Category: Asia Pacific

  • MIL-OSI Australia: New appointments to Australia Council Board and Maritime Museum

    Source: Australian Ministers for Regional Development

    The Australian Government is making appointments to arts bodies and collecting institutions to ensure they remain under strong leadership.

    Ms Lauren Moss has been appointed as a member of the Australia Council Board of Creative Australia for a four-year term, replacing Ms Christine Simpson Stokes AM.

    The Hon Don Harwin has been appointed as a member of the Council of the Australian National Maritime Museum for a three-year term.

    Minister for the Arts, Tony Burke, said the appointees would lend a deep well of expertise to guide the administration of these important organisations.

    “Lauren has extensive experience having previously worked in the Northern Territory Legislative Assembly for almost a decade. Her sound understanding of governance, arts and cultural issues within the Northern Territory will provide another great regional perspective to the Board.

    “Don served in the NSW Parliament for many years and his time spent as Minister for the Arts will be a great asset for the Council’s governance.”    

    Creative Australia plays a vital role in growing Australia’s cultural infrastructure, through investing in creative talent and stimulating the market for Australian stories to be told on a national and international scale.

    The Australian National Maritime Museum is dedicated to exploring Australia’s maritime history through topics of migration, archaeology, ocean science, commerce, culture and lifestyle, and  honours the stories of First Nations peoples’ living cultural connection to ancestral waters. 

    Ms Lauren Moss was elected at 27 years old as a member of the Northern Territory Legislative Assembly, having served as the Member for Casuarina for almost ten years. She has held portfolio positions in Equality and Inclusion, Environment, Climate Change and Water Security, Mental Health and Suicide Prevention, Youth and Seniors, Education, Children, Women, Tourism, Sport and Culture, including the Arts. As Minister for Tourism, Sport and Culture, Ms Moss was responsible for initiatives including the establishment of Arts Trail funding and the Street Art Festival, increased funding for the screen sector and promotion of the economic value of the Territory’s Creative Industries. Before entering Parliament, Ms Moss was involved in various roles focusing on youth advocacy, alcohol harm minimisation and mental health, and was involved as a Youth Ambassador, Advisor and member to a number of youth mental health and youth affairs organisations. 

    The Hon Don Harwin served in the New South Wales Parliament for 23 years in a range of roles, including five years as the Minister for the Arts and 6 years as President of the Legislative Council. Mr Harwin has considerable background and experience in leadership, governance, policy, and arts advocacy. Mr Harwin currently holds a number of Board memberships including Chair of Music in the Regions Ltd and as a director of the Australia Youth Trust which supports initiatives to secure better health and education outcomes for young people in developing Commonwealth countries. Mr Harwin previously served as a Member of the Australia Council for the Arts, now operating as Creative Australia.

    MIL OSI News

  • MIL-OSI Australia: Appointments to National Gallery of Australia Council

    Source: Australian Ministers for Regional Development

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News

  • MIL-OSI: Law Partners Calls for Independent Inquiry Into Deaths at Latrobe Regional Hospital

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Australia, Feb. 26, 2025 (GLOBE NEWSWIRE) — Michael Passaro, a Managing Solicitor at Law Partners in Victoria has written a letter to Mary-Anne Thomas, Victoria’s Minister for Health, calling for an independent inquiry into recently publicised deaths at Latrobe Regional Hospital in eastern Victoria. Michael is currently representing his client, Nadine Lont, in a related medical negligence matter.

    Contributing to a stronger and safer community
    This case directly relates to recent media coverage about three baby deaths which occurred within a six-week period at Gippsland’s Latrobe Regional Hospital in eastern Victoria. 

    (Coverage around this topic includes stories in the ABC news, Canberra Times, Herald Sun, and Latrobe Valley Express).

    Less than a week after giving birth at Latrobe Regional Hospital, Nadine lost her daughter, Lacey, in heartbreaking circumstances.

    We believe the care Nadine and her child received may not have been satisfactory, and we understand that Nadine’s experience may not have been an isolated case.

    Latrobe Regional Hospital is reviewing these deaths in consultation with Safer Care Victoria. However, Safer Care Victoria operates as an administrative office under the Victorian Department of Health and its independence and efficacy has recently been called into question.

    The benefits of an independent inquiry
    We believe further action is necessary to protect the health and interests of the Australian community in eastern Victoria.

    Michael Passaro, said, “The community is currently in the dark about what’s going on at Latrobe Regional Health, and this needs to change. We’re not saying what Latrobe Regional Hospital should have done differently, or what systemic changes need to take place. We don’t yet know, and that’s the point.

    “We believe an independent inquiry will help shine a light on the truth in an impartial manner, so the right changes can be made which help to safeguard the community and prevent more needless tragedies”, concluded Mr Passaro.

    Nadine Lont said, “Our beautiful girl Lacey Grace paid the ultimate price with her life, so the bare minimum she is owed is answers and accountability from Latrobe Regional Hospital. My family and I are grateful for the support and legal representation that Michael, Renee and the team at Law Partners are providing in helping us to seek these answers.”

    Advice and resources following medical negligence
    If you or someone you know has been impacted by potentially negligent medical care, contact Law Partners to discuss your options.

    For more information about birth injury legal representation, visit this page.

    You can also contact the Australian Patients Association based in Melbourne for additional information and guidance.

    About Law Partners
    Law Partners is more than just Australia’s largest specialist personal injury firm. We’re a team of dedicated lawyers, paralegals and legal assistants who believe in personal service, asking more questions, and building deeper relationships to understand the true impact of injuries and illness. Our client-focused approach, combined with our legal expertise, has resulted in a case success rate of over 99%, more than 1,200 5-star Google reviews, consistent Doyle’s Guide awards and recognition, and the honour of being named Lawyer Monthly’s Australian Personal Injury Law Firm of the Year for three consecutive years (2022 to 2024).

    For more information or to arrange a media interview, visit Law Partners or contact Charlotte O’Brien at 02 9264 4474 or charlotte.obrien@lawpartners.com.au

    The MIL Network

  • MIL-OSI New Zealand: State of the Planet speeches, 2025

    Source: Green Party

    At this year’s State of the Planet address, Green Party co-leaders Marama Davidson and Chlöe Swarbrick announced the party’s plans to deliver a Green Budget this year to offer an alternative vision to the Government’s trickle-down economics and austerity politics.   

    Chlöe’s speech:

    Mihi atu ki a koutou e pupuri tonu ana ki te mana o te whenua nei, tēnā koutou Ngāti Whātua.

    Tēnā koutou, Auckland Central to the world.

    Across the past year, I have been in front of dozens of audiences like this, and time and again, I have asked people one simple question.

    I’ve asked people to raise their hand if they are excited about the future.

    Every single time, fewer than half a dozen people in a sea of hundreds put their hand up. 

    This, my friends, is our problem.

    Trickle-down politicians and their donors have spent at least forty years coming after our public services, our media and our democracy, but it’s clear now more than ever that their real target has been our hope.

    The hope that better is possible.

    These guys want you exhausted and angry and disillusioned. It means you’re disempowered. Too exhausted to think at the end of the work day.

    Too angry to see the problem clearly.

    Too disempowered to look around and see all the other exhausted and angry people, and to understand that if we all spent a moment to find our common problems and common solutions, everything could change.

    So, conveniently, all across the world, after decades of privatising and underfunding the public services people need to live healthy lives and participate in society, after decades of creating the conditions of poverty and extreme vulnerability and isolation and mental ill health… After creating this exhaustion and anger and despair, the right wing knows those feelings have to go somewhere.

    So they’ve painted targets.

    Those painted targets are not the people actually responsible for causing poverty and homelessness and unemployment and understandable, deep rage.

    No.

    The chosen targets are indigenous peoples, fighting for survival after centuries of injustice and violent theft. Those chosen targets are our rainbow communities, who every day prove that all these social norms are just made up. The chosen targets are migrants – regular people, like you and me, who just want to provide for themselves, their families and their community.

    Let me be crystal clear: if you’re struggling to get by, your beef isn’t with someone else struggling to get by.

    Your beef is with the system that forces almost everyone you know into a life of struggle, and, more precisely, your beef is with those who profit from it.

    It’s Pride Month. We’ve seen some of the most aggressive and intentional targeting of our takatapui, rainbow and queer community in a long time. Some of that has been driven by a self-declared apostle who

    lives in a mansion and drives nice cars, funded by huge tithing from people without much to spare.

    The followers of this self-declared apostle have been rejected from most of regular society time and again. Some of them have been scooped up into the flock after exiting prison, because after decades of successive Governments giving up on real rehabilitation, there simply isn’t anything or anywhere else.

    So people who have nothing else, and nowhere else to belong, are given refuge.

    And internal pain is warped outwards.

    Instead of being channelled towards dismantling the rules that allow a handful of people to take an immense amount of wealth off the back of our collective work, that anger is – so conveniently for those profiteering from the status quo – channelled towards people just trying to live their own quite regular or quite fabulous, lives.

    These extreme microcosms of hatred can teach us a lot about where we’re at as a society. More importantly, I think, when we peel back the distractions, it lays bare the solutions.

    We cannot give up on our fellow human beings.

    You do not get human rights because someone deems you worthy or good. You get human rights because you are human.

    When we uphold each other’s basic dignity, no matter what, we create the conditions for connection and true justice.

    We all need somewhere to belong, and human history tells us there’s almost always a politician or self-appointed apostle willing to capitalise on and warp rejection and fear and anger for their own personal gain.

    The anger comes from a real place of material deprivation: housing insecurity, food insecurity, income insecurity. Straight up insecurity.

    That anger can either destroy us as we fight each other, much to the entertainment of those laughing their way to the bank, or it can be turned into the solidarity necessary to change the rules of this game.

    Our country is considered one of the wealthiest in the world on a per person basis.

    So why can’t regular people afford to go to the dentist?

    It’s not because of the gays, or the migrants, or tangata whenua.

    It’s because that wealth isn’t fairly shared.

    It’s because way back when the public health system was being created, the lobby was already so strong to privatise dentistry.

    Why can’t regular people afford decent housing?

    Because over decades, politicians and property speculators – sometimes one in the same – have made intentional decisions to sell off your human right to housing to the highest bidder.

    And why is the planet that all of this is happening on being allowed to burn while billionaires pile up ill-gotten treasure?

    Because almost everybody’s focus, understandably, is on just trying to get by. It’s hard to think about, let alone contend with, how a handful of people are ransacking the climate necessary for our collective survival in order to make a quick buck. You’re just out here trying to survive.

    That’s what we mean when we say that the same economic system that’s exploiting people is also exploiting the planet.

    What’s a right-wing government’s response to this exploitation and exhaustion? Well, obviously, it’s more exploitation and exhaustion. It’s more punishing beneficiaries and tax cuts for the rich.

    It’s fast-tracking offshore profits plundered from our natural environment.

    It’s banging the ‘growth’ drum while intentionally being silent on what kind of growth, and for whom.

    Seriously. Just last week when we were in Parliament, I asked the Prime Minister why after decades of this “growth” he’s so fixated on, 10% of the people in this country own 60% of our nation’s wealth.

    It will shock you to learn Christopher Luxon didn’t answer the question.

    Instead, he went on and on about celebrating successful people.

    That would maybe make sense if we were talking about people in isolation, which the right wing so desperately wants us to do.

    But we’re not, and we can’t, because, my friends, we live in a society.

    Poverty, and all the social ills that stem from it, don’t come from nowhere.

    It comes from a tolerance of extreme inequality.

    If you’re totally sweet with 311 households holding more wealth than the bottom two and a half million New Zealanders, you’re totally sweet with the child deprivation, homelessness and poor health that comes with it.

    Inequality and poverty aren’t just connected: deep inequality creates poverty.

    Where would all this pent-up anger go if it wasn’t directed to other people just struggling to get by? If hustle culture didn’t teach us to lap it all up in self loathing?

    What if we realised our shared power in working together, instead of fighting each other?

    If we ensured the wealthy paid their fair share, instead of swallowing trickle-down fairytales?

    We don’t live in a game of Monopoly. We can and should change the rules when they don’t work for the majority of people.

    In the last year alone, we have seen tens of thousands of people turn up in the streets to prove our country’s values of care for each other and the planet we live on. For Te Tiriti.

    2024 was the year of activism. 2025 must be the year of organising. Of channelling that energy into a shared goal: to change this Government, to uproot the trickle-down nightmare and to build an economy that supports life, instead of exhausting it.

    In December, the Greens released He Ara Anamata, our Emissions Reduction Plan. We showed how to reduce emissions five times faster than the Government’s proposal. We proved you can not only reduce emissions and the cost of living, but also improve quality of life.

    Today, I am proud to announce that in May, the Greens will be releasing the Budget we would be rolling out in Government.

    Our budget will not be a defence of the status quo.

    Our budget will show you how we already have everything we need to ensure everyone enjoys our basic rights to a clean environment and stable climate. Everyone is housed, everyone gets healthcare, everyone gets education. Everyone gets the genuine opportunity for a good life.

    That’s because we believe in the public good. And we’re sick of this Government’s pathetic pandering to privatisation.

    Forty years ago, a few politicians made the decision to shred our social safety net. They began selling off the things we all used to own and look after together. They privatised profit and socialised cost.

    The problems we are confronted with today are not natural. Humans made the system that created them, and we can recreate it.

    The gap between an economy that exploits people and the planet and one that supports us both is collective action. As long as regular people are suspicious of and fighting each other, a handful of powerful people will get incredibly rich at all of our expense.

    Nobody is coming to save us. We are the ones we’ve been waiting for.

    It’s time to claim your hope – to claim your power. Look to your fellow New Zealanders with curiosity and kindness. The pathway to our freedom is intertwined.

    So, raise your hand: who here is excited about the future?

    And are you willing to work for it?

    Are you willing to believe in and work to uphold the dignity of your fellow New Zealanders, even and especially those who you have not met? Those not even born yet?

    Solidarity doesn’t require us to be the same. It simply requires you to see in someone else our shared humanity, and to behave accordingly.

    Together, we are unstoppable.

    I am so honoured to introduce you all now to my wonderful co-leader – the Honourable Marama Davidson. Nau mai, hoki mai Marama!

    Marama’s speech:

    Mā te oranga o te taiao, ka ora ai te iwi. Mō te takitini, kāore mō te torutoru anake.

    E te whānau, I am so grateful to be here today. I am well, and feeling better each day.

    My mokopuna are rongoā. My mokopuna, just by being the embodiment of my ancestors – are a reminder of all that we love. Of all that we must protect.

    Over the many months of cancer treatment, one of the most profound experiences of healing was daytime nana naps with my moko babies. Where I had any assortment of my three babies, asleep and at peace with the shared vibrations of our heartbeats and gentle breathing. Getting to enjoy this has been a precious blessing.

    I am grateful to the wonderful health care professionals who have been there for me each step of the way.

    I am grateful to my whānau, who are my rock. And to every single person who reached out with aroha and support. To the breast cancer community, thank you for being there for all of us. To those who are going through treatment or have just heard the worst news of their lives – nunui te aroha kia koutou.

    I haven’t spoken publicly about this before, but today I’m going to let you in on a secret. I was diagnosed with breast cancer a few days before the State of the Planet speech last year. I remember standing at this exact podium – knowing I would need to step away from public life for a bit. Taking leave when my voice was needed the most was one of the hardest things I’ve ever had to do.

    This job is and continues to be an enormous privilege. To be able to come back to it, blows my mind.

    But the space to recover and put my health and whānau first was both necessary, and something I am beyond grateful for. Not everyone has the support I had. I will never take that for granted and I will always work to embed the political change we need so that everyone can put health first. Like better pay and conditions for our health workers, decent income support, and secure housing for all.

    Ehara taku tū i te tū takitahi, ehara taku toa i te toa takitahi, ehara taku taumaha i te taumaha takitahi. We all depend on each other when times are rough. People want to care for each other – manaakitanga is what makes us human. Within whānau and communities, to care and be cared for is the basis of connection.

    These are the values the Green Party wants to bring to politics as well.

    Being on the sidelines of politics last year was surreal. When the hikoi for te Tiriti happened, it was during medical treatments and I needed to stay home. But seeing people come together with such vibrant unity, made me so proud that I grabbed my ‘tino’ flag and took a photo in my garden so I could feel part of the movement.

    While the hīkoi was in response to a Government that continues to disregard the promises this country was founded on, it was so much more than a protest. It was the ultimate example of how to show up: with our tūpuna, for our mokopuna and for each other. The wairua shown at the hīkoi is the best of us.

    As Moana Jackson said, te Tiriti o Waitangi is about the rightness that comes from people accepting their obligations to each other. This is a profound vision on which to build a country. Aotearoa can be a place where everyone is supported to thrive, and no one is left behind – including Papatūānuku.

    And I take inspiration from this vision not only here in Aotearoa, but globally.

    The world feels like a bit of a scary place right now. I worry for the future of my three mokopuna, and all the mokopuna to come. My heart breaks for children in Gaza, for all children growing up in war zones, for children in detention centers, and for children and their whānau throughout the world who are hungry, cold and homeless.

    At a time when the world needs to be coming together to solve climate change – the greatest challenge humanity has ever faced – instead we can barely come together to solve easy challenges like making sure every child has healthy kai.

    We can do better. Our mokopuna deserve better.

