor, FinQuery

    Source: GlobeNewswire (MIL-OSI)

    EATONTOWN, N.J., Oct. 23, 2024 (GLOBE NEWSWIRE) — Climb Channel Solutions, an international specialty technology distributor and wholly owned subsidiary of Climb Global Solutions, Inc. (NASDAQ: CLMB) announced the addition of FinQuery to their North American line card.

    FinQuery’s unified, AI-powered platform empowers companies to take control of their software assets and contracts. The Software Management platform provides full visibility and streamlined management, enabling partners to optimize spending, reduce risk, and improve forecasting.

    “We are thrilled to partner with Climb Channel Solutions to bring the power of FinQuery’s Software Management platform to a wider audience,” said FinQuery CEO and founder, George Azih. “This collaboration represents a significant step in our mission to empower organizations with the tools and insights they need to take control of their software assets and drive greater financial and operational success.”

    The strategic partnership with Climb Channel Solutions will expand the reach of FinQuery’s Software Management platform, enabling them to assist a broader range of organizations in achieving significant cost savings, mitigating risk, and enhancing overall efficiency. By tapping into Climb’s vast network, FinQuery aims to recruit new resellers and actively engage potential customers, further establishing itself as a leader in software management solutions.

    “Climb is excited about the addition of FinQuery and their Software Management platform which offers total visibility into where companies spend most of their budget; leases, contacts, and software applications,” said Dale Foster, CEO of Climb Channel Solutions. “In a time where businesses are focused on spend and ROI, FinQuery’s dedication to uniting IT and finance provides a unique solution to our partner ecosystem optimizing their software costs, efficiency and security.”

    Those interested in distribution services and solutions should contact Climb by phone at +1.800.847.7078 (US), or +1.888.523.7777 (Canada), or by email at Sales@ClimbCS.com.

    About Climb Channel Solutions and Climb Global Solutions

    Climb Channel Solutions is a global specialty technology distributor focusing on Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & Application Lifecycle. What sets Climb apart is our commitment to transform distribution by providing emerging and established IT technologies, flexible financing, real-time quoting, best of breed channel operations, speed to market, and exceptional service to our partners worldwide. Climb Channel Solutions is a wholly owned subsidiary of Climb Global Solutions (NASDAQ: CLMB). Experience the Climb difference and learn how our people-first approach empowers VARs and MSPs to grow, scale, and accelerate their business. Visit http://www.ClimbCS.com, call 1-800-847-7078, and connect with us on LinkedIn!

    For Media & PR inquiries contact:
    Climb Channel Solutions
    Media Relations
    media@ClimbCS.com

    Investor Relations Contact:
    Elevate IR
    Sean Mansouri, CFA
    T: 720-330-2829
    CLMB@elevate-ir.com

    About Relationship/Company

    FinQuery, formerly LeaseQuery, empowers 36,000+ professionals to optimize decisions in their top spending areas—leases, software subscriptions and financial contracts—setting us apart in the market. Our award-winning AI-driven software minimizes risk, boosts efficiency and cuts costs.

    Explore FinQuery’s platform for contract and spend intelligence today.

    For Media & PR inquiries contact:
    FinQuery
    Shannon Matthews, Manager, Marketing Communications
    shannon.matthews@finquery.com

    The MIL Network –

    January 24, 2025
  • MIL-OSI: Stifel Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Oct. 23, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended September 30, 2024, compared with $1.0 billion a year ago. Net income available to common shareholders was $149.2 million, or $1.34 per diluted common share, compared with $58.8 million, or $0.52 per diluted common share for the third quarter of 2023. Non-GAAP net income available to common shareholders was $166.3 million, or $1.50 per diluted common share for the third quarter of 2024.

    Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “The third quarter represented our second highest quarterly net revenue, an increase of 17%, while earnings per share increased 150%. Through the first three quarters of 2024, net revenue was up 13% to a record $3.6 billion, driven by continued growth in Global Wealth, improvement in our Institutional business, and the stabilization of net interest income. Our financial results illustrate the strength of the Stifel franchise and our ability to capitalize on improving market conditions. Momentum in our business continues to build and we anticipate further upside to both the top and bottom lines in the fourth quarter and in 2025.”

