Category: Artificial Intelligence

  • MIL-OSI: WhiteBIT Surpasses 5 Million Users, Strengthening Its Leadership in Europe’s Crypto Market

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Oct. 30, 2024 (GLOBE NEWSWIRE) — As WhiteBIT approaches its 6th anniversary in November, the exchange continues to reinforce its role as a prominent player in Europe’s cryptocurrency sector, driven by a focus on user experience, security, and strategic partnerships. 

    WhiteBIT, one of Europe’s largest centralized crypto exchanges, is proud to announce it has reached a major milestone, exceeding 5 million users. In the past year, WhiteBIT added over 1 million new users, more than doubling its user base since 2022. The platform’s trading volume exceeded $1 trillion across spot and futures markets, and its B2B services now support over 1,000 business clients. This growth reflects the increasing trust in WhiteBIT as a secure platform for digital asset trading among investors. 

    “Our mission from the start has been to make cryptocurrency accessible, secure, and trusted across Europe and beyond. Hitting 5 million users is more than just a number—it’s a validation of our efforts. We keep focusing on continuous innovation and fostering trust in the digital economy,” comments Volodymyr Nosov, CEO of WhiteBIT.

    Growth Fueled by Strategic Partnerships

    Partnerships have been a cornerstone of WhiteBIT’s growth strategy. Collaborations with major football clubs and organizations, such as FC Barcelona, FC Trabzonspor, and the Ukrainian national football team, as well as FACEIT in e-sports have bolstered its brand presence. Moreover, WhiteBIT has established an alliance with Georgia’s Hash Bank.

    For its institutional clients, WhiteBIT has partnered with Fireblocks, a leader in digital asset management, which strengthens its services for businesses looking to expand in the crypto space.

    Expanding Ecosystem and Technological Advancements

    WhiteBIT has also made strategic advancements in blockchain technology, unveiling its rebranded blockchain, Whitechain, which has already processed 50 million transactions and facilitated 25,000 NFTs. Additionally, WhitePool, the exchange’s Bitcoin mining pool, has ranked among the top 15 mining pools worldwide and is now one of the largest mining pool backed by a centralized exchange.

    Global Expansion and Commitment to Security

    WhiteBIT has been rapidly expanding its presence beyond Europe, establishing offices in Australia, Georgia, the UK, and Turkey. With a team of over 1,100 professionals globally, WhiteBIT is steadily growing its international footprint while staying rooted in its Ukrainian origins.

    In its growth, security remains a top priority for WhiteBIT. According to cer.live, the exchange consistently ranks among the top five most secure platforms. Its robust security protocols, including WAF firewalls, strict AML policies, and mandatory KYC procedures, recently earned WhiteBIT the Hacken Security Award 2024 at TOKEN2049 in Singapore.

    WhiteBIT continues to lead in blockchain innovation, fostering technological progress and championing the global cryptocurrency community. As the exchange grows, WhiteBIT empowers users and businesses to embrace digital assets while bridging the gap between traditional finance and the evolving world of cryptocurrency.

    About WhiteBIT

    WhiteBIT, established in 2018, is one of the largest centralized crypto exchanges in Europe. It offers over 600+ trading pairs, 300+ digital assets, and supports 9 national currencies. WhiteBIT is an official partner of the Ukrainian national football team, FC Barcelona, FC Trabzonspor, and FACEIT. The exchange is dedicated to advancing blockchain technology and ensuring compliance with regulatory standards in all jurisdictions where it operates.

    Users can visit:

    Twitter | FaceBook | Instagram | YouTube | LinkedIn | Telegram | Discord | Medium

    Contact

    WhiteBit

    pr@whitebit.com

    The MIL Network

  • MIL-OSI Global: What Labour’s first budget means for wages, businesses, the NHS and plans to grow the economy – experts explain

    Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

    For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.

    Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:

    More challenges for employers and small businesses

    Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London

    The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.

    The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.

    There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.

    The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.

    To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.

    Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.

    Higher wages for three million, but it could cost more to get the bus to work

    The biggest change for those on low incomes was an increase in the national minimum wage (for 18 to 20-year-olds) of 16.3%, from £8.60 to £10 an hour, and an increase in the national living wage (for employees aged 21 and over) of 6.7%, from £11.44 to £12.21, from April 2025. This will lead to a pay rise for more than 3 million workers.

    Business associations warn that this will cause job losses, particularly in hospitality and the care sector, where many employees earn the minimum wage. But a large body of research has not found a negative effect of minimum wages on employment.

    There is some evidence that earlier minimum wage rises caused an increase in the number of zero-hours contracts in social care, as firms tried other ways to reduce wages. However, the new employment rights bill introduced earlier in October would limit the use of zero-hours contracts in this scenario.

    The budget could have an indirect effect on pay packets though. The effect of the change to employer NICs will be greater in sectors with more low-paid workers, such as hospitality, and employer associations have warned that it will risk jobs. There is also some evidence that in the long term, firms pass some of these costs on to employees by reducing their wages.

    However, the minimum wage increase will reduce the capacity for firms to reduce wages. And any long-term effect would also be offset by lower income taxes that will come after 2028 when the chancellor has said she will increase the threshold at which people starting paying tax.

    So if wages and profits fall because of increased contributions, then the amount Reeves raises will be lower than expected, because income and corporation tax receipts will be hit.

    Another indirect factor affecting incomes is the cost of getting to work. The fuel duty freeze will continue, but the bus fare cap will increase from £2 to £3. Lower-paid workers and jobseekers are much more likely to use the bus than those with higher incomes, who are more likely to drive, but the cost of bus travel increased much more than the cost of train travel or petrol over the last parliament.

    At the next stop they’re putting up bus fares.
    Mistervlad/Shutterstock

    The fare cap reversed some of this increase, and some evidence shows that it led to more people travelling by bus. But the new £3 cap will only last until the end of 2025, which may be too soon to see much effect.

    A downpayment on growth – but probably not quickly

    Linda Yueh, Adjunct Professor of Economics, University of Oxford

    The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.

    But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.

    Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.

    But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.

    This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.

    It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.

    But this budget is certainly a start on a much-needed growth strategy.

    Good news on public investment – emerging industries could benefit

    Phil Tomlinson, Professor of Industrial Strategy, University of Bath

    The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.

    Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.

    So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.

    Clean energy boost?
    StudioFI/Shutterstock

    In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.

    The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.




    Read more:
    Rachel Reeves is the UK’s first female chancellor. Here’s why that’s so significant


    The NHS gets a cash injection – but it may not go that far

    Karen Bloor, Professor of Health Economics and Policy, University of York

    Amid all the gloomy pre-budget talk of tough choices and economic problems, would the government’s plans to improve the NHS cheer up the country (England, at least)? Not entirely.

    On the plus side, the chancellor promised a generous spending increase of £22.6 billion in the year 2025 to 2026, with £3.1 billion on capital investment. But solving the problems of the NHS is not just about money, and there will be difficult decisions to come.

    Meanwhile, increases in employers’ national insurance contributions, while raising funds, will also have a big impact on the NHS, which employs over 1.5 million people. So the additional spending may be less than it appears.

    The new government has said it has three main priorities for healthcare in England: moving care from hospitals to the community, moving resources from treatment to prevention, and changing systems from analogue to digital. None of these ideas are new, and there are good reasons why they haven’t happened already.

    Expanding primary and community care often does not translate into reduced demand for hospital services – in fact, it can do the opposite, by uncovering previously unmet needs. And successive governments have failed to address long-standing problems in social care, which is crucial to addressing pressures on the NHS. A successful NHS means people living longer, but often with long-term health problems.

    Returns on investment in preventing illness can be substantial, but they vary widely, and can be difficult to achieve. This is particularly true when it comes to interventions needing individual behaviour change, such as increasing exercise or cutting down on alcohol. Even when clearly positive, they take a very long time to generate cost savings.

    And there are other aspects of the chancellor’s plans which could arguably harm public health. Abolition of winter fuel payments for example, could affect the health of older people on low incomes.

    Rising bus fares could affect people’s ability to attend appointments, and the controversial two-child benefit cap, which can affect child health remains in place.

    Finally, while technology should improve the efficiency of services, people need care from people. Capital investment – in scanners, radiotherapy machines and diagnostics – will need to be matched by the cost of the professionals who operate them and interpret their findings.

    More reaction to be published soon.

    Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,

    Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

    Rachel Scarfe is a member of the Labour Party.

    Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee 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. What Labour’s first budget means for wages, businesses, the NHS and plans to grow the economy – experts explain – https://theconversation.com/what-labours-first-budget-means-for-wages-businesses-the-nhs-and-plans-to-grow-the-economy-experts-explain-242509

    MIL OSI – Global Reports

  • MIL-OSI: ATPC Cyber Forum to Focus on Next Generation Cybersecurity and Artificial Intelligence Issues

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Oct. 30, 2024 (GLOBE NEWSWIRE) — White House National Cyber Director, CEOs, Key Financial Services Companies, Congressional and Executive Branch Experts will discuss industry priorities for 2025 and beyond  

    The American Transaction Processors Coalition (ATPC) Cyber Council will convene “The Tie that Binds: A 21st Century Cybersecurity Dialogue,” on October 31, 2024, at the Bank of America Financial Center Tower’s Convention Hall in Atlanta. This event will feature leading cyber experts from the financial services sector, Federal agencies, the White House, and Congress to focus on pressing cybersecurity issues and ways the financial services sector is addressing these issues. It will include discussions on evolving technologies that will influence the path forward, the role of AI, supply chain security needs, and more. 

    “Cybersecurity is the backbone of the payment processing industry,” said H. West Richards, ATPC executive director. “The work of the ATPC Cyber Council is a testament to our commitment to safeguarding our financial ecosystem and fostering a collaborative approach to tackling the cybersecurity challenges of tomorrow.” 

    Key Speakers and Highlights: 

    • The Honorable Harry Coker, Jr., White House National Cyber Director, will deliver the luncheon keynote. 
    • The Honorable Rich McCormick (R-GA-06) will deliver a keynote address. 
    • Moira Bergin, Subcommittee on Cybersecurity Staff Director, House Committee on Homeland Security, will discuss legislative priorities and global cybersecurity risks. 
    • The Honorable Andre Dickens, Mayor of Atlanta, will provide a video address. 
    • Barry McCarthy, CEO of Deluxe and Chair of the ATPC Board of Directors, will also deliver a keynote. 
    • Bridgette Walsh, Executive Director of the Financial Services Sector Coordinating Council, and Josh Magri, Founder & CEO of Cyber Risk Institute, will participate in a fireside discussion on private sector best practices. 
    • A panel on AI in financial services will feature Clarissa Banks (Deluxe), David Excell (Featurespace), David King (Mastercard), and Donna Teevens (ACI Worldwide), moderated by Rick Van Luvender. 
    • A panel on cyber education will include Dr. Tony Coulson (CSUSB), Dr. Albena Asenova-Belal (Gwinnett Technical College), Dr. Humayun Zafar (Kennesaw State University), and Dr. Michael Nowatkowski (Augusta University). 
    • H. West Richards, ATPC Executive Director, will open the event with a welcome address. 
    • Rick Van Luvender, ATPC Cyber Council Chair & SVP, Head of Cybersecurity Client Trust & International Cybersecurity Service at Fiserv, will deliver the opening remarks. 
    • Norma Krayem, ATPC Cyber Council Director & Vice President, Chair of the Cybersecurity, Privacy & Digital Innovation Practice Group at Van Scoyoc Associates, will provide insights on future cybersecurity trends.

    The forum will conclude with a fireside chat focused on “A Look to the Future: 2025: Top Cybersecurity and Critical Technology Priorities for the ATPC Cyber Council,” featuring Rick Van Luvender from Fiserv and Norma Krayem, the ATPC Cyber Council director, focusing on future cybersecurity and critical technology priorities. 

    Conference details are available at https://atpcoalition.com/atpc-cyber-forum/.  

    ATPC is a leading voice for America’s payments processors, consisting of the world’s largest, global payment processors, banks, credit card companies and financial services companies. ATPC member companies are uniquely positioned to ensure global payments move seamlessly across the world, while empowering broader and more diverse participation within the financial services system. In the race for a better tomorrow, technology solutions can advance faster than companies can keep up with cybersecurity risks. As a result, the ATPC is one of the few coalitions that created a standalone Cybersecurity Council to prioritize these key cybersecurity issues across its member companies. The ATPC Cyber Council is a unique group made up of only CISOs, CSOs, CIOs and CTOs who are on the front lines every day dealing with the operational impacts of cybersecurity. These U.S. based companies serve hundreds of millions of customer businesses across the globe daily and process hundreds of billions of transactions per year.  

    About the ATPC 

    The ATPC is a leading voice for America’s payments processors, driving awareness of the industry and its value to consumers, businesses, and the economy with legislators and regulators at federal, state, and international levels. The ATPC is rooted in Georgia’s Transaction Alley where electronic payments and the fintech industry began. Yet, our members enable payments in states across the nation and in every corner of the globe. The ATPC has a rich history of economic development, thought leadership, and engagement on legislative and regulatory topics like cybersecurity, privacy, financial inclusion, fraud, as well as emerging themes like open banking, AI, and stable coins. 

    About the ATPC Cyber Council 

    The American Transaction Processors Coalition (ATPC) established a dedicated Cyber Council to galvanize the efforts of the ATPC member companies in addressing cybersecurity risks. The Cyber Council’s mission is to identify best practices and areas of shared risk to help ATPC members address the evolving cyber threat across America’s payments processing system to strengthen industry’s ability to identify, protect, detect, respond to and recover from cyberattacks. 

    Contact

    Alison Watson

    Golin

    awatson@golin.com

    The MIL Network

  • MIL-OSI Global: What Labour’s first budget means for wages, taxes, business, the NHS and plans to grow the economy – experts explain

    Source: The Conversation – UK – By Linda Yueh, Fellow in Economics/Adjunct Professor of Economics, University of Oxford

    For the first time in 14 years, it was a Labour chancellor who delivered the UK budget. And for the first time ever, that chancellor was a woman. But Rachel Reeves faces an almighty task: plugging a £40 billion spending gap in the knowledge that pre-election promises not to raise the main taxes are still fresh in people’s memories.

    Growth was the buzzword of the election campaign – Reeves now had to lay her cards on the table. So here’s what our panel of experts made of the plans:

    More challenges for employers and small businesses

    Shampa Roy-Mukherjee, Associate Professor in Economics, University of East London

    The budget introduces £40 billion in tax hikes and, in some areas, spending cuts that will put pressure on the economy and business in particular. But it also reflects the government’s focus on economic growth, with policies intended to stabilise finances while addressing some of the concerns of small businesses.

    The chancellor has retained her commitment to preserve the rates of income tax, employee national insurance and VAT. But a notable change is the increase in employers’ national insurance contributions (NICs) from 13.8% to 15%.

    There was also a reduction in the secondary threshold, which is the amount at which the employer starts paying NI on each employee, from £9,100 to £5,000. Altogether this will raise £25 billion annually but will significantly impact many businesses that will now face higher wage bills.

    The national living wage is also rising by 6.7% to £12.21 per hour in April 2025, boosting incomes for about three million workers but again increasing costs for many businesses. These rising taxes and wage increases, alongside incoming employment regulations, will strain businesses, particularly in sectors with high labour demands.

    To offset some of these pressures, the employment allowance, which allows some smaller employers to reduce their NICs, has been raised from £5,000 to £10,500. The chancellor said that over 1 million employers will not see their NICs bill rise as a result.

    Small businesses in retail, hospitality and leisure, where profits have been hit as consumers struggle with the cost of living, will benefit from a 40% business rate relief on properties up to £110,000. Other supportive measures include a continued freeze on fuel duty, which will aid logistics and transport costs. Corporation tax remains fixed at 25%.

    At the next stop they’re putting up bus fares.
    Mistervlad/Shutterstock

    Higher wages for three million, but it could cost more to get the bus to work

    Rachel Scarfe, Lecturer in Economics, University of Stirling

    The biggest change for those on low incomes was an increase in the national minimum wage (for 18 to 20-year-olds) of 16.3%, from £8.60 to £10 an hour, and an increase in the national living wage (for employees aged 21 and over) of 6.7%, from £11.44 to £12.21, from April 2025. This will lead to a pay rise for more than 3 million workers.

    Business associations warn that this will cause job losses, particularly in hospitality and the care sector, where many employees earn the minimum wage. But a large body of research has not found a negative effect of minimum wages on employment.

    There is some evidence that earlier minimum wage rises caused an increase in the number of zero-hours contracts in social care, as firms tried other ways to reduce wages. However, the new employment rights bill introduced earlier in October would limit the use of zero-hours contracts in this scenario.

    The budget could have an indirect effect on pay packets though. The effect of the change to employer NICs will be greater in sectors with more low-paid workers, such as hospitality, and employer associations have warned that it will risk jobs. There is also some evidence that in the long term, firms pass some of these costs on to employees by reducing their wages.

    However, the minimum wage increase will reduce the capacity for firms to reduce wages. And any long-term effect would also be offset by lower income taxes that will come after 2028 when the chancellor has said she will increase the threshold at which people starting paying tax.

    So if wages and profits fall because of increased contributions, then the amount Reeves raises will be lower than expected, because income and corporation tax receipts will be hit.

    Another indirect factor affecting incomes is the cost of getting to work. The fuel duty freeze will continue, but the bus fare cap will increase from £2 to £3. Lower-paid workers and jobseekers are much more likely to use the bus than those with higher incomes, who are more likely to drive, but the cost of bus travel increased much more than the cost of train travel or petrol over the last parliament.

    The fare cap reversed some of this increase, and some evidence shows that it led to more people travelling by bus. But the new £3 cap will only last until the end of 2025, which may be too soon to see much effect.

    Second thoughts about that second home?
    Andrew Roland/Shutterstock

    Taxing times for the wealthy

    Jonquil Lowe, Senior Lecturer in Economics and Personal Finance, The Open University

    As expected, the budget targeted several wealth taxes, including capital gains tax (CGT), which is charged on profits you make when you “dispose of” (sell or give away) an asset. The first slice of such profits (£3,000 in 2024-25) is tax-free. Profit above that is added to your income to determine what rate will apply: a lower rate for profit covered by the basic income tax rate band and a higher rate on anything more.

    Reeves announced that CGT rates on financial assets – things like shares – will immediately increase from 10% to 18% (for the lower rate) and from 18% to 24% (for the higher rate). Financial assets account for around 85% of all disposals within the scope of CGT, but only around 350,000 people a year pay the tax.

    This brings the rates on financial assets into line with residential property, such as a second home. (There is no CGT when you sell or give away your only or main home.) But this still leaves wealth taxed less heavily than income.

    The government says it is committed to tackling the UK’s housing shortage. So to deter multiple home ownership, it has raised stamp duty for people buying a second (or third or fourth) home. Purchases completed will now incur an extra 5% tax (currently 3%) over and above the normal stamp duty rates.

    There were also changes to inheritance tax (IHT). Pension savings left unused at death have in recent years been passed on tax free. But from April 2027, the savings will count as part of the estate and be subject to IHT at a rate of up to 40%.

    The first slice of the estate a person leaves, called the nil-rate band, is IHT-free, and that band has been frozen at £325,000 since 2010. Reeves extended the freeze until April 2030.

    As a result of these changes, the government expects almost 6% of estates to pay IHT this year, up from fewer than 5% in recent years. People in London and the south east are more likely to be IHT-payers, largely due to higher property values in those areas.

    A downpayment on growth – but probably not quickly

    Linda Yueh, Adjunct Professor of Economics, University of Oxford

    The chancellor declared that the government will “invest, invest, invest”. This is an important enabler of economic growth.

    But, the country’s creditors need reassuring, so Reeves also announced two new fiscal rules that aim to achieve that balance of allowing the government to borrow to invest (and generate growth), but not to pay for day-to-day spending.

    Specifically, the investment rule permits borrowing to invest and the stability rule requires day-to-day spending to be paid for by taxes. Both rules support the government’s growth aims while trying to reassure the country’s creditors that the borrowing will pay off by generating future growth – and also higher tax receipts with which to repay that borrowing.

    But spending watchdog the Office for Budget Responsibility (OBR) has downgraded the UK’s GDP growth outlook from 2% to 1.8% in 2026, and to 1.5% in 2027 and 2028. The OBR’s forecast of slower growth highlights the impact of the £40 billion of tax increases, which dampens economic activity.

    This underscores the government’s challenge of investing to grow while at the same having to raise taxes to balance the books when it comes to its daily spending. In particular, the OBR’s assessment of slowing growth towards the middle of this parliament raises questions about how long it will take for the investment-fuelled growth to materialise.

    It may be that five years is still too short a period. Many physical investments require planning and those reforms could also take a while. Moreover, getting investment projects under way requires scoping, and private investors will want time to assess before joining the government in energy projects.

    But this budget is certainly a start on a much-needed growth strategy.

    Clean energy boost?
    StudioFI/Shutterstock

    Good news on public investment – emerging industries could benefit

    Phil Tomlinson, Professor of Industrial Strategy, University of Bath

    The key budget change related to the chancellor’s fiscal rules. By redefining how public debt is calculated, Reeves has been able to increase public investment by around £100 billion. The new fiscal rules have gone not as far as some economists have advocated – but they are a welcome step in the right direction.

    Investment was the core focus of the budget. For decades, the UK has suffered from low investment and weak productivity compared to other leading economies. Since 1990, the UK’s investment gap with the average across rich countries in the Organisation for Economic Co-operation and Development (OECD) has been around £35 billion a year – the UK now ranks 28th of 31 OECD countries on business investment. British workers are using outdated kit and so are less productive. This has meant a stagnant economy and lower living standards.

    So, the budget’s plans to boost investment in the UK’s crumbling infrastructure and public services and to support the new industrial strategy are a positive move. The latter should see additional funding to support emerging tech industries, such as artificial intelligence, cyber and clean energy. And this public investment should “crowd in” additional private investment.

    In the long run, these investments should pay for themselves. For instance, the Office for Budget Responsibility estimates that a sustained increase in public investment of 1% of GDP increases that GDP by 0.5% after five years and more than 2% after ten to 15 years.

    The rise in employer national insurance contributions will increase business’s operating costs, especially those in the care and hospitality sectors. But paradoxically, in the long run, it may encourage some businesses (in sectors where it is feasible) to invest in new labour-saving capital equipment.




    Read more:
    Rachel Reeves is the UK’s first female chancellor. Here’s why that’s so significant


    The NHS gets a cash injection – but it may not go that far

    Karen Bloor, Professor of Health Economics and Policy, University of York

    Amid all the gloomy pre-budget talk of tough choices and economic problems, would the government’s plans to improve the NHS cheer up the country (England, at least)? Not entirely.

    On the plus side, the chancellor promised a generous spending increase of £22.6 billion in the year 2025 to 2026, with £3.1 billion on capital investment. But solving the problems of the NHS is not just about money, and there will be difficult decisions to come.

    Meanwhile, increases in employers’ national insurance contributions, while raising funds, will also have a big impact on the NHS, which employs over 1.5 million people. So the additional spending may be less than it appears.

    The new government has said it has three main priorities for healthcare in England: moving care from hospitals to the community, moving resources from treatment to prevention, and changing systems from analogue to digital. None of these ideas are new, and there are good reasons why they haven’t happened already.

    Expanding primary and community care often does not translate into reduced demand for hospital services – in fact, it can do the opposite, by uncovering previously unmet needs. And successive governments have failed to address long-standing problems in social care, which is crucial to addressing pressures on the NHS. A successful NHS means people living longer, but often with long-term health problems.

    Returns on investment in preventing illness can be substantial, but they vary widely, and can be difficult to achieve. This is particularly true when it comes to interventions needing individual behaviour change, such as increasing exercise or cutting down on alcohol. Even when clearly positive, they take a very long time to generate cost savings.

    And there are other aspects of the chancellor’s plans which could arguably harm public health. Abolition of winter fuel payments for example, could affect the health of older people on low incomes.

    Rising bus fares could affect people’s ability to attend appointments, and the controversial two-child benefit cap, which can affect child health remains in place.

    Finally, while technology should improve the efficiency of services, people need care from people. Capital investment – in scanners, radiotherapy machines and diagnostics – will need to be matched by the cost of the professionals who operate them and interpret their findings.

    Karen Bloor receives funding from the NIHR policy research programme to conduct responsive analysis for the Department of Health and Social Care,

    Phil Tomlinson receives funding from the Engineering and Physical Sciences Research Council (EPSRC) for Made Smarter Innovation: Centre for People-Led Digitalisation.

    Rachel Scarfe is a member of the Labour Party.