    Last year was the hottest year on record. That means that my mokopuna, and all the babies of the world today, will never see a normal climate. They have been born into climate change. And no matter where they are born, here in Aotearoa or far across the sea, they need us – their adults – to step up to this challenge right now. They deserve to inherit a thriving planet, not a destroyed one.

    Now I want to draw this back to Te Tiriti, because these things are connected. Te Tiriti is a promise that carries through the generations. Te Tiriti is an enduring guarantee of iwi and hapū sovereignty over taonga like our lakes, rivers, seas, soils and native forests. And that means protecting those living systems for our mokopuna – so they too can exercise tino rangatiratanga.

    Te Tiriti is the best defence Aotearoa has against the plundering of our environment for the profit of the few. This is why the far right is so intent on ripping it up and pretending it doesn’t matter. But that short term exploitation only enriches the pockets of a tiny group of people, while destroying nature for the rest of us.

    When our gorgeous conservation land is trampled for mining, when our rivers become too polluted to swim in, when we can’t go down to the moana to harvest kai because there aren’t enough fish left – everyone misses out. And when a tiny group of oil executives are more interested in a growing balance sheet than a stable climate, every single child in the world misses out.

    Our mokopuna deserve better!

    At the heart of the political change we seek is manaakitanga, collective caring for people and planet. And crucially, the humility to understand that common human experiences are much more important than any flash job title or made-up markers of status. A serious illness throws that into sharp relief. Because what matters most when things are tough is our care for one another. I know that people are doing the best they can with what they have.

    But the dominating economic system, means that wealth and power are not shared equally. These inequities further divide communities when instead we need to come together. By making sure everyone gets the care they need, we can ensure nobody is left behind to fall through the cracks. Care and justice for ALL people is what binds us together and helps us build a future where all of us thrive. This vision will be at the centre of our Green Budget.

    This is what our politics should reflect. A politics of care. A hunger for doing what is just. This is the legacy of our late and great friend, Green MP Fa’anānā Efeso Collins whose one year anniversary of passing we have been reflecting on over the past week. Gone too soon our friend, we miss you deeply.

    Efeso spent his life building bridges between the Pacific communities he loved and the rest of Aotearoa.

    During Efeso’s maiden speech in Parliament, he shared with us his translation of a saying in Sāmoan: E le tu fa’amauga se tagata. No one stands alone, no one succeeds alone — and, for him, and the Green Party, no one suffers alone.

    This is manaakitanga.

    And this is what inspires me e te whānau. This is the hope for our mokopuna.

    But collective care is not part of this government’s plan. They are showing us each day they stand for the few and not for the many. They are completely out of touch with the community.

    We have seen this in the choices to gut school lunches. To gut housing for those who need it the most. To gut our health system and put more and more pressure on our health workers. To gut benefits so that more and more children fall through the cracks and below the poverty line. For absolute shame!

    Our mokopuna deserve better.

    We can deliver better by channeling community power and finally putting people and planet ahead of profit.

    This country can afford to feed our tamariki nutritious kai. We could choose to provide lunches in every school – using fresh local kai and made by people who are connected to that school. We could choose to make sure every person in this country has a safe, warm home. Poverty is a political choice and we can choose to end it.

    We can do all of this by putting our values of manaakitanga at the heart of political decisions. By honouring te Tiriti o Waitangi and the promises of kotahitanga and care as the foundation this country was built on.

    And when we do that, we will show the world what it looks like to put care for people and planet first. Together, we can build the future all our mokopuna deserve.

    And that mahi is why I am so so grateful to be back with you all. Kia kaha tatau – ka whawhai tonu, mō te whenua, mō te taiao, mō ngā mokopuna – ake, ake, ake

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Incident in Onerahi

    Source: New Zealand Police (National News)

    Emergency services are responding to a serious incident in Onerahi.

    Police received a report of a person injured at Beach Road Reserve at about 11.10am.

    There are cordons in the area and locals are asked to respect these until the incident is resolved.

    Motorists are being advised Beach Road has been closed from Church Road and to avoid the area.

    Police will provide further information when able.

    ENDS.

    Holly McKay/NZ Police

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Whangārei Hospital transit lounge open to patients

    Source: New Zealand Government

    Health Minister Simeon Brown has today officially opened Whangārei Hospital’s new transit lounge, where patients can prepare to leave hospital after treatment. 

    “The Government’s $3.75 million investment into this lounge provides an important space for patients who are medically fit to leave the ward. It helps with their timely discharge while they wait for medication, discharge papers, or transport.

    “I know that being in hospital can be challenging for patients and their families and how important it is to get home following treatment. 

    “The lounge provides patients a calm, transitional environment where they continue to be cared for by nurses as they wait to transition to their home or another facility. 

    “It will also be used for incoming patients who are only staying for a short period of time, such as a person coming from a rural hospital for a test or a patient being transferred to another hospital, which means they don’t need to be accommodated in the emergency department.   

    “Alongside the benefit the lounge will bring to patients, it will also free up bed availability and help to improve hospital flow, which are key to achieving the Government’s health target for shorter stays in emergency departments. 

    “Improving health infrastructure is a priority for this Government. The previous transit lounge was not fit-for-purpose, which is why I am pleased to see projects like this being prioritised. The new transit lounge has capacity for eight chairs, six beds, and other services including shower facilities.  

    “There are currently 19 hospitals around the country that have a dedicated transit lounge, including sites as small as Wairau Hospital and as large as Auckland City Hospital. 

    “I’m pleased for the patients who will get to experience this transit lounge in the future, ensuring those that come through Whangārei Hospital receive access to timely, quality healthcare,” Mr Brown says. 

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Speech to LGNZ All-of-Local-Government Forum

    Source: New Zealand Government

    Good morning, everybody.
    It’s great to see such a good cross-section of people from local government here today.
    Against a backdrop of skyrocketing rates and massive cost of living pressures, a lot has been made recently of the need to go ‘back to basics’ and to ‘go for growth.’
    These two things are critically linked.
    Moving back to basics means consciously reducing government scope to the bare minimum and avoiding unnecessary intervention in people’s lives.
    Reduced intervention frees people to do what they do best, and unlocks potential gains in efficiency, innovation, and productivity – all vital ingredients to deliver economic growth.
    With this in mind, it’s heartening to join you on a day focused on showing communities value, and sharpening councils’ value stories.
    However, I’m aware that the ability to sharpen value stories is inherently constrained when working with such a blunting instrument as the Resource Management Act.
    The RMA’s downfall
    There are endless examples of the absurdity that’s ensued under the RMA. Every week I am reading new articles, receiving new letters, and hearing new stories about the obstruction it has delivered.
    I think of the letter I received from an Upper Hutt man who was blocked from cutting down a tree on his own property, assessed as dangerous by both his neighbour and an arborist – a generic pin oak not even listed on the plan.
    I think of Tracy Fleet in Ashburton who, facing a similar situation, was slapped with a $7000 fine and a criminal conviction for pruning a tree so dangerous insurers were turning away, after a years-long, strung-out saga that was also swallowing up her ratepayer dollars in the process.
    I think of Curt and Tricia Zant whose Hawke’s Bay farm was slapped with an ‘Outstanding Natural Feature’ classification in the council’s plan, restricting their ability to invest time, care, and capital into their land to drive the growth we’re seeking, without any compensation for their loss – I’ll come back to this.
    I think of Datagrid whose land provides a great location to invest in a data centre and subsea cable network expansion. This would capitalise on the window of opportunity that is the spiking demand for data storage and faster connectivity in the age of artificial intelligence and the cloud. How ironic that this immense growth opportunity has been stalled by the imposition of a so-called ‘highly productive’ classification on their land, tying them up in consenting quicksand to protect a turnip crop.
    I think of attempts to build a new McDonald’s, Starbucks, Burger King, or even a supermarket, where the RMA’s breadth has somehow gotten us to a point where vexatious objectors have been able to weaponise any number of irrelevant ‘effects’ to obstruct things they don’t like.
    These are just some of the many examples up and down this country where people and organisations, big and small, are facing massive restrictions on the use of their property, too often for tenuous reasons enabled by the RMA that amount to little more than subjective ‘vibe’.
    Whether it’s protecting dangerous trees, debating the vibe of landscapes and architecture, pontificating on how a property owner should best use their own land, or having to consider all manner of reckons – from the health profile of food to the competition ‘effects’ of a new business – the current council ‘value’ story is a hard one to tell.
    The solution
    The good news is that our commitment to replace the RMA with a system based on property rights will reduce the scope of resource management and liberate councils to focus on things that actually deliver value for ratepayers.
    Last year, Cabinet agreed the principles and direction that would guide the replacement.
    First things first: we must narrow the scope of the system to focus on material effects, and to promote the enjoyment of property rights. As is clear from the examples above, and countless others, the RMA tries to do too many things, and in doing so has become a vehicle to stifle growth. 
    When the RMA was developed, the key downfall was integrating management of development and the environment into one purpose, which has treated development as a privilege. We’re going to change that by replacing the RMA with two Acts with distinct purposes – one to manage environmental effects arising from activities and another to enable urban development and infrastructure.
    Councils will have clarity on what environmental effects and domains need managing, what needs to be considered when setting limits appropriate to their regions, and the tools available to manage resources within those limits. These tools should include innovative methods for things like water allocation and discharges, so scarce resources go to where they’re needed most, and supply can respond to demand.
    What is not negotiable, though, is that human needs will be met. Frustrating development to resist growth doesn’t abate the need for it, nor does it change the reality that human existence necessarily has effects on the environment. If development cannot occur within an environmental limit in one place, then it must occur in another. But development must, and will, occur.
    Through codifying into standards established and accepted ways of undertaking activities, the new system will liberate councils from the regulatory anxiety which demands consents and treats applications for common activities like road construction as a potential extermination event. When we’ve done most things in most places before, there’s no reason to start from scratch each time.
    Spatial planning will be a core feature, with several important roles. It will separate incompatible land uses, provide protection for infrastructure, and identify natural hazards. The separation of incompatible land uses will be a key mechanism for managing potential neighbourhood effects like noise, odour, and the likes.
    A stricter effects-based system with a no duplication rule means stripping out regulation and consenting for anything that has no material effects on the natural environment or another property owner, is covered by and complies with another law or national standard, or is subject to a private agreement among all affected parties.
    A stricter effects-based system also means limiting who gets a say on what others do with their property if they are not directly affected. Gone will be the days of every Tom, Dick, and Harry sticking their noses into other people’s business at the other end of the country.
    All of this will go some way to respecting property rights.
    However, for potential situations where management of genuine effects presents residual friction with property rights, we must ask ourselves through this process “who benefits from such a constraint?” and, therefore, “who should bear the cost?”
    For example, coming back to the case of the Zants’ issues under the current system – should they be the ones to pay the price of someone else’s decision that the landscape their property sits on is ‘outstanding’ to look at? What incentives does this this create for making sound decisions about what is outstanding when it is costless to the decision maker?
    Through all this change to unshackle people from the burdensome approach of up-front consenting, Cabinet has also recognised a corresponding need for a strong compliance monitoring and enforcement regime, ensuring accountability among system participants so this replacement system delivers for both development and the environment.
    Conclusion
    This is just a sample of some of the key elements to be determined as we shore up the design of the new system, and no doubt there will be interest across other areas – from the role of a planning tribunal type function, to the shift to one plan per region, and beyond.
    With the Resource Management Expert Advisory Group now having taken Cabinet’s direction and developed a draft blueprint for RMA replacement, there will be more to share in due course.
    One thing that is clear, though, is that engagement of key system participants is important.
    Local government is a critical system participant, so I encourage you to take the opportunity to feed into this reform, 
    Because liberalising resource management is a critical step in helping councils sharpen their value stories and unlocking the innovation and economic growth we so desperately need.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Australian Deputy PM: New appointments to Australia Council Board and Maritime Museum

    Source: Minister of Infrastructure

    The Australian Government is making appointments to arts bodies and collecting institutions to ensure they remain under strong leadership.

    Ms Lauren Moss has been appointed as a member of the Australia Council Board of Creative Australia for a four-year term, replacing Ms Christine Simpson Stokes AM.

    The Hon Don Harwin has been appointed as a member of the Council of the Australian National Maritime Museum for a three-year term.

    Minister for the Arts, Tony Burke, said the appointees would lend a deep well of expertise to guide the administration of these important organisations.

    “Lauren has extensive experience having previously worked in the Northern Territory Legislative Assembly for almost a decade. Her sound understanding of governance, arts and cultural issues within the Northern Territory will provide another great regional perspective to the Board.

    “Don served in the NSW Parliament for many years and his time spent as Minister for the Arts will be a great asset for the Council’s governance.”    

    Creative Australia plays a vital role in growing Australia’s cultural infrastructure, through investing in creative talent and stimulating the market for Australian stories to be told on a national and international scale.

    The Australian National Maritime Museum is dedicated to exploring Australia’s maritime history through topics of migration, archaeology, ocean science, commerce, culture and lifestyle, and  honours the stories of First Nations peoples’ living cultural connection to ancestral waters. 

    Ms Lauren Moss was elected at 27 years old as a member of the Northern Territory Legislative Assembly, having served as the Member for Casuarina for almost ten years. She has held portfolio positions in Equality and Inclusion, Environment, Climate Change and Water Security, Mental Health and Suicide Prevention, Youth and Seniors, Education, Children, Women, Tourism, Sport and Culture, including the Arts. As Minister for Tourism, Sport and Culture, Ms Moss was responsible for initiatives including the establishment of Arts Trail funding and the Street Art Festival, increased funding for the screen sector and promotion of the economic value of the Territory’s Creative Industries. Before entering Parliament, Ms Moss was involved in various roles focusing on youth advocacy, alcohol harm minimisation and mental health, and was involved as a Youth Ambassador, Advisor and member to a number of youth mental health and youth affairs organisations. 

    The Hon Don Harwin served in the New South Wales Parliament for 23 years in a range of roles, including five years as the Minister for the Arts and 6 years as President of the Legislative Council. Mr Harwin has considerable background and experience in leadership, governance, policy, and arts advocacy. Mr Harwin currently holds a number of Board memberships including Chair of Music in the Regions Ltd and as a director of the Australia Youth Trust which supports initiatives to secure better health and education outcomes for young people in developing Commonwealth countries. Mr Harwin previously served as a Member of the Australia Council for the Arts, now operating as Creative Australia.

    MIL OSI News

  • MIL-OSI Australia: Australian Deputy PM: Appointments to National Gallery of Australia Council

    Source: Minister of Infrastructure

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News

  • MIL-OSI: SEACOR Marine Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2024.

    SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

    Notable fourth quarter items include:

    • 4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
    • Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
    • 72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
    • DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
    • Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
    • In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
    • Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

    For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

    Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

    As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

    I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
    _______________

    (1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
       

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended December 31,     Year ended December 31,  
        2024     2023     2024     2023  
    Operating Revenues   $ 69,808     $ 73,083     $ 271,361     $ 279,511  
    Costs and Expenses:                        
    Operating     46,726       43,269       197,252       159,650  
    Administrative and general     10,888       11,547       44,713       49,183  
    Lease expense     347       679       1,678       2,748  
    Depreciation and amortization     12,879       13,022       51,628       53,821  
          70,840       68,517       295,271       265,402  
    Gains on Asset Dispositions and Impairments, Net     11,624       18,057       13,481       21,409  
    Operating Income (Loss)     10,592       22,623       (10,429 )     35,518  
    Other Income (Expense):                        
    Interest income     372       222       1,768       1,444  
    Interest expense     (10,001 )     (10,444 )     (40,627 )     (37,504 )
    Loss on debt extinguishment     (31,923 )           (31,923 )     (2,004 )
    Derivative (losses) gains, net     (536 )     608       (908 )     608  
    Foreign currency gains (losses), net     1,308       (1,276 )     (1,049 )     (2,133 )
    Other, net     187             121        
          (40,593 )     (10,890 )     (72,618 )     (39,589 )
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (30,001 )     11,733       (83,047 )     (4,071 )
    Income Tax (Benefit) Expense     (2,345 )     6,378       (2,615 )     8,799  
    (Loss) Income Before Equity in Earnings of 50% or Less Owned Companies     (27,656 )     5,355       (80,432 )     (12,870 )
    Equity in Earnings of 50% or Less Owned Companies     1,430       374       2,308       3,556  
    Net (Loss) Income   $ (26,226 )   $ 5,729     $ (78,124 )   $ (9,314 )
                             