    Highlights

    • The Company reported net revenues of $1.2 billion, the second best revenue quarter in its history, driven by higher investment banking revenues, asset management revenues, and transactional revenues, partially offset by lower net interest income.
    • Non-GAAP net income available to common shareholders of $1.50 per diluted common share was negatively impacted by elevated provisions for legal matters of $0.10 per diluted common share (after-tax).
    • Investment banking revenues increased 66% over the year-ago quarter, driven by higher capital raising and advisory revenues.
      • Capital raising revenues increased 114% over the year-ago quarter.
      • Advisory revenues increased 41% over the year-ago quarter.
    • Record asset management revenues, up 15% over the year-ago quarter.
    • Record client assets of $496.3 billion, up 20% over the year-ago quarter.
    • Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors.
    • Non-GAAP pre-tax margin of 19.2% as the Company maintained its focus on expense discipline, while continuing to invest in the business.
    • Annualized return on tangible common equity (ROTCE) (5) of 20%.
    • Tangible book value per common share (7) of $33.62, up 12% from prior year.
    Financial Summary (Unaudited)
    (000s) 3Q 2024 3Q 2023 9m 2024 9m 2023
    GAAP Financial Highlights:      
    Net revenues $ 1,224,668   $ 1,045,051   $ 3,605,638   $ 3,202,565  
    Net income (1) $ 149,185   $ 58,840   $ 459,413   $ 332,091  
    Diluted EPS (1) $ 1.34   $ 0.52   $ 4.16   $ 2.91  
    Comp. ratio   58.6 %   58.7 %   58.8 %   58.7 %
    Non-comp. ratio   23.7 %   30.8 %   22.8 %   25.7 %
    Pre-tax margin   17.7 %   10.5 %   18.4 %   15.6 %
    Non-GAAP Financial Highlights:      
    Net revenues $ 1,225,351   $ 1,045,028   $ 3,606,330   $ 3,202,539  
    Net income (1)(2) $ 166,270   $ 67,413   $ 506,186   $ 364,937  
    Diluted EPS (1) (2) $ 1.50   $ 0.60   $ 4.58   $ 3.20  
    Comp. ratio (2)   58.0 %   58.0 %   58.0 %   58.0 %
    Non-comp. ratio (2)   22.8 %   30.2 %   22.1 %   24.9 %
    Pre-tax margin (3)   19.2 %   11.8 %   19.9 %   17.1 %
    ROCE (4)   13.7 %   5.8 %   14.4 %   10.4 %
    ROTCE (5)   19.5 %   8.5 %   20.7 %   15.1 %
    Global Wealth Management (assets and loans in millions)  
    Net revenues $ 827,116   $ 768,558   $ 2,418,751   $ 2,283,934  
    Pre-tax net income $ 301,703   $ 298,449   $ 891,624   $ 914,462  
    Total client assets $ 496,298   $ 412,458      
    Fee-based client assets $ 190,771   $ 150,982      
    Bank loans (6) $ 20,633   $ 20,435      
    Institutional Group        
    Net revenues $ 372,401   $ 256,888   $ 1,114,498   $ 867,025  
    Equity $ 222,459   $ 144,764   $ 646,570   $ 508,371  
    Fixed Income $ 149,942   $ 112,124   $ 467,928   $ 358,654  
    Pre-tax net income/ (loss) $ 41,797   ($ 27,804 ) $ 127,719   ($ 5,671 )
    Global Wealth Management
     

    Global Wealth Management reported record net revenues of $827.1 million for the three months ended September 30, 2024 compared with $768.6 million during the third quarter of 2023. Pre-tax net income was $301.7 million compared with $298.4 million in the third quarter of 2023.

    Highlights

    • Recruited 28 financial advisors during the quarter, including 13 experienced employee advisors, with total trailing 12 month production of $10.5 million.
    • Client assets of $496.3 billion, up 20% over the year-ago quarter.
    • Fee-based client assets of $190.8 billion, up 26% over the year-ago quarter.

    Net revenues increased 8% from a year ago:

    • Transactional revenues increased 16% over the year-ago quarter reflecting an increase in client activity.
    • Asset management revenues increased 15% over the year-ago quarter due to higher asset values and net new assets.
    • Net interest income decreased 11% from the year-ago quarter driven by changes in deposit mix, partially offset by higher yields on the investment portfolio and lending growth.

    Total Expenses:

    • Compensation expense as a percent of net revenues increased to 48.7% primarily as a result of higher compensable revenues.
    • Provision for credit losses decreased from the year-ago quarter primarily as a result of lower provisions in the real estate sector compared to the year-ago quarter, partially offset by growth in the loan portfolio.
    • Non-compensation operating expenses as a percent of net revenues increased to 14.8% primarily as a result of higher litigation-related expenses, partially offset by revenue growth over the year-ago quarter.
    Summary Results of Operations
    (000s) 3Q 2024 3Q 2023
    Net revenues $ 827,116   $ 768,558  
    Transactional revenues   192,727     165,547  
    Asset management   382,309     333,088  
    Net interest income   240,825     269,431  
    Investment banking   6,217     3,895  
    Other income   5,038     (3,403 )
    Total expenses $ 525,413   $ 470,109  
    Compensation expense   403,205     359,325  
    Provision for credit losses   5,287     9,992  
    Non-comp. opex   116,921     100,792  
    Pre-tax net income $ 301,703   $ 298,449  
    Compensation ratio   48.7 %   46.8 %
    Non-compensation ratio   14.8 %   14.4 %
    Pre-tax margin   36.5 %   38.8 %
    Institutional Group
     

    Institutional Group reported net revenues of $372.4 million for the three months ended September 30, 2024 compared with $256.9 million during the third quarter of 2023. Institutional Group reported pre-tax net income of $41.8 million for the three months ended September 30, 2024 compared with pre-tax net loss of $27.8 million in the third quarter of 2023.

    Highlights

    Investment banking revenues increased 66% from a year ago:

    • Advisory revenues increased from the year-ago quarter driven by higher levels of completed advisory transactions.
    • Fixed income capital raising revenues more than doubled over the year-ago quarter primarily driven by higher bond issuances.
    • Equity capital raising revenues increased significantly over the year-ago quarter driven by higher volumes.

