NewzIntel.com

Category: Americas

  • MIL-OSI USA: May 8th, 2025 Heinrich Presses Agriculture Secretary on DOGE’s Targeting of Silver City Dispatch Center, USDA Canceling Contracts that Help Local Farmers, Schools, & Kids

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), Member of the Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, pressed U.S. Department of Agriculture (USDA) Secretary Brooke Rollins on proposed cuts in President Trump’s Fiscal Year 2026 (FY26) Preliminary Budget Request, which slashes critical investments that benefit New Mexico families to fund massive tax handouts for billionaires like Elon Musk.

    Specifically, Heinrich questioned Secretary Rollins on DOGE targeting the Silver City Dispatch Center as the Iron Fire burns, USDA canceling contracts that help local farmers sell fresh produce to food banks and schools, and the status of programs that feed starving children around the world with American-grown food through the Food for Peace program.

    VIDEO: U.S. Senator Martin Heinrich (D-N.M.) questions USDA Secretary Brooke Rollins on President Trump’s proposed budget cuts, which slash critical investments that benefit New Mexico families to fund massive tax handouts for billionaires like Elon Musk, May 6, 2025.

    On DOGE Targeting the Silver City Dispatch Center:

    Heinrich began his questioning, “Secretary, the Iron Fire is currently burning in the Gila National Forest, and you and I have talked about the Silver City Dispatch Center, which is in charge of coordinating the response between air assets and front-line firefighters in the Southwest. It is still among the dispatch centers that DOGE is seeking to close. And in our conversations, you assured me that you would seek to keep this dispatch center open, that you would designate it mission critical. Talk to me about what you are doing to make good on that promise.”

    Rollins responded, “Yeah, we have been in conversation with GSA on that, Senator, and certainly, as we have many hands working across the Trump Administration to deliver on our promise for a more effective and efficient government. We agree that this is important, and especially as wildfire season is heating up, ensuring that we are operationally ready at every turn in your state and in other states that are highly affected by that, so we remain focused on that, and if you hear something different, please call me.”

    On Trump’s USDA Canceling Contracts that Help Local Farmers Sell Fresh Produce to Schools and Feed Students:

    Heinrich began by highlighting that the local food purchasing assistance and local food for school programs are,“two of the best examples of using American-grown produce to produce healthier outcomes in our students. To me, that is making America healthy again. You’ve canceled both of those contracts, even though those contracts were signed and farmers had bought supplies for planting based on those contracts.

    Heinrich continued by asking, “What would you say to both the producers and the schools who made financial decisions based on those commitments?”

    Rollins responded, “The first thing I’ll say is, could you send me specific information on that? Because that would be really helpful. We’ve talked a lot in broad strokes, but if I can see the details in New Mexico, you still have a million and a half dollars of the last tranche left out of 6 million.”

    Heinrich pressed Rollins, “The people I’m hearing from are literally the schools and the producers who were impacted, the growers.”

    Rollins responded, “Yeah, I would love to get more details on that and what that looks like again, as a COVID-era program. The other side of this, and I want to make sure you’ve got plenty of time to ask your other questions. But the other side of this, as far as the local nutritious farms, et cetera. I mean, I think that’s a massive push. I think it’s important we remain prioritized on that. But again, the $400 million a day we spend at USDA on nutrition, just on nutrition, I believe sincerely, that we’ll be able to check a lot of those boxes without continuing a program that was supposed to end at the end of COVID and that, in fact, most states still have a lot of money left in the bank. They haven’t been able to spend it.”

    On Trump Threatening the Food for Peace Program:

    Heinrich asked: “My colleague from Kansas mentioned Food for Peace and McGovern-Dole. These programs have provided life-saving American-grown food to people around the world. I have literally met with mothers and children who relied on American food aid for their survival. So I appreciate that you’ve had initial discussions with Secretary Rubio about these programs, but what I saw two weeks ago with several of my Republican colleagues on the ground at a refugee camp were kids who were on fractional rations who didn’t have enough calories per day to thrive. So what are we doing to fill the gap between the historic commitment of those programs and whatever that, you know, replaces them in the meantime, when the impact is kids who are not getting enough to eat?”

    Rollins responded: “And you’re talking specifically on the International Programs, yes, that, that’s, that’s a great conversation. We continue to talk about it. The President has been very clear that we have to ensure that our kids here in America that are hungry, that we’re serving, obviously, they are the priority. It doesn’t mean that we don’t care about or want to move out American farmers’ produce, and we should in commodities across the world, but really focusing here in America first, but secondly, understanding how effective these programs are, which I talked a little bit about with the back and forth with Senator Baldwin. I think it may have been Senator Murray, but how important and effective those are, where we’re spending the money, how it’s being spent, and what that looks like.”

    Heinrich pushed Rollins, “You’ll get a lot of support from this Committee to, to go after overhead, excess overhead, I think we have to check too many boxes, and there are a lot of entities that have gotten good at running those contracts because they can check those boxes. But what we saw on the ground was kids who had malaria and other diseases because they simply didn’t have enough food to eat, because commitments we made were not being made good on.”

    Rollins responded: “Well, I would love more details on that that would help me understand and in fact, where it was y’all went, and then my commitment to you is to study that, and in my, you know, my heart is with what you’re saying. But again, we are putting American first, understanding how we’re feeding our children. And we haven’t had a MAHA discussion yet, but if we do, we can talk a little bit more about that is important. But also understanding that, again, the mission and the intention of these programs are always good. It is how we are effectuating them and putting them into play and really looking at that closely.”

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen Statement on President Trump’s “Trade Deal” with UK

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Small Business Committee, released the following statement in response to President Trump’s announcement of a trade deal with the UK:

    “This is one step forward after taking five steps back. Even after President Trump’s so-called ‘comprehensive’ deal is finalized, we will still have dramatically higher tariffs on the United Kingdom than we did at the beginning of this trade war, and American families and exporters will pay the cost.

    “I agree with the President that we should be looking for ways to ensure fair access for American businesses where real barriers exist – but it is clear that his destructive and chaotic trade war is doing nothing to accomplish this for American families and businesses. Instead, we have higher prices, exporters and manufacturers who are reeling from increasing costs and laying off staff, defense supply chains disrupted and enormous diplomatic damage that is driving our allies into China’s arms.

    “While I’m glad the administration is now recognizing the need to undo some of the harm it has done, Americans are still paying a new 10 percent tax on goods. This does nothing to address the arbitrary and self-imposed trade barriers we’ve placed on nearly 200 other countries. It’s high time this administration stop using tariffs to coerce our allies and partners to the negotiating table before it inflicts long term damage on our economy.”

    MIL OSI USA News –

  • MIL-OSI USA: Latta Statement on Election of Pope Leo XIV

    Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

    Latta Statement on Election of Pope Leo XIV

    Today, Congressman Bob Latta (OH-5) released the following statement upon the election of Pope Leo XIV:

    “Today, I congratulate the election of Pope Leo XIV, the first American Pope and fellow native of the Midwest. This is a moment of unity and hope for the Church.

    “Marcia and I offer our prayers for a successful and peaceful papacy to Pope Leo XIV as he leads the Catholic church.”

    MIL OSI USA News –

  • MIL-OSI USA: LEADER JEFFRIES HOSTS CAPITOL HILL LISTENING SESSION WITH FAITH LEADERS FROM ACROSS THE NATION

    Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

    WASHINGTON, D.C.—This week, House Democratic Leader Hakeem Jeffries (NY-08) hosted 41 faith leaders and clergy members at the Library of Congress for a listening session.

    Joined by Rep. James Clyburn (SC-06) and Rep. Emanuel Cleaver (MO-05), Leader Jeffries held a listening session to hear from clergy members about their suggestions as part of House Democrats’ all-hands-on-deck strategy to bring about a better tomorrow for the American people.

    “The meeting was an initial convening and listening session of faith leaders and clergy members from across the nation and I look forward to our continued dialogue as we deal with this unprecedented moment in American history. During these very challenging times, I am grateful for the partnership, the friendship and the leadership of the clergy on all the things that need to happen to get our nation to a better place,” said House Democratic Leader Hakeem Jeffries (NY-08). “At a moment like this, we are experiencing trouble on every side. Trouble in the White House, trouble with the Congress, trouble with the Cabinet, trouble with Elon Musk, an unelected, unaccountable, unpopular, unhinged, un-American, billionaire puppet master. But we’re not in despair because we know that setbacks are an inevitable part of life. That’s just the reality of our journey and we’ve seen that over and over and again in the United States of America. Setbacks are an inevitable part of life, but a setback is nothing more than a setup for a comeback. And in our view, what’s in front of us right now, is that we have to engineer the great American comeback.”

    “Having been born and raised in a church parsonage, I understand the connection between faith and public service. The convening on Capitol Hill of influential African American clergy from around the country could not be more critical,” said Congressman James E. Clyburn (SC-06). “We discussed protecting vital programs against proposed cuts to Social Security, Medicare, Medicaid, veterans benefits and how this impacts their congregants and all Americans. Across traditions and cultures, people of faith are commanded to care for the least of these. The House Republican budget fails to care for the vulnerable, and it is incumbent upon all of us to correct this. We tend to profess pride in being Matthew 25 Christians, and we often express adherence to verse 45 that admonishes, ‘whatever you did not do for one of the least of these, you did not do for me.’”

    “In this moment of moral crisis in America, it is more important than ever that faith leaders unite to provide the light needed to guide the country back toward the course of righteousness,” said Congressman Emanuel Cleaver (MO-05). “I’m thankful to Leader Jeffries for taking the time to sit down with myself, Rep. Clyburn and clergy from across the country to coordinate a faith-led response to the chaos and cruelty emanating from the White House. Whether those seeking affordable healthcare, those in need of food assistance or those seeking a better life in the United States of America, we have an obligation to protect the least of these in our communities; and together, we will.”

    The clergy has been at the forefront of every major fight for social justice in America and continues to provide a voice of moral clarity as we endeavor to meet the challenging moment we confront. This conversation is the first in a series of ongoing engagements with community leaders to strengthen the relationship between House Democrats and the American people who we are fighting to protect.

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    MIL OSI USA News –

  • MIL-OSI USA: Dingell, Cline Introduce Bipartisan Bill to Support Bird Conservation in Urban Areas

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Representatives Debbie Dingell (D-MI) and Ben Cline (R-VA) today reintroduced the bipartisan Local Communities & Bird Habitat Stewardship Act to establish a federal grant program to support conservation of birds and habitats in urban areas.

    “Birds play an important role in our ecosystems and our everyday lives, and we all have an opportunity and a responsibility to make our communities safer places for birds and people to live together,” Dingell said. “Unfortunately, we have lost nearly 3 billion birds in the last 50 years, and we need to take serious action to address this crisis. The Local Communities & Bird Habitat Stewardship Act will provide federal funding to cities, community organizations, and other groups doing important work to restore bird habitat, and most importantly, educate communities about the small steps we can all take to protect bird populations for generations to come.” 

    “Birds play an important role in our environment, and responsible conservation efforts can help preserve migratory patterns and reduce the risk of avian illnesses,” Cline said. “These efforts should be led locally by individuals and municipalities who understand the needs of their communities. As we codify existing partnerships through the U.S. Fish and Wildlife Service, we must ensure that any federal support remains targeted, transparent, and accountable to the taxpayer.”

    In North America, one in four breeding birds has been lost since 1970. The widespread loss and degradation of habitat is the biggest driver of bird population decline. Restoring bird habitat in urban areas can make a significant difference in conserving bird populations.

    The Local Communities & Bird Habitat Stewardship Act would make $1,000,000 available annually through a competitive grant program to eligible entities, including Tribal, State, or municipal agencies, nongovernmental organizations, community groups, and academic institutions, to promote urban bird conservation. Specifically, the grant program aims to:

    • protect, restore, or enhance urban habitats for birds, including through the control of invasive species and the restoration of native plant species;
    • reduce urban hazards to birds; and
    • educate and engage communities in scientific activities involving the monitoring of birds and the habitats of such birds in urban areas

    The bill is endorsed by the National Audubon Society, the National Wildlife Federation, the American Bird Conservancy, and Ducks Unlimited.

    “Every spring, billions of birds migrate across the United States, sometimes as many as 500 million in a single night. For them to safely complete their journeys, our communities must not only offer safe passage but also provide critical places to rest, nest, and feed along the way,” said Felice Stadler, vice president of government affairs at the National Audubon Society. “With bird populations down 30 percent since 1970, it’s essential that legislation like the Local Communities & Bird Habitat Stewardship Act becomes law and give communities the tools we need to create healthy bird habitat in our neighborhoods. Thank you to Reps. Dingell and Cline for your leadership and commitment to protecting our nation’s birds. We look forward to seeing this important bill move forward in Congress.”

    “As wildlife habitats shrink across the country, it is increasingly important to protect and expand existing habitat and ensure safe passage for birds,” said Abby Tinsley, vice president for conservation policy at the National Wildlife Federation. “For migrating birds, rural and urban parks and greenways offer places to feed and rest on their journeys, and many species rely on them year-round.  This bill will empower communities to conserve and restore these essential habitats, benefitting the birds and people who share these spaces. We are grateful to Representatives Dingell and Cline for their leadership.”

    “Thriving communities include birds,” said Steve Holmer, vice president of policy at American Bird Conservancy. “Thanks to Representatives Debbie Dingell and Ben Cline for introducing the Local Communities & Bird Habitat Stewardship Act, which will improve bird habitat, reduced hazards to birds, and engage communities in bird conservation. As birds face unprecedented declines and bird watching participation grows, conserving birds is more important now than ever before.”

    “Waterfowl and other birds are important to ecosystems in both rural and urban areas,” said Kellis Moss, Ducks Unlimited Managing Director of Federal Affairs. “The Local Communities & Bird Habitat Stewardship Act will help cities and local organizations invest in habitats that benefit the long-term conservation of bird populations. We thank Rep. Dingell and Rep. Cline for their leadership on this issue.”

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Moore Statement on Election of Pope Leo XIV

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – Congressman Riley M. Moore, a Roman Catholic, issued the following statement after the election of Pope Leo XIV:

    “Habemus papam & Deo gratias — an American has been elected to the chair of St. Peter!

    “I pray the Lord blesses the Holy Father with the great wisdom and unyielding courage necessary to preach the Gospel of Jesus Christ and Him crucified.

    “Here’s to many years of good health for Pope Leo XIV as he shepherds our universal church as the Vicar of Christ.”

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    MIL OSI USA News –

  • MIL-OSI USA: Salinas, Bacon, Beyer Launch Bipartisan Mental Health Caucus For The 119th Congress

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

    Today, U.S. Representative Andrea Salinas (D-OR) joined her fellow Co-Chairs of the Bipartisan Mental Health Caucus – including Reps. Don Bacon (R-NE) and Donald Beyer (D-VA) – at a press conference to officially launch the Caucus for the 119th Congress. The Members, standing side-by-side with representatives from leading mental health advocacy organizations, delivered remarks about the state of mental health and addiction in America and the potential for bipartisan progress on this issue. Rep. Tony Gonzales (R-TX) also serves as Caucus Co-Chair along with Reps. Salinas, Bacon, and Beyer.

    Click here to watch a recording and here for usable photos from today’s press conference

    “Mental health is an issue where bipartisan consensus is still possible. I remain very hopeful. We’ve seen how these problems have affected our own families, neighborhoods, and communities – and we all share a similar goal: Putting an end to the mental health and addiction crisis once and for all,” said Rep. Salinas. “I am optimistic and excited about the road ahead. Because we have partners, parents, providers and yes – even politicians – who want to see change and are ready to roll up our sleeves and get to work on commonsense solutions.

    “We do have a mental health crisis in our country, and I think it’s pretty clear to all of us that we have underfunded mental health care,” said. Rep. Bacon. “I look forward to working with our Co-Chairs and all of you to improve our mental health capabilities in this country. We know the problem. That means we can find the solution.”

    “We want this to be the largest Caucus on the Hill. We should have every Democrat and every Republican in it because every family, if you look just hard enough, you’ll find that they’re dealing with some kind of mental health concern… and I think we all agree that the health system is failing,” said Rep. Beyer. “We do a very poor job at dealing with serious mental illness in this country. That’s why I’m so grateful that my colleagues [Reps. Salinas, Bacon, and Gonzales], and the many, many other Democrats and Republicans who have signed up to be part of this [Caucus], have come together with our mental health professionals and our industry leaders to really try to make a difference.”

    Several mental health professionals and advocates also spoke at the press conference, including Theresa Miskimen Rivera, M.D., President-Elect of the American Psychiatry Association (APA), Michael Linskey, Director of Congressional Affairs at the National Alliance on Mental Illness (NAMI), Laurel Stine, Executive Vice President and Chief Advocacy and Policy Officer at the American Foundation for Suicide Prevention (AFSP), and Tim Clement, Vice President of Federal Government Affairs at Mental Health America (MHA).

    Chaired by Reps. Salinas, Bacon, Beyer, and Gonzales, the Bipartisan Mental Health Caucus serves as a bipartisan forum where Members of Congress and their staff can work together to raise awareness and find solutions to the mental and behavioral health crisis in America. A full list of Caucus Members can be found here.

    To receive updates and learn more about the Bipartisan Mental Health Caucus, you can visit the Caucus’ website or follow the Caucus on Bluesky, X, Facebook, and Instagram.

    MIL OSI USA News –

  • MIL-OSI USA: Wasserman Schultz, Soto, Salazar Introduce Bipartisan Legislation to Designate Venezuela for Temporary Protected Status

    Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)

    “It is simply wrong to subject law-abiding Venezuelan families to a criminal, murderous regime that openly and flagrantly violates human rights,” said Wasserman Schultz. “TPS recipients are not criminals—they are here legally and nobody with a criminal record is eligible for protection. I’m proud to join this bipartisan effort to prevent Venezuelan families in my district from being unjustly torn apart while we continue to fight for a free and prosperous Venezuela under democratic leadership.”

    Washington, DC – Today, Florida Reps. Debbie Wasserman Schultz (D-FL-25), Darren Soto (D-FL-09), María Elvira Salazar (R-FL-27) introduced the bipartisan Venezuela TPS Act of 2025, legislation designating Venezuela for Temporary Protected Status. This comes after U.S. Secretary of Homeland Security Kristi Noem announced the termination of Venezuela’s TPS extension by the Biden Administration, affecting more than half a million Venezuelans who currently hold protected status.

    “It is simply wrong to subject law-abiding Venezuelan families to a criminal, murderous regime that openly and flagrantly violates human rights,” said Wasserman Schultz. “TPS recipients are not criminals—they are here legally and nobody with a criminal record is eligible for protection. I’m proud to join this bipartisan effort to prevent Venezuelan families in my district from being unjustly torn apart while we continue to fight for a free and prosperous Venezuela under democratic leadership.”

    “We are concerned by the Trump Administration’s actions to strip Venezuelans of Temporary Protected Status, parole, and other critical protections during a time of major instability in their country. In Central Florida, thousands of Venezuelans have fled political violence and joined family members already living in the United States, contributing to our economy, and working hard to help our community grow,” said Soto. “It is insulting to turn our backs on this group. Now more than ever, we need to come together to protect our community from unjust treatment and unconstitutional deportations.”

    “The oppression of the Maduro regime and the total failure of socialism of the 21st century has created dangerous conditions in Venezuela and a constant threat of political persecution,” said Salazar. “That’s why I am proud to co-lead the Venezuela TPS Act of 2025— to ensure law-abiding Venezuelans currently in the United States can stay here until conditions improve and they are not forcibly returned to a brutal dictatorship. I will continue fighting for a free and prosperous Venezuela, led by its legitimate President Edmundo Gonzalez and the Iron Lady Maria Corina Machado.”

    The Venezuela TPS Act of 2025 automatically designates Venezuela for TPS for an initial period of 18 months, with the option of renewal. Under TPS, Venezuelans would be shielded from deportation and granted work authorization, allowing individuals to pay taxes and contribute to their communities. The Act also provides for individuals to travel abroad for emergencies and extenuating circumstances.

    Political instability, endemic corruption, and repression under Nicolás Maduro’s authoritarian regime has led to massive food and medicine shortages, with millions living in poverty and suffering from food insecurity. Venezuela’s economy has contracted by more than 80% since 2014, which is more than twice the magnitude of the Great Depression in the United States. Due to the ongoing crisis in Venezuela, Venezuelans have consistently been the leading nationality requesting asylum in the United States since 2016. As of June 2023, United Nations agencies believe that over 7.3 million Venezuelans have fled the country, many of whom have resettled in neighboring countries like Colombia and Brazil. 

    Venezuelan nationals will be eligible for TPS if they:

    ·    Have been continuously physically present in the United States since the date of the bill’s enactment;

    ·    Are admissible to the United States; and

    ·    Register for TPS in a manner established by the U.S. Secretary of Homeland Security.

    For the full text of the bill, click here. 

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    Wasserman Schultz, Soto, Salazar Presentan Proyecto de Ley Bipartidista Para Designar a Venezuela al Estatus de Protección Temporal

    La Ley de TPS para Venezuela del 2025 protegería a más de medio millón de ciudadanos venezolanos que actualmente tienen estatus protegido

    Washington, DC – Hoy, representantes de la Florida Debbie Wasserman Schultz (D-FL-25) Darren Soto (D-FL-09), y María Elvira Salazar (R-FL-27) presentaron la Ley de TPS para Venezuela del 2025, un proyecto de ley bipartidista que designaría a Venezuela al Estatus de Protección Temporal (TPS, por sus). Este proyecto de ley se produjo después de que la secretaria de Seguridad Nacional de los Estados Unidos, Kristi Noem, anuncio la terminación de la extensión del TPS para Venezuela por parte de la Administración Biden, que afecta a más de medio millón de ciudadanos que actualmente tienen estatus protegido.

    “Es simplemente un error someter a las familias venezolanas respetuosas de la ley a un régimen criminal y asesino que viola abierta y flagrantemente los derechos humanos,” dijo la congresista Wasserman Schultz. “Los beneficiarios del TPS no son criminales, están aquí legalmente y nadie con antecedentes penales es elegible para la protección. Estoy orgullosa de unirme a este esfuerzo bipartidista para evitar que las familias venezolanas en mi distrito sean injustamente separadas mientras continuamos luchando por una Venezuela libre y próspera bajo un liderazgo democrático.”

    “Estamos preocupados por las acciones de la Administración Trump para sacarle a los venezolanos los beneficios del Estatus de Protección Temporal, la libertad condicional y otras protecciones críticas durante un momento de gran inestabilidad en su país. En Florida Central, miles de venezolanos han huido de la violencia política y se han unido a sus familiares que actualmente viven en los Estados Unidos—contribuyendo a la economía y trabajando arduamente para ayudar a que nuestra comunidad crezca,” dijo el congresista Darren Soto. “Darle la espalda a este grupo es un gran insulto. Ahora más que nunca, necesitamos unirnos para proteger a nuestra comunidad contra trato injusto y las deportaciones inconstitucionales.”

    “La opresión del régimen de Maduro y el fracaso total del socialismo del siglo XXI ha creado condiciones peligrosas en Venezuela y una amenaza constante de persecución política,” dijo la congresista Salazar. “Es por eso que me enorgullece coliderar la Ley de TPS para Venezuela del 2025, para garantizar que los venezolanos respetuosos de la ley que actualmente se encuentran en los Estados Unidos puedan permanecer aquí hasta que las condiciones mejoren y no sean devueltos a la fuerza a una dictadura brutal. Seguiré luchando por una Venezuela libre y próspera, liderada por su legítimo presidente Edmundo González y la Dama de Hierro María Corina Machado.”

    La Ley de TPS para Venezuela del 2025 automáticamente designaría a Venezuela para TPS por un período inicial de 18 meses, con opción de renovación. Bajo el TPS, los venezolanos estarían protegidos contra la deportación y se les otorgaría autorización de trabajo, permitiéndoles a los beneficiarios pagar impuestos y contribuir a sus comunidades. El proyecto de ley también prevé que los beneficiarios viajen al extranjero por situaciones de emergencia y circunstancias atenuantes.