    Net (Loss) Earnings Per Share:                        
    Basic   $ (0.94 )   $ 0.21     $ (2.82 )   $ (0.34 )
    Diluted   $ (0.94 )   $ 0.20     $ (2.82 )   $ (0.34 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,773,200       27,182,496       27,655,289       27,082,391  
    Diluted     27,773,200       28,400,684       27,655,289       27,082,391  
                                     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,901     $ 18,879     $ 19,141     $ 19,042     $ 18,031    
    Fleet Utilization     72 %     67 %     69 %     62 %     71 %  
    Fleet Available Days (2)     4,870       5,026       4,994       5,005       5,170    
    Operating Revenues:                                
    Time charter   $ 66,095     $ 63,313     $ 65,649     $ 59,263     $ 66,498    
    Bareboat charter     364       372       364       364       368    
    Other marine services     3,349       5,231       3,854       3,143       6,217    
          69,808       68,916       69,867       62,770       73,083    
    Costs and Expenses:                                
    Operating:                                
    Personnel     20,365       21,940       21,566       21,670       22,080    
    Repairs and maintenance     10,433       9,945       10,244       9,763       7,604    
    Drydocking     2,467       6,068       6,210       6,706       2,561    
    Insurance and loss reserves     2,473       2,584       3,099       1,738       2,944    
    Fuel, lubes and supplies     4,884       6,574       3,966       4,523       3,683    
    Other     6,104       5,796       4,435       3,699       4,397    
          46,726       52,907       49,520       48,099       43,269    
    Direct Vessel Profit (1)     23,082       16,009       20,347       14,671       29,814    
    Other Costs and Expenses:                                
    Lease expense     347       364       486       481       679    
    Administrative and general     10,888       11,019       10,889       11,917       11,547    
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
          24,114       24,311       24,314       25,280       25,248    
    Gains (Losses) on Asset Dispositions and Impairments, Net     11,624       1,821       37       (1 )     18,057    
    Operating Income (Loss)     10,592       (6,481 )     (3,930 )     (10,610 )     22,623    
    Other Income (Expense):                                
    Interest income     372       358       445       593       222    
    Interest expense     (10,001 )     (10,127 )     (10,190 )     (10,309 )     (10,444 )  
    Derivative (losses) gains, net     (536 )     67       104       (543 )     608    
    Loss on debt extinguishment     (31,923 )                          
    Foreign currency gains (losses), net     1,308       (1,717 )     (560 )     (80 )     (1,276 )  
    Other, net     187       29             (95 )        
          (40,593 )     (11,390 )     (10,201 )     (10,434 )     (10,890 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (30,001 )     (17,871 )     (14,131 )     (21,044 )     11,733    
    Income Tax (Benefit) Expense     (2,345 )     (513 )     (682 )     925       6,378    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (27,656 )     (17,358 )     (13,449 )     (21,969 )     5,355    
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,430       1,012       966       (1,100 )     374    
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21    
    Diluted   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20    
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,773       27,729       27,344       27,182    
    Diluted     27,773       27,773       27,729       27,344       28,401    
    Common Shares and Warrants Outstanding at Period End     28,950       28,950       28,941       28,906       28,489    

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    United States, primarily Gulf of America                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 26,116     $ 17,188     $ 22,356     $ 28,156     $ 22,584    
    Fleet utilization     45 %     42 %     37 %     27 %     50 %  
    Fleet available days     920       920       921       927       1,152    
    Out-of-service days for repairs, maintenance and drydockings     75       116       179       137       61    
    Out-of-service days for cold-stacked status (2)     184       175       127       182       254    
    Operating Revenues:                                
    Time charter   $ 10,744     $ 6,593     $ 7,697     $ 6,957     $ 12,929    
    Other marine services     1,114       1,188       480       1,026       5,346    
          11,858       7,781       8,177       7,983       18,275    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,097       6,297       6,284       5,781       6,906    
    Repairs and maintenance     1,680       1,655       1,879       1,404       819    
    Drydocking     1,451       2,615       2,570       1,968       303    
    Insurance and loss reserves     854       799       943       396       1,297    
    Fuel, lubes and supplies     854       964       866       667       1,032    
    Other     229       225       226       (171 )     475    
          11,165       12,555       12,768       10,045       10,832    
    Direct Vessel Profit (Loss) (1)   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443    
    Other Costs and Expenses:                                
    Lease expense   $ 136     $ 140     $ 141     $ 138     $ 141    
    Depreciation and amortization     3,196       3,194       3,194       2,750       3,479    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 16,895     $ 18,875     $ 18,580     $ 15,197     $ 15,233    
    Fleet utilization     73 %     77 %     74 %     76 %     82 %  
    Fleet available days     1,856       1,990       1,969       1,775       1,748    
    Out-of-service days for repairs, maintenance and drydockings     180       203       203       238       124    
    Out-of-service days for cold-stacked status           58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 22,999     $ 28,809     $ 27,047     $ 20,555     $ 21,791    
    Other marine services     1,027       3,048       1,028       169       189    
          24,026       31,857       28,075       20,724       21,980    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     5,654       6,083       4,969       5,181       6,007    
    Repairs and maintenance     3,712       3,455       3,161       3,209       2,807    
    Drydocking     835       681       1,226       2,032       1,298    
    Insurance and loss reserves     577       599       819       334       416    
    Fuel, lubes and supplies     2,226       2,514       1,170       1,287       623    
    Other     3,748       3,975       2,801       2,199       2,267    
          16,752       17,307       14,146       14,242       13,418    
    Direct Vessel Profit (1)   $ 7,274     $ 14,550     $ 13,929     $ 6,482     $ 8,562    
    Other Costs and Expenses:                                
    Lease expense   $ 82     $ 75     $ 172     $ 178     $ 289    
    Depreciation and amortization     4,477       4,540       4,565       3,915       3,747    

     _______________

    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.
       
           
    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
           
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,337     $ 17,825     $ 17,083     $ 16,934     $ 17,590  
    Fleet utilization     88 %     71 %     82 %     71 %     69 %
    Fleet available days     1,266       1,288       1,296       1,365       1,461  
    Out-of-service days for repairs, maintenance and drydockings     30       229       168       224       360  
    Operating Revenues:                              
    Time charter   $ 19,385     $ 16,411     $ 18,073     $ 16,477     $ 17,729  
    Other marine services     635       375       619       350       539  
          20,020       16,786       18,692       16,827       18,268  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,470       5,769       6,930       5,963       5,522  
    Repairs and maintenance     3,574       3,318       3,443       2,712       2,590  
    Drydocking     (226 )     832       707       1,483       624  
    Insurance and loss reserves     804       927       798       618       1,022  
    Fuel, lubes and supplies     840       1,043       1,103       1,198       1,242  
    Other     1,305       1,131       989       1,000       1,133  
          11,767       13,020       13,970       12,974       12,133  
    Direct Vessel Profit (1)   $ 8,253     $ 3,766     $ 4,722     $ 3,853     $ 6,135  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 73     $ 71     $ 85     $ 158  
    Depreciation and amortization     3,272       3,261       3,247       3,496       3,643  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,390     $ 21,984     $ 22,437     $ 28,308     $ 20,745  
    Fleet utilization     73 %     63 %     71 %     58 %     84 %
    Fleet available days (2)     828       828       808       938       809  
    Out-of-service days for repairs, maintenance and drydockings     20       94       41       1        
    Operating Revenues:                              
    Time charter   $ 12,967     $ 11,500     $ 12,832     $ 15,274     $ 14,049  
    Bareboat charter     364       372       364       364       368  
    Other marine services     573       620       1,727       1,598       143  
          13,904       12,492       14,923       17,236       14,560  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,144       3,791       3,383       4,745       3,645  
    Repairs and maintenance     1,467       1,517       1,761       2,438       1,388  
    Drydocking     407       1,940       1,707       1,223       336  
    Insurance and loss reserves     238       259       539       390       209  
    Fuel, lubes and supplies     964       2,053       827       1,371       786  
    Other     822       465       419       671       522  
          7,042       10,025       8,636       10,838       6,886  
    Direct Vessel Profit (1)   $ 6,862     $ 2,467     $ 6,287     $ 6,398     $ 7,674  
    Other Costs and Expenses:                              
    Lease expense   $ 57     $ 76     $ 102     $ 80     $ 91  
    Depreciation and amortization     1,934       1,933       1,933       2,721       2,153  

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,410     $ 10,316     $ 8,125     $ 8,538     $ 8,937    
    Fleet utilization     79 %     46 %     49 %     75 %     64 %  
    Fleet available days     178       334       364       364       368    
    Out-of-service days for repairs, maintenance and drydockings     28       87       29             41    
    Out-of-service days for cold-stacked status           58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 1,465     $ 1,576     $ 1,459     $ 2,331     $ 2,102    
    Other marine services           13       219             6    
          1,465       1,589       1,678       2,331       2,108    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 595     $ 981     $ 1,045     $ 1,064     $ 944    
    Repairs and maintenance     128       239       465       220       612    
    Drydocking     5       436       280       68       58    
    Insurance and loss reserves     49       66       97       43       73    
    Fuel, lubes and supplies     25       90       69       616       375    
    Other     210       263       230       287       295    
          1,012       2,075       2,186       2,298       2,357    
    Other Costs and Expenses:                                
    Lease expense   $ 7     $ 4     $ 164     $ 171     $ 253    
    Depreciation and amortization     122       175       175       175       175    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,643     $ 13,102     $ 12,978     $ 11,834     $ 11,841    
    Fleet utilization     72 %     81 %     80 %     72 %     74 %  
    Fleet available days     2,024       2,024       2,002       2,002       2,105    
    Out-of-service days for repairs, maintenance and drydockings     118       96       128       216       337    
    Out-of-service days for cold-stacked status     92       83       36       91       92    
    Operating Revenues:                                
    Time charter   $ 19,992     $ 21,606     $ 20,698     $ 17,081     $ 18,502    
    Other marine services     416       1,012       516       126       163    
          20,408       22,618       21,214       17,207       18,665    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,078     $ 5,637     $ 5,829     $ 5,649     $ 5,320    
    Repairs and maintenance     4,480       4,378       4,572       3,093       2,691    
    Drydocking     426       448       457       1,869       1,710    
    Insurance and loss reserves     422       532       546       277       507    
    Fuel, lubes and supplies     1,586       1,962       993       1,051       1,441    
    Other     2,456       2,238       1,850       1,649       1,632    
          14,448       15,195       14,247       13,588       13,301    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,746     $ 4,744     $ 4,746     $ 4,744     $ 4,879    
                                               
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,912     $ 21,819     $ 20,952     $ 19,133     $ 19,778    
    Fleet utilization     72 %     58 %     66 %     53 %     77 %  
    Fleet available days (1)     1,932       1,932       1,900       1,911       1,902    
    Out-of-service days for repairs, maintenance and drydockings     117       349       291       307       109    
    Operating Revenues:                                
    Time charter   $ 24,865     $ 24,488     $ 26,390     $ 19,390     $ 29,140    
    Bareboat charter     364       372       364       364       368    
    Other marine services     1,561       2,855       2,266       416       595    
          26,790       27,715       29,020       20,170       30,103    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 8,999     $ 9,360     $ 8,979     $ 8,850     $ 9,017    
    Repairs and maintenance     4,101       3,798       3,151       4,393       3,520    
    Drydocking     1,046       2,629       2,616       3,386       472    
    Insurance and loss reserves     618       636       1,037       395       690    
    Fuel, lubes and supplies     2,379       3,594       1,575       1,889       1,027    
    Other     2,566       2,821       1,850       1,395       1,922    
          19,709       22,838       19,208       20,308       16,648    
    Other Costs and Expenses:                                
    Lease expense   $     $ (3 )   $ 3     $     $    
    Depreciation and amortization     4,122       4,117       4,128       4,073       4,073    

     _______________

    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 39,326     $ 36,423     $ 43,204     $ 53,506     $ 40,181    
    Fleet utilization     68 %     58 %     54 %     53 %     52 %  
    Fleet available days     736       736       728       728       795    
    Out-of-service days for repairs, maintenance and drydockings     41       109       143       78       60    
    Out-of-service days for cold-stacked status     92       92       91       91       162    
    Operating Revenues:                                
    Time charter   $ 19,773     $ 15,643     $ 17,102     $ 20,461     $ 16,754    
    Other marine services     1,177       1,142       666       1,772       4,666    
          20,950       16,785       17,768       22,233       21,420    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,678     $ 5,926     $ 6,842     $ 6,140     $ 5,316    
    Repairs and maintenance     1,722       1,531       2,054       2,035       769    
    Drydocking     990       2,555       2,857       1,383       321    
    Insurance and loss reserves     1,384       1,334       1,482       1,282       1,554    
    Fuel, lubes and supplies     894       928       1,329       967       838    
    Other     860       473       519       343       531    
          11,528       12,747       15,083       12,150       9,329    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,866       3,865       3,866       3,867    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 195     $ 209     $ 187     $ 829     $ 787    
          195       209       187       829       787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 15     $ 36     $ (1,129 )   $ (33 )   $ 1,483    
    Repairs and maintenance     2       (1 )     2       22       12    
    Insurance and loss reserves           16       (63 )     (259 )     120    
    Fuel, lubes and supplies                             2    
    Other     12       1       (14 )     25       17    
          29       52       (1,204 )     (245 )     1,634    
    Other Costs and Expenses:                                
    Lease expense   $ 340     $ 363     $ 319     $ 310     $ 426    
    Depreciation and amortization     23       26       25       24       28    
                                               
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 59,491     $ 35,601     $ 40,605     $ 59,593     $ 67,455    
    Restricted cash     16,649       2,263       2,255       2,566       16,676    
    Receivables:                                
    Trade, net of allowance for credit loss     69,888       76,497       70,770       58,272       63,728    
    Other     7,913       7,841       6,210       12,210       11,049    
    Tax receivable     1,601       983       983       983       983    
    Inventories     2,760       3,139       3,117       2,516       1,609    
    Prepaid expenses and other     4,406       4,840       5,659       3,425       2,686    
    Assets held for sale     10,943             500       500       500    
    Total current assets     173,651       131,164       130,099       140,065       164,686    
    Property and Equipment:                                
    Historical cost     900,414       921,445       921,443       919,139       918,823    
    Accumulated depreciation     (367,448 )     (362,604 )     (349,799 )     (337,001 )     (324,141 )  
          532,966       558,841       571,644       582,138       594,682    
    Construction in progress     11,904       11,935       11,518       13,410       10,362    
    Net property and equipment     544,870       570,776       583,162       595,548       605,044    
    Right-of-use asset – operating leases     3,436       3,575       3,683       3,988       4,291    
    Right-of-use asset – finance leases     36       19       28       29       37    
    Investments, at equity, and advances to 50% or less owned companies     3,541       2,046       2,641       3,122       4,125    
    Other assets     1,577       1,864       1,953       2,094       2,153    
    Total assets   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 606     $ 494     $ 861     $ 1,285     $ 1,591    
    Current portion of finance lease liabilities     17       17       26       33       35    
    Current portion of long-term debt     27,500       28,605       28,605       28,605       28,365    
    Accounts payable     29,236       22,744       17,790       23,453       27,562    
    Other current liabilities     27,683       28,808       23,795       21,067       19,533    
    Total current liabilities     85,042       80,668       71,077       74,443       77,086    
    Long-term operating lease liabilities     2,982       3,221       3,276       3,390       3,529    
    Long-term finance lease liabilities     20       4       5             6    
    Long-term debt     317,339       272,325       277,740       281,989       287,544    
    Deferred income taxes     22,037       26,802       30,083       33,873       35,718    
    Deferred gains and other liabilities     1,369       1,416       1,447       2,285       2,229    
    Total liabilities     428,789       384,436       383,628       395,980       406,112    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     287       287       286       286       280    
    Additional paid-in capital     479,283       477,661       476,020       474,433       472,692    
    Accumulated deficit     (180,600 )     (154,374 )     (138,028 )     (125,609 )     (102,425 )  
    Shares held in treasury     (8,110 )     (8,110 )     (8,110 )     (8,071 )     (4,221 )  
    Accumulated other comprehensive income, net of tax     7,141       9,223       7,449       7,506       7,577    
          298,001       324,687       337,617       348,545       373,903    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     298,322       325,008       337,938       348,866       374,224    
    Total liabilities and equity   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Cash Flows from Operating Activities:                                
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                                
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
    Deferred financing costs amortization     254       298       297       295       279    
    Stock-based compensation expense     1,622       1,604       1,587       1,645       1,510    
    Debt discount amortization     1,799       2,061       1,993       1,926       1,862    
    Allowance for credit losses     59       101       39       3       266    
    (Gains) losses from equipment sales, retirements or impairments     (11,624 )     (1,821 )     (37 )     1       (18,057 )  
    Losses on debt extinguishment     28,252                            
    Derivative losses (gains)     536       (67 )     (104 )     543       (608 )  
    Interest on finance lease     2             1             1    
    Settlements on derivative transactions, net                       164          
    Currency (gains) losses     (1,308 )     1,717       560       80       1,276    
    Deferred income taxes     (4,766 )     (3,281 )     (3,790 )     (1,845 )     2,640    
    Equity (earnings) losses     (1,430 )     (1,012 )     (966 )     1,100       (374 )  
    Dividends received from equity investees           1,498       1,418             166    
    Changes in Operating Assets and Liabilities:                                
    Accounts receivables     5,448       (7,411 )     (6,928 )     4,291       (3,472 )  
    Other assets     1,338       1,032       (2,395 )     (1,290 )     733    
    Accounts payable and accrued liabilities     1,693       9,325       (4,378 )     (3,895 )     (6,456 )  
    Net cash provided by (used in) operating activities     8,528       626       (12,247 )     (7,169 )     (1,483 )  
    Cash Flows from Investing Activities:                                
    Purchases of property and equipment     (3,010 )     (210 )     (658 )     (3,416 )     (3,644 )  
    Proceeds from disposition of property and equipment     22,441       2,331       86             36,692    
    Net cash provided by (used in) investing activities     19,431       2,121       (572 )     (3,416 )     33,048    
    Cash Flows from Financing Activities:                                
    Payments on long-term debt     (2,479 )     (7,770 )     (6,533 )     (7,530 )     (6,173 )  
    Payments on debt extinguishment     (328,712 )                          
    Payments on debt extinguishment cost     (3,671 )                          
    Proceeds from issuance of long-term debt, net of debt discount and issue costs     345,192                         87    
    Payments on finance leases     (13 )     (10 )     (9 )     (9 )     (9 )  
    Proceeds from issuance of common stock, net of issue costs                             24    
    Proceeds from exercise of stock options and warrants           38       102                
    Tax withholdings on restricted stock vesting                 (39 )     (3,850 )        
    Net cash provided by (used in) financing activities     10,317       (7,742 )     (6,479 )     (11,389 )     (6,071 )  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents           (1 )     (1 )     2       1    
    Net Change in Cash, Restricted Cash and Cash Equivalents     38,276       (4,996 )     (19,299 )     (21,972 )     25,495    
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     37,864       42,860       62,159       84,131       58,636    
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 76,140     $ 37,864     $ 42,860     $ 62,159     $ 84,131    
     
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Leased-in     Managed     Total  
    December 31, 2024                        
    AHTS                 2       2  
    FSV     22             1       23  
    PSV     21                   21  
    Liftboats     8                   8  
          51             3       54  
    December 31, 2023                        
    AHTS     3       1             4  
    FSV     22             3       25  
    PSV     21                   21  
    Liftboats     8                   8  
          54       1       3       58  

    The MIL Network

  • MIL-OSI Security: Terre Haute Man Sentenced to Over Two Years in Federal Prison for Firearms Trafficking Offense

    Source: Office of United States Attorneys

    Bowling Green, KY – A Terre Haute, Indiana, man was sentenced yesterday to two years and six months in federal prison for illegally transferring a firearm to a convicted felon. 