    Fixed income transactional revenues increased 17% from a year ago:

    • Fixed income transactional revenues increased from the year-ago quarter driven by improved client engagement and volatility.

    Equity transactional revenues increased 4% from a year ago:

    • Equity transactional revenues increased from the year-ago quarter primarily driven by an increase in equities trading commissions.

    Total Expenses:

    • Compensation expense as a percent of net revenues decreased to 60.3% primarily as a result of higher revenues.
    • Non-compensation operating expenses as a percent of net revenues decreased to 28.5% primarily as a result of revenue growth and expense discipline.
    Summary Results of Operations
    (000s) 3Q 2024 3Q 2023
    Net revenues $ 372,401   $ 256,888  
    Investment banking   236,965     142,991  
    Advisory   136,857     97,272  
    Fixed income capital raising   49,364     24,670  
    Equity capital raising   50,744     21,049  
    Fixed income transactional   78,974     67,439  
    Equity transactional   48,824     46,930  
    Other   7,638     (472 )
    Total expenses $ 330,604   $ 284,692  
    Compensation expense   224,556     192,638  
    Non-comp. opex.   106,048     92,054  
    Pre-tax net income/(loss) $ 41,797   ($ 27,804 )
    Compensation ratio   60.3 %   75.0 %
    Non-compensation ratio   28.5 %   35.8 %
    Pre-tax margin   11.2 %   (10.8 %)
    Other Matters
     

    Highlights

    • During the third quarter, the Company’s 4.25% Senior Notes matured resulting in the retirement of the $500.0 million outstanding balance.
    • The Company repurchased $20.2 million of its outstanding common stock during the third quarter.
    • Weighted average diluted shares outstanding decreased primarily as a result of share repurchases. The Company has repurchased 3.7 million shares under its share repurchase program since the third quarter of 2023.
    • The Board of Directors declared a $0.42 quarterly dividend per share payable on September 17, 2024 to common shareholders of record on September 3, 2024.
    • The Board of Directors declared a quarterly dividend on the outstanding shares of the Company’s preferred stock payable on September 17, 2024 to shareholders of record on September 3, 2024.
      3Q 2024 3Q 2023
    Common stock repurchases    
    Repurchases (000s) $20,222 $118,810
    Number of shares (000s) 249 1,886
    Average price $81.23 $63.00
    Period end shares (000s) 102,313 103,120
    Weighted average diluted shares outstanding (000s) 110,994 113,195
    Effective tax rate 26.8% 37.7%
    Stifel Financial Corp. (8)    
    Tier 1 common capital ratio 15.0% 13.9%
    Tier 1 risk based capital ratio 17.9% 16.9%
    Tier 1 leverage capital ratio 11.3% 10.8%
    Tier 1 capital (MM) $4,159 $3,914
    Risk weighted assets (MM) $23,184 $23,219
    Average assets (MM) $36,813 $36,356
    Quarter end assets (MM) $38,935 $37,878
    Agency Rating Outlook
    Fitch Ratings BBB+ Stable
    S&P Global Ratings BBB Stable
     

    Conference Call Information

    Stifel Financial Corp. will host its third quarter 2024 financial results conference call on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel’s Chairman and CEO, Ronald J. Kruszewski, by dialing (866) 409-1555 and referencing conference ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the Company’s results, will be available through the Company’s web site, http://www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced web site beginning approximately one hour following the completion of the call.

    Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire & Co., LLC business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at http://www.stifel.com. For global disclosures, please visit http://www.stifel.com/investor-relations/press-releases.

    A financial summary follows. Financial, statistical and business-related information, as well as information regarding business and segment trends, is included in the financial supplement. Both the earnings release and the financial supplement are available online in the Investor Relations section at http://www.stifel.com/investor-relations.

    The information provided herein and in the financial supplement, including information provided on the Company’s earnings conference calls, may include certain non-GAAP financial measures. The definition of such measures or reconciliation of such measures to the comparable U.S. GAAP figures are included in this earnings release and the financial supplement, both of which are available online in the Investor Relations section at http://www.stifel.com/investor-relations.

    Cautionary Note Regarding Forward-Looking Statements

    This earnings release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this earnings release not dealing with historical results are forward-looking and are based on various assumptions. The forward-looking statements in this earnings release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among other things, the following possibilities: the ability to successfully integrate acquired companies or the branch offices and financial advisors; a material adverse change in financial condition; the risk of borrower, depositor, and other customer attrition; a change in general business and economic conditions; changes in the interest rate environment, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation and regulation; other economic, competitive, governmental, regulatory, geopolitical, and technological factors affecting the companies’ operations, pricing, and services; and other risk factors referred to from time to time in filings made by Stifel Financial Corp. with the Securities and Exchange Commission. For information about the risks and important factors that could affect the Company’s future results, financial condition and liquidity, see “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Forward-looking statements speak only as to the date they are made. The Company disclaims any intent or obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Summary Results of Operations (Unaudited)
     