    La inestabilidad política, la corrupción endémica y la represión bajo el régimen autoritario de NicolásMaduro han provocado una escasez masiva de alimentos y medicamentos, con millones de personasviviendo en la pobreza y sufriendo inseguridad alimentaria. 

    La economía de Venezuela se ha contraídoen más del 80% desde el 2014, más del doble de la magnitud de la Gran Depresión en los EstadosUnidos. Debido a la crisis en Venezuela, los venezolanos han sido consistentemente la principalnacionalidad que solicita 

    asilo en los Estados Unidos desde el 2016. Hasta junio del 2023, las agenciasde las Naciones Unidas creen que más de 7,3 millones de venezolanos han huido del país, muchos delos cuales se han reasentado en países vecinos como Colombia y Brasil.

    Los ciudadanos venezolanos serán elegibles para el TPS bajo estas condiciones: 

    ·    Haber estado físicamente presente continuamente en los Estados Unidos desde la fecha de promulgación del proyecto de ley; 

    ·    Ser admisibles a los Estados Unidos; y 

    ·    Registrarse para el TPS de la manera establecida por el/la secretario/a de Seguridad Nacional de los Estados Unidos.

    Para ver el texto completo del proyecto de ley, haga clic aquí.  

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    MIL OSI USA News –

  • MIL-OSI USA: SMALL BUSINESSES SHARE HOW HARMFUL REPUBLICAN POLICIES AND TARIFFS RAISE COSTS, STIFLE HIRING, HURT BOTTOM LINES

    Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)

    “Small business owners and entrepreneurs keep America’s economy thriving and make life better for their customers and workers,” said Wasserman Schultz. “But Trump’s extreme economic policies have created a chaotic, confusing landscape for small businesses, with huge price hikes and a horizon filled with uncertainty, higher costs and recessionary fears.”

    Washington, DC – Today, the House Democratic Steering & Policy Co-Chairs, Congresswomen Debbie Wasserman Schultz (FL-25), Robin Kelly (IL-02) and Nanette Barragán (CA-44), led a hearing on the impacts of the Trump Administration policies and tariffs. The committee heard from small business owners on how Republican schemes raise their costs and make it difficult to budget, plan or make ends meet due to rampant federal instability, cutbacks and tariff threats.

    House Democratic Leader Hakeem Jeffries, Democratic Whip Katherine Clark, and Democratic Caucus Chair Pete Aguilar attended the hearing and said Democrats would marshal legislative, legal and community opposition to Republican policies that stifle Main Street merchants and strangle smaller entrepreneurs.

    “Donald Trump and Republicans, who continue in this Congress to rubber stamp his extreme agenda, are crashing the economy in real time, driving us toward a recession. Why? So that they can provide tax breaks for their billionaire donors like Elon Musk, instead of supporting small businesses,” said Leader Jeffries. “They are knowingly inflicting economic pain on hard-working entrepreneurs and small business owners. It’s unconscionable, unacceptable, and un-American. House Democrats will not quietly stand by while working families, entrepreneurs, middle-class folks, small business owners and everyday Americans are being forced to suffer at the hands of the extreme policies that are being unleashed on the American people. We will continue to push back publicly and aggressively.”

    “Small business owners and entrepreneurs keep America’s economy thriving and make life better for their customers and workers,” said Wasserman Schultz. “But Trump’s extreme economic policies have created a chaotic, confusing landscape for small businesses, with huge price hikes and a horizon filled with uncertainty, higher costs and recessionary fears.”

    “Small businesses create good jobs and drive innovation — they are they backbone of local economies,” said Kelly. “We heard directly from small business owners who are telling President Trump that his short-sighted tariffs have raised costs and created uncertainty.  Simply put, Americans — small business owners, workers, and consumers alike — will pay the cost of President Trump’s trade war at the check-out counter.”

    “Small businesses are essential to our economy — they power our communities, create jobs, and make the American Dream possible. But Donald Trump’s reckless tariffs are punishing the very people who keep our economy running. They’re forcing small business owners across the country to make impossible choices — raise prices or shut their doors,” said Rep. Barragán. “When prices go up, working families pay the price. These destructive Republican economic policies do nothing to strengthen our economy, they only lead to job losses and businesses closing their doors.” 

    This year, the Steering & Policy Committee has held hearings on Medicaid, SNAP, Social Security and Veterans. Each one shared personal stories of how everyday Americans are being harmed by this administration. To continue to collect and share more of their stories, the Steering & Policy Committee will execute a series of events across the nation in the months ahead to reach the American people where they live and hear from them directly. 

    The full video of today’s hearing can be found here.

    ####

    MIL OSI USA News –

  • MIL-OSI USA: REP LIEU, SEN MURRAY AND SEN BOOKER RE-INTRODUCE FEDERAL CONVERSION THERAPY BAN

    Source: United States House of Representatives – Congressman Ted Lieu (33 District of California)

    WASHINGTON – Today, Congressman Ted W. Lieu (D-Los Angeles County), Senator Patty Murray (D-WA) and Senator Cory Booker (D-NJ) reintroduced their federal ban on LGBTQ conversion therapy. The Therapeutic Fraud Prevention Act seeks to ban conversion therapy, a practice where so-called therapists fraudulently claim they can ‘cure’ children of their LGBTQ identities. The practice has been recognized by the national community of professionals in education, social work, health, and counseling as being both dangerous and useless. 

    Congressman Lieu authored the first ever ban on youth conversion therapy in the nation as a California State Senator. He has introduced federal bans in the 114th, 115th, 116th, 117th and 118th Congresses. Senators Patty Murray (D-WA) and Cory Booker (D-NJ) introduced the Senate version today and previously introduced federal bans in the 114th, 115th, 116th, 117th and 118th Congresses.

    “Conversion therapy is a scam that hurts LGBTQ kids,” said Rep. Lieu “Using fake science and unearned credentials, conversion therapists prey on vulnerable kids to convince them that who they are is not okay. Major medical organizations oppose the practice because it is harmful and ineffective. We’re overdue for a national ban and I am pleased to once again partner with Senators Murray and Booker on this bill.”

    “Conversion therapy is based on the hateful idea that being part of the LGBTQ+ community is an illness that requires treatment. It’s a dangerous sham practice that has been completely debunked and should be banned nationwide—and that’s what our legislation would do,” said Senator Murray. “Our kids deserve to be raised and taught in loving environments that affirm who they are. I’ll keep fighting for a world where every person, no matter their gender or sexual orientation, can live with dignity and without fear.”

    “There is no place in health care for practices rooted in hateful ideology that harms vulnerable children who are a part of the LGBTQ+ community,” said Senator Booker. “Being LGBTQ+ is not an illness, and conversion therapy is a fraudulent treatment that tells children their identity is an illness that must be cured. This legislation would clarify that under the FTC that ‘conversion therapy’ in exchange for monetary compensation is illegal, and ensure that no child is a victim to this discredited, harmful practice.”

    Human Rights Campaign Director of Government Affairs Jennifer Pike Bailey:

    “The reintroduction of the Therapeutic Fraud Prevention Act is a critical step forward in protecting LGBTQ+ individuals, especially our youth, from the dangerous and discredited practice of conversion therapy. The bill affirms that no one should profit from misleading and dangerous attempts to change something that is not a choice: a person’s sexual orientation or gender identity. The scientific and medical communities have overwhelmingly rejected conversion therapy, and this bill further ensures that practices that cause real long-term harm have no place in our society. We thank Senators Murray and Booker and Representative Lieu for their leadership on this issue.”

    The Trevor Project Interim Vice President of Advocacy & Government Affairs Mark Henson

    “We all want kids to be healthy and safe. Yet LGBTQ+ youth across the country are in crisis today as they hear messages of rejection — not just from peers or online bullies, but from adults and systems meant to protect them. All young people deserve to live authentically as who they are and be protected from dangerous, discredited conversion therapy practices that are associated with greater suicide risk and have been condemned by every major U.S. professional medical and mental health association. No amount of talk or pressure can make someone change their sexual orientation or gender identity—decades of research show it simply doesn’t work . The Trevor Project applauds the reintroduction of the Therapeutic Fraud Prevention Act of 2025, which will help protect LGBTQ+ youth from being subjected to these harmful practices and instead celebrate them for who they are.” 

    PFLAG National CEO Brian K. Bond

    Like most people with health questions, the LGBTQ+ people, parents and allies of PFLAG work together with their doctors, who follow standards of care and clinical guidelines that have been recognized as authoritative for decades by trusted mainstream medical organizations like the American Medical Association, the American Academy of Pediatrics and the American Psychological Association. These and every mainstream medical association denounce practices of so-called conversion ‘therapy’ as discredited and dangerous. The Therapeutic Fraud Prevention Act would protect vulnerable people who are seeking trusted help from being lured into a pretense for dangerous conversion therapies. PFLAG National thanks Congressman Lieu and Senator Murray for their leadership in reintroducing this important bill.”

    American Psychological Association CEO Arthur C. Evans Jr., PhD.:

    “The American Psychological Association thanks Representative Ted Lieu, Senator Patty Murray, and Senator Cory Booker for the reintroduction of the Therapeutic Fraud Prevention Act. This bill would ban so-called conversion therapy by labeling it a fraudulent practice under the Federal Trade Commission’s authority. APA has a long history of opposing sexual orientation change therapy based on peer-reviewed research studies. APA has also adopted several policies concluding that there is insufficient scientific evidence to support the use of psychological interventions to change sexual orientation. We support this bill and stand ready to advocate for its passage.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: ICE San Diego arrests Mexican national with extensive criminal history after erroneous release

    Source: US Immigration and Customs Enforcement

    San Diego — On May 7, Enforcement and Removal Operations San Diego arrested

    Humberto Lopez, 50, a citizen of Mexico. Lopezwas previously in custody at the San Diego County jail on assault with a deadly weapon charge. Despite an active federal arrest warrant, the San Diego County Sherriff’s office released Lopez without notifying ICE, the warrant-issuing agency.

    This arrest exemplifies how SB 54 continues to foster an environment where local agencies hesitate to cooperate with federal immigration authorities, even when legally required. Such legislation forces ICE to operate within communities in ways that inherently increase risks to officers, as it forces ICE to pursue individuals in unpredictable and potentially unsafe situations rather than through secure custodial exchange.

    Lopez has a lengthy criminal history, including convictions for assault with a deadly weapon, narcotics trafficking, robbery, and theft. Lopez subsequently re-entered the U.S. illegally, posing a danger to the community and continuing to violate U.S. laws. ERO San Diego served Lopez with a notice of intent to reinstate his prior removal order, and the U.S. Attorney’s Office accepted the case for prosecution. He will be turned over to U.S. Marshals’ custody pending arraignment.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in San Diego on X, formerly known as Twitter, at @EROSanDiego

    MIL OSI USA News –

  • MIL-OSI USA: Statement on the Agency’s Settlement with Ripple Labs, Inc.

    Source: Securities and Exchange Commission

    In December of 2020, under then-Chairman Jay Clayton, the SEC sued Ripple Labs, Inc. for failing to register its crypto tokens as required under the U.S. securities laws.[1] We alleged that Ripple and its leaders raised capital to finance their business through the sales of XRP in unregistered securities offerings, depriving investors of information material to their investments. On the parties’ cross-motions for summary judgment, the court found that Ripple’s institutional sales of XRP constituted an unregistered offer and sale of investment contracts in violation of Section 5 of the Securities Act of 1933, but that other secondary offers and sales did not. The court ordered that Ripple be permanently restrained and enjoined from future violations of Section 5 and ordered it to pay a civil penalty of over $125 million.[2] Both parties appealed the ruling.

    Today, the Commission announced a settlement, which calls for the return to Ripple of over $75 million currently being held in escrow, and to vacate the court-issued injunction requiring Ripple to obey the law.[3]

    This settlement, alongside the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws.

    This is not a settlement I can support.

    First, the settlement undermines the court’s order. It razes the civil penalty ruling as well as the court-imposed injunction. The agreement states that neither the SEC nor Ripple will seek to vacate or amend any part of the district court’s summary judgement ruling. If, however, Ripple decides tomorrow to sell unregistered XRP tokens to institutional investors—in plain defiance of the court’s order[4]—this Commission will do absolutely nothing about it. There will be no enforcement of the law. The hundreds of hours spent by the court in this matter will be rendered meaningless. And the court’s decision will be effectively vacated.

    Second, the settlement undermines the SEC and its enforcement program. It subverts the clear and honest application of the facts to the law, a cornerstone of any effective law enforcement program. This settlement is part of a broader, programmatic shift to dismiss our registration cases in the crypto context.[5] In remodeling our legal stance in this area, we have pointed to a new “regulatory path,” that the agency will purportedly pursue based on the work of the SEC’s Crypto Task Force.[6] But, even if the Crypto Task Force re-writes registration rules for crypto securities in the future, that does not somehow alter the rules that were in place at the time that Ripple violated them. Further, we have no hint of what those future rules might look like or how long it will take to put them in place—if ever. So, we are today accepting a diluted settlement, that erases the investor protections we already won, based on a non-existent framework that may or may not come to fruition potentially years from now, on the basis that the current framework in place—of applying the facts to the law—was not industry or innovation-friendly. This creates a regulatory vacuum with no end in sight. That does not an Enforcement program make.

    In the meantime, the settlement joins a line of dismissals that collectively erode the credibility of our lawyers in court who are being asked to take legal positions today contrary to the ones taken just months ago. And it stands in defiant contravention of the doctrine of regularity of government affairs.[7]

    Third, the settlement is not in the best interests of the investors and markets that our agency is tasked with serving and protecting. It creates more questions than answers. Does the resolution suggest to the market that we agree with the court’s ruling? What is the legal effect of the ruling in place? How can we ensure that investors get the information that they need and to which they are entitled under the law?

    At bottom, I have full confidence in the arguments our agency made to the Second Circuit on appeal, and equal confidence in the talent of SEC attorneys who advanced those arguments. That motivates my dissent today. Our agency is, I fear, worried that the appellate court would issue a sound ruling that agreed with the legal arguments already laid out by the Commission. That would undermine the agency’s new apparent mission of dismantling our crypto enforcement program and eroding investor protections. For these reasons, I cannot support our settlement. I urge the courts to take a long hard look at the Commission’s attempt to claw back the meritorious claims it previously made, and gut its own enforcement program from the inside out.

    [2] Securities & Exchange Commission v. Ripple Labs, Inc. 20-cv-10832, Dkt. No. 974 (Aug. 8, 2024).

    [4] Securities & Exchange Commission v. Ripple Labs, Inc., 682 F.Supp.3d 308, 324-328 (July 13, 2023 S.D.N.Y).

    [5] See, e.g., https://www.foxbusiness.com/video/6369673063112 (Mar. 6, 2025) (then-Acting Chairman Uyeda announcing that the Commission will be closing crypto asset registration investigations); SEC Announces Dismissal of Civil Enforcement Action Against Coinbase, Rel. No. 2025-47 (Feb. 27, 2025); SEC Obtains Final Judgment Against Wireless Network Creator for Misrepresentations Concerning Network Users, Lit. Rel. No. 26291 (Apr. 24, 2025) (settling Securities Act Section 17(a)(2) charges, and noting “The SEC dismissed with prejudice other claims alleged in the complaint” – i.e., registration claims. “The Commission’s decision to exercise its discretion and dismiss such claims rests on its judgment that the dismissal will facilitate the Commission’s ongoing efforts to reform and renew its regulatory approach to the crypto industry, not any assessment of the merits of the claims alleged in the action.”); SEC Announces Dismissal of Civil Enforcement Action Against Dragonchain, Inc., Dragonchain Foundation, The Dragon Company, and John Joseph Roets, Lit. Rel. No. 26299 (Apr. 30, 2025); SEC Announces Dismissal of Civil Enforcement Action Against Ian Balina, Lit. Rel. No. 26302 (May 2, 2025). These dismissals were made despite favorable caselaw developed in some of these cases. See Securities & Exchange Commission v. Coinbase Inc., 726 F.Supp.3d 260 (Mar. 27, 2024 S.D.N.Y.); Securities & Exchange Commission v. Balina, 2024 WL 2332965 (May 22, 2024 W.D. Tex.).

    [7] 32 C.F.R. 724.211 (“There is a presumption of regularity in the conduct of government affairs.”).

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp Signs Legislation Delivering Hurricane Helene Relief and Supporting Georgia Agriculture and Forestry

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp, joined by First Lady Marty Kemp, Agriculture Commissioner Tyler Harper, Georgia Forestry Commission Director Johnny Sabo, constitutional officers, and members of the Georgia General Assembly, signed three pieces of legislation that provides support for Georgia’s agriculture and forestry industry and delivers promised relief to farmers and timber producers impacted by Hurricane Helene.

    “Our farmers and foresters are tough people,” said Governor Brian Kemp. “Their commitment to moving forward after all they’ve faced is an inspiration to us all. There is still more work to be done, but I’m proud to sign these bills and deliver on our promises to the men and women who are the backbone of our state. I’m also grateful for the dedicated efforts of all of our partners in the General Assembly whose steadfast leadership and determination helped make today possible.”

    HB 223, a priority of Governor Brian Kemp, championed by Lieutenant Governor Burt Jones, Speaker Jon Burns, Commissioner Tyler Harper, Representative Chuck Efstration, and Committee Chairmen Shaw Blackmon, Chuck Hufstetler, Matt Hatchett, Blake Tillery, sponsored by Representative James Burchett, carried in the Senate by Senator Russ Goodman, exempts federal crop loss payments and disaster payments from state income tax, establishes a reforestation tax credit to help timber producers recover from the storm and encourage them to replant their crop, allows local governments to temporarily suspend their collection of harvest tax on timber producers to assist them in cleanup efforts, and provides a temporary addition to the Georgia Agricultural Tax Exemption (GATE) for building materials to repair and rebuild poultry houses, livestock facilities, greenhouses, and other agricultural structures.

    In addition to HB 223 Governor Kemp signed the following pieces of legislation:

    SB 201, sponsored by Senator Larry Walker and carried in the House by Representative Leesa Hagan, provides increased protection for consumers when entering into contracts with contractors following natural disasters. 

    HB 143, sponsored by Representative Robert Dickey, carried in the Senate by Senator Sam Watson, and championed by the Georgia Environmental Protection Division, shifts the burden of agricultural water metering equipment installation and maintenance from farmers back to the state.

    Governor Kemp extends his appreciation to all of those whose diligent work and efforts led to him being able to sign these bills today.

    MIL OSI USA News –

  • MIL-OSI USA: Celebrating NY FFA’s 100th Anniversary

    Source: US State of New York

    [embedded content]

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    New York State Agriculture Commissioner Richard A. Ball said, “There’s a long list of things that make The Great New York State Fair the best in the nation, but its continued focus on agriculture is what truly sets it apart, and its deep partnership with FFA has been a huge part of that. I can’t think of a better way to celebrate this powerful program’s centennial than by breaking ground on a new building that will help introduce a whole new generation of young people to the value of our industry and inspire them to pursue meaningful careers in agriculture. I want to thank our Governor, our partners across the state, and of course our very own NY FFA who share this vision and make it a priority – because of their work, I know the future of agriculture is bright.”

    New York State Office of General Services Commissioner Jeanette Moy said, “Agriculture is a major driver of New York’s economy, providing a source of fresh food and income to people across our state. OGS is proud to partner with the State Department of Agriculture and Markets in the construction of a 4,000-square-foot building at the Great New York State Fairgrounds. This new facility will further demonstrate Governor Hochul, Commissioner Ball, and our support for New York State’s farmers and FFA’s efforts to prepare its members for careers in all sectors of the agricultural industry. As FFA marks 100 years of its annual convention here, there’s no better opportunity for us to break ground on this new space.”

    New York State FFA Director Juleah Tolosky said, “For 100 years, New York FFA has empowered students to lead, serve, and grow in agriculture and beyond. This new building at the Fairgrounds is more than a structure — it’s a symbol of what happens when we invest in young people and believe in their potential. We’re grateful to Governor Hochul and Commissioner Ball and our partners across the state for supporting a vision that honors our past while building a stronger future for agricultural education.”

    Dean of Cornell University’s College of Agriculture and Life Sciences Benjamin Houlton said, “The FFA is one of the most important organizations of America’s agricultural leadership—past, present and future. The historic celebration of the organization’s success reflects the commitment of many generations of farmers, agribusiness innovators and natural resources professionals to serve the foundation of society with the food they produce. At CALS, we are so grateful for our state partners’ unyielding support and proud to see a growing number of FFA students join us in shaping the future of agriculture—whether through a CALS or SUNY college degree, technical training or direct-to-career paths. There has never been a more exciting time for agriculture, and this generation of agriculture innovators will ensure that the country is in a strong position for continued prosperity.”

    New York State Fair Director Julie LaFave said, “The Great New York State Fair is a tradition rooted in agriculture, and our work with the New York State FFA has been the driving force behind keeping this tradition alive. Here at the Fair, these incredible students showcase their projects, participate in competitions, and teach tens of thousands of Fairgoers what New York agriculture is all about. We’re thrilled to help this remarkable organization celebrate its 100th anniversary by investing in a new building right here at the Fair that will help spotlight their work and introduce more young people to the importance of this industry. I congratulate FFA on their centennial, and thank Governor Hochul, a 4-H kid who knows firsthand the value of ag education, for her support of this critical investment.”

    Supporting agricultural education is essential to developing a generation of leaders who understand where our food comes from and value the hard work of our farmers.

    Governor Kathy Hochul

    New York State Agriculture Commissioner Richard A. Ball said, “There’s a long list of things that make The Great New York State Fair the best in the nation, but its continued focus on agriculture is what truly sets it apart, and its deep partnership with FFA has been a huge part of that. I can’t think of a better way to celebrate this powerful program’s centennial than by breaking ground on a new building that will help introduce a whole new generation of young people to the value of our industry and inspire them to pursue meaningful careers in agriculture. I want to thank our Governor, our partners across the state, and of course our very own NY FFA who share this vision and make it a priority – because of their work, I know the future of agriculture is bright.”

    New York State Office of General Services Commissioner Jeanette Moy said, “Agriculture is a major driver of New York’s economy, providing a source of fresh food and income to people across our state. OGS is proud to partner with the State Department of Agriculture and Markets in the construction of a 4,000-square-foot building at the Great New York State Fairgrounds. This new facility will further demonstrate Governor Hochul, Commissioner Ball, and our support for New York State’s farmers and FFA’s efforts to prepare its members for careers in all sectors of the agricultural industry. As FFA marks 100 years of its annual convention here, there’s no better opportunity for us to break ground on this new space.”

    New York State FFA Director Juleah Tolosky said, “For 100 years, New York FFA has empowered students to lead, serve, and grow in agriculture and beyond. This new building at the Fairgrounds is more than a structure — it’s a symbol of what happens when we invest in young people and believe in their potential. We’re grateful to Governor Hochul and Commissioner Ball and our partners across the state for supporting a vision that honors our past while building a stronger future for agricultural education.”

    Dean of Cornell University’s College of Agriculture and Life Sciences Benjamin Houlton said, “The FFA is one of the most important organizations of America’s agricultural leadership—past, present and future. The historic celebration of the organization’s success reflects the commitment of many generations of farmers, agribusiness innovators and natural resources professionals to serve the foundation of society with the food they produce. At CALS, we are so grateful for our state partners’ unyielding support and proud to see a growing number of FFA students join us in shaping the future of agriculture—whether through a CALS or SUNY college degree, technical training or direct-to-career paths. There has never been a more exciting time for agriculture, and this generation of agriculture innovators will ensure that the country is in a strong position for continued prosperity.”