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Acting Special Agent in Charge A.J. Gibes of the ATF Louisville Field Division, Commissioner Phillip Burnett, Jr. of the Kentucky State Police, and Sheriff Derek Polston of the Russell County Sheriff’s Office made the announcement.

    According to court documents, Shawn Michael Kays, 42, was sentenced to two years and six months in federal prison, followed by three years of supervised release, for illegally transferring a firearm to a convicted felon. According to the plea agreement, between November of 2023 and January of 2024, Kays transported and transferred a Smith & Wesson, Model SD9VE, nine-millimeter pistol to a convicted felon. A criminal complaint filed on September 19, 2024, alleged that firearm was later used to kill a Russell County Sheriff’s Deputy on September 16, 2024. Kays is not charged with or alleged to have been involved in the shooting.

    There is no parole in the federal system.

    This case was investigated by the ATF Bowling Green Branch Office and the Russell County Sheriff’s Office, with assistance from the ATF Columbus Field Division, the ATF Indianapolis Field Division Office, and the Kentucky State Police.

    Assistant U.S. Attorney R. Nicholas Rabold, of the U.S. Attorney’s Bowling Green Branch Office, prosecuted this case.

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

    ###

    MIL Security OSI

  • MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted
     
    • Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
    • Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
       
    • Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
       
    • Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
       
    • Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024.  The following table presents Element’s selected financial results.

      Q4 20241 Q3 20241 Q4 20231 QoQ YoY 2024   2023   YoY
    In US$ millions, except percentages and per share amount       % %     %
    Selected results – as reported                
    Net revenue 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Pre-tax income 121.4   134.0   103.4   (9)% 17% 513.6   448.9   14%
    Pre-tax income margin 44.8 % 47.9 % 42.2 % (310) bps 260  bps 47.2 % 46.8 % 40  bps
    Earnings per share (EPS) [basic] 0.23   0.24   0.20   (1)% 3% 0.96   0.84   12%
    EPS [basic] [$CAD] 0.32   0.33   0.27   (3)% 19% 1.31   1.13   16%
    Adjusted results (excludes one-time strategic project costs in  2024)1                
    Adjusted net revenue2 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Adjusted operating income (AOI)2 143.3   161.4   134.9   (11)% 6% 601.2   530.5   13%
    Adjusted operating margin2 52.9 % 57.7 % 55.0 % (480) bps (210) bps 55.3 % 55.3 % — bps
    Adjusted EPS2 [basic] 0.27   0.29   0.25   (7)% 8% 1.12   0.98   14%
    Adjusted EPS2[basic] [$CAD] 0.37   0.40   0.33   (8)% 12% 1.53   1.32   16%
    Other highlights:                
    Adjusted free cash flow per share2(FCF/sh) 0.30   0.36   0.29   (17)% 3% 1.38   1.24   11%
    Adjusted2 (FCF/sh) [$CAD] 0.41   0.49   0.40   (16)% 2% 1.89   1.67   13%
    Originations 1,498   1,716   1,490   (13)% 1% 6,732   6,340   6%
                               
    1. Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
    2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

    “In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility. 

    Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

    Net revenue growth

    Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

    Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth.  Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

    Service revenue

    Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

    2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

    Q4 2024 services revenue grew a robust 25% year-over-year and  10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

    Net financing revenue

    2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

    Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

    Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

    Syndication volume

    The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage.  Overall, investor demand remains robust.

    2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

    Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio. 

    Adjusted operating income and adjusted operating margins

    AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

    Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.  

    Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph. 

    Originations

    Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions. 

    Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

    Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

    The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

    (in US$000’s for stated values) December 31, 2024 December 31, 2023
      $ % $ %
    United States and Canada 5,206,339 77.34 % 4,850,411 76.50  %
    Mexico 1,035,249 15.38 % 1,028,165 16.22 %
    Australia and New Zealand 489,960 7.28 % 461,451 7.28 %
    Total 6,731,548 100.00 % 6,340,027 100.00 %
                 

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

    Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

    Common dividend and share repurchases

    On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share.  During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Preparing Element for the future

    In 2024, Element was purposeful in accelerating strategic investments in support of future growth.  The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

    Notable achievements include:

    • Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years. 
       
    • Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential.  The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
       
    • Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
       
    • In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    Guidance

    Full-year 2024 Guidance

    Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

    In US$, except per share amounts Full-year 2024 Guidance Full-year 2024 Actuals
    Net revenue $1.060 – $1.080 billion $1.088 billion
    YoY Growth 11-13 % 13%
    Adjusted operating margin1 55.0% – 55.5% 55.3%
    Adjusted operating income $575 – 595 million $601 million
    YoY Growth 8-12 % 13%
    Adjusted EPS [basic] $1.07 – $1.11 $1.12
    YoY Growth 9-13 % 14%
    Adjusted free cash flow per share $1.32 – 1.36 1.38
    YoY Growth 6-10 % 11%
    Originations $7.0 – 7.4 billion $6.7 billion
    YoY Growth 11-17 % 6%

     1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.     

    Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

    Full-year 2025 Guidance

    The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

    Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

    In US$, except per share amounts Full-year 2025 Initial  Guidance Full-year 2025 Guidance
    Net revenue 6.5 – 8.5% $1.160 – $1.185 billion
    Adjusted operating income High-single to low-double digit $645 – $670 million
    Adjusted operating margins   55.5 – 56.5%
    Adjusted EPS [basic] High-single to low-double digit $1.20 – $1.25
    Adjusted free cash flow per share High-single to low-double digit $1.48- $1.53
    Originations Low- to mid-single digit $6.9 – $7.1 billion

    The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

    The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

    Simplified capital structure

    To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

    Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

    As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

    Element announces new strategic funding relationship

    In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth. 

    This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

    Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

    In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

    At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
     period ended
    For the year ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
                 
    Key annualized operating ratios            
                 
    Leverage ratios            
    Financial leverage ratio P/(P+R)   74.1 %   74.3 %   72.4 %   74.1 %   72.4 %
    Tangible leverage ratio P/
    (R-K)
      7.56     7.00     5.98     7.56     5.99  
    Average financial leverage ratio Q/(Q+V)   75.0 %   75.1 %   72.6 %   74.7 %   71.6 %
    Average tangible leverage ratio Q/(V-L)   7.60     6.80     5.75     6.72     5.53  
                 
    Other key operating ratios            
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.08 %   0.08 %   0.08 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.31 %   8.01 %   7.20 %   7.53 %   7.57 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   39.34 %   37.91 %   29.34 %   35.76 %   30.08 %
                 
    Per share information            
    Number of shares outstanding W   404,502     403,609     389,169     404,502     389,169  
    Weighted average number of shares outstanding [basic] X   404,578     403,609     389,115     396,880     390,297  
    Pro forma diluted average number of shares outstanding Y   404,726     403,768     404,068     404,164     405,242  
    Cumulative preferred share dividends during the period Z       1,434     4,418     7,222     17,625  
    Other effects of dilution on an adjusted operating income basis AA $   $ 0   $ 1,184   $ 2,412   $ 4,859  
    Net income per share [basic] (A-Z)/X $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    Net income per share [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
                 
    Adjusted EPS [basic] (D1)/X $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.99  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Reported results   US$ US$ US$ US$ US$
    Services income, net     161,461     146,903     129,657     595,540     502,659  
    Net financing revenue     103,453     116,090     102,211     449,130     410,853  
    Syndication revenue, net     5,976     16,643     13,261     42,890     45,587  
    Net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Operating expenses     141,234     139,367     134,085     544,681     481,749  
    Operating income     129,656     140,269     111,044     542,879     477,350  
    Operating margin     47.9 %   50.2 %   45.3 %   49.9 %   49.8 %
    Total expenses     149,463     145,669     141,716     574,003     510,153  
    Income before income taxes     121,427     133,967     103,413     513,557     448,946  
    Net income     92,057     98,565     81,567     387,137     345,599  
    EPS [basic]   $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    EPS [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
    Adjusting items            
    Impact of adjusting items on operating expenses:            
    Strategic initiatives costs – Salaries, wages, and benefits         4,633     5,329     5,593     5,329  
    Strategic initiatives costs – General and administrative expenses         4,283     5,437     7,806     8,342  
       Share-based compensation     13,687     12,242     12,346     43,435     36,429  
       Amortization of convertible debenture discount             772     1,517     3,038  
    Total impact of adjusting items on operating expenses     13,687     21,158     23,884     58,351     53,138  
    Total pre-tax impact of adjusting items     13,687     21,158     23,884     58,351     53,138  
    Total after-tax impact of adjusting items     10,265     15,667     17,667     43,763     27,478  
    Total impact of adjusting items on EPS [basic]     0.03     0.04     0.05     0.11     0.07  
    Total impact of adjusting items on EPS [diluted]     0.03     0.04     0.04     0.11     0.06  
                                     
                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
    Adjusted results   US$ US$ US$ US$ US$
    Adjusted net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Adjusted operating expenses     127,547     118,209     110,201     486,330     428,611  
    Adjusted operating income     143,343     161,427     134,928     601,230     530,488  
    Adjusted operating margin     52.9 %   57.7 %   55.0 %   55.3 %   55.3 %
    Provision for income taxes     29,370     35,402     21,846     126,420     103,347  
    Adjustments:            
    Pre-tax income     5,481     6,213     8,184     22,465     21,153  
    Foreign tax rate differential and other     985     275     5,092     1,474     5,607  
    Provision for taxes applicable to adjusted results     35,836     41,890     35,122     150,359     130,107  
    Adjusted net income     107,507     119,537     99,806     450,871     400,381  
    Adjusted EPS [basic]   $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.98  
    Adjusted EPS [diluted]   $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts                           For the three-month period ended For the year ended
    (in US$000’s unless otherwise noted)   December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
        US$ US$ US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,576,386   7,612,881   7,225,093   7,576,386   7,225,093  
    Allowance for credit losses F 6,168   6,069   5,539   6,168   5,539  
    Net investment in finance receivable G 4,968,294   5,251,679   4,964,175   4,968,294   4,964,175  
    Equipment under operating leases H 2,435,430   2,537,369   2,646,158   2,435,430   2,646,158  
    Net earning assets I=G+H 7,403,724   7,789,048   7,610,333   7,403,724   7,610,333  
    Average net earning assets J 7,848,023   8,059,992   7,494,361   7,980,144   7,008,655  
    Goodwill and intangible assets K 1,672,701   1,581,560   1,596,323   1,672,701   1,596,323  
    Average goodwill and intangible assets L 1,675,336   1,581,776   1,589,182   1,607,766   1,590,290  
    Borrowings M 8,463,789   8,472,130   8,018,132   8,463,789   8,018,132  
    Unsecured convertible debentures N     127,816     127,816  
    Less: continuing involvement liability O (132,683 ) (125,225 ) (81,851 ) (132,683 ) (81,851 )
    Total debt P=M+N-O 8,331,106   8,346,905   8,064,097   8,331,106   8,064,097  
    Cash and restricted funds P1 408,621   337,247   350,637   408,621   350,637  
    Total net debt P2 = P-P1 7,922,485   8,009,658   7,713,460   7,922,485   7,713,460  
    Average debt Q 8,313,527   8,582,383   7,829,218   8,473,105   7,361,960  
    Total shareholders’ equity R 2,774,315   2,774,502   2,943,828   2,774,315   2,943,828  
    Preferred shares S     181,077     181,077  
    Common shareholders’ equity T=R-S 2,774,315   2,774,502   2,762,751   2,774,315   2,762,751  
    Average common shareholders’ equity U 2,768,504   2,781,421   2,713,843   2,770,044   2,664,760  
    Average total shareholders’ equity V 2,768,504   2,843,024   2,949,789   2,868,593   2,921,281  
                           

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Reported Expenses 149,463 145,669   141,716 574,003 510,153
    Less:          
    Amortization of intangible assets from acquisitions 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Operating expenses 141,234 139,367   134,085 544,681 481,749
    Less:          
      Amortization of convertible debenture discount   772 1,517 3,038
      Share-based compensation 13,687 12,242   12,346 43,435 36,429
      Strategic initiatives costs – Salaries, wages and benefits 4,633   5,329 5,593 5,329
      Strategic initiatives costs – General and administrative expenses 4,283   5,437 7,806 8,342
    Total adjustments 13,687 21,158   23,884 58,351 53,138
    Adjusted operating expenses 127,547 118,209   110,201 486,330 428,611
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Income before income taxes 121,427 133,967   103,413 513,557 448,946
    Adjustments:          
    Amortization of convertible debenture discount   772 1,517 3,038
    Share-based compensation 13,687 12,242   12,346 43,435 36,429
    Amortization of intangible assets from acquisition 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits 4,633   5,329 5,593 5,329
    Strategic initiatives costs – General and administrative expenses 4,283   5,437 7,806 8,342
    Total pre-tax impact of adjusting items 8,916   10,766 13,399 13,671
    Adjusted operating income 143,343 161,427   134,928 601,230 530,488
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
    December 31,
    2024
    December 31,
    2023
      US$ US$ US$ US$ US$
    Net income 92,057   98,565   81,567   387,137   345,599  
    Amortization of convertible debenture discount     772   1,517   3,038  
    Share-based compensation 13,687   12,242   12,346   43,435   36,429  
    Amortization of intangible assets from acquisition 7,819   6,970   6,971   28,734   27,912  
    Loss (gain) on investments 410   (668 ) 660   588   492  
    Strategic initiatives costs – Salaries, wages and benefits   4,633   5,329   5,593   5,329  
    Strategic initiatives costs – General and administrative expenses   4,283   5,437   7,806   8,342  
    Provision for income taxes 29,370   35,402   21,846   126,420   103,347  
    Provision for taxes applicable to adjusted results (35,836 ) (41,890 ) (35,122 ) (150,359 ) (130,107 )
    Adjusted net income 107,507   119,537   99,806   450,871   400,381  
                         

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network

  • MIL-Evening Report: Cook Islands needs to ‘stand on our own two feet,’ says Brown – wins confidence vote

    RNZ Pacific

    Prime Minister Mark Brown has survived a motion in the Cook Islands Parliament aimed at ousting his government, the second Pacific Island leader to face a no-confidence vote this week.

    In a vote yesterday afternoon (Tuesday, Cook Islands time), the man who has been at the centre of controversy in the past few weeks, defeated the motion by 13 votes to 9. Two government ministers were absent for the vote.

    The motion was put forward by the opposition MP Teariki Heather, the leader of the Cook Islands United Party.

    Ahead of the vote, Heather acknowledged that Brown had majority support in Parliament.

    However, he said he was moving the motion on principle after recent decisions by Brown, including a proposal to create a Cook Islands passport and shunning New Zealand from deals it made with China, which has divided Cook Islanders.

    “These are the merits that I am presenting before this House. We have the support of our people and those living outside the country, and so it is my challenge. Where do you stand in this House?” Heather said.

    Brown said his country has been so successful in its development in recent years that it graduated to first world status in 2020.

    ‘Engage on equal footing’
    “We need to stand on our own two feet, and we need to engage with our partners on an equal footing,” he said.

    “Economic and financial independence must come first before political independence, and that was what I discussed and made clear when I met with the New Zealand prime minister and deputy prime minister in Wellington in November.”

    Brown said the issues Cook Islanders faced today were not just about passports and agreements but about Cook Islands expressing its self-determination.

    “This is not about consultation. This is about control.”

    “We cannot compete with New Zealand. When their one-sided messaging is so compelling that even our opposition members will be swayed.

    “We never once talked to the New Zealand government about cutting our ties with New Zealand but the message our people received was that we were cutting our ties with New Zealand.

    “We have been discussing the comprehensive partnership with New Zealand for months. But the messaging that got out is that we have not consulted.