    Jonquil Lowe, Linda Yueh, and Shampa Roy-Mukherjee 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. What Labour’s first budget means for wages, taxes, business, the NHS and plans to grow the economy – experts explain – https://theconversation.com/what-labours-first-budget-means-for-wages-taxes-business-the-nhs-and-plans-to-grow-the-economy-experts-explain-242509

    MIL OSI – Global Reports

  • MIL-OSI: P4L AI Reaches 14 Billion in Turnover in Under a Month, Revolutionizing the Telegram Mini App Landscape

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Panama, Oct. 30, 2024 (GLOBE NEWSWIRE) — P4L AI, the groundbreaking AI-powered betting assistant, has rapidly ascended as a leading innovator in the online gaming industry. With advanced AI capabilities designed to enhance user success in RNG-based games, P4L AI has set a new standard across top betting platforms, delivering an elevated gaming experience that has captured the market’s attention.

    A Transformative Force in Gaming

    P4L AI’s state-of-the-art technology integrates with renowned gaming platforms like Stake, Rollbit, Betfury, BC Game, TG Casino, and BullSpin. This seamless integration enriches the gaming journey, offering users data-driven insights and personalized strategies to boost their winning potential. With an intuitive interface, P4L AI empowers everyone from casual players to seasoned gamers to leverage sophisticated analytics with ease.

    The P4L AI platform features flagship offerings such as the AI Betting Assistant and On-Chain Whitelabel solution. The AI Betting Assistant provides personalized recommendations based on individual behaviors and preferences, while the On-Chain Whitelabel enables partners to incorporate P4L AI’s advanced technology into their offerings. Together, these tools form a powerful foundation that drives revenue and user engagement.

    In its pursuit to make gaming accessible and engaging, P4L AI recently launched a suite of interactive tools, including a Telegram Bot, TG Mini-App, and a selection of exclusive games. These features have significantly boosted user engagement, creating new ways for players to interact with the platform.

    Notable Milestones Reflecting Rapid Growth and Success

    P4L AI’s journey has been marked by a series of impressive achievements that underline its popularity and performance:

    • 600,000 Total Users: Reaching half a million users underscores P4L AI’s broad market appeal and the effectiveness of its AI-powered tools.
    • 200,000 Active Users: This active user base showcases P4L AI’s commitment to fostering a dynamic community of engaged players.
    • 5 Billion Earned by Users: Users have collectively earned an impressive 4 billion, demonstrating the platform’s potential for rewarding gameplay.
    • 15 Billion Turnover: The substantial turnover signifies P4L AI’s strong engagement and activity, solidifying its leadership in the gaming sector.
    • 200,000 Community Members: P4L AI’s thriving community contributes to a vibrant exchange of tips, strategies, and shared experiences.

    Future Expansion into $P4L Tokens

    P4L AI users benefit from in-platform diamonds, which they will soon be able to convert into $P4L tokens. This planned feature will allow users to transform their in-app achievements into tangible assets, enhancing the P4L economic ecosystem.

    Strategic Growth and Innovation Goals

    Looking ahead, P4L AI aims to expand its user base to 10 million by Q4 2024, with plans to achieve a 50% active user rate and a 25% daily active user rate on the P4L Mini-App. Additional feature rollouts and new strategic partnerships are also in the pipeline, with private investors joining to boost platform capabilities and broaden P4L AI’s presence in the competitive online gaming sector.

    P4L AI’s collaborative network includes FoxCoin, Etaku, Captcha, Poplaunch, EasyCake, Start AI, Gemsee, Qappi, BeeVerse, Cat Planets, Hamster Republic, TapOnBase, Vfilm, Akefish, Lamaz, Get Game, TonOS, Lil Piggies Restaurant, Metaracing, Habbit, BearFi, Ton AI, and All At Once. Together, these partners bring unique expertise and vision, collectively driving unprecedented growth across multiple sectors.

    Dedicated to Responsible Gaming

    As part of its mission, P4L AI promotes responsible gaming practices, encouraging users to set limits and use self-assessment tools. Collaborating with industry organizations, P4L AI is committed to raising awareness and providing support resources to ensure a safe and positive gaming experience.

    Contact P4L AI

    P4L AI Mini App: https://t.me/p4l_bot/launch
    Chat Group: https://t.me/P4LAIchat
    Telegram Channel: https://t.me/P4LAI
    Website: https://www.p4l.ai/
    X (formerly Twitter): https://x.com/p4lai_
    Media Assets: P4L AI Media Kit
    Contact: James Solo on Telegram

    Contact :
    Persons Name: James Solo
    Email id: hi@P4L.ai

    Disclaimer: This content is provided by P4L AI . The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    The MIL Network

  • MIL-OSI Security: U.S. Attorney’s Office Highlights Efforts to Protect the Right to Vote, Prosecute Election Fraud, and Secure Elections

    Source: Office of United States Attorneys

    FAIRVIEW HEIGHTS, Ill. – Consistent with longstanding Justice Department practices, U.S. Attorney Rachelle Aud Crowe is highlighting the office’s efforts to ensure all qualified voters have the opportunity to cast their ballots free of discrimination, intimidation, or criminal activity in the election process, and to ensure elections are secure against foreign malign interference.

    “The Justice Department prioritizes ensuring fair elections, and our success will depend on the assistance we receive from the American electorate,” said U.S. Attorney Rachelle Aud Crowe. “It’s critical for those who have specific information about voting rights concerns or election fraud to make that information available to the Department of Justice.”

    U.S. Attorney Crowe designated Assistant U.S. Attorney Peter Reed to lead the efforts in southern Illinois for the Justice Department’s nationwide Election Day Program for the upcoming Nov. 5 general election.

    AUSA Reed serves as the District Election Officer for the Southern District of Illinois, and in that capacity, is responsible for overseeing the handling of election day complaints for voting rights concerns, threats of violence to election officials or staff, and election fraud, in consultation with Justice Department Headquarters in Washington.

    The Department of Justice has an important role in deterring and combatting discrimination and intimidation at the polls, threats of violence directed at election officials and poll workers, and election fraud. The Department’s longstanding Election Day Program furthers these goals and seeks to ensure public confidence in the electoral process by providing local points of contact within the Department for the public to report possible federal election law violations.

    Federal law protects against such crimes as threatening violence against election officials or staff, intimidating or bribing voters, buying and selling votes, impersonating voters, altering vote tallies, stuffing ballot boxes, and marking ballots for voters against their wishes or without their input. It also contains special protections for the rights of voters, and provides that they can vote free from interference, including intimidation, and other acts designed to prevent or discourage people from voting or voting for the candidate of their choice. The Voting Rights Act protects the right of voters to mark their own ballot or to be assisted due to a disability or inability to read or write in English.  

    AUSA Reed will be on duty while the polls are open and will be responsible for responding to complaints of voting rights concerns and election fraud and directing them to the appropriate authorities. He can be reached by calling (618) 977-3332.

    In addition, the FBI has agents available throughout the country to receive allegations of election fraud and other election abuses on election day. You can reach the FBI online at www.tips.fbi.gov or dialing 1-800-CALL-FBI (1-800-225-5324).

    Concerns for violations of the federal voting rights laws can be made directly to the Civil Rights Division in Washington, DC by complaint form at https://civilrights.justice.gov/ or by phone at 800-253-3931.

    Report crimes of violence or intimidation by calling 911 immediately and before contacting federal authorities. State and local police have primary jurisdiction over polling places, and almost always have faster reaction capacity in an emergency. 

    MIL Security OSI

  • MIL-OSI: Security Federal Corporation Announces Third Quarter Income

    Source: GlobeNewswire (MIL-OSI)

    AIKEN, S.C., Oct. 30, 2024 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and nine months ended September 30, 2024.

    The Company reported net income available to common shareholders of $2.0 million, or $0.62 per share, for the quarter ended September 30, 2024, compared to $2.1 million, or $0.65 per share, for the third quarter of 2023. Year-to-date net income available to common shareholders was $5.9 million, or $1.83 per common share, for the nine months ended September 30, 2024, compared to $6.6 million, or $2.02 per common share, during the nine months ended September 30, 2023. Both the quarterly and year-to-date decreases in net income available to common shareholders were primarily due to increases in the provision for credit losses and non-interest expense, as well as the payment of preferred stock dividends during 2024, which were partially offset by increases in net interest income and non-interest income.

    Third Quarter Comparative Financial Highlights

    • Net interest income increased $964,000, or 10.2%, to $10.4 million during the quarter ended September 30, 2024, compared to $9.4 million during the third quarter of 2023.
    • Total interest income increased $2.7 million, or 16.1%, to $19.5 million while total interest expense increased $1.7 million, or 23.7%, to $9.1 million during the quarter ended September 30, 2024 compared to the same quarter the prior year. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest-earning assets and interest-bearing liabilities.
    • Non-interest income increased $457,000, or 21.1%, to $2.6 million during the quarter ended September 30, 2024 compared to the same quarter in the prior year primarily due to $263,000 and $74,000 increases in trust income and gain on sale of loans, respectively.
    • Non-interest expense increased $389,000, or 4.4%, to $9.3 million during the quarter ended September 30, 2024 compared to the same quarter in the prior year primarily due to an increase in salaries and employee benefits expense.
         
        Quarter Ended
    (Dollars in Thousands, except for Earnings per Share)   9/30/2024   9/30/2023
    Total interest income   $ 19,531   $ 16,822
    Total interest expense     9,121     7,376
    Net interest income     10,410     9,446
    Provision for credit losses     580    
    Net interest income after provision for credit losses     9,830     9,446
    Non-interest income     2,625     2,168
    Non-interest expense     9,313     8,924
    Income before income taxes     3,142     2,690
    Provision for income taxes     732     568
    Net income     2,410     2,122
    Preferred stock dividends     415    
    Net income available to common shareholders   $ 1,995   $ 2,122
    Earnings per common share (basic)   $ 0.62   $ 0.65
                 
                 

    Year to Date (Nine Months) Comparative Financial Highlights

    • Net interest income increased $1.8 million, or 6.1%, to $30.6 million during the nine months ended September 30, 2024 compared to the same period in the prior year.
    • Total interest income increased $10.5 million, or 22.5%, to $57.1 million while total interest expense increased $8.7 million, or 49.0%, to $26.5 million during the nine months ended September 30, 2024 compared to the same period in the prior year.
    • Non-interest income increased $780,000, or 11.8%, to $7.4 million during the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to a $480,000 increase in trust income.
    • Non-interest expense increased $1.8 million, or 6.5%, to $28.6 million for the nine months ended September 30, 2024 compared to the same period in 2023.
         
        Nine Months Ended
    (Dollars in Thousands, except for Earnings per Share)   9/30/2024   9/30/2023
    Total interest income   $ 57,071   $ 46,593
    Total interest expense     26,497     17,780
    Net interest income     30,574     28,813
    Provision for credit losses     1,090     221
    Net interest income after provision for credit losses     29,484     28,592
    Non-interest income     7,400     6,620
    Non-interest expense     28,617     26,863
    Income before income taxes     8,267     8,349
    Provision for income taxes     1,878     1,775
    Net income     6,389     6,574
    Preferred stock dividends     512    
    Net income available to common shareholders   $ 5,877   $ 6,574
    Earnings per common share (basic)   $ 1.83   $ 2.02
                 
                 

    Credit Quality

    • The Bank recorded a $1.2 million provision for credit losses on loans and a $110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $1.1 million for the first nine months of 2024, compared to $376,000 in provision for credit losses on loans and a $155,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $221,000 for the first nine months of 2023.
    • Non-performing assets were $6.8 million at both September 30, 2024 and December 31, 2023, compared to $6.3 million at September 30, 2023.
    • The allowance for credit losses to gross loans was 1.95%, 1.98% and 2.03% at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.
           
    At Period End (dollars in thousands): 9/30/2024 12/31/2023 9/30/2023
    Non-performing assets $ 6,770   $ 6,825   $ 6,339  
    Non-performing assets to total assets   0.43 %   0.44 %   0.43 %
    Allowance for credit losses $ 13,604   $ 12,569   $ 12,348  
    Allowance for credit losses to gross loans   1.95 %   1.98 %   2.03 %
                       
                       

    Balance Sheet Highlights and Capital Management

    • Total assets were $1.6 billion at September 30, 2024, a year-over-year increase of $99.0 million, or 6.7%.
    • Total loans receivable, net were $686.7 million at September 30, 2024, an increase of $64.2 million during the first nine months of 2024 and a year-over-year increase of $88.7 million.
    • Investment securities decreased $28.7 million during the first nine months of 2024 to $672.1 million at September 30, 2024, as maturities and principal paydowns of investment securities exceeded purchases during the nine-month period.
    • Deposits were $1.3 billion at September 30, 2024, an increase of $62.3 million, or 5.2% during the nine months ended September 30, 2024, and a year-over-year increase of $71.3 million, or 6.0%.
    • Borrowings decreased $49.1 million, or 28.9%, during the nine months ended September 30, 2024 to $121.0 million due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program.
           
    Dollars in thousands (except per share amounts) 9/30/2024 12/31/2023 9/30/2023
    Total assets $ 1,576,326   $ 1,549,671   $ 1,477,330  
    Cash and cash equivalents   132,376     128,284     84,224  
    Total loans receivable, net   686,708     622,529     598,029  
    Investment securities   672,054     700,712     705,558  
    Deposits   1,257,313     1,194,997     1,186,053  
    Borrowings   120,978     170,035     119,898  
    Total shareholders’ equity   185,081     172,362     158,996  
    Common shareholders’ equity   102,132     89,413     76,047  
    Common equity book value per share $ 31.97   $ 27.69   $ 23.46  
    Total risk-based capital to risk weighted assets (1)   19.21 %   19.49 %   19.33 %
    CET1 capital to risk weighted assets (1)   17.96 %   18.24 %   18.08 %
    Tier 1 leverage capital ratio (1)   10.27 %   9.83 %   10.11 %
    (1) – Ratio is calculated using Bank only information and not consolidated information      
           
           

    Security Federal Bank has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

    Forward-looking statements:

    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

    The MIL Network

  • MIL-OSI Canada: AIOC mandate expands to tourism: Minister Wilson

    Source: Government of Canada regional news

    “Over the past five years, the Alberta Indigenous Opportunities Corporation has had great success in facilitating investments in natural resources and is ready to leverage investments in agriculture, telecommunications and transportation projects with up to $3 billion in loan guarantees.

    “Building on the achievements of the AIOC, I am thrilled to announce that the AIOC’s mandate is now expanding to include tourism. With a growing interest in Alberta’s tourism sector, and a high global demand for authentic cultural and land-based tourism, it makes sense to expand the AIOC’s mandate to include Indigenous investment in major tourism projects.

    “This new focus will open doors to even more opportunities for Indigenous communities to be partners in prosperity while showcasing their rich cultures, histories, and traditions to the world.

    “Tourism is a powerful driver of economic growth, and with the AIOC’s support, we can ensure that Indigenous communities are at the forefront of this vibrant industry.”

    Related information

    • Alberta Indigenous Opportunities Corporation

    MIL OSI Canada News

  • MIL-OSI USA: SPC Tornado Watch 694

    Source: US National Oceanic and Atmospheric Administration

    Note:  The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports.
    SEL4

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 694
    NWS Storm Prediction Center Norman OK
    205 PM CDT Wed Oct 30 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    South-Central Kansas
    Western into Central/North-Central Oklahoma

    * Effective this Wednesday afternoon and evening from 205 PM
    until 900 PM CDT.

    * Primary threats include…
    A few tornadoes likely with a couple intense tornadoes possible
    Scattered damaging winds likely with isolated significant gusts
    to 75 mph possible
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible

    SUMMARY…Developing supercells will pose a threat for large to very
    large hail initially (up to 1.5-2.5 inches in diameter). Later this
    afternoon into the evening, the threat for a few tornadoes will
    increase. A strong tornado or two appears possible, especially early
    this evening. Scattered severe/damaging winds will also become a
    concern later this evening as thunderstorms eventually form into a
    line.

    The tornado watch area is approximately along and 55 statute miles
    east and west of a line from 35 miles northeast of Hutchinson KS to
    35 miles east of Clinton OK. For a complete depiction of the watch
    see the associated watch outline update (WOUS64 KWNS WOU4).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 693…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 2.5 inches. Extreme turbulence and surface wind
    gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 24035.

    …Gleason

    SEL4

    URGENT – IMMEDIATE BROADCAST REQUESTED
    Tornado Watch Number 694
    NWS Storm Prediction Center Norman OK
    205 PM CDT Wed Oct 30 2024

    The NWS Storm Prediction Center has issued a

    * Tornado Watch for portions of
    South-Central Kansas
    Western into Central/North-Central Oklahoma

    * Effective this Wednesday afternoon and evening from 205 PM
    until 900 PM CDT.

    * Primary threats include…
    A few tornadoes likely with a couple intense tornadoes possible
    Scattered damaging winds likely with isolated significant gusts
    to 75 mph possible
    Scattered large hail and isolated very large hail events to 2.5
    inches in diameter possible

    SUMMARY…Developing supercells will pose a threat for large to very
    large hail initially (up to 1.5-2.5 inches in diameter). Later this
    afternoon into the evening, the threat for a few tornadoes will
    increase. A strong tornado or two appears possible, especially early
    this evening. Scattered severe/damaging winds will also become a
    concern later this evening as thunderstorms eventually form into a
    line.

    The tornado watch area is approximately along and 55 statute miles
    east and west of a line from 35 miles northeast of Hutchinson KS to
    35 miles east of Clinton OK. For a complete depiction of the watch
    see the associated watch outline update (WOUS64 KWNS WOU4).

    PRECAUTIONARY/PREPAREDNESS ACTIONS…

    REMEMBER…A Tornado Watch means conditions are favorable for
    tornadoes and severe thunderstorms in and close to the watch
    area. Persons in these areas should be on the lookout for
    threatening weather conditions and listen for later statements
    and possible warnings.

    &&

    OTHER WATCH INFORMATION…CONTINUE…WW 693…

    AVIATION…Tornadoes and a few severe thunderstorms with hail
    surface and aloft to 2.5 inches. Extreme turbulence and surface wind
    gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean
    storm motion vector 24035.

    …Gleason

    Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas.
    SAW4
    WW 694 TORNADO KS OK 301905Z – 310200Z
    AXIS..55 STATUTE MILES EAST AND WEST OF LINE..
    35NE HUT/HUTCHINSON KS/ – 35E CSM/CLINTON OK/
    ..AVIATION COORDS.. 50NM E/W /32SSE SLN – 48W OKC/
    HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..65 KNOTS.
    MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.

    LAT…LON 38419640 35329760 35329955 38419843

    THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
    COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
    FOR WOU4.

    Watch 694 Status Report Message has not been issued yet.

    Note:  Click for Complete Product Text.Tornadoes

    Probability of 2 or more tornadoes

    Mod (60%)

    Probability of 1 or more strong (EF2-EF5) tornadoes

    Mod (40%)

    Wind

    Probability of 10 or more severe wind events

    Mod (60%)

    Probability of 1 or more wind events > 65 knots

    Mod (30%)

    Hail

    Probability of 10 or more severe hail events

    Mod (50%)

    Probability of 1 or more hailstones > 2 inches

    Mod (40%)

    Combined Severe Hail/Wind

    Probability of 6 or more combined severe hail/wind events

    High (90%)

    For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.

    MIL OSI USA News

  • MIL-OSI: Alpine Banks of Colorado announces financial results for third quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    GLENWOOD SPRINGS, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the quarter ended September 30, 2024. The Company reported net income of $13.6 million, or $127.16 per basic Class A common share and $0.85 per basic Class B common share, for third quarter 2024.

    Highlights in third quarter 2024 include:

    • Basic earnings per Class A common share increased 16.8%, or $18.28, during third quarter 2024.
    • Basic earnings per Class A common share decreased 16.8%, or $18.30, compared to third quarter 2023.
    • Basic earnings per Class B common share increased 16.8%, or $0.12, during third quarter 2024.
    • Basic earnings per Class B common share decreased 16.8%, or $0.12, compared to third quarter 2023.
    • Net interest margin for third quarter 2024 was 2.98%, compared to 2.87% in second quarter 2024, and 2.87% in third quarter 2023.

    “Third quarter 2024 results show a continuation of our improving financial performance,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Alpine successfully grew customer deposit balances, paid down brokered CDs and decreased the cost of our funding during the third quarter. Both our net interest margin and return on assets saw improvements over the first and second quarters of 2024.”

    Net Income
    Net income for third quarter 2024 and second quarter 2024 was $13.6 million and $11.7 million, respectively. Interest income increased $1.9 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in yields on the loan portfolio and increased balances in due from banks. These increases were slightly offset by decreased yields and volumes in the securities portfolio and decreased rates on due from banks, along with decreased volume in the loan portfolio. Interest expense increased $0.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increased balances in deposit accounts. This increase was partially offset by decreases in costs on, and volume of, the Company’s trust preferred securities. Noninterest income increased $1.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in service charges on deposit accounts, and other income. Noninterest expense decreased $0.8 million in third quarter 2024 compared to second quarter 2024, due to decreases in other expenses and salary and employee benefit expenses slightly offset by increases in occupancy expenses and furniture and fixture expenses. A provision for loan losses of $1.2 million was recorded in third quarter 2024 compared to a $0.2 million provision recorded in second quarter 2024.

    Net income for the nine months ended September 30, 2024, and September 30, 2023, was $35.9 million and $46.0 million, respectively. Interest income increased $18.5 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $31.8 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $3.3 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $3.0 million in the first nine months of 2024 compared to the first nine months of 2023, due to increases in salary and employee benefit expenses and occupancy expenses. These increases were partially offset by decreases in furniture and fixture expenses and other expenses. Provision for loan losses decreased $0.3 million in the first nine months of 2024 due to loan portfolio declines and a small volume of loan charge-offs, compared to the nine months ended September 30, 2023.

    Net interest margin increased from 2.87% in second quarter 2024 to 2.98% in third quarter 2024. Net interest margin for the nine months ended September 30, 2024, and September 30, 2023, was 2.89% and 3.17%, respectively.

    Assets
    Total assets increased $107.0 million, or 1.7%, to $6.58 billion as of September 30, 2024, compared to June 30, 2024, primarily due to increased cash and due from banks and investment securities balances, partially offset by decreased loans receivable. Total assets increased $110.6 million, or 1.7%, from September 30, 2023, to September 30, 2024. The Alpine Bank Wealth Management* division had assets under management of $1.34 billion on September 30, 2024, compared to $1.09 billion on September 30, 2023, an increase of 23.3%.

    Loans
    Loans outstanding as of September 30, 2024, totaled $4.0 billion. The loan portfolio decreased $36.3 million, or 0.9%, during third quarter 2024 compared to June 30, 2024. This decrease was driven by a $22.9 million decrease in real estate construction loans and a $33.7 million decrease in residential real estate loans, partially offset by a $13.7 million increase in commercial and industrial loans, a $5.0 million increase in commercial real estate loans, a $1.6 million increase in consumer loans, and a $0.1 million increase in other loans.

    Loans outstanding as of September 30, 2024, reflected a decrease of $5.0 million, or 0.1%, compared to loans outstanding of $4.0 billion on September 30, 2023. This decrease was driven by a $102.8 million decrease in real estate construction loans, partially offset by a $54.9 million increase in commercial real estate loans, a $20.8 million increase in residential real estate loans, a $20.0 million increase in commercial and industrial loans, a $1.8 million increase in consumer loans and a $0.3 million increase in other loans.

    Deposits
    Total deposits increased $74.1 million, or 1.3%, to $5.9 billion during third quarter 2024 compared to June 30, 2024, primarily due to a $110.1 million increase in demand deposits and a $49.5 million increase in money market accounts. This increase was partially offset by a $36.4 million decrease in certificate of deposit accounts, a $3.8 million decrease in savings accounts, and a $45.4 million decrease in interest-bearing checking accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $390.5 million on June 30, 2024. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 29.3% on June 30, 2024.

    Total deposits of $5.9 billion on September 30, 2024, reflected an increase of $38.5 million, or 0.7%, compared to total deposits of $5.8 billion on September 30, 2023. This increase was due to a $248.2 million increase in money market accounts, partially offset by a $41.6 million decrease in certificate of deposit accounts, a $111.6 million decrease in interest-bearing checking accounts, a $27.0 million decrease in demand deposits and a $29.5 million decrease in savings accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $563.7 million on September 30, 2023. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 31.4% on September 30, 2023.

    Capital
    The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of September 30, 2024, the Bank’s Tier 1 Leverage Ratio was 9.62%, Tier 1 Risk-Based Capital Ratio was 14.15%, and Total Risk-Based Capital Ratio was 15.30%. On a consolidated basis, the Company’s Tier 1 Leverage Ratio was 9.23%, Tier 1 Risk-Based Capital Ratio was 13.59%, and Total Risk-Based Capital Ratio was 15.85% as of September 30, 2024.