      Three Months Ended   Nine Months Ended
    (000s, except per share amounts) 9/30/2024 9/30/2023 % Change 6/30/2024 % Change 9/30/2024 9/30/2023 % Change
    Revenues:                
    Commissions $ 183,445 $ 165,075 11.1   $ 183,317 0.1   $ 552,238 $ 499,983   10.5  
    Principal transactions   137,089   114,841 19.4     153,574 (10.7 )   429,677   336,063   27.9  
    Investment banking   243,182   146,887 65.6     233,281 4.2     690,412   525,591   31.4  
    Asset management   382,616   333,127 14.9     380,757 0.5     1,130,849   968,960   16.7  
    Other income   18,705   459 nm     16,180 15.6     39,835   (940 ) nm  
    Operating revenues   965,037   760,389 26.9     967,109 (0.2 )   2,843,011   2,329,657   22.0  
    Interest revenue   510,823   505,198 1.1     498,152 2.5     1,515,803   1,439,532   5.3  
    Total revenues   1,475,860   1,265,587 16.6     1,465,261 0.7     4,358,814   3,769,189   15.6  
    Interest expense   251,192   220,536 13.9     247,329 1.6     753,176   566,624   32.9  
    Net revenues   1,224,668   1,045,051 17.2     1,217,932 0.6     3,605,638   3,202,565   12.6  
    Non-interest expenses:                
    Compensation and benefits   718,065   613,287 17.1     722,719 (0.6 )   2,120,479   1,880,144   12.8  
    Non-compensation operating expenses   289,945   322,335 (10.0 )   268,319 8.1     822,916   821,724   0.1  
    Total non-interest expenses   1,008,010   935,622 7.7     991,038 1.7     2,943,395   2,701,868   8.9  
    Income before income taxes   216,658   109,429 98.0     226,894 (4.5 )   662,243   500,697   32.3  
    Provision for income taxes   58,153   41,268 40.9     61,600 (5.6 )   174,869   140,645   24.3  
    Net income   158,505   68,161 132.5     165,294 (4.1 )   487,374   360,052   35.4  
    Preferred dividends   9,320   9,321 (0.0 )   9,321 (0.0 )   27,961   27,961   0.0  
    Net income available to common shareholders $ 149,185 $ 58,840 153.5   $ 155,973 (4.4 ) $ 459,413 $ 332,091   38.3  
    Earnings per common share:                
    Basic $ 1.43 $ 0.55 160.0   $ 1.50 (4.7 ) $ 4.41 $ 3.09   42.7  
    Diluted $ 1.34 $ 0.52 157.7   $ 1.41 (5.0 ) $ 4.16 $ 2.91   43.0  
    Cash dividends declared per common share $ 0.42 $ 0.36 16.7   $ 0.42 0.0   $ 1.26 $ 1.08   16.7  
    Weighted average number of common shares outstanding:          
    Basic   103,966   106,068 (2.0 )   104,150 (0.2 )   104,135   107,580   (3.2 )
    Diluted   110,994   113,195 (1.9 )   110,285 0.6     110,457   114,170   (3.3 )
    Non-GAAP Financial Measures (9)
     
      Three Months Ended Nine Months Ended
    (000s, except per share amounts) 9/30/2024 9/30/2023 9/30/2024 9/30/2023
    GAAP net income $ 158,505   $ 68,161   $ 487,374   $ 360,052  
    Preferred dividend   9,320     9,321     27,961     27,961  
    Net income available to common shareholders   149,185     58,840     459,413     332,091  
             
    Non-GAAP adjustments:        
    Merger-related (10)   17,950     13,771     43,925     46,301  
    Restructuring and severance (11)   1,261     —     11,222     —  
    Provision for income taxes (12)   (2,126 )   (5,198 )   (8,374 )   (13,455 )
    Total non-GAAP adjustments   17,085     8,573     46,773     32,846  
    Non-GAAP net income available to common shareholders $ 166,270   $ 67,413   $ 506,186   $ 364,937  
             
    Weighted average diluted shares outstanding   110,994     113,195     110,457     114,170  
             
    GAAP earnings per diluted common share $ 1.42   $ 0.60   $ 4.42   $ 3.15  
    Non-GAAP adjustments   0.16     0.08     0.42     0.29  
    Non-GAAP earnings per diluted common share $ 1.58   $ 0.68   $ 4.84   $ 3.44  
             
    GAAP earnings per diluted common share available to common shareholders $ 1.34   $ 0.52   $ 4.16   $ 2.91  
    Non-GAAP adjustments   0.16     0.08     0.42     0.29  
    Non-GAAP earnings per diluted common share available to common shareholders $ 1.50   $ 0.60   $ 4.58   $ 3.20  
    GAAP to Non-GAAP Reconciliation (9)
     
      Three Months Ended Nine Months Ended
    (000s) 9/30/2024 9/30/2023 9/30/2024 9/30/2023
    GAAP compensation and benefits $ 718,065   $ 613,287   $ 2,120,479   $ 1,880,144  
    As a percentage of net revenues   58.6 %   58.7 %   58.8 %   58.7 %
    Non-GAAP adjustments:        
    Merger-related (10)   (6,101 )   (7,171 )   (17,398 )   (22,947 )
    Restructuring and severance (11)   (1,261 )   —     (11,222 )   —  
    Total non-GAAP adjustments   (7,362 )   (7,171 )   (28,620 )   (22,947 )
    Non-GAAP compensation and benefits $ 710,703   $ 606,116   $ 2,091,859   $ 1,857,197  
    As a percentage of non-GAAP net revenues   58.0 %   58.0 %   58.0 %   58.0 %
             