    ‘We are not a child’
    “We are a partner in the relationship with New Zealand. We are not a child.”

    He said the motion of no confidence had been built on misinformation to the extent that the mover of the motion has stated publicly that he was moving this motion in support of New Zealand.

    “The influence of New Zealand in this motion of no confidence should be of concern to all Cook Islands who value . . . who value our country.

    “My job is not to fly the New Zealand flag. My job is to fly my own country’s flag.”

    Last week, hundreds of Cook Islanders opposing Brown’s political decisions rallied in Avarua, demanding that he step down for damaging the relationship between Aotearoa and Cook Islands.

    The Cook Islands is a self-governing state in free association with New Zealand. It is part of the Realm of New Zealand, sharing the same Head of State.

    This year, the island marks its 60th year of self-governance.

    According to Cook Islands 2021 Census, its population is less than 15,000.

    New Zealand remains the largest home to the Cook Islands community, with over 80,000 Cook Islands Māori, while about 28,000 live in Australia.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: New disability data provides crucial insights

    Source: New Zealand Government

    Data from Stats NZ’s Household Disability Survey released today provides crucial insights into the New Zealand disability community and its people, Disability Issues Minister Louise Upston says.

    Today’s survey data, collected following the 2023 Census, identifies 1 in 6 New Zealanders as disabled – that’s around 10 per cent of children (98,000) and 18 per cent of adults (753,000).

    “It’s the first time in more than 10 years there has been access to updated disability data on this scale,” Louise Upston says.

    “The survey provides a comprehensive source of information about the lives and experiences of disabled New Zealanders, the barriers they can encounter and the changes needed to overcome those barriers.

    “One such barrier is the number of disabled people not working and that three quarters of those people want to be working.

    “That means getting more employment opportunities for disabled people has to be a key priority, driven by survey findings from the community itself.

    “In another example, disability access issues continue to be raised and we need to look at why they remain so persistent.

    “Having this up-to-date data is absolutely crucial for understanding the disabled community and its needs. It can then inform decision makers, businesses, service providers and communities across the country.

    “While progress has been made, we know there is more work to do.

    “Our Government is committed to supporting disabled people, which is why we provided a record $1.1 billion funding boost to disability support services in this year’s Budget.

    “Whaikaha as a standalone ministry can focus its efforts on improving the lives of the 1 in 6 New Zealanders with a disability.

    “This survey informs Whaikaha’s work programme, and actions we need to take across government, business and community to improve the lives of disabled New Zealanders,” Louise Upston says.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Interim Report: increased capital investment in Auckland

    Source: Auckland Council

    Auckland Council’s Interim Report shows the group invested significantly to strengthen the physical resilience of Auckland and manage growth, while meeting its financial targets.

    The council delivered $1.9 billon of capital investment in the six months to December 2024 – a record for a six-month period and an increase of $474 million on the six months to the end of December 2023.

    In line with Auckland Council’s Long-term Plan 2024-2034, this investment was prioritised in transport, water and enabling local boards to better respond to the needs of their communities.

    Auckland Council group chief financial officer Ross Tucker said the Interim Report highlights the increased investment in the region’s infrastructure likes roads, pipes and stormwater assets.

    “Of the total capital invested in the six months, 38 per cent has been invested in roading and public transport – $727 million to improve our region’s roads, buses and trains, such as the City Rail Link project,” says Mr Tucker.

    “Another 29 per cent – or over $552 million – has been invested into Auckland’s water supply, wastewater and stormwater, delivering new and improved infrastructure that improves existing services and will support Aucklanders for generations to come.

    “We’ve also prioritised the buy-out of category three properties, spending $392 million on close to 400 properties that had an intolerable risk to life. We know the risk category three buy-outs are higher than originally anticipated, however it is being closely and carefully managed as part of making Auckland a more resilient region.”

    The buyout funding includes a 50-50 agreement between Auckland Council and central government, secured in October 2023.

    Major projects delivered

    In its first six months, the council delivered a number of major projects in Auckland, both in communities and with region-wide benefits.

    These include the Central Interceptor reaching the three-quarter completion mark, refitting a fourth low emission ferry vessel and getting it into operation, and continued progress on the City Rail Link with overhead line equipment and switch rooms commissioned at Britomart.

    “Our half year results are in line with expectations. We are getting on with delivering the physical and financial resilience we planned, while ensuring value for Aucklanders.”

    This includes progress on the Auckland Future Fund. In December 2024, the fund sold Auckland Council’s remaining shares in Auckland International Airport Limited for $1.32 billion.

    The fund will use the sale proceeds to diversify the council’s major financial investments across different sectors and geographic regions, with expected stronger annual returns to council to help fund services and infrastructure.

    The full Interim Report is available via the main Auckland Council website. 

    Auckland Council Group highlights – six months to December 2024

    • Operating revenue increased 15 percent to $5.4 billion, compared to the six months to 31 December 2023. This includes revenue to pay for the services we provide and invest in maintaining and renewing our assets.

    • The operating surplus was $2 billion, an increase on $571 million in 2023.

    • The group’s capital investment in infrastructure and community assets totalled $1.9 billion – 33 percent more than the prior period.

    • Net debt increased to $13.2 billion, from $12.3 billion in June 2024. This increased debt was primarily used to fund investment in new assets, spreading the cost of these assets over the generations that will use them.

    Key capital highlights include:

    • Providing funding, alongside the Crown, to City Rail Link Limited which continued work on New Zealand’s largest infrastructure project. One of the significant milestones was achieving permanent power to the stations’ high voltage rooms and main switchboards.

    • Bringing the Pukekohe Water Treatment Plant back into service after it was damaged in the 2023 severe weather events which enabled the community to increase water usage by six million litres a day at a time when water demand is at its peak.

    • Achievement of a major milestone on the Central Interceptor project, with Hiwa-i-te-Rangi Tunnel Boring Machine breaking through into a shaft in Western Springs, which enabled a tunnel to be built which collects wastewater and stormwater overflows from Mount Albert.

    • Significant progress made on the Eastern Busway project with the completion of the new bus station at Botany Town Centre

    • Completion of the Port of Auckland Outfall Upgrade project which improves the stormwater network and mitigates significant flooding risk at Britomart

    • Construction and renewal of many local and regional parks, sporting and leisure facilities such as refurbishment of Te Pae o Kura – Kelston Community Centre and renewal of Windmill Park with upgraded kiosk space, toilet facilities, a first aid room and storage.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Over $250 million now allocated to Vic road safety projects

    Source: Australian Ministers for Regional Development

    Additional funding is set to support 16 new life-saving projects across both metropolitan and regional roads in Victoria, under the Australian Government’s Road Safety Program

    The Federal Government is partnering with the Victorian Government to provide contributions of over $69.7 million each, for a joint investment of over $139.4 million, bringing the total joint investment by both governments under the Program to $259.5 million.

    This boost in funding will ensure greater levels of safety by targeting notorious crossing, intersections and thoroughfares across Victoria, further reducing the risk of crashes that cause fatal or serious injuries.

    For instance, traffic lights will be installed at the intersections of Deakin Avenue (Sturt Highway) and Sixteenth Street in Mildura – a known black spot – and at Stud Road and McFees Road in Dandenong. 

    Upgraded traffic signals to boost pedestrian safety will also be rolled out at notorious intersections in Frankston, Banyule and Bayside, while dedicated right turns will be introduced at four intersections across Ararat, Ballarat, and Horsham. 

    In regional Victoria, a $22 million package of works will deliver line marking improvements at high-risk intersections across the Gippsland, Hume, Loddon-Mallee, Grampians, and Barwon South-West regions. $10 million will also be provided to improve safety for motorcyclists, through improved protections on barriers, skid resistance, shoulder sealing, and curve signage.

    Approximately 172 new construction jobs are expected to be created over the life of the Program across Victoria. Further information on the Road Safety Program can be found here

    Quotes attributable to Federal Assistant Minister for Regional Development, Anthony Chisholm:

    “This additional funding is all part of our collective promise to do what we can to significantly reduce the number of road deaths and serious injuries on our roads, and it’s great to see the Victorian Government come to the table and collaborate with us on this.

    “These projects won’t just improve safety, they’ll also provide those living in regional communities across Victoria with employment opportunities in the construction and planning industry.

    “The wider Road Safety Program forms part of the Albanese Government’s ongoing commitment to work with state and territory governments to fund the priority road safety works they identify.” 

    Quotes attributable to Victorian Minister for Local Government, Ports and Freight, Roads and Road Safety, Melissa Horne:

    “Any life lost on our roads is a tragedy, that’s why we’re working with the Federal Government to reduce road trauma – in the Albanese Government we have a partner in Canberra that backs infrastructure investment in Victoria.

    “These new projects build on our record investment in road safety infrastructure which is saving lives, reducing injuries and preventing crashes before they happen.”

    MIL OSI News

  • MIL-OSI Australia: Busiest hospitals in Australia reducing wait times

    Source: New South Wales Ministerial News

    Published: 27 February 2025

    Released by: Minister for Health


    Some of the busiest hospitals in Australia have significantly reduced the time people are waiting for treatment to commence in emergency departments.

    Liverpool ED – which receives more than  90,000 presentations each year – has halved average time to treatment for triage 2 emergency patients, from 18 minutes to 9 minutes over the past year.

    Westmead ED – which receives close to 80,000 presentations each year – has reduced average time to treatment for triage 2 emergency patients by over a third, from 15 minutes to 9 minutes.

    Nepean ED – which receives close to 90,000 presentations each year – has seen the percentage of patients transferred from paramedics to ED staff on time increase from 65.1 per cent to 82.2 per cent. This figure also indicates significant a improvement to ambulance access at the hospital.

    Triage 2 emergency cases are categorised as people with an imminently life-threatening condition.

    People in this category could be suffering from chest pain, difficulty breathing, stroke, or severe fractures.

    Meanwhile, Gosford ED – which receives almost 80,000 presentations each year – has seen a reduction in wait times for non-urgent conditions from 86 minutes to 72 minutes.

    It follows the Minns Labor Government’s investment of half a billion dollars to relieve pressure on NSW EDs – designed to create more pathways to care outside the hospital, as well as improve patient flow inside the hospital – which includes:

    • $171.4 million to introduce three additional virtual care services helping 180,000 avoid a trip to the ED;
    • $100 million to back in our urgent care services to become a mainstay and key instrument of the health system in providing a pathway to care outside of our hospitals for an estimated 114,000 patients;
    • $70 million to expand ED short stay units to improve patient flow to reduce ED wait times by nearly 80,000 hours;
    • $15.1 million for an Ambulance Matrix that provides real time hospital data to enable paramedics to transport patients to emergency departments with greater capacity and reducing wait times;
    • $31.4 million to increase Hospital in the Home across the state allowing over 3,500 additional patients each year to be cared for in their home rather than a hospital bed; and
    • $53.9 million to improve patient flow and support discharge planning by identified  patients early on that are suitable to be discharged home with the appropriate supports in place.

    Quotes attributable to Minister for Health Ryan Park:

    “I don’t want us to get ahead of ourselves because these figures while encouraging, will fluctuate.

    “Our EDs continue to grapple with record pressure and demand, and we mustn’t forget that.

    “These reduced wait times are a testament to the hard working health staff in some of the busiest hospitals in one of the busiest health systems in the world.

    “I want to remind people who struggle to find a GP, you can ring HealthDirect on 1800 022 222 where you will speak with a registered nurse who can direct you to an urgent care service or clinic.

    “It’s free and it could save you waiting unnecessarily in an ED.”

    MIL OSI News

  • MIL-OSI Australia: Over $250 million now allocated to Victorian road safety projects

    Source: Australian Ministers 1

    Additional funding is set to support 16 new life-saving projects across both metropolitan and regional roads in Victoria, under the Australian Government’s Road Safety Program

    The Federal Government is partnering with the Victorian Government to provide contributions of over $69.7 million each, for a joint investment of over $139.4 million, bringing the total joint investment by both governments under the Program to $259.5 million.

    This boost in funding will ensure greater levels of safety by targeting notorious crossing, intersections and thoroughfares across Victoria, further reducing the risk of crashes that cause fatal or serious injuries.

    For instance, traffic lights will be installed at the intersections of Deakin Avenue (Sturt Highway) and Sixteenth Street in Mildura – a known black spot – and at Stud Road and McFees Road in Dandenong. 

    Upgraded traffic signals to boost pedestrian safety will also be rolled out at notorious intersections in Frankston, Banyule and Bayside, while dedicated right turns will be introduced at four intersections across Ararat, Ballarat, and Horsham. 

    In regional Victoria, a $22 million package of works will deliver line marking improvements at high-risk intersections across the Gippsland, Hume, Loddon-Mallee, Grampians, and Barwon South-West regions. $10 million will also be provided to improve safety for motorcyclists, through improved protections on barriers, skid resistance, shoulder sealing, and curve signage.

    Approximately 172 new construction jobs are expected to be created over the life of the Program across Victoria. Further information on the Road Safety Program can be found here

    Quotes attributable to Federal Assistant Minister for Regional Development, Anthony Chisholm:

    “This additional funding is all part of our collective promise to do what we can to significantly reduce the number of road deaths and serious injuries on our roads, and it’s great to see the Victorian Government come to the table and collaborate with us on this.

    “These projects won’t just improve safety, they’ll also provide those living in regional communities across Victoria with employment opportunities in the construction and planning industry.

    “The wider Road Safety Program forms part of the Albanese Government’s ongoing commitment to work with state and territory governments to fund the priority road safety works they identify.” 

    Quotes attributable to Victorian Minister for Local Government, Ports and Freight, Roads and Road Safety, Melissa Horne:

    “Any life lost on our roads is a tragedy, that’s why we’re working with the Federal Government to reduce road trauma – in the Albanese Government we have a partner in Canberra that backs infrastructure investment in Victoria.

    “These new projects build on our record investment in road safety infrastructure which is saving lives, reducing injuries and preventing crashes before they happen.”

    MIL OSI News

  • MIL-OSI Australia: Albanese Labor Government building Brisbane’s future

    Source: Australian Ministers 1

    The Albanese Labor Government is building Brisbane’s future, investing over $200 million in transport projects that will revitalise the city and reshape the way we move. 

    People living in Brisbane will have more opportunities to walk, cycle and catch public transport through the city thanks to support from the Albanese Government.

    $50 million will support the delivery of a business case, in partnership with the Queensland Government and Brisbane City Council, to expand the Brisbane Metro to the city’s northern suburbs. 

    This investment builds on $51.5 million of additional funding recently committed to Brisbane Metro to ensure the project’s delivery, taking the Australian Government’s total contribution to this transformative public transport project to over $400 million.

    The Government will also contribute to the development of business cases to improve important transport links and enhance infrastructure across the city, including: 

    • $2.25 million to investigate the cost and scope of works required for the restoration and future maintenance of the iconic Story Bridge.
    • $1 million to deliver an updated business case for the construction of a new active travel bridge from Toowong to West End. 

    The Albanese Government also recently committed $78.5 million towards cost pressures on the Moggill Road Corridor Upgrade project, replacing the Indooroopilly roundabout with an overpass over Moggill Road, upgrading key intersections and providing new on-road cycling facilities and footpaths. This new investment takes the Government’s total contribution to this project to $128.5 million. 

    Brisbane City Council will also receive $5 million towards a $12 million project to construct the Sylvan Road Bikeway under the Albanese Government’s $100 million Active Transport Fund. This will complete the link between the Western Freeway Bikeway and the Bicentennial Bikeway – providing 20 kilometres of continuous dedicated cycling path between Brisbane’s west and the CBD. 

    The Albanese Government is also contributing a further $20 million for the Brisbane Valley Highway Safety Upgrades project, for a total Australian Government commitment of $40 million. This project will improve road safety and reduce road injuries and fatalities along this important highway. 

    In total, the Australian Government is investing $28.9 billion in transport infrastructure projects in Queensland over the next ten years. 

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “With southeast Queensland being one of the fastest growing regions in the country, we’re delivering the infrastructure Brisbane needs to be well connected – boosting the river city’s liveability and economic activity.

    “I’m proud to be part of a Government which is building this country’s future, partnering with local and state governments to invest in the infrastructure our communities need to thrive.”

    Quotes attributable to Senator the Hon Murray Watt:

    “With Brisbane continuing to grow at a rapid pace, it’s important we invest in projects that improve connectivity and build safe and active transport options for our residents – and that what this funding does.

    “Whether you’re jumping on the new metro, cycling out west or crossing the most quintessential of Brisbane of landmarks, the Story Bridge, the Albanese Government is contributing strongly to keeping this city moving.”

    Quotes attributable to Brisbane Lord Mayor Adrian Schrinner: 

    “Better roads and better transport are critical to keeping Brisbane moving and we need all three levels of government working together to achieve this. 

    “With the Australian Government’s support, we can now progress a rapid business case to progress the expansion of Brisbane Metro to Carseldine, Capalaba, Springwood and out to the airport.

    “This funding will also help us progress a business case to ensure the Story Bridge continues to play a critical role in the national transport network for another 100 years.”

    Quotes attributable to Federal Member for Blair Shayne Neumann: 

    “The Brisbane Valley Highway is a busy highway with a significant number of vehicles using it to travel in and out of Ipswich every day, and I have been strongly advocating for action to address safety concerns. 