    Book value per share on September 30, 2024, was $4,787.58 per Class A common share and $31.92 per Class B common share, an increase of $294.62 per Class A common share and $1.96 per Class B common share from June 30, 2024.

    Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.

    Dividends
    Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.

    During third quarter 2024, the Company paid cash dividends of $30.00 per Class A common share and $0.20 per Class B common share. On October 10, 2024, the Company declared cash dividends of $30.00 per Class A common share and $0.20 per Class B common share payable on October 28, 2024, to shareholders of record on October 21, 2024.

    About Alpine Banks of Colorado
    Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.6 billion, independent, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains and Front Range. Alpine Bank has a five-star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B non-voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

    *Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.                                                   

    Contacts: Glen Jammaron Eric A. Gardey
      President and Vice Chairman Chief Financial Officer
      Alpine Banks of Colorado Alpine Banks of Colorado
      2200 Grand Avenue 2200 Grand Avenue
      Glenwood Springs, CO 81601 Glenwood Springs, CO 81601
      (970) 384-3266 (970) 384-3257


    A note about forward-looking statements
    This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:

    • The ability to attract new deposits and loans;
    • Demand for financial services in our market areas;
    • Competitive market-pricing factors;
    • Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
    • Effects of future economic, business and market conditions, including higher inflation;
    • Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
    • Deterioration in economic conditions that could result in increased loan losses;
    • Actions by competitors and other market participants that could have an adverse impact on expected performance;
    • Risks associated with concentrations in real estate-related loans;
    • Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
    • Market interest rate volatility, including changes to the federal funds rate;
    • Stability of funding sources and continued availability of borrowings;
    • Geopolitical events, including acts of war, international hostilities and terrorist activities;
    • Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
    • Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
    • Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
    • Any increases in FDIC assessments;
    • Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
    • The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
    • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
    • The ability to recruit and retain key management and staff;
    • The ability to raise capital or incur debt on reasonable terms; and
    • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

    There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Key Financial Measures
    The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).

    Key Financial Measures 09.30.2024

    Consolidated Statements of Comprehensive Income 09.30.2024

    Consolidated Statements of Financial Condition 09.30.2024

    Consolidated Statements of Income 09.30.3024

    The MIL Network

  • MIL-OSI USA: Salazar and Pettersen Introduce Legislation to Improve Retirement Security for Family Caregivers

    Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

    WASHINGTON, D.C. – Rep. María Elvira Salazar (R-FL) joined Rep. Brittany Pettersen (D-CO) in introducing two bills to give critical support to caregivers across the United States who selflessly support their families. U.S. Senators Susan Collins (R-ME) and Mark Warner (D-VA) introduced the Senate versions of these bills.

    The Improving Retirement Security for Family Caregivers Act (H.R. 9765) and Catching Up Family Caregivers Act (H.R. 9764) would help address the financial challenges faced by individuals who leave the workforce to care for loved ones, often sacrificing their own long-term financial security. Our family caregivers need as many tax breaks and incentives as possible to help navigate the challenges they face while supporting their family.

    Caregiving is one of the most important jobs, but our current policies penalize selfless Americans who look after their loved ones,” said Rep. Salazar. “I’m proud to co-lead the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, which will reward caregivers with new opportunities to secure a dignified retirement.

    The Improving Retirement Security for Family Caregivers Act would allow family caregivers to contribute up to $7,000 annually to a Roth IRA, even if their income falls below that threshold. Current law caps contributions at the lower of $7,000 or yearly income, limiting caregivers’ ability to save for retirement when their earnings are reduced due to caregiving responsibilities. By eliminating this income cap for family caregivers, the bill would help to ensure that they can continue to save for retirement despite their reduced wages. 

    The Catching Up Family Caregivers Act would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years. This provision would help caregivers who miss critical savings years get back on track with their retirement planning.

    Both bills are supported by the Alzheimer’s Association, the Edward Jones Grassroots Task Force, the Society for Human Resources Management (SHRM), the Insured Retirement Institute, and the National Alliance for Caregiving.

    Caregivers do some of the most important but under-appreciated work in our country,” said Rep. Pettersen. “Caregivers do everything from cooking meals, administering medications, paying bills, and driving their loved ones to frequent medical appointments. Caregivers often take a significant financial hit when they take time out of the workforce to prioritize their loved ones and many struggle with their own financial security and ability to save in the long term. These two pieces of legislation make it easier for caregivers to save for retirement, ensuring they can take care of their own financial health while caring for their family.

    Family caregivers provide critical support to their loved ones, yet many are forced to step away from work, significantly inhibiting their ability to save for retirement,” said Senator Collins. “Our bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide.

    Family members often make tremendous sacrifices to leave the workforce and care for their aging relatives, and as a result, they miss out on key years of saving for their own golden years,” said Senator Warner. “We need to make it easier for those folks to continue their essential care work while also securing their own financial futures. I’m proud to introduce bills that would give these family caregivers the flexibility to continue contributing to retirement accounts so it’s easier for more people to care for aging relatives without obstructing their own ability to retire with dignity.

    Caring for a loved one living with Alzheimer’s or other dementia too often takes a devastating toll on caregivers, with many experiencing substantial emotional, financial and physical difficulties,” said Robert Egge, Alzheimer’s Association Chief Public Policy Officer and AIM president. “These two bipartisan bills will support our nation’s dementia caregivers by improving access to retirement resources that can help offset some of the financial challenges faced by families impacted by this disease. Thank you to Sens. Collins and Warner for introducing these bills and for your dedication to the Alzheimer’s community.

    Edward Jones is grateful for Senator Collins’ leadership in introducing the Improving Retirement Security for Family Caregivers Act and Catching-up Family Caregivers Act,” said Dr. Lamell McMorris, Principal and Head of Policy, Regulatory & Government Relations for Edward Jones. “We know through our experience, that caregivers make significant sacrifices in providing care to loved ones, which can impact their personal financial security and retirement readiness. We believe that this bipartisan legislation will provide savings opportunities to improve the financial futures of millions of Americans and their families.” 

    Business leaders and HR professionals are responsible for designing and implementing benefit plans that meet the needs of their team members. However, too often, caregiver support is not considered. People are living longer, and workers are caring for both children and elderly parents simultaneously. If we intend to lead with empathy, providing employees with the opportunity to care for ill, injured, or aging loved ones must be a priority,” said Emily M. Dickens, Chief of Staff and Head of Public Affairs, SHRM. “That is why we are honored to support the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act. SHRM is pleased to see the bipartisan progress in Congress being made to help employees reconstitute their retirement nest egg after a period of intensive caregiving.

    Family caregivers often pause their careers and retirement savings to provide essential care for loved ones, a service vital to both families and the economy. However, this time away from paid work can result in reduced income and benefits, potentially leading to future financial difficulties, particularly in retirement,” said Jason Resendez, CEO & President of the National Alliance for Caregiving. “If enacted, the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act would represent progress towards acknowledging and addressing the economic sacrifices too many family caregivers make.”

    BACKGROUND:

    Women often take time away from careers to care for their families, resulting in a significant loss to their retirement savings. According to the Center for American Progress, an average 26-year-old female making $60,000 a year who leaves the workforce for five years to care for her children will lose close to one million dollars over her lifetime due to lost retirement assets and wage growth. A recent study from the Edward Jones Grassroots Taskforce found that 64 percent of women say their caregiving duties have negatively impacted their ability to save towards their long-term financial goals. Those taking care of an aging parent often face similar repercussions to being a family caregiver. In 2020, AARP found that three in ten caregivers have stopped contributing to their savings. Therefore, these proposals would allow those who dedicate at least 500 hours to family caregiving and are unemployed or severely underemployed the ability to contribute to their retirement now and later.

    Click here to read the full text of the Improving Retirement Security for Family Caregivers Act.

    Click here to read the complete text of the Catching Up Family Caregivers Act.

    ###

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Empowered Committee for Animal Health Reviews Advancements Made in India’s Animal Health Sector

    Source: Government of India

    Empowered Committee for Animal Health Reviews Advancements Made in India’s Animal Health Sector

    Mock Drill Planned to Enhance Operational Readiness for Animal Disease Responses in the Country

    Posted On: 30 OCT 2024 9:41PM by PIB Delhi

    The 8th meeting of the Empowered Committee for Animal Health (ECAH) of the Department of Animal Husbandry and Dairying (DAHD) was held on October 28, 2024, under the chairmanship of Prof. Ajay Kumar Sood, Principal Scientific Adviser to the Government of India, and vice-chaired by Mrs. Alka Upadhyaya, Secretary, DAHD, at Vigyan Bhawan.

    The representatives of Indian Council of Agricultural Research (ICAR), Central Drugs Standard Control Organization (CDSCO), Indian Council of Medical Research (ICMR), Department of Biotechnology (DBT) etc. were present as a member to discuss advancements in India’s animal health sector.

    During the meeting, the department highlighted the efforts and the achievements made so far in regulatory streamlining of animal drugs, vaccines, biologicals, and feed additives. The department also reported significant progress made in various on-going vaccination programs for livestock diseases such as Foot-and-Mouth Disease (FMD), Brucellosis, Peste des Petits Ruminants (PPR), and Classical Swine Fever (CSF) that is receiving 100% central funding under the Livestock Health & Disease Control Program (LH&DCP). Notably, all these vaccines are developed indigenously and manufactured domestically, demonstrating India’s commitment to self-sufficiency and global cooperation in animal health. Furthermore, the Principal Scientific Advisor was also briefed about the progress made on the National Digital Livestock Mission (NDLM), that aims to digitally identify and register all livestock and animal husbandry activities, including vaccination, breeding, and treatment in the country. The digital platform is currently handling over 16 transactions every second, showcasing the program’s extensive reach and efficiency.

    Under the One Health Mission, the department will soon conduct a mock drill focused on animal disease response to improve operational readiness for disease management. Prof. Ajay Kumar Sood also lauded the launch of the $25 million G -20 Pandemic Fund Project recently along with The Standard Veterinary Treatment Guidelines (SVTG) and the Crisis Management Plan (CMP) for Animal Diseases. The Pandemic Fund Project aims to fortify laboratory capacities, enhanced disease surveillance and strengthen human resource to bolster resilience in animal health systems in the country.

     The ECAH also deliberated upon the recently released Poultry Disease Action Plan that lays emphasis on proactive disease management through biosecurity measures, enhanced surveillance, and vaccination protocols, thereby safeguarding both poultry population and public health in India. In response to the High Pathogenic Avian Influenza (HPAI) outbreaks in Kerala in the past, the department has developed a comprehensive strategy to control and contain the disease spread, preventing significant public health hazards. It was informed, during the meeting that Compensation rates for forced culling of poultry  were revised and communicated to all states and UTs during the month of September by the department.

    It was also highlighted that World Organisation for Animal Health (WOAH) has recently recognized ICAR-NIVEDI, Bangalore for PPR and Leptospirosis as WOAH Reference Laboratories in India. Previously, ICAR-NIHSAD, Bhopal (for Avian Influenza) and KVFSU, Bangalore (for Rabies) have already been given this recognition highlighting DAHD’s continued commitment to enhancing animal health.

    Empowered Committee on Animal Health

    Established in 2021, ECAH serves as DAHD’s think tank, providing evidence-based insights and policy recommendations on national health programs, emerging disease threats, One Health initiatives, and regulatory frameworks for veterinary vaccines, drugs, and biological.

    ****

    AA

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Ferry Services Resume between Neamati – Kamalabari Channel as IWAI Dredges Sizeable Silt

    Source: Government of India

    Ferry Services Resume between Neamati – Kamalabari Channel as IWAI Dredges Sizeable Silt

    Ferry Services between Jorhat & Majuli disrupted as channel depth of Neamati-Kamalabair became 0.5 meters against minimum of 1.5 meters

    IWAI’s CSD Alakananda along with Tug Boat Khudiram Bose started dredging the affected 2 kms stretch for safe sailing of vessels

    Jet Dredging along with Pipeline Dredging techniques used for swift passage on the blocked channel

    Posted On: 30 OCT 2024 6:42PM by PIB Delhi

    Delhi, 30 October, 2024: The Inland Waterways Authority of India (IWAI), the nodal agency of inland waterways under the Ministry of Ports, Shipping & Waterways (MoPSW), Govt of India,  successfully commenced the dreading in the Neamati-Kamalabari channel to facilitate resumption of ferry services. The team, led by experts from the IWAI, have been using CSD Alakananda along with Tug Boat Khudiram Bose to successfully remove sizeable quantity of silt from the mouth of the channel, which has allowed to reclaim 2 meters of Least Assured Draft (LAD) at the mouth of the channel for safe passage and resumption of ferry services. The ferry service in the said stretch stopped after LAD dropped to less than 0.50 meters.

    The Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal took to X (formerly twitter) and said, “Expedient efforts, including dredging operations by IWAI and Govt of Assam, have ensured resumption of ferry services between Majuli & Jorhat on NW 2 (Brahmaputra). Double Engine Govt is ensuring seamless connectivity for welfare of citizens.”

    The ferry services remain disrupted or stalled from 20 October. To open up the channel, the Govt of Assam requested for Dredging and application of other means of development of fairway in the silted channel for resumption of ferry service. The vessels have been using the Neamati-Afalamukh route to Majuli which has more than 2.5 meters of LAD. However, considering the traffic density, one route is not sufficient and the Neamati Kamalabari channel is important to remain functional. Following survey by the IWAI team, the action plan was drawn which was presented to the Transport Minister of Assam, Keshab Mahanta during his visit to assess the condition of the channel on 23 October. Consequently, the dredging unit – CSD Alakananda, Pipelines, anchor pontoons and one Tug (work boat) Khudiram Bose – was moved from Dibrugarh. Jet Dredging &   Pipeline dredging technique was also used for faster clearing of the channel while Bandalling has been used to make a barrier the branch channel.

    Speaking on the challenges, the Director (I/C), IWAI, Prabin Bora said, “This was a challenging task as the LAD dropped considerably making it unsafe for boats to sail. Along with the IWT Dept of Govt of Assam officials, we made an action plan as we moved the dredging unit here from the ongoing work at Bogibeel. For next four days, (from 25 October to 29 October), our team worked round the clock to clear the mouth of the channel. The minimum length to be dredged in the channel is about 2 kms and we made a rough estimate that thousands of cubic meters of silt to be dredged.”

     

    *****

    NKK/AK

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: EIB Group showcases progress of European Tech Champions Initiative boosting European scale-ups at event in Madrid

    Source: European Investment Bank

    • Since its launch in 2023, the European Tech Champions Initiative has closed fund deals worth €2 billion and mobilising five times this amount, totalling €10 billion in public and private sector resources.
    • Investments have been made in 16 technology scale-ups, two of which are Spanish.
    • In Spain, the European Tech Champions Initiative has invested in a mega fund specialising in deep tech and climate, and an investment in a second mega fund is expected by 2025.
    • As an ETCI participant country, Spain has announced an additional contribution of €300 million to the initiative by the Ministry of Digital Transformation that is soon to be approved by the Spanish cabinet.

    The EIB Group outlined the progress of the European Tech Champions Initiative (ETCI) – the fund of funds promoted by the European Union and participating EU Member States to foster the growth of cutting-edge technology startups with high growth potential (scale-ups) – today in Madrid. This initiative is led by the European Investment Fund (EIF), the EIB Group’s specialist provider of investment capital to benefit small and medium-sized enterprises (SMEs) and mid-caps.

    The presentation took place during the Tech Champions Made in Europe day, which brought together representatives of the Spanish investment and technological innovation ecosystem and was attended by EIB Group President Nadia Calviño, Spanish Minister of Economy, Trade and Business Carlos Cuerpo, EIF Chief Executive Marjut Falkstedt and Instituto de Crédito Oficial (ICO) Chairman Manuel Illueca Muñoz.

    Opening the day, President Calviño had the opportunity to detail the ongoing work to bolster the European capital market, including the expansion of the ETCI and opening it up to private investors. New financial instruments are also being developed to facilitate investor exits via acquisition or listing of the technology startups on European markets.

    “Thanks to EIB Group support, Spain now has a top-tier European investment mega fund. We are already working on the second phase of this initiative, in which Spain is expected to retain its key role,” said EIB Group President Nadia Calviño.

    The event was closed by Spanish Minister of Economy, Trade and Business Carlos Cuerpo, who said: “Spain has already provided €400 million to the ETCI, and today we are announcing an additional contribution of €300 million from the Ministry of Digital Transformation that is soon to be approved by the Spanish cabinet.”

    Since its launch in 2023, the ETCI has been fostering a positive environment in the European venture capital fund market and in the technology ecosystem. It has already closed fund deals worth €2 billion and mobilising five times this amount, totalling €10 billion in public and private sector resources for investment in growth-stage technology companies. ETCI-backed funds have so far invested in 16 European companies, two of which are Spanish.

    In Spain, the ETCI has already made an initial investment in the Kembara Fund I FCR mega fund, a deep tech and climate-focused venture capital fund operating across Europe and managed by Alma Mundi Ventures SGEIC (Mundi Ventures). An investment in a second mega fund is expected by 2025. ETCI-backed funds have in turn invested in two Spanish high-tech companies in their advanced growth phase: Inke, which specialises in respiratory disease treatments, and Factorial, which develops and sells human resources software.

    EIF Chief Executive Marjut Falkstedt said: “We are very happy with the ETCI’s progress to date, and are working on expanding it to increase its impact on the European venture capital and technological innovation ecosystems even further. We are exploring initiatives including structures where the private sector can play a greater role in this fund of funds, which is vital for ensuring European technological autonomy.”

    During his speech, ICO Chairman Manuel Illueca Muñoz said: “The ETCI is helping to strengthen the EU innovation ecosystem. ICO Group aims to support Spanish startups and scale-ups throughout their lifecycle, until they reach sufficient maturity for the ETCI to turn them into European champions.”

    Background information

    The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    The European Tech Champions Initiative (ETCI) is an EU programme managed by the EIF and backed by the European Commission and participating EU Member States. It helps to cover the financing needs of European technology scale-ups, preventing them from relocating and strengthening Europe’s strategic autonomy and competitiveness. Sectors benefiting from the initiative include cybersecurity, artificial intelligence, quantum computing, deep tech, green technologies, biotechnology and digital technologies. The ETCI is also making a major contribution to the European financial markets and is an example of how the EIB Group can act as a pioneering instrument for the capital markets union.

    Discurso completo de la presidenta Nadia Calviño durante la apertura de la jornada

    MIL OSI Europe News

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the opening session of the 30th Anniversary of the International Year of the Family Conference on Family and Contemporary Megatrends [as prepared for delivery]

    Source: United Nations secretary general

    Her Highness Sheikha Moza bint Nasser, Her Excellency, President Osmani, Excellencies, 

    It is an honour and a privilege to open today’s conference to commemorate the 30th anniversary of the International Year of the Family.

    I thank the Doha International Family Institute for its impeccable organization.

    And I am very grateful to the Government of Qatar for hosting this gathering, and for offering to host the Second World Summit for Social Development next year.

    Your steadfast support for the United Nations and its work on sustainable development is hugely appreciated.

    Ladies and Gentlemen,

    A constellation of megatrends is shaping our societies, our families and our communities, and our collective progress towards sustainable development.

    First, the digital revolution. Modern technologies bring significant benefits, including for families – improving the balance between work and family for some. Allowing relatives to stay connected across countries and continents. And improving access to essential services on which families rely.

    But they also inflame challenges such as the digital divide, misinformation, disinformation, hate speech, and cyberbullying. And these issues disproportionally affect young people.

    Second, demographic changes. People are living longer, birthrates are declining. Families are often smaller, and spread across the world. This presents new challenges to caregiving and intergenerational solidarity.

    Third, migration. Over the past six decades, the number of international migrants has quadrupled, reaching 281 million in 2020. They are driven by diverse motivations – from economic aspiration to family reunification, to escaping conflict and climate impacts.

    And the economic, social and political significance of international migration is expected to grow.

    Fourth, rapid and often unplanned urbanization. By mid-century, 70 per cent of the world population is projected to live in cities – up from around 55 per cent today – over a billion of whom live in slums of slum-like conditions.

    Fifth and finally, climate, biodiversity, and pollution, threaten our societies, directly disrupting the wellbeing of households:

    From access to clean water for daily sanitation, to disasters such as fires and floods, to livelihoods hammered by degraded lands, to disruptions in children’s schooling, to pollution damaging health.

    Yet, families are uniquely positioned to drive change.  For example, through consuming sustainably, embracing clean energy, and building resilience against climate disasters.

    Ladies and gentlemen,

    Smart policies can support families to thrive in the face of these changes and challenges. So can multilateral action.

    Through the new Global Digital Compact, the United Nations is bringing everyone together to ensure artificial intelligence serves all families equitably. Just as a doctor adapts their care to each family’s unique needs, AI can help tailor health services and direct resources to those who need them most.

    With a new Independent International Scientific Panel on AI and a truly global dialogue on AI governance, we’re not just enabling technology – we are creating a framework where innovation serves humanity, helping every family thrive regardless of where they call home.

    Innovative social services and policies that provide comprehensive support to families throughout their lifespan, can help to deal with the demographic shifts we are witnessing. And the United Nations is supporting governments to deliver through development programs aimed at achieving universal
    healthcare.

    Sustainable urban planning and inclusive social policies can transform the challenges of urbanization into opportunities for growth and development. We must create cities where families and people of all ages can thrive. Cities that provide education and opportunities for young people.

    Local governments stand at the core of these efforts. This is why the United Nations has established the Local 2030 Coalition to advance progress on the Sustainable Development Goals at city-level.

    We must ensure cities have direct access to climate finance so they can play their part in slashing emissions, and remain decent places for families to live as our climate changes.

    More broadly, it is important for decision-makers to consider families in all policy making and to create gender-sensitive policies that empower women and expand their opportunities. This is critical – both as a matter of justice, and because women are the primary caregivers in many societies, and play a
    vital role in shaping family dynamics.

    Multilateral action is also critical in shaping megatrends for the benefit of families – as we have seen recently.

    In September, countries came together and agreed the Pact for the Future and its Declaration on Future Generations.

    This recognizes and reaffirms the importance of family-friendly and family-oriented policies in promoting intergenerational solidarity and social cohesion. And it highlights commitments to advancing gender equality and women’s empowerment.

    At the same time, countries agreed the Global Digital Compact.

    This committed to action, including: to close all digital divides and accelerate progress across the Sustainable Development Goals; to expand inclusion in and benefits from the digital economy for all; and to foster an inclusive, open, safe and secure digital space that respects, protects and promote human
    rights.

    The Compact is the first universal agreement on the international governance of artificial intelligence that would give every country a seat at the table.

    Ladies and gentlemen,

    The work you begin today can help to drive international efforts forward. It is a call to action – a call to protect, to empower, and to invest in families as the foundational units of a just and thriving global community.

    Our discussions here will guide multilateral action and inform policies that strive toward an inclusive, equitable, and sustainable future for all families.

    Thank you for your dedication to this cause and for your participation in this vital dialogue. I look forward to hearing from you all. And to the outcomes of our work driving action worldwide.

    At a moment of great change, let us work together, to strengthen and support families around the world.

    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to the Qatar Foundation: “Towards the Second World Social Development Summit 2025: Reinforcing global efforts to achieve the 2030 Agenda” [as prepared for delivery]

    Source: United Nations secretary general

    Ladies and Gentlemen,

    I am delighted to be here and to see so many of you present here today.

    Let me start by thanking the Qatar Foundation for organizing this important and timely event, and the Government of Qatar for generously agreeing to host the Second World Summit for Social Development in November 2025.

    This is a great opportunity to shape our common vision for the upcoming Summit and ensure its success, building on the recent Pact for the Future.

    Almost 30 years ago, the Copenhagen Declaration on Social Development and its Programme of Action established a pathbreaking new consensus for people-centred development. Theis was strengthened by the Beijing Platform for Women, and this vision was later enshrined in the 2030 Agenda for Sustainable Development.

    Since the Copenhagen Summit in 1995, remarkable progress has been achieved. However, recent overlapping crises have further stalled or reversed progress in many areas.

    Uneven progress – coupled with the lingering effects of economic recovery from the COVID-19 pandemic, rising geopolitical conflicts, the climate crisis, and economic disruptions like the debt crisis – have deepened inequalities and placed significant stress on countries fiscal space for investing in sustainable development and the brunt felt by people.