    New York State Fair Director Julie LaFave said, “The Great New York State Fair is a tradition rooted in agriculture, and our work with the New York State FFA has been the driving force behind keeping this tradition alive. Here at the Fair, these incredible students showcase their projects, participate in competitions, and teach tens of thousands of Fairgoers what New York agriculture is all about. We’re thrilled to help this remarkable organization celebrate its 100th anniversary by investing in a new building right here at the Fair that will help spotlight their work and introduce more young people to the importance of this industry. I congratulate FFA on their centennial, and thank Governor Hochul, a 4-H kid who knows firsthand the value of ag education, for her support of this critical investment.”

    Agricultural Education in New York State
    New York State continues to prioritize investments in agricultural education to support workforce development and ensure that agriculture remains a viable industry in New York State. In 2024, Governor Hochul increased support for the FFA by $250,000 for a total of $1.25 million and dedicated $500,000 to support the New York Agriculture in the Classroom program and $500,000 for the New York Association of Agricultural Educators to increase the number of certified agricultural educators in the state. In addition, $250,000 was included in support of Urban Agricultural Education and $50,000 for the MANRRS program.

    Additionally in 2024, the Governor convened the first ever youth agriculture leadership conference. Following the conference, the Governor announced the establishment of a Blue-Ribbon Panel to Advance Agriculture Education, which will bring together food and agriculture industry stakeholders, educational institutions, and educators to chart a course for strengthening agriculture education and supporting the multi-faceted needs of the workforce.

    The State’s efforts are paying off, with the number of agricultural teachers growing to 424 in 2025. Alongside this growth in teachers, the number of FFA charters and members has also increased. With 224 chapters established in 52 of New York’s 62 counties, there are now over 13,000 FFA members in New York State, an increase from 9,300 in 2022. In 2016, the State Agriculture Commissioner challenged the FFA to increase its number of charters across the State by 100; the FFA reached that goal in time for its 100th anniversary this year, an exciting benchmark as it celebrates its centennial and looks forward to the next hundred years.

    In addition, there are currently five MANRRS collegiate chapters statewide, up from just two in 2022, and one junior chapter at John Bowne High School in New York City. Today, there is also a 4-H program in all 62 counties in New York State, providing educational opportunities to young people interested in agriculture in every corner of the State. Together, these programs help meet the growing demand for agricultural education across New York.

    Embedded Flickr Album

    State Senator Michelle Hinchey said, “New York is the fastest-growing FFA state in the country, and for 100 years, this incredible program has been the bedrock of outstanding student leadership in our state, helping students find their strengths, find ways to serve their communities, and become leaders in every sector of the agriculture industry and beyond it. Congratulations to New York FFA on its centennial—the future of New York looks exceptionally bright with such dedicated young leaders at the forefront.”

    State Senator Rachel May said, “The longevity of New York’s FFA program underscores its significance to agriculture in our state. For 100 years, this program has been educating the next generation of farmers, ensuring that our vital agricultural sector remains strong. The history of the New York State Fair is closely linked to the FFA program, so it’s only appropriate that it has a dedicated building on the fairgrounds, showcasing its significance to our state. Thank you, Governor Hochul, for recognizing the importance of the FFA program with this new facility and support for New York State agriculture.”

    Assemblymember Donna Lupardo said, “FFA is one of the premier youth leadership development organizations in our country. Members have gone on to successful careers as farmers, chemists, government officials, business leaders, teachers, and more. The hands-on experience this organization provides is invaluable, and with the new FFA Building at the State Fairgrounds, they will have the opportunity to showcase their work in an impressive new facility. Congratulations to the FFA on their centennial.”

    Assemblymember Al Stirpe said, “I would like to congratulate the New York FFA for this historic milestone, marking a century of inspiring the agricultural leaders of tomorrow. As a stronghold for Northeastern agriculture, New York thrives thanks to organizations like FFA that help students realize their potential in the agricultural classroom and beyond. I look forward to the construction of the new FFA building, as well as the growth of their now 224 chapters across the state.”

    Assemblymember Bill Magnarelli said, “The New York State Fair and New York State FFA have a long and storied history going back 100 years together. I applaud the work that organizations like New York State FFA and 4-H do in providing quality agricultural education to future generations to continue New York State’s long tradition of farming.”

    About New York State FFA
    Administered by Cornell University, the New York State FFA Association is a youth organization that helps middle and high school students become leaders in a variety of career fields, including agriculture. NY FFA develops premier leadership, personal growth and career success through activities and opportunities nationwide. Learn more about NY FFA at www.nysffa.org.

    About the New York State Fair
    Founded in 1841, The Great New York State Fair showcases the best of New York agriculture, provides top-quality entertainment, and is a key piece of the State’s CNY Rising strategy of growing the Central New York economy through tourism. It is the oldest fair in the United States and is consistently recognized as being among the top five state fairs in the nation.

    The New York State Fairgrounds is a 375-acre exhibit and entertainment complex that operates all year. Audiences are encouraged to learn more about The Great New York State Fair online, browse photos on Flickr, and follow the fun on Facebook, X, formerly known as Twitter, and Instagram.

    MIL OSI USA News –

  • MIL-OSI USA: Delivering Real Results for Colorado: Gov. Polis Signs Landmark Housing Bill Into Law, Celebrates Actions for Coloradans on Education, Housing, Public Safety

    Source: US State of Colorado

    DENVER – Today, Governor Polis marked the end of the successful 2025 legislative session with House Speaker McCluskie, Senate President Coleman, House Majority Leader Duran, Senate Majority Leader Rodriguez and Lt. Governor Primavera and then signed SB25-002 – Regional Building Codes for Factory-Built Structures to break down barriers to modular housing and discussed the successful 2025 legislative session. 

    “We are delivering real results for hardworking Coloradans, and during this session, we took major actions that will create more housing Coloradans can afford, support students and educators, cut through government red tape, and improve safety across our state. It’s fitting that I’m signing the modular housing bill, a law that will create more housing options that Coloradans can afford, to kick off the next 30 days of bill signings. We know our work is far from over, and I will continue looking for new opportunities to make life better for all Coloradans,” said Governor Jared Polis. 

    During his 2025 State of the State address, the Governor outlined key priorities for the legislative session that would build on Colorado’s work to break down barriers to housing, improve public safety in Colorado communities, and invest in students and educators. These successful legislative priorities resulted in new laws that will help reduce costs and strengthen Colorado communities. 

    MORE HOUSING NOW: 

    IMPROVING PUBLIC SAFETY: 

    • SB25-310 – Proposition 130 Implementation: This law supports funding for local law enforcement agencies to help recruit peace officers by providing financial reimbursements and tuition assistance for initial and continuing education and training for peace officers, as well as pay incentives and bonuses. The bill also provides funding to ensure that the families of fallen officers get the support they need after losing their loved one in the line of duty.
    • HB25-1062 Penalty for Theft of Firearm: This legislation cracks down on gun theft by reclassifying firearm theft as a class 6 felony regardless of the value of the firearm stolen.
    • HB25-1171 – Possession of Weapon by Previous Offender Crimes: This legislation adds first-degree motor vehicle theft to the list of criminal offenses that would make an individual ineligible to possess a firearm.
    • SB25-281 – Increase Penalties Careless Driving: adjusts penalties for persons convicted of careless driving, making each individual seriously injured or killed in a careless driving event a separate violation and clarifies that careless driving resulting in serious bodily injury or death is an included crime for the purposes of the “Victim Rights Act”.
    • Budget to Make Colorado Safer: Governor Polis continues working to make Colorado safer for everyone and by signing this year’s budget, Colorado continues investing in preventing and addressing crime. This includes:
      • Youth Crime Prevention: Helping to prevent at-risk youth from entering the criminal justice system through increased funding for prevention services.
      • Community Corrections Capacity: The budget also provides $2.4 million to invest in community corrections placement, increasing capacity.
      • Supporting Crime Victims: Additionally, this budget implements Colorado’s Proposition KK, designating $30.0M in spending authority to crime victims’ services, $8 million for mental health services, and $1 million for school safety. $15 million ongoing for critical public safety communication infrastructure, supporting over 1,000 local, regional, state, tribal, and federal public safety entities.
      • Funding for CBI’s Colorado Gangs Database: The Colorado Gangs database (CoG) is an application that stores gang information such as gang names, gang members, gang contacts, and is used by law enforcement as an investigative tool. It allows law enforcement the ability to add and change any information about the gangs, tracking gangs, and gang members that they contact during patrol or other investigative efforts conducted by law enforcement. This information is also queryable in the Colorado Crime Information Center (CCIC), which provides law enforcement with the most accurate information possible.
    • HB25-1146 – Juvenile Detention Bed Cap: This legislation allows judicial districts to utilize more juvenile detention beds to ensure that individuals deemed high-risk do not re-enter communities before receiving the rehabilitative services they need. 

    FULLY FUND SCHOOLS AND SUPPORT COLORADO’S WORKFORCE: 

    • HB25-1320 – School Finance Act: This legislation implements Colorado’s student-focused school finance formula without bringing back the budget stabilization factor. It also increases per-pupil funding again to $11,864, an increase from FY24-25 of $412 per student, or an average of $9,000 per classroom.
    • SB25-315 – Postsecondary & Workforce Readiness Programs: This legislation realigns Postsecondary and Workforce Readiness administration and funding to ensure all students have the opportunity to graduate high school with postsecondary credit, an industry-recognized credential, or work-based learning experience.
    • HB25-1278 – Education Accountability System: This legislation modernizes Colorado’s K-12 accountability system for the first time since 2009 to better measure student outcomes, including the creation of a new sub-indicator to support postsecondary and workforce readiness before graduation.
    • HB25-1192 – Financial Literacy Graduation Requirement: This legislation ensures that every student takes a course incorporating all financial literacy standards before they graduate high school, as well as practice filling out financial aid forms so that they are equipped with the know-how to plan for and secure their financial futures.
    • HB25-1038 – Postsecondary Credit Transfer Website: This law will support students by providing more information about how their credits earned through prior learning, concurrent and dual enrollment, and GT Pathways courses will transfer to each Colorado public institution. By allowing students to evaluate and compare the value of their transfer credits across institutions and programs, students can save money and more successfully plan their educational journeys. 

    DRIVING COLORADO’S ECONOMY: 

    FREE STATE OF COLORADO: 

    BOLD CLIMATE GOALS AND IMPROVING AIR QUALITY: 

    • HB25-1267 – Support for Statewide Energy Strategies: This legislation builds on our EV success by empowering the Division of Oil and Public Safety to adopt retail EV charging rules to promote consistency and provide for a more seamless EV charging experience.
    • HB25-1269 Building Decarbonization Measures: This law will make it simpler for buildings to comply with statewide standards by complying with a local standard and will help achieve the administration’s 2030 carbon emission reduction targets. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Governor Walz Signs Bill Expanding Support for Service Dogs in Training

    Source: US State of Minnesota

    Governor Tim Walz today signed a bill into law giving service dogs in training the same protections and support as active service dogs. The Governor signed the bill alongside bill authors Senator Bonnie Westlin and Representative Cedrick Frazier, advocates, and service dogs Mato and Flint.

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson achieves key legislative win as House passes bill to speed up investigations into child sexual abuse materialRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – Attorney General Alan Wilson announced a major victory today in the fight to protect South Carolina’s children. The House has officially passed Senate Bill 74, the Administrative Subpoena Bill, a top legislative priority this cycle for the Attorney General’s Office and a critical tool in the mission to stop child predators in their tracks. 

     

    “This is a HUGE WIN not only for our office but for South Carolina’s children and families,” said Attorney General Wilson. “S.74 cuts through red tape and empowers our Internet Crimes Against Children (ICAC) Taskforce to move swiftly to issue administrative subpoenas in child sexual exploitation cases, dramatically reducing the time it takes to find child predators and protect children actively being harmed.” 

     

    The passage of this bill would not have been possible without the support of our state legislators. “I want to personally thank the members of the South Carolina House and Senate for recognizing the urgency of this issue and getting it done. Your support is saving lives,” Attorney General Wilson said. 

     

    We also extend deep gratitude to our law enforcement partners across the state. Their relentless work, day in and day out, helped drive this effort forward. Their endorsement of this bill underscores its critical importance in bringing child predators to justice faster and more effectively. 

     

    Charleston County Sheriff Carl Ritchie said, “I am pleased to have offered support of this bill and happy to see it is headed to the Governor’s desk. This bill is instrumental in effectively and without delay prosecuting individuals committing internet crimes against children. I appreciate the leadership of Attorney General Alan Wilson and the work of our legislature to get this bill passed.” 

     

    Lexington County Sheriff Jay Koon said, “The partnership between local law enforcement and the Internet Crimes Against Children task force is invaluable when it comes to investigating and arresting criminals who prey on our children. Allowing the Attorney General to sign administrative subpoenas will speed up our ability to catch these criminals and hold them accountable. This bill is critical to protect children and get predators off the street quicker. Thank you to Attorney General Wilson for leading the charge and Senator Hembree and Representative Travis Moore for pushing this important legislation.” 

     

    The bill now heads to Governor Henry McMaster’s desk for his signature to be signed into law. 

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson announces new and additional State Grand Jury charges alleging public corruption by former Williamsburg Co. Supervisor Tiffany CooksRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced today the return of a sixteen-count indictment by the South Carolina State Grand Jury alleging new and additional counts of public corruption against former elected Williamsburg County Supervisor Tiffany Teonta Cooks. Cooks and Williamsburg County Sheriff Stephen Renard Gardner were also indicted by the State Jury in March for various corruption offenses, and Sheriff Gardner was then suspended by order of Governor McMaster.

    The State Grand Jury issued an indictment of Tiffany Cooks for the following offenses:

         2025-GS-47-11 (Williamsburg County)

    • Count 1: Official Misconduct in Office, Common Law: 0-10 Years
    • Count 2: Offering Anything of Value to Influence Action of Public Official or Employee, Ethics Act Violation, § 8-13-705: 0-10 years and/or $0-$10,000
    • Count 3: Embezzlement of Public Funds, Value $10K or More, § 16-13-210: 0-10 years and a fine in the discretion of the court
    • Count 4: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 5: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 6: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 7: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 8: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 9: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 10: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 11: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 12: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 13: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 14: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 15: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500
    • Count 16: Acceptance of Rebates or Extra Compensation, § 16-9-230: 3 mos – 5 years and $100 – $500

    The new indictments generally allege that former Supervisor Cooks “obtain[ed] personal profit and benefit to herself by having government funds, above and beyond her legitimate salary, improperly paid to her in part by having the money routed to her through payments in addition to her salary for alleged participation in ‘community projects.’”  The indictments also generally allege that Cooks “improperly offer[ed] and g[a]ve thousands of dollars of government funds to herself and other officials and employees of Williamsburg County beyond their legitimate salaries through additional pay for alleged participation in ‘community projects,’ with the intent of influencing the discharge of their official duties, for their aid, assistance, collusion with, and allowance of fraud on Williamsburg County government, and to induce them to perform acts and fail to perform acts in violation of their official duties.”

    Former Supervisor Cooks had previously been indicted in March for the following offenses:

         2025-GS-47-05 (Williamsburg County)

    • Count 1: Criminal Conspiracy, § 16-7-410: 0 – 5 years and/or fine of up to $5000
    • Count 3: Misconduct in Office, Common Law: 0-10 years
    • Count 5: Offering Anything of Value to Influence Action of Public Official Ethics Act Violation, § 8-13-705: 0-10 years and/or $0-$10,000
    • Count 6: Embezzlement, § 16-13-210: 0-10 years and a fine in the discretion of the court
    • Count 9: Money Laundering, Value $20,000 but Less Than $100,000, § 16-9-230: 0-10 years

    The March indictments generally alleged that former Supervisor Cooks conspired a “scheme to improperly pay thousands of dollars of government funds to Gardner, and avoid taxes or withholdings on the amounts paid, by routing the government money to Gardner under the guise of checks written to a third party.” The March indictments also alleged that Sheriff Gardner “secretly obtain[ed]” and Cooks “secretly provide[d] personal profit and benefit to Stephen Renard Gardner by having government funds, above and beyond Gardner’s legitimate salary, improperly paid to him.”

    The cases were investigated by the South Carolina State Grand Jury, which functions in partnership with the South Carolina Law Enforcement Division and the South Carolina Attorney General’s State Grand Jury Section. The cases will be prosecuted by the Chief Attorney of the State Grand Jury Section Senior Assistant Deputy Attorney General S. Creighton Waters, Assistant Attorney General Savanna Goude, and Assistant Attorney General Walt Whitmire.

    Attorney General Wilson stressed that all defendants are presumed innocent unless and until they are proven guilty in a court of law.

    MIL OSI USA News –

  • MIL-OSI Security: 21 Armed and Violent Drug Traffickers and Gang Members from Spokane Area Facing Federal Drug and Firearm Charges

    Source: Office of United States Attorneys

    Spokane, Washington – Today, the U.S. Attorney’s Office for the Eastern District of Washington announced that 21 individuals have been charged following the return of 15 separate indictments alleging dozens of charges against these defendants.  Certain of the individuals indicated are not yet in federal custody.

    The arrests follow a long-term joint federal investigation that began in October 2024, led by the by the Bureau of Alcohol, Tobacco, Firearms, and Explosives. This 7-month long investigation has targeted violent individuals and armed drug traffickers in Spokane as well as individuals operating in what has become nothing less than an open-air drug market on Division Street downtown..  These individuals have been problems in multiple states, impacting multiple communities during their lifetimes, in not only Washington State, but also Texas, Nevada, North Dakota, Montana, Alabama, Idaho, Oregon, and California.

    Upon release of the latest indictment, which was unsealed earlier today upon the arrest of several additional suspects, Acting United States Attorney Rich Barker stated, “I am grateful for the coordinated efforts of so many law enforcement agencies, who worked together to coordinate the takedown of this alleged drug trafficking operation.”  Acting U.S. Attorney Barker continued, “It is an honor work with our federal, state, and local law enforcement partners on such important prosecutions, which help remove illegal drugs and firearms from our community.  Our community and nation are safer, because of the work of our law enforcement and prosecution teams.”

    To date, agents seized just shy of 14-pounds of methamphetamine, over 1 kilogram of heroin, over 16,000 fentanyl pills, over 5.5 pounds of fentanyl powder, almost $60,000 in drug proceeds, as well as four vehicles and 36 firearms.  In connection with the prosecution, the United States has filed a civil forfeiture complaint in the Eastern District of Washington against a local Spokane apartment complex located near North Central High School, which allegedly was being used to distribute illegal drugs and a place for individuals to obtain firearms. Properties such as this one are not only a community safety issue as a free for all of illicit activity, they are also a drain on public resources that could be used elsewhere.  For example, in the last 2.5 years, records show there have been approximately 58 separate calls for service at the address.

    According to unsealed charging documents, the following individuals, many of whom have ties to various street gangs and who have a history of violence, have been charged in connection with the investigation. Additionally, the names of others indicted in connection with this investigation will be unsealed upon the arrest of those individuals.

    Andrew Vincent Auerbach, charged with Distribution of 50 Grams or More of Actual (Pure) Methamphetamine, Felon in Possession of a Firearm, Possession of a Firearm in Furtherance of Drug Trafficking.  Auerbach has a prior federal conviction for Felon in Possession of a Firearm.

    Daryl Edward Boone, 45, charged with Possess with Intent to Distribute 50 Grams or More of Actual (Pure) Methamphetamine, Possess with Intent to Distribute 40 Grams or More of Fentanyl, Distribution of 5 Grams or More of Actual (Pure) Methamphetamine

    James M. Ferguson, 33, charged with Unlawful Possession of a Short-Barreled Shotgun

    Jonathan Jacob Inglis, 40, pleaded guilty to Possession with Intent to Distribute 500 Grams or More of Methamphetamine and Possession with Intent to Distribute 400 Grams or More of Fentanyl. On January 30, 2025, he was sentenced to 151 months in prison.

    Nathan Carlson Johnson, 44, charged with Distribution of 50 Grams or More of Actual (Pure) Methamphetamine.

    James Lelacheur, 56, charged with Distribution of 50 Grams or More of Actual (Pure) Methamphetamine.

    Christopher Wayne O’Neal, charged with Distribution of 5 Grams or More of Actual (Pure) Methamphetamine.  O’Neal is currently in Spokane County Jail stemming from a separate drug trafficking investigation.

    Gabriella Sherif Rizkalla, charged with multiple counts of Distribution of 50 Grams or More of Actual (Pure) Methamphetamine, and Conspiracy to Distribute 50 Grams or More of Actual (Pure) Methamphetamine

    Roland Dewayne Sanders, 36, charged with Distribution of Fentanyl, Distribution of 40 Grams or More of Fentanyl.  Sanders was on federal supervised release at the time of his offense and utilized his minor child to assist in the distribution of fentanyl.

    Bernie Ray Shaw Jr., 45, charged with Distribution of Fentanyl

    Courtney A. Wheeler, charged with Possession of a Firearm in Furtherance of Drug Trafficking and Conspiracy to Possess a Firearm in Furtherance of Drug Trafficking

    Andrew Lee Williams, charged with Possession of a Firearm in Furtherance of Drug Trafficking and Conspiracy to Possess a Firearm in Furtherance of Drug Trafficking

    Anthony Dale Williams, charged with Possession of a Firearm in Furtherance of Drug Trafficking and Conspiracy to Possess a Firearm in Furtherance of Drug Trafficking, multiple counts of Distribution of 50 Grams or More of Actual (Pure) Methamphetamine, Conspiracy to Distribute Methamphetamine, and Distribution of Cocaine.

    Certain of the individuals will be arraigned at the Spokane Federal Courthouse on May 9, 2025, at 10:00am.

    The case was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. For more information about Organized Crime Drug Enforcement Task Forces, please visit Justice.gov/OCDETF.

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives conducted the investigation along with the Drug Enforcement Administration, Homeland Security Investigations, Moses Lake Police Department, Border Patrol, and the Washington Department of Corrections. Additional assistance was provided by the United States Marshals Service and the Spokane County Sheriff’s Office.

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    WILLIAMS et al – 2:25-CR-75-RLP

    SANDERS – 2:25-CR-15-MKD

    LELACHER – 2:24-CR-16-MKD

    FERGUSON – 2:24-CR-158-RLP

    JOHNSON – 2:24-CR-159-MKD

    AUERBACH – 2:25-CR-16-TOR

    INGLIS – 2:23-CR-56-TOR

    SHAW – 2:24-CR-163-MKD

    BOONE – 2:24-CR-164-RLP

    United States of America v. Real Property Known as 625 West Maxwell Avenue Spokane Washington et al, 2:25-cv-00148-RLP

    MIL Security OSI –

  • MIL-OSI: PDF Solutions® Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., May 08, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor and electronics ecosystem, today announced financial results for its first quarter ended March 31, 2025.

    Financial Highlights of First Quarter 2025

    • Quarterly total revenues of $47.8 million, up 16% over last year’s comparable quarter
    • Quarterly analytics revenue of $42.5 million, up 10% over last year’s comparable quarter
    • GAAP gross margin of 73% and non-GAAP gross margin of 77%
    • GAAP diluted loss per share of ($0.08) and non-GAAP diluted earnings per share of $0.21
    • Backlog of $226.7 million as of March 31, 2025
    • Completed acquisition of SecureWise LLC, a widely-used, secure, remote connectivity solution in the semiconductor manufacturing equipment industry, during the first quarter of 2025, financed using a combination of new bank debt of $70.0 million and cash on hand

    Total revenues for the first quarter of 2025 were $47.8 million, compared to $50.1 million for the fourth quarter of 2024 and $41.3 million for the first quarter of 2024. Analytics revenue for the first quarter of 2025 was $42.5 million, compared to $47.9 million for the fourth quarter of 2024 and $38.5 million for the first quarter of 2024. Integrated Yield Ramp revenue for the first quarter of 2025 was $5.3 million, compared to $2.2 million for the fourth quarter of 2024 and $2.8 million for the first quarter of 2024.

    GAAP gross margin for the first quarter of 2025 was 73%, compared to 68% for the fourth quarter of 2024 and 67% for the first quarter of 2024.