    “This additional funding boost to what we have already delivered in our community will greatly improve safety and connectivity along what is the main artery between the Somerset region and South East Queensland.” 

     

    New Projects

    Project name

    AG Commitment ($m)

    Brisbane Metro Expansion

    50.0

    Story Bridge Renewal Business Case

    2.25

    Sylvan Road Bikeway

    5.0

    Bridges for Brisbane

    1.0

    Total

    58.25

     

    Projects receiving additional funding

    Project name

    Additional AG Funding ($m)

    Moggill Road Corridor Upgrade (Indooroopilly Roundabout Project)

    78.5

    Brisbane Metro

    51.5

    Brisbane Valley Highway Safety Upgrades

    20.0

    Total

    150.0

    MIL OSI News

  • MIL-OSI Global: We need to switch to heat pumps fast – but can they can overcome this problem?

    Source: The Conversation – UK – By Jack Marley, Environment + Energy Editor, UK edition

    StockMediaSeller/Shutterstock

    People in the UK need to adopt heat pumps and electric vehicles as fast as they once embraced refrigerators, mobile phones and internet connection according to a new report by the Climate Change Committee (CCC).

    This government watchdog says the next 15 years will be critical for decarbonising the UK, one of the world’s largest (and earliest) carbon polluters. Eighty-seven percent of its climate-heating emissions must be eliminated by 2040 to keep the country on track for net zero emissions by mid-century, per the report. The majority (60%) of these cuts are expected to come via a single source: electricity.


    This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.


    Out of possible alternatives to a fossil fuelled economy, electrification has emerged as the favoured solution of experts at the CCC.

    Ran Boydell, an associate professor in sustainable development at Heriot-Watt University, agrees. “Home boilers will very soon move into the realm of nostalgia,” he says.




    Read more:
    UK ban on boilers in new homes rules out hydrogen as a heating source


    The reason why heat pumps are increasingly touted as the future of home heating – and not retooled boilers that burn hydrogen instead of methane – is efficiency.

    Boydell points out that green hydrogen fuel is made using electricity from solar and wind farms. We could eliminate emissions a lot quicker, he argues, if that electricity went directly to heat pumps instead.

    Electricity can be turned into a fuel – or power appliances directly.
    Piyaset/Shutterstock

    “This is because you end up with only two-thirds of the energy in the hydrogen that you started with from the electricity,” he says.

    Likewise, battery-powered vehicles have an advantage that has allowed them to race ahead of hydrogen fuel cells to comprise almost a fifth of all new vehicles sold in the UK in 2024.

    “An electric vehicle can be recharged wherever there is access to a plug socket,” say Tom Stacey and Chris Ivory, supply chain experts at Anglia Ruskin University. “The infrastructure that exists to support hydrogen vehicles is limited in comparison and will require extensive investment to introduce.”




    Read more:
    The days of the hydrogen car are already over


    If the route to zero emissions is largely settled, we need to travel it quickly.

    Electric dreams

    One of the fastest energy transitions in history occurred over a decade in South Korea, according to energy system researchers James Price and Steve Pye (UCL). Between 1977 and 1987, the generation of electricity from oil in the east Asian country collapsed – from roughly 7 million gigawatt-hours to nearly 7,000 – and was replaced with, among other sources, nuclear power.

    There are historic analogues for the rapid shift necessary to arrest climate change. But a zero-carbon power sector, which the UK government aims to achieve by 2030, is just the start.




    Read more:
    For developing world to quit coal, rich countries must eliminate oil and gas faster – new study


    “Wind and solar, which provide more than 28% of the UK’s electricity, will soon overtake gas as the main generation source as more wind farms come online,” say energy system modeller Andrew Crossland and engineer Jon Gluyas, both of Durham University.

    “But successive governments have failed to achieve the same result in homes and communities where so much high-carbon gas is burned, despite their decarbonisation being critical to net zero.”




    Read more:
    Is Britain on track for a zero-carbon power sector in six years?


    Crossland and Gluyas note that solar panels, batteries and heat pumps can be installed “in days” to rapidly cut emissions, and that doing so would create “skilled jobs across the country”. As things stand, however, it would also present a severe challenge to the grid.

    Mechanical engineer Florimond Gueniat of Birmingham City University predicts that converting UK transport to battery power wholesale would require expanding grid capacity by 46% – the equivalent of erecting 5,800 skyscraper-sized wind turbines. And that’s even accounting for the greater efficiency of electric vehicles, which waste less of the energy we put into them compared with oil-powered cars.




    Read more:
    Switching to electric vehicles will push the power grid to the brink


    A massive upgrade to the electricity network is needed, and ordinary people have a part to play. Charging cars could serve as batteries that grid operators draw from during a supply pinch. The same goes for the power generated by solar panels on top of houses.

    “Such policies in Germany have … already offset 10% of the national demand,” says Gueniat.

    Getting to net zero requires the public’s involvement. But some of the CCC’s advice may be difficult to swallow. Not least the implication that people will have to eat 35% less meat and dairy in 2050 compared with 2019.




    Read more:
    The UK must make big changes to its diets, farming and land use to hit net zero – official climate advisers


    So are people ready for a world that runs on electrons alone? Aimee Ambrose, a professor of energy policy at Sheffield Hallam University, thinks heat pumps will struggle to compete with the inviting warmth of wood stoves and coal fires. Over three years she spoke with hundreds of people in the UK, Finland, Sweden and Romania and found strong attachments to high-carbon fuels even among people committed to solving climate change.

    The allure of the wood stove is hard to ignore.
    Jaromir Chalabala/Shutterstock



    Read more:
    Heat pumps have a cosiness problem


    Human behaviour is the most difficult variable for experts who study climate change to model. There will certainly be drawbacks to abandoning fossil fuelled conveniences at breakneck speed. Yet, there are bound to be benefits too – some of which might only materialise once we get going.

    In mid-April 2020, while much of humanity was under some form of lockdown to halt the spread of COVID-19, atmospheric chemist Paul Monks of the University of Leicester was marvelling at the sudden drop in air pollution, which kills millions of people each year and is predominantly caused by burning coal, oil and gas.

    “If there is something positive to take from this terrible crisis, it could be that it’s offered a taste of the air we might breathe in a low-carbon future,” he said.




    Read more:
    Coronavirus: lockdown’s effect on air pollution provides rare glimpse of low-carbon future


    ref. We need to switch to heat pumps fast – but can they can overcome this problem? – https://theconversation.com/we-need-to-switch-to-heat-pumps-fast-but-can-they-can-overcome-this-problem-249658

    MIL OSI – Global Reports

  • MIL-OSI USA: Kennedy renews calls to protect Diego Garcia military base ahead of UK PM Starmer’s visit to Washington

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    Watch Kennedy’s comments here.

    WASHINGTON – Sen. John Kennedy (R-La.) urged United Kingdom Prime Minister Keir Starmer not to move forward with his plan to hand over the Chagos Islands, including the U.S.-U.K. military base on Diego Garcia, to Mauritius in a speech on the Senate floor. Starmer will travel to Washington this week to meet with President Trump.  

    Key excerpts of the speech are below:

    “Now, there is one other thing you need to know. Mauritius is very close to China. Mauritius has a very lucrative trade agreement with China, and you’ll not be surprised to learn that, after all of this has been developing, China all of a sudden is Mauritius’s best friend. Do you know why? Because if Prime Minister Starmer does this, Mauritius is going to own the base. They are going to own the base.”

    . . .

    “I don’t care what Prime Minister Starmer promises you. The only reason he is doing this is because he feels guilty because the United Nations has said that the United Kingdom should be ashamed of its history and ashamed that it at one time owned colonies. 

    “People of the United Kingdom can feel what they want. That is none of my business. But we have got an American military base there, and it is very important to defend the Indian Ocean against China. . . . I am sorry he feels guilty. He needs to go buy an emotional support pony, but he doesn’t need to give away an American military base.”

    Background

    • The U.K. had previously announced on Oct. 3, 2024, that it had reached a deal with Mauritius to cede the sovereignty of the Chagos Islands. This deal between the U.K. and Mauritius would jeopardize the security of a key U.S.-U.K. military base on Deigo Garcia by potentially exposing the island to Chinese espionage efforts, according to a report from the Policy Exchange.
    • Negotiations between the U.K. and Mauritius followed a years-long pressure campaign from the United Nations to get England out of the Chagos Islands. The Biden administration also reportedly pressured the U.K. to enter the deal with Mauritius before the American and Mauritian elections took place—an idea Prime Minister Keir Starmer initially endorsed. 
    • On Oct. 23, 2024, Kennedy wrote to then-Secretary of State Antony Blinken seeking answers about the Biden administration’s involvement in the deal between the U.K. and Mauritius.
    • Kennedy also penned this op-ed in Oct. 2024 arguing that the Biden administration owes the American people an explanation for its decision to allow this deal between the U.K. and Mauritius to move forward.
    • On Jan. 15, 2025, Starmer announced that he wanted President Trump and his administration to weigh in on any deal struck between the U.K. and Mauritius regarding the transfer of the Chagos Islands, including the transfer of the U.S.-U.K. shared military base on the island of Diego Garcia. 
    • Kennedy published this op-ed in Jan. 2025 welcoming the U.K.’s change of heart after Starmer announced that he would include the Trump administration in the ongoing negotiations with Mauritius.
    • As a congressman, National Security Advisor Mike Waltz has criticized the Oct. 2024 deal, saying, “Should the U.K. cede control of the Chagos to Mauritius, I have no doubt that China will take advantage of the resulting vacuum.” 
    • As a senator, Secretary of State Marco Rubio has similarly condemned the deal and said it “poses a serious threat to our national security interests in the Indian Ocean and threatens critical U.S. military posture in the region.”

    Watch Kennedy’s full speech here.

    MIL OSI USA News

  • MIL-OSI Australia: Australians at risk: how deceptive online tactics are manipulating us

    Source: University of South Australia

    27 February 2025

    Australians are being manipulated online every day through digital tactics designed to trick them into handing over personal data, making unintended purchases and engaging with online platforms in ways they had never intended.

    A new report by the University of South Australia reveals that these deceptive patterns – also known as ‘dark patterns’ – are found in 95% of the world’s most popular apps, and more than 11% of major online shopping platforms.

    They are widespread across social media, e-commerce and mobile applications, posing significant risks to consumers’ autonomy, privacy and financial security.

    The report, commissioned by the Federal Treasury, highlights the deceptive patterns that influence and manipulate consumer behaviour.

    These include misleading countdown timers that create a sense of urgency, hidden fees, pre-selected consent options, and obstacles to unsubscribing from services and websites.

    Lead author of the report, Dr James Baumeister from UniSA’s Australian Research Centre for Interactive and Virtual Environments (IVE) says that deceptive patterns have become a major consumer protection issue, with Australians spending more time and money online.

    “These tactics are designed to manipulate users into actions they wouldn’t normally take, whether it’s making an unintended purchase, giving away more data than necessary, or simply struggling to cancel an unwanted subscription,” Dr Baumeister says.

    The report reveals that no one is immune to deceptive patterns, but some groups are more vulnerable than others.

    Older Australians and those with lower digital literacy are at higher risk, often failing to recognise misleading online tactics. Teenagers are also targeted through social media platforms, where deceptive engagement techniques keep them scrolling for hours longer than intended.

    “The financial impact is substantial,” Dr Baumeister says. “One in four Australians report difficulty understanding promotional price tags in physical stores and this issue is exacerbated online, with hidden fees and misleading sales tactics leading to unexpected costs.”

    Report co-author, UniSA Enterprise Fellow Dr James Walsh, says companies are using artificial intelligence profiling to predict and manipulate user behaviour with increasing accuracy.

    “Fake reviews, manipulative cookie consent pop-ups, and misleading product recommendations are all being enhanced through AI technologies, making consumers even more vulnerable,” Dr Walsh says.

    The report argues that awareness alone is not enough to protect consumers. Regulatory reform and enforcement are urgently needed to curb deceptive practices and hold companies to account.

    “While Australian consumer laws address some blatant deceptive patterns, many subtle tactics still fall through legal loopholes.

    “We need a multi-faceted approach. Regulators must act, companies need to be held accountable, and consumers should be equipped with the knowledge and tools to protect themselves,” Dr Walsh says.

    Note to editors

    The report, titled “Patterns in the Dark: Deceptive Practices in Online Interactions,” was prepared by IVE researchers Dr James Baumeister, Ji-Young Park, Dr Andrew Cunningham, Associate Professor Stewart Von Itzstein, Professor Ian Gwilt, Dr Aaron Davis and Dr James Walsh.

    For a copy of the report please email candy.gibson@unisa.edu.au

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Research contact: Dr James Baumeister E: james.baumeister@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News

  • MIL-OSI New Zealand: Going for Growth: Multi-million dollar benefits possible for farmers and growers

    Source: New Zealand Government

    Regulation Minister David Seymour, Environment Minister Penny Simmonds and Food Safety Minister Andrew Hoggard have today released the Ministry for Regulation’s recommendations to cut red tape on products used by the agriculture and horticulture sectors.
    “HSNO and ACVM products used to manage animals and plants like veterinary medicines and agrichemicals are absolutely critical for farmers and growers. Technological developments in these products can be the difference between surviving, or thriving,” Mr Seymour says. 
    “Some farmers and growers told us they had waited over five years for their applications for new products to be approved by the Environmental Protection Authority (EPA) and the Ministry for Primary Industries (MPI). That’s completely unacceptable and it’s costing the economy millions in lost productivity.
    “The Government is cutting red tape to ensure farmers and growers can quickly access the high-quality products they need so we can grow the economy.
    “Faster access to new products for farmers and growers will lift primary sector productivity and growth.
    “The review found that halving approval times for new products is estimated to generate benefits of $272 million over 20 years for New Zealand farmers and growers. 
    “Cabinet has accepted all 16 recommendations, including:

    Setting targets to accelerate assessments and reduce application queues
    Increasing the use of HSNO rapid pathways, ACVM registration exemptions and self-assessments for appropriate applications
    Reducing ACVM efficacy requirements for inhibitors to the minimum required to manage risk
    Using international regulators’ assessments to save time
    Exploring a strategic pathway for priority products 
    Updating EPA’s outdated risk assessment models.

    Minister for the Environment Penny Simmonds says the Environmental Protection Authority (EPA) has already been working to improve the Hazardous Substances and New Organisms (HSNO) system. 
    “This has included looking to appoint additional staff in the hazardous substances applications area, creating a prioritisation framework for the approval queue and developing new group standards for low-risk hazardous substances,” Minister Simmonds says.
    “These are good first steps to help achieve some of the review recommendations, and I expect improvements to continue at pace.”
    Minister for Food Safety Andrew Hoggard says the Ministry for Primary Industries (MPI) will be addressing review recommendations as part of a wider Agricultural Compounds and Veterinary Medicines (ACVM) Modernisation work programme.
    “Eight out of the 13 recommendations that are applicable to MPI are already in progress or can start now,” Minister Hoggard says.
    “MPI has been extremely proactive, working alongside the Ministry for Regulation to start work on the recommendations and I look forward to seeing further progress this year.”
    The Agricultural and Horticultural Products Regulatory Review ran from August to December 2024. The review was of the approval process for new agricultural and horticultural products and was triggered by concern that additional regulatory burden on these products was worsening New Zealand’s international competitiveness.  
    Notes to editors: 
    Agricultural and Horticultural Products Regulatory Review Report: https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-full-report.pdf
    Agricultural and Horticultural Products Regulatory Review Summary Report: https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-summary-report.pdf
    Agricultural and Horticultural Products Regulatory Review Summary of Engagement https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-summary-engagement.pdf
    Sense Partners Scenario analysis of economic impacts: https://www.regulation.govt.nz/assets/Publication-Documents/Agricultural-Horticultural-Products-Regulatory-Review-scenario-analysis.pdf
    Other information about the review can be found on the Ministry for Regulation’s website: Agricultural and horticultural products regulatory review | Ministry for Regulation cultural Products Regulatory Review – briefings to joint Ministers 
    All information can be found in the ‘Our publications’ section of the Ministry for Regulation’s website here: https://www.regulation.govt.nz/about-us/our-publications/
     
     

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Changes to SafePlus online self-assessment tool coming soon

    Source: Worksafe New Zealand

    From April there will be a new way of doing a SafePlus self-assessment.

    The current SafePlus online tool is at the end of its life and would require significant resource to rebuild.

    It is being replaced with downloadable questions – in multiple languages – that can be used much more flexibly as a paper-based survey or in any online survey tool (at the user’s cost).

    Registered users of the online tool have been contacted to let them know that no new assessments using the current tool can be started after 11 April 2025.

    Those who have run a previous assessment using the tool can access their data and reports until 12 June 2025. After 12 June 2025, the personal data put into the tool by users will be destroyed, to meet Privacy Act requirements.

    See our FAQs for more information(external link) including data export instructions. 

    From April the survey questions and a results calculator will be available to download from the SafePlus section of the WorkSafe website. Businesses can use the questions either as a paper-based survey, or in their own choice of online survey platform.

    They are the same questions currently used in the online tool. The questions were developed using the SafePlus framework. They focus on three key areas of health and safety – leadership, worker engagement, and risk management.

    Businesses can use their workers’ responses to the questions to calculate a SafePlus health and safety maturity rating in the three key areas, and they can repeat the survey to see their progress year on year.