    GAAP non-compensation expenses $ 289,945   $ 322,335   $ 822,916   $ 821,724  
    As a percentage of net revenues   23.7 %   30.8 %   22.8 %   25.7 %
    Non-GAAP adjustments:        
    Merger-related (10)   (11,166 )   (6,623 )   (25,835 )   (23,380 )
    Non-GAAP non-compensation expenses $ 278,779   $ 315,712   $ 797,081   $ 798,344  
    As a percentage of non-GAAP net revenues   22.8 %   30.2 %   22.1 %   24.9 %
    Total adjustments $ 19,211   $ 13,771   $ 55,147   $ 46,301  
    Footnotes
     
    (1) Represents available to common shareholders.
    (2) Reconciliations of the Company’s GAAP results to these non-GAAP measures are discussed within and under “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (3) Non-GAAP pre-tax margin is calculated by adding total non-GAAP adjustments and dividing it by non-GAAP net revenues. See “Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliation.”
    (4) Return on average common equity (“ROCE”) is calculated by dividing annualized net income applicable to common shareholders by average common shareholders’ equity or, in the case of non-GAAP ROCE, calculated by dividing non-GAAP net income applicable to commons shareholders by average common shareholders’ equity.
    (5) Return on average tangible common equity (“ROTCE”) is calculated by dividing annualized net income applicable to common shareholders by average tangible shareholders’ equity or, in the case of non-GAAP ROTCE, calculated by dividing non-GAAP net income applicable to common shareholders by average tangible common equity. Tangible common equity, also a non-GAAP financial measure, equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets. Average deferred taxes on goodwill and intangible assets was $77.9 million and $67.4 million as of September 30, 2024 and 2023, respectively.
    (6) Includes loans held for sale.
    (7) Tangible book value per common share represents shareholders’ equity (excluding preferred stock) divided by period end common shares outstanding. Tangible common shareholders’ equity equals total common shareholders’ equity less goodwill and identifiable intangible assets and the deferred taxes on goodwill and intangible assets.
    (8) Capital ratios are estimates at time of the Company’s earnings release, October 23, 2024.
    (9) The Company prepares its Consolidated Financial Statements using accounting principles generally accepted in the United States (U.S. GAAP). The Company may disclose certain “non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. The Securities and Exchange Commission defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude, or include, amounts from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. Non-GAAP financial measures disclosed by the Company are provided as additional information to analysts, investors and other stakeholders in order to provide them with greater transparency about, or an alternative method for assessing the Company’s financial condition or operating results. These measures are not in accordance with, or a substitute for U.S. GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. Whenever the Company refers to a non-GAAP financial measure, it will also define it or present the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, along with a reconciliation of the differences between the non-GAAP financial measure it references and such comparable U.S. GAAP financial measure.
    (10) Primarily related to charges attributable to integration-related activities, signing bonuses, amortization of restricted stock awards, debentures, and promissory notes issued as retention, additional earn-out expense, and amortization of intangible assets acquired. These costs were directly related to acquisitions of certain businesses and are not representative of the costs of running the Company’s on-going business.
    (11) The Company recorded severance costs associated with workforce reductions in certain of its foreign subsidiaries.
    (12) Primarily represents the Company’s effective tax rate for the period applied to the non-GAAP adjustments.

    Media Contact: Neil Shapiro (212) 271-3447 | Investor Contact: Joel Jeffrey (212) 271-3610 | http://www.stifel.com/investor-relations

    The MIL Network –

    January 24, 2025
  • MIL-OSI NGOs: UK: Make it a compassionate Christmas with Amnesty’s new retail range

    Source: Amnesty International –

    Shop for Christmas gifts that support defending human rights 

    Hundreds of products mean sustainable and ethical shopping couldn’t be easier 

    ‘A gift from the Amnesty festive range works as a present two-fold, as every purchase help us continue defending human rights and fighting atrocities around the globe’ – Sacha Deshmukh 

    Samples and high-res images available 

    Amnesty International UK has launched its Christmas catalogue with hundreds of ethically sourced and imaginative gift ideas that will delight recipients and support communities around the world. 

    Shoppers can choose from a wide range of sustainable, festive cards with each set of ten featuring the message inside of ‘Season’s Greetings’ in nine different languages – Russian, Chinese, Irish, Scots Gaelic, English, Welsh, Arabic, French and Spanish.  

    For those who want to impress an interior-design aficionado in their life, there are dazzling décor options from patchwork kantha throws, recycled sari hanging wreaths to Chara hammered vases, which have been handmade in India. 

    For friends and family who enjoy seasonal snacks there are tantalising treats to be snapped up from chocolates and fudge to spicy sauces.  And for the lovers of kitchen kits and culinary curios, options include beautiful recycled Izaan spice jars, tea-towels emblazoned with powerful prints and charming handmade bread baskets, handwoven in Vietnam using water hyacinth. 