    Non-GAAP gross margin for the first quarter of 2025 was 77%, compared to 72% for the fourth quarter of 2024 and 72% for the first quarter of 2024.

    On a GAAP basis, net loss for the first quarter of 2025 was $3.0 million, or ($0.08) per diluted share, compared to net income of $0.5 million, or $0.01 per diluted share, for the fourth quarter of 2024, and net loss of $0.4 million, or ($0.01) per diluted share, for the first quarter of 2024.

    Non-GAAP net income for the first quarter of 2025 was $8.1 million, or $0.21 per diluted share, compared to non-GAAP net income of $9.9 million, or $0.25 per diluted share, for the fourth quarter of 2024, and non-GAAP net income of $5.7 million, or $0.15 per diluted share, for the first quarter of 2024.

    Financial Outlook

    “The first quarter of 2025 saw strong customer activity and platform development, driven by AI-driven digitization. Sapience Manufacturing Hub saw record bookings, and we acquired secureWISE to enhance supply chain collaboration. Our platform – spanning analytics, AI/Model Ops, enterprise connectivity, and supply chain tools – empowers customers to handle today’s complex manufacturing and testing environments and data requirements. With a strong portfolio and momentum, we reaffirm our 21-23% annual revenue growth prior guidance range for this year,” said John Kibarian, CEO and President.

    Conference Call

    As previously announced, PDF Solutions will discuss these results on a live conference call beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time today. To participate on the live call, analysts and investors should pre-register at: https://register-conf.media-server.com/register/BI6d53831ac55c4a1ab7f4514ab0ec41ca. Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release, including the disclosure and reconciliation of certain non-GAAP financial measures to the comparable GAAP measures, which non-GAAP measures may be used periodically by PDF Solutions’ management when discussing financial results with investors and analysts, will also be available on PDF Solutions’ website at http://www.pdf.com/press-releases following the date of this release.

    First Quarter 2025 Financial Commentary Available Online

    A Management Report reviewing the Company’s first quarter 2025 financial results will be furnished to the Securities and Exchange Commission on Form 8-K and published on the Company’s website at http://ir.pdf.com/financial-reports. Analysts and investors are encouraged to review this commentary prior to participating in the conference call.

    Information Regarding Use of Non-GAAP Financial Measures

    In addition to providing results that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), PDF Solutions also provides certain non-GAAP financial measures. Non-GAAP gross profit and margin exclude stock-based compensation expense and the amortization of acquired technology under costs of revenues. Non-GAAP net income excludes stock-based compensation expense, amortization of acquired technology under costs of revenues, amortization of other acquired intangible assets, amortization of debt issuance costs and the effects of certain non-recurring items, such as expenses for certain legal proceedings, non-recurring legal, finance, integration and other costs, loss on damaged equipment in-transit, and their related income tax effects, as applicable, as well as adjustments for the valuation allowance for deferred tax assets and reconciling items. These non-GAAP financial measures are used by management internally to measure the Company’s profitability and performance. PDF Solutions’ management believes that these non-GAAP measures provide useful supplemental information to investors regarding the Company’s ongoing operations in light of the fact that none of these categories of expense and income has a current effect on the future uses of cash (with the exception of expenses related to certain legal proceedings and non-recurring legal, finance, integration and other costs) nor do they impact the generation of current or future revenues. These non-GAAP results should not be considered an alternative to, or a substitute for, GAAP financial information, and may differ from similarly titled non-GAAP measures used by other companies. In particular, these non-GAAP financial measures are not a substitute for GAAP measures of income or loss as a measure of performance, or to cash flows from operating, investing and financing activities as a measure of liquidity. Since management uses these non-GAAP financial measures internally to measure profitability and performance, PDF Solutions has included these non-GAAP measures to give investors an opportunity to see the Company’s financial results as viewed by management. A reconciliation of the comparable GAAP financial measures to the non-GAAP financial measures is provided at the end of the Company’s condensed consolidated financial statements presented below.

    About PDF Solutions

    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Forward-Looking Statements

    This press release and the planned conference call include forward-looking statements regarding the Company’s future expected business performance and financial results, including expectations about total revenue growth for 2025 and other statements identified by words such as “could,” “expects,” “intends,” “may,” “plans,” “potential,” “should,” “will,” “would,” or similar expressions and the negatives of those terms, that are subject to future events and circumstances. Other than statements of historical fact, all statements contained in this press release and the planned conference call are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: the effectiveness of the Company’s business and technology strategies; current semiconductor industry trends and competition; rates of adoption of the Company’s solutions by new and existing customers; project milestones or delays and performance criteria achieved; cost and schedule of new product development and investments in research and development; the continuing impact of macroeconomic conditions, including inflation, changing interest rates and tariffs, the evolving trade regulatory environment and geopolitical tensions, and other trends impacting the semiconductor industry, the Company’s customers, operations, and supply and demand for its products; supply chain disruptions; the success of the Company’s strategic growth opportunities and partnerships; recent and future acquisitions, strategic alliances and relationships and the Company’s ability to successfully integrate acquired businesses and technologies; whether the Company can successfully convert backlog into revenue; customers’ production volumes under contracts that provide Gainshare; the sufficiency of the Company’s cash resources and anticipated funds from operations; the Company’s ability to obtain additional financing if needed and its ability to use support and updates for certain open-source software; and other risks and uncertainties discussed in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and any amendments to such reports. All forward-looking statements made in this press release and the conference call are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements.

    PDF SOLUTIONS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (In thousands)

                 
           March 31,    December 31, 
        2025      2024
                 
    ASSETS            
    Current assets:            
    Cash and cash equivalents   $ 43,734     $ 90,594  
    Short-term investments     10,415       24,291  
    Accounts receivable, net     63,676       73,649  
    Prepaid expenses and other current assets     22,800       17,445  
    Total current assets     140,625       205,979  
    Property and equipment, net     56,564       48,465  
    Operating lease right-of-use assets, net     3,661       4,029  
    Goodwill     96,645       14,953  
    Intangible assets, net     58,357       12,307  
    Deferred tax assets, net     215       43  
    Other non-current assets     33,905       29,513  
    Total assets   $ 389,972     $ 315,289  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current liabilities:            
    Accounts payable   $ 9,394     $ 8,255  
    Accrued compensation and related benefits     10,902       16,855  
    Accrued and other current liabilities     13,037       8,752  
    Operating lease liabilities ‒ current portion     1,591       1,675  
    Deferred revenues ‒ current portion     27,131       25,005  
    Current portion of long-term debt, net     2,240       —  
    Total current liabilities     64,295       60,542  
    Long-term income taxes     2,932       2,915  
    Non-current operating lease liabilities     3,154       3,504  
    Long-term debt, net     66,416       —  
    Other non-current liabilities     4,195       2,291  
    Total liabilities     140,992       69,252  
                 
    Stockholders’ equity:            
    Common stock and additional paid-in capital     511,751       502,908  
    Treasury stock, at cost     (162,672 )     (159,352 )
    Accumulated deficit     (97,020 )     (93,988 )
    Accumulated other comprehensive loss     (3,079 )     (3,531 )
    Total stockholders’ equity     248,980       246,037  
    Total liabilities and stockholders’ equity   $ 389,972     $ 315,289  

    PDF SOLUTIONS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
    (In thousands, except per share amounts)

                       
        Three months ended
        March 31,    December 31,    March 31, 
           2025 (1)      2024       2024
                     
    Revenues:                  
    Analytics   $ 42,471     $ 47,926     $ 38,463  
    Integrated yield ramp     5,307       2,159       2,847  
    Total revenues     47,778       50,085       41,310  
                       
    Costs and Expenses:                  
    Costs of revenues     12,955       15,901       13,529  
    Research and development     14,628       14,417       12,984  
    Selling, general, and administrative     23,372       19,073       16,498  
    Amortization of acquired intangible assets     378       182       259  
    Income (loss) from operations     (3,555 )     512       (1,960 )
    Interest expense     (311 )     —       —  
    Other income (expense), net     870       962       1,692  
    Income before income tax expense     (2,996 )     1,474       (268 )
    Income tax expense     (36 )     (935 )     (125 )
    Net income (loss)   $ (3,032 )   $ 539     $ (393 )
                       
    Net income (loss) per share:                  
    Basic   $ (0.08 )   $ 0.01     $ (0.01 )
    Diluted   $ (0.08 )   $ 0.01     $ (0.01 )
                       
    Weighted average common shares used to calculate net income (loss) per share:                  
    Basic     39,088       38,783       38,500  
    Diluted     39,088       39,104       38,500  
     

    (1) Analytics Revenue includes revenue from SecureWise LLC, a wholly owned subsidiary we acquired in March 2025.


    PDF SOLUTIONS, INC.
    RECONCILIATION OF GAAP GROSS MARGIN TO NON-GAAP GROSS MARGIN (UNAUDITED)
    (In thousands)

                         
        Three months ended  
        March 31,    December 31,    March 31,   
           2025   2024   2024  
                       
    GAAP                    
    Total revenues   $ 47,778   $ 50,085   $ 41,310  
    Costs of revenues     12,955     15,901     13,529  
    GAAP gross profit   $ 34,823   $ 34,184   $ 27,781  
    GAAP gross margin     73 %   68 %   67 %
                         
    Non-GAAP                    
    GAAP gross profit   $ 34,823   $ 34,184   $ 27,781  
    Adjustments to reconcile GAAP to non-GAAP gross margin:                    
    Stock-based compensation expense     1,342     1,336     1,200  
    Amortization of acquired technology     678     583     584  
    Non-GAAP gross profit   $ 36,843   $ 36,103   $ 29,565  
    Non-GAAP gross margin     77 %   72 %   72 %

    PDF SOLUTIONS, INC.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (UNAUDITED)
    (In thousands, except per share amounts)

                       
        Three months ended
        March 31,    December 31,    March 31, 
        2025    2024   2024 
                     
    GAAP net income (loss)    $ (3,032 )   $ 539   $ (393 )
    Adjustments to reconcile GAAP net income (loss) to non-GAAP net income:                  
    Stock-based compensation expense     6,596       6,507     6,110  
    Amortization of acquired technology under costs of revenues     678       583     584  
    Amortization of other acquired intangible assets     378       182     259  
    Expenses for certain legal proceedings (1)     115       69     —  
    Non-recurring legal, finance, integration and other costs     4,345       940     —  
    Loss on damaged equipment in-transit     —       663     —  
    Amortization of debt issuance costs     5       —     —  
    Tax impact of valuation allowance for deferred tax assets and reconciling items (2)     (970 )     375     (813 )
    Non-GAAP net income   $ 8,115     $ 9,858   $ 5,747  
                       
    GAAP net income (loss) per diluted share   $ (0.08 )   $ 0.01   $ (0.01 )
    Non-GAAP net income per diluted share   $ 0.21     $ 0.25   $ 0.15  
                       
    Weighted average common shares used in GAAP net income (loss) per diluted share calculation     39,088       39,104     38,500  
    Weighted average common shares used in non-GAAP net income per diluted share calculation     39,285       39,104     39,053  

    (1) Represents legal costs and expenses related to certain litigation and an arbitration proceeding, which are expected to continue until these matters are resolved.

    (2) The difference between the GAAP and non-GAAP income tax provisions is primarily due to the valuation allowance on a GAAP basis and non-GAAP adjustments. For example, on a GAAP basis, the Company does not receive a deferred tax benefit for foreign tax credits or research and development credits after the valuation allowance. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense is not calculated with a full U.S. federal or state valuation allowance due to the Company’s cumulative non-GAAP income and management’s conclusion that it is more likely than not to utilize its net deferred tax assets (DTAs). Each reporting period, management evaluates the need for a valuation allowance and may place a valuation allowance against its U.S. net DTAs on a non-GAAP basis if it concludes it is more likely than not that it will not be able to utilize some or all of its U.S. DTAs on a non-GAAP basis.

         
    Company Contacts:  
    Adnan Raza   Sonia Segovia
    Chief Financial Officer   Investor Relations
    Tel: (408) 516-0237   Tel: (408) 938-6491
    Email: adnan.raza@pdf.com   Email: sonia.segovia@pdf.com

    The MIL Network –

  • MIL-OSI: Oportun Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GAAP Net income of $9.8 million increased $36 million year-over-year

    GAAP EPS of $0.21 increased $0.89 year-over-year

    Adjusted EPS of $0.40 increased $0.31 year-over-year

    Operating expenses of $93 million reduced 15% year-over-year

    Reiterating full year 2025 credit performance and profit expectations

    SAN CARLOS, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Oportun Financial Corporation (Nasdaq: OPRT) (“Oportun”, or the “Company”) today reported financial results for the first quarter ended March 31, 2025.

    “We started 2025 with a strong first quarter, building on the momentum from last year. I’m pleased to report our second consecutive quarter of GAAP profitability, with net income increasing by $36 million year-over-year,” said Raul Vazquez, CEO of Oportun. “We’ve also delivered profitability on an adjusted basis for the fifth consecutive quarter, with Adjusted Net Income up $15 million year-over-year. Our Return on Equity (ROE) improved to 11%, while our Adjusted ROE also improved by 17 percentage points, to 21%. We maintained strong cost discipline, reducing quarterly operating expenses by 15% year-over-year during the quarter. In addition, credit continued to perform well, with 30-plus day delinquencies and dollar net-charge-offs declining year-over-year for the fifth and sixth consecutive quarters, respectively. Given the current macroeconomic uncertainty, we are prudently moderating our expectations for full year loan originations growth from the 10% to 15% range, to approximately 10%. Factoring in both this adjustment and our Q1 outperformance, we’re reiterating our full year 2025 Adjusted EPS guidance of $1.10 to $1.30 per share, implying growth of 53% to 81%.

    First Quarter 2025 Results

    Metric GAAP   Adjusted1
      1Q25 1Q24   1Q25 1Q24
    Total revenue2 $236 $250      
    Net income (loss) $9.8 $(26)   $19 $3.6
    Diluted EPS $0.21 $(0.68)   $0.40 $0.09
    Adjusted EBITDA       $34 $1.9
    Dollars in millions, except per share amounts.          
    1See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.
    21Q24 total revenue includes $11 million from the credit cards receivable portfolio which was sold in November 2024.


    Business Highlights

    • Aggregate Originations were $469 million, a 39% increase compared to $338 million in the prior-year quarter
    • Portfolio Yield was 33.0%, an increase of 49 basis points compared to 32.5% in the prior-year quarter
    • Owned Principal Balance at end-of-period was $2.7 billion, a decrease of 3% compared to $2.8 billion in the prior-year quarter
    • Annualized Net Charge-Off Rate of 12.2%, an increase of 16 basis points compared to 12.0% in the prior-year quarter; dollar Net Charge-Offs declined 5% year-over-year, marking the sixth consecutive quarterly decrease
    • 30+ Day Delinquency Rate of 4.7%, a decrease of 56 basis points compared to 5.2% for the prior-year quarter; fifth consecutive quarterly decline

    Financial and Operating Results

    All figures are as of or for the quarter ended March 31, 2025, unless otherwise noted.

    Operational Drivers

    Originations – Aggregate Originations for the first quarter were $469 million, an increase of 39% compared to $338 million in the prior-year quarter, as the Company grew originations year-over-year for the second consecutive quarter. Management currently expects full year 2025 Aggregate Originations growth in the 10% range.

    Portfolio Yield – Portfolio Yield for the first quarter was 33.0%, an increase of 49 basis points as compared to 32.5% in the prior-year quarter, primarily attributable to increased pricing on loans.

    Financial Results

    Revenue – Total revenue for the first quarter was $236 million, a decrease of 6% as compared to $250 million in the prior-year quarter. The decline was primarily due to the absence of $11 million of revenue from the credit cards receivable portfolio which was sold in November 2024. Net revenue for the first quarter was $106 million, a 34% increase compared to net revenue of $79 million in the prior-year quarter, as reduced fair value marks and net charge-offs more than offset the total revenue decline and higher interest expense.

    Operating Expense and Adjusted Operating Expense – For the first quarter, total operating expense was $93 million, a decrease of 15% as compared to $110 million in the prior-year quarter. The decrease is attributable to a combined set of cost reduction initiatives enacted during the last year. The Company continues to expect full year 2025 operating expenses of approximately $390 million, averaging $97.5 million a quarter for a 5% reduction from full year 2024. Adjusted Operating Expense, which excludes stock-based compensation expense and certain non-recurring charges, decreased 13% year-over-year to $89 million.

    Net Income (Loss) and Adjusted Net Income (Loss) – Net income was $9.8 million as compared to a net loss of $26 million in the prior-year quarter. The increased profitability was attributable to expense reduction initiatives, and increased net revenue driven by reduced fair value mark-to-market impact and improved credit performance. Adjusted Net Income was $19 million as compared to $3.6 million in the prior-year quarter. The increase in Adjusted Net Income was also driven by reduced operating expenses, along with improved credit performance.

    Earnings (Loss) Per Share and Adjusted EPS – GAAP earnings per share, basic and diluted, were both $0.21 during the first quarter, compared to GAAP net loss per share, basic and diluted of $0.68 in the prior-year quarter. Adjusted Earnings Per Share was $0.40 as compared to $0.09 in the prior-year quarter.

    Adjusted EBITDA – Adjusted EBITDA was $34 million, up from $1.9 million in the prior-year quarter, driven by the cost reduction initiatives enacted during the last year along with improved credit performance.

    Credit and Operating Metrics

    Net Charge-Off Rate – The Annualized Net Charge-Off Rate for the quarter was 12.2%, compared to 12.0% for the prior-year quarter. Net Charge-offs in dollars for the quarter were down 5% to $81 million, compared to $85 million for the prior-year quarter.

    30+ Day Delinquency Rate – The Company’s 30+ Day Delinquency Rate was 4.7% at the end of the quarter, compared to 5.2% at the end of the prior-year quarter.

    Following the first quarter, the Company’s 30+ Day Delinquency Rate declined to 4.5% at the end of April.

    Operating Expense Ratio and Adjusted Operating Expense Ratio – Operating Expense Ratio for the quarter was 13.9% as compared to 15.5% in the prior-year quarter, a 157 basis points improvement. Adjusted Operating Expense Ratio was 13.3% as compared to 14.3% in the prior-year quarter, a 102 basis points improvement. The Adjusted Operating Expense Ratio excludes stock-based compensation expense and certain non-recurring charges. The improvement in Adjuste        d Operating Expense Ratio is primarily attributable to the Company’s focus on reducing operating expenses, partially offset by a decrease in Average Daily Principal Balance including the impact from the sale of the credit cards receivable portfolio in November 2024.

    Return On Equity (“ROE”) and Adjusted ROE – ROE for the quarter was 11%, as compared to (27)% in the prior-year quarter. The improvement was attributable to the increase in net income. Adjusted ROE for the quarter was 21%, as compared to 4% in the prior-year quarter.

             

    Secured Personal Loans

    As of March 31, 2025, the Company had a secured personal loan receivables balance of $178 million, up from $112 million at the end of the first quarter of 2024. Oportun currently offers secured personal loans in California, Texas, Florida, Arizona, New Jersey and Illinois. During the full year 2024, secured personal loans losses ran approximately 500 basis points lower compared to unsecured personal loans. Furthermore, secured personal loans originated during the first quarter are expected to generate approximately twice the revenue per loan compared to unsecured personal loans, primarily due to higher average loan sizes.

    Funding and Liquidity

    As of March 31, 2025, total cash was $231 million, consisting of cash and cash equivalents of $79 million and restricted cash of $152 million. Cost of Debt and Debt-to-Equity were 8.2% and 7.6x, respectively, for and at the end of the first quarter 2025 as compared to 7.5% and 7.3x, respectively, for and at the end of the prior-year quarter. As of March 31, 2025, the Company had $317 million of undrawn capacity on its existing $766 million personal loan warehouse lines. The Company’s personal loan warehouse lines are committed through September 2027 and August 2028.

    Financial Outlook for Second Quarter and Full Year 2025

    Oportun is providing the following guidance for 2Q 2025 and full year 2025 as follows:

      2Q 2025   Full Year 2025
    Total Revenue $237 – $242M   $945 – $970M
    Annualized Net Charge-Off Rate 11.90% +/- 15 bps   11.5% +/- 50 bps
    Adjusted EBITDA1 $29 – $34M   $135 – $145M
    Adjusted Net Income1 —   $53 – $63M
    Adjusted EPS1 —   $1.10 – $1.30
    GAAP Net Income —   GAAP Profitable
             
    1 See the section entitled “About Non-GAAP Financial Measures” for an explanation of non-GAAP measures, and the table entitled “Reconciliation of Forward Looking Non-GAAP Financial Measures” for a reconciliation of non-GAAP to GAAP measures.


    Paul Appleton, Treasurer and Head of Capital Markets, serving as interim Chief Financial Officer

    As previously indicated in a March 17th 2025 Form 8-K filing, Paul Appleton, the Company’s Treasurer and Head of Capital Markets, began serving as interim Chief Financial Officer on March 28th, 2025. Mr. Appleton’s appointment followed Jonathan Coblentz’ retirement as the Company’s Chief Financial Officer and he is expected to serve in this interim role until the search for Mr. Coblentz’ successor is completed. With the assistance of a leading executive search firm, the Company has identified and engaged with several highly qualified candidates in connection with its search process for a permanent chief financial officer.

    Conference Call

    As previously announced, Oportun’s management will host a conference call to discuss first quarter 2025 results at 5:00 p.m. ET (2:00 p.m. PT) today. A live webcast of the call will be accessible from the Investor Relations page of Oportun’s website at https://investor.oportun.com. The dial-in number for the conference call is 1-888-396-8049 (toll-free) or 1-416-764-8646 (international). Participants should call in 10 minutes prior to the scheduled start time. Both the call and webcast are open to the general public. For those unable to listen to the live broadcast, a webcast replay of the call will be available at https://investor.oportun.com for one year. A file that includes supplemental financial information and reconciliations of certain non-GAAP measures to their most directly comparable GAAP measures, will be available on the Investor Relations page of Oportun’s website at https://investor.oportun.com following the conference call.

    About Non-GAAP Financial Measures

    This press release presents information about the Company’s Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted Operating Expense, Adjusted Operating Expense Ratio, and Adjusted ROE, all of which are non-GAAP financial measures provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company believes these non-GAAP measures can be useful measures for period-to-period comparisons of its core business and provide useful information to investors and others in understanding and evaluating its operating results. Non-GAAP financial measures are provided in addition to, and not as a substitute for, and are not superior to, financial measures calculated in accordance with GAAP. In addition, the non-GAAP measures the Company uses, as presented, may not be comparable to similar measures used by other companies. Reconciliations of non-GAAP to GAAP measures can be found below.

    About Oportun

    Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

    Forward-Looking Statements

    This press release contains forward-looking statements. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements as to future performance, results of operations and financial position; achievement of the Company’s strategic priorities and goals; expectations regarding the Company’s interim CFO; the Company’s expectations regarding macroeconomic conditions; the Company’s profitability and future growth opportunities including expected revenue growth in connection with increasing originations; the effect of and trends in fair value mark-to-market adjustments on the Company’s loan portfolio and asset-backed notes; the Company’s second quarter and full year 2025 outlook; the Company’s expectations regarding Adjusted EPS in full year 2025; the Company’s expectations related to future profitability on an adjusted basis, and the plans and objectives of management for our future operations, are forward-looking statements. These statements can be generally identified by terms such as “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Oportun has based these forward-looking statements on its current expectations and projections about future events, financial trends and risks and uncertainties that it believes may affect its business, financial condition and results of operations. These risks and uncertainties include those risks described in Oportun’s filings with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K, and include, but are not limited to, Oportun’s ability to retain existing members and attract new members; Oportun’s ability to accurately predict demand for, and develop its financial products and services; the effectiveness of Oportun’s A.I. model; macroeconomic conditions, including fluctuating inflation and market interest rates; increases in loan non-payments, delinquencies and charge-offs; Oportun’s ability to increase market share and enter into new markets; Oportun’s ability to realize the benefits from acquisitions and integrate acquired technologies; the risk of security breaches or incidents affecting the Company’s information technology systems or those of the Company’s third-party vendors or service providers; Oportun’s ability to successfully offer loans in additional states; Oportun’s ability to compete successfully with other companies that are currently in, or may in the future enter, its industry; and changes in Oportun’s ability to obtain additional financing on acceptable terms or at all.