    The number of people living in extreme poverty is almost 700 million and growing. The number of people facing hunger is over 730 million and growing. Access to quality and relevant education, decent work, universal healthcare, social protection, and digital connectivity remains limited, with billions at risk of being left behind.

    The message is clear – and it is stark.

    The outlook for achieving people-centered development and meeting the Sustainable Development Goals is fragile.

    But it is not too late to change course if we step up our efforts and reaffirm our commitment to leave no one behind. We need urgent, coordinated reforms and harmonization of social, economic, and fiscal policies. We need genuine partnerships.

    The recently adopted Pact for the Future proposes a number of commitments and solutions. It reinforces the promise to deliver on Agenda 2030.

    This includes an SDG Stimulus, a review of the sovereign debt architecture, and a commitment to reform the global financial architecture, so it provides developing countries with the support and safety net they need to invest in their people and the systems they require.

    The Pact also proposes solutions to strengthen peace and security and redoubles the world’s commitment to human rights and international law.

    This is an important reminder that social development cannot be attained in the absence of peace and security – or in the absence of respect for human rights and all fundamental freedoms.

    The Pact goes further to embrace the new era of technology and provide the guard rails for the opportunity of AI to better connect and reap the benefits for all.

    Ladies and gentlemen,

    The Social Summit comes at an opportune time. With only five years left to achieve the SDGs, we must address all seventeen goals – from poverty, hunger and inequality, to education, peace and inclusivity.

    The 2025 Summit must culminate in a detailed and measurable action plan for social development fit for the 21st century, safeguarding progress for years to come.

    The Summit will also be informed by the outcomes of the Fourth International Conference on Financing for Development and by Member States’ progress on the Pact for the Future’s commitments to invest in people, end poverty and hunger, and strengthen trust and social cohesion.

    At every step, the process towards the Summit must be inclusive and respond to people’s realities and expectations. We must listen to their voices and ensure that people – particularly youth – have a say in shaping their future.

    Open and broad consultations will be an opportunity to build trust and reinforce the connection between people and their governments, but also between people and global institutions.

    It will be an opportunity to shape the societies we want, tailormade to benefit our rich heritage and fabric which underpin the very foundation of inclusive and caring societies.

    To safeguard progress in the long run, we need to join forces around a shared agenda, underpinned by solidarity, respect and trust.

    Throughout, we must all aim high. Let us seek innovative approaches to engagement, cocreation and finding consensus at the highest ambition, while remaining steadfast in our pursuit of accelerating progress towards the SDGs.

    With the leadership of the Government of Qatar, and key partners such as the Qatar Foundation, I am confident that the Social Summit will lay solid foundations for advancing a key strand of the DNA of sustainable development, the social pillar.

    Thank you for joining us on this journey and let’s begin the conversation today.  
     

    MIL OSI United Nations News

  • MIL-OSI USA: The Marshall Star for October 30, 2024

    Source: NASA

    Editor’s Note: Starting Nov. 4, the Office of Communications at NASA’s Marshall Space Flight Center will no longer publish the Marshall Star on nasa.gov. The last public issue will be Oct. 30. To continue reading Marshall news, visit nasa.gov/marshall.

    Blake Stewart, lead of the Thrust Vector Control Test Laboratory inside Building 4205 at NASA’s Marshall Space Flight Center, explains how his team tests the mechanisms that steer engine and booster nozzles of NASA’s SLS (Space Launch System) rocket to a group of Marshall team members Oct. 24. The employees were some of the more than 500 team members who viewed progress toward future Artemis flights on bus tours offered by the SLS Program. Building 4205 is also home to the Propulsion Research and Development Laboratory that includes 26 world-class labs and support areas that help the agency’s ambitious goals for space exploration. The Software Integration Lab and the Software Integration Test Facility are among the labs inside supporting SLS that employees visited on the tour. (NASA/Sam Lott)

    A group of Marshall team members gather below the development test article for the universal stage adapter that will be used on the second variant of SLS, called Block 1B. The universal stage adapter is located inside one of the high bays in building 4619. The universal stage adapter will connect the Orion spacecraft to the SLS exploration upper stage. With the exploration upper stage, which will be powered by four RL10-C3 engines, SLS will be capable of lifting more than 105 metric tons (231,000 pounds) from Earth’s surface. This extra mass capability enables SLS to send multiple large payloads to the Moon on the same launch. (NASA/Sam Lott)

    Marshall team members view the Orion Stage Adapters for the Artemis II and Artemis III test flights inside Building 4708. The Orion Stage Adapter, built at Marshall, connects the rocket’s interim cryogenic propulsion stage to the Orion spacecraft. The Orion Stage Adapter for Artemis II is complete and ready to be shipped to Kennedy Space Center. The Oct. 24 tours featured four stops that also included opportunities to see the Artemis III launch vehicle stage adapter, and the development test article for the SLS Block 1B universal stage adapter that will begin flying on Artemis IV. Additionally, programs and offices such as the Human Landing Systems Development Office and the Science and Technology Office hosted exhibits in the lobby of Building 4220, where employees gathered for the tours. (NASA/Jonathan Deal)
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    By Serena Whitfield
    In conjunction with National Disability Employment Awareness Month, NASA’s Marshall Space Flight Center held anagencywide virtual event hosted by the Office of Diversity and Equal Opportunity on Oct. 24.
    Marshall team members watched the Webex event in Building 4221.

    In alignment with the month’s national theme, “Access to Good Jobs for All,” the program highlighted the perspectives of people with disabilities in the workplace as they navigate the work lifecycle – from applying, to onboarding, career growth and advancement, and day-to-day engagements.
    The event began with Marshall Associate Director Roger Baird welcoming NASA team members.
    “NASA is dedicated to inclusive hiring practices and providing pathways for good jobs and career success for all employees, including workers with disabilities,” Baird said. “Some ways we do this is through targeted recruitment of qualified individuals with disabilities through accessible vacancy announcements, outreach to students with disabilities, and community partnerships.”
    NASA also utilizes Schedule A Authority, a non-competitive Direct Hiring Authority to hire people with disabilities without competition.
    Baird introduced event moderator Joyce Meier, logistics manager at Marshall, who welcomed panelists Casey Denham, Kathy Clark, Paul Spann, and Paul Sullivan, all NASA team members. The panelists from the disability community discussed their work lifecycles, lessons learned in the workplace, and shared a demonstration on colorblindness and its impact.
    Denham discussed some of the best practices for onboarding employees with neurodiversity, a term used to describe people whose brains develop or work differently than the typical brain.

    Clark talked about what can be done to continue raising awareness and advocating for disability rights. She said NASA empowers its workforce with knowledge so they can be informed allies to team members with disabilities and foster a safe and inclusive working environment. 
    Spann gave insight into practical steps employers can take to accommodate candidates with deafness, and Sullivan spoke about some key considerations NASA managers should keep in mind to make the job application process more accessible to candidates with low vision.
    Guest speaker Chip Dobbs, supply management specialist at Marshall, talked about his personal experiences with being deaf. Dobbs has worked at NASA for 29 years and said he has never let his disability hold him back, but instead uses it as a gateway to inspire and connect with others.
    The event ended with closing remarks from Tora Henry, director of the Office of Diversity and Equal Opportunity at Marshall. The virtual event placed importance on planning for NASA’s future by promoting equality and addressing the barriers people with disabilities face in the workplace. 
    “As we celebrate National Disability Employment Awareness Month, keep in mind that NASA’s mission of exploring the unknown and pushing the boundaries of human potential requires the contributions of every mind, skill set, and perspective,” Baird said. “Our commitment to inclusivity ensures that no talent goes untapped, and no idea goes unheard because together, we’re not just reaching for the stars, we’re showing the world what’s possible when everyone has a seat at the table.”
    A recording of the event is available here. Learn more about NASA’s agencywide resources for individuals with disabilities as well as the agency’s Disability Employment Program.
    Whitfield is an intern supporting the Marshall Office of Communications.
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    By Wayne Smith
    Farley Davis, manager of the Environmental Engineering and Occupational Health Office at NASA’s Marshall Space Flight Center, has received a 2024 Blue Marble Award from the agency.
    NASA’s Office of Strategic Infrastructure, Environmental Management Division presented the 2024 Blue Marble Awards on Oct. 8 at the agency’s Johnson Space Center. The Blue Marble Awards Program recognizes teams and individuals demonstrating exceptional environmental leadership in support of NASA’s missions and goals. In 2024, the awards included five categories: the Director’s Award, Environmental Quality, Excellence in Energy and Water Management, Excellence in Resilience or Climate Change Adaptation, and new this year: Excellence in Site Remediation. 

    Davis was recognized for “exceptional leadership and outstanding commitment above and beyond individual job responsibilities, to assist Marshall and the agency in enabling environmentally sound mission success.”
    “The award was unexpected, and I am very thankful to receive the Environmental Management Director’s Blue Marble Award,” said Davis, who has been at Marshall for 33 years. “Collectively, Marshall’s environmental engineering team has made this award possible with their diligent support for many years keeping the center’s environmental compliance at the forefront. I will cherish the award for the rest of my life.”
    June Malone, director of the Office of Center Operations at Marshall, credited Davis for his environmental leadership and mentoring team members.
    “Farley’s attitude of professionalism and personal responsibility for the development and implementation of well-grounded environmental programs has increased Marshall’s sustainability and prevented pollution,” Malone said. “His tireless leadership has resulted in compliance with federal, state, and local environmental laws and regulations, and his creative solution-oriented approaches to environmental stewardship have restored contaminated areas.”
    Charlotte Bertrand, director of the Environmental Management Division at NASA Headquarters, said it was an honor to select Davis for the 2024 Blue Marble Director’s Award.
    “Farley’s incredibly distinguished career with NASA reflects the award’s intention to recognize exceptional leadership by an individual in assisting the agency in enabling environmentally sound mission success,” Bertrand said.
    Please see the awards program for additional information.
    Smith, a Media Fusion employee and the Marshall Star editor, supports the Marshall Office of Communications.
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    By Wayne Smith
    When human exploration of Mars becomes a reality and more than just the stuff of science fiction, Brooke Rhodes will be eager to investigate what astronauts discover on the Red Planet.
    From listening to her talk about her work as an engineer at NASA’s Marshall Space Flight Center, it’s easy to grasp her excitement about the future of human space exploration and NASA’s Moon to Mars architecture.

    “I can’t wait for the Mars rovers to have some human company,” said Rhodes, who recently began a detail as the chief of Marshall’s Avionics and Software Ground Systems Test Branch. “I need to know if we can grow Mark Watney (of The Martian movie fame) quantities of potatoes up there. Everything we do to prepare to return humans to the Moon and establish a presence in deep space is building toward putting boots on Mars. It’s an honor and a privilege to be even a small part of it.”
    Rhodes also appreciates the responsibility she takes on in any form in NASA’s exploration missions to benefit humanity. After all, she has worked on hardware for the International Space Station and has had supporting roles for the Mars Ascent Vehicle and Artemis missions.
    “We at Marshall hold an incredible amount of responsibility: responsibility for the welfare of the crew on the space station, responsibility for the welfare of the crew on the Artemis missions, and even the welfare of humanity through the responsibility we have for science on the station and elsewhere,” said Rhodes, who is from Petal, Mississippi, and has worked at Marshall for seven years. “When your missions are as critical as ours, it’s nearly impossible to not be motivated.”
    Now, on to Mars.
    Question: What is your position and what are your primary responsibilities?
    Rhodes: I recently began the detail as the branch chief of the Avionics and Software Ground Systems Test Branch, ES53. Our branch is primarily responsible for the development of hardware-in-the-loop and software development facilities for the Artemis and MAV (Mars Ascent Vehicle) missions. My home organization is ES61, the Instrument Development, Integration and Test Branch, where I’ve been responsible for the integration and testing of International Space Station payloads for the past several years.

    Question: What has been the proudest moment of your career and why?
    Rhodes: One really cool moment that sticks out was the first time I saw hardware I had been responsible for being used in space. I spent several years as the integration and test lead of the Materials Science Research Rack (MSRR) Sample Cartridge Assemblies (SCAs) and we shipped our first batch of SCAs to the space station in 2018. That shipment was the culmination of years of intense effort and teamwork, so to see them onboard and about to enable materials science was an incredible feeling. There was a moment in particular that felt a bit surreal: prior to our SCA shipment the crew discovered they were missing a couple of fasteners from the onboard furnace, so we had those shipped to us from Europe and I packed them into the SCA flight foam before they shipped to the launch site. The next time I saw those fasteners they were being held up to a camera by one of the crew members, asking if those were the ones they needed for the furnace. Putting fasteners into foam didn’t take much effort, but what it represented was much bigger: being a small part of an international effort to enable science off the Earth, for the Earth, was an incredible moment I’ll carry with me for the rest of my career.
    Question: Who or what inspired you to pursue an education/career that led you to NASA and Marshall?
    Rhodes: I had a couple of lightbulb moments my junior year of high school that eventually set me on my current career path. I very specifically recall sitting in my physics I class and learning how to calculate the planetary motion of Jupiter and thinking I had never learned about anything cooler. Even then, though, NASA didn’t really enter my thoughts. Growing up, working for NASA didn’t even occur to me as something people could actually do – being a “rocket scientist” was just an abstract concept people threw around to indicate something was difficult.
    That changed later when the same teacher who had been teaching us planetary motion took us on a field trip to Kennedy Space Center. The tour guide showing us around the Vehicle Assembly Building was a young employee who said he had majored in aerospace engineering at the University of Tennessee. That was the second lightbulb moment: here was a young person from the Southeast, just like me, who had done something tangible in order to work for NASA. That seemed easy enough, so I decided to major in aerospace engineering at Mississippi State and one day work for NASA. That turned out to not be easy, but definitely doable.
    While at Mississippi State, I was able to complete three NASA internships, one at the Jet Propulsion Laboratory and two at Marshall. Eventually, I was hired on full-time at NASA’s Johnson Space Center, but wound up making my way back to Marshall, where I’ve been ever since. There’s no place on the planet better for enthusiasts of both aerospace engineering and football.

    Interestingly, my physics I teacher’s name was Mrs. Rhodes, and I used to joke with my classmates that I wanted to be Mrs. Rhodes when I grew up. I didn’t actually mean that literally, but then I married Matthew Rhodes and did, indeed, become Mrs. Rhodes.
    Question: What advice do you have for employees early in their NASA career or those in new leadership roles?
    Rhodes: Scary is good. If you aren’t stepping out of your comfort zone you probably aren’t growing, and if you’re experiencing imposter syndrome, you’re probably the right person for the job.
    Question: What do you enjoy doing with your time while away from work?
    Rhodes: While away from work I tend to invest too much of my mental wellbeing into football. To recover from the stresses of work and my football teams being terrible, I like to explore National Parks. The U.S. has some of the most diverse scenery anywhere in the world, and I love getting outside and exploring it.
    Smith, a Media Fusion employee and the Marshall Star editor, supports the Marshall Office of Communications.
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    Most stars form in collections, called clusters or associations, that include very massive stars. These giant stars send out large amounts of high-energy radiation, which can disrupt relatively fragile disks of dust and gas that are in the process of coalescing to form new planets.
    A team of astronomers used NASA’s Chandra X-ray Observatory, in combination with ultraviolet, optical, and infrared data, to show where some of the most treacherous places in a star cluster may be, where planets’ chances to form are diminished.

    The target of the observations was Cygnus OB2, which is the nearest large cluster of stars to our Sun – at a distance of about 4,600 light-years. The cluster contains hundreds of massive stars as well as thousands of lower-mass stars. The team used long Chandra observations pointing at different regions of Cygnus OB2, and the resulting set of images were then stitched together into one large image.
    The deep Chandra observations mapped out the diffuse X-ray glow in between the stars, and they also provided an inventory of the young stars in the cluster. This inventory was combined with others using optical and infrared data to create the best census of young stars in the cluster.
    In a new composite image, the Chandra data (purple) shows the diffuse X-ray emission and young stars in Cygnus OB2, and infrared data from NASA’s now-retired Spitzer Space Telescope (red, green, blue, and cyan) reveals young stars and the cooler dust and gas throughout the region.
    In these crowded stellar environments, copious amounts of high-energy radiation produced by stars and planets are present. Together, X-rays and intense ultraviolet light can have a devastating impact on planetary disks and systems in the process of forming.
    Planet-forming disks around stars naturally fade away over time. Some of the disk falls onto the star and some is heated up by X-ray and ultraviolet radiation from the star and evaporates in a wind. The latter process, known as “photoevaporation,” usually takes between five and 10 million years with average-sized stars before the disk disappears. If massive stars, which produce the most X-ray and ultraviolet radiation, are nearby, this process can be accelerated.
    The researchers using this data found clear evidence that planet-forming disks around stars indeed disappear much faster when they are close to massive stars producing a lot of high-energy radiation. The disks also disappear more quickly in regions where the stars are more closely packed together.
    For regions of Cygnus OB2 with less high-energy radiation and lower numbers of stars, the fraction of young stars with disks is about 40%. For regions with more high-energy radiation and higher numbers of stars, the fraction is about 18%. The strongest effect – meaning the worst place to be for a would-be planetary system – is within about 1.6 light-years of the most massive stars in the cluster.
    A separate study by the same team examined the properties of the diffuse X-ray emission in the cluster. They found that the higher-energy diffuse emission comes from areas where winds of gas blowing away from massive stars have collided with each other. This causes the gas to become hotter and produce X-rays. The less energetic emission probably comes from gas in the cluster colliding with gas surrounding the cluster.
    Two separate papers describing the Chandra data of Cygnus OB2 are available. The paper about the planetary danger zones, led by Mario Giuseppe Guarcello (National Institute for Astrophysics in Palermo, Italy), appeared in the November 2023 issue of the Astrophysical Journal Supplement Series, and is available here. The paper about the diffuse emission, led by Juan Facundo Albacete-Colombo (University of Rio Negro in Argentina) was published in the same issue of Astrophysical Journal Supplement, and is available here.
    NASA’s Marshall Space Flight Center manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.
    NASA’s Jet Propulsion Laboratory (JPL) managed the Spitzer Space Telescope mission for the agency’s Science Mission Directorate until the mission was retired in January 2020. Science operations were conducted at the Spitzer Science Center at Caltech. Spacecraft operations were based at Lockheed Martin Space in Littleton, Colorado. Data are archived at the Infrared Science Archive operated by IPAC at Caltech. Caltech manages JPL for NASA.
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    NASA recently evaluated initial flight data and imagery from Pathfinder Technology Demonstrator-4 (PTD-4), confirming proper checkout of the spacecraft’s systems including its on-board electronics as well as the payload’s support systems such as the small onboard camera. Shown is a test image of Earth taken by the payload camera, shortly after PTD-4 reached orbit. This camera will continue photographing the technology demonstration during the mission. 

    Payload operations are now underway for the primary objective of the PTD-4 mission – the demonstration of a new power and communications technology for future spacecraft. The payload, a deployable solar array with an integrated antenna called the Lightweight Integrated Solar Array and anTenna, or LISA-T, has initiated deployment of its central boom structure. The boom supports four solar power and communication arrays, also called petals. Releasing the central boom pushes the still-stowed petals nearly three feet away from the spacecraft bus. The mission team currently is working through an initial challenge to get LISA-T’s central boom to fully extend before unfolding the petals and beginning its power generation and communication operations.
    Small spacecraft on deep space missions require more electrical power than what is currently offered by existing technology. The four-petal solar array of LISA-T is a thin-film solar array that offers lower mass, lower stowed volume, and three times more power per mass and volume allocation than current solar arrays. The in-orbit technology demonstration includes deployment, operation, and environmental survivability of the thin-film solar array.  
    “The LISA-T experiment is an opportunity for NASA and the small spacecraft community to advance the packaging, deployment, and operation of thin-film, fully flexible solar and antenna arrays in space. The thin-film arrays will vastly improve power generation and communication capabilities throughout many different mission applications,” said John Carr, deputy center chief technologist at NASA’s Marshall Space Flight Center. “These capabilities are critical for achieving higher value science alongside the exploration of deep space with small spacecraft.”

    [embedded content]
    NASA teams are testing a key technology demonstration known as LISA-T, short for the Lightweight Integrated Solar Array and anTenna. It’s a super compact, stowable, thin-film solar array that when fully deployed in space, offers both a power generation and communication capability for small spacecraft. LISA-T’s orbital flight test is part of the Pathfinder Technology Demonstrator series of missions. (NASA)

    The Pathfinder Technology Demonstration series of missions leverages a commercial platform which serves to test innovative technologies to increase the capability of small spacecraft. Deploying LISA-T’s thin solar array in the harsh environment of space presents inherent challenges such as deploying large highly flexible non-metallic structures with high area to mass ratios. Performing experiments such as LISA-T on a smaller, lower-cost spacecraft allows NASA the opportunity to take manageable risk with high probability of great return. The LISA-T experiment aims to enable future deep space missions with the ability to acquire and communicate data through improved power generation and communication capabilities on the same integrated array.
    The PTD-4 small spacecraft is hosting the in-orbit technology demonstration called LISA-T. The PTD-4 spacecraft deployed into low Earth orbit from SpaceX’s Transporter-11 rocket, which launched from Space Launch Complex 4E at Vandenberg Space Force Base in California on Aug. 16. Marshall designed and built the LISA-T technology as well as LISA-T’s supporting avionics system. NASA’s Small Spacecraft Technology program, based at NASA’s Ames Research Center and led by the agency’s Space Technology Mission Directorate, funds and manages the PTD-4 mission as well as the overall Pathfinder Technology Demonstration mission series. Terran Orbital Corporation of Irvine, California, developed and built the PTD-4 spacecraft bus, named Triumph.
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    By Paola Pinto
    For more than two decades, the NASA Short-term Prediction Research and Transition Center (SPoRT) within the NASA Earth Science Office at Marshall Space Flight Center has been at the forefront of developing and maintaining decision-making tools for meteorological predictions.

    Jonathan Brazzell, a service hydrologist at the National Weather Service (NWS) office in Lake Charles, Louisiana, highlighted a recent example of SPoRT’s impact while he was doing forecasting for Texas streams.
    Brazzell, who manages the South Texas and South Louisiana regions, emphasized the practical applications and significant impacts of the Machine Learning model developed by NASA SPoRT to predict future stream heights, known as the SPoRT Streamflow A.I. During a heavy rainfall event this past spring, he noted the challenge of forecasting flooding beyond 48 hours. SPoRT has worked closely with the NWS offices to develop a machine learning tool capable of predicting river flooding beyond two days and powered by the SPoRT Land Information System.
    “Previously, we relied on actual gauge information and risk assessments based on predicted precipitation,” Brazzell said. “Now, with this machine learning, we have a modeling tool that provides a much-needed predictive capability.”
    During forecasted periods of heavy precipitation from early to mid-May, Brazzell monitored potential flooding events and their magnitude using NASA SPoRT’s Streamflow-AI, which provided essential support to the Pine Island Bayou and Big Cow Creek communities in south Texas.
    Streamflow A.I. enabled local authorities to provide advance notice, allowing residents to prepare adequately for the event. Due to the benefit of three to seven-day flood stage predictions, the accurate forecasts helped county officials decide on road closures and evacuation advisories; community officials advised residents to gather a seven-day supply of necessities and relocate their vehicles, minimizing disruption and potential damage.
    Brazzell highlighted specific instances where the machine learning outputs were critical. For example, during the event that peaked around May 6, Streamflow A.I. accurately predicted the rise in stream height, allowing for timely road closures and advisories. These predictions were shared with county officials and were pivotal in their decision-making process.

    Brazzell shared that integrating SPoRT’s machine learning capabilities with their existing tools, such as flood risk mapping, proved invaluable. Although the machine learning outputs had been operational for almost two years after Hurricane Harvey, this season has provided their first significant applications in real-time scenarios due to persistent conditions of below-normal precipitation and ongoing drought.
    He also mentioned the broader applications of Streamflow A.I., including its potential use in other sites beyond those currently being monitored. He expressed interest in expanding the use of machine learning stream height outputs to additional locations, citing the successful application in current sites as a compelling reason for broader implementation.
    NASA SPoRT users’ experiences emphasize how crucial advanced prediction technologies are in hydrometeorology and emergency management operations. Based on Brazzell’s example, it is reasonable to say that the product’s ability to provide accurate, timely data greatly improves decision-making processes and ensures public safety. The partnership between NASA SPoRT and operational agencies like NOAA/NWS and county response teams demonstrates how research and operations can be seamlessly integrated into everyday practices, making a tangible difference in communities vulnerable to high-impact events.
    As the Streamflow A.I. product continues to evolve and expand its applications, it holds significant promise for improving disaster preparedness and response efforts across various regions that experience different types of flooding events.
    The Streamflow-AI product provides a 7-day river height or stage forecasts at select gauges across the south/eastern U.S. You can find the SPoRT training item on Streamflow-AI here.
    Pinto is a research associate at the University of Alabama in Huntsville, specializing in communications and user engagement for NASA SPoRT.
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    NASA has selected All Native Synergies Company of Winnebego, Nebraska, to provide custodial and refuse collection services at the agency’s Marshall Space Flight Center.