    Amnesty is also showcasing their own range of handmade bath and body care for those who deserve a little luxury, with options of wellbeing gift sets, vegan lip balms and natural soaps. 

    Gift-grabbers can also peruse garden gifts for the green-fingered, the stunning collection of elegant fairtrade jewellery, children’s toys, gifts and organic cotton clothing and a cosy range of knitwear – seasonal socks included, of course! 

    Sacha Deshmukh, Amnesty International UK’s Chief Executive, said: 

    “A gift from the Amnesty Christmas range works as a present two-fold, as every purchase helps us continue defending human rights and fighting atrocities around the globe. 

    “The unique and beautiful products featured provide much-needed support to the incredible craft-makers and will connect the lucky recipients to global communities from their home.” 

    With prices to suit all shoppers, more highlights from the 2024 catalogue include: 

    Guatemalan Christmas Angel: A charming and unique tree decoration. 

    The World in your Kitchen 2025 Calendar: Every month features a new vegetarian recipe accompanied by a beautiful illustration. 

    Gaza collection: Tote bags, T-shirts and candles created by Aya Mobaydeen, an illustrator from Amman, Jordan, in collaboration with Amnesty. 

    These Rights are your Rights: With a foreword by Angelina Jolie, this paperback guide to child rights is packed with fun facts, top tips, comic illustrations by Sue Cheung and inspiring stories of young activists from around the world. 

    Virtual gifts:   For minimum fuss and maximum impact, money raised from Amnesty’s virtual gifts will be used wherever its needed most, from responding to crisis and conflict, campaigning for refugee rights, or educating the next generation of leaders and change makers. Shoppers can choose either e-card or traditional greeting card’ 

    Products can be purchased online, by phone or by post. Free packaging and posting is available on all orders over £75. 

    For more information, please visit: https://amnestyshop.org.uk/ 

     

    MIL OSI NGO –

    January 24, 2025
  • MIL-OSI USA: Rep. Rose Announces Changes to Senior District Staff

    Source: United States House of Representatives – Congressman John Rose (TN-06)

    COOKEVILLE, TN—Today, U.S. Representative John Rose (TN-06) announced two key changes to his Tennessee staff. Ray Render, who has served as Deputy District Director since 2019, has been promoted to District Director. Rep. Rose is also pleased to welcome back Leah Grider to the team as Deputy Chief of Staff.

    Rep. Rose released the following statement:

    “Ray Render and Leah Grider have shown up for the good people of Tennessee’s 6th Congressional District every day since joining my team,” Rep. Rose said. “They both reflect the best of Tennessee, and I have no doubt they will continue to work diligently to meet the needs of our constituents, from East Nashville to East Tennessee.”

    About Ray Render

    Ray Render was born and raised in Madison, Tennessee, where he graduated from Madison High School in 1985. He later earned a Bachelor of Science in Industrial Engineering from Tennessee Technological University in 1989. In 1993, he completed a Master of Business Administration from Belmont University.

    Following a long career at Bridgestone, Ray took on the role of Deputy District Director for Rep. Rose in 2019. At that time, he served those living in the western counties of Tennessee’s 6th Congressional District, including Robertson, Sumner, and Wilson. In 2023, when a significant section of eastern Davidson County was added to the 6th district and Robertson County was removed from the district due to redistricting by the state legislature, he ensured relationships with all new stakeholders were formed. From Madison to Lebanon to Gallatin, Ray is known by local elected officials, business owners, civic leaders, and other constituents as someone who can be counted on to help. 

    Ray’s community involvement extends far beyond his official duties. In fact, his dedication to service earned him the of title of 2023 Wilsonian of the Year. He is involved with Leadership Wilson, Leadership Middle Tennessee, Wilson Rides, Habitat for Humanity, Compassionate Hands and Various Chambers of Commerce. Most recently, Ray served as president of the Mt. Juliet Breakfast Rotary Club.

    About Leah Grider

    Grider, a Smith County native, spent more than four years serving the 6th District from the Washington, D.C. office. Her new role for Team Rose will be based in Tennessee, primarily serving counties on the eastern end of the district, including Cumberland, Putnam, Fentress Pickett, and Scott. 

    Leah was raised in Carthage and is a graduate of Smith County High School. She is also an alumna of Tennessee Technological University, where she earned a Bachelor of Science in Business Administration and Accounting.

    Prior to her work with Representative Rose, Bane worked as an Economic Development Planner for the Upper Cumberland Development District (UCDD), where she collaborated with elected officials, key stakeholders and community leaders from across Tennessee’s Sixth Congressional District in both banking and economic development job roles.

    MIL OSI USA News –

    January 24, 2025
  • MIL-OSI: UP Fintech Announces Pricing of Follow-on Public Offering of American Depositary Shares

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Oct. 23, 2024 (GLOBE NEWSWIRE) — UP Fintech Holding Limited (Nasdaq: TIGR) (“UP Fintech” or the “Company”), a leading online brokerage firm focusing on global investors, today announced the pricing of a public offering of 15,000,000 American Depositary Shares (“ADSs”), each representing 15 Class A ordinary shares of the Company, at a public offering price of US$6.25 per ADS. The underwriters will have an option to purchase up to an aggregate of 2,250,000 additional ADSs from the Company at the public offering price, less underwriting discounts and commissions, exercisable within 20 days from the date of the prospectus supplement.