    Contacts

    Investor Contact
    Dorian Hare
    (650) 590-4323
    ir@oportun.com

    Media Contact
    Michael Azzano
    Cosmo PR for Oportun
    (415) 596-1978
    michael@cosmo-pr.com

    Oportun and the Oportun logo are registered trademarks of Oportun, Inc.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except share and per share data, unaudited)
     
        Three Months Ended
    March 31,
          2025       2024  
    Revenue        
    Interest income   $ 220.2     $ 230.6  
    Non-interest income     15.7       19.9  
    Total revenue     235.9       250.5  
    Less:        
    Interest expense     57.4       54.5  
    Net decrease in fair value     (72.7 )     (116.9 )
    Net revenue     105.8       79.2  
             
    Operating expenses:        
    Technology and facilities     36.4       47.1  
    Sales and marketing     19.9       16.0  
    Personnel     21.0       24.5  
    Outsourcing and professional fees     8.0       10.2  
    General, administrative and other     7.4       11.8  
    Total operating expenses     92.7       109.6  
             
    Income (loss) before taxes     13.2       (30.5 )
    Income tax expense (benefit)     3.4       (4.0 )
    Net income (loss)   $ 9.8     $ (26.4 )
             
    Diluted Earnings (Loss) per Common Share   $ 0.21     $ (0.68 )
    Diluted Weighted Average Common Shares     47,037,799       38,900,876  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions, unaudited)
     
        March 31,   December 31,
          2025       2024  
    Assets        
    Cash and cash equivalents   $ 78.5     $ 60.0  
    Restricted cash     152.4       154.7  
    Loans receivable at fair value     2,770.5       2,778.5  
    Capitalized software and other intangibles     81.9       86.6  
    Right of use assets – operating     9.3       9.8  
    Other assets     133.6       137.6  
    Total assets   $ 3,226.3     $ 3,227.1  
             
    Liabilities and stockholders’ equity        
    Liabilities        
    Secured financing   $ 445.5     $ 535.5  
    Asset-backed notes at fair value     863.9       1,080.7  
    Asset-backed borrowings at amortized cost     1,281.3       984.3  
    Acquisition and corporate financing     199.7       203.8  
    Lease liabilities     16.1       18.2  
    Other liabilities     53.8       50.9  
    Total liabilities     2,860.2       2,873.3  
    Stockholders’ equity        
    Common stock     —       —  
    Common stock, additional paid-in capital     615.2       612.6  
    Accumulated deficit     (242.8 )     (252.5 )
    Treasury stock     (6.3 )     (6.3 )
    Total stockholders’ equity     366.1       353.8  
    Total liabilities and stockholders’ equity   $ 3,226.3     $ 3,227.1  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in millions, unaudited)
     
      Three Months Ended
    March 31,
        2025       2024  
    Cash flows from operating activities      
    Net income (loss) $ 9.8     $ (26.4 )
    Adjustments for non-cash items   83.2       128.2  
    Proceeds from sale of loans in excess of originations of loans sold and held for sale   3.0       1.1  
    Changes in balances of operating assets and liabilities   4.9       (17.0 )
    Net cash provided by operating activities   101.0       85.9  
           
    Cash flows from investing activities      
    Net loan principal repayments (loan originations)   (49.7 )     38.3  
    Proceeds from loan sales originated as held for investment   —       1.4  
    Capitalization of system development costs   (5.6 )     (3.1 )
    Other, net   (0.2 )     (0.1 )
    Net cash provided by (used in) investing activities   (55.5 )     36.5  
           
    Cash flows from financing activities      
    Borrowings   745.4       260.3  
    Repayments   (774.0 )     (391.8 )
    Net stock-based activities   (0.5 )     (0.2 )
    Net cash used in financing activities   (29.1 )     (131.8 )
           
    Net increase (decrease) in cash and cash equivalents and restricted cash   16.3       (9.5 )
    Cash and cash equivalents and restricted cash beginning of period   214.6       206.0  
    Cash and cash equivalents and restricted cash end of period $ 231.0     $ 196.6  
                   

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    CONSOLIDATED KEY PERFORMANCE METRICS
    (unaudited)
     
        Three Months Ended
    March 31,
    Key Financial and Operating Metrics   2025   2024
    Aggregate Originations (Millions)   $ 469.4     $ 338.2  
    Portfolio Yield (%)     33.0 %     32.5 %
    30+ Day Delinquency Rate (%)     4.7 %     5.2 %
    Annualized Net Charge-Off Rate (%)     12.2 %     12.0 %
             
    Other Metrics        
    Managed Principal Balance at End of Period (Millions)   $ 2,955.0     $ 3,027.5  
    Owned Principal Balance at End of Period (Millions)   $ 2,659.4     $ 2,752.4  
    Average Daily Principal Balance (Millions)   $ 2,705.2     $ 2,851.7  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

    Oportun Financial Corporation
    ABOUT NON-GAAP FINANCIAL MEASURES
    (unaudited)

    This press release dated May 8, 2025 contains non-GAAP financial measures. The following tables reconcile the non-GAAP financial measures in this press release to the most directly comparable financial measures prepared in accordance with GAAP.

    The Company believes that the provision of these non-GAAP financial measures can provide useful measures for period-to-period comparisons of Oportun’s core business and useful information to investors and others in understanding and evaluating its operating results. However, non-GAAP financial measures are not calculated in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

    Adjusted EBITDA

    The Company defines Adjusted EBITDA as net income, adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted EBITDA is an important measure because it allows management, investors and its board of directors to evaluate and compare operating results, including return on capital and operating efficiencies, from period to period by making the adjustments described below. In addition, it provides a useful measure for period-to-period comparisons of Oportun’s business, as it removes the effect of income taxes, certain non-cash items, variable charges and timing differences.

    • The Company believes it is useful to exclude the impact of income tax expense, as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations.
    • The Company believes it is useful to exclude depreciation and amortization and stock-based compensation expense because they are non-cash charges.
    • The Company believes it is useful to exclude the impact of interest expense associated with the Company’s corporate financing facilities, including the senior secured term loan and the residual financing facility, as it views this expense as related to its capital structure rather than its funding.
    • The Company excludes the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.
    • The Company also excludes fair value mark-to-market adjustments on its loans receivable portfolio and asset-backed notes carried at fair value because these adjustments do not impact cash.

    Adjusted Net Income

    The Company defines Adjusted Net Income as net income adjusted to eliminate the effect of certain items as described below. The Company believes that Adjusted Net Income is an important measure of operating performance because it allows management, investors, and the Company’s board of directors to evaluate and compare its operating results, including return on capital and operating efficiencies, from period to period, excluding the after-tax impact of non-cash, stock-based compensation expense and certain non-recurring charges.

    • The Company believes it is useful to exclude the impact of income tax expense (benefit), as reported, because historically it has included irregular income tax items that do not reflect ongoing business operations. The Company also includes the impact of normalized income tax expense by applying a normalized statutory tax rate.
    • The Company believes it is useful to exclude the impact of certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges because it does not believe that these items reflect its ongoing business operations. Other non-recurring charges include litigation reserve, impairment charges, debt amendment and warrant amortization costs related to our corporate financing facilities.
    • The Company believes it is useful to exclude stock-based compensation expense because it is a non-cash charge.
    • The Company also excludes the fair value mark-to-market adjustment on its asset-backed notes carried at fair value to align with the 2023 accounting policy decision to account for new debt financings at amortized cost.

    Adjusted Operating Expense and Adjusted Operating Expense Ratio

    The Company defines Adjusted Operating Expense as total operating expenses adjusted to exclude stock-based compensation expense and certain non-recurring charges, such as expenses associated with our workforce optimization, and other non-recurring charges. Other non-recurring charges include litigation reserve, impairment charges, and debt amendment costs related to our Corporate Financing facility. The Company defines Adjusted Operating Expense Ratio as Adjusted Operating Expense divided by Average Daily Principal Balance. The Company believes Adjusted Operating Expense is an important measure because it allows management, investors and Oportun’s board of directors to evaluate and compare its operating costs from period to period, excluding the impact of non-cash, stock-based compensation expense and certain non-recurring charges. The Company believes Adjusted Operating Expense Ratio is an important measure because it allows management, investors and Oportun’s board of directors to evaluate how efficiently the Company is managing costs relative to revenue and Average Daily Principal Balance.

    Adjusted Return on Equity
    The Company defines Adjusted Return on Equity (“ROE”) as annualized Adjusted Net Income divided by average stockholders’ equity. Average stockholders’ equity is an average of the beginning and ending stockholders’ equity balance for each period. The Company believes Adjusted ROE is an important measure because it allows management, investors and its board of directors to evaluate the profitability of the business in relation to its stockholders’ equity and how efficiently it generates income from stockholders’ equity.

    Adjusted EPS
    The Company defines Adjusted EPS as Adjusted Net Income divided by weighted average diluted shares outstanding.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
     
        Three Months Ended
    March 31,
    Adjusted EBITDA     2025       2024  
    Net income (Loss)   $ 9.8     $ (26.4 )
    Adjustments:        
    Income tax expense (benefit)     3.4       (4.0 )
    Interest on corporate financing     9.7       13.9  
    Depreciation and amortization     11.1       13.2  
    Stock-based compensation expense     2.8       4.0  
    Workforce optimization expenses     (0.1 )     0.8  
    Other non-recurring charges     1.8       3.5  
    Fair value mark-to-market adjustment     (4.9 )     (3.0 )
    Adjusted EBITDA   $ 33.5     $ 1.9  
        Three Months Ended
    March 31,
    Adjusted Net Income   2025   2024
    Net income (Loss)   $ 9.8     $ (26.4 )
    Adjustments:        
    Income tax expense (benefit)     3.4       (4.0 )
    Stock-based compensation expense     2.8       4.0  
    Workforce optimization expenses     (0.1 )     0.8  
    Other non-recurring charges     1.8       3.5  
    Mark-to-market adjustment on ABS notes     7.9       27.1  
    Adjusted income before taxes     25.5       5.0  
    Normalized income tax expense     6.9       1.3  
    Adjusted Net Income (Loss)   $ 18.6     $ 3.6  
             
    Stockholders’ equity   $ 366.1     $ 382.0  
    GAAP ROE     11.0 %   (27.0 )%
    Adjusted ROE (%) (1)     21.0 %     3.7 %
                     

    Note: Numbers may not foot or cross-foot due to rounding.
    (1) Calculated as Adjusted Net Income (Loss) divided by average stockholders’ equity.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
     
        Three Months Ended
    March 31,
    Adjusted Operating Expense Ratio   2025   2024
    OpEx Ratio     13.9 %     15.5 %
             
    Total Operating Expense   $ 92.7     $ 109.6  
    Adjustments:        
    Stock-based compensation expense     (2.8 )     (4.0 )
    Workforce optimization expenses     0.1       (0.8 )
    Other non-recurring charges     (1.0 )     (3.1 )
    Total Adjusted Operating Expense   $ 88.9     $ 101.7  
             
    Average Daily Principal Balance   $ 2,705.2     $ 2,851.7  
             
    Adjusted OpEx Ratio     13.3 %     14.3 %
             

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
    (in millions, except share and per share data, unaudited)
     
        Three Months Ended
    March 31,
    GAAP Earnings (loss) per Share     2025       2024  
    Net income (loss)   $ 9.8     $ (26.4 )
    Net income (loss) attributable to common stockholders   $ 9.8     $ (26.4 )
             
    Basic weighted-average common shares outstanding     45,496,705       38,900,876  
    Weighted average effect of dilutive securities:        
    Stock options     —       —  
    Restricted stock units     1,541,094       —  
    Diluted weighted-average common shares outstanding     47,037,799       38,900,876  
             
    Earnings (loss) per share:        
    Basic   $ 0.21     $ (0.68 )
    Diluted   $ 0.21     $ (0.68 )
        Three Months Ended
    March 31,
    Adjusted Earnings (loss) Per Share     2025       2024  
    Diluted earnings (loss) per share   $ 0.21     $ (0.68 )
             
    Adjusted Net Income   $ 18.6     $ 3.6  
             
    Basic weighted-average common shares outstanding     45,496,705       38,900,876  
    Weighted average effect of dilutive securities:        
    Stock options     —       —  
    Restricted stock units     1,541,094       435,763  
    Diluted adjusted weighted-average common shares outstanding     47,037,799       39,336,639  
             
    Adjusted Earnings (loss) Per Share   $ 0.40     $ 0.09  

    Note: Numbers may not foot or cross-foot due to rounding.

     
    Oportun Financial Corporation
    RECONCILIATION OF FORWARD LOOKING NON-GAAP FINANCIAL MEASURES
    (in millions, unaudited)
     
        2Q 2025   FY 2025
        Low   High   Low   High
    Adjusted EBITDA                
    Net income   $ 3.3   * $ 7.2   * $ 23.2     $ 33.4  
    Adjustments:                
    Income tax expense (benefit)     0.9       1.9       6.3       9.0  
    Interest on corporate financing     9.0       9.0       36.5       36.5  
    Depreciation and amortization     10.7       10.7       41.1       41.1  
    Stock-based compensation expense     3.7       3.7       13.7       13.7  
    Other non-recurring charges     1.4       1.4       6.0       6.0  
    Fair value mark-to-market adjustment   *   *     8.3       5.3  
    Adjusted EBITDA   $ 29.0     $ 34.0     $ 135.0     $ 145.0  
                     

    *Due to the uncertainty in macroeconomic conditions and quarterly volatility in the fair value mark to market adjustment, we are unable to precisely forecast the fair value mark-to-market adjustments on our loan portfolio and asset-backed notes on a quarterly basis. As a result, while we fully expect there to be a fair value mark-to-market adjustment which could have an impact on GAAP net income (loss), the net income (loss) number shown above assumes no change in the fair value mark-to-market adjustment.

        FY 2025
    Adjusted Net Income and Adjusted EPS   Low   High
    Net income   $ 23.2     $ 33.4  
    Adjustments:        
    Income tax expense (benefit)     6.3       9.0  
    Stock-based compensation expense     13.7       13.7  
    Other non-recurring charges     6.0       6.0  
    Mark-to-market adjustment on ABS notes     23.5       23.5  
    Adjusted income before taxes   $ 72.6     $ 85.6  
    Normalized income tax expense     19.6       23.1  
    Adjusted Net Income   $ 53.0     $ 62.5  
             
    Diluted weighted-average common shares outstanding     48.0       48.0  
             
    Diluted earnings per share   $ 0.48     $ 0.70  
    Adjusted Earnings Per Share   $ 1.10     $ 1.30  
                     

    Note: Numbers may not foot or cross-foot due to rounding.

    The MIL Network –

  • MIL-OSI: Lantronix Reports Results for Third Quarter of Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Third Quarter Net Revenue of $28.5 Million
    • Third Quarter GAAP EPS of ($0.10)
    • Third Quarter Non-GAAP EPS of $0.03

    IRVINE, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for the Internet of Things (IoT) solutions enabling Artificial Intelligence (AI) Edge Intelligence, today reported results for its third quarter of fiscal 2025.

    Despite a complex macroeconomic environment, Lantronix delivered revenue within guidance and continued executing its long-term strategy toward becoming a leader in intelligent edge computing.

    Lantronix continued its leadership in AI edge intelligence and industrial connectivity through several key initiatives in the last quarter. The company enabled Teledyne/FLIR’s AI-driven drone thermal camera, validating the performance and reliability of its Open-Q™ platform in mission-critical edge vision systems. Further expanding its AI-capable compute portfolio, Lantronix launched the Open-Q™ 8550CS SoM, built on Qualcomm’s advanced QCS8550 processor, which delivers premium AI/ML performance and is designed for next-generation industrial and robotics applications.

     Q3 FY2025 Financial Results

    • Net Revenue: $28.5 million, in range of $27.0 million to $31.0 million guidance
    • GAAP EPS: ($0.10), compared to ($0.01) in Q3 FY2024 and ($0.06) in Q2 FY2025
    • Non-GAAP EPS: $0.03, compared to $0.11 in Q3 FY2024 and $0.04 in Q2 FY2025

    “We’re positioning Lantronix to lead the next wave of industrial and enterprise transformation at the edge,” said Saleel Awsare, president and CEO of Lantronix. “This quarter reflects continued investment in high-growth areas — from AI-enabled gateways to 5G connectivity — while advancing our innovation roadmap, global partnerships and talent base.”

    Q4 FY2025 Business Outlook

    Lantronix expects the following results for the fourth fiscal quarter ending June 30, 2025:

    • Revenue: $26.5 million to $30.5 million
    • Non-GAAP EPS: $0.00 to $0.02

    Conference Call and Webcast

    Management will host an investor conference call and audio webcast on Thursday, May 8, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss its results for the third quarter of fiscal 2025 that ended March 31, 2025. To access the live conference call, investors should dial 1-844-802-2442 (U.S.) or 1-412-317-5135 (international) and indicate they are participating in the Lantronix fiscal 2025 third-quarter call.

    Investors can access a conference call replay starting at approximately 8:00 p.m. Pacific Time on May 8, 2025, on the Lantronix website. A telephonic replay will also be available through May 15, 2025, by dialing 1-877-344-7529 (US) or 1-412-317-0088 (international) or Canada Toll-Free 855-669-9658 and entering passcode 3110521.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    Discussion of Non-GAAP Financial Measures

    Lantronix believes that the presentation of non-GAAP financial information, when presented in conjunction with the corresponding GAAP measures, provides important supplemental information to management and investors regarding financial and business trends relating to the company’s financial condition and results of operations. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends to gain an understanding of our comparative operating performance. The non-GAAP financial measures disclosed by the company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations of the non-GAAP financial measures to the financial measures calculated in accordance with GAAP should be carefully evaluated. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

    Non-GAAP net loss consists of net loss excluding (i) share-based compensation and the employer portion of withholding taxes on stock grants, (ii) depreciation and amortization, (iii) interest income (expense), (iv) other income (expense), (v) income tax provision (benefit), (vi) restructuring, severance and related charges, (vii) acquisition related costs, (viii) impairment of long-lived assets, (ix) amortization of purchased intangibles, (x) amortization of manufacturing profit in acquired inventory, (xi) fair value remeasurement of earnout consideration, and (xii) loss on extinguishment of debt.

    Non-GAAP EPS is calculated by dividing non-GAAP net loss by non-GAAP weighted-average shares outstanding (diluted). For purposes of calculating non-GAAP EPS, the calculation of GAAP weighted-average shares outstanding (diluted) is adjusted to exclude share-based compensation, which for GAAP purposes is treated as proceeds assumed to be used to repurchase shares under the GAAP treasury stock method.

    Guidance on earnings per share growth is provided only on a non-GAAP basis due to the inherent difficulty of forecasting the timing or amount of certain items that have been excluded from the forward-looking non-GAAP measures, and a reconciliation to the comparable GAAP guidance has not been provided because certain factors that are materially significant to Lantronix’s ability to estimate the excluded items are not accessible or estimable on a forward-looking basis without unreasonable effort.

    Forward-Looking Statements

    This news release contains forward-looking statements, including statements concerning our revenue and earnings expectations for the fourth fiscal quarter of 2025, our positioning to capitalize on the next wave of industrial and enterprise transformation using edge computing, and our expectations regarding high-growth market areas. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. We have based our forward-looking statements on our current expectations and projections about trends affecting our business and industry and other future events. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Forward-looking statements are subject to substantial risks and uncertainties that could cause our results or experiences, or future business, financial condition, results of operations or performance, to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. Other factors which could have a material adverse effect on our operations and future prospects or which could cause actual results to differ materially from our expectations include, but are not limited to: the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to changes in U.S. trade policy, including recently increased or future tariffs, a pandemic or similar outbreak, wars and recent conflicts in Europe, Asia and the Middle East, hostilities in the Red Sea, or other causes; our ability to successfully convert our backlog and current demand;  the impact of a pandemic or similar outbreak on our business, employees, customers, supply and distribution chains and the global economy; our ability to successfully implement our acquisition strategy or integrate acquired companies; uncertainty as to the future profitability of acquired businesses, and delays in the realization of, or the failure to realize, any accretion from acquisition transactions; acquiring, managing and integrating new operations, businesses or assets, and the associated diversion of management attention or other related costs or difficulties; our ability to continue to generate revenue from products sold into mature markets; our ability to develop, market, and sell new products; our ability to succeed with our new software offerings; our use of AI may result in reputational, competitive or financial harm and liability; fluctuations in our revenue due to the project-based timing of orders from certain customers; unpredictable timing of our revenues due to the lengthy sales cycle for our products and services and potential delays in customer completion of projects; our ability to accurately forecast future demand for our products; delays in qualifying revisions of existing products; constraints or delays in the supply of, or quality control issues with, certain materials or components; difficulties associated with the delivery, quality or cost of our products from our contract manufacturers or suppliers; risks related to the outsourcing of manufacturing and international operations; difficulties associated with our distributors or resellers; intense competition in our industry and resultant downward price pressure; rises in inventory levels and inventory obsolescence; undetected software or hardware errors or defects in our products; cybersecurity risks; our ability to obtain appropriate industry certifications or approvals from governmental regulatory bodies; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to protect patents and other proprietary rights and avoid infringement of others’ proprietary technology rights; issues relating to the stability of our financial and banking institutions and relationships; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; the impact of rising interest rates; our ability to attract and retain qualified management; and any additional factors included in our Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report; in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025, expected to be filed with the SEC on or about May 9, 2025 including in the section entitled “Risk Factors” in Item 1A of Part II of such report; and in our other public filings with the SEC. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Analyst and Investor Contact:        

    investors@lantronix.com

    LANTRONIX, INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
           
      March 31,
    		   June 30,
      2025   2024
    Assets      
    Current assets:      
    Cash and cash equivalents $ 19,999     $ 26,237  
    Accounts receivable, net   23,648       31,279  
    Inventories, net   28,151       27,698  
    Contract manufacturers’ receivables   1,637       1,401  
    Prepaid expenses and other current assets   3,029       2,335  
    Total current assets   76,464       88,950  
    Property and equipment, net   2,768       4,016  
    Goodwill   31,089       27,824  
    Intangible assets, net   4,310       5,251  
    Lease right-of-use assets   8,974       9,567  
    Other assets   584       600  
    Total assets $ 124,189     $ 136,208  
           
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable $ 11,005     $ 10,347  
    Accrued payroll and related expenses   3,905       5,836  
    Current portion of long-term debt, net   3,063       3,002  
    Other current liabilities   10,594       10,971  
    Total current liabilities   28,567       30,156  
    Long-term debt, net   9,458       13,219  
    Other non-current liabilities   10,694       11,478  
    Total liabilities   48,719       54,853  
           
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Common stock   4       4  
    Additional paid-in capital   306,858       304,001  
    Accumulated deficit   (231,763 )     (223,021 )
    Accumulated other comprehensive income   371       371  
    Total stockholders’ equity   75,470       81,355  
    Total liabilities and stockholders’ equity $ 124,189     $ 136,208  
           