    WorkSafe will not have access to the data. The questions and results calculator are downloadable files, so the business using them will save them in their own system. This means all data will remain with the business itself.

    Providing the survey questions for businesses to pick up and use means more flexibility to run their own surveys using their own choice of survey tool. The new way of providing the survey questions also means we can incorporate user-requested enhancements to provide a paper-based option for completing surveys and translation of the questions into multiple languages.

    The survey questions and results calculator will be free to use. However, WorkSafe will no longer provide the survey functionality, so if a business decides to use an online survey tool then that may have some cost to them to use.

    Onsite assessments by independent SafePlus assessors are also available.

    You can find out more on the SafePlus section of the WorkSafe website

    We aim to make it easy for businesses to do regular self-assessments of their health and safety environment to identify areas they can improve.

    We would like to thank everyone who has used the SafePlus online tool to help keep people healthy and safe at work.

    MIL OSI New Zealand News

  • MIL-OSI: Compass Point and Sea Court Management Announce Strategic Partnership

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — Compass Point Research & Trading, LLC (“Compass Point”), a leading middle market investment bank, is pleased to announce its partnership with Sea Court Management (“Sea Court”), an alternative investment management firm. Founded by industry veterans James DeNaut, Steven Quamme, and Patrick English, Sea Court shares Compass Point’s deep sector expertise and strategic focus, enabling both firms to leverage their collective knowledge and relationships to deliver capital raising and tailored advisory solutions to its clients.

    Sea Court recently closed the Sea Court Opportunity Fund I (the “Fund”), with $50 million in committed capital. The Fund is designed to support a curated group of early-and mid-stage investments, and will leverage Compass Point’s investment banking, capital markets, and research capabilities.

    Burke Hayes, Chief Executive Officer, and Head of Investment Banking for Compass Point said, “We are excited to partner with the Sea Court team, as we see this as a unique opportunity to support innovative growth companies and their investors in the early-and-mid-stages of their lifecycle. Sea Court’s expertise identifying and investing in differentiated companies makes them an ideal partner for us”.

    Jim DeNaut, Chief Executive Officer of Sea Court said “We are thrilled about our partnership with Compass Point which will enhance our ability to provide trusted advice and full cycle capital to a broader set of platform companies and sectors. Compass Point shares our focus of bringing high quality innovative and disruptive solutions companies to an expanded group of investors”.

    Over the course of his career, Jim DeNaut has advised numerous M&A, capital markets, and asset management clients. Additionally, he has more than fifteen years of experience advising and allocating capital for a variety of institutions, family offices and endowments. Prior to forming Sea Court, from 2010 to 2022, Jim served as President and Chief Executive Officer, Senior Managing Director and Head of International Investment Banking at Nomura Securities International, Inc. He also served on the Board of Directors of Nomura Holdings America, Inc. Prior to Nomura, Jim served as Senior Managing Director, Head of Global Banking Americas, and Head of Corporate and Investment Banking, Americas (2000 to 2010) at Deutsche Bank Securities, Inc. Prior to Deutsche Bank, Jim was a Managing Director in the Investment Banking Division at Morgan Stanley, Inc.

    Steven Quamme serves as Managing Partner of Sea Court. Prior to forming Sea Court, Steve was co-founder and President of Cartica Management, LLC, a $3 billion SEC-registered investment advisor focused exclusively on the emerging markets. Cartica’s institutional investor base included many of the world’s largest pension plans, university endowments, family offices and sovereign wealth funds. Prior to forming Cartica, Steve was the Chief Operating Officer of Breeden Partners, a $2 billion U.S. activist fund. Formerly, Steve was the founder and co-CEO of Milestone Merchant Partners (subsequently acquired by Houlihan Lokey), a full-service merchant bank that provided investment banking services and managed a series of private equity funds focused on the US and India.

    Patrick English serves as Managing Partner of Sea Court. Patrick has 25 years of experience in a broad range of professional capacities in the private equity, venture capital, real estate, hedge fund, and institutional securities industries. Prior to Sea Court, Patrick served as Partner and Chief Operating Officer at Three Mountain Capital, a discretionary global macro hedge fund that he co-founded. 

    About Compass Point

    Compass Point Research & Trading LLC is a leading full-service middle market investment bank. Our broad range of capabilities include public and private capital raising, corporate advisory services, fundamental research, Washington policy analysis and execution services. We provide innovative solutions for entrepreneurial businesses and their investors.

    Headquartered in Washington, D.C., with offices in Charleston, SC, New York, NY, and Orange County, CA, Compass Point is a member of FINRA and SIPC. For further information about Compass Point, please visit our website at www.compasspointllc.com.

    About Sea Court Management
    Sea Court Management is an alternative investment management firm that invests in early-and-mid-stage growth companies. Sea Court focuses on identifying and investing in companies with innovative technologies and businesses. Recent investments include companies in healthcare, life sciences, digital asset and technology sectors. www.seacourtcapital.com

    Media Contact:
    Christopher Nealon
    202.540.7315
    cnealon@compasspointllc.com

    The MIL Network

  • MIL-OSI: Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT’S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

      Q4
    2024
    Q4
    2023
    Change (%) 12 months 2024 12 months 2023 Change (%)  
    GAAP Measures              
    Revenues ($ millions)              
    Electricity 180.1   183.9   (2.1)%   702.3   666.8   5.3%    
    Product 39.6   50.4   (21.4)%   139.7   133.8   4.4%    
    Energy Storage 11.0   7.0   56.7%   37.7   28.9   30.6%    
    Total Revenues 230.7   241.3   (4.4)%   879.7   829.4   6.1%    
    Gross Profit              
    73.6   78.5   (6.2)%   272.6   264.0   3.3%    
    Gross margin (%)              
    Electricity 34.9%   39.5%     34.6%   36.6%      
    Product 24.5%   12.6%     18.4%   13.4%      
    Energy Storage 9.5%   (8.9)%     10.9%   6.4%      
    Gross margin (%) 31.9%   32.5%     31.0%   31.8%      
                   
    Operating income ($ millions) 49.1   51.6   (4.9)%   172.5   166.6   3.5%    
    Net income attributable to the Company’s stockholders 40.8   35.7   14.3%   123.7   124.4   (0.5)%    
    Diluted EPS ($) 0.67   0.59   13.6%   2.04   2.08   (1.9)%    
                   
    Non-GAAP Measures              
    Adjusted Net income attributable to the Company’s stockholders 43.6   40.5   7.7%   133.7   121.9   9.7%    
    Adjusted Diluted EPS ($) 0.72   0.67   7.5%   2.20   2.05   7.3%    
    Adjusted EBITDA1($ millions) 145.5   139.0   4.6%   550.5   481.7   14.3%    

    “2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business.”

    “Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S.”

    “We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year.”

    Blachar continued, “Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company’s stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company’s stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts’ margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company’s largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and incentives and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the three and twelve month periods Ended December 31, 2024, and 2023

      Three Months Ended
    December 31,
    Year Ended 
    December 31,
      2024   2023   2024   2023  
      (Dollars in thousands, except per share data)
    Revenues:        
    Electricity 180,147   183,921   702,264   666,767  
    Product 39,643   50,432   139,661   133,763  
    Energy storage 10,951   6,987   37,729   28,894  
    Total revenues 230,741   241,340   879,654   829,424  
    Cost of revenues:        
    Electricity 117,340   111,201   459,526   422,549  
    Product 29,929   44,073   113,911   115,802  
    Energy storage 9,911   7,610   33,598   27,055  
    Total cost of revenues 157,180   162,884   607,035   565,406  
    Gross profit 73,561   78,456   272,619   264,018  
    Operating expenses:        
    Research and development expenses 1,391   2,452   6,501   7,215  
    Selling and marketing expenses 4,153   4,307   17,694   18,306  
    General and administrative expenses 19,583   18,654   80,119   68,179  
    Other operating income (3,125)     (9,375)    
    Impairment of long-lived assets     1,280    
    Write-off of unsuccessful exploration activities and storage activities 2,474   1,415   3,930   3,733  
    Operating income 49,085   51,628   172,470   166,585  
    Other income (expense):        
    Interest income 1,389   2,363   7,883   11,983  
    Interest expense, net (34,525)   (25,803)   (134,031)   (98,881)  
    Derivatives and foreign currency transaction gains (losses) (4,319)   712   (4,187)   (3,278)  
    Income attributable to sale of tax benefits 20,020   18,676   73,054   61,157  
    Other non-operating income (expense), net 66   1,272   188   1,519  
    Income from operations before income tax and equity in earnings (losses) of investees 31,716   48,848   115,377   139,085  
    Income tax (provision) benefit 11,771   (8,188)   16,289   (5,983)  
    Equity in earnings (losses) of investees (862)   (1,827)   (425)   35  
    Net income 42,625   38,833   131,241   133,137  
    Net income attributable to noncontrolling interest (1,804)   (3,107)   (7,508)   (8,738)  
    Net income attributable to the Company’s stockholders 40,821   35,726   123,733   124,399  
    Earnings per share attributable to the Company’s stockholders:        
    Basic: 0.67   0.59   2.05   2.09  
    Diluted: 0.67   0.59   2.04   2.08  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:        
    Basic 60,480   60,367   60,455   59,424  
    Diluted 60,770   60,505   60,790   59,762  
             

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Periods Ended December 31, 2024, and 2023

      December 31,
    2024
      December 31,
    2023
    ASSETS
    Current assets:      
    Cash and cash equivalents 94,395     195,808  
    Restricted cash and cash equivalents (primarily related to VIEs) 111,377     91,962  
    Receivables:      
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs) 164,050     208,704  
    Other 50,792     44,530  
    Inventories 38,092     45,037  
    Costs and estimated earnings in excess of billings on uncompleted contracts 29,243     18,367  
    Prepaid expenses and other 59,173     41,595  
    Total current assets 547,122     646,003  
    Investment in an unconsolidated company 144,585     125,439  
    Deposits and other 75,383     44,631  
    Deferred income taxes 153,936     152,570  
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively) 3,501,886     2,998,949  
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively) 755,589     814,967  
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively) 32,114     24,057  
    Finance leases right of use (none related to VIEs) 2,841     3,510  
    Intangible assets, net 301,745     307,609  
    Goodwill 151,023     90,544  
    Total assets 5,666,224     5,208,279  
           
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable and accrued expenses 234,334     214,518  
    Short term revolving credit lines with banks (full recourse)     20,000  
    Commercial paper (less deferred financing costs of $23 and $29, respectively) 99,977     99,971  
    Billings in excess of costs and estimated earnings on uncompleted contracts 23,091     18,669  
    Current portion of long-term debt:      
    Limited and non-recourse (primarily related to VIEs):
    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)
    70,262     57,207  
    Full recourse 161,313     116,864  
    Financing Liability 4,093     5,141  
    Operating lease liabilities 3,633     3,329  
    Finance lease liabilities 1,375     1,313  
    Total current liabilities 598,078     537,012  
    Long-term debt, net of current portion:      
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively) 578,204     447,389  
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively) 822,828     698,187  
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively) 469,617     423,104  
    LT Financing liability-Dixie 216,476     220,619  
    Operating lease liabilities 22,523     19,790  
    Finance lease liabilities 1,529     2,238  
    Liability associated with sale of tax benefits 152,292     184,612  
    Deferred income taxes 68,616     66,748  
    Liability for unrecognized tax benefits 6,272     8,673  
    Liabilities for severance pay 10,488     11,844  
    Asset retirement obligation 129,651     114,370  
    Other long-term liabilities 29,270     22,107  
    Total liabilities 3,105,844     2,756,693  
           
    Redeemable noncontrolling interest 9,448     10,599  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 61     60  
    Additional paid-in capital 1,635,245     1,614,769  
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively) (17,964)     (17,964)  
    Retained earnings 814,518     719,894  
    Accumulated other comprehensive loss (6,731)     (1,332)  
    Total stockholders’ equity attributable to Company’s stockholders 2,425,129     2,315,427  
    Noncontrolling interest 125,803     125,560  
    Total equity 2,550,932     2,440,987  
    Total liabilities, redeemable noncontrolling interest and equity 5,666,224     5,208,279  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

      Three Months Ended
    December 31,
      Year Ended December 31,
      2024     2023     2024     2023  
      (Dollars in thousands)   (Dollars in thousands)
    Net income 42,625     38,833     131,241     133,137  
    Adjusted for:              
    Interest expense, net (including amortization of deferred financing costs) 33,136     23,440     126,148     86,898  
    Income tax provision (benefit) (11,771)     8,188     (16,289)     5,983  
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,964     5,243     17,637     16,069  
    Depreciation, amortization and accretion 68,907     59,331     259,151     221,415  
    EBITDA 137,861     135,035     517,888     463,502  
    Mark-to-market on derivative instruments (14)     (2,490)     856     (2,206)  
    Stock-based compensation 5,310     4,243     20,197     15,478  
    Impairment of long-lived assets         1,280      
    Allowance for bad debts 13         355      
    Merger and acquisition transaction costs 570     816     1,949     1,234  
    Legal fees related to a settlement agreement with a third-party battery systems supplier (750)         4,000      
    Write-off of unsuccessful exploration and Storage activities 2,474     1,415     3,930     3,733  
    Adjusted EBITDA 145,464     139,019     550,455     481,741  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023  
                   
    GAAP Net income attributable to the Company’s stockholders 40.8     35.7   123.7   124.4  
    Impact of changes in the Kenya Finance Act 2023     2.0     (7.4)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.9     1.0   0.9   1.0  
    Impairment of long-lived assets       1.0    
    Write-off of unsuccessful exploration activities and Storage activities 2.0     1.1   3.1   2.9  
    Merger and acquisition transaction costs 0.5     0.6   1.5   1.0  
    Allowance for bad debts 0.0       0.3    
    Legal fees related to a settlement agreement with a third-party battery supplier (0.6)       3.2    
    Adjusted Net income attributable to the Company’s stockholders 43.6     40.5   133.7   121.9  
    GAAP diluted EPS 0.67     0.59   2.04   2.08  
    Impact of changes in the Kenya Finance Act 2023     0.03     (0.12)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.01     0.02   0.01   0.02  
    Impairment of long-lived assets         0.02    
    Write-off of unsuccessful exploration activities and Storage activities 0.03     0.02   0.05   0.05  
    Merger and acquisition transaction costs 0.01     0.01   0.03   0.02  
    Allowance for bad debts 0.00       0.00    
    Legal fees related to a settlement agreement with a third-party battery supplier (0.01)       0.05    
    Diluted Adjusted EPS ($) 0.72     0.67   2.20   2.05  
    Ormat Technologies Contact: Investor Relations Agency Contact:
    Smadar Lavi Joseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & Reporting Alpha IR Group
    775-356-9029 (ext. 65726) 312-445-2870
    slavi@ormat.com ORA@alpha-ir.com

    The MIL Network

  • MIL-OSI: Trupanion to Participate in the 46th Annual Raymond James Institutional Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today that Fawwad Qureshi, Chief Financial Officer, will present at the 46th Annual Raymond James Institutional Investor Conference on Monday, March 3, 2025, at 8:05 a.m. ET and will participate in meetings with investors throughout the day.

    The presentation will be webcast live and can be accessed on Trupanion’s Investor Relations website at http://investors.trupanion.com.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network

  • MIL-OSI: Athene Names Louis-Jacques Tanguy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 26, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced today that it has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025.

    LJ has served as the Chief Accounting Officer for Apollo since early 2022 and has over 25 years of extensive accounting and financial experience. Prior to joining Apollo, he spent 13 years at Deutsche Bank as a Managing Director in various finance leadership roles in London and New York. Prior to that, LJ was the Head of the Asia Pacific Product Valuation Group for Merrill Lynch Japan Securities in Tokyo and has also worked at Société Générale in Paris and Asia in various roles in Finance and Risk. He holds a Ph.D. in Business Management, a Master’s in Finance and a Bachelor’s in Economics from the University of Aix-Marseille.

    “We are very pleased that LJ will be Athene’s new CFO,” said Jim Belardi, CEO of Athene. “As Apollo’s Chief Accounting Officer, he successfully built and led a multifaceted organization spanning across the asset manager and retirement services businesses and played a key role in our successful merger. LJ is a champion for excellence and cross-functional collaboration, and his appointment appropriately supports the business now and for the long term.”

    “I am excited to support the continued growth and innovation of our firm by serving as Athene’s next CFO,” said Tanguy. “I look forward to working even more closely with my outstanding colleagues who have driven Athene to be the leading retirement services provider and partnering with them to achieve the next phase of our growth.”

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024 and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network

  • MIL-OSI: NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $39.3 billion, up 12% from Q3 and up 78% from a year ago
    • Record quarterly Data Center revenue of $35.6 billion, up 16% from Q3 and up 93% from a year ago
    • Record full-year revenue of $130.5 billion, up 114%

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.

    For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.

    For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.

    “Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.

    “We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.