    The Custodial and Refuse Collection Services III contract is a firm-fixed-price contract with an indefinite-delivery/indefinite-quantity provision. Its maximum potential value is approximately $33.5 million. The performance period began Oct. 23 and will extend four and a half years, with a one-year base period, four one-year options, and a six-month extension.
    This critical service contract provides custodial and refuse collection services for all Marshall facilities. Work under the contract includes floor maintenance, including elevators; trash removal; cleaning drinking fountains and restrooms; sweeping, mopping, and cleaning building entrances and stairways.
    › Back to Top

    MIL OSI USA News

  • MIL-OSI Economics: Verizon and Wounded Warrior Project® partner to support at least 1,000 veterans with upskilling

    Source: Verizon

    Headline: Verizon and Wounded Warrior Project® partner to support at least 1,000 veterans with upskilling

    • Verizon and Wounded Warrior Project® are partnering to support at least 1,000 veterans with upskilling between Veterans Day 2024 and Veterans Day 2025.
    • The partnership leverages Verizon’s free Skill Forward program, a university backed, self-paced education opportunity available for any US resident over 17.
    • Verizon is committed to providing exclusive offers to active military, veterans and their families. Customers can take advantage of Mobile deals, discounts and savings with myPlan starting at just $25/month with 4 lines on Welcome Unlimited, plus 12% off all mobile perks. Customers can also save on Fios Home Internet starting at just $45/month, which can be bundled with the Mobile + Home Discount to unlock even more savings.
    • Beginning November 1st, active military, veterans and their families will automatically receive Set Up and Go – a white glove service that provides customers a personalized phone setup experience, on Verizon.

    BASKING RIDGE, NJ – Verizon and Wounded Warrior Project® are partnering to support at least 1,000 veterans with upskilling between this year’s Veterans Day and next year’s Veterans Day. The partnership leverages Verizon’s free Skill Forward program.

    Participants in Verizon Skill Forward can access more than 250 free, credentialed courses through edX from four-year universities and distinguished institutions. Spanning over 80 unique professional certificate programs, users can pursue skills in high growth job fields like AI, business, coding, communication, finance, IT and more. The platform also provides access to tips, industry-specific events, workshops and a job board to support users’ professional development and career transition.

    “We are proud and honored to be partnering with Wounded Warrior Project® to help veterans achieve their career dreams. With their resilience and adaptability, veterans are an asset to any organization. Verizon Skill Forward provides veterans – and any US resident 17 years and older – a pathway to in-demand, tech-forward careers, thanks to free, university-credentialed courses,” said Donna Epps, Verizon’s Chief Responsible Business Officer.

    “We’re grateful to Verizon for supporting wounded warriors as they build their careers and futures after service,” said Brea Kratzert Todd, WWP vice president of business development. “Verizon’s ongoing commitment to our mission helps us keep our promise to always be there for those who served.”

    According to a study from Call of Duty Endowment and ZipRecruiter, 33 percent of veterans are underemployed, despite having foundational skills and potential to thrive in a number of industries. The Verizon Skill Forward program is designed to pave a path to new career opportunities with free, university courses from edX.

    Discounts & Savings For Those Who Serve

    Verizon is committed to providing exclusive offers to active military, veterans and their families. Customers can take advantage of Mobile deals, discounts and savings with myPlan starting at just $25/month with 4 lines on Welcome Unlimited1.

    Customers can also save on Fios Home Internet starting at just $45/month, which can be bundled with the Mobile + Home Discount to unlock even more savings.2

    To check your eligibility and learn more about Verizon’s military and veteran community offers, visit

    1 Plus taxes & fees. Auto Pay and paper-free billing req’d. For personal lines only.

    Military discount: For eligible military; approved verification documents read. $10/mo account discount applied to single line; $25/mo account discount applied to 2-3 lines; $20/mo account discount applied to 4+ lines.

    Unlimited 5G / 4G LTE: For Unlimited Welcome plan, in times of congestion, your data may be temporarily slower than other traffic. After exceeding 30 GB/mo (for Unlimited Plus plan) or 60 GB/mo (for Unlimited Ultimate plan) of 5G Ultra Wideband, 5G, or 4G LTE Mobile Hotspot data, Mobile Hotspot speeds reduced to up to 3 Mbps when on 5G Ultra Wideband and 600 Kbps when on 5G / 4G LTE for the rest of month. Mobile Hotspot not included on Unlimited Welcome plan. Domestic data roaming at 2G speeds. 5G Ultra Wideband access included with Unlimited Plus and Unlimited Ultimate plans. 5G access requires a 5G capable device.

    2 Auto Pay: $10/mo savings available when you sign up for Auto Pay and paper-free billing.

    Mobile + Home Discount: Enrollment req’d. For existing postpaid mobile customers with a Verizon mobile plan (excludes prepaid, business and data-only plans) who then add and maintain a Fios Home Internet plan.

    Fios 1 Gig and Fios 2 Gig: $25/mo Mobile + Home Discount savings available.

    Fios 300 Mbps and 500 Mbps: $15/mo Mobile + Home Discount savings available. General: $99 setup and other terms may apply. Subject to credit approval.

    MIL OSI Economics

  • MIL-OSI USA: USAID Announces New Project to Strengthen Systems that Prevent, Detect, and Respond to New and Emerging Health Threats

    Source: USAID

    Today, the United States Agency for International Development announced a new project that will strengthen the capacity of our partner countries to prevent, detect, and respond to the increasing occurrence and severity of epidemics, pandemics, and novel infectious disease threats.  

    Under the new project, Strengthening Infectious Disease Detection Systems (STRIDES), USAID will work with partner countries to build more reliable, safe and secure laboratory and disease surveillance systems, as well as more effective data management and reporting platforms – systems that are critical to preventing new and emerging infectious disease threats from spreading widely and rapidly.

    In more than 50 countries, USAID is strengthening the specific components necessary for strong global health security and pandemic preparedness. The work of STRIDES will be integral to these efforts, and to USAID’s role in achieving the United States commitment to apply a whole-of-government, science-based approach to strengthening global health security, as laid out in the U.S. Global Health Security Strategy and the National Biodefense Strategy and Implementation Plan for Countering Biological Threats, Enhancing Pandemic Preparedness, and Achieving Global Health Security. 

    STRIDES will be implemented by a consortium led by FHI 360 and consisting of other partners including PATH, Black & Veatch and Panagora Group, and six regional-based public health organizations: Amref Health Africa, African Society for Laboratory Medicine, Prisma, Africa One Health University Network, Southeast Asia One Health University and The Eastern Mediterranean Public Health Network.

    MIL OSI USA News

  • MIL-OSI USA: Deputy Administrator Isobel Coleman Participates in the World Food Prize

    Source: USAID

    Deputy Administrator Isobel Coleman will travel to Des Moines, Iowa to participate in the 2024 Norman E. Borlaug International Dialogue, hosted by the World Food Prize Foundation.

    The Borlaug International Dialogue is the premier annual event for the U.S. global food security and nutrition community. This Dialogue serves as a vital platform to elevate the actions and innovations needed for stronger and more resilient food systems. Deputy Administrator Coleman will deliver remarks on the bold measures necessary to unlock agriculture-led economic growth in Africa. She will also meet with global leaders committed to policy reforms and private sector investment aimed at reducing poverty, hunger, and malnutrition.

    MIL OSI USA News

  • MIL-OSI: Bybit WSOT 2024 Final Showdown Livestream: Winners Took Home Grand Prizes, Insights from Top Traders, and 10,000 USDT in Airdrop

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, gathered some 14,000 fans and participants of World Series of Trading (WSOT) 2024 for the thrilling final showdown livestream on Oct. 29. 

    As the much-anticipated finale of WSOT 2024 approaches, Bybit Co-Founder and CEO Ben Zhou revealed the lucky winner of a $300,000 luxury yacht in the WSOT Grand Draw, and live viewers got to share in a 10,000 USDT prize pool. The top-performing squad leaders and Ben also elaborated on the significant changes to the WSOT rules this year, explaining the rationale and sharing their insights on how they are leading their squads to victory, and how not to lose sleep during the hottest crypto trading competition of the year.

    Highlights: 

    • Winning strategies from the very best: Speakers from the very top of various WSOT Leaderboards kept no secret from the community. Squad leaders from across cultures shared their diverse views on the art of crypto trading, their hedging strategies and analytics tools that helped them dominate the leaderboards with jaw-dropping P/L performances. Many also shared their personal approaches to navigating volatility in daily trading vs. during the competition, their sense of responsibility and accomplishment as leaders of top squads, and their favorite new rules and features such as the three chances to reset their P/Ls and the ability to compete in different categories by capital size. 
    • Perfect timing: The live grand draw revealed the winners of the most coveted prize in WSOT, including 6 around-the-world trip tickets, 3 Rolex watches and a yacht. The grand prize—a luxury yacht valued at $300,000, went to a member of one of the speakers’ squad, who happened to be spending his time in the sunny Mediterranean.
    • Spreading the joy: Throughout the livestream, the audience took airdrop breaks with over 2,000 active listeners partaking in the giveaways, and 10,000 USDT was shared among 100 lucky Bybit users. 

    The crypto trading competition of record has attracted close to 80,000 participants this year with its astounding 10,000,000 USDT total prize pool and add-on prizes. With one more day of competition to go, the livestream pushed WSOT 2024 participants to recalibrate their strategies, be inspired by master traders and race to unlock every remaining prize pool.

    Ben joined in the virtual watch party in person to announce the winner of the ultimate prize of a luxury yacht in the Grand Draw. 

    “This year our slogan is to make WSOT fairer. We divided the categories into Heavyweight, Middleweight and Lightweight, and this year users can participate with their main account and also subaccounts,” Ben said, explaining some of the rules were meant to attract more serious traders. He also commented that the Leaderboard rankings had been shuffling because of wild movements in the markets in the past few days, alluding to high activity levels at the tail end of WSOT as the competition draws to a close on Oct. 31, 2024. 

    WSOT is crypto’s longest-running and largest trading competition, championing excellence and sportsmanship. Year after year, it evolves to offer fairer, more inclusive, and more engaging opportunities for participants. Livestreaming has been central to WSOT 2024, celebrating its milestones and building community through real-time interaction.

    The replay of the livestream is available: WSOT 2024 Final Showdown

    #Bybit / #TheCryptoArk / #WSOT2024

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, please visit Bybit Press 

    For media inquiries, please contact: media@bybit.com

    For more information, please visit: https://www.bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR

    Tony AU

    Bybit

    tony.au@bybit.com

    The MIL Network

  • MIL-Evening Report: How do children learn good manners?

    Source: The Conversation (Au and NZ) – By Sophia Waters, Senior Lecturer in Writing, University of New England

    Pexels/Anna Shvets

    Ensuring kids have manners is a perennial preoccupation for parents and caregivers.

    How, then, do you teach good manners to children?

    Modelling good manners around the home and in your own interaction with others is obviously crucial.

    But there’s a clear uniting theme when it comes to manners in Australia: in Australian English, good manners centre on honouring personal autonomy, egalitarianism and not appearing to tell people what to do.

    Which manners matter most in Australia?

    Some of the most important manners in Australian English are behavioural edicts that focus on particular speech acts: greeting, requesting, thanking and apologising.

    These speech acts have a set of words associated with them:

    • hello
    • hi
    • may I please…?
    • could I please…?
    • thank you
    • ta
    • sorry
    • excuse me.

    Good manners make people feel comfortable in social situations by adding predictability and reassurance.

    They can act as signposts in interactions. Anglo cultures place a lot of weight on egalitarianism, personal autonomy and ensuring we don’t tell people what to do.

    If you want to get someone to do something for you – pass you a pen, for example – you frame the request as a question to signal that you’re not telling them what to do.

    You’ll also add one of the main characters in Anglo politeness: the magic word, “please”.

    This framing recognises you don’t expect or demand compliance. You’re acknowledging the other person as an autonomous individual who can do what they want.

    If the person does the thing you’ve asked, the next step is to say “thank you” to recognise the other person’s autonomy. You’re acknowledging they didn’t have to help just because you asked.

    ‘Say ta!’
    DGLimages/Shutterstock

    The heavy hitters

    The words “please” and “thank you” are such heavy hitters in Australian English good manners, they’re two of the words that language learners and migrants learn first.

    They can help soften the impact of your words. Think, for example, of the difference between “no” and “no, thank you”.

    Of course, there are times when “no” is a full sentence. But what if someone offered you a cup of tea and you replied “no” without its concomitant “thank you” to soften your rejection and acknowledge this offer didn’t have to be made? Don’t be surprised if they think you sound a bit rude.

    The other big players in Australian English good manners are “sorry” and “excuse me”. Much like in British English, the Australian “sorry” means many things.

    These can preface an intrusion on someone’s personal space, like before squeezing past someone in the cinema, or on someone’s speaking turn.

    Interrupting or talking over someone else is often heavily frowned on in Australian English because it is often interpreted as disregarding what the other person has to say.

    But in some cultures, such as French, this conversational style is actively encouraged. And some languages and cultures have different conventions around what good manners look like around strangers versus with family.

    Good manners involve saying certain words in predictable contexts.

    But knowing what these are and when to use them demonstrates a deeper cultural awareness of what behaviours are valued.

    Talking over someone else is often heavily frowned on in Australian English.
    MDV Edwards/Shutterstock

    How do children learn manners?

    As part of my research, I’ve analysed parenting forum posts about “good manners”. Some believe good manners should be effortless; one parent said:

    Good manners shouldn’t be something that a child has to think about […] teach them correctly at home from day one, manners become an integral part of the way they view things.

    Another forum user posited good modelling was the key, saying:

    the parent has to lead by example, rather than forcing a child to say one or the other.

    One study, which involved analysis of more than 20 hours of videorecorded family dinner interactions collected in Italy, found mealtimes are also sites where parents control their children’s conduct “through the micro-politics of good manners.”

    By participating in mealtime interactions, children witness and have the chance to acquire the specific cultural principles governing bodily conduct at the table, such as ‘sitting properly’, ‘eating with cutlery’, and ‘chewing with mouth closed’.

    Yet, they are also socialised to a foundational principle of human sociality: one’s own behavior must be self-monitored according to the perspective of the generalised Other.

    In Australian English, that means regulating your behaviour to make sure you don’t do something that could be seen as “rude”. As I argued in a 2012 paper:

    While child socialisation in Anglo culture involves heavy discouragement of rudeness, French does not have a direct equivalent feature […] French children are taught ça ne se fait pas, ‘that is not done’. Where the French proscribe the behaviours outright, the Anglos […] appeal to the image one has of oneself in interpersonal interactions.

    In Anglo English, the penalties for breaches could be other people’s disapproval and hurting their feelings.

    Good manners form part of the bedrock for human sociality.
    Shutterstock

    Why are good manners important?

    Good manners affect our interactions with others and help us build positive relationships.

    Fourteenth century English bishop and educator, William of Wykeham, declared that “manners maketh the man”.

    John Hopkins University Professor Pier Forni called them a “precious life-improvement tool.”

    The “Good Manners” chart, based on a set of rules devised by the Children’s National guild of Courtesy in UK primary schools in 1889, was issued to Queensland primary schools until the 1960s.

    It tells kids to remember the golden rule to “always do to others as you would wish them to do to you if you were in their place.”

    Good manners form part of the bedrock for human sociality. Childhood is when we give kids foundational training on interacting with others and help them learn how to be a culturally competent member of a society.

    Sophia Waters 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. How do children learn good manners? – https://theconversation.com/how-do-children-learn-good-manners-237133

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: Global privacy authorities issue follow-up joint statement on data scraping after industry engagement

    Source: Privacy Commissioner

    OPC and several global counterparts are highlighting how social media companies can better protect personal information, as concerns grow about mass scraping of personal information within social media platforms, including to support artificial intelligence systems.

    Mass data scraping poses significant risks to individuals fundamental right to privacy, said Canadian Commissioner Philippe Dufresne. Personal information, even when it is publicly accessible, is subject to privacy laws and must be adequately protected. This initiative highlights the importance of collaboration between data protection authorities and with industry.

    Commissioner Dufresne, New Zealand Privacy Commissioner Michael Webster and their counterparts engaged with some of the worlds largest social media companies after issuing a joint statement on data scraping last year. As a result of this engagement, they have now issued a follow-up statement laying out additional takeaways for industry.

    MIL OSI New Zealand News

  • MIL-OSI USA: 56th Security Consultative Meeting Joint Communique

    Source: United States Department of Defense

    1. The 56th United States (U.S.)-Republic of Korea (ROK) Security Consultative Meeting (SCM) was held in Washington, D.C., on October 30, 2024. U.S. Secretary of Defense Lloyd J. Austin III and ROK Minister of National Defense Kim Yong Hyun led their respective delegations, which included senior defense and foreign affairs officials. On October 17, 2024, the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown Jr., and ROK Chairman of the Joint Chiefs of Staff, Admiral Kim Myung-soo, presided over the 49th ROK-U.S. Military Committee Meeting (MCM).

    2. The Secretary and the Minister reaffirmed that the U.S.-ROK Alliance is the linchpin of peace, stability, and prosperity on the Korean Peninsula and beyond based on our shared values, including freedom, human rights, and the rule of law. The two leaders reviewed progress taken during 2024 to implement the “Defense Vision of the U.S.-ROK Alliance,” including enhancing extended deterrence against the Democratic People’s Republic of Korea (DPRK), modernizing Alliance capabilities based on science and technology cooperation, and strengthening solidarity and regional security cooperation with like-minded partners. They noted that the SCM has played a pivotal role in developing the ROK-U.S. Alliance into a Global Comprehensive Strategic Alliance and would continue maintaining its role as a core consultative mechanism to discuss the future development of the Alliance and provide strategic direction.  The two leaders also provided direction and guidance for continued progress in 2025 through a newly endorsed framework of U.S.-ROK bilateral defense consultative mechanisms that effectively and efficiently support Alliance objectives.  Both concurred that the current U.S.-ROK Alliance is stronger than ever and reaffirmed the two nations’ unwavering mutual commitment to a combined defense posture to defend the ROK as stated in the U.S-ROK Mutual Defense Treaty, and as reflected in the Washington Declaration. The two leaders also resolved to continue to strengthen the Alliances’ deterrence and defense posture against DPRK aggression and promote stability on the Korean Peninsula and throughout the region.

    3. The Secretary and the Minister reviewed the current security environment in and around the Korean Peninsula and discussed cooperative measures between the two nations. The Secretary and Minister expressed grave concern that the DPRK continues to modernize and diversify its nuclear and ballistic missile capabilities.  The two sides condemned the DPRK’s multiple missile launches, including ballistic missiles, its attempted launches of a space launch vehicle, and Russian-DPRK arms trade as clear violations of existing UN Security Council resolutions (UNSCRs).  They noted that these actions present profound security challenges to the international community and pose an increasingly serious threat to peace and stability on the Korean Peninsula and throughout the Indo-Pacific region, as well as in the Euro-Atlantic region.

    4. Secretary Austin reiterated the firm U.S. commitment to provide extended deterrence to the ROK, utilizing the full range of U.S. defense capabilities, including nuclear, conventional, missile defense, and advanced non-nuclear capabilities.  He noted that any nuclear attack by the DPRK against the United States or its Allies and partners is unacceptable and would result in the end of the Kim regime in line with the 2022 U.S. Nuclear Posture Review.  He highlighted the increased frequency and routinization of U.S. strategic asset deployments as committed to by President Biden in the Washington Declaration, and noted that these were tangible evidence of the U.S. commitment to defend the ROK.

    5. The two leaders highly appreciated the work of the Nuclear Consultative Group (NCG) inaugurated following the Washington Declaration.  Both applauded the completion on July 11, 2024, of “United States and Republic of Korea Guidelines for Nuclear Deterrence and Nuclear Operations on the Korean Peninsula,” which represents tremendous progress of the NCG commended and endorsed by President Biden and President Yoon. The two leaders affirmed that the completion of the Guidelines established the foundation for enhancing ROK-U.S. extended deterrence in an integrated manner.  Minister Kim noted that, through such progress, the ROK-U.S. Alliance was elevated to a nuclear-based alliance. The two leaders stressed that the principles and procedures contained in the Guidelines enable Alliance policy and military authorities to maintain an effective nuclear deterrence policy and posture.  The Secretary and Minister also welcomed the successful execution of the ROK-U.S. NCG table-top simulations and table-top exercises to enhance decision-making about nuclear deterrence and operations, and planning for potential nuclear contingencies on the Korean Peninsula.  Both sides affirmed that the full capabilities of the two countries would contribute to the Alliance’s combined deterrence and defense posture, and in this regard the Secretary welcomed the recent establishment of the ROK Strategic Command.  The Secretary and Minister directed the NCG to continue swift progress on NCG workstreams, including security protocols and expansion of information sharing; nuclear consultation processes in crises and contingencies; nuclear and strategic planning; ROK conventional support to U.S. nuclear operations in a contingency through conventional-nuclear integration (CNI); strategic communications; exercises, simulations, training, and investment activities; and risk reduction practices.  They noted that such efforts would be coordinated to strengthen capabilities of the ROK and United States to enhance U.S.-ROK extended deterrence cooperation in an integrated manner, and looked forward to receiving regular updates on NCG progress activities at future SCMs.

    6. The two sides pledged to continue coordinating efforts to deter DPRK’s nuclear threat with the Alliance’s overwhelming strength, while continuing to pursue efforts through sanctions and pressure to dissuade and delay DPRK’s nuclear development.  Both leaders stressed the importance of full implementation of UNSCRs by the entire international community, including the People’s Republic of China (PRC) and Russia, both permanent members of the UN Security Council.  The two leaders urged the international community to prevent and respond to DPRK’s sanctions evasion so that it abandons its illegal nuclear and ballistic missile development.  To this end, they decided to work closely with each other and the international community to combat the DPRK’s illegal and malicious cyber activities, cryptocurrency theft, overseas laborer dispatches, and ship-to-ship transfers.  The Secretary and Minister expressed concern that Russia-DPRK military cooperation, which has been intensified since the signing of a Comprehensive Strategic Partnership Treaty between the two, is deepening regional instability.  The two leaders made clear that military cooperation, including illegal arms trade and high-technology transfers between Russia and the DPRK, constitute a clear violation of UNSCRs, and called on Russia to uphold its commitments.  The two leaders also strongly condemned in the strongest terms with one voice that the military cooperation between Russia and the DPRK has expanded beyond transfers of military supplies to actual deployment of forces, and pledged to closely coordinate with the international community regarding this issue. 

    7. Both leaders reiterated the willingness of their Presidents to pursue dialogue and diplomacy, backed by a robust and credible deterrence and defense posture.  In this regard, Secretary Austin expressed support for the goals of the ROK’s Audacious Initiative and President Yoon’s vision of a free, peaceful, and prosperous unified Korean Peninsula, and welcomed President Yoon’s desire to open a path for serious and sustained diplomacy with the DPRK.  Both sides reaffirmed that they remain open to dialogue with the DPRK without preconditions and pledged to continue close coordination.

    8. The Minister and the Secretary noted concerns that the DPRK’s claims of “two hostile countries,” and activities near the Military Demarcation Line (MDL) could threaten peace and the Armistice on the Korean Peninsula.  The two leaders strongly condemned DPRK’s activities that raise tension on the Korean Peninsula, such as multiple unmanned aerial vehicle (UAV) infiltrations in the past, as well as the recent unilateral detonation of sections of inter-Korean roads and ongoing launches of “filth and trash balloons,” and urged the DPRK to immediately cease such activities.  The Secretary and the Minister concurred that the Armistice Agreement remains in effect as an international norm guaranteeing the stable security order on the Korean Peninsula, and that all parties of the Korean War should abide by it while it remains in force.  Both sides noted that the Northern Limit Line (NLL) has been an effective means of separating military forces and preventing military tension over the past 70 years, and urged the DPRK to respect the NLL.