    LANTRONIX, INC.  
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
                                           
                                           
      Three Months Ended   Nine Months Ended
      March 31,
    		   December 31,
    		   March 31,
    		   March 31,
      2025
    		   2024
    		   2024
    		   2025
    		   2024
    Net revenue $ 28,500     $ 31,161     $ 41,183     $ 94,084     $ 111,252  
    Cost of revenue   16,097       17,877       24,679       53,922       65,620  
    Gross profit   12,403       13,284       16,504       40,162       45,632  
    Operating expenses:                                      
    Selling, general and administrative   8,959       8,811       9,753       27,237       29,147  
    Research and development   4,463       4,984       5,186       14,403       15,017  
    Restructuring, severance and related charges   1,581       193       350       2,674       900  
    Acquisition-related costs   100       208       –       337       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of intangible assets   879       1,248       1,310       3,378       4,004  
    Total operating expenses   15,982       15,444       16,599       48,029       49,059  
    Loss from operations   (3,579 )     (2,160 )     (95 )     (7,867 )     (3,427 )
    Interest expense, net   (159 )     (126 )     (171 )     (404 )     (741 )
    Other income (loss), net   (19 )     8       2       (48 )     (2 )
    Loss before income taxes   (3,757 )     (2,278 )     (264 )     (8,319 )     (4,170 )
    Provision for income taxes   111       94       159       423       732  
    Net loss $ (3,868 )   $ (2,372 )   $ (423 )   $ (8,742 )   $ (4,902 )
    Net loss per share – basic and diluted $ (0.10 )   $ (0.06 )   $ (0.01 )   $ (0.23 )   $ (0.13 )
    Weighted-average common shares – basic and diluted   38,820       38,631       37,509       38,493       37,283  
                                           
    LANTRONIX, INC.
    UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
    (In thousands, except per share data)
                       
      Three Months Ended    Nine Months Ended
      March 31,   December 31,
    		   March 31,    March 31, 
       2025     2024     2024     2025     2024 
                       
    GAAP net loss $ (3,868 )   $ (2,372 )   $ (423 )   $ (8,742 )   $ (4,902 )
    Non-GAAP adjustments:                  
    Cost of revenue:                  
    Share-based compensation   34       48       66       146       171  
    Employer portion of withholding taxes on stock grants   –       2       1       7       6  
    Amortization of manufacturing profit in acquired inventory   44       –       190       44       696  
    Depreciation and amortization   101       114       144       338       339  
    Total adjustments to cost of revenue   179       164       401       535       1,212  
    Selling, general and administrative:                  
    Share-based compensation   1,159       1,044       1,337       3,329       4,238  
    Employer portion of withholding taxes on stock grants   13       20       21       111       68  
    Depreciation and amortization   345       348       352       1,044       1,024  
    Total adjustments to selling, general and administrative   1,517       1,412       1,710       4,484       5,330  
    Research and development:                  
    Share-based compensation   324       421       469       1,155       1,381  
    Employer portion of withholding taxes on stock grants   4       2       9       25       27  
    Depreciation and amortization   56       111       76       236       236  
    Total adjustments to research and development   384       534       554       1,416       1,644  
    Restructuring, severance and related charges   1,581       193       350       2,674       900  
    Acquisition related costs   100       208       –       337       –  
    Fair value remeasurement of earnout consideration   –       –       –       –       (9 )
    Amortization of purchased intangible assets   879       1,248       1,310       3,378       4,004  
    Litigation settlement cost   –       158       –       198       –  
    Total non-GAAP adjustments to operating expenses   4,461       3,753       3,924       12,487       11,869  
    Interest expense, net   159       126       171       404       741  
    Other (income) expense, net   19       (8 )     (2 )     48       2  
    Provision for income taxes   111       94       159       423       732  
    Total non-GAAP adjustments   4,929       4,129       4,653       13,897       14,556  
    Non-GAAP net income $ 1,061     $ 1,757     $ 4,230     $ 5,155     $ 9,654  
                       
                       
    Non-GAAP net income per share – diluted $ 0.03     $ 0.04     $ 0.11     $ 0.13     $ 0.25  
                       
    Denominator for GAAP net income (loss) per share – diluted   38,820       38,631       37,509       38,493       37,283  
    Non-GAAP adjustment   1,300       953       1,674       1,034       1,021  
    Denominator for non-GAAP net income per share – diluted   40,120       39,584       39,183       39,527       38,304  
                       
    GAAP cost of revenue $ 16,097     $ 17,877     $ 24,679     $ 53,922     $ 65,620  
    Non-GAAP adjustments to cost of revenue   (179 )     (164 )     (401 )     (535 )     (1,212 )
    Non-GAAP cost of revenue   15,918       17,713       24,278       53,387       64,408  
    Non-GAAP gross profit $ 12,582     $ 13,448     $ 16,905     $ 40,697     $ 46,844  
    Non-GAAP gross margin   44.1 %     43.2 %     41.0 %     43.3 %     42.1 %
                       
    LANTRONIX, INC.
    UNAUDITED NET REVENUES BY PRODUCT LINE AND REGION
    (In thousands)
                       
      Three Months Ended   Nine Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   March 31,
    2025    		   March 31,
    2024
    Embedded IoT Solutions $ 11,990   $ 10,784   $ 12,452   $ 36,161   $ 35,589
    IoT System Solutions   14,730     18,592     26,789     52,081     68,847
    Software & Services   1,780     1,785     1,942     5,842     6,816
      $ 28,500   $ 31,161   $ 41,183   $ 94,084   $ 111,252
                       
                       
      Three Months Ended   Nine Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		   March 31,
    2025    		   March 31,
    2024
    Americas $ 16,497   $ 16,386   $ 17,543   $ 50,303   $ 61,077
    EMEA   6,048     9,036     18,354     25,568     37,831
    Asia Pacific Japan   5,955     5,739     5,286     18,213     12,344
      $ 28,500   $ 31,161   $ 41,183   $ 94,084   $ 111,252
                       

    The MIL Network –

  • MIL-OSI: CEA Industries Inc. Provides Update on Fat Panda Acquisition 

    Source: GlobeNewswire (MIL-OSI)

    Transaction reflects CEA Industries’ strategic evolution and pivotal entry into attractive high-growth vape market

    Accelerates Fat Panda’s growth initiatives as central Canada’s largest retailer and manufacturer of e-cigarettes, vape devices and e-liquids

    Reiterates expectation for acquisition to close in the first half of 2025

    Louisville, Colorado, May 08, 2025 (GLOBE NEWSWIRE) — CEA Industries Inc. (NASDAQ: CEAD, CEADW) (“CEA Industries” or the “Company”), today announced a progress update on its acquisition of Fat Panda Ltd. (“Fat Panda”), a leading central Canadian retailer and manufacturer of nicotine vape products. This transaction and access to the Company’s resources will accelerate Fat Panda’s strategic initiatives and enhance its leadership position in the rapidly evolving Canadian vape market. Notably, this acquisition marks CEA Industries’ entry into the attractive high-growth vape industry, which is benefiting from secular tailwinds.

    CEA Industries will help expand Fat Panda’s vertically integrated operations through organic and inorganic growth initiatives while optimizing its retail footprint which includes 33 locations across Manitoba, Ontario, and Saskatchewan. Additionally, Fat Panda operates its own e-commerce platform and offers a comprehensive product lineup, including in-house premium e-liquids and a portfolio of trademarks and intellectual property.

    Fat Panda Preliminary 2024 Financial Highlights (Unaudited)

    • Revenue of CAD $38.5 million (USD $28.5 million) increased 14% from CAD $33.8 million (USD $25.4 million) in fiscal 2023
    • Gross Margins of 39% in fiscal 2024 compared to 46% in fiscal 2023
    • Operating Expenses improved 11% to CAD $13.4 million (USD $9.9 million) in fiscal 2024 from CAD $15.1 million (USD $11.3 million) in fiscal 2023
    • Net Income of CAD $1.2 million (USD $0.9 million), an increase of 126% from CAD $0.5 million (USD $0.4 million) in fiscal 2023 after accounting for one time ownership distributions
    • Adjusted EBITDA (before ownership distributions) of CAD $8.0 million (USD $5.9 million), reflecting a 16% year-over-year improvement from CAD $6.8 million (USD $5.1 million) in fiscal 2023

    “With the acquisition nearing completion, we are thrilled for this transformative step in our strategic evolution as a public company,” said Tony McDonald, Chairman and CEO of CEA Industries. “As a market-leading vape retailer and manufacturer, Fat Panda offers an extensive network of retail locations and dominant market share in central Canada. Their vertically integrated operations, robust e-commerce presence, and experienced management create a compelling opportunity. Further, this transaction positions us strategically to capitalize on the fastest-growing segment of the nicotine market, enhancing our competitive advantages. With Fat Panda’s proven track record of resilience, scalability, and double-digit growth, we are confident that combining their solid foundation with CEA’s resources will drive accretive growth and deliver meaningful long-term value to our shareholders.”

    The Company continues to expect to complete the acquisition in the first half of 2025, subject to certain customary closing conditions described below.

    Acquisition Disclaimers

    Completion of the acquisition is subject to a number of conditions, which include the preparation and delivery of the Fat Panda companies audited and unaudited interim consolidated financial statements, satisfaction of the financial condition of Fat Panda, completion of due diligence by the Company, receipt of all necessary government approvals and licenses, and continuation and reformation of the various retail location leases. The Company is permitted to waive one or more of the closing conditions. Completion is also subject to the Company obtaining satisfactory financing for a portion of the cash purchase price. The acquisition agreement also provides for the selling persons to make representations and warranties and undertake certain covenants about many aspects of the business of Fat Panda that shall be true and correct and performed at or prior to closing. The representations, warranties and covenants are those that are typical in relation to the acquisition of an operating business. The Company has also made certain representations, warranties and covenants, the principal one of which is to obtain financing for a part of the purchase price, which if not obtained will permit the Company to terminate the purchase agreement.

    About CEA Industries Inc.

    CEA Industries Inc. (www.ceaindustries.com) provides a suite of complementary and adjacent offerings to the controlled environment agriculture industry. The Company’s comprehensive solutions, when aligned with industry operators’ product and sales initiatives, support the development of the global ecosystem for indoor cultivation.

    Forward Looking Statements

    This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to CEA’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.

    Non-GAAP Financial Measures

    To supplement our financial results on U.S. generally accepted accounting principles (“GAAP”) basis, we use non-GAAP measures including net bookings and backlog, as well as other significant non-cash expenses such as stock-based compensation and depreciation expenses. We believe these non-GAAP measures are helpful in understanding our past performance and are intended to aid in evaluating our potential future results. The presentation of these non-GAAP measures should be considered in addition to our GAAP results and are not intended to be considered in isolation or as a substitute for financial information prepared or presented in accordance with GAAP. We believe these non-GAAP financial measures reflect an additional way to view aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business.

    Investor Contact:

    Sean Mansouri, CFA or Aaron D’Souza
    Elevate IR
    info@ceaindustries.com
    (720) 330-2829

    The MIL Network –

  • MIL-OSI: IBEX Reports Record Quarterly Revenue and EPS, Returns to Double-Digit Growth, Raises Fiscal Year Guidance

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue grew 11% versus prior year quarter – highest growth in ten quarters
    • Adjusted EPS of $0.82 – an increase of 18% to prior year quarter
    • Makes strategic entry into India – launching with leading healthcare client
    • Board authorizes a new $15 million share repurchase plan

    WASHINGTON, May 08, 2025 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its third fiscal quarter ended March 31, 2025.

      Three months ended March 31, 2025   Nine months ended March 31, 2025
    ($ millions, except per share amounts)   2025       2024     Change     2025       2024     Change
    Revenue $ 140,736     $ 126,795       11.0 %   $ 411,135     $ 384,038       7.1 %
    Net income $ 10,469     $ 10,310       1.5 %   $ 27,268     $ 23,810       14.5 %
    Net income margin   7.4 %     8.1 %     (70) bps       6.6 %     6.2 %     40 bps  
    Adjusted net income (1) $ 11,787     $ 12,558       (6.1)%     $ 30,434     $ 28,156       8.1 %
    Adjusted net income margin (1)   8.4 %     9.9 %     (150) bps       7.4 %     7.3 %     10 bps  
    Adjusted EBITDA (1) $ 19,380     $ 19,204       0.9 %   $ 51,505     $ 47,239       9.0 %
    Adjusted EBITDA margin (1)   13.8 %     15.1 %     (130) bps       12.5 %     12.3 %     20 bps  
    Earnings per share – diluted (2) $ 0.73     $ 0.57       27.5 %   $ 1.70     $ 1.29       31.9 %
    Adjusted earnings per share – diluted (1,2) $ 0.82     $ 0.70       17.9 %   $ 1.90     $ 1.53       24.4 %
                           
    (1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
    (2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.
     

    “Marking the continuation of a strong first half for fiscal year 2025, I am proud to report yet another quarter of record financial results,” said Bob Dechant, ibex CEO. “Ibex returned to double-digit top-line revenue growth with 11%, our highest rate in ten quarters. Our growth continues to be driven by outstanding performance within our embedded base clients, new client wins, and our ability to drive innovative AI solutions across our clients. I am excited to report that our new logo team performed extremely well with four signature wins in the quarter for a total of 12 year to date. Importantly, we achieved a major strategic milestone in the quarter with the seamless launch for a leading Healthcare company in our newest location, India. Operating in this key location has been a strategic priority for our company and further enhances our client delivery options.”

    “With the strength and trajectory of our business, we are raising guidance for both revenue and adjusted EBITDA, as well as announcing a newly authorized share repurchase plan, reflecting the board of directors’ and management’s confidence in ibex,” added Dechant.

    Third Quarter Financial Performance
    Revenue

    • Revenue of $140.7 million, an increase of 11.0% from $126.8 million in the prior year quarter. Growth was driven in our top three verticals; HealthTech (+20.0%), Travel, Transportation and Logistics (+18.7%), and Retail & E-commerce (+14.6%), along with growth in the digital acquisition business.

    Net Income and Earnings Per Share

    • Net income increased slightly to $10.5 million compared to $10.3 million in the prior year quarter. Net income was favorably impacted by an increase in gross margin as a result of the impact of revenue growth particularly in our higher margin offshore regions, offset by increases in selling, general, and administrative, interest, and income tax expenses.
    • Diluted earnings per share increased to $0.73 compared to $0.57 in the prior year quarter. Earnings per share benefited from diluted shares outstanding declining to 14.4 million compared to 18.0 million in the prior year quarter as a result of our share repurchase activities.
    • Net income margin decreased to 7.4% compared to 8.1% in the prior year quarter.
    • Non-GAAP adjusted net income decreased to $11.8 million compared to $12.6 million in the prior year quarter (see Exhibit 1 for reconciliation).
    • Non-GAAP adjusted diluted earnings per share increased to $0.82 compared to $0.70 in the prior year quarter (see Exhibit 1 for reconciliation).

    Adjusted EBITDA

    • Adjusted EBITDA increased to $19.4 million compared to $19.2 million in the prior year quarter (see Exhibit 2 for reconciliation).
    • Adjusted EBITDA margin decreased to 13.8% compared to 15.1% in the prior year quarter (see Exhibit 2 for reconciliation). This decrease was primarily driven by increases in selling, general, and administrative expenses including costs associated with our expansion into India.

    Cash Flow and Balance Sheet

    • Capital expenditures were $5.3 million compared to $1.7 million in the prior year quarter. The planned increase in capital expenditures during this quarter was driven by capacity expansion to meet growing demand in our offshore and nearshore regions.
    • Cash flow from operating activities was $8.8 million compared to $11.4 million in the prior year quarter. Free cash flow was $3.6 million compared to $9.7 million in the prior year quarter (see Exhibit 3 for reconciliation). Improvement in days sales outstanding in the quarter to 77 days was offset by the planned increased capital expenditures to fund growth and investments for expansion into India.
    • Net debt was $7.6 million, an improvement of $6.1 million compared to net debt of $13.7 million as of December 31, 2024. This reflects the impact of our $70 million TRGI share repurchase when compared to our net cash position of $61.2 million as of June 30, 2024 (see Exhibit 4 for reconciliation).

    “We achieved outstanding top and strong bottom line third quarter results. We delivered a multi-year high top-line performance with 11% revenue growth, over 7% fiscal year to date, with 19% growth in our highest margin offshore regions. Our adjusted EPS of $0.82, was up 18% over the prior year quarter, and was a record for our business. The continued expansion of our embedded client base and new client wins over the last year drove these excellent results,” said Taylor Greenwald, CFO of ibex.

    “The upward trend in our results over the last few quarters not only enable strategic investments in our growing AI capabilities and sales resources, but also our in-quarter entry into the India market. Importantly, these results instill continued confidence in the execution of our strategy, enabling us to again raise our fiscal year guidance, commence the newly authorized share repurchase plan, and continue to return value to shareholders.”

    Raised Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $540 to $545 million versus a previous range of $525 to $535 million.
    • Adjusted EBITDA is expected to be in the range of $68 to $70 million versus a previous range of $68 to $69 million.
    • Capital expenditures are expected to remain in the range of $15 to $20 million.

    Share Repurchase Plan
    The board of directors (the “Board”) has authorized a share repurchase plan to commence May 12, 2025 under which the Company may repurchase up to $15 million of its shares over the next 12 months (the “Share Repurchase Plan”).

    The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The actual timing, number, and dollar amount of repurchase transactions will be subject to Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934.

    The Board will review the Share Repurchase Plan periodically and may authorize adjustment of its terms and size or suspend or discontinue the plan. The Company expects to fund the repurchases under this plan with its existing cash balance.

    The Share Repurchase Plan does not obligate the Company to acquire any particular amount of common shares, and the plan may be suspended or discontinued at any time at the Company’s discretion.

    Conference Call and Webcast Information
    IBEX Limited will host a conference call and live webcast to discuss its third quarter of fiscal year 2025 financial results at 4:30 p.m. Eastern Time today, May 8, 2025. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

    Live and archived webcasts can be accessed at: https://investors.ibex.co/.

    Financial Information
    This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, “Interim Reporting.” The financial information in this press release has not been audited.

    Non-GAAP Financial Measures
    We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

    ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

    About ibex
    ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

    Forward Looking Statements
    In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

    IR Contact:  Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.co
    Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co

     
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Unaudited)
    (in thousands)
     
      March 31,
    2025    		   June 30,
    2024
    Assets      
    Current assets      
    Cash and cash equivalents $ 12,977     $ 62,720  
    Accounts receivable, net   120,035       98,366  
    Prepaid expenses   8,103       7,712  
    Due from related parties   50       192  
    Tax advances and receivables   4,976       9,080  
    Other current assets   2,523       1,888  
    Total current assets   148,664       179,958  
           
    Non-current assets      
    Property and equipment, net   30,481       29,862  
    Operating lease assets   65,726       59,145  
    Goodwill   11,832       11,832  
    Deferred tax asset, net   5,994       4,285  
    Other non-current assets   12,034       8,822  
    Total non-current assets   126,067       113,946  
    Total assets $ 274,731     $ 293,904  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable and accrued liabilities $ 18,430     $ 16,719  
    Accrued payroll and employee-related liabilities   29,653       30,674  
    Current deferred revenue   6,019       4,749  
    Current operating lease liabilities   14,225       12,051  
    Current debt   19,862       660  
    Due to related parties   —       60  
    Income taxes payable   821       6,083  
    Total current liabilities   89,010       70,996  
           
    Non-current liabilities      
    Non-current deferred revenue   1,060       1,128  
    Non-current operating lease liabilities   56,944       53,441  
    Long-term debt   735       867  
    Other non-current liabilities   2,801       1,673  
    Total non-current liabilities   61,540       57,109  
    Total liabilities   150,550       128,105  
           
    Stockholders’ equity      
    Common Stock   1       2  
    Additional paid-in capital   216,184       210,200  
    Treasury stock   (101,658 )     (25,367 )
    Accumulated other comprehensive loss   (6,491 )     (7,913 )
    Retained earnings / (deficit)   16,145       (11,123 )
    Total stockholders’ equity   124,181       165,799  
    Total liabilities and stockholders’ equity $ 274,731     $ 293,904  
                   
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Comprehensive Income
    (Unaudited)
    (in thousands, except per share data)
     
      Three Months Ended March 31,   Nine Months Ended March 31,
        2025       2024       2025       2024  
    Revenue $ 140,736     $ 126,795     $ 411,135     $ 384,038  
                   
    Cost of services (exclusive of depreciation and amortization presented separately below)   96,017       87,083       284,820       271,163  
    Selling, general and administrative   27,061       23,565       78,982       71,462  
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    Total operating expenses   127,407       115,513       376,786       357,478  
    Income from operations   13,329       11,282       34,349       26,560  
                   
    Interest income   32       431       926       1,529  
    Interest expense   (404 )     (124 )     (1,186 )     (339 )
    Income before income taxes   12,957       11,589       34,089       27,750  
                   
    Provision for income tax expense   (2,488 )     (1,279 )     (6,821 )     (3,940 )
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
                   
    Other comprehensive income              
    Foreign currency translation adjustments $ 374     $ (288 )   $ 851     $ (310 )
    Unrealized gain / (loss) on cash flow hedging instruments, net of tax   385       (131 )     571       70  
    Total other comprehensive income / (loss)   759       (419 )     1,422       (240 )
    Total comprehensive income $ 11,228     $ 9,891     $ 28,690     $ 23,570  
                   
    Net income per share              
    Basic $ 0.79     $ 0.59     $ 1.80     $ 1.33  
    Diluted $ 0.73     $ 0.57     $ 1.70     $ 1.29  
                   
    Weighted average common shares outstanding              
    Basic   13,264       17,468       15,109       17,880  
    Diluted   14,404       18,036       16,135       18,458  
                                   
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Cash Flows
    (Unaudited)
    (in thousands)
     
      Three Months Ended March 31,   Nine Months Ended March 31,
        2025       2024       2025       2024  
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    Noncash lease expense   3,611       3,386       10,020       9,908  
    Warrant contra revenue   —       299       —       893  
    Deferred income tax   (942 )     290       (1,709 )     586  
    Share-based compensation expense   1,601       466       3,506       2,741  
    Allowance of expected credit losses   105       56       428       62  
    Impairment losses   —       1,257       —       1,257  
    Change in assets and liabilities:              
    Decrease / (increase) in accounts receivable   455       1,395       (22,050 )     (16,941 )
    Decrease / (increase) in prepaid expenses and other current assets   1,405       (3,158 )     392       (5,350 )
    Increase in accounts payable and accrued liabilities   (6,120 )     (2,880 )     (3,042 )     (2,336 )
    (Decrease) / increase in deferred revenue   (1,262 )     (1,399 )     1,203       (1,098 )
    Decrease in operating lease liabilities   (4,823 )     (3,456 )     (11,269 )     (9,907 )
    Net cash inflow from operating activities   8,828       11,431       17,731       18,478  
                   
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of property and equipment   (5,267 )     (1,691 )     (13,216 )     (6,635 )
    Net cash outflow from investing activities   (5,267 )     (1,691 )     (13,216 )     (6,635 )
                   
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from line of credit   60,150       57       69,310       153  
    Repayments of line of credit   (48,550 )     (57 )     (50,210 )     (205 )
    Proceeds from the exercise of options   2,809       351       3,534       362  
    Principal payments on finance leases   (286 )     (138 )     (639 )     (342 )
    Purchase of treasury shares   (25,052 )     (8,277 )     (76,421 )     (18,551 )
    Net cash outflow from financing activities   (10,929 )     (8,064 )     (54,426 )     (18,583 )
    Effects of exchange rate difference on cash and cash equivalents   139       (27 )     168       (24 )
    Net (decrease) / increase in cash and cash equivalents   (7,229 )     1,649       (49,743 )     (6,764 )
    Cash and cash equivalents, beginning   20,206       49,016       62,720       57,429  
    Cash and cash equivalents, ending $ 12,977     $ 50,665     $ 12,977     $ 50,665  
                   
    IBEX LIMITED AND SUBSIDIARIES
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
                   

    EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

    We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

    The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

      Three Months Ended March 31,
    		   Nine Months Ended March 31,
    ($000s, except per share amounts)   2025       2024       2025       2024  
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Net income margin   7.4 %     8.1 %     6.6 %     6.2 %
                   
    Severance costs   —       1,506       —       1,506  
    Impairment losses   —       1,257       —       1,257  
    Warrant contra revenue   —       299       —       893  
    Foreign currency loss / (gain)   121       (471 )     666       (571 )
    Share-based compensation expense   1,601       466       3,506       2,741  
    Total adjustments $ 1,722     $ 3,057     $ 4,172     $ 5,826  
    Tax impact of adjustments1   (404 )     (809 )     (1,006 )     (1,480 )
    Adjusted net income $ 11,787     $ 12,558     $ 30,434     $ 28,156  
    Adjusted net income margin   8.4 %     9.9 %     7.4 %     7.3 %
                   
    Diluted earnings per share $ 0.73     $ 0.57     $ 1.70     $ 1.29  
    Per share impact of adjustments to net income   0.09       0.12       0.20       0.24  
    Adjusted earnings per share $ 0.82     $ 0.70     $ 1.90     $ 1.53  
                   
    Weighted average diluted shares outstanding   14,404       18,036       16,135       18,458  
                   

    _______________
    1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

    EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin

    EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: severance costs, impairment losses, interest income, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

    The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

      Three Months Ended March 31, Nine Months Ended March 31,
    ($000s)   2025       2024       2025       2024  
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Net income margin   7.4 %     8.1 %     6.6 %     6.2 %
                   
    Interest expense   404       124       1,186       339  
    Income tax expense   2,488       1,279       6,821       3,940  
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    EBITDA $ 17,690     $ 16,578     $ 48,259     $ 42,942  
    Severance costs   —       1,506       —       1,506  
    Impairment losses   —       1,257       —       1,257  
    Interest income   (32 )     (431 )     (926 )     (1,529 )
    Warrant contra revenue   —       299       —       893  
    Foreign currency loss / (gain)   121       (471 )     666       (571 )
    Share-based compensation expense   1,601       466       3,506       2,741  
    Adjusted EBITDA $ 19,380     $ 19,204     $ 51,505     $ 47,239  
                   
    Adjusted EBITDA margin   13.8 %     15.1 %     12.5 %     12.3 %
                   

    EXHIBIT 3: Free cash flow

    We define free cash flow as net cash provided by operating activities less capital expenditures.