    The ADS offering is expected to close on October 24, 2024, subject to customary closing conditions.

    The Company expects to use the net proceeds of approximately US$90.0 million from the ADS offering for strengthening the Company’s capital base and furthering the Company’s business development initiatives.

    Deutsche Bank AG, Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited and US Tiger Securities, Inc. are acting as the joint bookrunners for the proposed ADS offering.

    The ADS offering has been made pursuant to an automatic shelf registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) and is available on the SEC’s website at http://www.sec.gov. The ADS offering has been made only by means of a prospectus supplement and an accompanying prospectus included in the Form F-3. The Form F-3 and the prospectus supplement are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting Deutsche Bank AG, Hong Kong Branch, Level 60, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong; China International Capital Corporation Hong Kong Securities Limited 29/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong; or, US Tiger Securities, Inc., 437 Madison Avenue, 27th Floor, New York, NY 10022, United States of America.

    This announcement shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About UP Fintech Holding Limited

    UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.

    For more information on the Company, please visit: https://ir.itigerup.com.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “might,” “aim,” “likely to,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements or expressions. Among other statements, the business outlook and quotations from management in this announcement, the Company’s strategic and operational plans and expectations regarding growth and expansion of its business lines, and the Company’s plans for future financing of its business contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties, including the earnings conference call. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to effectively implement its growth strategies; trends and competition in global financial markets; changes in the Company’s revenues and certain cost or expense accounting policies; and governmental policies and regulations affecting the Company’s industry and general economic conditions in China, Singapore and other countries. Further information regarding these and other risks is included in the Company’s filings with the SEC, including the Company’s annual report on Form 20-F filed with the SEC on April 22, 2024. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Further information regarding these and other risks is included in the Company’s filings with the SEC.

    For investor and media inquiries please contact:

    Investor Relations Contact
    UP Fintech Holding Limited
    Email: ir@itiger.com

    The MIL Network –

    January 24, 2025
  • MIL-OSI: EBC Financial Group and the University of Oxford’s Department of Economics Announce WERD Episode on Macroeconomics and Climate

    Source: GlobeNewswire (MIL-OSI)

    OXFORD, United Kingdom, Oct. 23, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC) is proud to announce its continued collaboration with the University of Oxford’s Department of Economics for the 2024-2025 edition of the acclaimed “What Economists Really Do” (WERD) webinar series. The upcoming event will be the first WERD event to feature a dedicated panel discussion session in a hybrid setting, titled “Sustaining Sustainability: Balancing Economic Growth and Climate Resilience”. It also marks the second collaboration between EBC and the University of Oxford’s Department of Economics this year, following an earlier success in March. EBC’s ongoing collaboration with the University of Oxford’s Department of Economics builds on the success of their previous WERD webinar, which focused on The Economics of Tax Evasion. That session explored the impact of tax evasion on both global and local economies, highlighting the importance of financial literacy in addressing complex economic issues.

    The hybrid event will take place on 14 November 2024 at the Sir Michael Dummett Lecture Theatre, Christ Church College, and will bring together prominent thought leaders to discuss the intersection of economic policies and environmental sustainability.

    As global climate challenges intensify, this event comes at a critical time when the financial sector’s role in fostering sustainable development is under increased scrutiny. In today’s economic landscape, aligning financial strategies with environmental stewardship is essential. Through sponsoring this upcoming WERD episode, EBC will shift its focus toward addressing the pressing issues of climate resilience and sustainable economic growth. The panel discussion will explore how macroeconomic policies can help address some of the world’s most urgent environmental challenges while ensuring economic stability. This timely dialogue underscores EBC’s commitment to fostering discussions on how financial markets can lead the charge in sustainability.

    David Barrett, CEO of EBC Financial Group (UK) Ltd, expressed his enthusiasm for the ongoing collaboration: “We are excited to partner once more with the University of Oxford’s Department of Economics for the second episode of the ‘What Economists Really Do’ webinar series for the 2024-2025 edition. This collaboration embodies our commitment to advancing academic research and addressing the pressing issue of climate change through macroeconomic perspectives. At EBC Financial Group, we believe in the power of strategic partnerships to drive meaningful change, and we are proud to support such an esteemed partner in a collective mission to shape a more sustainable future.”

    Banu Demir Pakel, session moderator and the Associate Head of External Engagement and Associate Professor of Economics, added: “We are pleased to welcome EBC Financial Group back to sponsor another special episode of ‘What Economists Really Do’ (WERD). In the previous WERD episode, we welcomed David Barrett, CEO of EBC Financial Group (UK) Ltd to discuss ‘The Economics of Tax Evasion’—proving how invaluable industry insights can be to an academic discussion. On the basis of this success, we are looking forward to hosting a larger hybrid panel event with further guests from the industry, plus a keynote lecture from Professor Andrea Chiavari on the topic of ‘Macroeconomics and Climate.’ The Department of Economics is proud to facilitate thought-leadership discussions between academia and industry, and we are grateful for EBC’s ongoing support. We look forward to a prosperous event.”