    9. Secretary Austin and Minister Kim reaffirmed the role of the United Nations Command (UNC) in implementing, managing, and enforcing the Korean Armistice Agreement, deterring DPRK aggression, and coordinating a multinational, united response in case of contingencies on the Korean Peninsula.  They reaffirmed that UNC has successfully contributed to those aims for more than 70 years and continues to carry out its mission with the utmost respect for the sovereignty of ROK, the primary host nation.  Both sides welcomed the successful organization of the second ROK-UNC Member States Defense Ministerial Meeting and expressed their appreciation for UNC Member State contributions.  They welcomed the addition of Germany to UNC, and noted that peace and prosperity in the Indo-Pacific, including the Korean Peninsula, and Euro-Atlantic regions are increasingly connected.  The two leaders are determined to continue seeking the expanded participation in UNC by like-minded countries that share the values of the 1953 Washington Declaration, anchored in the principles of the UN Charter and mandates of relevant UNSCRs. Secretary Austin thanked Minister Kim for the ROK’s efforts to support the UNC’s role to maintain and enforce the Armistice Agreement, and to support the defense of the ROK against DPRK aggression.  In this regard, the Secretary and Minister both highlighted their desire to expand combined exercises, information sharing, and interoperability between the ROK, the Combined Forces Command, and UNC Member States.

    10. The Secretary and the Minister also noted the critical role that U.S. forces in the ROK have played for more than 70 years and reaffirmed that U.S. Forces Korea (USFK) continues to play a decisive role in preventing armed conflict on the Korean Peninsula, and in promoting peace and stability in Northeast Asia.  Secretary Austin reiterated the U.S. commitment to maintain current USFK force levels to defend the ROK. 

    11. The Secretary and Minister also reviewed the work of the various bilateral mechanisms such as the U.S.-Korea Integrated Defense Dialogue (KIDD).  They welcomed efforts to enhance information sharing through the U.S. Shared Early Warning System (SEWS) for strengthening the Alliance’s detection capabilities in response to advancing DPRK missile threats.  They also commended the work of the Counter-Missile Working Group (CMWG) and reviewed “the Joint Study on Alliance Comprehensive Counter-Missile Strategy” aimed at informing recommendations for counter-missile capabilities and posture of ROK and United States.  The Secretary and Minister also discussed concrete efforts to strengthen cooperation in space and cyber to robustly deter and defend against growing threats.  They endorsed efforts by the Space Cooperation Working Group (SCWG) to improve space situational awareness information sharing and interoperability, and acknowledged the need to expand ROK participation in exercises and training that can strengthen Alliance space capability and improve resilience against growing space threats.  In particular, the Secretary also welcomed ROK participation in the Joint Commercial Operations (JCO) cell to leverage space industry and strengthen allied space capabilities.  The Secretary and Minister also pledged to deepen cyber cooperation through the Cyber Cooperation Working Group and improve coordination through cyber defense exercises, such as Cyber Alliance and Cyber Flag.  Overall, both leaders expressed appreciation for the continuing cooperation to ensure the Alliance’s space, cyber, and counter-missile efforts to keep pace with the evolving threats posed by the DPRK.

    12. Noting the importance of science and technology (S&T) cooperation, the Secretary and Minister decided to establish the Defense Science and Technology Executive Committee (DSTEC) at the Vice-Minister-Under Secretary level within this year, to guide and prioritize Alliance defense S&T cooperation.  They noted priority areas for cooperation including autonomy, artificial intelligence, and crewed-uncrewed teaming are particularly vital to ensure the ROK is able to achieve the goals of Defense Innovation 4.0 and modernize Alliance capabilities.  Both leaders also welcomed future S&T cooperation related to quantum technologies, future-generation wireless communication technologies, and directed energy to ensure that S&T advancements enhance the combined capabilities of the Alliance.  This included efforts to identify potential areas of collaboration on AUKUS Pillar II.  The Secretary welcomed the Minister’s proposal to host a Defense Science and Technology conference in 2025, and concurred that the DSTEC should leverage this conference to baseline and prioritize Alliance defense S&T collaboration.

    13. The Secretary and Minister also reviewed efforts to improve the interoperability, interchangeability, and resilience of the U.S. and ROK defense industrial base.  They underscored the need to improve efficient and effective collaboration in the development, acquisition, fielding, logistics, sustainment, and maintenance of defense capabilities, and to ensure that S&T advancements are swiftly and seamlessly transitioned into acquisition and sustainment efforts.  Both leaders welcomed progress under the U.S. Regional Sustainment Framework (RSF) and welcomed ROK participation in a Maintenance, Repair, and Overhaul (MRO) pilot project on Air Force aviation maintenance.  The two leaders noted that this pilot project could lead to more bilateral co-sustainment opportunities, and also expand defense industrial collaboration with like-minded partners in the region in light of the ROK’s key role in the Partnership for Indo-Pacific Industrial Resilience (PIPIR) contact group.  The Secretary and Minister also noted with satisfaction the recent U.S. Navy contract with ROK shipyards to conduct MRO services for U.S. vessels, and underscored the potential to expand such work to improve the resilience of the Alliance’s posture in the Indo-Pacific Region.  The Secretary and Minister also recognized the need to improve reciprocal market access to deepen defense industrial cooperation and enhance supply chain resiliency, and are committed to accelerate cooperation with the goal of signing the Reciprocal Defense Procurement Agreement next year based on guidance from both Presidents.

    14. The Secretary and the Minister received and endorsed the MCM Report to the SCM presented by the U.S. Chairman of the Joint Chiefs of Staff, General Charles Q. Brown.  They welcomed the efforts of General Brown, Admiral Kim, and the MCM to enhance military plans, posture, training, exercises, and efforts to coordinate U.S.-ROK Combined Forces Command (CFC) activities and enhance military strength of the Alliance.  The Secretary and Minister concurred that the Freedom Shield 24 (FS 24) and Ulchi Freedom Shield 24 (UFS 24) exercises, which included realistic threats from the DPRK advancing nuclear, missile, space, and cyber threats, enhanced the Alliance’s crisis management and strengthened deterrence and defense capabilities.  In addition, they assessed that combined field training exercises (FTX), which were more extensive than the past year and conducted in land, maritime and air domains, enhanced interoperability and combined operations execution capabilities.  Based on such outcomes, both leaders decided to continue strengthening combined exercises and training in line with the rapidly changing security environment of the Korean Peninsula, and further decided that future combined exercises should include appropriate and realistic scenarios including responses to DPRK nuclear use.  The Secretary and the Minister also emphasized that ensuring consistent training opportunities for USFK is critical to maintaining a strong combined defense posture.  Secretary Austin noted the efforts of ROK Ministry of National Defense (MND) to improve the training conditions for U.S. and ROK forces and stressed the importance of maintaining close cooperation between USFK and MND for the joint use of ROK facilities and airspace for training. 

    15. Given the growth and diversification of the DPRK’s chemical, biological, radiological, and nuclear (CBRN) weapons and delivery systems, both leaders assessed efforts and works to ensure execution of Alliance missions under a CBRN-challenged environment.  In particular, they welcomed progress by the Countering Weapons of Mass Destruction Committee (CWMDC), including the expansion of information sharing required for nuclear elimination operations consistent with the Nuclear Weapons Non-proliferation Treaty (NPT), and the strengthening of cooperation to prevent proliferation of WMD in the Indo-Pacific region. Both leaders welcomed continued multinational counter-proliferation activities in the region amidst advancements of DPRK nuclear and missile program and intensification of arms trade between Russia and the DPRK following the Comprehensive Strategic Partnership Treaty.  Secretary Austin expressed appreciation for ROK contributions to various global security efforts such as Proliferation Security Initiative (PSI), and the Minister and the Secretary concurred on the importance of maintaining cooperative efforts to enforce relevant counter-proliferation UNSCRs.

    16. The Secretary and Minister also reviewed the progress and works to fulfill the Conditions-based Wartime Operational Control (OPCON) Transition Plan (COTP).  Both leaders reaffirmed that the conditions stated in the bilaterally approved COTP must be met before wartime OPCON is transitioned in a stable and systematic manner.  They received the results of the annual U.S.-ROK bilateral evaluation on the capabilities and systems for conditions #1 and #2 based on the bilaterally-approved assessment criteria and standards.  Both leaders affirmed that there was a significant progress of this year’s bilateral evaluation on readiness posture and capabilities, and pledged to continue close consultations between the ROK and the United States. for the establishment of the Future-CFC.  The Secretary and the Minister also reaffirmed that Future-CFC Full Operational Capability (FOC) Certification would be pursued when the results of the bilateral evaluation on the capabilities and systems of conditions #1 and #2 meet the mutually approved levels.  Regarding condition #3, the Secretary and the Minister decided to remain in close consultation for the assessment of the security environment.  Both sides pledged to support continued evaluation and progress in wartime OPCON transition implementation through annual MCMs and SCMs, and affirmed that the wartime OPCON transition would strengthen ROK and Alliance capabilities and the combined defense posture. 

    17. The Secretary and the Minister reviewed the regional security environment, and plans to expand U.S.-ROK security cooperation throughout the Indo-Pacific region to support maintaining a free and open Indo-Pacific that is connected, prosperous, secure, and resilient.  They also reaffirmed support for Association of Southeast Asian Nation (ASEAN) centrality and the ASEAN-led regional architecture as well as regional efforts of the Pacific Islands Forum.  In particular, the two leaders noted the importance of enhancing cooperation during the implementation of both the ROK and U.S. respective strategies for the Indo-Pacific region.  To this end, the Secretary and the Minister endorsed the “Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific,” and discussed priorities areas and partners to better respond to the complex regional and global security situation.  After reviewing the work of the ROK-U.S. Regional Cooperation Working Group (RCWG), both leaders reaffirmed their commitment to strengthen defense cooperation with ASEAN members and work together with the Pacific Island Countries to contribute to regional security.  The Secretary and the Minister also acknowledged the importance of preserving peace and stability in the Taiwan Strait as reflected in the April 2023 “Joint Statement in Commemoration of the 70th Anniversary of the Alliance between the United States of America and the Republic of Korea.”  

    18. The Secretary and the Minister reflected on the remarkable progress made during 2024 to fulfill the historic understandings at the Camp David Summit.  They welcomed the Memorandum of Cooperation on the Trilateral Security Cooperation Framework (TSCF), signed by the Ministers and the Secretary of the United States, ROK, and Japan in July, along with enhanced sharing of missile warning information and efforts to systematically conduct trilateral exercises, including the first execution of the multi-domain trilateral exercise FREEDOM EDGE.  The Secretary and the Minister reaffirmed their commitment to continuing to promote and expand trilateral security cooperation including senior-level policy consultations, trilateral exercises, information sharing, and defense exchange cooperation.

    19. The two sides also took the opportunity to reaffirm that expediting the relocation and return of U.S. military bases in the ROK is in the interests of both countries, and decided to work closely to ensure the timely return of the bases in accordance with the Status of Forces Agreement (SOFA) and related agreements.  The two leaders noted the significance of the complete construction of Yongsan Park, and pledged to expedite the remaining return of Yongsan Garrison.  The Minister and the Secretary also reaffirmed their mutual commitment to discuss the return of other U.S. military bases through regular consultations through SOFA channels to reach mutually acceptable outcomes in the future.

    20. Secretary Austin expressed his gratitude that the ROK is contributing toward ensuring a stable environment for U.S. Forces Korea.  The Secretary and Minister also welcomed the recent conclusion of consultations related to a 12th Special Measures Agreement (SMA), and concurred that it would greatly contribute to the strengthening of the U.S.-ROK combined defense posture.

    21. Secretary Austin and Minister Kim affirmed that the discussions during the 56th SCM and the 49th MCM contributed to strengthening the U.S.-ROK Alliance with a vision toward the further development of a truly global alliance.  The two leaders commended the U.S. and ROK military and civilian personnel that worked to strengthen the bond of the Alliance, and expressed appreciation for their shared commitment and sacrifice.  Both sides expect to hold the 57th SCM and 50th MCM in Seoul at a mutually convenient time in 2025.

    MIL OSI USA News

  • MIL-OSI: FormFactor, Inc. Reports 2024 Third Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Record Quarterly Revenue, Profitability at the Top End of the Outlook Range;
    Sees Reduced Demand for Foundry and Logic in Q4, Partially Offset by Continued Strength in DRAM

    LIVERMORE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2024 ended September 28, 2024. Quarterly revenues were $207.9 million, a company record and an increase of 5.3% compared to $197.5 million in the second quarter of fiscal 2024, and an increase of 21.2% from $171.6 million in the third quarter of fiscal 2023.

    • Record revenue in the third quarter exceeded outlook range and non-GAAP EPS was at the top end of the range.
    • Strong DDR5 demand produced third consecutive record-setting quarter of DRAM probe-card revenue.
    • FormFactor’s diversification strategy enabled participation in expanding investments in generative AI and data center applications.

    “We are proud to have posted our all-time revenue record in the third quarter,” said Mike Slessor, CEO of FormFactor, Inc. “This performance was driven by continued strength in our DRAM probe-card business, layered on top of moderate growth in our Foundry & Logic and Systems businesses.”

    Third Quarter and Fiscal 2024 Highlights

    On a GAAP basis, net income for the third quarter of fiscal 2024 was $18.7 million, or $0.24 per fully-diluted share, compared to net income for the second quarter of fiscal 2024 of $19.4 million, or $0.25 per fully-diluted share, and net income for the third quarter of fiscal 2023 of $4.4 million, or $0.06 per fully-diluted share. Gross margin for the third quarter of 2024 was 40.7%, compared with 44.0% in the second quarter of 2024, and 40.4% in the third quarter of 2023.

    On a non-GAAP basis, net income for the third quarter of fiscal 2024 was $27.2 million, or $0.35 per fully-diluted share, compared to net income for the second quarter of fiscal 2024 of $27.3 million, or $0.35 per fully-diluted share, and net income for the third quarter of fiscal 2023 of $17.3 million, or $0.22 per fully-diluted share. On a non-GAAP basis, gross margin for the third quarter of 2024 was 42.2%, compared with 45.3% in the second quarter of 2024, and 41.9% in the third quarter of 2023.

    A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

    GAAP net cash provided by operating activities for the third quarter of fiscal 2024 was $26.7 million, compared to $21.9 million for the second quarter of fiscal 2024, and $20.6 million for the third quarter of fiscal 2023. Free cash flow for the third quarter of fiscal 2024 was $20.0 million, compared to free cash flow for the second quarter of fiscal 2024 of $14.2 million, and free cash flow for the third quarter of 2023 of $16.9 million. A reconciliation of net cash provided by operating activities to non-GAAP free cash flow is provided in the schedules included below.

    Outlook

    Dr. Slessor added, “We continue to experience record levels of DRAM probe card demand, with contributions from both DDR5 and High Bandwidth Memory applications. This, combined with slightly higher Systems Segment revenue, is helping to partially offset the forecasted reduction in Foundry & Logic probe-card demand.”

    For the fourth quarter ending December 28, 2024, FormFactor is providing the following outlook*:

      GAAP   Reconciling Items**   Non-GAAP
    Revenue $190 million +/- $5 million     $190 million +/- $5 million
    Gross Margin 40% +/- 1.5%   $3 million   41% +/- 1.5%
    Net income per diluted share $0.16 +/- $0.04   $0.13   $0.29 +/- $0.04
    *This outlook assumes consistent foreign currency rates.
    **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts.
       

    We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PT, or 4:25 p.m. ET, today.

    The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.

    Use of Non-GAAP Financial Information:

    To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and nine months ended September 28, 2024, and for outlook provided before, as well as for the comparable periods of fiscal 2023, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management’s reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.

    About FormFactor:

    FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

    Forward-looking Statements:

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, customer demand, conditions in the semiconductor industry, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions, investments in capacity and investments in new electronic data systems and information technology; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amounts)
    (Unaudited)

      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Revenues $ 207,917     $ 197,474     $ 171,575     $ 574,116     $ 494,939  
    Cost of revenues   123,212       110,574       102,290       339,773       304,293  
    Gross profit   84,705       86,900       69,285       234,343       190,646  
    Operating expenses:                  
    Research and development   31,243       31,564       31,014       91,434       87,599  
    Selling, general and administrative   35,607       37,874       35,564       106,560       101,561  
    Total operating expenses   66,850       69,438       66,578       197,994       189,160  
    Gain on sale of business         310             20,581        
    Operating income   17,855       17,772       2,707       56,930       1,486  
    Interest income, net   3,650       3,415       1,662       10,221       4,420  
    Other income (expense), net   (558 )     360       788       322       1,261  
    Income before income taxes   20,947       21,547       5,157       67,473       7,167  
    Provision for income taxes   2,211       2,155       786       7,564       626  
    Net income $ 18,736     $ 19,392     $ 4,371     $ 59,909     $ 6,541  
    Net income per share:                  
    Basic $ 0.24     $ 0.25     $ 0.06     $ 0.77     $ 0.08  
    Diluted $ 0.24     $ 0.25     $ 0.06     $ 0.76     $ 0.08  
    Weighted-average number of shares used in per share calculations:                
    Basic   77,406       77,235       77,571       77,364       77,265  
    Diluted   78,439       78,717       78,412       78,495       77,860  
    FORMFACTOR, INC.
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP Gross Profit $ 84,705     $ 86,900     $ 69,285     $ 234,343     $ 190,646  
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   530       584       1,118       1,661       3,580  
    Stock-based compensation   1,934       1,932       1,376       5,794       4,801  
    Restructuring charges   524                   607       357  
    Non-GAAP Gross Profit $ 87,693     $ 89,416     $ 71,779     $ 242,405     $ 199,384  
                       
    GAAP Gross Margin   40.7 %     44.0 %     40.4 %     40.8 %     38.5 %
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   0.3 %     0.3 %     0.7 %     0.3 %     0.7 %
    Stock-based compensation   0.9 %     1.0 %     0.8 %     1.0 %     1.0 %
    Restructuring charges   0.3 %     %     %     0.1 %     0.1 %
    Non-GAAP Gross Margin   42.2 %     45.3 %     41.9 %     42.2 %     40.3 %
                       
    GAAP operating expenses $ 66,850     $ 69,438     $ 66,578     $ 197,994     $ 189,160  
    Adjustments:                  
    Amortization of intangibles and other   (240 )     (240 )     (466 )     (720 )     (3,563 )
    Stock-based compensation   (7,002 )     (8,277 )     (9,463 )     (23,756 )     (24,532 )
    Restructuring charges   (249 )                 (249 )     (1,183 )
    Costs related to sale of business   (13 )     (43 )     (2,139 )     (702 )     (2,139 )
    Non-GAAP operating expenses $ 59,346     $ 60,878     $ 54,510     $ 172,567     $ 157,743  
                       
    GAAP operating income $ 17,855     $ 17,772     $ 2,707     $ 56,930     $ 1,486  
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   770       824       1,584       2,381       7,143  
    Stock-based compensation   8,936       10,209       10,839       29,550       29,333  
    Restructuring charges   773                   856       1,540  
    Gain on sale of business and related costs   13       (267 )     2,139       (19,879 )     2,139  
    Non-GAAP operating income $ 28,347     $ 28,538     $ 17,269     $ 69,838     $ 41,641  
    FORMFACTOR, INC. 
    NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
    (In thousands, except per share amounts)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    GAAP net income $ 18,736     $ 19,392     $ 4,371     $ 59,909     $ 6,541  
    Adjustments:                  
    Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   770       824       1,584       2,381       7,143  
    Stock-based compensation   8,936       10,209       10,839       29,550       29,333  
    Restructuring charges   773                   856       1,540  
    Gain on sale of business and related costs   13       (267 )     2,139       (19,879 )     2,139  
    Income tax effect of non-GAAP adjustments   (2,002 )     (2,835 )     (1,617 )     (3,924 )     (5,650 )
    Non-GAAP net income $ 27,226     $ 27,323     $ 17,316     $ 68,893     $ 41,046  
                       
    GAAP net income per share:                  
    Basic $ 0.24     $ 0.25     $ 0.06     $ 0.77     $ 0.08  
    Diluted $ 0.24     $ 0.25     $ 0.06     $ 0.76     $ 0.08  
                       
    Non-GAAP net income per share:                  
    Basic $ 0.35     $ 0.35     $ 0.22     $ 0.89     $ 0.53  
    Diluted $ 0.35     $ 0.35     $ 0.22     $ 0.88     $ 0.53  
    FORMFACTOR, INC. 
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (Unaudited)
     
      Nine Months Ended
      September 28,
    2024
      September 30,
    2023
    Cash flows from operating activities:      
    Net income $ 59,909     $ 6,541  
    Selected adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation   22,197       22,880  
    Amortization   1,920       6,043  
    Stock-based compensation expense   29,550       29,333  
    Provision for excess and obsolete inventories   10,052       12,566  
    Gain on sale of business   (20,581 )      
    Other activity impacting operating cash flows   (21,426 )     (22,011 )
    Net cash provided by operating activities   81,621       55,352  
    Cash flows from investing activities:      
    Acquisition of property, plant and equipment   (30,773 )     (46,094 )
    Proceeds from sale of business   21,585        
    Purchases of marketable securities, net   (15,464 )     (3,900 )
    Purchase of promissory note receivable   (1,500 )      
    Net cash used in investing activities   (26,152 )     (49,994 )
    Cash flows from financing activities:      
    Purchase of common stock through stock repurchase program   (37,211 )      
    Proceeds from issuances of common stock   9,748       8,822  
    Principal repayments on term loans   (803 )     (781 )
    Tax withholdings related to net share settlements of equity awards   (17,990 )     (9,349 )
    Net cash used financing activities   (46,256 )     (1,308 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   3       (3,324 )
    Net increase in cash, cash equivalents and restricted cash   9,216       726  
    Cash, cash equivalents and restricted cash, beginning of period   181,273       112,982  
    Cash, cash equivalents and restricted cash, end of period $ 190,489     $ 113,708  
    FORMFACTOR, INC. 
    RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
    (In thousands)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      September 28,
    2024
      June 29,
    2024
      September 30,
    2023
      September 28,
    2024
      September 30,
    2023
    Net cash provided by operating activities $ 26,731     $ 21,878     $ 20,571     $ 81,621     $ 55,352  
    Adjustments:                  
    Sale of business related payments in working capital   2,134       630       2,139       2,811       2,139  
    Cash paid for interest   97       101       105       298       317  
    Capital expenditures   (8,939 )     (8,398 )     (5,917 )     (30,773 )     (46,094 )
    Free cash flow $ 20,023     $ 14,211     $ 16,898     $ 53,957     $ 11,714  
    FORMFACTOR, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited) 
     
      September 28,
    2024
      June 29,
    2024
      December 30,
    2023
    ASSETS          
    Current assets:          
    Cash and cash equivalents $ 184,506     $ 195,914     $ 177,812  
    Marketable securities   169,961       161,710       150,507  
    Accounts receivable, net of allowance for credit losses   116,866       113,277       102,957  
    Inventories, net   105,374       114,814       111,685  
    Restricted cash   3,773       5,939       1,152  
    Prepaid expenses and other current assets   34,302       28,964       29,667  
    Total current assets   614,782       620,618       573,780  
    Restricted cash   2,210       2,098       2,309  
    Operating lease, right-of-use-assets   25,034       26,650       30,519  
    Property, plant and equipment, net of accumulated depreciation   204,108       204,102       204,399  
    Goodwill   200,137       199,548       201,090  
    Intangibles, net   11,017       11,657       12,938  
    Deferred tax assets   92,826       88,841       78,964  
    Other assets   3,669       2,751       2,795  
    Total assets $ 1,153,783     $ 1,156,265     $ 1,106,794  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Current liabilities:          
    Accounts payable $ 52,086     $ 62,235     $ 63,857  
    Accrued liabilities   46,508       49,523       41,037  
    Current portion of term loan, net of unamortized issuance costs   1,098       1,090       1,075  
    Deferred revenue   20,972       17,953       16,704  
    Operating lease liabilities   8,512       8,240       8,422  
    Total current liabilities   129,176       139,041       131,095  
    Term loan, less current portion, net of unamortized issuance costs   12,488       12,765       13,314  
    Long-term operating lease liabilities   19,731       21,441       25,334  
    Deferred grant   18,000       18,000       18,000  
    Other liabilities   19,378       17,102       10,247  
    Total liabilities   198,773       208,349       197,990  
               
    Stockholders’ equity:          
    Common stock   77       77       77  
    Additional paid-in capital   845,466       863,283       861,448  
    Accumulated other comprehensive loss   (1,773 )     (7,948 )     (4,052 )
    Accumulated income   111,240       92,504       51,331  
    Total stockholders’ equity   955,010       947,916       908,804  
    Total liabilities and stockholders’ equity $ 1,153,783     $ 1,156,265     $ 1,106,794  
     

    About our Non-GAAP Financial Measures:

    We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” and “Reconciliation of Cash Provided by Operating Activities to non-GAAP Free Cash Flow” included in this press release.