      Three Months Ended March 31, Nine Months Ended March 31,
    ($000s)   2025       2024       2025       2024  
    Net cash provided by operating activities $ 8,828     $ 11,431     $ 17,731     $ 18,478  
    Less: capital expenditures   5,267       1,691       13,216       6,635  
    Free cash flow $ 3,561     $ 9,740     $ 4,515     $ 11,843  
                                   

    EXHIBIT 4: Net (debt) / cash

    We define net (debt) / cash as total cash and cash equivalents less debt.

      March 31,   June 30,
    ($000s)   2025       2024  
    Cash and cash equivalents $ 12,977     $ 62,720  
           
    Debt      
    Current $ 19,862     $ 660  
    Non-current   735       867  
    Total debt $ 20,597     $ 1,527  
    Net (debt) / cash $ (7,620 )   $ 61,193  
                   

    The MIL Network –

  • MIL-OSI: CarGurus Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Marketplace revenue grew 13% YoY

    Q1’25 Net Income of $39.0 million; Non-GAAP Adjusted EBITDA of $66.3 million, up 32% YoY

    Repurchased $184.2 million worth of shares in Q1’25, representing 6% of our outstanding capital

    BOSTON, May 08, 2025 (GLOBE NEWSWIRE) — CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the first quarter ended March 31, 2025.

    “Our strong momentum in our Marketplace business continued into 2025, which grew 13% year-over-year,” said Jason Trevisan, Chief Executive Officer at CarGurus. “Across the company, we advanced our 2025 core drivers of value creation: expanding data-driven solutions that help dealers drive more profitable businesses, meeting the evolving needs of car shoppers with a more intelligent and seamless experience, and enabling customers to do more of the transaction online. As a result, this focused execution has translated into deeper consumer and dealer engagement and has expanded our market share.”

    First Quarter Financial Highlights

        Three Months Ended  
        March 31, 2025  
        Results
    (in millions)    		     Variance from Prior Year  
    Revenue            
    Marketplace Revenue   $ 212.2       13 %
    Wholesale Revenue     7.7       (52 )%
    Product Revenue     5.2       (58 )%
    Total Revenue   $ 225.2       4 %
                 
    Gross Profit   $ 199.7       14 %
    % Margin     89 %   762 bps  
                 
    Operating Expenses   $ 154.0       4 %
                 
    GAAP Net Income   $ 39.0       83 %
    % Margin     17 %   747 bps  
                 
    Non-GAAP Adjusted EBITDA (1)   $ 66.3       32 %
    % Margin (1)     29 %   609 bps  
                 
    Cash and Cash Equivalents at period end (2)   $ 172.9       (43 )%

    (1)  For more information regarding our use of non-GAAP Adjusted EBITDA and other non-GAAP financial measures, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (2)  Variance represents the change from December 31, 2024.

        Three Months Ended  
        March 31, 2025  
        Results     Variance from Prior Year  
    Key Performance Indicators (1)            
    U.S. Paying Dealers (2)     25,153       3 %
    International Paying Dealers (2)     7,219       7 %
    Total Paying Dealers (2)     32,372       4 %
                 
    U.S. QARSD (2)   $ 7,369       10 %
    International QARSD (2)   $ 2,073       10 %
    Consolidated QARSD (2)   $ 6,173       9 %
                 
    Transactions     5,209       (49 )%
                 
    U.S. Average Monthly Unique Users (in millions) (3)     35.0     N/A(4)  
    U.S. Average Monthly Sessions (in millions) (3)     85.7     N/A(4)  
                 
    International Average Monthly Unique Users (in millions) (3)     10.6     N/A(4)  
    International Average Monthly Sessions (in millions) (3)     22.2     N/A(4)  
                 
    Segment Reporting (in millions)            
    U.S. Marketplace Segment Revenue   $ 195.2       13 %
    U.S. Marketplace Segment Operating Income   $ 49.8       45 %
    Digital Wholesale Segment Revenue   $ 12.9       (55 )%
    Digital Wholesale Segment Operating Loss   $ (5.8 )     44 %

    (1)  For more information regarding our use of Key Performance Indicators, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
    (2)  Metrics presented as of March 31, 2025.
    (3)  CarOffer website is excluded from the metrics presented for users and sessions.
    (4)  As a result of the change from Google Universal Analytics (“Google Analytics”) to Google Analytics 4 (“GA4”) on July 1, 2024, we are unable to provide comparable monthly unique users or monthly sessions information for this period. For more information regarding the change in methodology for monthly unique users or monthly sessions, please see the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.

    Second Quarter 2025 Guidance

    The table below provides CarGurus’ guidance, which is based on recent market trends, industry conditions, and management’s expectations and assumptions as of today.

    Second Quarter 2025 Guidance Metrics Values
    Total Revenue $222.0 million to $242.0 million
    Marketplace Revenue $219.5 million to $224.5 million
    Non-GAAP Adjusted EBITDA $71.5 million to $79.5 million
    Non-GAAP Earnings per Share $0.52 to $0.58

    The second quarter 2025 non-GAAP earnings per share calculation assumes 100.0 million diluted weighted-average common shares outstanding.

    The assumptions that are built into guidance for the second quarter 2025 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market trends and industry conditions. Guidance for the second quarter 2025 excludes macro-level industry issues that result in dealers and consumers materially changing their recent market trends or that cause us to enact measures to assist dealers. Guidance also excludes any potential impact of future foreign currency exchange gains or losses. CarGurus may incur charges, realize gains or losses, or experience other events or circumstances in 2025 that could cause any of these assumptions to change and/or actual results to vary from this guidance.

    CarGurus has not reconciled its guidance of non-GAAP adjusted EBITDA to GAAP net income or non-GAAP earnings per share to GAAP earnings per share because reconciling items between such GAAP and non-GAAP financial measures, which include, as applicable, stock-based compensation, amortization of intangible assets, depreciation expenses, non-intangible amortization, transaction-related expenses, other income, net, the provision for income taxes, and income tax effects, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, and therefore cannot be determined without unreasonable effort.

    Conference Call and Webcast Information

    CarGurus will host a conference call and live webcast to discuss its first quarter 2025 financial results and business outlook at 5:00 p.m. Eastern Time today, May 8, 2025. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

    An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, May 8, 2025, until 11:59 p.m. Eastern Time on May 22, 2025, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13752230. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

    About CarGurus

    CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus platform gives consumers the confidence to purchase and/or sell a vehicle either online or in person, and it gives dealerships the power to accurately price, effectively market, instantly acquire, and quickly sell vehicles, all with a nationwide reach. The Company uses proprietary technology, search algorithms, and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S.*

    In addition to the U.S. marketplace, the Company operates online marketplaces under the CarGurus brand in Canada and the U.K., as well as independent online marketplace brands Autolist in the U.S. and PistonHeads in the U.K.

    To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.

    *Source: Similarweb, Traffic Report (Cars.com, Autotrader, TrueCar, CARFAX Listings
    (defined as CARFAX Total visits minus Vehicle History Reports traffic)), Q1 2025, U.S.

    CarGurus® and Autolist® are each a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. PistonHeads® is a registered trademark of CarGurus Ireland Limited in the U.K. and the European Union. All other product names, trademarks, and registered trademarks are property of their respective owners.

    © 2025 CarGurus, Inc., All Rights Reserved.

    Cautionary Language Concerning Forward-Looking Statements

    This press release includes forward-looking statements. Other than statements of historical facts, all statements contained in this press release, including statements regarding our future financial and operating results; our second quarter 2025 financial and business performance, including guidance; our business and growth strategy and our plans to execute on our growth strategy; our ability to grow our business profitably and efficiently; our capital allocation and investment strategy; the attractiveness and value proposition of our current offerings and other product opportunities; our ability to maintain existing and acquire new customers; addressable opportunities; our expectation that we will continue to invest in growth initiatives; our ability to quickly make transformations necessary for our business to achieve long-term goals; and our ability to overcome challenges facing the automotive industry ecosystem, including inventory supply problems, global supply chain challenges, including disruptions to pre-existing supply chains and vendor relations, changes to trade policies or tariff regulations, financial market volatility and disruption, increased interest rates, inflationary concerns, and other macroeconomic issues, including uncertain or volatile economic conditions in the U.S. and abroad, are forward-looking statements. The words “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “guide,” “guidance,” “intend,” “may,” “might,” “plan,” “potential,” “predicts,” “projects,” “seeks,” “should,” “strive,” “target,” “will,” “would,” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. You should not rely upon forward-looking statements as predictions of future events.

    These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including risks related to our growth and our ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; impairment of the carrying value of our goodwill, intangible assets, right-of-use assets, or other assets; increased inflation and interest rates, global supply chain challenges, changes in international trade policies, including tariffs, volatile economic conditions, and other macroeconomic issues; changes in our key personnel; natural disasters, epidemics, or pandemics; and our ability to operate in compliance with applicable laws as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the U.S. Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

    Investor Contact:
    Kirndeep Singh
    Vice President, Head of Investor Relations
    investors@cargurus.com

    Media Contact:
    Maggie Meluzio
    Director, Public Relations and External Communications
    pr@cargurus.com

    Unaudited Condensed Consolidated Balance Sheets
    (in thousands, except share and per share data)

        As of
    March 31,
    2025    		     As of
    December 31,
    2024    		  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 172,862     $ 304,193  
    Accounts receivable, net of allowance for doubtful accounts of $808
    and $788, respectively    		     40,703       44,248  
    Inventory     810       338  
    Prepaid expenses, prepaid income taxes, and other current assets     21,107       27,868  
    Deferred contract costs     13,640       12,523  
    Restricted cash     2,848       2,036  
    Total current assets     251,970       391,206  
    Property and equipment, net     132,383       130,010  
    Intangible assets, net     11,318       11,767  
    Goodwill     46,714       46,167  
    Operating lease right-of-use assets     119,589       121,484  
    Deferred tax assets     110,050       106,672  
    Deferred contract costs, net of current portion     13,088       13,196  
    Other non-current assets     4,003       4,034  
    Total assets   $ 689,115     $ 824,536  
    Liabilities and stockholders’ equity            
    Current liabilities:            
    Accounts payable   $ 29,891     $ 26,410  
    Accrued expenses, accrued income taxes, and other current liabilities     32,240       35,975  
    Deferred revenue     22,407       21,661  
    Operating lease liabilities     9,969       9,005  
    Total current liabilities     94,507       93,051  
    Operating lease liabilities     185,463       183,739  
    Deferred tax liabilities     15       26  
    Other non–current liabilities     7,080       6,031  
    Total liabilities     287,065       282,847  
    Stockholders’ equity:            
    Preferred stock, $0.001 par value per share; 10,000,000 shares authorized;
    no shares issued and outstanding    		     —       —  
    Class A common stock, $0.001 par value per share; 500,000,000 shares
    authorized; 84,334,642 and 89,002,571 shares issued and outstanding
    at March 31, 2025 and December 31, 2024, respectively    		     84       89  
    Class B common stock, $0.001 par value per share; 100,000,000 shares
    authorized; 14,216,250 and 14,986,745 shares issued and outstanding
    at March 31, 2025 and December 31, 2024, respectively    		     14       15  
    Additional paid-in capital     6,775       169,013  
    Retained earnings     396,486       375,119  
    Accumulated other comprehensive loss     (1,309 )     (2,547 )
    Total stockholders’ equity     402,050       541,689  
    Total liabilities and stockholders’ equity   $ 689,115     $ 824,536  

    Unaudited Condensed Consolidated Income Statements
    (in thousands, except share and per share data)

        Three Months Ended  
        March 31,  
        2025     2024  
    Revenue            
    Marketplace   $ 212,235     $ 187,219  
    Wholesale     7,747       16,125  
    Product     5,176       12,452  
    Total revenue     225,158       215,796  
    Cost of revenue (1)            
    Marketplace     14,248       14,385  
    Wholesale     6,170       14,224  
    Product     5,033       12,226  
    Total cost of revenue     25,451       40,835  
    Gross profit     199,707       174,961  
    Operating expenses            
    Sales and marketing     86,716       82,274  
    Product, technology, and development     36,250       35,545  
    General and administrative     26,780       28,066  
    Depreciation and amortization     4,206       2,792  
    Total operating expenses     153,952       148,677  
    Income from operations     45,755       26,284  
    Other income, net            
    Interest income     3,098       3,906  
    Other expense, net     (302 )     (505 )
    Total other income, net     2,796       3,401  
    Income before income taxes     48,551       29,685  
    Provision for income taxes     9,506       8,384  
    Net income     39,045       21,301  
    Net income per share attributable to common stockholders:            
    Basic   $ 0.38     $ 0.20  
    Diluted   $ 0.37     $ 0.20  
    Weighted-average number of shares of common stock used in
    computing net income per share attributable to common stockholders:    		            
    Basic     103,094,690       107,174,812  
    Diluted     105,068,046       108,632,159  

    (1)  Includes depreciation and amortization expense for the three months ended March 31, 2025 and 2024 of $2,348 and $4,689, respectively.

    Unaudited Segment Revenue
    (in thousands)

        Three Months Ended  
        March 31,  
        2025     2024  
    Segment Revenue:            
    U.S. Marketplace   $ 195,228     $ 172,988  
    Digital Wholesale     12,923       28,577  
    Other     17,007       14,231  
    Total   $ 225,158     $ 215,796  

    Unaudited Segment Income (Loss) from Operations
    (in thousands)

        Three Months Ended  
        March 31,  
        2025     2024  
    Segment Income (Loss) from Operations:            
    U.S. Marketplace   $ 49,781     $ 34,217  
    Digital Wholesale     (5,779 )     (10,340 )
    Other     1,753       2,407  
    Total   $ 45,755     $ 26,284  

    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)

        Three Months Ended  
        March 31,  
        2025     2024  
    Operating Activities            
    Net income   $ 39,045     $ 21,301  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     6,554       7,481  
    Currency (gain) loss on foreign denominated transactions     (165 )     384  
    Deferred taxes     (3,389 )     (9,052 )
    Provision for doubtful accounts     424       290  
    Stock-based compensation expense     12,900       15,822  
    Amortization of deferred financing costs     129       129  
    Amortization of deferred contract costs     3,810       3,258  
    Changes in operating assets and liabilities:            
    Accounts receivable     3,070       (4,182 )
    Inventory     (353 )     (319 )
    Prepaid expenses, prepaid income taxes, and other assets     6,801       5,974  
    Deferred contract costs     (4,744 )     (3,326 )
    Accounts payable     4,075       707  
    Accrued expenses, accrued income taxes, and other liabilities     (5,592 )     681  
    Deferred revenue     731       120  
    Lease obligations     4,583       12,696  
    Net cash provided by operating activities     67,879       51,964  
    Investing Activities            
    Purchases of property and equipment     (2,240 )     (28,665 )
    Capitalization of website development costs     (5,391 )     (5,465 )
    Purchases of short-term investments     —       (494 )
    Sale of short-term investments     —       21,218  
    Advance payments to customers, net of collections     —       259  
    Net cash used in investing activities     (7,631 )     (13,147 )
    Financing Activities            
    Proceeds from issuance of common stock upon exercise of stock options     394       11  
    Payment of withholding taxes on net share settlements of restricted stock units     (8,985 )     (5,115 )
    Repurchases of common stock     (182,828 )     (77,442 )
    Payment of finance lease obligations     (20 )     (18 )
    Change in gross advance payments received from third-party transaction processor     (38 )     (474 )
    Net cash used in financing activities     (191,477 )     (83,038 )
    Impact of foreign currency on cash, cash equivalents, and restricted cash     710       (577 )
    Net decrease in cash, cash equivalents, and restricted cash     (130,519 )     (44,798 )
    Cash, cash equivalents, and restricted cash at beginning of period     306,229       293,926  
    Cash, cash equivalents, and restricted cash at end of period   $ 175,710     $ 249,128  

    Unaudited Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Net Income Attributable to Common Stockholders and GAAP Net Income Per Share Attributable to Common Stockholders to Non-GAAP Net Income Per Share Attributable to Common Stockholders:
    (in thousands, except per share data)

        Three Months Ended  
        March 31,  
        2025     2024(1)  
    GAAP net income   $ 39,045     $ 21,301  
    Stock-based compensation expense     12,900       15,822  
    Amortization of intangible assets     505       1,882  
    Transaction-related expenses     1,087       811  
    Income tax effects and adjustments     (5,174 )     (3,422 )
    Non-GAAP net income   $ 48,363     $ 36,394  
    GAAP net income per share attributable to common stockholders:            
    Basic   $ 0.38     $ 0.20  
    Diluted   $ 0.37     $ 0.20  
    Non-GAAP net income per share attributable to common stockholders:            
    Basic   $ 0.47     $ 0.34  
    Diluted   $ 0.46     $ 0.34  
    Shares used in GAAP and Non-GAAP per share calculations            
    Basic     103,095       107,175  
    Diluted     105,068       108,632  

    (1)  During the three months ended March 31, 2025, we identified an immaterial error to our non-GAAP net income calculation related to the income tax effects and adjustments and have updated the table to correct the calculation for the three months ended March 31, 2024. This resulted in an increase in the non-GAAP net income per share attributable to common stockholders from $0.32 per share to $0.34 per share.

    Unaudited Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and GAAP Net Income Margin to Non-GAAP Adjusted EBITDA Margin
    (in thousands)

        Three Months Ended  
        March 31,  
        2025     2024  
    GAAP net income   $ 39,045     $ 21,301  
    Depreciation and amortization     6,554       7,481  
    Stock-based compensation expense     12,900       15,822  
    Transaction-related expenses     1,087       811  
    Other income, net     (2,796 )     (3,401 )
    Provision for income taxes     9,506       8,384  
    Non-GAAP adjusted EBITDA   $ 66,296     $ 50,398  
                 
    GAAP net income margin     17 %     10 %
    Non-GAAP adjusted EBITDA margin     29 %     23 %

    Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin
    (in thousands, except percentages)

        Three Months Ended  
        March 31,  
        2025     2024  
    Revenue   $ 225,158     $ 215,796  
    Cost of revenue     25,451       40,835  
    GAAP gross profit     199,707       174,961  
    Stock-based compensation expense included in Cost of revenue     60       231  
    Amortization of intangible assets included in Cost of revenue     —       875  
    Transaction-related expenses included in Cost of revenue     269       92  
    Non-GAAP gross profit   $ 200,036     $ 176,159  
                 
    GAAP gross profit margin     89 %     81 %
    Non-GAAP gross profit margin     89 %     82 %

    Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense
    (in thousands)

        Three Months Ended March 31, 2025  
        GAAP expense     Stock-based
    compensation
    expense    		     Amortization of
    intangible assets    		     Transaction-related expenses     Non-GAAP
    expense    		  
    Cost of revenue   $ 25,451     $ (60 )   $ —     $ (269 )   $ 25,122  
    Sales and marketing     86,716       (2,833 )     —       (491 )     83,392  
    Product, technology, and development     36,250       (5,565 )     —       (151 )     30,534  
    General and administrative     26,780       (4,442 )     —       (176 )     22,162  
    Depreciation & amortization     4,206       —       (505 )     —       3,701  
    Operating expenses(1)   $ 153,952     $ (12,840 )   $ (505 )   $ (818 )   $ 139,789  
    Total cost of revenue and operating expenses   $ 179,403     $ (12,900 )   $ (505 )   $ (1,087 )   $ 164,911  
                                   
        Three Months Ended March 31, 2024  
        GAAP expense     Stock-based
    compensation
    expense    		     Amortization of
    intangible assets    		     Transaction-related expenses     Non-GAAP
    expense    		  
    Cost of revenue   $ 40,835     $ (231 )   $ (875 )   $ (92 )   $ 39,637  
    Sales and marketing     82,274       (2,874 )     —       (394 )     79,006  
    Product, technology, and development     35,545       (5,977 )     —       (1 )     29,567  
    General and administrative     28,066       (6,740 )     —       (324 )     21,002  
    Depreciation & amortization     2,792       —       (1,007 )     —       1,785  
    Operating expenses(1)   $ 148,677     $ (15,591 )   $ (1,007 )   $ (719 )   $ 131,360  
    Total cost of revenue and operating expenses   $ 189,512     $ (15,822 )   $ (1,882 )   $ (811 )   $ 170,997  

    (1)  Operating expenses include sales and marketing, product, technology, and development, general and administrative, and depreciation & amortization.

    Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow
    (in thousands)

        Three Months Ended  
        March 31,  
        2025     2024  
    GAAP net cash and cash equivalents provided by operating activities   $ 67,879     $ 51,964  
    Purchases of property and equipment     (2,240 )     (28,665 )
    Capitalization of website development costs     (5,391 )     (5,465 )
    Non-GAAP free cash flow   $ 60,248     $ 17,834  

    Non-GAAP Financial Measures and Other Business Metrics

    To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

    The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

    While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation, and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

    We monitor operating measures of certain non-GAAP items including non-GAAP gross profit, non-GAAP gross margin, non-GAAP expense, non-GAAP net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders. These non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of intangible assets, and transaction related-expenses. Non-GAAP net income, non-GAAP net income attributable to common stockholders, and non-GAAP net income per share attributable to common stockholders also exclude certain income tax effects and adjustments. Our calculations of non-GAAP net income per share attributable to common stockholders utilize applicable GAAP share counts as included in the accompanying financial statement tables included in this press release. In addition, we evaluate our non-GAAP gross profit in relation to our revenue. We refer to this as non-GAAP gross profit margin and define it as non-GAAP gross profit divided by total revenue. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

    We define Adjusted EBITDA as net income, adjusted to exclude: depreciation and amortization, stock-based compensation expense, transaction-related expenses, other income, net, and provision for income taxes.

    In addition, we evaluate our Non-GAAP Adjusted EBITDA in relation to our revenue. We refer to this as Non-GAAP Adjusted EBITDA margin and define it as Non-GAAP Adjusted EBITDA divided by total revenue.

    We have presented Adjusted EBITDA and Adjusted EBITDA margin because they are key measures used by our management and Board of Directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. We believe Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision making.

    We define Free Cash Flow as cash flow from operations adjusted to include: purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of our financial performance that represents the cash that we are able to generate after expenditures required to maintain or expand our asset base.

    We define a paying dealer as a dealer account with an active, paid marketplace subscription at the end of a defined period. The number of paying dealers we have is important to us and we believe it provides valuable information to investors because it is indicative of the value proposition of our marketplace products, as well as our sales and marketing success and opportunity, including our ability to retain paying dealers and develop new dealer relationships.

    We define Quarterly Average Revenue per Subscribing Dealer (“QARSD”), which is measured at the end of a fiscal quarter, as the marketplace revenue primarily from subscriptions to our Listings packages and Real-time Performance Marketing, our digital advertising suite, and other digital add-on products during that trailing quarter divided by the average number of paying dealers in that marketplace during the quarter. We calculate the average number of paying dealers for a period by adding the number of paying dealers at the end of such period and the end of the prior period and dividing by two. This information is important to us, and we believe it provides useful information to investors, because we believe that our ability to grow QARSD is an indicator of the value proposition of our products and the return on investment that our paying dealers realize from our products. In addition, increases in QARSD, which we believe reflect the value of exposure to our engaged audience in relation to subscription cost, are driven in part by our ability to grow the volume of connections to our users and the quality of those connections, which result in increased opportunity to upsell package levels and cross-sell additional products to our paying dealers.

    We define Transactions within the Digital Wholesale segment as the number of vehicles processed from car dealers, consumers, and other marketplaces through the CarOffer website within the defined period. Transactions consists of each unique vehicle (based on vehicle identification number) that reaches “sold and invoiced” status on the CarOffer website within the defined period, including vehicles sold to car dealers, vehicles sold at third-party auctions, vehicles ultimately sold to a different buyer, and vehicles that are returned to their owners without completion of a sale transaction. We exclude vehicles processed within CarOffer’s intra-group trading solution (Group Trade) from the definition of Transactions, and we only count any unique vehicle once even if it reaches sold status multiple times. The Digital Wholesale segment includes the purchase and sale of vehicles between dealers, or Dealer-to-Dealer transactions, and Sell My Car – Instant Max Cash Offer transactions. We view Transactions as a key business metric, and we believe it provides useful information to investors, because it provides insight into growth and revenue for the Digital Wholesale segment. Transactions drive a significant portion of Digital Wholesale segment revenue. We believe growth in Transactions demonstrates consumer and dealer utilization and our market share penetration in the Digital Wholesale segment.

    Historically, we have used data from Google Analytics to measure two of our key business metrics: monthly unique users and monthly sessions. Effective July 1, 2024, GA4 replaced Google Analytics. The methodologies used in GA4 are different and not comparable to the methodologies used in Google Analytics. As discussed below, we also make certain adjustments to the GA4 data in order to improve the accuracy of the reported monthly unique users and monthly sessions. Due to the change in methodology, we are unable to provide comparable monthly unique user and monthly session information for prior periods, including any periods prior to June 30, 2024.

    For each of our websites (excluding the CarOffer website), we define a monthly unique user as an individual who has visited any such website and taken a Visitor Action (as defined below) within a calendar month, based on data as measured by GA4. We calculate average monthly unique users as the sum of the monthly unique users of each of our websites in a defined period, divided by the number of months in that period. Effective July 1, 2024, we count a unique user the first time a computer or mobile device with a unique device identifier accesses any of our websites or application during a calendar month and takes an action on such website or in such application, such as performing a search, visiting vehicle detail pages, and connecting with a dealer (“Visitor Action”). If an individual accesses a website or application using a different device within a given month, the first Visitor Action taken by each such device is counted as a separate unique user. If an individual uses multiple browsers on a single device and/or clears their cookies and returns to our website or application and takes a Visitor Action within a calendar month, each such Visitor Action is counted as a separate unique user. We eliminate any duplicate unique users that may arise when users visit a webview within our native application. We view our average monthly unique users as a key indicator of the quality of our user experience, the effectiveness of our advertising and traffic acquisition, and the strength of our brand awareness. Measuring unique users is important to us and we believe it provides useful information to our investors because our marketplace revenue depends, in part, on our ability to provide dealers with connections to our users and exposure to our marketplace audience. We define connections as interactions between consumers and dealers on our marketplace through phone calls, email, managed text and chat, and clicks to access the dealer’s website or map directions to the dealership.

    We define monthly sessions as the number of distinct visits to our websites (excluding the CarOffer website) that include a Visitor Action that take place each month within a given time frame, as measured and defined by GA4. We calculate average monthly sessions as the sum of the monthly sessions in a defined period, divided by the number of months in that period. Effective July 1, 2024, a session is defined as beginning with the first Visitor Action from a computer or mobile device and ending at the earliest of when a user closes their browser window or after 30 minutes of inactivity. We eliminate any duplicate monthly sessions that may arise when users visit a webview within our native application. We believe that measuring the volume of sessions in a time period, when considered in conjunction with the number of unique users in that time period, is an important indicator to us of consumer satisfaction and engagement with our marketplace, and we believe it provides useful information to our investors because the more satisfied and engaged consumers we have, the more valuable our service is to dealers.

    The MIL Network –

  • MIL-Evening Report: Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years

    Source: The Conversation (Au and NZ) – By Marian Makkar, Senior Lecturer in Marketing, RMIT University

    Konstantin Shishkin/Shutterstock

    Workplace burnout – a state of emotional, physical, and mental exhaustion – and the COVID pandemic have sparked a rethink of the traditional 9-to-5 job.

    It’s been estimated 30% of the Australian workforce is experiencing some degree of burnout, raising serious concerns about the possible impacts on mental health.

    Is it possible – and if so, wise – to take addressing burnout into your own hands? Some responses to the problem, such as “micro-retirement”, have enjoyed recent popularity on social media.

    But a small number of people take an even more radical approach – dumping the 9-to-5 path entirely for careers that prioritise meaning, enjoyment and personal growth. We sought to find out how this move played out for one group in particular – snowsports instructors.

    Our research – published in the International Journal of Research in Marketing – covers a 10.5-year study of snowsports instructors who left their 9-to-5 jobs for a meaningful career on the slopes of Canada, Japan, the United States and New Zealand.

    We looked at instructors’ journeys into the lifestyle, how they managed their new careers, and what led some to eventually return to the 9-to-5.

    Chasing winter

    We interviewed 13 snowsports instructors aged 25 to 40 (seven men, six women), collected image and video artefacts, followed social media accounts and surveyed snow school reports. Our lead researcher also participated in the lifestyle herself.

    All our participants had at least a bachelor degree and previous steady careers in fields such as education or information technology.

    During our decade-long field work, we found instructors earned just enough money to maintain this lifestyle, often travelling with their possessions in one or two bags.

    Whistler Mountain, Canada: instructors get to live and work in places of great natural beauty.
    Kevin503/Shutterstock

    Beyond the adrenaline and beauty of a life in the snow, we found people were first motivated to enter this career to escape the corporate world and ties of modern life. One participant, Lars, said:

    If you just get a job, you get maybe 20 days off a year for the next 40 years, and once you stop, once you’ve got a job and a house and a mortgage and a kid […] you’re trapped.

    A sense of accomplishment

    At the centre of our research was the idea of building a career around the ancient Greek concept of “eudaimonia”. This term is sometimes translated to “happiness” in English, but its broader connotations mean it’s closer to “flourishing” and involves a sense of purpose and living a life of virtue.

    That’s in contrast to the related concept of “hedonism” – which centres on the pursuit of pleasure for its own sake. Eudaimonia is meant to make us reflect on life’s purpose, potential and meaning.

    As our participants mastered the sport and career, they moved from mere enjoyment or hedonism of being in the snow to finding meaning and purpose in their jobs.

    They felt a sense of accomplishment and appreciation of snowsports as a sport and job requiring dedication, care and commitment.

    Challenges along the way

    However, with every career there are demands that shape how people manage work and purposeful pursuits. Instructors must bear financial costs such as buying their own equipment, paying for certifications and accommodation.

    Eventually the lifestyle was not sustainable for some due to precarious working conditions and minimal wages. Relying on the weather to produce snow, unfair compensation and fixed-term contracts wore many down.

    An unhappy participant confessed:

    You think about money all day everyday […] working out the costs, staffing and lesson prices! Yet they (ski resort managers) tell me as an instructor that I shouldn’t think about my monetary work. Well, if it wasn’t about the money, you wouldn’t charge as much for lessons.

    In the period we studied, six returned to a regular 9-to-5 job.

    An alternative to meaningless jobs?

    The late American anthropologist David Graeber coined the phrase “bullshit jobs” to describe jobs that comprise meaningless tasks that add no real value aside from providing a salary.

    The 9-to-5 can be a grind.
    Shutterstock

    Our study offers a window into the lives of those who sought an alternative, trying to build something they love into the daily work they do to earn a living.

    For many, despite challenges the ability to ride slopes daily remained more appealing than a desk job. One told us:

    At university my first management lecturer said, ‘you could go on to be a CEO, earn $300,000 a year and have a month off every year to go skiing’, and I said, ‘or I could go skiing every day and still afford to eat and pay my rent’. It’s all I really need.

    But things didn’t work out for all of them. The experience of those who left suggests choosing meaningful work can be difficult and can force people out if the surrounding organisational system is not supportive.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years – https://theconversation.com/ever-wanted-to-ditch-the-9-to-5-and-teach-snowsports-we-followed-people-who-did-it-for-10-years-255012

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: To split Moscow from Beijing, Trump is reviving Nixon’s ‘madman diplomacy’. It could backfire badly

    Source: The Conversation (Au and NZ) – By Ian Langford, Executive Director, Security & Defence PLuS and Professor, UNSW Sydney

    When United States President William McKinley advocated high‑tariff protectionism in 1896, he argued squeezing foreign competitors behind a 50% wall of duties would make America richer and safer.

    That logic framed US trade debates for a generation, but it was always an economic device – not a geopolitical lever.

    In 2025, Donald Trump, now the 47th US president, slapped tariffs on most imported goods to the United States, specifically targeting Chinese imports.

    Yet, despite the fact he idolises McKinley, Trump’s emerging grand strategy looks less like his customs schedule and more like Richard Nixon’s “madman” diplomacy of the early 1970s.

    Trump is signalling that unpredictability, not price schedules, will coerce adversaries and reorder alliances.

    An image of irrational resolve

    McKinley’s 1890s tariffs nearly doubled average duties, shielding domestic manufacturers but doing little to shift the global balance of power.

    The lesson from these tariffs was straightforward: protectionism may enrich some sectors, but it rarely bends rivals’ strategic choices.

    Trump’s first term flirted with McKinley-inspired trade wars, industrial policy and “America First” rhetoric. His second term “strategic reset” moves onto darker, Nixonian ground.

    Nixon and his secretary of state, Henry Kissinger, cultivated an image of irrational resolve. They hinted they might do “anything”, even use nuclear weapons, to force concessions in Vietnam and alarm the Soviet politburo.

    Nixon’s White House chief of staff, H.R. Haldeman, recalled the president demanding Moscow and Hanoi see him as a man “with his hand on the nuclear button”.

    The gambit dovetailed with a bold diplomatic inversion. By opening to Mao Zedong’s China, Nixon sought to isolate the Soviet Union.

    Trump’s ‘reverse Nixon’ efforts

    Half a century later, Trump appears to be running the tape backward.

    Rather than prying China from Russia, he is testing whether Moscow can be prised from Beijing.

    In early April, he imposed a blanket 54% tariff on Chinese goods – yet exempted Russia, Cuba and North Korea from the harshest duties.

    The White House has simultaneously floated selective sanctions relief for Moscow if Vladimir Putin shows “flexibility” on Ukraine.

    Trump’s boosters call the manoeuvre a “reverse Nixon”: befriend the weaker adversary to hem in the stronger.

    Al-Jazeera recently reported senior US officials and analysts believe deepening ties with Russia could splinter the Sino‑Russian axis that has unnerved US strategists for years.

    But Foreign Affairs warns that even if Washington dangled lavish incentives, Putin would “play Washington and Beijing off each other” rather than choose sides.

    Australia’s Strategic Policy Institute is blunter: the idea of splitting the pair is “a delusion”.

    Nor is the madman pose guaranteed to intimidate. Scholars note Nixon’s bluff worked only when coupled with painstaking back‑channel diplomacy; the façade of irrationality still required a coherent end‑game.

    Trump’s record of erratic statements on NATO, sudden tariff escalations and social media outbursts risks convincing adversaries that chaos is the message, not the method.

    Success would require discipline

    Yet, the strategic prize is real.

    A durable Sino‑Russian alignment forces Washington to split resources across two theatres, complicates sanctions enforcement, and gives Beijing access to Russian hydrocarbons and military technologies.

    Even a partial wedge – Moscow adopting neutrality in a potential Indo‑Pacific crisis, for instance – would lighten America’s load and disadvantage China.

    Can Trump craft a credible offer? Tariff exemptions and the hint of sanctions relief are carrots; resumed arms‑control talks and guarantees of Russian equities in a post‑war Ukraine settlement could sweeten the pot.

    The sticks are clear: escalating tariffs and technology bans on China, plus renewed US gas exports aimed at undercutting Sino‑Russian energy deals.

    The fact CIA Director John Ratcliffe called China the “top national security threat” in his confirmation hearings earlier this year – relegating Russia to a lesser threat – underscores the hierarchy.

    Still, success would require disciplined messaging and allied buy‑in, traits not often associated with madman theatrics.

    If European and Indo‑Pacific partners suspect Washington will mortgage Ukraine’s security or trade their markets for a fleeting Moscow détente, unity will fray.

    For Australia, the stakes are immense

    For Canberra, the calculus is stark.

    Australia’s primary challenge is a more assertive China, not a distant Russia.

    If Trump could drive even a hairline crack between Moscow and Beijing, the Indo‑Pacific balance would tilt in favour of the US and its allies.

    A Russia preoccupied with Europe or simply unwilling to share sensitive missile and space technologies would deprive China of critical enablers.

    Conversely, a bungled “reverse Nixon” strategy could embolden both autocracies.

    Should Putin benefit from US tariff exemptions and sanctions relief while deepening defence ties with Beijing — as recent drone and satellite deals suggest – Australia would face a sharper, more integrated adversarial bloc.

    The lesson, for Australia, is to hedge: continue deepening AUKUS technology sharing, accelerate long‑range strike acquisition, and tighten diplomatic coordination with Japan, India and ASEAN states.

    For Australia, perched on Asia’s faultline, the stakes are immense. A successful wedge would ease pressure on the “first‑island chain” – the chain of strategic islands that stretches from Japan through Taiwan, the Philippines and Indonesia – and give Canberra precious strategic depth.

    A failed gambit risks confronting Australian forces with a tandem of nuclear‑armed revisionists (Russia and China) emboldened by US miscalculation.

    Ian Langford does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. To split Moscow from Beijing, Trump is reviving Nixon’s ‘madman diplomacy’. It could backfire badly – https://theconversation.com/to-split-moscow-from-beijing-trump-is-reviving-nixons-madman-diplomacy-it-could-backfire-badly-255878

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Saskatchewan Research Council Celebrates New Indigenous Workforce Program

    Source: Government of Canada regional news

    Released on May 8, 2025

    Today, the Saskatchewan Research Council (SRC) is pleased to officially launch its Indigenous Workforce Program and celebrate the inaugural cohort of students in a re-imagined Indigenous Summer Student Program, Kiskiyihta (Kiskee ih-taah). Kiskiyihta is a Cree word meaning to learn or to know.

    One of several employment strategies within SRC’s wider Indigenous Action Plan launched earlier this year, the Indigenous Workforce Program aims to increase the recruitment and retention of Indigenous employees at SRC. Coordinated through the Indigenous Workforce Program, Kiskiyihta provides Indigenous students studying at a Saskatchewan post-secondary institution with opportunities for hands-on learning in a research and technology environment at SRC. 

    “Through SRC’s Indigenous Workforce and Kiskiyihta Summer Student Programs, more Indigenous youth will have the chance to work in a specialized research and technology environment, gaining valuable job experience, coaching and mentorship,” Minister Responsible for SRC Warren Kaeding said. “The new initiative complements SRC’s Indigenous Action Plan, with a goal to create new employment opportunities and further advance economic reconciliation in the province.”  

    The First Nations University of Canada, the Gabriel Dumont Institute, the Saskatchewan Indian Institute of Technologies and the Saskatoon Tribal Council are integral Workforce Program collaborators. Through these relationships, SRC will work collaboratively to identify skilled candidates for summer work placements, internships, apprenticeships, co-op placements and other job opportunities. 

    Four students are part of this year’s inaugural program and will be immersed in learning experiences in SRC’s Rare Earth Element Division and Nuclear Division, as well as its Environmental Remediation and External Relations teams. 

    “We want to be an employer of choice for Indigenous Peoples by providing unique job experiences they may not have had prior access to,” SRC President and CEO Mike Crabtree said. “Our goal is to engage and empower Indigenous Peoples so they can thrive in a culturally safe workplace and achieve their professional goals.” 

    SRC’s Indigenous Workforce Program also places focus on developing strategies for the retention and advancement of Indigenous employees once they are part of SRC’s workforce, such as increasing opportunities for participation in leadership roles and all-staff events to celebrate Indigenous culture. 

    SRC is Canada’s second largest research and technology organization with 1,400 clients in 22 countries around the world. With more than 350 employees, SRC has been helping clients solve technology problems, make improvements, increase productivity and develop new markets for more than 77 years. More details about SRC’s Indigenous Action Plan can be found at src.sk.ca/IAP. 

    –30-

    For more information, contact: 

    Allison Collins
    External Relations
    Saskatchewan Research Council
    Phone: 306-385-4208
    Email: allison.collins@src.sk.ca 

    MIL OSI Canada News –

  • MIL-OSI Canada: Statement by Prime Minister Carney on the election of His Holiness Pope Leo XIV

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, issued the following statement on the election of His Holiness Pope Leo XIV:

    “I join Catholics in Canada and around the world in congratulating Cardinal Robert Francis Prevost on his election as Pope. The white smoke rising above the Sistine Chapel signals the beginning of a new papacy – a moment of renewal, hope, and unity for more than a billion faithful worldwide. This is a historic moment for the Catholic community and for all those who look to the Vatican for guidance.

    “Canadians offer best wishes to His Holiness Pope Leo XIV as he begins his papacy. At a time of profound global challenges, may his pontificate be marked by wisdom, discernment, a deep commitment to common good, and dignity of all.

    “Canada looks forward to working with His Holiness to build a world guided by solidarity, justice, and sustainability.”

    MIL OSI Canada News –

  • MIL-OSI Global: How Donald Trump’s assault on universities echoes earlier American conservative ideas

    Source: The Conversation – Canada – By Michael Williams, Professor of International Politics, L’Université d’Ottawa/University of Ottawa

    Fifty years ago, the American philosopher and conservative thinker James Burnham wrote his most infamous book, The Suicide of the West: An Essay on the Meaning and Destiny of Liberalism.

    Burnham argued that liberalism — which he associated with unbridled individualism and excessive belief in human progress — was eroding the foundations of the West’s social orders and, equally importantly, its geopolitical power.

    In an ironic twist, it’s not liberals ushering in the decline of America in contemporary times. Burnham’s acolytes in Donald Trump’s administration are busy doing that work.

    Influence on the American right

    It is easy to recognize Burnham’s ideas in the arguments and actions of the Trump administration.

    In both The Suicide of the West and his previous 1941 bestseller, The Managerial Revolution, Burnham argued that liberalism’s individualism weakened social bonds and national allegiance. At the same time, it promoted the rise of a new class of experts that eroded democracy and individual rights under the guise of acting for the common good.

    This “new class” of highly educated, managerial elites had come to dominate virtually all aspects of life, from business and bureaucracy to commerce, culture and education.

    Ruling through their claims to expertise, Burnham argued that these elites spread relativistic liberal values that undermined social cohesion and national confidence, sapping the West’s ability to define and defend its fundamental values.

    If these trends continued, he warned, the West would not long survive. Burnham exercised an important influence on the American right from the 1950s through the 1970s, and near the end of his life received the Presidential Medal of Freedom from Ronald Reagan. Yet by the 1990s, his ideas had fallen out of fashion and few remembered his warnings.

    Rediscovered by radical conservatives

    Recently, however, Burnham’s provocative ideas have resurfaced as one of the most important intellectual lineages underpinning American radical conservatism and its attacks on “elite institutions.”

    In his writings, and those of his followers such as Samuel Francis, a range of political and intellectual figures have found the ideological ammunition needed to launch their crusade against liberalism in order to save the West — or in the case of the U.S., to “Make America Great Again.”



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    JD Vance’s attack on Europe’s democratic credentials, Elon Musk’s DOGE determination to “deconstruct” the administrative state and the Trump administration’s assaults on elite universities all reflect Burnhamite ideas.

    Risk bringing about America’s decline

    There is considerable irony in this situation. Most obviously, Burnham was wrong about the self-inflicted death of the West. Contrary to his predictions, liberalism did not lead to the erosion of western global power.

    Far from collapsing, the United States and its allies fought the Cold War to a victorious conclusion and by the turn of the 20th century emerged with a power and dominance that Burnham could scarcely have imagined. Liberalism was the reigning ideology. American and western commerce, culture, science and technology dominated the world.

    Yet the greatest irony is that Burnham’s followers risk bringing about the very situation he sought to avoid – the decline of America and its dominant status.

    Nowhere is this clearer than in the attack on elite universities, where no one should not be misled by charges of antisemitism.

    Important as addressing antisemitism is, this framing distracts from the ways that the right’s attack on universities are part of its wider assault the foundations of “new class” power.

    Tech leadership, geopolitical dominance

    In this broader campaign, leading illiberal zealots in the Trump administration are pursuing policies that will damage the foundations of American power far more than liberalism ever did.

    Most obviously, the attacks on universities threaten U.S. technological leadership, since research universities remain an indispensable site of basic research, innovation and next-generation training — something especially vital at a time when the country’s leadership in these areas is challenged in ways unseen for nearly half a century.



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    At the same time, assaults on academic freedom threaten the considerable cultural power and prestige that, as Burnham was well aware, are vital areas of geopolitical struggle.

    Finally, these policies undermine the American ability to attract the best and the brightest from around the world — a capacity that has long underpinned its dominance in science and innovation, and ultimately its global influence.

    Diminished intellectual capital

    One might be tempted to say: fine, if America no longer values its intellectual capital, other countries can reap the benefit by attracting the expertise it shuns. To some degree, this may be true.

    But no western country or group of countries – such as the EU – possesses the institutional research capacity, network density and depth of funding found until now in the U.S.

    At best, a more fragmented, diffuse and less impactful situation is likely to occur, with America weakened and the benefits gained by others unlikely to make up the balance. The West as a whole is likely to emerge weaker rather than stronger.

    Geopolitical decline

    Recognizing these negative outcomes does not require treating elite universities as paragons of virtue or viewing higher education as beyond reproach. Nor are today’s Burnhamites completely delusional. Increased inequality, economic dislocation and the death of local industries have followed in the footsteps of liberal globalization.



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    Cultural divides are significant, even if they are often polarized for political purposes. But addressing such issues demands serious engagement, not simplistic accusations of elite decadence and divisive political rhetoric. Crucially, it requires seeing elite (and other) universities as sources of global power as well as sites of education.

    The conservative columnist Irving Kristol once said that politics is a struggle over “who owns the future.”

    Materially and ideologically, Burnham’s contemporary followers are making sure that America will no longer be on the winning side of this struggle. Their efforts to “make America great again” misunderstand important parts of what made it great in the first place. The most likely outcome will be the decline, not the recovery, of America.

    The Conversation

    Michael Williams receives funding from the Social Sciences and Humanities Research Council of Canada.

    Rita Abrahamsen receives funding from Social Sciences and Humanities Research Council of Canada (SSHRC)

    – ref. How Donald Trump’s assault on universities echoes earlier American conservative ideas – https://theconversation.com/how-donald-trumps-assault-on-universities-echoes-earlier-american-conservative-ideas-255470

    MIL OSI – Global Reports –