    Q4 Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)
    Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.0% 74.6% 76.0% Down 1.6 pts Down 3.0 pts
    Operating expenses $4,689 $4,287 $3,176 Up 9% Up 48%
    Operating income $24,034 $21,869 $13,615 Up 10% Up 77%
    Net income $22,091 $19,309 $12,285 Up 14% Up 80%
    Diluted earnings per share* $0.89 $0.78 $0.49 Up 14% Up 82%
    Non-GAAP
    ($ in millions, except earnings
    per share)
    Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.5% 75.0% 76.7% Down 1.5 pts Down 3.2 pts
    Operating expenses $3,378 $3,046 $2,210 Up 11% Up 53%
    Operating income $25,516 $23,276 $14,749 Up 10% Up 73%
    Net income $22,066 $20,010 $12,839 Up 10% Up 72%
    Diluted earnings per share* $0.89 $0.81 $0.52 Up 10% Up 71%


    Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)
    FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.0% 72.7% Up 2.3 pts
    Operating expenses $16,405 $11,329 Up 45%
    Operating income $81,453 $32,972 Up 147%
    Net income $72,880 $29,760 Up 145%
    Diluted earnings per share* $2.94 $1.19 Up 147%
    Non-GAAP
    ($ in millions, except earnings
    per share)
    FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.5% 73.8% Up 1.7 pts
    Operating expenses $11,716 $7,825 Up 50%
    Operating income $86,789 $37,134 Up 134%
    Net income $74,265 $32,312 Up 130%
    Diluted earnings per share* $2.99 $1.30 Up 130%

    *All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.

    Outlook
    NVIDIA’s outlook for the first quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $43.0 billion, plus or minus 2%.
    • GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

    Highlights

    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • Fourth-quarter revenue was a record $35.6 billion, up 16% from the previous quarter and up 93% from a year ago. Full-year revenue rose 142% to a record $115.2 billion.
    • Announced that NVIDIA will serve as a key technology partner for the $500 billion Stargate Project.
    • Revealed that cloud service providers AWS, CoreWeave, Google Cloud Platform (GCP), Microsoft Azure and Oracle Cloud Infrastructure (OCI) are bringing NVIDIA® GB200 systems to cloud regions around the world to meet surging customer demand for AI.
    • Partnered with AWS to make the NVIDIA DGX™ Cloud AI computing platform and NVIDIA NIM™ microservices available through AWS Marketplace.
    • Revealed that Cisco will integrate NVIDIA Spectrum-X™ into its networking portfolio to help enterprises build AI infrastructure.
    • Revealed that more than 75% of the systems on the TOP500 list of the world’s most powerful supercomputers are powered by NVIDIA technologies.
    • Announced a collaboration with Verizon to integrate NVIDIA AI Enterprise, NIM and accelerated computing with Verizon’s private 5G network to power a range of edge enterprise AI applications and services.
    • Unveiled partnerships with industry leaders including IQVIA, Illumina, Mayo Clinic and Arc Institute to advance genomics, drug discovery and healthcare.
    • Launched NVIDIA AI Blueprints and Llama Nemotron model families for building AI agents and released NVIDIA NIM microservices to safeguard applications for agentic AI.
    • Announced the opening of NVIDIA’s first R&D center in Vietnam.
    • Revealed that Siemens Healthineers has adopted MONAI Deploy for medical imaging AI.

    Gaming and AI PC

    • Fourth-quarter Gaming revenue was $2.5 billion, down 22% from the previous quarter and down 11% from a year ago. Full-year revenue rose 9% to $11.4 billion.
    • Announced new GeForce RTX™ 50 Series graphics cards and laptops powered by the NVIDIA Blackwell architecture, delivering breakthroughs in AI-driven rendering to gamers, creators and developers.
    • Launched GeForce RTX 5090 and 5080 graphics cards, delivering up to a 2x performance improvement over the prior generation.
    • Introduced NVIDIA DLSS 4 with Multi Frame Generation and image quality enhancements, with 75 games and apps supporting it at launch, and unveiled NVIDIA Reflex 2 technology, which can reduce PC latency by up to 75%.
    • Unveiled NVIDIA NIM microservices, AI Blueprints and the Llama Nemotron family of open models for RTX AI PCs to help developers and enthusiasts build AI agents and creative workflows.

    Professional Visualization

    • Fourth-quarter revenue was $511 million, up 5% from the previous quarter and up 10% from a year ago. Full-year revenue rose 21% to $1.9 billion.
    • Unveiled NVIDIA Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace™ Blackwell platform.
    • Announced generative AI models and blueprints that expand NVIDIA Omniverse™ integration further into physical AI applications, including robotics, autonomous vehicles and vision AI.
    • Introduced NVIDIA Media2, an AI-powered initiative transforming content creation, streaming and live media experiences, built on NIM and AI Blueprints.

    Automotive and Robotics

    • Fourth-quarter Automotive revenue was $570 million, up 27% from the previous quarter and up 103% from a year ago. Full-year revenue rose 55% to $1.7 billion.
    • Announced that Toyota, the world’s largest automaker, will build its next-generation vehicles on NVIDIA DRIVE AGX Orin™ running the safety-certified NVIDIA DriveOS operating system.  
    • Partnered with Hyundai Motor Group to create safer, smarter vehicles, supercharge manufacturing and deploy cutting-edge robotics with NVIDIA AI and NVIDIA Omniverse.
    • Announced that the NVIDIA DriveOS safe autonomous driving operating system received ASIL-D functional safety certification and launched the NVIDIA DRIVE™ AI Systems Inspection Lab.
    • Launched NVIDIA Cosmos™, a platform comprising state-of-the-art generative world foundation models, to accelerate physical AI development, with adoption by leading robotics and automotive companies 1X, Agile Robots, Waabi, Uber and others.
    • Unveiled the NVIDIA Jetson Orin Nano™ Super, which delivers up to a 1.7x gain in generative AI performance.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     NVIDIA CORPORATION 
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
     (In millions, except per share data) 
     (Unaudited) 
                       
          Three Months Ended   Twelve Months Ended
          January 26,   January 28,   January 26,   January 28,
            2025       2024       2025       2024  
                       
    Revenue $ 39,331     $ 22,103     $ 130,497     $ 60,922  
    Cost of revenue    10,608       5,312       32,639       16,621  
    Gross profit   28,723       16,791       97,858       44,301  
                       
    Operating expenses              
      Research and development     3,714       2,465       12,914       8,675  
      Sales, general and administrative   975       711       3,491       2,654  
        Total operating expenses   4,689       3,176       16,405       11,329  
                       
    Operating income   24,034       13,615       81,453       32,972  
      Interest income   511       294       1,786       866  
      Interest expense   (61 )     (63 )     (247 )     (257 )
      Other, net   733       260       1,034       237  
        Other income (expense), net   1,183       491       2,573       846  
                       
    Income before income tax   25,217       14,106       84,026       33,818  
    Income tax expense   3,126       1,821       11,146       4,058  
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
                       
    Net income per share:              
      Basic $ 0.90     $ 0.51     $ 2.97     $ 1.21  
      Diluted $ 0.89     $ 0.49     $ 2.94     $ 1.19  
                       
    Weighted average shares used in per share computation:              
      Basic   24,489       24,660       24,555       24,690  
      Diluted   24,706       24,900       24,804       24,940  
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
            January 26,   January 28,
            2025   2024
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 43,210   $ 25,984
      Accounts receivable, net     23,065     9,999
      Inventories     10,080     5,282
      Prepaid expenses and other current assets     3,771     3,080
        Total current assets     80,126     44,345
                 
    Property and equipment, net     6,283     3,914
    Operating lease assets     1,793     1,346
    Goodwill     5,188     4,430
    Intangible assets, net     807     1,112
    Deferred income tax assets     10,979     6,081
    Other assets      6,425     4,500
        Total assets   $ 111,601   $ 65,728
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 6,310   $ 2,699
      Accrued and other current liabilities     11,737     6,682
      Short-term debt         1,250
        Total current liabilities     18,047     10,631
                 
    Long-term debt     8,463     8,459
    Long-term operating lease liabilities     1,519     1,119
    Other long-term liabilities     4,245     2,541
        Total liabilities     32,274     22,750
                 
    Shareholders’ equity     79,327     42,978
        Total liabilities and shareholders’ equity   $ 111,601   $ 65,728
     NVIDIA CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     (In millions) 
     (Unaudited) 
                     
          Three Months Ended     Twelve Months Ended 
         January 26,   January 28,   January 26,   January 28,
           2025       2024       2025       2024  
                      
    Cash flows from operating activities:              
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
    Adjustments to reconcile net income to net cash              
    provided by operating activities:              
      Stock-based compensation expense   1,321       993       4,737       3,549  
      Depreciation and amortization   543       387       1,864       1,508  
      Deferred income taxes   (598 )     (78 )     (4,477 )     (2,489 )
      Gains on non-marketable equity securities and publicly-held equity securities, net   (727 )     (260 )     (1,030 )     (238 )
      Other   (138 )     (109 )     (502 )     (278 )
    Changes in operating assets and liabilities, net of acquisitions:              
      Accounts receivable   (5,370 )     (1,690 )     (13,063 )     (6,172 )
      Inventories   (2,424 )     (503 )     (4,781 )     (98 )
      Prepaid expenses and other assets   331       (1,184 )     (395 )     (1,522 )
      Accounts payable   867       281       3,357       1,531  
      Accrued and other current liabilities   360       1,072       4,278       2,025  
      Other long-term liabilities   372       305       1,221       514  
    Net cash provided by operating activities   16,628       11,499       64,089       28,090  
                      
    Cash flows from investing activities:              
      Proceeds from maturities of marketable securities   1,710       1,731       11,195       9,732  
      Proceeds from sales of marketable securities   177       50       495       50  
      Proceeds from sales of non-marketable equity securities               171       1  
      Purchases of marketable securities   (7,010 )     (7,524 )     (26,575 )     (18,211 )
      Purchase related to property and equipment and intangible assets   (1,077 )     (253 )     (3,236 )     (1,069 )
      Purchases of non-marketable equity securities   (478 )     (113 )     (1,486 )     (862 )
      Acquisitions, net of cash acquired   (542 )           (1,007 )     (83 )
      Other   22             22       (124 )
    Net cash used in investing activities   (7,198 )     (6,109 )     (20,421 )     (10,566 )
                      
    Cash flows from financing activities:              
      Proceeds related to employee stock plans               490       403  
      Payments related to repurchases of common stock   (7,810 )     (2,660 )     (33,706 )     (9,533 )
      Payments related to tax on restricted stock units   (1,861 )     (841 )     (6,930 )     (2,783 )
      Repayment of debt               (1,250 )     (1,250 )
      Dividends paid   (245 )     (99 )     (834 )     (395 )
      Principal payments on property and equipment and intangible assets   (32 )     (29 )     (129 )     (74 )
      Other                     (1 )
    Net cash used in financing activities   (9,948 )     (3,629 )     (42,359 )     (13,633 )
                      
    Change in cash, cash equivalents, and restricted cash   (518 )     1,761       1,309       3,891  
    Cash, cash equivalents, and restricted cash at beginning of period   9,107       5,519       7,280       3,389  
    Cash, cash equivalents, and restricted cash at end of period $ 8,589     $ 7,280     $ 8,589     $ 7,280  
                      
    Supplemental disclosures of cash flow information:              
    Cash paid for income taxes, net $ 4,129     $ 1,874     $ 15,118     $ 6,549  
    Cash paid for interest $ 22     $ 26     $ 246     $ 252  
       NVIDIA CORPORATION 
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 
       (In millions, except per share data) 
       (Unaudited) 
                         
             Three Months Ended      Twelve Months Ended 
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
                             
      GAAP cost of revenue $ 10,608     $ 8,926     $ 5,312     $ 32,639     $ 16,621  
      GAAP gross profit $ 28,723     $ 26,156     $ 16,791     $ 97,858     $ 44,301  
        GAAP gross margin   73.0 %     74.6 %     76.0 %     75.0 %     72.7 %
        Acquisition-related and other costs (A)   118       116       119       472       477  
        Stock-based compensation expense (B)   53       50       45       178       141  
        Other (C)                 4       (3 )     40  
      Non-GAAP cost of revenue $ 10,437     $ 8,759     $ 5,144     $ 31,992     $ 15,963  
      Non-GAAP gross profit $ 28,894     $ 26,322     $ 16,959     $ 98,505     $ 44,959  
        Non-GAAP gross margin   73.5 %     75.0 %     76.7 %     75.5 %     73.8 %
                             
      GAAP operating expenses $ 4,689     $ 4,287     $ 3,176     $ 16,405     $ 11,329  
        Stock-based compensation expense (B)     (1,268 )     (1,202 )     (948 )     (4,559 )     (3,408 )
        Acquisition-related and other costs (A)   (43 )     (39 )     (18 )     (130 )     (106 )
        Other (C)                             10  
      Non-GAAP operating expenses $ 3,378     $ 3,046     $ 2,210     $ 11,716     $ 7,825  
                             
      GAAP operating income $ 24,034     $ 21,869     $ 13,615     $ 81,453     $ 32,972  
        Total impact of non-GAAP adjustments to operating income   1,482       1,407       1,134       5,336       4,162  
      Non-GAAP operating income $ 25,516     $ 23,276     $ 14,749     $ 86,789     $ 37,134  
                             
      GAAP other income (expense), net $ 1,183     $ 447     $ 491     $ 2,573     $ 846  
        Gains from non-marketable equity securities and publicly-held equity securities, net   (727 )     (37 )     (260 )     (1,030 )     (238 )
        Interest expense related to amortization of debt discount   1       1       1       4       4  
      Non-GAAP other income (expense), net $ 457     $ 411     $ 232     $ 1,547     $ 612  
                             
      GAAP net income $ 22,091     $ 19,309     $ 12,285     $ 72,880     $ 29,760  
        Total pre-tax impact of non-GAAP adjustments   756       1,371       875       4,310       3,928  
        Income tax impact of non-GAAP adjustments (D)   (781 )     (670 )     (321 )     (2,925 )     (1,376 )
      Non-GAAP net income  $ 22,066     $ 20,010     $ 12,839     $ 74,265     $ 32,312  
                             
      Diluted net income per share (E)                  
        GAAP   $ 0.89     $ 0.78     $ 0.49     $ 2.94     $ 1.19  
        Non-GAAP    $ 0.89     $ 0.81     $ 0.52     $ 2.99     $ 1.30  
                             
      Weighted average shares used in diluted net income per share computation (E)   24,706       24,774       24,900       24,804       24,936  
                             
      GAAP net cash provided by operating activities $ 16,628     $ 17,629     $ 11,499     $ 64,089     $ 28,090  
        Purchases related to property and equipment and intangible assets   (1,077 )     (813 )     (253 )     (3,236 )     (1,069 )
        Principal payments on property and equipment and intangible assets   (32 )     (29 )     (29 )     (129 )     (74 )
      Free cash flow   $ 15,519     $ 16,787     $ 11,217     $ 60,724     $ 26,947  
                             
       
                             
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 118     $ 116     $ 119     $ 472     $ 477  
        Research and development   $ 27     $ 23     $ 12     $ 79     $ 49  
        Sales, general and administrative   $ 16     $ 16     $ 6     $ 51     $ 57  
                             
      (B) Stock-based compensation consists of the following:      
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 53     $ 50     $ 45     $ 178     $ 141  
        Research and development   $ 955     $ 910     $ 706     $ 3,423     $ 2,532  
        Sales, general and administrative   $ 313     $ 292     $ 242     $ 1,136     $ 876  
                             
      (C) Other consists of IP-related costs and assets held for sale related adjustments
     
      (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
                             
      (E) Reflects a ten-for-one stock split on June 7, 2024
     NVIDIA CORPORATION 
     RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK 
         
         Q1 FY2026 Outlook 
        ($ in millions)
         
    GAAP gross margin   70.6 %
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.4 %
    Non-GAAP gross margin   71.0 %
         
    GAAP operating expenses $ 5,150  
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,550 )
    Non-GAAP operating expenses $ 3,600  
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network

  • MIL-OSI Australia: Negotiations for social security agreement with Sweden to begin

    Source: Ministers for Social Services

    The Albanese Labor Government will soon commence negotiations with the Swedish Government on a bilateral social security agreement.

    An agreement would boost access to certain Australian and Swedish social security benefits for eligible people who have lived or worked in both countries.

    Minister for Social Services Amanda Rishworth said Australia has much to gain from an agreement and she looks forward to strengthening the ties between our two countries.

    “It’s great to see negotiations will soon get underway for a social security agreement with Sweden, giving people greater freedom and choice in how and where they spend their retirement, secure in the knowledge they will be supported,” Minister Rishworth said.

    “Businesses operating across both countries may also benefit, with this arrangement ensuring they don’t have to pay compulsory superannuation and insurance contributions in both countries for seconded employees.”

    Minister for Foreign Affairs Penny Wong said the agreement will be an important step in deepening the Australia-Sweden relationship.

    “With growing family and community links between Sweden and Australia, more Australians are dividing their lives between the countries,” Minister Wong said.

    “This agreement will provide greater choice for retiring Australians with Swedish connections, and will help to remove burdens for Australian and Swedish businesses seeking to invest in each other’s economy.”

    Swedish Ambassador Pontus Melander said an agreement would be a significant milestone in growing Australia’s relationship with Sweden.

    “Agreements like this are very important to facilitate for our citizens and bring Australia and Sweden even closer together,” Mr Melander said.

    “We are already close friends and partners, and it is excellent that negotiations on a bilateral social security agreement have started.”

    Australia has social security agreements with 32 countries.

    More information is available on the Department of Social Services website.

    MIL OSI News