    Source: FormFactor, Inc.
    FORM-F

    Investor Contact:
    Stan Finkelstein
    Investor Relations
    (925) 290-4321
    ir@formfactor.com

    The MIL Network

  • MIL-OSI: Zoom to Release Financial Results for the Third Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Zoom Video Communications, Inc. (NASDAQ: ZM) today announced it will release its financial results for the third quarter of fiscal year 2025 on Monday, November 25, 2024, after the market closes.

    A live Zoom Webinar of the event can be accessed at 2:00 pm PT / 5:00 pm ET through Zoom’s investor relations website at https://investors.zoom.us. A replay will be available approximately two hours after the conclusion of the live event.

    About Zoom
    Zoom’s mission is to provide an AI-first work platform for human connection. Reimagine teamwork with Zoom Workplace — Zoom’s open collaboration platform with AI Companion empowers teams to be more productive. Together with Zoom Workplace, Zoom’s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, strengthen customer relationships throughout the customer lifecycle. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Get more information at zoom.com.

    Public Relations
    Colleen Rodriguez
    Head of Global PR for Zoom
    press@zoom.us

    Investor Relations
    Charles Eveslage
    Head of Investor Relations for Zoom
    investors@zoom.us

    The MIL Network

  • MIL-OSI: Alto Ingredients, Inc. to Release Third Quarter 2024 Financial Results on November 6, 2024

    Source: GlobeNewswire (MIL-OSI)

    PEKIN, Ill., Oct. 30, 2024 (GLOBE NEWSWIRE) — Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients, announced it will release its third quarter 2024 financial results after the close of market on Wednesday, November 6, 2024.

    Management will host a conference call at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time and will deliver prepared remarks via webcast followed by a question-and-answer session. How to participate:

    • To listen to the webcast, visit the Alto Ingredients website.
    • To receive a number and unique PIN by email, register here.
    • To dial directly twenty minutes prior to the scheduled call time, dial (833) 630-0017 domestically and (412) 317-1806 internationally. Please ask to join Alto Ingredients.

    The webcast will be archived for replay on the Alto Ingredients website for one year. In addition, a telephonic replay will be available at 8:00 p.m. Eastern Time on Wednesday, November 6, 2024, through 8:00 p.m. Eastern Time on Wednesday, November 13, 2024. To access the replay, please dial (877) 344-7529. International callers should dial 00-1 412-317-0088. The pass code will be 8828903.

    About Alto Ingredients, Inc.
    Alto Ingredients, Inc. (NASDAQ: ALTO) is a leading producer and distributor of specialty alcohols, renewable fuels and essential ingredients. Leveraging the unique qualities of its facilities, the company serves customers in a wide range of consumer and commercial products in the Health, Home & Beauty; Food & Beverage; Industry & Agriculture; Essential Ingredients; and Renewable Fuels markets. For more information, please visit www.altoingredients.com.

    Media and Company IR Contact:                 
    Michael Kramer, Alto Ingredients, Inc., 916-403-2755 Investorrelations@altoingredients.com

    IR Agency Contact:
    Kirsten Chapman, LHA Investor Relations, 415-433-3777 Investorrelations@altoingredients.com

    The MIL Network

  • MIL-OSI: Robinhood Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Second highest Revenues on record, up 36% year-over-year to $637 million
    GAAP Diluted EPS of $0.17, up $0.26 year-over-year
    Year-to-date Net Deposits of $34 billion, Revenues of $1.94 billion, and GAAP Diluted EPS of $0.55 have all exceeded prior full year records

    MENLO PARK, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the third quarter of 2024, which ended September 30, 2024.

    I’m really proud of our Q3 results and how smoothly our product engine is humming,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “In the past month, we introduced Robinhood Legend, our new desktop offering, and announced index options, futures, and a realized profit and loss tool are coming soon. And just this week, we launched our Presidential Election Market. We have a ton of momentum, and we’re just getting started.”

    Q3 was another strong quarter, as we drove 36% year-over-year revenue growth, and dropped most of that to the bottom line,” said Jason Warnick, Chief Financial Officer of Robinhood. “We entered 2024 with the goal of delivering another year of profitable growth, so we’re excited to have already broken prior full year records for both revenue and EPS.

    Third Quarter Results:

    • Total net revenues increased 36% year-over-year to $637 million.
      • Transaction-based revenues increased 72% year-over-year to $319 million, primarily driven by options revenue of $202 million, up 63%, cryptocurrencies revenue of $61 million, up 165%, and equities revenue of $37 million, up 37%.
      • Net interest revenues increased 9% year-over-year to $274 million, primarily driven by growth in interest-earning assets.
      • Other revenues increased 42% year-over-year to $44 million, primarily due to increased Gold subscription revenues.
      • Total net revenues were reduced by $27 million in Q3 2024 (and $13 million in Q2 2024) due to matches paid to customers on transfers and deposits.
    • Net income increased year-over-year to $150 million, or diluted earnings per share (EPS) of $0.17, compared to a net loss of $85 million, or diluted EPS of -$0.09, in Q3 2023.
    • Total operating expenses decreased 10% year-over-year to $486 million. This includes a $10 million regulatory accrual, which compares to a $104 million regulatory accrual in Q3 2023.
      • Adjusted Operating Expenses (non-GAAP) increased 12% year-over-year to $397 million primarily due to increased marketing and growth investments.
      • Share-Based Compensation (SBC) decreased 5% year-over-year to $79 million.
    • Adjusted EBITDA (non-GAAP) increased 96% year-over-year to $268 million.
    • Funded Customers increased by 1.0 million year-over-year to 24.3 million.
      • Investment Accounts increased by 1.5 million year-over-year to 25.1 million.
    • Assets Under Custody (AUC) increased 76% year-over-year to $152.2 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations.
    • Net Deposits were $10.0 billion, an annualized growth rate of 29% relative to AUC at the end of Q2 2024. Over the past twelve months, Net Deposits were $39.0 billion, a growth rate of 45% relative to AUC at the end of Q3 2023.
    • Average Revenue Per User (ARPU) increased by 31% year-over-year to $105.
    • Gold Subscribers increased by 860 thousand, or 65%, year-over-year to 2.2 million.
    • Cash and cash equivalents totaled $4.6 billion compared with $4.9 billion at the end of Q3 2023.
    • Share repurchases were $97 million, representing 5.0 million shares of our Class A common stock at an average price per share of $19.42.
      • In July 2024, we began executing on our authorized $1 billion share repurchase program, which we continue to expect to complete over a total of two to three years.

    Highlights

    Robinhood takes major steps toward delivering on product roadmap and winning the active trader market.

    • Building for Active Traders – In October 2024, Robinhood began rolling out Robinhood Legend, a powerful, sleek browser-based desktop trading platform built from the ground up for active traders, and announced that it will launch futures and index options in the coming months with some of the lowest contract fees in the industry.
    • Robinhood Hosts its First Ever Customer-Focused Conference In October 2024, Robinhood held its inaugural HOOD Summit, bringing together over 400 customers with Robinhood executives and other industry leaders for a three-day event to discuss the latest in trading technology, investing, and culture.
    • More than 9 percent of Robinhood Funded Customers benefit from Robinhood Gold – Gold Subscribers reached new highs of 2.2 million in Q3 2024. Additionally, Robinhood Gold Cards continue to roll out, now in the hands of nearly 100 thousand customers.
    • Robinhood Retirement Reaches $11 billion in AUC – In October 2024, Robinhood Retirement reached $11 billion in AUC across nearly one million funded retirement accounts. Offering the first ever IRA with a match, customers have received over $200 million in matches on retirement account transfers and contributions since launching in January 2023.
    • Expanding Our UK Product Offering – Robinhood introduced stock lending in the UK in September 2024 and launched margin investing for UK customers in October 2024. Robinhood has also received Financial Conduct Authority approval to offer options trading in the UK and plans to launch in 2025.

    Additional Q3 2024 Operating Data

    • Retirement AUC increased 9X year-over-year to $9.9 billion.
    • Cash Sweep increased 80% year-over-year to $24.5 billion.
    • Margin Book increased 53% year-over-year to $5.5 billion.
    • Equity Notional Trading Volumes increased 65% year-over-year to $286.2 billion.
    • Options Contracts Traded increased 47% year-over-year to 443.4 million.
    • Crypto Notional Trading Volumes increased 112% year-over-year to $14.4 billion.
    • Monthly Active Users (MAU) increased 7% year-over-year to 11.0 million.

    Webcast and Conference Call Information

    Robinhood will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET today, October 30, 2024. The live webcast of Robinhood’s earnings conference call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation.

    Following the call, a replay and transcript will also be available at the same website.

    Financial Outlook

    Our 2024 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our outlook for GAAP total operating expenses is $1.86 billion to $1.96 billion, including a $10 million regulatory accrual in Q3 2024.

    Our outlook for Non-GAAP combined Adjusted Operating Expenses and SBC for full-year 2024 is unchanged at $1.85 billion to $1.95 billion.

    Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. The above expense outlook does not include potential significant regulatory matters or other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, commodity interests, and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investors:
    ir@robinhood.com

    Press:
    press@robinhood.com

    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
      December 31,   September 30,
    (in millions, except share and per share data)   2023       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 4,835     $ 4,611  
    Cash and cash equivalents segregated under federal and other regulations   4,448       5,547  
    Receivables from brokers, dealers, and clearing organizations   89       139  
    Receivables from users, net   3,495       5,546  
    Securities borrowed   1,602       3,704  
    Deposits with clearing organizations   338       464  
    Asset related to user cryptocurrencies safeguarding obligation   14,708       19,456  
    User-held fractional shares   1,592       2,201  
    Held-to-maturity investments   413       527  
    Prepaid expenses   63       86  
    Deferred customer match incentives   11       73  
    Other current assets   196       251  
    Total current assets   31,790       42,605  
    Property, software, and equipment, net   120       133  
    Goodwill   175       179  
    Intangible assets, net   48       39  
    Non-current held-to-maturity investments   73        
    Non-current deferred customer match incentives   19       159  
    Other non-current assets, including non-current prepaid expenses of $4 as of December 31, 2023 and $22 as of September 30, 2024   107       130  
    Total assets $ 32,332     $ 43,245  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 384     $ 443  
    Payables to users   5,097       6,264  
    Securities loaned   3,547       7,306  
    User cryptocurrencies safeguarding obligation   14,708       19,456  
    Fractional shares repurchase obligation   1,592       2,201  
    Other current liabilities   217       288  
    Total current liabilities   25,545       35,958  
    Other non-current liabilities   91       79  
    Total liabilities   25,636       36,037  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and September 30, 2024.          
    Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 745,401,862 shares issued and outstanding as of December 31, 2023; 21,000,000,000 shares authorized, 761,992,964 shares issued and outstanding as of September 30, 2024.          
    Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 126,760,802 shares issued and outstanding as of December 31, 2023; 700,000,000 shares authorized, 121,616,044 shares issued and outstanding as of September 30, 2024.          
    Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and September 30, 2024.          
    Additional paid-in capital   12,145       12,158  
    Accumulated other comprehensive income (loss)   (3 )     1  
    Accumulated deficit   (5,446 )     (4,951 )
    Total stockholders’ equity   6,696       7,208  
    Total liabilities and stockholders’ equity $ 32,332     $ 43,245  
                   
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
      Three Months Ended
    September 30,
        YOY%     Three Months Ended
    June 30,
        QOQ%  
    (in millions, except share, per share, and percentage data)   2023       2024        Change       2024       Change  
    Revenues:                  
    Transaction-based revenues $ 185     $ 319       72 %   $ 327       (2 )%
    Net interest revenues   251       274       9 %     285       (4 )%
    Other revenues   31       44       42 %     70       (37 )%
    Total net revenues   467       637       36 %     682       (7 )%
                           
    Operating expenses(1)(2):                      
    Brokerage and transaction   39       39       %     40       (3 )%
    Technology and development   202       205       1 %     209       (2 )%
    Operations   41       50       22 %     46       9 %
    Marketing   28       59       111 %     64       (8 )%
    General and administrative   230       133       (42 )%     134       (1 )%
    Total operating expenses   540       486       (10 )%     493       (1 )%
                               
    Other income (expense), net   (2 )     2       NM       2       %
    Income (loss) before income taxes   (75 )     153       NM       191       (20 )%
    Provision for income taxes   10       3       (70 )%     3       %
    Net income (loss) $ (85 )   $ 150       NM     $ 188       (20 )%
    Net income (loss) attributable to common stockholders:                  
    Basic $ (85 )   $ 150         $ 188      
    Diluted $ (85 )   $ 150         $ 188      
    Net income (loss) per share attributable to common stockholders:                  
    Basic $ (0.09 )   $ 0.17         $ 0.21      
    Diluted $ (0.09 )   $ 0.17         $ 0.21      
    Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:                  
    Basic   895,108,790       884,108,545           881,076,624      
    Diluted   895,108,790       905,544,750           904,490,572      
                                   
        Nine Months Ended
    September 30,
      YOY% Change
    (in millions, except share, per share, and percentage data)     2023       2024    
    Revenues:            
    Transaction-based revenues   $ 585     $ 975       67 %
    Net interest revenues     693       813       17 %
    Other revenues     116       149       28 %
    Total net revenues     1,394       1,937       39 %
                 
    Operating expenses(1)(2):            
    Brokerage and transaction     114       114       %
    Technology and development     608       610       %
    Operations     119       140       18 %
    Marketing     79       190       141 %
    General and administrative     1,036       385       (63 )%
    Total operating expenses     1,956       1,439       (26 )%
                     
    Other income, net           8       NM  
    Income (loss) before income taxes     (562 )     506       NM  
    Provision for income taxes     9       11       22 %
    Net income (loss)   $ (571 )   $ 495       NM  
    Net income (loss) attributable to common stockholders:            
    Basic   $ (571 )   $ 495      
    Diluted   $ (571 )   $ 495      
    Net income (loss) per share attributable to common stockholders:            
    Basic   $ (0.64 )   $ 0.56      
    Diluted   $ (0.64 )   $ 0.55      
    Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:            
    Basic     898,999,464       880,182,573      
    Diluted     898,999,464       903,555,592      
                         

    ________________
    (1) The following table presents operating expenses as a percent of total net revenues:

      Three Months Ended
    September 30,
      Three Months Ended
    June 30,
      Nine Months Ended
    September 30,
        2023       2024       2024       2023       2024  
    Brokerage and transaction   8 %     6 %     5 %     8 %     6 %
    Technology and development   43 %     32 %     31 %     44 %     31 %
    Operations   9 %     8 %     7 %     9 %     7 %
    Marketing   6 %     9 %     9 %     6 %     10 %
    General and administrative   49 %     21 %     20 %     74 %     20 %
    Total operating expenses   115 %     76 %     72 %     141 %     74 %
                                           

    (2) The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

      Three Months Ended
    September 30,
      Three Months Ended
    June 30,
      Nine Months Ended
    September 30,
    (in millions)   2023       2024       2024       2023       2024  
    Brokerage and transaction $ 2     $ 2     $ 3     $ 6     $ 7  
    Technology and development   51       48       52       161       144  
    Operations   3       1       2       6       5  
    Marketing   1       3       1       3       6  
    General and administrative   26       25       28       614       65  
    Total SBC $ 83     $ 79     $ 86     $ 790     $ 227  
                                           
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in millions)   2023       2024       2023       2024  
    Operating activities:              
    Net income (loss) $ (85 )   $ 150     $ (571 )   $ 495  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Depreciation and amortization   19       20       54       55  
    Provision for credit losses   14       23       29       57  
    Share-based compensation   83       79       790       227  
    Other   (27 )     1       (27 )      
    Changes in operating assets and liabilities:              
    Securities segregated under federal and other regulations         547              
    Receivables from brokers, dealers, and clearing organizations   54       10       13       (50 )
    Receivables from users, net   (391 )     (433 )     (502 )     (1,971 )
    Securities borrowed   (244 )     (1,487 )     (687 )     (2,102 )
    Deposits with clearing organizations   (52 )     87       (89 )     (126 )
    Current and non-current prepaid expenses   17       (21 )     26       (41 )
    Current and non-current deferred customer match incentives   (4 )     (6 )     (10 )     (202 )
    Other current and non-current assets   62       117       10       (11 )
    Accounts payable and accrued expenses   94       54       145       28  
    Payables to users   (786 )     475       (376 )     1,167  
    Securities loaned   263       2,215       1,411       3,759  
    Other current and non-current liabilities   6       (19 )     5       (42 )
    Net cash provided by (used in) operating activities   (977 )     1,812       221       1,243  
    Investing activities:              
    Purchases of property, software, and equipment   (1 )     (7 )     (1 )     (9 )
    Capitalization of internally developed software   (5 )     (12 )     (14 )     (26 )
    Purchases of held-to-maturity investments   (76 )     (167 )     (651 )     (469 )
    Proceeds from maturities of held-to-maturity investments   75       150       167       439  
    Purchases of credit card receivables by Credit Card Funding Trust         (169 )           (239 )
    Collections of purchased credit card receivables         82             130  
    Business acquisition, net of cash and cash equivalents acquired   (90 )           (90 )     (6 )
    Asset acquisition, net of cash acquired                     (3 )
    Other               10       1  
    Net cash used in investing activities   (97 )     (123 )     (579 )     (182 )
    Financing activities:              
    Proceeds from issuance of common stock under the Employee Stock Purchase Plan               9       10  
    Taxes paid related to net share settlement of equity awards   (4 )     (56 )     (9 )     (155 )
    Payments of debt issuance costs               (10 )     (14 )
    Draws on credit facilities   10       1       20       12  
    Repayments on credit facilities   (10 )     (1 )     (20 )     (12 )
    Borrowings on Credit Card Funding Trust         78             95  
    Repayments on Credit Card Funding Trust                     (1 )
    Change in principal collected from customers due to Coastal Bank   (3 )     (22 )     (3 )     (15 )
    Repurchase of Class A common stock   (608 )     (97 )     (608 )     (97 )
    Proceeds from exercise of stock options, net of repurchases         2       2       10  
    Net cash used in financing activities   (615 )     (95 )     (619 )     (167 )
    Effect of foreign exchange rate changes on cash and cash equivalents         1             1  
    Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash   (1,689 )     1,595       (977 )     895  
    Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   10,069       8,646       9,357       9,346  
    Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 8,380     $ 10,241     $ 8,380     $ 10,241  
    Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:              
    Cash and cash equivalents, end of the period $ 4,889     $ 4,611     $ 4,889     $ 4,611  
    Segregated cash and cash equivalents, end of the period   3,448       5,547       3,448       5,547  
    Restricted cash in other current assets, end of the period   26       67       26       67  
    Restricted cash in other non-current assets, end of the period   17       16       17       16  
    Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 8,380     $ 10,241     $ 8,380     $ 10,241  
    Supplemental disclosures:              
    Cash paid for interest $ 2     $ 4     $ 8     $ 12  
    Cash paid for income taxes, net of refund received $ 7     $ 8     $ 9     $ 14  
                                   
    Reconciliation of GAAP to Non-GAAP Results
    (Unaudited)
     
      Three Months Ended
    September 30,
      Three Months Ended
    June 30,
      Nine Months Ended
    September 30,
    (in millions)   2023       2024       2024       2023       2024  
    Net income (loss) $ (85 )   $ 150     $ 188     $ (571 )   $ 495  
    Net margin   (18 )%     24 %     28 %     (41 )%     26 %
    Add:                  
    Interest expenses related to credit facilities   6       6       6       17       18  
    Provision for income taxes   10       3       3       9       11  
    Depreciation and amortization   19       20       18       54       55  
    EBITDA (non-GAAP)   (50 )     179       215       (491 )     579  
    Add: SBC                  
    2021 Founders Award Cancellation                     485        
    SBC Excluding 2021 Founders Award Cancellation   83       79       86       305       227  
    Significant legal and tax settlements and reserves   104       10             104       10  
    Adjusted EBITDA (non-GAAP) $ 137     $ 268     $ 301     $ 403     $ 816  
    Adjusted EBITDA margin (non-GAAP)   29 %     42 %     44 %     29 %     42 %
                                           
      Three Months Ended
    September 30,
      Three Months Ended
    June 30,
      Nine Months Ended
    September 30,
    (in millions)   2023       2024       2024       2023       2024  
    Total operating expenses (GAAP) $ 540     $ 486     $ 493     $ 1,956     $ 1,439  
    Add: SBC                  
    2021 Founders Award Cancellation                     485        
    SBC Excluding 2021 Founders Award Cancellation   83       79       86       305       227  
    Significant legal and tax settlements and reserves   104       10             104       10  
    Adjusted Operating Expenses (Non-GAAP) $ 353     $ 397     $ 407     $ 1,062     $ 1,202  
                                           
    (in millions) Prior Financial Outlook1
    for the Year Ending
    December 31, 2024
    Current Financial Outlook
    for the Year Ending
    December 31, 2024
    Change
    Total operating expenses (GAAP) $1,850 – $1,950 $1,860 – $1,960 increased by $10
    Significant legal and tax settlements and reserves $10 increased by $10
    Adjusted Operating Expenses and SBC (Non-GAAP)2 $1,850 – $1,950 $1,850 – $1,950 no change

    (1) Prior Outlook provided at Q2 2024 Earnings on August 7th, 2024.
    (2) Actual results might differ materially from our outlook, see “Financial Outlook” for more information. The above expense outlook does not include potential significant regulatory matters or other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that index options, futures, and a realized profit and loss tool are coming soon; that we have a ton of momentum, and we’re just getting started; that in July 2024, we began executing on our authorized $1 billion share repurchase program, which we continue to expect to complete over a total of two to three years; that we will launch futures and index options in the coming months with some of the lowest contract fees in the industry; that we received Financial Conduct Authority approval to offer options trading in the UK and plan to launch in 2025; and all statements and information under the headings “Financial Outlook” and “Reconciliation of GAAP to Non-GAAP Financial Outlook.” Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our limited operating experience at our current scale; the difficulty of managing our business effectively, including the size of our workforce, and the risk of continued declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), and the risk of new regulation or bans on PFOF and similar practices; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the difficulty of complying with an extensive, complex, and changing regulatory environment and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and invest in new products, services, technologies, and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the volatility of cryptocurrency prices and trading volumes; the risk that our platforms and services could be exploited to facilitate illegal payments; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which we expect to be available on October 31, 2024, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements are made as of the date of this press release, October 30, 2024 and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.

    Non-GAAP Financial Measures

    We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income (loss) and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted EBITDA margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net income (loss), excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

    The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted EBITDA Margin

    Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income (loss) divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses

    Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results, of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses and SBC

    Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves and (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results, of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Key Performance Metrics

    In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

    Funded Customers

    We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer.

    Assets Under Custody (“AUC”)

    We define AUC as the sum of the fair value of all equities, options, cryptocurrency and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in AUC in any given period.

    Net Deposits

    We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash and assets earned in connection with Company promotions (such as account transfer and retirement match incentives and free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin interest, Gold subscription fees, and other assets transferred out of our platforms (assets transferred in or out include debit card transactions, Automated Customer Account Transfer Service transfers, and custodial crypto wallet transfers) for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash and assets earned in connection with Company promotions and prior to January 2024, Net Deposits did not include inflows from dividends and interest or outflows from Robinhood Gold subscription fees and margin interest, although we have not restated amounts in prior periods as the impact to those figures was immaterial.

    Average Revenue Per User (“ARPU”)

    We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this release represent ARPU annualized for each three-month period presented.

    Gold Subscribers

    We define a Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

    Additional Operating Metrics

    Retirement AUC

    We define Retirement AUC as the total AUC in traditional IRAs and Roth IRAs.

    Cash Sweep

    We define Cash Sweep as the period-end aggregate balances in our brokerage sweep program (i.e., the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks). This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms.

    Margin Book

    We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts).

    Notional Trading Volume

    We define Notional Trading Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class over a specified period of time.

    Options Contracts Traded

    We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

    Monthly Active Users (“MAU”)

    We define MAUs as the number of unique persons who, using one or more accounts with a Robinhood entity, meet one of the following criteria at any point during a specified calendar month: a) executes a debit card or credit card transaction, b) transitions between two different screens on a mobile device while logged into their account or c) loads a page in a web browser while logged into their account. A person need not satisfy these conditions on a recurring monthly basis or be a Funded Customer to be included in MAU. MAU figures in this release reflect MAU for the last month of the relevant period presented. We utilize MAU to measure how many customers interact with our products and services during a given month. MAU does not measure the frequency or duration of the interaction, but we consider it a useful indicator for engagement. Additionally, MAUs are positively correlated with, but are not indicative of, the performance of revenue and other key performance indicators.

    Glossary Terms

    Investment Accounts

    We define an Investment Account as a funded individual brokerage account, a funded joint investing account, or a funded individual retirement account (“IRA”). As of September 30, 2024, a Funded Customer can have up to four Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, and Roth IRA.

    Growth Rate and Annualized Growth Rate with respect to Net Deposits

    When used with respect to Net Deposits, “growth rate” and “annualized growth rate” provide information about Net Deposits relative to total AUC. “Growth rate” is calculated as aggregate Net Deposits over a specified 12 month period, divided by AUC for the fiscal quarter that immediately precedes such 12 month period. “Annualized growth rate” is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by AUC for the immediately preceding quarter.

    The MIL Network

  • MIL-OSI: Tenable Announces Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenue of $227.1 million, up 13% year-over-year.
    • Calculated current billings of $248.4 million, up 11% year-over-year.
    • GAAP operating margin of (1)%; Non-GAAP operating margin of 20%.
    • Net cash provided by operating activities of $54.6 million; Unlevered free cash flow of $60.8 million.
    • $200 million expansion of our stock repurchase program.

    COLUMBIA, Md., Oct. 30, 2024 (GLOBE NEWSWIRE) — Tenable Holdings, Inc. (“Tenable”) (Nasdaq: TENB), the exposure management company, today announced financial results for the quarter ended September 30, 2024.

    “We delivered strong results in Q3, surpassing expectations on both the top and bottom line,” said Amit Yoran, Chairman and CEO of Tenable. “Cloud Security and Tenable One, our exposure management platform, continue to drive demand as customers increasingly focus on securing critical cloud infrastructure and assessing their overall exposures in a hybrid world.”

    Third Quarter 2024 Financial Highlights

    • Revenue was $227.1 million, a 13% increase year-over-year.
    • Calculated current billings was $248.4 million, an 11% increase year-over-year.
    • GAAP loss from operations was $2.1 million, compared to $7.9 million in the third quarter of 2023.
    • Non-GAAP income from operations was $45.0 million, compared to $36.6 million in the third quarter of 2023.
    • GAAP net loss was $9.2 million, compared to $15.6 million in the third quarter of 2023.
    • GAAP net loss per share was $0.08, compared to $0.13 in the third quarter of 2023.
    • Non-GAAP net income was $39.3 million, compared to $27.7 million in the third quarter of 2023.
    • Non-GAAP diluted earnings per share was $0.32, compared to $0.23 in the third quarter of 2023.
    • Cash and cash equivalents and short-term investments were $548.4 million at September 30, 2024, compared to $474.0 million at December 31, 2023.
    • Net cash provided by operating activities was $54.6 million, compared to $42.4 million in the third quarter of 2023.
    • Unlevered free cash flow was $60.8 million, compared to $48.2 million in the third quarter of 2023.

    Recent Business Highlights

    • Added 386 new enterprise platform customers and 60 net new six-figure customers.
    • Announced that our Board of Directors recently approved the expansion of our existing stock repurchase program, raising the existing authorization by $200 million.
    • Released AI Aware, advanced detection capabilities designed to rapidly surface artificial intelligence solutions, vulnerabilities and weaknesses.
    • Introduced Vulnerability Intelligence and Exposure Response, two powerful context-driven prioritization and response features that are designed to deliver actionable intelligence across IT and cloud environments.
    • Extended exposure management capabilities to cloud data and AI by adding new data security posture management (DSPM) and artificial intelligence security posture management (AI-SPM) capabilities for Tenable Cloud Security.
    • Launched Tenable Enclave Security, a solution that supports the needs of customers operating in highly secure environments.
    • Recognized as the top performer in cloud security in the 2024 CRN Annual Report Card Awards.

    Financial Outlook

    For the fourth quarter of 2024, we currently expect:

    • Revenue in the range of $229.0 million to $233.0 million.
    • Non-GAAP income from operations in the range of $47.0 million to $49.0 million.
    • Non-GAAP net income in the range of $42.0 million to $44.0 million, assuming interest expense of $7.8 million, interest income of $6.0 million and a provision for income taxes of $3.1 million.
    • Non-GAAP diluted earnings per share in the range of $0.33 to $0.35.
    • 125.5 million diluted weighted average shares outstanding.

    For the year ending December 31, 2024, we currently expect:

    • Calculated current billings in the range of $957.0 million to $967.0 million.
    • Revenue in the range of $893.3 million to $897.3 million.
    • Non-GAAP income from operations in the range of $171.8 million to $173.8 million.
    • Non-GAAP net income in the range of $149.9 million to $151.9 million, assuming interest expense of $32.1 million, interest income of $23.5 million and a provision for income taxes of $12.3 million.
    • Non-GAAP diluted earnings per share in the range of $1.21 to $1.23.
    • 123.5 million diluted weighted average shares outstanding.
    • Unlevered free cash flow in the range of $225.0 million to $235.0 million.

    Conference Call Information

    Tenable will host a conference call on October 30, 2024 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call.

    About Tenable

    Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

    Contact Information

    Investor Relations
    investors@tenable.com

    Media Relations
    tenablepr@tenable.com

    Forward-Looking Statements

    This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our platform’s ability to help protect enterprises from security exposure, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions 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. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 as well as other filings that we make from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. 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, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

    Non-GAAP Financial Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry.

    Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

    Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

    Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

    Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses.

    Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.

    Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities.

    TENABLE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands, except per share data)   2024       2023       2024       2023  
    Revenue $ 227,088     $ 201,529     $ 664,290     $ 585,404  
    Cost of revenue(1)   50,499       45,754       148,229       134,774  
    Gross profit   176,589       155,775       516,061       450,630  
    Operating expenses:              
    Sales and marketing(1)   99,083       94,759       300,037       289,750  
    Research and development(1)   48,020       37,052       136,896       113,080  
    General and administrative(1)   31,569       31,877       92,889       85,614  
    Restructuring               6,070        
    Total operating expenses   178,672       163,688       535,892       488,444  
    Loss from operations   (2,083 )     (7,913 )     (19,831 )     (37,814 )
    Interest income   5,989       7,662       17,587       19,323  
    Interest expense   (8,148 )     (8,119 )     (24,333 )     (23,208 )
    Other income (expense), net   359       (6,502 )     (858 )     (7,993 )
    Loss before income taxes   (3,883 )     (14,872 )     (27,435 )     (49,692 )
    Provision for income taxes   5,328       693       10,734       6,944  
    Net loss $ (9,211 )   $ (15,565 )   $ (38,169 )   $ (56,636 )
                   
    Net loss per share, basic and diluted $ (0.08 )   $ (0.13 )   $ (0.32 )   $ (0.49 )
    Weighted-average shares used to compute net loss per share, basic and diluted   119,169       115,954       118,466       114,967  

    _______________

    (1) Includes stock-based compensation as follows:

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
        2024     2023     2024     2023
    Cost of revenue $ 3,216   $ 3,011   $ 9,486   $ 8,542
    Sales and marketing   15,941     15,805     47,517     46,622
    Research and development   12,435     9,242     35,395     27,871
    General and administrative   10,092     8,777     30,403     25,777
    Total stock-based compensation $ 41,684   $ 36,835   $ 122,801   $ 108,812
    TENABLE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
     
      September 30, 2024   December 31, 2023
    (in thousands, except per share data) (unaudited)    
    Assets      
    Current assets:      
    Cash and cash equivalents $ 312,207     $ 237,132  
    Short-term investments   236,242       236,840  
    Accounts receivable (net of allowance for doubtful accounts of $971 and $470 at September 30, 2024 and December 31, 2023, respectively)   192,648       220,060  
    Deferred commissions   49,858       49,559  
    Prepaid expenses and other current assets   52,575       61,882  
    Total current assets   843,530       805,473  
    Property and equipment, net   39,780       45,436  
    Deferred commissions (net of current portion)   64,405       72,394  
    Operating lease right-of-use assets   32,127       34,835  
    Acquired intangible assets, net   99,474       107,017  
    Goodwill   541,292       518,539  
    Other assets   13,811       23,177  
    Total assets $ 1,634,419     $ 1,606,871  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 17,833     $ 16,941  
    Accrued compensation   43,040       66,492  
    Deferred revenue   583,940       580,779  
    Operating lease liabilities   6,099       5,971  
    Other current liabilities   6,205       5,655  
    Total current liabilities   657,117       675,838  
    Deferred revenue (net of current portion)   163,512       169,718  
    Term loan, net of issuance costs (net of current portion)   357,334       359,281  
    Operating lease liabilities (net of current portion)   43,706       48,058  
    Other liabilities   8,195       7,632  
    Total liabilities   1,229,864       1,260,527  
           
    Stockholders’ equity:      
    Common stock (par value: $0.01; 500,000 shares authorized; 121,344 and 117,504 shares issued at September 30, 2024 and December 31, 2023, respectively)   1,213       1,175  
    Additional paid-in capital   1,330,517       1,185,100  
    Treasury stock (at cost: 1,471 and 356 shares at September 30, 2024 and December 31, 2023, respectively)   (64,925 )     (14,934 )
    Accumulated other comprehensive income   954       38  
    Accumulated deficit   (863,204 )     (825,035 )
    Total stockholders’ equity   404,555       346,344  
    Total liabilities and stockholders’ equity $ 1,634,419     $ 1,606,871  
    TENABLE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
     
      Nine Months Ended September 30,
    (in thousands)   2024       2023  
    Cash flows from operating activities:      
    Net loss $ (38,169 )   $ (56,636 )
    Adjustments to reconcile net loss to net cash provided by operating activities:    
    Depreciation and amortization   24,434       18,900  
    Stock-based compensation   122,801       108,812  
    Net accretion of discounts and amortization of premiums on short-term investments   (6,141 )     (5,903 )
    Amortization of debt issuance costs   1,003       941  
    (Gain) loss on other investments   (1,452 )     5,000  
    Restructuring   4,528        
    Other   4,128       1,800  
    Changes in operating assets and liabilities:      
    Accounts receivable   26,911       9,084  
    Prepaid expenses and other assets   29,868       17,524  
    Accounts payable, accrued expenses and accrued compensation   (22,921 )     447  
    Deferred revenue   (3,153 )     16,856  
    Other current and noncurrent liabilities   (5,480 )     (5,475 )
    Net cash provided by operating activities   136,357       111,350  
           
    Cash flows from investing activities:      
    Purchases of property and equipment   (1,924 )     (1,299 )
    Capitalized software development costs   (5,930 )     (4,707 )
    Purchases of short-term investments   (227,210 )     (217,239 )
    Sales and maturities of short-term investments   234,865       242,864  
    Proceeds from other investments   3,512        
    Purchases of other investments   (1,250 )      
    Business combinations, net of cash acquired   (29,162 )      
    Net cash (used in) provided by investing activities   (27,099 )     19,619  
           
    Cash flows from financing activities:      
    Payments on term loan   (2,813 )     (2,813 )
    Proceeds from loan agreement         424  
    Proceeds from stock issued in connection with the employee stock purchase plan   16,262       16,224  
    Proceeds from the exercise of stock options   4,798       2,421  
    Purchase of treasury stock   (49,991 )      
    Other financing activities         (213 )
    Net cash (used in) provided by financing activities   (31,744 )     16,043  
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (2,439 )     (2,562 )
    Net increase in cash and cash equivalents and restricted cash   75,075       144,450  
    Cash and cash equivalents and restricted cash at beginning of period   237,132       300,866  
    Cash and cash equivalents and restricted cash at end of period $ 312,207     $ 445,316  
    TENABLE HOLDINGS, INC.
    REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (unaudited)
     
    Revenue Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands)   2024     2023     2024     2023
    Subscription revenue $ 208,554   $ 183,268   $ 608,727   $ 531,133
    Perpetual license and maintenance revenue   11,769     12,200     35,941     36,535
    Professional services and other revenue   6,765     6,061     19,622     17,736
    Revenue(1) $ 227,088   $ 201,529   $ 664,290   $ 585,404

    _______________

    (1) Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three and nine months ended September 30, 2024 and 95% of revenue in the three and nine months ended September 30, 2023.

    Calculated Current Billings Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands)   2024       2023       2024       2023  
    Revenue $ 227,088     $ 201,529     $ 664,290     $ 585,404  
    Deferred revenue (current), end of period   583,940       518,372       583,940       518,372  
    Deferred revenue (current), beginning of period(1)   (562,587 )     (495,199 )     (580,887 )     (502,115 )
    Calculated current billings $ 248,441     $ 224,702     $ 667,343     $ 601,661  

    ________________
    (1) Deferred revenue (current), beginning of period for the nine months ended September 30, 2024 includes $0.1 million related to acquired deferred revenue.

    Remaining Performance Obligations September 30,
    (in thousands)   2024     2023
    Remaining performance obligations, short-term $ 592,351   $ 528,367
    Remaining performance obligations, long-term   179,210     168,817
    Remaining performance obligations $ 771,561   $ 697,184
    Free Cash Flow and Unlevered Free Cash Flow Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands)   2024       2023       2024       2023  
    Net cash provided by operating activities $ 54,607     $ 42,411     $ 136,357     $ 111,350  
    Purchases of property and equipment   (733 )     (201 )     (1,924 )     (1,299 )
    Capitalized software development costs   (1,163 )     (1,894 )     (5,930 )     (4,707 )
    Free cash flow(1)   52,711       40,316       128,503       105,344  
    Cash paid for interest and other financing costs   8,055       7,843       23,505       26,786  
    Unlevered free cash flow(1) $ 60,766     $ 48,159     $ 152,008     $ 132,130  

    ________________

    (1) Free cash flow and unlevered free cash flow for the periods presented were impacted by:

      Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands)   2024       2023       2024       2023  
    Employee stock purchase plan activity $ (3,653 )   $ (2,236 )   $ (6,283 )   $ (2,507 )
    Acquisition-related expenses   (663 )     (571 )     (1,326 )     (830 )
    Restructuring   (492 )           (5,911 )      
    Non-GAAP Income from Operations and Non-GAAP Operating Margin Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (dollars in thousands)   2024       2023       2024       2023  
    Loss from operations $ (2,083 )   $ (7,913 )   $ (19,831 )   $ (37,814 )
    Stock-based compensation   41,684       36,835       122,801       108,812  
    Acquisition-related expenses   360       4,598       1,284       4,728  
    Restructuring               6,070        
    Amortization of acquired intangible assets   5,014       3,055       14,443       9,208  
    Non-GAAP income from operations $ 44,975     $ 36,575     $ 124,767     $ 84,934  
    Operating margin   (1 )%     `(4 )%     (3 )%     (6 )%
    Non-GAAP operating margin   20 %     18 %     19 %     15 %
    Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (in thousands, except per share data)   2024       2023       2024       2023  
    Net loss $ (9,211 )   $ (15,565 )   $ (38,169 )   $ (56,636 )
    Stock-based compensation   41,684       36,835       122,801       108,812  
    Tax impact of stock-based compensation(1)   1,528       (1,207 )     1,626       1,046  
    Acquisition-related expenses(2)   360       4,598       1,284       4,728  
    Restructuring(2)               6,070        
    Amortization of acquired intangible assets(3)   5,014       3,055       14,443       9,208  
    Tax impact of acquisitions   (52 )     (48 )     (130 )     (161 )
    Non-GAAP net income $ 39,323     $ 27,668     $ 107,925     $ 66,997  
                   
    Net loss per share, diluted $ (0.08 )   $ (0.13 )   $ (0.32 )   $ (0.49 )
    Stock-based compensation   0.35       0.32       1.04       0.94  
    Tax impact of stock-based compensation(1)   0.01       (0.01 )     0.01       0.01  
    Acquisition-related expenses(2)   0.01       0.04       0.01       0.04  
    Restructuring(2)               0.05        
    Amortization of acquired intangible assets(3)   0.04       0.02       0.12       0.08  
    Tax impact of acquisitions                      
    Adjustment to diluted earnings per share(4)   (0.01 )     (0.01 )     (0.03 )     (0.02 )
    Non-GAAP earnings per share, diluted $ 0.32     $ 0.23     $ 0.88     $ 0.56  
                   
    Weighted-average shares used to compute GAAP net loss per share, diluted   119,169       115,954       118,466       114,967  
                   
    Weighted-average shares used to compute non-GAAP earnings per share, diluted   123,288       121,473       123,206       120,273  

    ________________

    (1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.
    (2) The tax impact of acquisition-related expenses and restructuring are not material.
    (3) The tax impact of the amortization of acquired intangible assets is included in the tax impact of acquisitions.
    (4) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (dollars in thousands)   2024       2023       2024       2023  
    Gross profit $ 176,589     $ 155,775     $ 516,061     $ 450,630  
    Stock-based compensation   3,216       3,011       9,486       8,542  
    Amortization of acquired intangible assets   5,014       3,055       14,443       9,208  
    Non-GAAP gross profit $ 184,819     $ 161,841     $ 539,990     $ 468,380  
    Gross margin   78 %     77 %     78 %     77 %
    Non-GAAP gross margin   81 %     80 %     81 %     80 %
    Non-GAAP Sales and Marketing Expense Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (dollars in thousands)   2024       2023       2024       2023  
    Sales and marketing expense $ 99,083     $ 94,759     $ 300,037     $ 289,750  
    Less: Stock-based compensation   15,941       15,805       47,517       46,622  
    Less: Acquisition-related expenses   3             52        
    Non-GAAP sales and marketing expense $ 83,139     $ 78,954     $ 252,468     $ 243,128  
    Non-GAAP sales and marketing expense % of revenue   37 %     39 %     38 %     42 %
    Non-GAAP Research and Development Expense Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (dollars in thousands)   2024       2023       2024       2023  
    Research and development expense $ 48,020     $ 37,052     $ 136,896     $ 113,080  
    Less: Stock-based compensation   12,435       9,242       35,395       27,871  
    Less: Acquisition-related expenses               (20 )      
    Non-GAAP research and development expense $ 35,585     $ 27,810     $ 101,521     $ 85,209  
    Non-GAAP research and development expense % of revenue   16 %     14 %     15 %     15 %
    Non-GAAP General and Administrative Expense Three Months Ended
    September 30,
      Nine Months Ended
    September 30,
    (dollars in thousands)   2024       2023       2024       2023  
    General and administrative expense $ 31,569     $ 31,877     $ 92,889     $ 85,614  
    Less: Stock-based compensation   10,092       8,777       30,403       25,777  
    Less: Acquisition-related expenses   357       4,598       1,252       4,728  
    Non-GAAP general and administrative expense $ 21,120     $ 18,502     $ 61,234     $ 55,109  
    Non-GAAP general and administrative expense % of revenue   9 %     9 %     9 %     9 %
                                   

    The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially.

    Forecasted Non-GAAP Income from Operations Three Months Ending
    December 31, 2024
      Year Ending
    December 31, 2024
    (in millions) Low   High   Low   High
    Forecasted income (loss) from operations $ 0.6   $ 2.6   $ (19.2 )   $ (17.2 )
    Forecasted stock-based compensation   41.3     41.3     164.1       164.1  
    Forecasted acquisition-related expenses           1.3       1.3  
    Forecasted restructuring           6.1       6.1  
    Forecasted amortization of acquired intangible assets   5.1     5.1     19.5       19.5  
    Forecasted non-GAAP income from operations $ 47.0   $ 49.0   $ 171.8     $ 173.8  
    Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share Three Months Ending
    December 31, 2024
      Year Ending
    December 31, 2024
    (in millions, except per share data) Low   High   Low   High
    Forecasted net loss(1) $ (6.2 )   $ (4.2 )   $ (44.4 )   $ (42.4 )
    Forecasted stock-based compensation   41.3       41.3       164.1       164.1  
    Forecasted tax impact of stock-based compensation   1.9       1.9       3.5       3.5  
    Forecasted acquisition-related expenses               1.3       1.3  
    Forecasted restructuring               6.1       6.1  
    Forecasted amortization of acquired intangible assets   5.1       5.1       19.5       19.5  
    Forecasted tax impact of acquisitions   (0.1 )     (0.1 )     (0.2 )     (0.2 )
    Forecasted non-GAAP net income $ 42.0     $ 44.0     $ 149.9     $ 151.9  
                   
    Forecasted net loss per share, diluted(1) $ (0.05 )   $ (0.04 )   $ (0.37 )   $ (0.36 )
    Forecasted stock-based compensation   0.34       0.34       1.38       1.38  
    Forecasted tax impact of stock-based compensation   0.02       0.02       0.03       0.03  
    Forecasted acquisition-related expenses               0.01       0.01  
    Forecasted restructuring               0.05       0.05  
    Forecasted amortization of acquired intangible assets   0.04       0.04       0.16       0.16  
    Forecasted tax impact of acquisitions                      
    Adjustment to diluted earnings per share(2)   (0.02 )     (0.01 )     (0.05 )     (0.04 )
    Forecasted non-GAAP earnings per share, diluted $ 0.33     $ 0.35     $ 1.21     $ 1.23  
                   
    Forecasted weighted-average shares used to compute GAAP net loss per share, diluted   120.0       120.0       119.0       119.0  
    Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted   125.5       125.5       123.5       123.5  

    ________________
    (1) The forecasted GAAP net loss assumes income tax expense of $4.9 million and $15.6 million in the three months and year ending December 31, 2024, respectively.

    (2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

    Forecasted Free Cash Flow and Unlevered Free Cash Flow Year Ending
    December 31, 2024
    (in millions) Low   High
    Forecasted net cash provided by operating activities $ 206.7     $ 216.7  
    Forecasted purchases of property and equipment   (5.9 )     (5.9 )
    Forecasted capitalized software development costs   (6.7 )     (6.7 )
    Forecasted free cash flow   194.1       204.1  
    Forecasted cash paid for interest and other financing costs   30.9       30.9  
    Forecasted unlevered free cash flow $ 225.0     $ 235.0  

    The MIL Network

  • MIL-OSI: Micron Announces Changes to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, Oct. 30, 2024 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) today announced that Robert (Bob) Switz, its current Board Chair, will retire at the annual shareholders meeting on Jan. 16, 2025. The Board has unanimously approved the appointment of Micron’s President and CEO, Sanjay Mehrotra, to serve as Board Chair and Lynn Dugle as Lead Independent Director following the annual shareholders meeting.

    Switz joined Micron’s Board of Directors in 2006 and was named Chair in 2012. With broad experience, a clear-headed approach and exceptional business acumen, Switz has been a leading voice in driving strong governance and the company’s successful strategy. Throughout his tenure, Micron introduced many industry-first products and increased revenues over five times. Also, Switz was instrumental in recruiting Mehrotra as the company’s CEO in 2017.

    “Bob has been an invaluable partner and advisor to Micron for nearly 20 years, and I am deeply grateful to him for his leadership and counsel,” said Mehrotra. “On behalf of my fellow board members and the over 48,000 team members at Micron, I want to thank him for all his contributions. During his tenure, Micron has gained tremendous momentum and is now a recognized leader in the memory and storage industry. I am honored to succeed Bob as the Board Chair, and I look forward to working with Lynn Dugle and the rest of the Micron Board to continue to advance Micron’s market leadership position and financial strength.”

    “I have thoroughly enjoyed my time serving on the Micron Board, and I’m grateful for the opportunity to have worked alongside many talented executives as we expanded the company’s global footprint and product portfolio,” said Switz. “Memory and storage are essential to the growth of AI in the digital economy, and Micron holds the strongest competitive position in its history. Working with Sanjay to take Micron, an iconic American company, to industry leadership has been very rewarding.”

    Since joining Micron in 2017 as President and CEO, Mehrotra has transformed the company into a technology, product, and manufacturing leader. During his time as CEO, the company has introduced multiple generations of both DRAM and NAND ahead of its competitors and delivered the best products in the industry acknowledged for their world-class quality. Mehrotra has been widely recognized for his leadership and contributions to the memory and storage industry.

    “Sanjay has done an outstanding job of transforming Micron and creating value for all stakeholders. I am confident that in this expanded role, Sanjay will lead the company to new heights,” said Switz.

    Dugle joined the Board in 2020 and has over 30 years of experience in the defense, intelligence, and technology industries. She currently serves on Micron’s Governance and Sustainability and Security Committees and previously served on the Audit Committee and as Chair of the Security Committee.

    “I congratulate Bob on his retirement, and I’m grateful to him for his consensus-minded leadership,” said Dugle. “Being selected as lead independent director is an honor and a great responsibility, and I am excited to step into this role and partner with Sanjay, my fellow board members and the company’s management team to help realize the company’s potential.”

    About Micron Technology, Inc.
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2024 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Micron Media Relations Contact
    Erica Rodriguez Pompen
    Micron Technology, Inc.
    +1 (408) 834-1873
    epompen@micron.com

    Micron Investor Relations Contact
    Satya Kumar
    Micron Technology, Inc.
    +1 (408) 450-6199
    satyakumar@micron.com  

    The MIL Network