    The University of Oxford’s Department of Economics is globally celebrated for its rigorous academic research and significant contributions to economic policy. Attendees will gain valuable insights into how macroeconomic principles can align with sustainable growth objectives, informed by perspectives from both academia and the financial sector. With discussions that bridge the gap between theory and practice, this event will provide a forward-looking view of how economic policies can uplift environmental resilience and ensure global economic stability. Participants will also hear from industry leaders about the practical steps businesses and institutions can and are taking to achieve sustainable growth.

    Embracing a Broader Vision of Sustainable Development
    EBC Financial Group’s support for this initiative comes at a time of strategic global expansion. With a growing presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, as well as emerging markets in Southeast Asia, Latin America, Africa, and India, EBC is committed to empowering local markets with financial solutions that are both robust and sustainable. By engaging with leading academic institutions like the University of Oxford’s Department of Economics, EBC aims to strengthen its role as a catalyst for positive change in regions that are traditionally underserved by major financial institutions.

    The proceeds from this year’s WERD event will support the Department and its goal to produce leading research and world-class education. Registration for the event is now open, offering both in-person and online access to accommodate a global audience. To reserve your spot, please visit this link.

    About EBC Financial Group
    Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

    Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

    At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

    EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

    https://www.ebc.com/

    Media Contact:

    Savitha Ravindran
    Global Public Relations Manager (EMEA, LATAM)
    savitha.ravindran@ebc.com  

    Chyna Elvina
    Global Public Relations Manager (APAC, LATAM)
    chyna.elvina@ebc.com

    Douglas Chew
    Global Public Relations Lead
    douglas.chew@ebc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaaa905a-4c02-44a0-bf7d-b8be3dec4b36

    The MIL Network –

    January 24, 2025
  • MIL-OSI Europe: AMERICA/ECUADOR – Appointment of vicar apostolic of Napo

    Source: Agenzia Fides – MIL OSI

    Wednesday, 23 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has appointed Bishop Celmo Lazzari, C.S.I., until now vicar apostolic of San Miguel de Sucumbíos, as vicar apostolic of the apostolic vicariate of Napo, Ecuador.Bishop Celmo Lazzari, C.S.I., was born on 16 June 1956 in Garibaldi, in the diocese of Caxias do Sul. He carried out his studies in philosophy and theology in Londrina, Brazil.He gave his perpetual vows on 9 January 1982, and was ordained a priest on 18 December 1982.He has held the following offices: director of the religious community of Ana Rech and rector of the minor seminary of the Josephites, Caxias do Sul (1982-1987), master of Josephite Philosophers, Caxias do Sul (1988-1989), master of Josephite Theologians, Porto Alegre (1990-1994), vicar (1992-1994) and provincial superior (1994-2000) of the Josephite Fathers in Brazil, counsellor general of the Congregation and head of the Josephite Missions, Rome (2000-2006), vicar general of the Congregation, Rome (2006-2010), vicar apostolic of Napo (2010-2013), and since 2013, vicar apostolic of San Miguel de Sucumbíos. (E.G.) (Agenzia Fides, 23/10/2024)
    Share:

    MIL OSI Europe News –

    January 24, 2025
  • MIL-OSI Europe: AMERICA/ECUADOR – Appointment of vicar apostolic of San Miguel de Sucumbíos

    Source: Agenzia Fides – MIL OSI

    Wednesday, 23 October 2024

    Vatican City (Agenzia Fides) – The Holy Father has appointed the Reverend Moacir Goulart de Figueredo, M.S.C., until now superior of the order of the Missionaries of the Sacred Heart in the province of Curitiba, as vicar apostolic of San Miguel de Sucumbíos, Ecuador.Msgr. Moacir Goulart de Figueredo, M.S.C., was born on 30 September 1965 in Salto do Lontra, PR, in Brazil. He carried out his studies in philosophy at the Universidade São Franciscodi São Paulo and in theology at the Nossa Senhora da Assuncão University, where he was awarded a licentiate in missiology.He gave his perpetual vows on 2 February 1990 and was ordained a priest on 16 November 1991.He has held the following offices: formator and provincial vicar in São Paulo (1990-1996), missionary in Ecuador and parish vicar in Chunchi, province of Chimborazo and diocese of Riobamba (1996-2001), provincial superior in Curitiba, PR, Brazil, and parish vicar (2001-2007), formator in Ecuador and parish vicar in Quito (2007-2016), assessor of the Ecuadorian Conference of Religious (2007-2016), formator of candidates of the Missionaries of the Sacred Heart of Jesus (2007-2016), archdiocesan director of the Pontifical Mission Societies (2010-2015), executive secretary of the Centro Misionero Nacional of the Ecuadorian Episcopal Conference (2015-2018), and parish priest of the Good Shepherd in Turubamba in Quito (2016-2022). Since 2022 he has served as provincial superior in Curitiba, PR, Brazil. (E.G.) (Agenzia Fides, 23/10/2024)
    Share:

    MIL OSI Europe News –

    January 24, 2025
←Previous Page
1 … 1,686 1,687 1,688 1,689 1,690 … 1,925
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress