NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Economics: Media release: Boosting gas supply a priority for Australia’s economic and energy security – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Boosting gas supply a priority for Australia’s economic and energy security – Australian Energy Producers

    Australian Energy Producers today released its priorities to restore Australia’s competitiveness and ensure reliable and affordable gas for Australians ahead of the federal election. The industry’s plan for Australia’s economic and energy security comes as new polling in key Western Australian seats confirms strong support for the natural gas industry and its role in WA’s long-term energy mix.

    Australian Energy Producers Chief Executive Samantha McCulloch said the industry’s federal election platform outlines key actions for the next Australian Government to unlock the economic, energy security and emissions reduction potential of Australia’s abundant gas resources.

    “Natural gas will play an essential role in Australia’s energy mix to 2050 and beyond, but regulatory uncertainty, approval delays and policy interventions have delayed critical projects and damaged Australia’s reputation as a safe place to invest,” Ms McCulloch said.

    “Australia has abundant gas resources and yet we are facing forecast gas shortfalls on the east coast from 2027 and from 2030 in Western Australia.

    “Without new gas projects, Australian households and businesses face higher energy prices, uncertain energy supply, and increased risk of blackouts that will hit every part of the economy. Addressing these risks should be a national priority.”

    Australian Energy Producers is urging the major parties to commit to working with industry on the following priority actions:

    • Boost Australian gas supply to ease cost of living pressures
    • Restore Australia’s global competitiveness for investment
    • Deliver real emissions reductions with gas and carbon capture, utilisation and storage (CCUS)
    • Remain a reliable energy partner in our region

    “Australia and our region’s economic growth and energy security needs reliable and affordable gas supply, and this requires continued investment in new gas exploration and development,” Ms McCulloch said.

    “The Australian gas industry contributes $105 billion a year to the Australian economy and supports 215,000 jobs. Natural gas provides around 40 per cent of the energy used by Australia’s manufacturing sector, and in WA gas provides more than half the energy used in mining and minerals processing.

    “Polling confirms that Western Australians understand the importance of natural gas to the state’s economy. The next Australian Government should take note and prioritise actions to boost new gas supply, address approval delays, and ensure reliable and affordable energy for Australian households and businesses.”

    Read Australian Energy Producers’ policy platform for the 2025 Federal Election: https://energyproducers.au/2025election    

    Key findings from JWS Research polling in the electorates of Curtin, Tangney and Bullwinkel are summarised below.

    JWS Research polling results relating to the natural gas sector 

    JWS conducted online polling on 11-12 February on behalf of Australian Energy Producers, with around 830 respondents in each electorate. Key results of voters’ views on the role of natural gas in WA’s energy mix and its importance to the WA economy are summarised below. 

    Curtin

    • 73% support WA’s natural gas industry
    • 64% believe natural gas has a long-term role in WA’s energy mix
    • 78% believe the natural gas industry is important to WA’s economy
    • 69% oppose the Greens’ policy to ban all new gas projects
    • 65% oppose Labor forming a minority government with the Greens at the election
    • 69% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 47% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 15% said they were more likely to vote against a candidate that supported the gas industry (36% said it would not influence their vote).

    Tangney

    • 72% support WA’s natural gas industry
    • 68% believe natural gas has a long-term role in WA’s energy mix, including 54% of Greens voters
    • 80% believe the natural gas industry is important to WA’s economy, including 61% of Greens voters
    • 60% oppose the Greens’ policy to ban all new gas projects, only 12% support it
    • 57% oppose Labor forming a minority government with the Greens at the election
    • 63% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 48% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 6% said they were more likely to vote against a candidate that supported the gas industry (45% said it would not influence their vote).

    Bullwinkel

    • 77% support WA’s natural gas industry
    • 75% believe natural gas has a long-term role in WA’s energy mix, including 69% of Greens voters
    • 80% believe the natural gas industry is important to WA’s economy, including 85% of Greens voters
    • 74% oppose the Greens’ policy to ban all new gas projects
    • 70% oppose Labor forming a minority government with the Greens at the election
    • 71% believe a Labor-Greens minority government would have a negative impact on the WA economy
    • 46% are more likely to vote for a candidate that supports WA’s natural gas industry, while only 6% said they were more likely to vote against a candidate that supported the gas industry (45% said it would not influence their vote).

    Contact: 0434 631 511

    MIL OSI Economics –

  • MIL-OSI USA: Crapo Joins Risch to Introduce Bill to End Taxpayer Funded Handouts to Illegal Immigrants

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) joined Senator Jim Risch (R-Idaho) in introducing the No Bailout for Sanctuary Cities Act, which would block federal funding to sanctuary cities intended to benefit illegal immigrants.
    The bill aligns with President Trump’s Executive Order “Ending Taxpayer Subsidization of Open Borders,” which blocks federal agencies and programs from providing taxpayer-funded services to illegal immigrants.
    “Not a single taxpayer dollar should be used to provide unwarranted hand-outs to non-citizen migrants or to cities giving them any unearned financial advantages,” said Crapo.  “Federal resources should be used to secure the borders, not invite and encourage illegal immigration.”
    “Sanctuary cities abuse taxpayer dollars and fuel the illegal immigration crisis,” said Risch.  “My No Bailout for Sanctuary Cities Act stops these jurisdictions from using federal funding to directly give handouts to illegal immigrants.” 
    Additional co-sponsors of the legislation include Senators Steve Daines (R-Montana), Tim Sheehy (R-Montana), Eric Schmitt (R-Missouri), Pete Ricketts (R-Nebraska), Mike Lee (R-Utah), Jim Banks (R-Indiana) and Cindy Hyde-Smith (R-Mississippi).  Representative Nick LaLota (R-New York) introduced companion legislation in the U.S. House of Representatives.
    The No Bailout for Sanctuary Cities Act would:
    Define “sanctuary jurisdiction” as any local or state government entity that withholds information regarding an individual’s citizenship status from federal, state or other local authorities; and
    Prevent sanctuary jurisdictions from receiving federal funds for the specific benefit of illegal immigrants.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Gang members charged after firearms discovery

    Source: New Zealand Police (District News)

    Police have recovered a cache of firearms at a Papatoetoe property overnight.

    Earlier in the evening, just before 8.30pm, the Police Eagle helicopter located a vehicle of interest from a previous firearms incident.

    Inspector Dave Christoffersen, Area Commander for Counties Manukau West, says in that incident a firearm had allegedly been presented at a person on Monday night.

    “After Eagle located the vehicle on Ferndown Avenue, ground staff made an approach to the address it was parked outside,” he says.

    “Armed staff voice appealed for the occupants to come outside, to which they complied.”

    Police carried out a search of the address.

    Inside, numerous firearms along with ammunition were located, Inspector Christoffersen says.

    These included: two shotguns, two SKS assault rifles, a MSSA rifle, and hundreds of rounds of ammunition.

    Police have since arrested and charged two patched members of the TwoEight Brotherhood gang.

    The pair, aged 27 and 34, face 10 charges each relating to the unlawful possession of firearms and ammunition.

    They will appear in the Manukau District Court today.

    “This is an outstanding result from our frontline staff working to keep the community safe last night,” Inspector Christoffersen says.

    “There is no tolerance for intimidation or violence, and we will continue to go after those who are involving themselves in this offending.

    “Police will continue to investigate the initial firearms incident from Monday night, which fortunately did not result in any injuries.”

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stats NZ information release: Alcohol available for consumption: Year ended December 2024

    Source: Statistics New Zealand

    Alcohol available for consumption: Year ended December 2024 – 26 February 2025 – Alcohol available for consumption statistics provide information on the volume of alcoholic beverages (beer, wine, spirits, and spirit-based drinks) available for consumption in New Zealand.

    Key facts
    All comparisons are between the year ended December 2024 and the year ended December 2023, except where otherwise stated.

    The total volume of alcoholic beverages available for consumption was up 1.2 percent to 482 million litres.

    • The volume of beer rose 5.4 percent to 296 million litres.
    • The volume of wine fell 4.1 percent to 95 million litres.
    • The volume of spirits (including spirit-based drinks) fell 5.5 percent to 92 million litres.
    • The equivalent total volume of pure alcohol in all alcoholic beverages for consumption fell 3.1 percent.
    • The volume of available alcohol, expressed in terms of the number of equivalent standard drinks per person aged 18 years and over, fell 4.9 percent to 1.77 standard drinks per person per day.

    Files:

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Stats NZ information release: Tourism satellite account: Year ended March 2024

    Source: Statistics New Zealand

    Tourism satellite account: Year ended March 2024 – 26 February 2025 – Tourism satellite account (TSA) provides an overview of tourism’s role in New Zealand, highlighting the changing levels and impact of tourism activity. It presents information on tourism’s contribution to the economy in terms of expenditure and employment.

    This release covers provisional figures for the year ended March 2024 and detailed results for 2023.

    Key provisional estimates

    For the year ended March 2024 (expressed in nominal terms):

    • total tourism expenditure was $44.4 billion, up 14.6 percent ($5.6 billion) from 2023
    • international tourism expenditure was up 59.9 percent ($6.3 billion) to $16.9 billion, returning to levels similar to 2019 ($17.2 billion)
      • international student expenditure (studying less than 12 months) was $3.8 billion, up 76.2 percent ($1.6 billion)
      • GST from international tourists totalled $1.7 billion, up $689 million
      • international tourism’s contribution to total exports of goods and services was 17.2 percent, up 6.0 percentage points
    • overseas visitor arrivals to New Zealand increased 44.8 percent to 3,183,376
    • domestic tourism expenditure decreased 2.5 percent ($697 million) to $27.5 billion
      • household tourism expenditure decreased 5.8 percent ($1.3 billion)
      • business and government expenditure increased 8.4 percent ($559 million)
    • tourism’s direct contribution to GDP was $17.0 billion (4.4 percent of GDP), up 16.0 percent ($2.3 billion)
    • indirect value added of industries supporting tourism was $11.7 billion (3.1 percent of GDP)
    • the number of people directly employed in tourism was 182,727, up 13.5 percent (21,729 people)
      • the number of tourism employees was 159,030, up 13.3 percent (18,624 people)
      • the number of tourism working proprietors was 23,697, up 15.1 percent (3,102 people)
      • direct tourism employment as a share of the total number of people employed in New Zealand was 6.4 percent.

    More details:

    MIL OSI New Zealand News –

  • MIL-OSI Australia: New heights for Queensland’s sustainable aviation fuel industry

    Source: Australian Executive Government Ministers

    A Bundaberg biorefinery that will convert sugar mill waste into sustainable aviation fuel (SAF) and a second project to supply SAF at the Brisbane Airport, are taking off with new funding from the Albanese Labor Government.

    The Australian Renewable Energy Agency (ARENA) is providing $8 million to Australian technology developer Licella to assess the viability of establishing a biorefinery facility in the rum city region.

    It would be co-located with the Isis Central Sugar Mill, which would provide the agricultural residue feedstock.

    If studies prove successful, the biorefinery would be a huge boost for the regional economy and create about 300 construction jobs and 100 ongoing operational roles.

    Meanwhile, Viva Energy will receive $2.4 million to demonstrate the storage and use of SAF within the Brisbane Airport.

    The funding will help recondition a fuel tank at the Pinkenba Terminal to enable blended SAF supply into the airport for commercial use.

    Viva Energy will share its insights with airports across the country, helping ensure airport infrastructure is ready when domestic SAF is available.

    Australia is in a unique position to capitalise on a local industry with readily available biomass feedstock, willing offtake interest and existing expertise with liquid fuels that could combine to address domestic jet fuel demand in the 2020s.

    This renewable fuel could reduce domestic aviation emissions by up to 80% compared to conventional fossil-based fuel, providing a practical and real pathway to net zero for aviation.

    Quotes attributable to Minister for Climate Change and Energy Chris Bowen:

    “This ARENA funding is another demonstration of our government’s commitment for a Future Made in Australia – using our natural resources to build industry, cut emissions from planes, and create real jobs right now.

    “By making more fuel on Australian shores, from Australian renewable energy and feedstock, we can make our fuel supply stronger, cleaner and more secure.”

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

    “The size of our nation means that aviation is often the only option for Australians to get where they need to go.

    “The development of a local sustainable aviation fuel industry is a necessity, but also a huge opportunity for job creation in the regions.” 

    MIL OSI News –

  • MIL-OSI: Condor Production in Uzbekistan Surpasses 12,000 boepd

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 25, 2025 (GLOBE NEWSWIRE) — Condor Energies Inc. (“Condor” or the “Company”) (TSX: CDR), a Canadian based energy transition company is pleased to announce daily gas and condensate production has averaged 12,004 boepd during the past six days on the production enhancement project it operates in Uzbekistan. This represents a 5% increase from the previous five day average of 11,455 boepd that was disclosed on February 19, 2025.

    Workover operations continue that are focused on Carbonate formation intervals where material production gains have been realized. At least five additional well candidates have been identified with similar geologic characteristics using a combination of legacy data and reprocessed 3-D seismic data. Over the coming weeks, these wells will be evaluated to identify potential pay intervals and perforated accordingly. The Company is currently operating two workover rigs and a wireline unit. A third workover rig and second wireline unit with advanced evaluation tools from a North American based services provider is mobilizing to Uzbekistan.

    ABOUT CONDOR ENERGIES INC

    Condor Energies Inc is a TSX-listed energy transition company that is uniquely positioned on the doorstep of European and Asian markets with three distinct first-mover energy security initiatives: increasing natural gas and condensate production from its existing fields in Uzbekistan; an ongoing project to construct and operate Central Asia’s first LNG ‘lower carbon fuel’ diesel substitution facility in Kazakhstan; and a separate initiative to develop and produce critical minerals from brines in Kazakhstan. Condor has already built a strong foundation for reserves, production and cashflow growth while also striving to minimize its environmental footprint.

    FORWARD-LOOKING STATEMENTS

    Certain statements in this news release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as “anticipate”, “appear”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “scheduled”, “may”, “will”, “should”, “could”, “would”, “in the process of” or other similar wording. Forward-looking information in this news release includes, but is not limited to, information concerning: the timing and ability to identify candidates with similar geologic characteristics; the timing and ability to identify potential pay intervals; the timing and ability to perforate the identified wells; the timing and ability to complete workovers on the next five well candidates and have them produce at commercial gas rates; the timing and ability to mobilize a third workover rig and second wireline unit; and the timing and ability to access and evaluate future Cretaceous channel sands.

    ABBREVIATIONS

    The following is a summary of abbreviations used in this news release:

    boepd                barrels of oil equivalent per day*

    * Barrels of oil equivalent (“boe”) are derived by converting gas to oil in the ratio of six thousand standard cubic feet (“Mscf”) of gas to one barrel of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mscf to 1 barrel, utilizing a conversion ratio at 6 Mscf to 1 barrel may be misleading as an indication of value, particularly if used in isolation.

    The TSX does not accept responsibility for the adequacy or accuracy of this news release.

    For further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 403-201-9694.

    The MIL Network –

  • MIL-OSI Global: USAID’s apparent demise and the US withdrawal from WHO put millions of lives worldwide at risk and imperil US national security

    Source: The Conversation – USA – By Nicole Hassoun, Professor of Philosophy, Binghamton University, State University of New York

    USAID was established by President John F. Kennedy in 1961 as a way to consolidate existing foreign aid programs. JAM STA ROSA/AFP via Getty Images

    On his first day in office, Jan. 20, 2025, President Donald Trump began a drastic reshaping of the United States’ role in global health as part of the first 26 executive orders of his new term.

    He initiated the process of withdrawing the U.S. from the World Health Organization, which works to promote and advance global health, following through on his first attempt in 2020. He also ordered staff members of the Centers for Disease Control and Prevention to cut off all communications with WHO representatives.

    In his first week, Trump also issued a stop-work order pending a 90-day review on nearly all programs of the United States Agency for International Development, or USAID.

    Many experts view this as a first step in dismantling the organization, which facilitates global efforts to improve health and education and to alleviate poverty. The sweeping move left aid workers and the people who depend on them in a panic and interrupted dozens of clinical trials across the world.

    President Trump’s executive order sparked legal action from international health care organizations, resulting in a federal judge ordering a temporary halt to the Trump administration’s freeze on foreign aid. Ultimately, that legal action was unsuccessful.

    On Feb. 23, the Trump administration put nearly all of USAID’s 4,700 workers on paid administrative leave globally and stated that it would be terminating 1,600 of those positions.

    Most recently, on Feb. 25, a federal judge ordered the Trump administration to allow some USAID funding to resume and required that it pay all of its invoices for work completed before the foreign aid freeze went into effect.

    I am the executive director of the Global Health Impact project, an organization that aims to advance access to essential medicines in part by evaluating their health consequences around the world, and a researcher focusing on global health and development ethics and policy.

    In my view and that of many other public health scholars, closing down USAID will imperil our national security and put millions of lives at risk.

    Because of the USAID stop-work order, 500,000 metric tons of food are at risk of spoiling.

    20 million with HIV treated

    USAID works with both nongovernmental organizations and private companies to help distribute medicines and vaccines around the world. The agency also helps improve government policies and invest in research and development to contain and address epidemics and pandemics.

    Starting in the late 1960s, for instance, USAID helped lead the effort to eliminate smallpox and has also helped fight polio and other devastating diseases over the past six decades.

    The smallpox pandemic was one of the worst of all time – it killed one-third of the people infected, causing an estimated 300 million to 500 million deaths worldwide in the 20th century. By contrast, COVID-19 killed less than 1% of those infected.

    These efforts have brought immense financial as well as health benefits to the U.S. and the rest of the world. Some economists estimate that the Global Polio Eradication Initiative, created in 1988, alone saved the world more than US$27 billion as of 2017, and that it will save a total of $40 billion to $50 billion by 2035.

    USAID also plays an important role in promoting global health equity. The agency works to increase access to primary health care, combat hunger and strengthen health systems – ultimately saving lives. In addition, USAID has provided a great deal of funding to fight infectious diseases such as malaria, tuberculosis and HIV.

    For instance, the U.S. President’s Emergency Plan for AIDS Relief, or PEPFAR, provides treatment for 20 million people living with HIV in Africa. Trump’s federal aid freeze has halted funding for PEPFAR projects.

    While the limited waiver under which the agency must now operate means some PEPFAR activities may eventually resume, many are now left without federal funding indefinitely. Unless another organization fills the gap, millions will die without USAID assistance.

    A 2022 photo of men in Afghanistan lining up to receive a monthly food ration, largely supplied by USAID.
    Scott Peterson/Getty Images News via Getty Images

    Mistakes made

    This is not to deny that USAID has made some grave errors in its history.

    For instance, USAID provided significant funding to the Democratic Republic of Congo (formerly Zaire) during the murderous regime of Mobutu Sese Seko, who was in power from 1965 to 1997.

    But USAID also has done an immense amount of good. For instance, it has helped contain the Ebola epidemic in the Democratic Republic of Congo since 2018. USAID’s work in preventing epidemics from spreading helps people everywhere, including in the U.S.

    If anything, there is a strong argument for increasing USAID funding. China has invested heavily in Asia and Africa through its Belt and Road Initiative, which is an attempt to recreate ancient trade routes by investing in roads, trains and ports. Some researchers argue that this has shifted diplomatic relations in favor of China. They believe that if the U.S. does not make similar investments and instead cuts foreign aid, it will affect the United States’ ability to achieve its foreign policy objectives.

    Similarly, there is a strong argument for increasing U.S. support for the WHO rather than withdrawing from the organization.

    Trump’s withdrawal order cites what he sees as the organization’s failures in addressing the COVID-19 pandemic as the rationale. But the WHO helped lead efforts to accelerate vaccine development and distribution, and retrospective reports claim that even more deaths could have been avoided with greater international cooperation.

    While dismantling USAID will cause irreparable harm to global health, these actions taken together are likely to deal a devastating blow to efforts to protect Americans and everyone else in the world from sickness and death.

    Alyssa Figueroa, an undergraduate student at Binghamton University, contributed to this article.

    Nicole Hassoun has received funding for research from the World Health Organization and the United Nations. She is the executive director of Global Health Impact (global-health-impact.org) which participates in the Pandemic Action Network.

    – ref. USAID’s apparent demise and the US withdrawal from WHO put millions of lives worldwide at risk and imperil US national security – https://theconversation.com/usaids-apparent-demise-and-the-us-withdrawal-from-who-put-millions-of-lives-worldwide-at-risk-and-imperil-us-national-security-249260

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Third Quarterly Investment Report released

    Source: New Zealand Government

    The Government has released its third Quarterly Investment Report as part of the drive to deliver better value for money from government expenditure and restore fiscal discipline, Associate Minister of Finance and Minister for Infrastructure Chris Bishop says.

    “This is the third quarter where we are publishing the Government’s Quarterly Investment Report in our effort to provide the public better visibility of the government’s investment pipeline and portfolio, and to improve investment discipline and better performance from agencies.

    “This report, prepared by the Treasury for the July to September 2024 period, shows incremental progress in terms of planning and delivery behaviours by agencies. Cabinet has made it very clear to agency Chief Executives that they need to drive improvements in their agencies regarding full and accurate data, robust business cases, and improved asset management.

    “Getting this right is critical to ensuring the successful delivery of our strategic priorities such as the 30-year National Infrastructure Plan. Ministers will continue to closely monitor the progress and performance of major investments and take any steps required to put a project back on the right course.”

    The next Quarterly Investment Report covering the October to December 2024 quarter will be released in May.

    Note to Editors:

    Quarterly Investment Reports are published to ensure that the status of investments is open and transparent. They are developed based on investment information that government agencies submit to the Treasury following the end of a quarter. 

    Agencies are responsible for the accuracy and completeness of investment information they submit to the Treasury. The Treasury does not edit or update agency information, save for correcting minor data formatting issues. 

    The Quarterly Investment Report for July to September 2024 information release can be accessed here: https://www.treasury.govt.nz/publications/information-release/quarterly-investment-report-july-september-2024-quarter

    MIL OSI New Zealand News –

  • MIL-OSI USA: Grassley Joins Bipartisan Resolution Supporting Ukraine as Conflict Enters its Third Year

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Download audio here
    WASHINGTON – Sen. Chuck Grassley (R-Iowa) joined Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), Sen. Thom Tillis (R-N.C.) and bipartisan Senate colleagues to introduce a resolution acknowledging the third anniversary of Russia’s full-scale invasion of Ukraine.
    The resolution expresses the Senate’s unwavering support for Ukraine’s sovereignty and condemns Russia’s illegal aggression and attempts to seize Ukrainian territory. It also commends NATO, the Ukraine Defense Contact Group and the international community for their continued efforts to support Ukraine’s defense and the protection of human rights on its territory.
    “Putin’s inhumane and unprovoked attack on Ukraine started the largest war in Europe since World War II. He has kidnapped children to brainwash them, and he has tortured and killed civilians. As we commemorate three years since Russia’s brutal invasion, Americans stand with the Ukrainian people in the pursuit of peace and an end to the bloodshed,” Grassley said.
    Additional cosponsors are Sens. Dick Durbin (D-Il.), Roger Wicker (R-Miss.), Michael Bennet (D-Colo.), Chris Murphy (D-Conn.), Steve Daines (R-Mont.), Tim Kaine (D-Va.), John Curtis (R-Utah), Chris Coons (D-Del.), Lisa Murkowski (R-Alaska), Sheldon Whitehouse (D-R.I.), Mitch McConnell (R-Ky.), Brian Schatz (D-Hawaii), Susan Collins (R-Maine), John Cornyn (R-Texas) and Chris Van Hollen (D-Md.).
    Find resolution text HERE.
    Click HERE to download audio of Grassley discussing the resolution.
    Background:
    Grassley is an outspoken critic of Russia’s threats and aggression. In a speech on the Senate floor yesterday marking the third anniversary of the invasion, Grassley reaffirmed his support for the people of Ukraine.
    After Putin’s 2022 invasion, Grassley immediately condemned Russia’s assault on Ukraine, calling it “inhumane” and pointing out that Putin is tragically “killing innocent people like Stalin did in the 1930s.”
    Grassley spoke on the Senate floor to call for victory in Ukraine noting, “Anything short of a Ukrainian victory is an invitation for future Russian aggression.”
    After Russia began indiscriminately bombing Ukraine and murdering innocent civilians, Grassley joined his colleagues in introducing a resolution to hold Putin and his allies accountable for war crimes. This resolution passed the Senate unanimously.
    Read more about Grassley’s efforts to support Ukraine and hold Russia accountable HERE.
    -30-

    MIL OSI USA News –

  • MIL-OSI Submissions: Stats NZ information release: Alcohol available for consumption: Year ended December 2024

    Source: Statistics New Zealand

    Alcohol available for consumption: Year ended December 2024 – 26 February 2025 – Alcohol available for consumption statistics provide information on the volume of alcoholic beverages (beer, wine, spirits, and spirit-based drinks) available for consumption in New Zealand.

    Key facts
    All comparisons are between the year ended December 2024 and the year ended December 2023, except where otherwise stated.

    The total volume of alcoholic beverages available for consumption was up 1.2 percent to 482 million litres.

    • The volume of beer rose 5.4 percent to 296 million litres.
    • The volume of wine fell 4.1 percent to 95 million litres.
    • The volume of spirits (including spirit-based drinks) fell 5.5 percent to 92 million litres.
    • The equivalent total volume of pure alcohol in all alcoholic beverages for consumption fell 3.1 percent.
    • The volume of available alcohol, expressed in terms of the number of equivalent standard drinks per person aged 18 years and over, fell 4.9 percent to 1.77 standard drinks per person per day.

    Files:

     

    MIL OSI –

  • MIL-OSI Submissions: Stats NZ information release: Tourism satellite account: Year ended March 2024

    Source: Statistics New Zealand

    Tourism satellite account: Year ended March 2024 – 26 February 2025 – Tourism satellite account (TSA) provides an overview of tourism’s role in New Zealand, highlighting the changing levels and impact of tourism activity. It presents information on tourism’s contribution to the economy in terms of expenditure and employment.

    This release covers provisional figures for the year ended March 2024 and detailed results for 2023.

    Key provisional estimates

    For the year ended March 2024 (expressed in nominal terms):

    • total tourism expenditure was $44.4 billion, up 14.6 percent ($5.6 billion) from 2023
    • international tourism expenditure was up 59.9 percent ($6.3 billion) to $16.9 billion, returning to levels similar to 2019 ($17.2 billion)
      • international student expenditure (studying less than 12 months) was $3.8 billion, up 76.2 percent ($1.6 billion)
      • GST from international tourists totalled $1.7 billion, up $689 million
      • international tourism’s contribution to total exports of goods and services was 17.2 percent, up 6.0 percentage points
    • overseas visitor arrivals to New Zealand increased 44.8 percent to 3,183,376
    • domestic tourism expenditure decreased 2.5 percent ($697 million) to $27.5 billion
      • household tourism expenditure decreased 5.8 percent ($1.3 billion)
      • business and government expenditure increased 8.4 percent ($559 million)
    • tourism’s direct contribution to GDP was $17.0 billion (4.4 percent of GDP), up 16.0 percent ($2.3 billion)
    • indirect value added of industries supporting tourism was $11.7 billion (3.1 percent of GDP)
    • the number of people directly employed in tourism was 182,727, up 13.5 percent (21,729 people)
      • the number of tourism employees was 159,030, up 13.3 percent (18,624 people)
      • the number of tourism working proprietors was 23,697, up 15.1 percent (3,102 people)
      • direct tourism employment as a share of the total number of people employed in New Zealand was 6.4 percent.

    More details:

    MIL OSI –

  • MIL-OSI New Zealand: Round two of charter school applications now open

    Source: New Zealand Government

    Associate Minister of Education David Seymour has today announced that round two of the charter school application process is open.

    “Both new schools and state schools wanting to convert to charter school status will now be able to submit their expressions of interest to the Charter School Agency (CSA),” Mr Seymour says.

    “Charter schools provide educators with greater autonomy and create diversity in New Zealand’s education system. They have been proven to raise overall educational achievement, especially for students who are underachieving or disengaged from the standard system.

    “Round one of the application processes showed us that the demand for charter schools exceeded even my expectations. During the first round we saw the CSA receive 78 applications to open new charter schools, or to convert existing state schools to charter schools.

    “Charter schools are here to stay. We have already seen the opening of seven diverse schools delivering to a range of communities. There are also more schools from the first round of charter schools who are currently in contract negotiations.

    “The huge demand to open charter schools not only highlights the need, but also the commitment of people to provide varied educational opportunities for young New Zealanders to maximise educational outcomes. I hope to see many more new charter schools opening, and state and state-integrated schools converting to become charter schools.

    “The good news for sponsors wanting to establish new charter schools is that we have updated estimates of the number of new schools that are affordable within the funding set aside by the Government.

    “The actual cost of schools depends on a range of factors, including how quickly they are established, their property arrangement, whether they are primary or secondary schools and their roll size. After taking these factors into account, there is capacity to open more new charter schools than the 15 initially estimated. The exact number of schools will depend on the decisions made by the Authorisation Board.

    “Charter schools will be given greater freedom to respond to diverse student needs in innovative ways, but they will be held to a much higher standard than state schools and subject to a high level of monitoring and accountability.

    Note to editor: 

    For more information, including how to apply, please visit:

     https://www.charterschools.govt.nz/applying-to-open-a-new-charter-school/  

    https://www.charterschools.govt.nz/converting-schools/

    MIL OSI New Zealand News –

  • MIL-OSI Australia: First Nations peoples high on agenda for crisis accommodation expansion

    Source: Ministers for Social Services

    The Albanese Labor Government is delivering on its goal to end gender-based violence in one generation, with more crisis accommodation services for First Nations communities.

    Last year we invested $17.4 million in the capacity of crisis accommodation services to support Aboriginal and Torres Strait Islander peoples.

    We’re now expanding the program with a further investment of $14.8 million that goes to new organisations and new regions across Australia. It brings the total investment in this program to $32.2 million.

    Organisations in remote and regional communities in Far North Queensland, South Australia, Tasmania and the Australian Capital Territory will be able to apply for a share of the new funding.

    Minister for Social Services, Amanda Rishworth said this additional investment will address outstanding service gaps so no Australian is left behind or forgotten.

    The Minister today visited Warringu Aboriginal and Torres Strait Islander Corporation (Warringu) in Cairns – a recipient of the original funding grant.

    “The amazing support and services that Warringu have provided to their community is a testament to what First Nations-led organisations can provide when properly resourced. This demonstrates that a grant expansion will give much needed access to those in need,” Minister Rishworth said.

    “We have identified possible service gaps in a number of regions around the country, including in the Torres Strait Islands, and will expand the program to those areas to allow for critical services to be provided in these communities.”

    Minister for Indigenous Australians, Senator Malarndirri McCarthy said the Albanese Labor Government is committed to working with First Nations organisations to address the disproportionately high rates of family violence experienced by First Nations women and children.

    “This further investment will mean more First Nations-led and Community-Controlled organisations can deliver culturally safe crisis accommodation to women and children,” Minister McCarthy said.

    “I’m particularly pleased this investment includes services in regional and remote communities, where support can be harder to access.”

    Karen Dini-Paul, Chief Executive Officer for Warringu, emphasised Warringu’s commitment to being a recipient of the Increasing Capacity of Crisis Accommodation Services for Aboriginal and Torres Strait Islander peoples grant to fund their Regional & Remote Women’s Shelters project.

    “This project is critical to addressing the increasing complexity of challenges faced by women, living in Far North Queensland and Torres Strait communities,” Ms Dini-Paul said.

    “Warringu has developed a unique and successful model of care, drawing on years of experience working directly with women and children facing domestic, family, and sexual violence.

    “This grant gives Warringu the opportunity to support 14 sister shelters throughout Far North Queensland to develop models of care tailored to remote and Indigenous communities, ensuring the shelter system is adaptive, culturally relevant, and sustainable.”

    The expansion of the grant will prioritise funding for Aboriginal and Torres Strait Islander Community-Controlled Organisations (ACCOs) and Indigenous-led entities, aligning with the Aboriginal and Torres Strait Islander Action Plan 2023-2025 (Action Plan).

    More information on the Action Plan is available on the Department of Social Services website. 
    If you or someone you know is experiencing, or at risk of experiencing domestic, family and sexual violence, you can call 1800RESPECT on 1800 737 732, text 0458 737 732 or visit www.1800respect.org.au for online chat and video call services:

    • Available 24/7: Call, text or online chat
    • Mon-Fri, 9am – midnight AEST (except national public holidays): Video call (no appointment needed)

    If you are concerned about your behaviour or use of violence, you can contact the Men’s Referral Service on 1300 766 491 or visit www.ntv.org.au

    Feeling worried or no good? Connect with 13YARN Aboriginal & Torres Strait Islander Crisis Supporters on 13 92 76, available 24/7 from any mobile or pay phone, or visit www.13yarn.org.au No shame, no judgement, safe place to yarn.

    MIL OSI News –

  • MIL-OSI USA: Attorney General Bonta Files Amicus Brief to Continue Supporting the Affordable Care Act’s Preventive Care Mandate

    Source: US State of California

    OAKLAND — California Attorney General Rob Bonta today, as part of a coalition of 23 attorneys general, filed an amicus brief with the U.S. Supreme Court in support of the Affordable Care Act’s (ACA) preventive care mandate, which requires private insurers to cover at no cost certain preventive services — such as routine examinations, blood pressure checks, and cholesterol screenings — as determined by the Preventive Services Task Force (Task Force). In their brief, the attorneys general argue that the Fifth Circuit erred in finding the Task Force violates the Appointments Clause of the U.S. Constitution. The attorneys general also argue that the preventive services provision has significantly improved public health outcomes throughout the country by expanding access to important and often life-saving care. An opinion holding the Task Force’s recommendations unenforceable would put these advancements at risk, as health insurers and plans would be free to reinstate out-of-pocket fees for essential preventive care.

    “Preventive care is the cornerstone of a healthy society and, in many instances, can be the difference between life and death,” said Attorney General Bonta. “That’s why I’m standing with my fellow attorneys general in urging the U.S. Supreme Court to reverse the Fifth Circuit’s decision and preserve the no-cost preventive health care services upon which millions of Americans rely.”

    Numerous studies confirm that, after the ACA’s preventive care mandate was enacted, the use of preventive care increased across the board. These services improve public health outcomes by enabling medical professionals to identify and treat illnesses earlier, and in some cases, prevent them.

    In the amicus brief, the coalition writes that:

    • The structure of the Task Force, which is an independent, volunteer panel of national experts in disease prevention that makes evidence-based recommendations about clinical preventive services, does not violate the Appointments Clause. Task Force members serve as inferior officers subordinate to the Secretary of Health and Human Services.
    • If the Supreme Court were to conclude that the Task Force members are principal officers, nothing requires the Court to cast aside the no-cost insurance coverage requirements that millions of Americans rely on.
    • Prohibiting the enforcement of recommendations by the Task Force will inevitably lead to a significant decline in public health outcomes, undermining preventive care efforts and access to lifesaving care.

    Attorney General Bonta has been committed to defending the ACA’s preventive care mandate. In January 2022, Attorney General Bonta joined a coalition of attorneys general in filing an amicus brief with a Texas federal district court in support of the mandate. In March 2023, the federal district court in Texas struck down part of the mandate in a ruling Attorney General Bonta described as “dangerous and short-sighted” for Americans. In June 2023, Attorney General Bonta again joined a coalition of attorneys general in filing an amicus brief with the Fifth Circuit in support of the mandate. In March 2024, he issued a statement on the Fifth Circuit hearing oral argument. In October 2024, Attorney General Bonta joined a group of attorneys general urging the Supreme Court to grant the government’s petition for writ of certiorari.

    In filing this most recent amicus brief, Attorney General Bonta joins the attorneys general of Arizona, Colorado, Connecticut, Delaware, the District of Columbia, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington and Wisconsin. 

    A copy of the brief can be found here.

    MIL OSI USA News –

  • MIL-OSI: Flywire Reports Fourth Quarter and Fiscal-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Increased 17.0% Year-over-Year

    Fourth Quarter Revenue Less Ancillary Services Increased 17.4% Year-over-Year

    Company Provides First Quarter and Fiscal-Year 2025 Outlook

    BOSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its fourth quarter and fiscal-year ended December 31, 2024.

    “Our fourth quarter results capped off another strong year for Flywire as we continued to grow the business while navigating a complex macro environment with significant headwinds,” said Mike Massaro, CEO of Flywire, “We continued to focus on business and bottom line growth and generated 17% revenue growth and 680 bps adjusted EBITDA margin growth in the quarter.”

    “Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business. We will be undertaking an operational and business portfolio review. The operational review will help ensure we are efficient and effective, with a focus on driving productivity and optimizing investments across all areas. Our comprehensive business portfolio review will focus on Flywire’s core strengths – such as complex, large-value payment processing, our global payment network, and verticalized software.”

    “One of the efficiency measures we are undertaking is a restructuring, which impacts approximately 10% of our workforce. It is difficult to say goodbye to so many FlyMates, and I want to thank them for their hard work as we endeavor to support them throughout this transition.”

    “As we refocus our teams on areas that we believe will drive Flywire’s future growth, we are excited to announce the acquisition of Sertifi, which is expected to accelerate the expansion of our fast-growing Travel vertical. Sertifi augments our travel product offering with a leading dedicated hotel property management system integration and expands our footprint across more than 20,000 hotel locations worldwide.”

    Fourth Quarter 2024 Financial Highlights:

    GAAP Results

    • Revenue increased 17.0% to $117.6 million in the fourth quarter of 2024, compared to $100.5 million in the fourth quarter of 2023.
    • Gross Profit increased to $74.3 million, resulting in Gross Margin of 63.2%, for the fourth quarter of 2024, compared to Gross Profit of $61.8 million and Gross Margin of 61.5% in the fourth quarter of 2023.
    • Net loss was ($15.9) million in the fourth quarter of 2024, compared to net income of $1.3 million in the fourth quarter of 2023.

    Key Operating Metrics and Non-GAAP Results

    • Number of clients grew by 16%year-over-year, with over 180 new clients added in the fourth quarter of 2024.
    • Total Payment Volume increased 27.6% to $6.9 billion in the fourth quarter of 2024, compared to $5.4 billion in the fourth quarter of 2023.
    • Revenue Less Ancillary Services increased 17.4% to $112.8 million in the fourth quarter of 2024, compared to $96.1 million in the fourth quarter of 2023.
    • Adjusted Gross Profit increased to $75.6 million, up 19.1% compared to $63.5 million in the fourth quarter of 2023. Adjusted Gross Margin was 67.0% in the fourth quarter of 2024 compared to 66.1% in the fourth quarter of 2023.
    • Adjusted EBITDA increased to $16.7 million in the fourth quarter of 2024, compared to $7.7 million in the fourth quarter of 2023. Our adjusted EBITDA margins increased 680 bps year-over-year to 14.8% in the fourth quarter of 2024.

    2024 Business Highlights:

    • We signed more than 800 new clients in fiscal-year 2024 surpassing the 700 new clients signed in fiscal-year 2023.
    • Our transaction payment volume grew by 23.6% year-over-year to $29.7 billion
    • Our global education vertical, continued to strengthen in a number of core geographies, with U.K. region outperformance driven by new clients and net revenue retention; accompanied by growth in our network of international recruitment agents to further connect our ecosystem of clients, agents and payers
    • Our travel vertical grew into our second largest vertical in terms of revenue less ancillary services, and we generated strong growth most notably with EMEA and APAC based Tour Operators and DMC providers, particularly in our new sub vertical of ocean experiences.
    • Our business-to-business vertical continued its strong organic growth, enhanced by the acquisition of Invoiced.
    • We further optimized our global payment network to enable vertical growth with a focus on new acceptance rails, market localization and expanded network coverage. This included continued support of our strategic payer markets like India and China, enhancing our offerings to digitize the disbursement of student loans from India and strengthening partnerships with India’s three largest banks.
    • We repurchased 2.3 million shares for approximately $44 million, inclusive of commissions, under our share repurchase program announced on August 6th, 2024.

    First Quarter and Fiscal-Year 2025 Outlook:

    “Effective execution drove both revenue growth and margin expansion in 2024, in spite of significant macroeconomic challenges” said Flywire’s CFO, Cosmin Pitigoi. “For our 2025 financial outlook, we project revenue less ancillary services growth of 10-14% on an FX-neutral (constant currency) basis, and a 200-400 basis point increase in adjusted EBITDA margin. We expect approximately 3 percentage points of headwind from FX throughout the year.  This guidance excludes the contributions from the Sertifi acquisition, as well as any potential lessening of the macroeconomic headwinds. We are particularly encouraged by the anticipated performance of our combined travel vertical, as well as the emerging B2B vertical, both of which are expected to exceed our historical growth rate for the applicable vertical”

    Based on information available as of February 25, 2025, Flywire anticipates the following results for the first quarter and fiscal-year 2025 excluding Sertifi.

      Fiscal-Year 2025
    FX-Neutral GAAP Revenue Growth 9-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 10-14% YoY
    Adjusted EBITDA* Margin Growth +200-400 bps YoY
       
      First Quarter 2025
    FX-Neutral GAAP Revenue Growth 10-13% YoY
    FX-Neutral Revenue Less Ancillary Services Growth 11-14% YoY
    Adjusted EBITDA* Margin Growth +300-600 bps YoY
       

    “Based on Sertifi’s historical financials, we currently expect the acquisition to provide incremental revenue of $3.0-4.0 million and $30.0-40.0 million in revenue  in the first quarter and fiscal year 2025, respectively.  In addition, we currently expect the Sertifi acquisition to have a flat to slightly positive effect on adjusted EBITDA and positive (low single–digit million) effect on adjusted EBITDA, in the first quarter and fiscal year 2025, respectively, as we plan to invest in the combined solution during 2025.”

    *Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income Margin growth within this earnings release because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign currency exchange rates.

    These statements are forward-looking and actual results may differ materially. Refer to the “Safe Harbor Statement” below for information on the factors that could cause Flywire’s actual results to differ materially from these forward-looking statements.

    Conference Call

    The Company will host a conference call to discuss fourth quarter and fiscal-year 2024 financial results today at 5:00 pm ET. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO. The conference call can be accessed live via webcast from the Company’s investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.

    Note Regarding Share Repurchase Program

    Repurchases under the Company’s share repurchase program (the Repurchase Program) may be made from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing, value and number of shares repurchased will be determined by the Company in its discretion and will be based on various factors, including an evaluation of current and future capital needs, current and forecasted cash flows, the Company’s capital structure, cost of capital and prevailing stock prices, general market and economic conditions, applicable legal requirements, and compliance with covenants in the Company’s credit facility that may limit share repurchases based on defined leverage ratios. The Repurchase Program does not obligate the Company to purchase a specific number of, or any, shares.  The Repurchase Program does not expire and may be modified, suspended or terminated at any time without notice at the Company’s discretion.

    Key Operating Metrics and Non-GAAP Financial Measures

    Flywire uses non-GAAP financial measures to supplement financial information presented on a GAAP basis. The Company believes that excluding certain items from its GAAP results allows management to better understand its consolidated financial performance from period to period and better project its future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, Flywire believes these non-GAAP financial measures provide its stakeholders with useful information to help them evaluate the Company’s operating results by facilitating an enhanced understanding of the Company’s operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented here. Flywire’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in Flywire’s industry, may calculate non-GAAP financial measures differently, limiting the usefulness of those measures for comparative purposes.

    Flywire uses supplemental measures of its performance which are derived from its consolidated financial information, but which are not presented in its consolidated financial statements prepared in accordance with GAAP. These non-GAAP financial measures include the following:

    • Revenue Less Ancillary Services.  Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP after excluding (i) pass-through cost for printing and mailing services and (ii) marketing fees. The Company excludes these amounts to arrive at this supplemental non-GAAP financial measure as it views these services as ancillary to the primary services it provides to its clients.
    • Adjusted Gross Profit and Adjusted Gross Margin.  Adjusted gross profit represents Revenue Less Ancillary Services less cost of revenue adjusted to (i) exclude pass-through cost for printing services, (ii) offset marketing fees against costs incurred and (iii) exclude depreciation and amortization, including accelerated amortization on the impairment of customer set-up costs tied to technology integration. Adjusted Gross Margin represents Adjusted Gross Profit  divided by Revenue Less Ancillary Services. Management believes this presentation supplements the GAAP presentation of Gross Margin with a useful measure of the gross margin of the Company’s payment-related services, which are the primary services it provides to its clients.
    • Adjusted EBITDA.  Adjusted EBITDA represents EBITDA further adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) the impact from the change in fair value measurement for contingent consideration associated with acquisitions,(iii) gain (loss) from the remeasurement of foreign currency, (iv) indirect taxes related to intercompany activity, (v) acquisition related transaction costs, and (vi) employee retention costs, such as incentive compensation, associated with acquisition activities. Management believes that the exclusion of these amounts to calculate Adjusted EBITDA provides useful measures for period-to-period comparisons of the Company’s business. We calculate adjusted EBITDA margin by dividing adjusted EBITDA by Revenue Less Ancillary Services.
    • Revenue Less Ancillary Services at Constant Currency.  Revenue Less Ancillary Services at Constant Currency represents Revenue Less Ancillary Services adjusted to show presentation on a constant currency basis. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.  Flywire  analyzes Revenue Less Ancillary Services on a constant currency basis to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
    • Non-GAAP Operating Expenses – Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv) employee retention costs, such as incentive compensation, associated with acquisition activities and (v) the impact from the change in fair value measurement for contingent consideration associated with acquisitions.

    These non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the Company’s revenue, gross profit, gross margin or net income (loss), or operating expenses prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of Revenue Less Ancillary Services, Revenue Less Ancillary Services at Constant Currency, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted EBITDA and non-GAAP Operating Expenses to the most directly comparable GAAP financial measure are presented below. Flywire encourages you to review these reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, Flywire may exclude such items and may incur income and expenses similar to these excluded items. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA Margin growth to forecasted GAAP Net Income growth within this earnings release because it is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire’s stock and in foreign exchange rates.  For figures in this press release reported on an “FX-Neutral basis,” Flywire calculates the year-over-year impact of foreign currency movements using prior period weighted average foreign currency rates.

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports approximately 4,500** clients with diverse payment methods in more than 140 currencies across 240 countries and territories around the world. Flywire is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X (formerly known as Twitter), LinkedIn and Facebook.

    **Excludes clients from Flywire’s Invoiced and Sertifi acquisitions

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding FX-Neutral GAAP Revenue Growth, FX-Neutral Revenue Less Ancillary Services Growth, and Adjusted EBITDA Margin Growth and foreign exchange rates.  Risks that may cause actual results to differ materially from these forward looking statements include, but are not limited to: Flywire’s  ability to execute its business plan and effectively manage its growth; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which Flywire operates; the  sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs;  political, economic, foreign currency exchange rate, inflation, legal, social and health risks, that may affect Flywire’s business or the global economy; Flywire’s beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including financial institutions and strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; recent and future acquisitions or investments in complementary companies, products, services, or technologies; Flywire’s ability to enter new client verticals, including its relatively new business-to-business  sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; economic and industry trends, projected growth, or trend analysis; the effects of global events and geopolitical conflicts, including without limitation the continuing hostilities in Ukraine and involving Israel; Flywire’s ability to adapt to  changes in U.S. federal income or other tax laws or the interpretation of tax laws, including the Inflation Reduction Act of 2022;  Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the increased expenses associated with being a public company; the future market price of Flywire’s common stock; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2023, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, expected to be filed in the first quarter of 2025. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Investor Relations:
    Masha Kahn
    ir@Flywire.com

    Media:
    Sarah King
    Media@Flywire.com

    Condensed Consolidated Statements of Operations and Comprehensive Loss
    (Unaudited) (Amounts in thousands, except share and per share amounts)
                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
    Revenue $ 117,550     $ 100,545     $ 492,144     $ 403,094  
    Costs and operating expenses:              
    Payment processing services costs   41,384       36,780       177,490       147,339  
    Technology and development   17,370       16,898       66,636       62,028  
    Selling and marketing   33,353       28,830       129,435       107,621  
    General and administrative   31,218       28,065       125,838       107,624  
    Total costs and operating expenses   123,325       110,573       499,399       424,612  
    Loss from operations $ (5,775 )   $ (10,028 )   $ (7,255 )   $ (21,518 )
    Other income (expense):              
    Interest expense   (135 )     (92 )     (538 )     (372 )
    Interest income   4,872       5,638       21,440       13,349  
    Gain (loss) from remeasurement of foreign currency   (13,866 )     7,707       (11,787 )     4,189  
    Total other income (expense), net   (9,129 )     13,253       9,115       17,166  
    Income (loss) before provision for income taxes   (14,904 )     3,225       1,860       (4,352 )
    Provision (benefit) for income taxes   995       1,938       (1,040 )     4,214  
    Net Income (Loss) $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Foreign currency translation adjustment   (7,330 )     3,731       (3,594 )     3,232  
    Unrealized losses on available-for-sale debt securities, net $ (441 )   $ —     $ 208     $ —  
    Total other comprehensive income (loss) $ (7,771 )   $ 3,731     $ (3,386 )   $ 3,232  
    Comprehensive income (loss) $ (23,670 )   $ 5,018     $ (486 )   $ (5,334 )
    Net loss attributable to common stockholders – basic and diluted $ (15,899 )   $ 1,287     $ 2,900     $ (8,566 )
    Net loss per share attributable to common stockholders – basic $ (0.13 )   $ 0.01     $ 0.02     $ (0.07 )
    Net loss per share attributable to common stockholders – diluted $ (0.12 )   $ 0.01     $ 0.02     $ (0.07 )
    Weighted average common shares outstanding – basic   124,463,252       121,690,938       124,269,820       114,828,494  
    Weighted average common shares outstanding – diluted   128,924,166       128,877,877       129,339,462       114,828,494  
                                   
    Condensed Consolidated Balance Sheets
    (Unaudited) (Amounts in thousands, except share amounts)
           
      December 31,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 495,242     $ 654,608  
    Restricted cash   —       —  
    Short-term investments   115,848       —  
    Accounts receivable, net   23,703       18,215  
    Unbilled receivables, net   15,453       10,689  
    Funds receivable from payment partners   90,110       113,945  
    Prepaid expenses and other current assets   22,528       18,227  
    Total current assets   762,884       815,684  
    Long-term investments   50,125       —  
    Property and equipment, net   17,160       15,134  
    Intangible assets, net   118,684       108,178  
    Goodwill   149,558       121,646  
    Other assets   24,035       19,089  
    Total assets $ 1,122,446     $ 1,079,731  
           
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable $ 15,353     $ 12,587  
    Funds payable to clients   217,788       210,922  
    Accrued expenses and other current liabilities   49,297       43,315  
    Deferred revenue   7,337       6,968  
    Total current liabilities   289,775       273,792  
    Deferred tax liabilities   12,643       15,391  
    Other liabilities   5,261       4,431  
    Total liabilities   307,679       293,614  
    Commitments and contingencies (Note 16)      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and 2023; and no shares issued and outstanding as of December 31, 2024 and 2023   —       —  
    Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 126,853,852 shares issued and 122,182,878 shares outstanding as of December 31, 2024; 123,010,207 shares issued and 120,695,162 shares outstanding as of December 31, 2023   13       11  
    Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023; 1,873,320 shares issued and outstanding as of December 31, 2024 and December 31, 2023   —       1  
    Treasury voting common stock, 4,670,974 and 2,315,045 shares as of December 31, 2024 and December 31, 2023, respectively, held at cost   (46,268 )     (747 )
    Additional paid-in capital   1,033,958       959,302  
    Accumulated other comprehensive income   (2,066 )     1,320  
    Accumulated deficit   (170,870 )     (173,770 )
    Total stockholders’ equity   814,767       786,117  
    Total liabilities and stockholders’ equity $ 1,122,446     $ 1,079,731  
                   
    Condensed Consolidated Statement of Cash Flows
    (Unaudited) (Amounts in thousands)
           
      Twelve Months Ended December 31,
        2024       2023  
    Cash flows from operating activities:      
    Net income (loss) $ 2,900     $ (8,566 )
    Adjustments to reconcile net loss to net cash used in operating activities:      
    Depreciation and amortization   17,363       15,764  
    Stock-based compensation expense   64,933       43,726  
    Amortization of deferred contract costs   972       1,789  
    Change in fair value of contingent consideration   (978 )     380  
    Deferred tax provision (benefit)   (8,794 )     72  
    Provision for uncollectible accounts   (83 )     326  
    Non-cash interest expense   230       298  
    Non-cash interest income   (1,435 )     —  
    Changes in operating assets and liabilities, net of acquisitions:      
    Accounts receivable   (5,292 )     (2,082 )
    Unbilled receivables   (4,764 )     (5,394 )
    Funds receivable from payment partners   23,835       (50,975 )
    Prepaid expenses, other current assets and other assets   (5,322 )     (4,279 )
    Funds payable to clients   6,867       86,616  
    Accounts payable, accrued expenses and other current liabilities   3,302       5,548  
    Contingent consideration   (93 )     (467 )
    Other liabilities   (1,543 )     (1,260 )
    Deferred revenue   (630 )     (871 )
    Net cash provided by operating activities   91,468       80,625  
           
    Cash flows from investing activities:      
    Acquisition of businesses, net of cash acquired   (45,230 )     (32,764 )
    Purchase of debt securities   (193,927 )     —  
    Sale of debt securities   29,598       —  
    Capitalization of internally developed software   (5,317 )     (5,004 )
    Purchases of property and equipment   (924 )     (1,009 )
    Net cash (used in) investing activities   (215,800 )     (38,777 )
    Cash flows from financing activities:      
    Proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions   —       261,119  
    Payments of costs related to public offering   —       (1,062 )
    Payment of debt issuance costs   (783 )     —  
    Contingent consideration paid for acquisitions   (1,032 )     (1,207 )
    Payments of tax withholdings for net settled equity awards   (797 )     (8,483 )
    Purchases of treasury stock   (43,740 )     —  
    Proceeds from the issuance of stock under Employee Stock Purchase Plan   3,108       2,691  
    Proceeds from exercise of stock options   5,613       10,360  
    Net cash provided by (used in) financing activities   (37,631 )     263,418  
    Effect of exchange rates changes on cash and cash equivalents   2,597       (1,835 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   (159,366 )     303,431  
    Cash, cash equivalents and restricted cash, beginning of year $ 654,608     $ 351,177  
    Cash, cash equivalents and restricted cash, end of year $ 495,242     $ 654,608  
                   
    Reconciliation of Non-GAAP Financial Measures
    (Unaudited) (Amounts in millions, except percentages)
                     
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Revenue   $ 117.6     $ 100.5     $ 492.1     $ 403.1  
    Adjusted to exclude gross up for:                
    Pass-through cost for printing and mailing     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Marketing fees     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Revenue Less Ancillary Services   $ 112.8     $ 96.1     $ 474.2     $ 381.5  
    Payment processing services costs     41.4       36.8       177.5       147.3  
    Hosting and amortization costs within technology and development expenses     1.9       1.9       7.7       8.4  
    Cost of Revenue   $ 43.3     $ 38.7     $ 185.2     $ 155.7  
    Adjusted to:                
    Exclude printing and mailing costs     (4.5 )     (4.0 )     (15.9 )     (19.4 )
    Offset marketing fees against related costs     (0.3 )     (0.4 )     (2.0 )     (2.2 )
    Exclude depreciation and amortization     (1.3 )     (1.7 )     (5.9 )     (6.7 )
    Adjusted Cost of Revenue   $ 37.2     $ 32.6     $ 161.4     $ 127.4  
    Gross Profit   $ 74.3     $ 61.8     $ 306.9     $ 247.4  
    Gross Margin     63.2 %     61.5 %     62.4 %     61.4 %
    Adjusted Gross Profit   $ 75.6     $ 63.5     $ 312.8     $ 254.1  
    Adjusted Gross Margin     67.0 %     66.1 %     66.0 %     66.6 %
                                     
        Three Months Ended
    December 31, 2024    		   Twelve Months Ended
    December 31, 2024
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 95.3     $ 22.3     $ 117.6     $ 410.2     $ 81.9     $ 492.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.5 )     (4.5 )     —       (15.9 )     (15.9 )
    Marketing fees     (0.3 )     —       (0.3 )     (2.0 )     —       (2.0 )
    Revenue Less Ancillary Services   $ 95.0     $ 17.8     $ 112.8     $ 408.2     $ 66.0     $ 474.2  
    Percentage of Revenue     81.0 %     19.0 %     100.0 %     83.4 %     16.6 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.2 %     15.8 %     100.0 %     86.1 %     13.9 %     100.0 %
                             
        Three Months Ended
    December 31, 2023    		   Twelve Months Ended
    December 31, 2023
        Transaction   Platform and
    Other Revenues    		   Revenue   Transaction   Platform and
    Other Revenues    		   Revenue
    Revenue   $ 81.9     $ 18.6     $ 100.5     $ 329.7     $ 73.4     $ 403.1  
    Adjusted to exclude gross up for:                        
    Pass-through cost for printing and mailing     —       (4.0 )     (4.0 )     —       (19.4 )     (19.4 )
    Marketing fees     (0.4 )     —       (0.4 )     (2.2 )     —       (2.2 )
    Revenue Less Ancillary Services   $ 81.5     $ 14.6     $ 96.1     $ 327.5     $ 54.0     $ 381.5  
    Percentage of Revenue     81.5 %     18.5 %     100.0 %     81.8 %     18.2 %     100.0 %
    Percentage of Revenue Less Ancillary Services     84.8 %     15.2 %     100.0 %     85.8 %     14.2 %     100.0 %
                                                     
    FX Neutral Revenue Less Ancillary Services                      
    (unaudited) (in millions)                            
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Growth Rate     2024       2023     Growth Rate
    Revenue   $ 117.6     $ 100.5       17 %   $ 492.1     $ 403.1       22 %
    Ancillary services     (4.8 )     (4.4 )         (17.9 )     (21.6 )    
    Revenue Less Ancillary Services     112.8       96.1       17 %     474.2       381.5       24 %
    Effects of foreign currency rate fluctuations     (1.1 )     —           (2.3 )     —      
    FX Neutral Revenue Less Ancillary Services   $ 111.7     $ 96.1       16 %   $ 471.9     $ 381.5       24 %
                                                     
    EBITDA and Adjusted EBITDA                
    (Unaudited) (in millions)                
        Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
          2024       2023       2024       2023  
    Net loss   $ (15.9 )   $ 1.3     $ 2.9     $ (8.6 )
    Interest expense     0.1       0.1       0.5       0.4  
    Interest income     (4.8 )     (5.6 )     (21.4 )     (13.3 )
    Provision for income taxes     1.0       1.9       (1.0 )     4.2  
    Depreciation and amortization     5.0       4.3       18.5       16.4  
    EBITDA     (14.6 )     2.0       (0.5 )     (0.9 )
    Stock-based compensation expense and related taxes     16.8       12.9       65.8       45.2  
    Change in fair value of contingent consideration     0.0       —       (1.0 )     0.4  
    (Gain) loss from remeasurement of foreign currency     13.9       (7.7 )     11.8       (4.2 )
    Indirect taxes related to intercompany activity     0.5       —       0.7       0.2  
    Acquisition related transaction costs     0.1       0.4       0.6       0.4  
    Acquisition related employee retention costs     —       0.1       0.5       0.9  
    Adjusted EBITDA   $ 16.7     $ 7.7     $ 77.9     $ 42.0  
                                     
    Reconciliation of Non-GAAP Operating Expenses            
    (Unaudited) (in millions)            
                             
        Three Months Ended December 31,   Twelve Months Ended December 31,
    (in millions)   2024   2023   2024   2023
    GAAP Technology and development   $ 17.4     $ 16.9     $ 66.6     $ 62.0  
    (-) Stock-based compensation expense and related taxes     (3.1 )     (2.5 )     (11.8 )     (9.2 )
    (-) Depreciation and amortization     (2.1 )     (2.3 )     (7.4 )     (8.4 )
    (-) Acquisition related employee retention costs     —       0.3       —       (0.5 )
    Non-GAAP Technology and development   $ 12.2     $ 12.4     $ 47.4     $ 43.9  
                   
    GAAP Selling and marketing   $ 33.4     $ 28.8     $ 129.5     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (4.8 )     (3.2 )     (18.3 )     (12.4 )
    (-) Depreciation and amortization     (2.2 )     (1.3 )     (8.2 )     (5.2 )
    (-) Acquisition related employee retention costs     —       (0.2 )     (0.5 )     (0.4 )
    Non-GAAP Selling and marketing   $ 26.4     $ 24.1     $ 102.5     $ 89.6  
                   
    GAAP General and administrative   $ 31.2     $ 28.0     $ 125.8     $ 107.6  
    (-) Stock-based compensation expense and related taxes     (8.9 )     (7.2 )     (35.7 )     (23.6 )
    (-) Depreciation and amortization     (0.8 )     (0.7 )     (3.0 )     (2.8 )
    (-) Change in fair value of contingent consideration     —       —       1.0       (0.4 )
    (-) Acquisition related transaction costs     (0.1 )     (0.4 )     (0.6 )     (0.4 )
    Non-GAAP General and administrative   $ 21.4     $ 19.7     $ 87.5     $ 80.4  
                                     
    Net Margin, EBITDA Margin and Adjusted EBITDA Margin
    (Unaudited) (Amounts in millions, except percentages)
                             
        Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
          2024       2023     Change     2024       2023     Change
    Revenue (A)   $ 117.6     $ 100.5     $ 17.1     $ 492.1     $ 403.1     $ 89.0  
    Revenue less ancillary services (B)     112.8       96.1       16.7       474.2       381.5       92.7  
    Net loss (C)     (15.9 )     1.3       (17.2 )     2.9       (8.6 )     11.5  
    EBITDA (D)     (14.6 )     2.0       (16.6 )     (0.5 )     (0.9 )     0.4  
    Adjusted EBITDA (E)     16.7       7.7       9.0       77.9       42.0       35.9  
    Net margin (C/A)     -13.5 %     1.3 %     -14.8 %     0.6 %     -2.1 %     2.7 %
    Net margin using RLAS (C/B)     -14.1 %     1.3 %     -15.4 %     0.6 %     -2.3 %     2.9 %
    EBITDA Margin (D/A)     -12.4 %     2.0 %     -14.4 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin (E/A)     14.2 %     7.6 %     6.6 %     15.8 %     10.4 %     5.4 %
    EBITDA Margin using RLAS (D/B)     -12.9 %     2.1 %     -15.0 %     -0.1 %     -0.2 %     0.1 %
    Adjusted EBITDA Margin using RLAS (E/B)     14.8 %     8.0 %     6.8 %     16.4 %     11.0 %     5.4 %
                                                     
    Reconciliation of FX Neutral Revenue Growth Guidance to
    FX Neutral Revenue Less Ancillary Services Growth Guidance
                   
      Three Months Ended
    March 31, 2025    		   Year Ended
    December 31, 2025
      Low   High   Low   High
                   
    FX Neutral GAAP Revenue Growth   10 %     13 %     9 %     13 %
                   
    Adjustment for Ancillary Services   1 %     1 %     1 %     1 %
                   
    FX Neutral Revenue Less Ancillary Services Growth   11 %     14 %     10 %     14 %
                                   

    The MIL Network –

  • MIL-OSI: Par Pacific Reports Fourth Quarter and 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 25, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific” or the “Company”) today reported its financial results for the fourth quarter and twelve months ended December 31, 2024.

    • Fourth quarter Net Loss of $(55.7) million, or $(1.01) per diluted share; Adjusted Net Loss of $(43.4) million, or $(0.79) per diluted share; Adjusted EBITDA of $10.9 million
    • Full year net loss of $(33.3) million, or $(0.59) per diluted share; Adjusted Net Income of $21.2 million, or $0.37 per diluted share; Adjusted EBITDA of $238.7 million
    • Record annual Retail and Logistics segment Adjusted EBITDA
    • Repurchased 5 million common shares during 2024, or 9% of year end shares outstanding

    Par Pacific reported a net loss of $(33.3) million, or $(0.59) per diluted share, for the twelve months ended December 31, 2024, compared to net income of $728.6 million, or $11.94 per diluted share, for the twelve months ended December 31, 2023. Adjusted Net Income for 2024 was $21.2 million, compared to $501.2 million for 2023. 2024 Adjusted EBITDA was $238.7 million, compared to $696.2 million for 2023.

    Par Pacific reported a net loss of $(55.7) million, or $(1.01) per diluted share, for the quarter ended December 31, 2024, compared to net income of $289.3 million, or $4.77 per diluted share, for the same quarter in 2023. Fourth quarter 2024 Adjusted Net Loss was $(43.4) million, compared to Adjusted Net Income of $65.2 million in the fourth quarter of 2023. Fourth quarter 2024 Adjusted EBITDA was $10.9 million, compared to $122.0 million in the fourth quarter of 2023. A reconciliation of reported non-GAAP financial measures to their most directly comparable GAAP financial measures can be found in the tables accompanying this news release.

    “Our 2024 results underscore our strategic diversification with strong contribution from Hawaii Refining and record profitability in our Retail and Logistics segments,” said Will Monteleone, President and Chief Executive Officer. “Completing the Montana turnaround prior to the summer driving season and starting up our capital efficient Hawaii Sustainable Aviation Fuel project position us for earnings growth.”

    Refining

    The Refining segment generated operating income of $17.4 million for the year ended December 31, 2024, compared to $676.2 million for the year ended December 31, 2023. Adjusted Gross Margin for the Refining segment in the year ended December 31, 2024 was $618.3 million, compared to $995.0 million in the year ended December 31, 2023.

    Refining segment Adjusted EBITDA for the year ended December 31, 2024 was $139.2 million, compared to $621.5 million for the year ended December 31, 2023.

    The Refining segment reported an operating loss of $(65.4) million in the fourth quarter of 2024, compared to operating income of $174.0 million in the fourth quarter of 2023. Adjusted Gross Margin for the Refining segment was $92.4 million in the fourth quarter of 2024, compared to $227.2 million in the fourth quarter of 2023.

    Refining segment Adjusted EBITDA was $(22.3) million in the fourth quarter of 2024, compared to $106.5 million in the fourth quarter of 2023.

    Hawaii
    The Hawaii Index averaged $5.52 per barrel in the fourth quarter of 2024, compared to $12.48 per barrel in the fourth quarter of 2023. Throughput in the fourth quarter of 2024 was 83 thousand barrels per day (Mbpd), compared to 81 Mbpd for the same quarter in 2023. Production costs were $4.42 per throughput barrel in the fourth quarter of 2024, compared to $4.80 per throughput barrel in the same period of 2023.

    The Hawaii refinery’s Adjusted Gross Margin was $7.36 per barrel during the fourth quarter of 2024, including a net price lag impact of approximately $(5.4) million, or $(0.71) per barrel, compared to $16.73 per barrel during the fourth quarter of 2023.

    Montana
    The Montana Index averaged $5.75 per barrel in the fourth quarter of 2024, compared to $14.80 in the fourth quarter of 2023. The Montana refinery’s throughput in the fourth quarter of 2024 was 52 Mbpd, compared to 50 Mbpd for the same quarter in 2023. Production costs were $10.48 per throughput barrel in the fourth quarter of 2024, compared to $12.03 per throughput barrel in the same period of 2023.

    The Montana refinery’s Adjusted Gross Margin was $3.70 per barrel during the fourth quarter of 2024, compared to $11.55 per barrel during the fourth quarter of 2023.

    Washington
    The Washington Index averaged $(0.62) per barrel in the fourth quarter of 2024, compared to $5.23 per barrel in the fourth quarter of 2023. The Washington refinery’s throughput was 39 Mbpd in the fourth quarter of 2024, compared to 38 Mbpd in the fourth quarter of 2023. Production costs were $4.34 per throughput barrel in the fourth quarter of 2024, compared to $4.53 per throughput barrel in the same period of 2023.

    The Washington refinery’s Adjusted Gross Margin was $1.05 per barrel during the fourth quarter of 2024, compared to $7.87 per barrel during the fourth quarter of 2023.

    Wyoming

    The Wyoming Index averaged $13.36 per barrel in the fourth quarter of 2024, compared to $16.58 per barrel in the fourth quarter of 2023. The Wyoming refinery’s throughput was 14 Mbpd in the fourth quarter of 2024, compared to 17 Mbpd in the fourth quarter of 2023. Production costs were $11.49 per throughput barrel in the fourth quarter of 2024, compared to $8.03 per throughput barrel in the same period of 2023.

    The Wyoming refinery’s Adjusted Gross Margin was $11.11 per barrel during the fourth quarter of 2024, including a FIFO impact of approximately $(2.2) million, or $(1.75) per barrel, compared to $13.90 per barrel during the fourth quarter of 2023.

    Wyoming Refining Operational Update

    The Wyoming refinery experienced an operational incident on the evening of February 12, 2025, and has remained safely idled through the extreme winter weather conditions. We expect to restart the refinery in mid-April at reduced throughput and return to full operations by the end of May.

    Retail

    The Retail segment reported operating income of $64.8 million for the twelve months ended December 31, 2024, compared to $56.6 million in the twelve months ended December 31, 2023. Adjusted Gross Margin for the Retail segment was $164.7 million for the twelve months ended December 31, 2024, compared to $155.3 million in the twelve months ended December 31, 2023.

    For the twelve months ended December 31, 2024, Retail Adjusted EBITDA was $76.0 million, compared to $68.3 million for the twelve months ended December 31, 2023. For the twelve months ended December 31, 2024, the Retail segment reported fuel sales volumes of 121.5 million gallons, compared to 117.6 million gallons for the twelve months ended December 31, 2023. 2024 same store fuel volumes and inside sales revenue increased by 2.2% and 4.6%, respectively, compared to 2023.

    The Retail segment reported operating income of $19.5 million in the fourth quarter of 2024, compared to $14.6 million in the fourth quarter of 2023. Adjusted Gross Margin for the Retail segment was $43.4 million in the fourth quarter of 2024, compared to $40.5 million in the same quarter of 2023.

    Retail segment Adjusted EBITDA was $22.2 million in the fourth quarter of 2024, compared to $17.2 million in the fourth quarter of 2023. The Retail segment reported sales volumes of 30.3 million gallons in the fourth quarter of 2024, compared to 29.8 million gallons in the same quarter of 2023. Fourth quarter 2024 same store fuel volumes and inside sales revenue increased by 2.1% and 6.2%, respectively, compared to fourth quarter of 2023.

    Logistics

    The Logistics segment generated operating income of $89.4 million for the twelve months ended December 31, 2024, compared to $69.7 million for the twelve months ended December 31, 2023. Adjusted Gross Margin for the Logistics segment was $135.8 million for the twelve months ended December 31, 2024, compared to $121.2 million for the twelve months ended December 31, 2023.

    Adjusted EBITDA for the Logistics segment was $120.2 million for the twelve months ended December 31, 2024, compared to $96.7 million for the twelve months ended December 31, 2023.

    The Logistics segment reported operating income of $24.8 million in the fourth quarter of 2024, compared to $15.7 million in the fourth quarter of 2023. Adjusted Gross Margin for the Logistics segment was $36.8 million in the fourth quarter of 2024, compared to $35.3 million in the same quarter of 2023.

    Logistics segment Adjusted EBITDA was $33.0 million in the fourth quarter of 2024, compared to $24.0 million in the fourth quarter of 2023.

    Liquidity

    Net cash provided by operations totaled $83.8 million for the twelve months ended December 31, 2024, including working capital outflows of $(18.1) million and deferred turnaround expenditures of $(73.5) million. Excluding these items, net cash provided by operations totaled $175.3 million for the twelve months ended December 31, 2024. Net cash provided by operations totaled $579.2 million for the twelve months ended December 31, 2023.

    Net cash used in operations totaled $(15.5) million for the three months ended December 31, 2024, including working capital inflows of $19.9 million and deferred turnaround expenditures of $(15.7) million. Excluding these items, net cash used in operations totaled $(19.6) million for the three months ended December 31, 2024. Net cash used in operations totaled $(2.3) million for the three months ended December 31, 2023.

    Net cash used in investing activities totaled $(47.7) million and $(134.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to $(27.3) million and $(659.0) million for the three months and twelve months ended December 31, 2023, respectively. Net cash used in investing activities for the three months and twelve months ended December 31, 2024, includes $(47.7) million and $(135.5) million in capital expenditures, respectively.

    Net cash provided by (used in) financing activities totaled $72.1 million and $(37.0) million for the three months and twelve months ended December 31, 2024, respectively, compared to net cash used in financing activities of $(56.6) million and $(135.6) million for the three months and twelve months ended December 31, 2023, respectively.

    At December 31, 2024, Par Pacific’s cash balance totaled $191.9 million, gross term debt was $644.2 million, and total liquidity was $613.7 million. Net term debt was $452.3 million at December 31, 2024. In February 2025, the Company’s Board of Directors authorized management to repurchase up to $250 million of common stock, with no specified end date. This replaces the prior authorization to repurchase up to $250 million of common stock.

    Laramie Energy

    In conjunction with Laramie Energy LLC’s (“Laramie’s”) refinancing and subsequent cash distribution to Par Pacific during the first quarter of 2023, we resumed the application of equity method accounting for our investment in Laramie effective February 21, 2023.

    During the three and twelve months ended December 31, 2024, we recorded $(3.2) million and $(0.3) million of equity losses. Laramie’s total net loss was $(11.3) million in the fourth quarter of 2024, including unrealized losses on derivatives of $(5.2) million, compared to net income of $42.5 million in the fourth quarter of 2023. Laramie’s total net loss was $(15.5) million during the twelve months ended December 31, 2024, including unrealized losses on derivatives of $(3.6) million, compared to net income of $96.6 million during the twelve months ended December 31, 2023.

    Laramie’s total Adjusted EBITDAX was $11.0 million and $45.8 million for the three and twelve months ended December 31, 2024, respectively, compared to $19.6 million and $89.7 million for the three and twelve months ended December 31, 2023, respectively.

    Laramie’s balance sheet position is strong with $68.6 million of cash and $160.0 million of debt at December 31, 2024. Laramie’s 2024 production was 96.6 million cubic feet of gas equivalent per day (MMcfe/d) and its management team plans to run a one-rig program throughout 2025. Approximately 79% of Laramie’s 2025 production is hedged at $3.20 per million British thermal unit (MMBtu).

    Conference Call Information

    A conference call is scheduled for Wednesday, February 26, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). To access the call, please dial 1-833-974-2377 inside the U.S. or 1-412-317-5782 outside of the U.S. and ask for the Par Pacific call. Please dial in at least 10 minutes early to register. The webcast may be accessed online through the Company’s website at http://www.parpacific.com on the Investors page. A telephone replay will be available until March 12, 2025, and may be accessed by calling 1-877-344-7529 inside the U.S. or 1-412-317-0088 outside the U.S. and using the conference ID 2219355.

    About Par Pacific

    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. 

    Forward-Looking Statements

    This news release (and oral statements regarding the subject matter of this news release, including those made on the conference call and webcast announced herein) includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about: expected market conditions; anticipated free cash flows; anticipated refinery throughput; anticipated cost savings; anticipated capital expenditures, including major maintenance costs, and their effect on our financial and operating results, including earnings per share and free cash flow; anticipated retail sales volumes and on-island sales; the anticipated financial and operational results of Laramie Energy, LLC; the amount of our discounted net cash flows and the impact of our NOL carryforwards thereon; our ability to identify, acquire, and develop energy, related retailing, and infrastructure businesses; the timing and expected results of certain development projects, as well as the impact of such investments on our product mix and sales; the anticipated synergies and other benefits of the Billings refinery and associated marketing and logistics assets (“Billings Acquisition”), including renewable growth opportunities, the anticipated financial and operating results of the Billings Acquisition and the effect on Par Pacific’s cash flows and profitability (including Adjusted EBITDA and Adjusted Net Income and Free Cash Flow per share); and other risks and uncertainties detailed in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and any other documents that we file with the Securities and Exchange Commission. Additionally, forward-looking statements are subject to certain risks, trends, and uncertainties, such as changes to our financial condition and liquidity; the volatility of crude oil and refined product prices; the Russia-Ukraine war, Israel-Palestine conflict, Houthi attacks in the Red Sea, Iranian activities in the Strait of Hormuz and their potential impacts on global crude oil markets and our business; operating disruptions at our refineries resulting from unplanned maintenance events or natural disasters; environmental risks; changes in the labor market; and risks of political or regulatory changes. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should any of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events, or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

    Contact:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    (832) 916-3355
    apatel@parpacific.com

    Condensed Consolidated Statements of Operations
    (Unaudited)
    (in thousands, except per share data)

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Revenues $ 1,832,221     $ 2,183,511     $ 7,974,457     $ 8,231,955  
    Operating expenses              
    Cost of revenues (excluding depreciation)   1,678,273       1,799,898       7,101,148       6,838,109  
    Operating expense (excluding depreciation)   139,893       155,441       584,282       485,587  
    Depreciation and amortization   34,911       31,943       131,590       119,830  
    General and administrative expense (excluding depreciation)   21,522       25,299       108,844       91,447  
    Equity losses (earnings) from refining and logistics investments   941       (7,485 )     (11,905 )     (11,844 )
    Acquisition and integration costs   32       269       100       17,482  
    Par West redevelopment and other costs   3,500       2,907       12,548       11,397  
    Loss (gain) on sale of assets, net   108       (59 )     222       (59 )
    Total operating expenses   1,879,180       2,008,213       7,926,829       7,551,949  
    Operating income (loss)   (46,959 )     175,298       47,628       680,006  
    Other income (expense)              
    Interest expense and financing costs, net   (21,073 )     (20,476 )     (82,793 )     (72,450 )
    Debt extinguishment and commitment costs   (270 )     (1,500 )     (1,688 )     (19,182 )
    Other loss, net   (422 )     (354 )     (1,869 )     (53 )
    Equity earnings (losses) from Laramie Energy, LLC   (3,163 )     14,279       (296 )     24,985  
    Total other expense, net   (24,928 )     (8,051 )     (86,646 )     (66,700 )
    Income (loss) before income taxes   (71,887 )     167,247       (39,018 )     613,306  
    Income tax benefit (expense)   16,192       122,077       5,696       115,336  
    Net income (loss) $ (55,695 )   $ 289,324     $ (33,322 )   $ 728,642  
    Weighted-average shares outstanding              
    Basic   55,252       59,403       56,775       60,035  
    Diluted   55,252       60,609       56,775       61,014  
                   
    Income (loss) per share              
    Basic $ (1.01 )   $ 4.87     $ (0.59 )   $ 12.14  
    Diluted $ (1.01 )   $ 4.77     $ (0.59 )   $ 11.94  
                                   

    Balance Sheet Data
    (Unaudited)
    (in thousands)

      December 31, 2024   December 31, 2023
    Balance Sheet Data      
    Cash and cash equivalents $         191,921           $         279,107        
    Working capital (1)           488,940                     190,042        
    ABL Credit Facility           483,000                     115,000        
    Term debt (2)           644,233                     550,621        
    Total debt, including current portion           1,112,967                     650,858        
    Total stockholders’ equity           1,191,302                     1,335,424        
               

    _______________________________________

    (1) Working capital is calculated as (i) total current assets excluding cash and cash equivalents less (ii) total current liabilities excluding current portion of long-term debt. Total current assets include inventories stated at the lower of cost or net realizable value.
    (2) Term debt includes the Term Loan Credit Agreement and other long-term debt.
       

    Operating Statistics

    The following table summarizes key operational data:

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Total Refining Segment              
    Feedstocks throughput (Mbpd) (1)   187.8       186.0       186.7       170.3  
    Refined product sales volume (Mbpd) (1)   199.4       194.4       199.9       183.1  
                   
    Hawaii Refinery              
    Feedstocks throughput (Mbpd)   83.3       80.6       81.1       80.8  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   27.0 %     25.2 %     26.2 %     26.3 %
    Distillates   41.1 %     39.3 %     38.9 %     40.4 %
    Fuel oils   29.2 %     31.8 %     31.3 %     28.9 %
    Other products (0.2)%   (0.2)%     0.2 %     1.1 %
    Total yield   97.1 %     96.1 %     96.6 %     96.7 %
                   
    Refined product sales volume (Mbpd)   93.7       89.0       89.3       89.1  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 7.36     $ 16.73     $ 9.34     $ 15.25  
    Production costs per bbl ($/throughput bbl) (3)   4.42       4.80       4.58       4.57  
    D&A per bbl ($/throughput bbl)   0.32       0.54       0.43       0.65  
                   
    Montana Refinery              
    Feedstocks Throughput (Mbpd) (1)   51.9       49.8       49.9       54.4  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   43.9 %     45.1 %     48.0 %     48.1 %
    Distillates   32.7 %     38.8 %     31.9 %     32.0 %
    Asphalt   15.2 %     8.7 %     10.9 %     12.1 %
    Other products   2.7 %     2.5 %     3.9 %     3.2 %
    Total yield   94.5 %     95.1 %     94.7 %     95.4 %
                   
    Refined product sales volume (Mbpd) (1)   52.9       51.5       53.2       58.6  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 3.70     $ 11.55     $ 11.37     $ 21.14  
    Production costs per bbl ($/throughput bbl) (3)   10.48       12.03       12.42       10.78  
    D&A per bbl ($/throughput bbl)   2.26       1.10       1.83       1.45  
                   
      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Washington Refinery              
    Feedstocks throughput (Mbpd)   39.0       38.4       38.2       40.0  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   23.6 %     23.8 %     23.9 %     23.5 %
    Distillate   34.6 %     34.1 %     34.5 %     34.5 %
    Asphalt   19.4 %     20.6 %     18.8 %     19.7 %
    Other products   19.3 %     18.6 %     19.3 %     18.7 %
    Total yield   96.9 %     97.1 %     96.5 %     96.4 %
                   
    Refined product sales volume (Mbpd)   37.9       37.0       39.2       41.7  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 1.05     $ 7.87     $ 3.25     $ 9.41  
    Production costs per bbl ($/throughput bbl) (3)   4.34       4.53       4.28       4.12  
    D&A per bbl ($/throughput bbl)   1.91       2.22       1.97       1.91  
                   
    Wyoming Refinery              
    Feedstocks throughput (Mbpd)   13.6       17.2       17.5       17.6  
                   
    Yield (% of total throughput)              
    Gasoline and gasoline blendstocks   51.5 %     50.3 %     46.9 %     47.1 %
    Distillate   43.1 %     45.0 %     47.1 %     46.7 %
    Fuel oils   1.7 %     2.3 %     2.4 %     2.5 %
    Other products   1.7 %     1.0 %     2.1 %     1.5 %
    Total yield   98.0 %     98.6 %     98.5 %     97.8 %
                   
    Refined product sales volume (Mbpd)   14.9       16.9       18.2       17.9  
                   
    Adjusted Gross Margin per bbl ($/throughput bbl) (2) $ 11.11     $ 13.90     $ 13.73     $ 25.15  
    Production costs per bbl ($/throughput bbl) (3)   11.49       8.03       8.10       7.50  
    D&A per bbl ($/throughput bbl)   3.55       2.71       2.71       2.69  
                   
                   
    Par Pacific Indices ($ per barrel)              
    Hawaii Index (4) $ 5.52     $ 12.48     $ 7.21     $ 13.06  
    Montana Index (5)   5.75       14.80       14.39       23.71  
    Washington Index (6)   (0.62 )     5.23       4.13       9.81  
    Wyoming Index (7)   13.36       16.58       16.47       24.48  
                   
    Market Cracks ($ per barrel)              
    Singapore 3.1.2 Product Crack (4) $ 11.69     $ 19.44     $ 13.36     $ 19.50  
    Montana 6.3.2.1 Product Crack (5)   15.31       23.56       21.59       30.15  
    Washington 3.1.1.1 Product Crack (6)   8.29       10.83       12.11       17.91  
    Wyoming 2.1.1 Product Crack (7)   16.00       18.70       18.48       27.52  
                   
    Crude Oil Prices ($ per barrel) (8)              
    Brent $ 74.01     $ 82.85     $ 79.86     $ 82.17  
    WTI   70.32       78.53       75.76       77.60  
    ANS (-) Brent   1.00       2.21       1.55       0.95  
    Bakken Guernsey (-) WTI   (1.22 )     (2.20 )     (1.26 )     (0.65 )
    Bakken Williston (-) WTI   (2.54 )     (2.50 )     (2.45 )     (0.09 )
    WCS Hardisty (-) WTI   (12.27 )     (22.78 )     (13.90 )     (17.92 )
    MSW (-) WTI   (3.68 )     (7.34 )     (4.03 )     (3.70 )
    Syncrude (-) WTI   (0.42 )     (4.12 )     0.18       1.32  
    Brent M1-M3   0.74       1.01       1.10       0.81  
                   
    Retail Segment              
    Retail sales volumes (thousands of gallons)   30,287       29,840       121,473       117,550  

    _______________________________________

    (1) Feedstocks throughput and sales volumes per day for the Montana refinery for the three months and year ended December 31, 2023 are calculated based on the 92 and 214-day periods for which we owned the Montana refinery during the three months and year ended December 31, 2023, respectively. As such, the amounts for the total refining segment represent the sum of the Hawaii, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2023 plus the Montana refinery’s throughput or sales volumes averaged over the periods from October 1, 2023, to December 31, 2023 and June 1, 2023 to December 31, 2023, respectively. The 2024 amounts for the total refining segment represent the sum of the Hawaii, Montana, Washington, and Wyoming refineries’ throughput or sales volumes averaged over the three months and year ended December 31, 2024.
    (2) We calculate Adjusted Gross Margin per barrel by dividing Adjusted Gross Margin by total refining throughput. Adjusted Gross Margin for our Washington refinery is determined under the last-in, first-out (“LIFO”) inventory costing method. Adjusted Gross Margin for our other refineries is determined under the first-in, first-out (“FIFO”) inventory costing method.
    (3) Management uses production costs per barrel to evaluate performance and compare efficiency to other companies in the industry. There are a variety of ways to calculate production costs per barrel; different companies within the industry calculate it in different ways. We calculate production costs per barrel by dividing all direct production costs, which include the costs to run the refineries, including personnel costs, repair and maintenance costs, insurance, utilities, and other miscellaneous costs, by total refining throughput. Our production costs are included in Operating expense (excluding depreciation) on our condensed consolidated statements of operations, which also includes costs related to our bulk marketing operations and severance costs.
    (4) Beginning in 2025, we established the Hawaii Index as a new benchmark for our Hawaii operations. We believe the Hawaii Index, which incorporates market cracks and landed crude differentials, better reflects the key drivers impacting our Hawaii refinery’s financial performance compared to prior reported market indices. The Hawaii Index is calculated as the Singapore 3.1.2 Product Crack, or one part gasoline (RON 92) and two parts distillates (Sing Jet & Sing gasoil) as created from a barrel of Brent crude oil, less the Par Hawaii Refining, LLC (“PHR”) crude differential.
    (5) Beginning in 2025, we established the Montana Index as a new benchmark for our Montana refinery. We believe the Montana Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Montana refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Montana refinery’s refined product sales price compared to prior reported market indices. The Montana Index is calculated as the Montana 6.3.2.1 Product Crack less Montana crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense, taxes and tariffs, and product discounts. The Montana 6.3.2.1 Product Crack is calculated by taking three parts gasoline (Billings E10 and Spokane E10), two parts distillate (Billings ULSD and Spokane ULSD), and one part asphalt (Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Montana crude cost is calculated as 60% WCS differential to WTI, 20% MSW differential to WTI, and 20% Syncrude differential to WTI. The Montana crude cost is lagged by three months and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
    (6) Beginning in 2025, we established the Washington Index as a new benchmark for our Washington refinery. We believe the Washington Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Washington refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have been updated to reflect local market product pricing, which better reflects our Washington refinery’s refined product sales price compared to prior reported market indices. The Washington Index is calculated as the Washington 3.1.1.1 Product Crack, less Washington crude costs, less other costs of sales, including inflation-adjusted product delivery costs, yield loss expense and state and local taxes. The Washington 3.1.1.1 Product Crack is calculated by taking one part gasoline (Tacoma E10), one part distillate (Tacoma ULSD) and one part secondary products (USGC VGO and Rocky Mountain Rail Asphalt) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. Asphalt pricing is lagged by one month. The Washington crude cost is calculated as 67% Bakken Williston differential to WTI and 33% WCS Hardisty differential to WTI. The Washington crude cost is lagged by one month and includes an inflation-adjusted crude delivery cost. Other costs of sales and crude delivery costs are based on historical averages and management’s estimates.
    (7) Beginning in 2025, we established the Wyoming Index as a new benchmark for our Wyoming refinery. We believe the Wyoming Index, which incorporates local market cracks, regional crude oil prices, and management’s estimates for other costs of sales, better reflects the key drivers impacting our Wyoming refinery’s financial performance compared to prior reported market indices. Beginning in 2025, market cracks have also been updated to reflect local market product pricing, which better reflects our Wyoming refinery’s refined product sales price compared to prior reported market indices. The Wyoming Index is calculated as the Wyoming 2.1.1 Product Crack, less Wyoming crude costs, less other cost of sales, including inflation adjusted product delivery costs and yield loss expense, based on historical averages and management’s estimates. The Wyoming 2.1.1 Product Crack is calculated by taking one part gasoline (Rockies gasoline) and one part distillate (USGC ULSD and USGC Jet) as created from a barrel of WTI crude oil, less 100% of the RVO cost for gasoline and ULSD. The Wyoming crude cost is calculated as the Bakken Guernsey differential to WTI on a one-month lag.
    (8) Beginning in 2025, crude oil prices have been updated and expanded to reflect regional differentials to Brent and WTI, which better reflect our refineries’ feedstock costs compared to prior crude oil pricing.
       

    Non-GAAP Performance Measures

    Management uses certain financial measures to evaluate our operating performance that are considered non-GAAP financial measures. These measures should not be considered in isolation or as substitutes or alternatives to their most directly comparable GAAP financial measures or any other measure of financial performance or liquidity presented in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures used by other companies since each company may define these terms differently.

    We believe Adjusted Gross Margin (as defined below) provides useful information to investors because it eliminates the gross impact of volatile commodity prices and adjusts for certain non-cash items and timing differences created by our inventory financing agreements and lower of cost and net realizable value adjustments to demonstrate the earnings potential of the business before other fixed and variable costs, which are reported separately in Operating expense (excluding depreciation) and Depreciation and amortization. Management uses Adjusted Gross Margin per barrel to evaluate operating performance and compare profitability to other companies in the industry and to industry benchmarks. We believe Adjusted Net Income (Loss) and Adjusted EBITDA (as defined below) are useful supplemental financial measures that allow investors to assess the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis, the ability of our assets to generate cash to pay interest on our indebtedness, and our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. We believe Adjusted EBITDA by segment (as defined below) is a useful supplemental financial measure to evaluate the economic performance of our segments without regard to financing methods, capital structure, or historical cost basis.

    Beginning with financial results reported for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments acquired on June 1, 2023, as part of the Billings Acquisition.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with our Washington inventory. In addition, we have modified our environmental obligation mark-to-market adjustment to include only the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (“Washington CCA”) and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities.

    Beginning with financial results reported for the fourth quarter of 2023, Adjusted Net Income (loss) excludes unrealized interest rate derivative losses (gains) and all Laramie Energy related impacts with the exception of cash distributions. We have recast Adjusted Net Income (Loss) for prior periods when reported to conform to the modified presentation.

    Beginning with financial results reported for the first quarter of 2024, Adjusted Net Income (loss) also excludes other non-operating income and expenses. This modification improves comparability between periods by excluding income and expenses resulting from non-operating activities.

    Effective as of the fourth quarter of 2024, we have modified our definition of Adjusted Gross Margin, Adjusted Net Income (Loss) and Adjusted EBITDA to align the accounting treatment for deferred turnaround costs from our refining and logistics investments with our accounting policy. Under this approach, we exclude our share of their turnaround expenses, which are recorded as period costs in their financial statements, and instead defer and amortize these costs on a straight-line basis over the period estimated until the next planned turnaround. This modification enhances consistency and comparability across reporting periods.

    Adjusted Gross Margin

    Adjusted Gross Margin is defined as Operating income (loss) excluding:

    •   operating expense (excluding depreciation);
    •   depreciation and amortization (“D&A”);
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments;
    •   impairment expense;
    •   loss (gain) on sale of assets, net;
    •   Par’s portion of accounting policy differences from refining and logistics investments;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard); and
    •   unrealized loss (gain) on derivatives.
         

    The following tables present a reconciliation of Adjusted Gross Margin to the most directly comparable GAAP financial measure, operating income (loss), on a historical basis, for selected segments, for the periods indicated (in thousands):

    Three months ended December 31, 2024 Refining   Logistics   Retail
    Operating income (loss) $ (65,399 )   $ 24,772   $ 19,477
    Operating expense (excluding depreciation)   114,706       3,829     21,358
    Depreciation and amortization   24,524       7,140     2,566
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   456       1,101     —
    Inventory valuation adjustment   5,929       —     —
    Environmental obligation mark-to-market adjustments   (937 )     —     —
    Unrealized loss on commodity derivatives   9,220       —     —
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —
    Loss on sale of assets, net   8       —     —
    Adjusted Gross Margin (1) $ 92,363     $ 36,842   $ 43,401
                       
    Three months ended December 31, 2023 Refining   Logistics   Retail
    Operating income $ 174,038     $ 15,709   $ 14,594  
    Operating expense (excluding depreciation)   120,810       11,272     23,359  
    Depreciation and amortization   21,190       7,321     2,885  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   765       952     —  
    Inventory valuation adjustment   (24,089 )     —     —  
    Environmental obligation mark-to-market adjustments   (15,672 )     —     —  
    Unrealized gain on commodity derivatives   (50,024 )     —     —  
    Loss (gain) on sale of assets, net   219       —     (308 )
    Adjusted Gross Margin (1) (2) $ 227,237     $ 35,254   $ 40,530  
                         
    Year Ended December 31, 2024 Refining   Logistics   Retail
    Operating income $ 17,412     $ 89,351   $ 64,800  
    Operating expense (excluding depreciation)   479,737       15,676     88,869  
    Depreciation and amortization   91,108       27,033     11,037  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   2,493       3,651     —  
    Inventory valuation adjustment   (490 )     —     —  
    Environmental obligation mark-to-market adjustments   (19,136 )     —     —  
    Unrealized loss on commodity derivatives   43,281       —     —  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —  
    Loss (gain) on sale of assets, net   8       124     (10 )
    Adjusted Gross Margin (1) $ 618,269     $ 135,835   $ 164,696  
                         
    Year Ended December 31, 2023 Refining   Logistics   Retail
    Operating income $ 676,161     $ 69,744   $ 56,603  
    Operating expense (excluding depreciation)   373,612       24,450     87,525  
    Depreciation and amortization   81,017       25,122     11,462  
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   1,586       1,857     —  
    Inventory valuation adjustment   102,710       —     —  
    Environmental obligation mark-to-market adjustments   (189,783 )     —     —  
    Unrealized gain on commodity derivatives   (50,511 )     —     —  
    Loss (gain) on sale of assets, net   219       —     (308 )
    Adjusted Gross Margin (1) (2) $ 995,011     $ 121,173   $ 155,282  

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no impairment expense in Operating income.
    (2) For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.
       

    Adjusted Net Income (Loss) and Adjusted EBITDA

    Adjusted Net Income (Loss) is defined as Net income (loss) excluding:

    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   debt extinguishment and commitment costs;
    •   increase in (release of) tax valuation allowance and other deferred tax items;
    •   changes in the value of contingent consideration and common stock warrants;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   impairment expense associated with our investment in Laramie Energy;
    •   Par’s share of equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions; and
    •   Par’s portion of accounting policy differences from refining and logistics investments.

    Adjusted EBITDA is defined as Adjusted Net Income (Loss) excluding:

    •   D&A;
    •   interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain);
    •   cash distributions from Laramie Energy, LLC to Par;
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
    •   income tax expense (benefit) excluding the increase in (release of) tax valuation allowance.
         

    The following table presents a reconciliation of Adjusted Net Income (Loss) and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss), on a historical basis for the periods indicated (in thousands):        

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) $ (55,695 )   $ 289,324     $ (33,322 )   $ 728,642  
    Inventory valuation adjustment   5,929       (24,089 )     (490 )     102,710  
    Environmental obligation mark-to-market adjustments   (937 )     (15,672 )     (19,136 )     (189,783 )
    Unrealized loss (gain) on derivatives   8,729       (48,539 )     42,485       (49,690 )
    Acquisition and integration costs   32       269       100       17,482  
    Par West redevelopment and other costs   3,500       2,907       12,548       11,397  
    Debt extinguishment and commitment costs   270       1,500       1,688       19,182  
    Changes in valuation allowance and other deferred tax items (1)   (12,553 )     (126,219 )     (3,315 )     (126,219 )
    Severance costs and other non-operating expense (2)   154       100       14,802       1,785  
    Loss (gain) on sale of assets, net   108       (59 )     222       (59 )
    Equity (earnings) losses from Laramie Energy, LLC, excluding cash distributions   3,163       (14,279 )     1,781       (14,279 )
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —       3,856       —  
    Adjusted Net Income (Loss) (3) (4)   (43,444 )     65,243       21,219       501,168  
    Depreciation and amortization   34,911       31,943       131,590       119,830  
    Interest expense and financing costs, net, excluding unrealized interest rate derivative loss (gain)   21,564       18,991       83,589       71,629  
    Laramie Energy, LLC cash distributions to Par   —       —       (1,485 )     (10,706 )
    Par’s portion of interest, taxes, and depreciation and amortization expense from refining and logistics investments   1,557       1,717       6,144       3,443  
    Income tax expense (benefit)   (3,639 )     4,142       (2,381 )     10,883  
    Adjusted EBITDA (3) $ 10,949     $ 122,036     $ 238,676     $ 696,247  

    _______________________________________

    (1) For the three months and year ended December 31, 2024, we recognized a non-cash deferred tax benefit of $12.6 million and $3.3 million, respectively. This tax benefit is included in Income tax expense (benefit) on our consolidated statements of operations. For the three months and year ended December 31, 2023, we recognized a non-cash deferred tax benefit of $126.2 million primarily related to the release of a majority of the valuation allowance against our federal net deferred tax assets.
    (2) For the year ended December 31, 2024, we incurred $13.1 million of stock-based compensation expenses associated with accelerated vesting of equity awards and modification of vested equity awards related to our CEO transition and $0.8 million for a legal settlement unrelated to current operating activities.
    (3) For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference. Please read the Non-GAAP Performance Measures discussion above for information regarding changes to the components of Adjusted Net Income (Loss) and Adjusted EBITDA made during the reporting periods.
    (4) For the three months and year ended December 31, 2023, there was no impact in Operating income from accounting policy differences at our refining and logistics investments.
       

     

    The following table sets forth the computation of basic and diluted Adjusted Net Income (Loss) per share (in thousands, except per share amounts):

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023     2024     2023
    Adjusted Net Income (Loss) $ (43,444 )   $ 65,243   $ 21,219   $ 501,168
    Plus: effect of convertible securities   —       —     —     —
    Numerator for diluted income (loss) per common share $ (43,444 )   $ 65,243   $ 21,219   $ 501,168
                   
    Basic weighted-average common stock shares outstanding   55,252       59,403     56,775     60,035
    Add dilutive effects of common stock equivalents (1)   —       1,206     657     979
    Diluted weighted-average common stock shares outstanding   55,252       60,609     57,432     61,014
                   
    Basic Adjusted Net Income (Loss) per common share $ (0.79 )   $ 1.10   $ 0.37   $ 8.35
    Diluted Adjusted Net Income (Loss) per common share $ (0.79 )   $ 1.08   $ 0.37   $ 8.21

    _______________________________________

    (1) Entities with a net loss from continuing operations are prohibited from including potential common shares in the computation of diluted per share amounts. We have utilized the basic shares outstanding to calculate both basic and diluted Adjusted Net Loss per common share for the three months ended December 31, 2024.
       

    Adjusted EBITDA by Segment

    Adjusted EBITDA by segment is defined as Operating income (loss) excluding:

    •   D&A;
    •   inventory valuation adjustment (which adjusts for timing differences to reflect the economics of our inventory financing agreements, including lower of cost or net realizable value adjustments, the impact of the embedded derivative repurchase or terminal obligations, hedge losses (gains) associated with our Washington ending inventory and intermediation obligation, purchase price allocation adjustments, and LIFO layer increment and decrement impacts associated with our Washington inventory);
    •   Environmental obligation mark-to-market adjustments (which represents the mark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington CCA and Clean Fuel Standard);
    •   unrealized (gain) loss on derivatives;
    •   acquisition and integration costs;
    •   redevelopment and other costs related to Par West;
    •   severance costs and other non-operating expense (income);
    •   (gain) loss on sale of assets;
    •   impairment expense;
    •   Par’s portion of interest, taxes, and D&A expense from refining and logistics investments; and
    •   Par’s portion of accounting policy differences from refining and logistics investments.
         

    Adjusted EBITDA by segment also includes Gain on curtailment of pension obligation and Other income (loss), net, which are presented below operating income (loss) on our condensed consolidated statements of operations.

    The following table presents a reconciliation of Adjusted EBITDA by segment to the most directly comparable GAAP financial measure, operating income (loss) by segment, on a historical basis, for selected segments, for the periods indicated (in thousands):

      Three Months Ended December 31, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ (65,399 )   $ 24,772   $ 19,477   $ (25,809 )
    Depreciation and amortization   24,524       7,140     2,566     681  
    Inventory valuation adjustment   5,929       —     —     —  
    Environmental obligation mark-to-market adjustments   (937 )     —     —     —  
    Unrealized loss on commodity derivatives   9,220       —     —     —  
    Acquisition and integration costs   —       —     —     32  
    Par West redevelopment and other costs   —       —     —     3,500  
    Severance costs and other non-operating expense   —       —     154     —  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —     —  
    Loss on sale of assets, net   8       —     —     100  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   456       1,101     —     —  
    Other loss, net   —       —     —     (422 )
    Adjusted EBITDA (1) $ (22,343 )   $ 33,013   $ 22,197   $ (21,918 )
                               
      Three Months Ended December 31, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 174,038     $ 15,709   $ 14,594     $ (29,043 )
    Depreciation and amortization   21,190       7,321     2,885       547  
    Inventory valuation adjustment   (24,089 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (15,672 )     —     —       —  
    Unrealized gain on commodity derivatives   (50,024 )     —     —       —  
    Acquisition and integration costs   —       —     —       269  
    Par West redevelopment and other costs   —       —     —       2,907  
    Severance costs and other non-operating expenses   100       —     —       —  
    Loss (gain) on sale of assets, net   219       —     (308 )     30  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   765       952     —       —  
    Other loss, net   —       —     —       (354 )
    Adjusted EBITDA (1) (2) $ 106,527     $ 23,982   $ 17,171     $ (25,644 )
                                 
      Year Ended December 31, 2024
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $ 17,412     $ 89,351   $ 64,800     $ (123,935 )
    Depreciation and amortization   91,108       27,033     11,037       2,412  
    Inventory valuation adjustment   (490 )     —     —       —  
    Environmental obligation mark-to-market adjustments   (19,136 )     —     —       —  
    Unrealized loss on commodity derivatives   43,281       —     —       —  
    Acquisition and integration costs   —       —     —       100  
    Severance costs and other non-operating expenses   642       —     154       14,006  
    Par West redevelopment and other costs   —       —     —       12,548  
    Par’s portion of accounting policy differences from refining and logistics investments   3,856       —     —       —  
    Loss (gain) on sale of assets, net   8       124     (10 )     100  
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments   2,493       3,651     —       —  
    Other loss, net   —       —     —       (1,869 )
    Adjusted EBITDA (1) $ 139,174     $ 120,159   $ 75,981     $ (96,638 )
                                 
      Year Ended December 31, 2023
      Refining   Logistics   Retail   Corporate and Other
    Operating income (loss) by segment $         676,161             $         69,744           $         56,603             $         (122,502 )
    Depreciation and amortization           81,017                       25,122                     11,462                       2,229          
    Inventory valuation adjustment           102,710                       —                     —                       —          
    Environmental obligation mark-to-market adjustments           (189,783 )             —                     —                       —          
    Unrealized gain on commodity derivatives           (50,511 )             —                     —                       —          
    Acquisition and integration costs           —                       —                     —                       17,482          
    Severance costs and other non-operating expenses           100                       —                     580                       1,105          
    Par West redevelopment and other costs           —                       —                     —                       11,397          
    Loss (gain) on sale of assets, net           219                       —                     (308 )             30          
    Par’s portion of interest, taxes, depreciation and amortization expense from refining and logistics investments           1,586                       1,857                     —                       —          
    Other loss, net           —                       —                     —                       (53 )
    Adjusted EBITDA (1) (2) $         621,499             $         96,723           $         68,337             $         (90,312 )

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no change in value of contingent consideration, change in value of common stock warrants, impairment expense, impairments associated with our investment in Laramie Energy, or our share of Laramie Energy’s asset impairment losses in excess of our basis difference.
    (2) For the three months and year ended December 31, 2023, there was no impact in Operating income (loss) from accounting policy differences at our refining and logistics investments.
       

    Laramie Energy Adjusted EBITDAX

    Adjusted EBITDAX is defined as net income (loss) excluding commodity derivative loss (gain), loss (gain) on settled derivative instruments, interest expense, gain on extinguishment of debt, non-cash preferred dividend, depreciation, depletion, amortization, and accretion, exploration and geological and geographical expense, bonus accrual, equity-based compensation expense, loss (gain) on disposal of assets, phantom units, and expired acreage (non-cash). We believe Adjusted EBITDAX is a useful supplemental financial measure to evaluate the economic and operational performance of exploration and production companies such as Laramie Energy.

    The following table presents a reconciliation of Laramie Energy’s Adjusted EBITDAX to the most directly comparable GAAP financial measure, net income (loss) for the periods indicated (in thousands):

      Three Months Ended December 31,   Year Ended December 31,
        2024       2023       2024       2023  
    Net income (loss) $ (11,250 )   $ 42,538     $ (15,546 )   $ 96,586  
    Commodity derivative (income) loss   4,766       (40,338 )     (11,055 )     (73,289 )
    Loss on settled derivative instruments   389       1,594       14,609       161  
    Interest expense and loan fees   4,845       5,366       20,628       20,108  
    Gain on extinguishment of debt   —       —       —       6,644  
    Non-cash preferred dividend   —       —       —       2,910  
    Depreciation, depletion, amortization, and accretion   8,158       7,714       32,841       30,179  
    Phantom units   3,328       2,325       2,825       5,496  
    Loss (gain) on sale of assets, net   —       —       (8 )     307  
    Expired acreage (non-cash)   770       441       1,492       553  
    Total Adjusted EBITDAX (1) $ 11,006     $ 19,640     $ 45,786     $ 89,655  

    _______________________________________

    (1) For the three months and years ended December 31, 2024 and 2023, there was no exploration and geological and geographical expense, bonus accrual, or equity-based compensation expense.

    The MIL Network –

  • MIL-OSI New Zealand: Our favourite West Coast huts | Conservation blog

    Source: Department of Conservation

    On the West Coast of the South Island, you’ll find a huge range of tramping opportunities – from simple overnighters suitable for young families to multi-day adventures for those with backcountry skills. We spoke with a few West Coast staff to hear about their favourite huts and adventures. 

    Remotest Hut: Gorge River Hut.

    What’s your name? What’s your role?

    Owen Kilgour, West Coast Operations Director, based in Hokitika 

    What is your favourite West Coast hut?  

    Kōhanga Atawhai – Manson Nicholls Hut 

    When did you first visit? 

    In 2022 it was our first overnight hike as a family with three young boys. 

    I have run into this hut frequently over the past eight years when visiting family who live close by. 

    Why do you like it?  

    Kōhanga Atawhai – Manson Nicholls Hut is the ideal first authentic kiwi tramping experience for families.  

    The original hut on this site, Manson-Nicholls Memorial Hut, was constructed in 1976 by members of the Christchurch Tramping Club and The Lake Daniell’s Fishing Club in memory of three young trampers who lost their lives nearby in 1974. The current hut was built by DOC staff especially for families and school groups. Every time I visit, it puts a smile on my face to see lots of kids enjoying their experience in nature. 

    How do you get there and long does it take someone with moderate fitness? 

    The hut is 3 hours walk from nearest road end on the Lake Daniell Track. It’s a great first tramp for families. 

    Kōhanga Atawhai – Manson Nicholls Hut.

    What’s your name? What’s your role?

    Alex Malcolm, Recreation Ranger, Reefton 

    Favourite Hut?

    Moonlight Tops Hut on the Paparoa Track.  

    When did you first visit? 

    September 2022 I think. I was the hut warden up there for a couple of seasons and it was such an epic place to spend eight days every other week watching the different weather patterns come and go and meeting lots of different people passing through 

    Why do you like it? 

    The highlight was always watching the most epic sunsets with a hot cup of tea above the hut, up a secret “spur”.  

    How do you get there and long does it take someone with moderate fitness? 

    Its 20 kilometres from Smoke-ho carpark. You need a moderate level of fitness as it’s lots of relentless uphill.  You need to be fairly competent on a mountain bike as there are narrow sections, steep drop offs and lots of loose rogue rocks that can kick you off if you are not careful.  

    Moonlight Tops Hut.

    What’s your name? What’s your role? 

    Benjamin Pigott, Inspector – Checking huts, tracks and structures throughout the WSI backcountry.  

    What is your favourite West Coast hut? 

    I have two! 

    Jacko Flat Hut, located up the Crooked Valley.  

    When did you first visit? 

    March 2024, and then later in May along with a crew  to undertake maintenance work. This took 10 days and we really gave the hut a birthday! New roof, piles, bearers & a paint to name a few of the jobs we did.  

    Why do you like it? 

    It sits in a beautiful remote valley with little tramping traffic. It’s now done up for all to enjoy!  

    How do you get there and long does it take someone with moderate fitness? 

    You’d want a good 8hr day of tramping to get in there. Moderate to difficult, but achievable by most parties with backcountry navigation skills who do their homework about track conditions.  

    Jacko Flat Hut – from left: DOC Inspectors Ben Pigott, Mike Detlaff, and Rangers Casey Rhodes and Matt Ainge

    What is your other favourite West Coast hut?

    Nolans Hut

    When did you first visit?

    Oct 2024

    Why do you like it?

    It’s a beautiful old hut with lots of heritage, built back in 1949. The Perth Valley has had a lot of Predator control done by ZIP, and the bird life is really on the rise. A spectacular hut to base yourself for adventures into more difficult terrain up the Perth valley.

    How do you get there and long does it take someone with moderate fitness?

    Approx 6 hours or so, moderate fitness and moderate route finding required. The hut is old and has character, it’s certainly not a Hilton so expect to be a bit feral! 

    Nolans Hut.

    Our network of tracks and huts

    Owen Kilgour Western South Island Operations Director– says “DOC has a fantastic network of tracks and huts on conservation land on the West Coast, and I’d encourage people to get out and explore. There are tramping opportunities for everyone, from families undertaking their first overnighters with young children, to backcountry wilderness experiences for those experienced in the outdoors. Going tramping requires warm clothes, a pack, a raincoat and a pair of sturdy footwear but you can start out with basic gear, and not spend too much money getting started. It’s a great way to see some of the most beautiful places in New Zealand.” 

    Biggest Hut: Heaphy Hut. Photo: Richard Rossiter

    DOC hut network in general

    DOC manages a network of over 950 huts around New Zealand providing shelter and enabling trampers and others to overnight in some of our most picturesque places including in forests, on mountainsides and by lakes, rivers and the sea.   

    DOC huts come in a range of standards from basic bivvies to serviced. Most are available on a first come first served basis but around 55 must be booked in advance. 

    Bookable huts help us manage our very popular or over-subscribed facilities. They provide certainty to families and less experienced visitors,  and support the payment of hut fees so these facilities can continue into the future.   

    It’s important all hut users pay their hut fees, are well-prepared before heading out and assess conditions before deciding whether it’s safe to go, even if people have made a booking. 

    How many huts does the West Coast have?

    In Western South Island Region we have 148 huts and bivvies in total with 147 open.  

    Highest Hut: Pioneer Hut. Photo: Jonathan Astin

    What is the highest (altitude)?   

    Above Mean Sea Level Hut Name
    2360 Pioneer Hut – NZAC Hut, managed by DOC
    2350 Centennial Hut NZAC Hut, managed by DOC
    1680 Almer Hut

    What is the biggest (how many beds)?

    Number of Bunks Hut Name
    32 Heaphy Hut
    31 Welcome Flat Hut
    28 Mackay Hut

    What is the oldest?

    Construction Date Hut Name
    1/01/1930 Douglas Rock Hut
    1/01/1931 Chancellor Hut
    1/04/1938 Locke Stream Hut

    What is the newest?

    Construction Date Hut Name
    1/03/2022 Belltown Manunui Hut
    1/11/2020 Mataketake Hut – Owned by Backcountry Trust
    1/03/2020 Kohanga Atawhai – Manson Nicholls Hut

    What is the most remote?

    Distance Hut Name
    35.1 Km Gorge River Hut
    29.5 km Neave Hut
    Newest Hut: Belltown Manunui Hut

    Who else helps maintain them?

    • Permolat, Backcountry Trust, private individuals, groups and volunteers.

    In addition to huts, on the West Coast DOC also manages:

    • 1283km of track

    • 2029 structures (eg boardwalks, bridges, jetties, culverts etc)

    • 19 campsites

    Oldest Hut: Douglas Rock Hut. Photo: Eiji Kitai

    Discover more from Conservation blog

    Subscribe to get the latest posts sent to your email.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Business and Energy – Winter ‘24 hedging costs impact interim financial result – Meridian

    Source: Meridian Energy

    26 February 2025 – Meridian Energy has reported a net loss after tax of $121 million for the six months ending 31 December 2024, compared to a net profit after tax of $191 million in last year’s interim result. 

    Operating cash flows were $50 million, down from $303 million in the same period last year. 
    These results were heavily impacted by the cost of hedge contracts for winter 2024 in the face of one-in-90-year record low inflows and an unexpected and unprecedented shortage of domestic gas. The hedge contracts included calling the largest demand response option with New Zealand’s Aluminum Smelter (NZAS).

    EBITDAF fell from $443 million to $257 million and underlying net profit fell from $175 million to a $5 million loss. Both of these are non-GAAP measures.

    “The combination of particularly low hydro inflows, low wind and gas shortages made the operating environment for the first half of this financial year as tough as I can recall experiencing,” says Meridian Chief Executive Neal Barclay.

    “We took a hit for New Zealand. Meridian put this country’s security of supply first and, as New Zealand’s largest renewable electricity generator, our balance sheet tends to underwrite the mitigation of extended droughts. That’s one of the ways the country benefits from having large and financially strong gentailers. While the situation was particularly challenging, we know we rely on Mother Nature for our fuel and accept the financial impact droughts bring. We prepare the business to deal with these kinds of eventualities, including maintaining a strong and flexible balance sheet.”

    “There is plenty of time before the coming winter, but we are highly focused on managing risks to winter 2025 security. We have reached a new agreement with NZAS for them to reduce demand by 50MW and are looking for simple rule changes to access this country’s existing contingent hydro storage. The bigger issue, though, is the structural and significant shortage of domestic gas. New Zealand needs to take urgent action to address this. Gas is the biggest factor in setting spot and future electricity prices,” says Neal Barclay.

    With a challenging first half to the financial year, the Meridian Board has decided to maintain the interim dividend at the same level as the prior period, and declared an interim ordinary dividend of 6.15 cents per share. The dividend reinvestment plan will apply to this interim dividend at a 2% discount.

    Mr Barclay says that Meridian has continued to build strong momentum to set the business up for future growth. This year, the company expects to commit over $1 billion of capital to new development projects.

    “The relatively fast decline in gas resources has put even greater emphasis on the need to deploy new renewable developments as quickly as possible, and also get more out of our existing fleet of hydro and wind generation. In that regard, we’ve had a few wins recently. We’ve reinstated capacity in the generation fleet after resolving transformer issues at Manapōuri and West Wind, and we’ve begun commissioning our Ruakākā grid scale battery. We’ve also made great progress in advancing a development pipeline that will deliver additional megawatts for many years to come,” says Neal Barclay.

    Meridian recently announced:

    A finalised consent for its 120MW Ruakākā solar development (February)
    Consent for its 90MW Mt Munro Wind Farm near Eketāhuna (February)
    A Scheme Implementation Agreement as part of its bid to acquire the remaining shares in NZ Windfarms (February)
    A Power Purchase Agreement with Harmony Energy / First Renewables in respect of their joint venture to build the 150MW Tauhei Solar Farm in the Waikato (January)
    A 50-50 joint venture with Nova Energy to build the 400MW Te Rahui solar farm at Rangitāiki near Taupō (December).

    The first half of FY25 has also seen tremendous progress in Meridian’s Retail business. Having completed a strategic reset and restructure to enable the business to meet changing technology and consumer needs, the company has launched three new products (Smart Hot Water, Smart EV Charging and the Four Hours Free Plan), with more to come over the remainder of the financial year.

    “Customers are responding to these changes, with record numbers signing up. As of 1 January, we had achieved our highest ever market share of electricity connections, with 16.58% across the Meridian and Powershop brands. Our brands also led the industry rankings for new connections in December, with Powershop first and Meridian second, and more than 4,000 connections that month across both brands,” says Neal Barclay.

    “The business has weathered an extraordinarily difficult set of circumstances and leveraged our financial strength to ensure the lights stayed on for New Zealand homes and businesses. At the same time, we’ve not backed away from our strategic goals and our customer market share has continued to grow as has our renewable development pipeline.”

    MIL OSI New Zealand News –

  • MIL-OSI: Diginex Limited Launches ESG Rating Support Service to Help Businesses Secure and Improve ESG Scores

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 25, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), an impact technology company specializing in environmental, social, and governance (ESG) issues, is excited to announce the launch of its ESG Ratings Support Service. The innovative service is designed to help businesses secure an ESG score across key rating agencies, including CDP, EcoVadis, Sustainable Fitch, S&P, Sustainalytics, the world’s leading ESG ratings providers. Leveraging Diginex Limited’s expertise and cutting-edge technology, the ESG Ratings Support Service provides companies with a robust framework to optimize their ESG ratings, attract investment, and strengthen stakeholder trust.

    The launch of the ESG Ratings Support Service comes at a pivotal moment as investors, regulators, and consumers increasingly prioritize sustainability. With the global ESG investment market reaching nearly USD 29.86 trillion in 2024, according to a report by Precedence Research, and regulatory bodies like the European Union, SEC as well as many stock exchanges globally who are mandating comprehensive ESG / Climate disclosures, businesses need reliable tools to navigate this landscape. diginexADVISORY’s new ESG Ratings Support Service offers a tailored approach, combining expert consultancy with data-driven insights to help organizations report their ESG data and performance to secure competitive advantages.

    “We believe our ESG Ratings Support Service is a game-changer for companies looking to align sustainability with commercial success,” said Mark Blick, Chief Executive Officer of Diginex Limited. “By providing clear, actionable recommendations into ESG performance, we’re helping businesses to unlock new opportunities for growth and investment. Sustainability isn’t just a compliance exercise—it’s a prerequisite for long-term prosperity.”

    Case Study: Living Style Group’s ESG Performance

    A recent example of the service’s impact is diginexADVISORY’s collaboration with the Living Style Group, a global leader in home decor and furnishings generating over $1.2 billion in yearly revenue. Living Style Group successfully completed its first-ever CDP submission, achieving an impressive B score in Climate on its first attempt.

    “With Diginex’s expert guidance, we successfully navigated our first ESG disclosure, achieving strong CDP scores on our first attempt. Diginex’s structured approach made a complex process seamless,” said Mark Loomis, EVP Quality, Compliance & Sustainability, Living Style Group. “This report marks an important milestone in our journey toward greater sustainability, and we look forward to building on these efforts in the years to come.”

    Through this collaboration, we believe that Living Style Group is now better equipped to attract ESG-focused investors and meet evolving regulatory demands.

    A Comprehensive Solution for ESG Success

    The ESG Ratings Support Service integrates with Diginex’s award-winning diginexESG platform, which supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). We expect our clients to benefit from end-to-end support, from materiality assessments and data management to stakeholder engagement and report generation through implementation of the ESG Ratings Support Service.

    The ESG Ratings Service is available immediately to clients worldwide, with options for small and medium enterprises (SMEs) and large corporations alike.

    About Diginex Limited
    Diginex Limited is a Cayman Islands exempted company, with subsidiaries located in Hong Kong, the United Kingdom and the United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    European IR Contract
    Jens Hecht
    Phone: +49.40.609186.82
    Email: jens.hecht@kirchhoff.de

    US IR Contract
    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: EXL Reports 2024 Fourth Quarter and Year-End Results; Issues 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    2024 Fourth Quarter Revenue of $481.4 Million, up 16.3% year-over-year
    Q4 Diluted EPS (GAAP) of $0.31, up 28.4% from $0.24 in Q4 of 2023
    Q4 Adjusted Diluted EPS (Non-GAAP) (1)of $0.44, up 26.1% from $0.35 in Q4 of 2023

    2024 Revenue of $1.84 Billion, up 12.7% year-over-year
    2024 Diluted EPS (GAAP) of $1.21, up 10.0% from $1.10 in 2023
    2024 Adjusted Diluted EPS (Non-GAAP) (1)of $1.65, up 15.4% from $1.43 in 2023

    NEW YORK, Feb. 25, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter and full year ended December 31, 2024.

    Rohit Kapoor, chairman and chief executive officer, said, “As we executed our data and AI strategy in 2024, we achieved several key milestones, including launching an enterprise AI platform in partnership with NVIDIA, introducing our insurance-specific large language model (LLM) and expanding our data management capabilities with the acquisition of ITI Data. Our focus on innovating with speed led to industry-leading full-year revenue growth of 12.7% and adjusted EPS growth of 15.4%. As AI adoption continues to increase, EXL is well positioned to capture this opportunity and continue its strong growth momentum.”

    Maurizio Nicolelli, chief financial officer, said, “We finished 2024 with robust growth across our business segments, a formidable balance sheet and strong free cash flow. For the full year 2025, we expect revenue to be in the range of $2.025 billion to $2.060 billion, representing a 10% to 12% increase year-over-year on a reported basis and 11% to 13% on constant currency basis. We expect adjusted diluted EPS to be in the range of $1.83 to $1.89, representing a 11% to 14% increase over 2024.”

    __________________________________________________

    1. Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

    Financial Highlights: Fourth Quarter 2024

    • Revenue for the quarter ended December 31, 2024 increased to $481.4 million compared to $414.1 million for the fourth quarter of 2023, an increase of 16.3% on a reported basis and constant currency basis. Revenue increased by 2.0% sequentially on a reported basis and 2.4% on a constant currency basis, from the third quarter of 2024.
        Revenue
    		   Gross Margin
        Three months ended
    		   Three months ended
    Reportable Segments   December 31, 2024
    		   December 31, 2023
    		   September 30, 2024
    		   December 31, 2024
    		   December 31, 2023
    		   September 30, 2024
        (dollars in millions)    
    Insurance   $ 162.0     $ 139.1     $ 157.6     36.9 %   36.2 %   36.3 %
    Healthcare     31.6       26.0       30.5     31.7 %   36.9 %   33.6 %
    Emerging Business     80.1       67.0       80.0     40.7 %   41.0 %   40.2 %
    Analytics     207.7       182.0       204.0     39.0 %   35.4 %   38.5 %
    Revenues, net   $ 481.4     $ 414.1     $ 472.1     38.1 %   36.7 %   37.8 %
                                               
    • Operating income margin for the quarter ended December 31, 2024 was 14.8%, compared to 13.1% for the fourth quarter of 2023 and 14.7% for the third quarter of 2024. Adjusted operating income margin for the quarter ended December 31, 2024 was 18.8%, compared to 17.8% for the fourth quarter of 2023 and 19.9% for the third quarter of 2024.
    • Diluted earnings per share for the quarter ended December 31, 2024 was $0.31, compared to $0.24 for the fourth quarter of 2023 and $0.33 for the third quarter of 2024. Adjusted diluted earnings per share for the quarter ended December 31, 2024 was $0.44, compared to $0.35 for the fourth quarter of 2023 and $0.44 for the third quarter of 2024.

    Financial Highlights: Full Year 2024

    • Revenue for the year ended December 31, 2024 increased to $1.84 billion compared to $1.63 billion for the year ended December 31, 2023, an increase of 12.7% on a reported basis and constant currency basis.
        Revenue
    		   Gross Margin
        Year ended
    		   Year ended
    Reportable Segments   December 31, 2024
    		   December 31, 2023
    		   December 31, 2024
    		   December 31, 2023
        (dollars in millions)    
    Insurance   $ 614.0     $ 529.9     36.4 %   35.5 %
    Healthcare     116.4       106.0     33.0 %   34.6 %
    Emerging Business     311.7       265.7     41.8 %   43.2 %
    Analytics     796.3       729.1     37.5 %   36.8 %
    Revenues, net   $ 1,838.4     $ 1,630.7     37.6 %   37.3 %
                                 
    • Operating income margin for the year ended December 31, 2024 was 14.3%, compared to 14.6% for the year ended December 31, 2023. Adjusted operating income margin for the year ended December 31, 2024 was 19.4%, compared to 19.3% for the year ended December 31, 2023.
    • Diluted earnings per share for the year ended December 31, 2024 was $1.21, compared to $1.10 for the year ended December 31, 2023. Adjusted diluted earnings per share for the year ended December 31, 2024 was $1.65, compared to $1.43 for the year ended December 31, 2023.

    Business Highlights: Fourth Quarter 2024

    • Won 17 new clients in the fourth quarter of 2024, with 8 clients in digital operations and solutions and 9 in analytics. For the year, we won 69 new clients, with 32 in digital operations and solutions and 37 in analytics.
    • Launched EXLerate.AI, an agentic AI platform designed to help enterprises reimagine and build AI-native workflows that drive greater efficiency, lower costs, and increased accuracy and scalability across business operations.
    • Named a Leader in the ISG Provider Lens™ Generative AI Services 2024 report. Analysts cited EXL’s data integration capabilities, domain-specific expertise, and robust transformational framework as key differentiators driving its leadership in this space.
    • Recognized as a Market Leader in the HFS Research 2024 AADA Quadfecta Services for the Generative Enterprise™ 2024 study. The study evaluated 27 leading analytics, AI, data platforms, and automation service providers on their ability to unlock deep insights from data, automate complex processes, and enhance operational efficiencies. The Market Leader designation is the report’s highest distinction.

    2025 Operating Model

    To accelerate the execution of our data and AI strategy, capture a greater share of the growing AI market and drive EXL’s long-term growth, the company is changing its operating model. The new model is comprised of Industry Market Units focused on delivering higher value to clients leveraging our full suite of capabilities; and Strategic Growth Units focused on rapidly advancing our capabilities specific to various industries and client needs.

    This enhances our ability to deepen client relationships, unlock new buying centers, expand our addressable markets across industries and geographies, accelerate investments in data and AI capabilities and industry-specific solutions, and create more professional development opportunities for our employees. This model enables us to deliver AI-powered integrated solutions more effectively and evolve engagements to maximize value for our clients.

    EXL will adopt new financial reporting segments consistent with how management will be reviewing financial information and making operating decisions beginning in the first quarter of 2025. Our data, AI and analytics capabilities are driving all our solutions and business lines. Accordingly, we will now report data and AI revenue alongside our new reporting segments beginning with the first quarter of 2025. This shift will provide a higher quality and more relevant representation of our business performance as we continue executing our data and AI growth strategy. The new reportable segments, aligned to our Industry Market Units, are as follows:

    • Insurance
    • Healthcare and Life Sciences
    • Banking, Capital Markets and Diversified Industries
    • International Growth Markets

    The change in segment presentation will not have any effect on our consolidated statements of income, balance sheets or cash flows. The revised presentation will be reflected in our periodic and annual reports beginning in the first quarter of 2025.

    2025 Guidance

    Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 87.0, U.K. pound sterling to U.S. dollar exchange rate of 1.25, U.S. dollar to the Philippine peso exchange rate of 58.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

    • Revenue of $2.025 billion to $2.060 billion, representing an increase of 10% to 12% on a reported basis, and 11% to 13% on a constant currency basis, from 2024; and
    • Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

    Conference Call

    ExlService Holdings, Inc. will host a conference call on Wednesday, February 26, 2025, at 10:00 A.M. ET to discuss the Company’s fourth quarter and year-end operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

    To join the live call, please register here. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

    About ExlService Holdings, Inc.

    EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 59,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, risks related to the use of AI technology, impact on client demand by the selling cycle of our contracts, fluctuations in our earnings, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

     
    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share amount and share count)
               
              (Unaudited)
      Year ended December 31,   Three months ended December 31,
      2024   2023   2024   2023
    Revenues, net $ 1,838,372     $ 1,630,668     $ 481,426     $ 414,058  
    Cost of revenues(1)   1,147,359       1,022,902       298,023       262,211  
    Gross profit(1)   691,013       607,766       183,403       151,847  
    Operating expenses:              
    General and administrative expenses   225,672       198,294       58,477       53,730  
    Selling and marketing expenses   146,502       120,227       37,520       31,553  
    Depreciation and amortization expense   55,219       50,490       16,164       12,298  
    Total operating expenses   427,393       369,011       112,161       97,581  
    Income from operations   263,620       238,755       71,242       54,266  
    Foreign exchange gain, net   891       1,532       218       694  
    Interest expense   (19,256 )     (13,180 )     (5,111 )     (3,150 )
    Other income/(expense), net   16,092       10,834       4,216       4,240  
    Income before income tax expense and earnings from equity affiliates   261,347       237,941       70,565       56,050  
    Income tax expense   62,936       53,536       19,850       15,763  
    Income before earnings from equity affiliates   198,411       184,405       50,715       40,287  
    Gain/(loss) from equity-method investment   (114 )     153       (43 )     (4 )
    Net income $ 198,297     $ 184,558     $ 50,672     $ 40,283  
    Earnings per share:              
    Basic $ 1.22     $ 1.11     $ 0.31     $ 0.24  
    Diluted $ 1.21     $ 1.10     $ 0.31     $ 0.24  
    Weighted average number of shares used in computing earnings per share:              
    Basic   162,718,840       166,341,213       161,292,473       165,254,017  
    Diluted   164,321,656       168,161,371       163,436,793       166,880,836  

    (1)Exclusive of depreciation and amortization expense.

     
    EXLSERVICE HOLDINGS, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands, except per share amount and share count)
         
        As of
        December 31, 2024   December 31, 2023
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 153,355     $ 136,953  
    Short-term investments     187,223       153,881  
    Restricted cash     9,972       4,062  
    Accounts receivable, net     304,322       308,108  
    Other current assets     140,317       76,669  
    Total current assets     795,189       679,673  
    Property and equipment, net     101,837       100,373  
    Operating lease right-of-use assets     68,784       64,856  
    Restricted cash     8,071       4,386  
    Deferred tax assets, net     104,747       82,927  
    Goodwill     420,387       405,639  
    Other intangible assets, net     49,331       50,164  
    Long-term investments     13,972       4,430  
    Other assets     56,085       49,524  
    Total assets   $ 1,618,403     $ 1,441,972  
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 5,884     $ 5,055  
    Current portion of long-term borrowings     4,886       65,000  
    Deferred revenue     19,264       12,318  
    Accrued employee costs     129,994       117,137  
    Accrued expenses and other current liabilities     113,597       114,113  
    Current portion of operating lease liabilities     16,491       12,780  
    Total current liabilities     290,116       326,403  
    Long-term borrowings, less current portion     283,598       135,000  
    Operating lease liabilities, less current portion     59,851       58,175  
    Deferred tax liabilities, net     1,403       1,495  
    Other non-current liabilities     53,573       31,462  
    Total liabilities     688,541       552,535  
    Commitments and contingencies        
    Stockholders’ equity:        
    Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued     —       —  
    Common stock, $0.001 par value; 400,000,000 shares authorized, 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024 and 203,410,038 shares issued and 165,277,880 shares outstanding as of December 31, 2023     206       203  
    Additional paid-in capital     588,583       508,028  
    Retained earnings     1,281,960       1,083,663  
    Accumulated other comprehensive loss     (154,722 )     (127,040 )
    Total including shares held in treasury     1,716,027       1,464,854  
    Less: 44,709,375 shares as of December 31, 2024 and 38,132,158 shares as of December 31, 2023, held in treasury, at cost     (786,165 )     (575,417 )
    Total stockholders’ equity     929,862       889,437  
    Total liabilities and stockholders’ equity   $ 1,618,403     $ 1,441,972  
                     
     
    EXLSERVICE HOLDINGS, INC.Reconciliation of Adjusted Financial Measures to GAAP Measures
     

    In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

    (i)   Adjusted operating income and adjusted operating income margin;
    (ii)   Adjusted EBITDA and adjusted EBITDA margin;
    (iii)   Adjusted net income and adjusted diluted earnings per share; and
    (iv)   Revenue growth on constant currency basis.
         

    These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

    EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for restructuring and litigation settlement matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

    A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

    EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.28 during the quarter ended December 31, 2023 to 84.72 during the quarter ended December 31, 2024, representing a depreciation of 1.7% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 55.86 during the quarter ended December 31, 2023 to 58.19 during the quarter ended December 31, 2024, representing a depreciation of 4.2% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar increased from 1.25 during the quarter ended December 31, 2023 to 1.28 during the quarter ended December 31, 2024, representing an appreciation of 1.9% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.63 during the quarter ended December 31, 2023 to 18.18 during the quarter ended December 31, 2024, representing an appreciation of 2.4% against the U.S. dollar.

    The following table shows the reconciliation of these non-GAAP financial measures for the year ended December 31, 2024 and 2023, the three months ended December 31, 2024 and 2023 and the three months ended September 30, 2024:

    Reconciliation of Adjusted Operating Income and Adjusted EBITDA
    (Amounts in thousands)
             
        Year ended   Three months ended
        December 31,   December 31,   September 30,
        2024   2023   2024   2023   2024
    Net income (GAAP)   $ 198,297     $ 184,558     $ 50,672     $ 40,283     $ 53,037  
    add: Income tax expense     62,936       53,536       19,850       15,763       15,460  
    add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net     2,387       661       720       (1,780 )     908  
    Income from operations (GAAP)   $ 263,620     $ 238,755     $ 71,242     $ 54,266     $ 69,405  
    add: Stock-based compensation expense     72,658       58,437       15,479       15,452       21,232  
    add: Amortization of acquisition-related intangibles     13,630       14,678       4,024       3,168       3,449  
    add: Restructuring and litigation settlement costs (a)     6,174       613       —       613       —  
    add/(subtract): Allowance/(reversal) for expected credit losses (b)     —       1,436       —       (264 )     —  
    add: Other expenses (c)     —       771       —       282       —  
    Adjusted operating income (Non-GAAP)   $ 356,082     $ 314,690     $ 90,745     $ 73,517     $ 94,086  
    Adjusted operating income margin as a % of Revenue (Non-GAAP)     19.4 %     19.3 %     18.8 %     17.8 %     19.9 %
    add: Depreciation on long-lived assets     41,589       34,434       12,140       9,130       10,350  
    Adjusted EBITDA (Non-GAAP)   $ 397,671     $ 349,124     $ 102,885     $ 82,647     $ 104,436  
    Adjusted EBITDA margin as a % of revenue (Non-GAAP)     21.6 %     21.4 %     21.4 %     20.0 %     22.1 %
                         

    (a) To exclude effects of employee severance costs and outplacement support costs of $4,762 and $nil and litigation settlement costs and associated legal fees of $1,412 and $613 for the year ended December 31, 2024 and 2023, respectively. To exclude effects of litigation settlement costs and associated legal fees of $nil and $613 for the three months ended December 31, 2024 and 2023, respectively.

    (b) To exclude the effects of material allowance/(reversal) for expected credit losses on accounts receivables related to a customer bankruptcy event.

    (c) To exclude effects of lease termination of $nil and $489 and other items, individually insignificant of $nil and $282 for the year ended December 31, 2024 and 2023, respectively. To exclude effects of other items, individually insignificant of $nil and $282 for the three months ended December 31, 2024 and 2023, respectively.

     
    Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
    (Amounts in thousands, except per share data)
             
        Year ended   Three months ended
        December 31,   December 31,   September 30,
        2024   2023   2024   2023   2024
    Net income (GAAP)   $ 198,297     $ 184,558     $ 50,672     $ 40,283     $ 53,037  
    add: Stock-based compensation expense     72,658       58,437       15,479       15,452       21,232  
    add: Amortization of acquisition-related intangibles     13,630       14,678       4,024       3,168       3,449  
    add: Restructuring and litigation settlement costs (a)     6,174       613       —       613       —  
    add/(subtract): Changes in fair value of contingent consideration     (589 )     1,900       —       (600 )     —  
    add: Other tax expenses (b)     3,817       223       3,817       223       —  
    add/(subtract): Allowance/(reversal) for expected credit losses (c)     —       1,436       —       (264 )     —  
    add: Other expenses (d)     —       489       —       —       —  
    subtract: Tax impact on stock-based compensation expense (e)     (17,576 )     (17,333 )     (1,769 )     (374 )     (5,830 )
    subtract: Tax impact on amortization of acquisition-related intangibles     (3,318 )     (3,622 )     (921 )     (792 )     (866 )
    add/(subtract): Tax impact on restructuring and litigation settlement costs     (1,540 )     —       48       —       —  
    add/(subtract): Tax impact on changes in fair value of contingent consideration     146       152       (5 )     152       —  
    add/(subtract): Tax impact on allowance/(reversal) for expected credit losses     —       (364 )     —       65       —  
    subtract: Tax impact on other expenses     —       (280 )     —       (157 )     —  
    Adjusted net income (Non-GAAP)   $ 271,699     $ 240,887     $ 71,345     $ 57,769     $ 71,022  
    Adjusted diluted earnings per share (Non-GAAP)   $ 1.65     $ 1.43     $ 0.44     $ 0.35     $ 0.44  
                                             

    (a) To exclude effects of employee severance costs and outplacement support costs of $4,762 and $nil and litigation settlement costs and associated legal fees of $1,412 and $613 for the year ended December 31, 2024 and 2023, respectively. To exclude effects of litigation settlement costs and associated legal fees of $nil and $613 for the three months ended December 31, 2024 and 2023, respectively.

    (b) To exclude other tax expenses/(benefits) related to certain deferred tax assets and liabilities.

    (c) To exclude the effects of material allowance/(reversal) for expected credit losses on accounts receivables related to a customer bankruptcy event.

    (d) To exclude effects of lease termination of $nil and $489 for the year ended December 31, 2024 and 2023, respectively.

    (e) Tax impact includes $9,714 and $15,055 for the year ended December 31, 2024 and 2023 respectively, $500 and $1,883 for the three months ended December 31, 2024 and 2023 respectively, and $1,673 for the three months ended September 30, 2024 related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

    Contacts:
    Investor Relations
    John Kristoff
    Vice President, Investor Relations
    +1 212 209 4613
    ir@exlservice.com

    Media – US
    Keith Little
    Assistant Vice President, Media Relations
    +1 703 598 0980
    media.relations@exlservice.com

    The MIL Network –

  • MIL-OSI: Wintrust Financial Corporation to Present at RBC Capital Markets Global Financial Institutions Conference on March 4, 2025

    Source: GlobeNewswire (MIL-OSI)

    ROSEMONT, Ill., Feb. 25, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq: WTFC) will present at the RBC Capital Markets Global Financial Institutions Conference to be held on March 4-5, 2025. Wintrust management will participate in a question and answer session that is scheduled to begin at approximately 8:40 AM Eastern Time on March 4, 2025.

    This event will be available via an audio webcast and may be accessed at https://kvgo.com/rbc/wintrust-financial-corporation-march-2025 or at Wintrust’s website at www.wintrust.com, Investor Relations, Investor News and Events, Presentations and Conference Calls. Listeners should go to the website at least fifteen minutes before the presentation to download and install any necessary audio software. For those unable to attend the live broadcast, a replay will be available for up to 90 days after the conference. There is no charge to access the event.

    About Wintrust
    Wintrust is a financial holding company with approximately $65 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges.

    FOR MORE INFORMATION CONTACT:
    Timothy S. Crane, President & Chief Executive Officer
    David A. Dykstra, Vice Chairman & Chief Operating Officer
    (847) 939-9000
    Website address: www.wintrust.com

    The MIL Network –

  • MIL-OSI United Nations: World News in Brief: Conflict in DR Congo, Europe’s ‘cradle to cane’ crisis, millions may go hungry in Chad

    Source: United Nations MIL OSI b

    Peace and Security

    Ongoing fighting in the eastern Democratic Republic of the Congo (DRC) between Rwanda-backed M23 rebels and Congolese troops has claimed more lives and forced even more families from their homes. 

    In an alert on Tuesday, UN aid coordinators OCHA said that six humanitarian workers have been killed since January – the latest victim was shot during clashes last week near a hospital in Masisi Territory about 80 kilometres west of Goma, in North Kivu.

    The same clashes reportedly killed three other civilians and injured a child, according to OCHA, which said that more than 100,000 people have been forced to flee their homes due to further clashes last week in Lubero Territory, 250 kilometers north of Goma. 

    Rape and other violations reported

    Because of the insecurity several local health facilities have had to suspend activities. Humanitarian partners on the ground also report that there have been widespread human rights violations amid the fighting, including rape, OCHA said.

    Meanwhile, local officials in South Kivu report schools are gradually re-opening in Kalehe Territory, located some 65 kilometres north of the provincial capital Bukavu.

    Unexploded ordnance remains a problem in many areas affected by recent fighting, including two schools in the city of Minova, north of Bukavu, according to humanitarian partners.

    The head of UN Peacekeeping Operations expressed concern over the humanitarian crisis and loss of life in the DRC during a press conference in South Sudan’s capital, Juba, on Monday.

    Jean-Pierre Lacroix stressed that there is no military solution to the crisis and reiterated that while “it’s encouraging to see progress and involvement from stakeholders…the priority is a cessation of hostilities, implementation of decisions from the Luanda Process, and ensuring humanitarian access.” 

    He added that the UN Mission faces limitations in M23-controlled areas but continues to protect civilians and reduce violence in other areas, safeguarding hundreds of thousands of civilians daily. 

    Europe faces a ‘cradle to cane’ health crisis, warns WHO 

    And in a medical update on Tuesday, UN health agency WHO warned that countries across Europe and Central Asia have a major problem with “stagnating” healthcare systems.

    According to the World Health Organization (WHO), almost 76,000 children in the region die before their fifth birthday every year.

    In addition, non-communicable diseases claim the lives one in six people before they’re 70.

    Wide regional variations

    WHO’s latest European Health Report showed that under-five mortality ranged from 1.5 to 40.4 deaths per 1,000 live births across 53 countries in the region.

    The top causes of death include pre-term birth complications, birth asphyxia and congenital heart anomalies.

    Despite much progress in tackling non-communicable diseases across Europe and Central Asia, conditions such as heart and lung disease, stroke and diabetes remain by far the biggest killers. 

    At least 10 countries have achieved a 25 per cent reduction in premature mortality from these four non-communicable diseases. 

    Nonetheless, one in six people still die before they reach their 70th birthday from cardiovascular disease, cancer, diabetes or chronic respiratory disease, WHO said.

    Chad: Nearly four million could go hungry during lean season

    Humanitarians in Chad are warning about the impact of the forthcoming lean season on food security, amid already dire conditions, UN Spokesperson Stéphane Dujarric said on Tuesday.

    A regional assessment found that some 2.4 million people are not getting enough to eat, which is expected to rise to 3.7 million people, or 20 per cent of the population, during the lean season from June to August.

    More than two million children under the age of five are malnourished, including more than half a million who are suffering from severe acute malnutrition who are at risk of dying in the coming months without the appropriate treatment. 

    Additionally, nearly 300,000 pregnant and breast-feeding women are suffering from acute malnutrition.

    Multiple shocks

    Mr. Dujarric told journalists in New York that “this crisis is due to shocks, including natural catastrophes such as floods, which have destroyed croplands, in addition to the increasing price of basic commodities.”

    Humanitarians warn that unless significant funding is received before the end of March, there will be no time to prevent a full-scale food security and nutrition crisis.

    They are appealing for $1.45 billion to support operations in Chad this year but have so far received under $60 million, roughly four per cent. 

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: New information comes to light in West Coast cold case investigation

    Source: New Zealand Police (District News)

    Police are reviewing new information about the 26-year-old murder of David John Robinson after canvassing the small West Coast settlement of Kakapotahi.

    Detective Inspector Geoff Baber says after re-interviewing individuals in mid-February, new information and lines of enquiry had come to light.

    “The dedicated investigation team based in Hokitika Police Station, are following these new leads, and are interviewing new people now located across the West Coast and some other parts of the South Island.”

    The initial homicide investigation was launched on 28 December 1998, after the body of David was located on a remote West Coast beach near Ross, where it had laid for up to two weeks.

    Cold cases like David’s murder are periodically reviewed with the aim of identifying opportunities to solve them and bring closure to loved ones, says Detective Inspector Baber.

    “Our goal is to get justice for David, and answers for his family.”

    It has been reported that a single gunshot was heard by a number of people in the Kakapotahi settlement between 14 and 18 December around 10am and 10:30am – approximately two weeks before David’s body was located about 3 kilometres away.

    “There has been no explanation to date as to what that single gunshot was.

    “If you know something, we encourage you to come forward and speak to us.”

    If you have information that could help Police’s investigation, please email us via the Cold Case form on the New Zealand Police website, or call 105 and reference the case number 231129/2221.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Man arrested after multiple incidents north of the city

    Source: South Australia Police

    A man has been arrested following a wild rampage in the Northern and Barossa areas overnight.

    About 7.45pm Tuesday 25 February police attended a home on Nottle Road, Gawler, conducting follow up enquiries in relation to a business robbery that occurred on Monday 24 February at the Munno Para Shopping Centre.

    When patrols arrived at the location a grey Nissan Pathfinder sped from the street and a short police pursuit ensued before police lost site of the vehicle on Redbanks Road.

    About 8.15pm police received reports that a Nissan Pathfinder was driving erratically crashing into fences and gates on Ward Belt Road, Ward Belt.

    About 8.25pm police received reports that a Nissan Pathfinder was driving erratically on Dundas Street, Gawler, before it crashed into a parked car and left the scene.

    About 8.30pm police were called to Turnbull Road, Elizabeth Downs, after a Nissan Pathfinder collided with a fence and left the scene.

    About 8.45 police were called to the carpark of a shopping centre on Hamblynn Road, Elizabeth Downs after reports a Nissan Pathfinder had crashed into a parked Volkswagen. Thankfully a woman who had been seated in the Volkswagen at the time was not injured.

    About 9.15pm police were called to the carpark of the Munno Para Shopping Centre after reports a man threatened a woman at knife point before stealing her black Ford Territory. Thankfully the woman was not physically injured. Police located the Nissan Pathfinder abandoned in the carpark nearby.

    PolAir arrived in the location quickly locating the stolen Ford Territory and tracking it to Bandiana Crescent, Elizabeth Downs. Here the driver got out of the vehicle and fled in nearby yards. Patrols swarmed the area quickly locating and arresting the man about 9.30pm.

    The 33-year-old Two Wells man has been charged with a raft of serious offences including driving without due care, failing to stop at a crash scene and aggravated robbery. He did not apply for bail and will appear in the Elizabeth Magistrates Court today.

    The investigation remains on going with police seeking to identify further victims. Anyone with information that may assist is asked to contact Crime Stoppers at www.crimestopperssa.com.au or 1800 333 000 – you can remain anonymous.

    MIL OSI News –

  • MIL-OSI Security: Fort Duchesne Man Sentenced to Prison Following Gun Crime

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – Kasey Todd Reed, 32, of the Uintah and Ouray Reservation, Utah, was sentenced to 96 months’ imprisonment, and ordered by the court to three years’ supervised release after he committed a violent crime that involved shooting a firearm at his domestic partner’s home.

    The sentence, imposed by Senior U.S. District Court Judge David Sam comes after Reed pleaded guilty on December 6, 2024, to being a felon in possession of a firearm and ammunition, and assault with a dangerous weapon with intent to do bodily harm while within Indian Country.

    According to court documents, and statements made at Reed’s change of plea and sentencing hearings, on May 30, 2022, Reed was involved in a domestic dispute with his partner, and after being pepper sprayed, Reed threatened to return to the victim’s home to harm her. Upon his return, Reed pointed a loaded .38 five-shot revolver at the victim’s residence and fired five rounds towards the home that housed multiple occupants as he drove past in his vehicle.  

    Acting United States Attorney Felice John Viti of the District of Utah made the announcement.

    The case was investigated by the FBI Salt Lake City Field Office’s Vernal Resident Agency.  

    Assistant U.S. Attorney Sam Pead of the U.S. Attorney’s Office for the District of Utah prosecuted the 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 gun violence and other violent crime, 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.  For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.
     

    MIL Security OSI –

  • MIL-OSI Security: South Bend Man Sentenced to 97 Months in Prison

    Source: Office of United States Attorneys

    SOUTH BEND – Jalen Pearson, 31 years old, of South Bend, Indiana, was sentenced by United States District Court Judge Damon R. Leichty after pleading guilty to distributing 5 or more grams of methamphetamine, announced Acting United States Attorney Tina L. Nommay.

    Pearson was sentenced to 97 months in prison followed by 4 years of supervised release.

    According to documents in the case, in June 2023, Pearson distributed approximately 3 pounds of a high purity of methamphetamine for nearly $7,000.

    This case was investigated by the Drug Enforcement Administration including the DEA North Central Laboratory with assistance from the Indiana State Police and the Mishawaka Police Department.  The case was prosecuted by Assistant United States Attorney Katelan McKenzie Doyle.

    This case was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI Security: Defense News: USS Minnesota (SSN 783) Advances AUKUS with Port Visit to HMAS Stirling

    Source: United States Navy

    “Every time a nuclear-powered submarine ties up in HMAS Stirling, we take a meaningful step closer to establishing Submarine Rotational Force – West and a sovereign conventionally armed, nuclear-powered attack submarine capability for Australia,” said Royal Australian Navy Rear Adm. Tom Phillips, the Australian Submarine Agency’s Head of Submarine Capability. “Each visit is unique with specific goals and objectives designed to ensure we are moving at pace to host the first rotational U.S. attack submarine in late 2027.”

    This year, USS Minnesota (SSN 783) is conducting at-sea operations as part of the Submarine Command Course, a training program for naval officers preparing to take command of a submarine. At HMAS Stirling, the U.S. Navy will have the opportunity to share and compare procedures, such as weapons handling, with their Australian counterparts.

    “U.S. Navy ships have been visiting Australia for long before I was even in the Navy. Our visit, today, is another step that continues progress towards establishing the Royal Australian Navy’s sovereign, conventionally armed, nuclear-powered submarine force,” said Cmdr. Jeffrey “J.” Cornielle, commanding officer, USS Minnesota (SSN 783). “Those of us who serve aboard these highly capable warships understand the power they bring to the fight.”

    Announced in March 2023, the AUKUS Pillar I Optimal Pathway lays out the plan for Australia to acquire a sovereign conventionally armed, nuclear-powered submarine fleet beginning in the 2030s. The Optimal Pathway involves three phases. Phase 1 establishes SRF-West in 2027, which will have up to four U.S. and one U.K. attack submarines conducting operations out of HMAS Stirling. This phase builds the infrastructure, expertise, sustainment and stewardship capability required for Australia to operate and maintain a sovereign fleet of conventionally armed, nuclear-powered submarines.

    Phase 2 delivers in the early 2030s, when Australia receives its first of three Virginia-class attack submarines purchased from the U.S. Phase 3 delivers both the U.K.’s and Australia’s enduring attack submarine capability, SSN-AUKUS, which will be built in both countries and include technologies from the three partner nations. Australia plans to deliver the first domestically built SSN-AUKUS in the early 2040s.

    “AUKUS is a foundational partnership that demonstrates the United States’ confidence in Australia and commitment to allies and partners in the Indo-Pacific region,” said Siriana Nair, the U.S. Consul General in Perth. “These port visits not only advance AUKUS but provide a great opportunity for our sailors to interact with and support the local community, reinforcing the longstanding friendship between the United States and Australia.”    

    Minnesota is the fourth U.S. submarine to execute an AUKUS-specific port visit to HMAS Stirling since the Optimal Pathway announcement. USS North Carolina (SSN 777) conducted the first visit in August 2023, USS Annapolis (SSN 760) visited in March 2024 and, most recently, USS Hawaii (SSN 776) visited HMAS Stirling in August through September 2024.

    “Each port visit provides an opportunity for our personnel to gain hands-on experience in sustaining and supporting nuclear-powered submarines,” said Phillips. “For this visit, Australian personnel will continue to develop the skills necessary to support nuclear-powered submarines and allowed us to exercise our infrastructure improvements.”

    “As the lead maintenance activity for SRF-West, we will ensure the U.S. submarines are maintained to our standards while also training our Australian counterparts in how to keep them fit to fight,” said Capt. Ryan McCrillis, PHNSY & IMF commanding officer. “Right now, we have more than 120 Australians training in Pearl Harbor, actively contributing to our national security mission as they hone their Virginia-class maintenance skills. Ensuring their success and reinforcing this crucial partnership is one of our top priorities.”

    The next port visit to HMAS Stirling, slated for later this year, will be a three-week submarine maintenance period.

    “We have fewer than 1,000 days before we want to establish SRF-W, which means every day matters to the program and every hour an SSN is at HMAS Stirling provides an opportunity to continue to support our Australian counterparts,” said Rear Adm. Lincoln Reifsteck, the U.S. AUKUS Integration and Acquisition (I&A) director. “Port visits are working periods that provide Australians with the ability to learn and gain proficiency maintaining a nuclear-powered warship – something that doesn’t happen too often. This will move Australia closer to the goal of maintaining their own sovereign nuclear-powered submarine fleet.”

    The AUKUS security agreement strengthens the allied nations’ lethality and warfighting capabilities, enhances readiness by adding capacity and resilience to the submarine industrial base, and supports a stable Indo-Pacific region by operating more high-end allied warships in the region to deter aggression and win in combat.

    The AUKUS I&A Program Office is the U.S. Navy office responsible for executing the trilateral partnership to assist Australia in acquiring conventionally armed, nuclear-powered attack submarines at the earliest possible date while setting the highest nuclear stewardship standards and continuing to maintain the highest nonproliferation standard.

    MIL Security OSI –

  • MIL-Evening Report: England subsidises drugs like Ozempic for weight loss. Could Australia follow?

    Source: The Conversation (Au and NZ) – By Jonathan Karnon, Professor of Health Economics, Flinders University

    Nomad_Soul/Shutterstock

    People with a high body weight living in England can now access subsidised weight-loss drugs to treat their obesity. This includes Wegovy (the weight-loss dose of Ozempic, or semaglutide) and Mounjaro (one of the brand names for tirzepatide).

    These drugs, known as GLP-1 agonists, can improve the health of people who are overweight or obese and are unable to lose weight and keep it off using other approaches.

    In Australia, the government subsidises the cost of semaglutide (Ozempic) for people with diabetes.

    But it is yet to subsidise semaglutide (Wegovy) on the Pharmaceutical Benefits Scheme (PBS) for weight loss.

    This is despite Australia’s regulator approving GLP-1 agonists for people with obesity, and for overweight people with at least one weight-related condition.

    This leaves Australians who use Wegovy for weight loss paying around A$450–500 out of pocket per month.

    But could Australia follow the England’s lead and list drugs such as Wegovy or Mounjaro on the PBS for weight loss? Doing so could bring the price down to $31.60 ($7.70 concession).

    Australia has already knocked back Wegovy for subsidies

    The Pharmaceutical Benefits Advisory Committee (PBAC) reviews the submissions pharmaceutical companies make for their drug therapies to be subsidised through the PBS.

    For every such recommendation, PBAC publishes a public document that summarises the evidence and the reasons for recommending that the drug should be added to the PBS – or not.

    In November 2023, PBAC reviewed Novo Nordisk’s submission. It proposed including semaglutide on the PBS for adults with an initial BMI of 40 or above and a diagnosis of at least two weight-related conditions. At least one of these related conditions needed to be obstructive sleep apnoea, osteoarthritis of the knee, or pre-diabetes.

    Sleep apnoea was one of the weight-related conditions in the original application.
    JPC-PROD/Shutterstock

    However, PBAC concluded semaglutide should not be subsidised through the PBS because it didn’t consider the drug cost-effective at the price proposed.

    PBAC referred to evidence on the long-term benefits from weight loss for people at increased risk of developing heart disease, diabetes or having a stroke. However, it didn’t factor these effects into its calculations when estimating the cost-effectiveness of semaglutide.

    The committee suggested a future submission could focus on patients with either pre-existing cardiovascular (heart) disease, type 2 diabetes, or at least two markers of “high cardiometabolic risk”. This could include hypertension (high blood pressure), high cholesterol, chronic kidney disease, fatty liver disease or pre-diabetes.

    What did England decide?

    The National Institute for Health and Care Excellence (NICE) has a similar role to the PBAC, informing decisions to subsidise medicines in England.

    As a result of NICE’s recommendation, semaglutide is subsidised in England for adults with at least one weight-related condition and BMI of 30 or above. Patients must be treated by a specialist weight-management service and prescriptions are for a maximum of two years.

    More recently, NICE approved another GLP-1 agonist, tirzepatide, for adults with at least one weight-related condition and a BMI of 35 or above.

    This approval didn’t restrict prescriptions to those treated in a specialist weight-management service. However, only 220,000 of the 3.4 million who meet the eligibility criteria will receive tirzepatide in the next three years. It is not clear how the 220,000 patients will be selected.

    The limits on tirzepatide will reduce the impact of GLP-1 agonists on the health budget. It is also intended to inform the broader roll-out to all eligible patients.

    For both semaglutide and tirzepatide, NICE noted that clinicians should consider stopping the treatment if the patient loses less than 5% of their body weight after six months of use.

    Australians who use Wegovy for weight loss or heart disease pay A$450–$500 out of pocket per month.
    antoniodiazShutterstock

    Why did they reach such different decisions?

    NICE assessed the use of GLP-1 agonists for a broader population than PBAC: people with one weight-related condition and a BMI of 30 or above.

    Another difference was that NICE’s cost-effectiveness analysis included estimates of the longer-term benefits of these drugs in reducing the risk of diabetes, cardiovascular (heart) disease, stroke, knee replacement and bariatric surgery.

    The proposed prices of the GLP-1 agonists in England and Australia are not reported. We can only observe the estimated health benefits. These are represented as the additional number of “quality-adjusted life years” (QALYs) associated with using the drugs. One QALY is the equivalent of one additional year of life in best imaginable health.

    Committees estimate the amount of additional health spending required to gain QALYs, to see if it’s worth the public investment. Looking at the committees’ estimates of weight-loss drugs (without a two-year maximum):

    • NICE reported a gain of 0.7 QALYs per patient receiving semaglutide for a target population with a BMI of 30 or more

    • PBAC reported a gain of 0.3 QALYs, but for a population with a BMI of 40 and above.

    Part of the explanation for the difference in estimated QALY gains is that PBAC did not consider the reduced risk of future weight-related conditions, only the impact on existing conditions.

    In contrast, NICE referred to substantial cost offsets due to reduced weight-related conditions, in particular because some patients would avoid developing diabetes.

    England and Australia’s estimates of the benefits of Wegovy differed.
    Matt Fowler KC/Shutterstock

    Time to rethink PBAC’s focus?

    Both NICE and PBAC are clearly concerned about the impact of GLP-1 agonists on the health budget.

    PBAC is trying to restrict access to a limited pool of people at highest risk. It is also being more conservative than NICE in estimating the expected benefits of GLP-1 agonists. This would require manufacturers to reduce their price in order for PBAC to consider these drugs cost-effective.

    Maybe this approach will work and the Australian government will pay less for these drugs the next time it considers publicly funding them.

    However, GLP-1 agonists are not on the agenda for the forthcoming PBAC meetings, so there is no timeline for when GLP-1 agonists might be funded in Australia for weight loss.



    Read more:
    People on Ozempic may have fewer heart attacks, strokes and addictions – but more nausea, vomiting and stomach pain

    Jonathan Karnon receives funding from the National Health and Medical Research Council and the Medical Research Future Fund.

    – ref. England subsidises drugs like Ozempic for weight loss. Could Australia follow? – https://theconversation.com/england-subsidises-drugs-like-ozempic-for-weight-loss-could-australia-follow-245367

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Auckland Council cracks down on unregistered dogs: infringement notices issued as last resort

    Source: Auckland Council

    Auckland Council is, for the first time, taking firm action against dog owners who have failed to register their pets, with around 5,500 infringement notices to be issued over the next few days.

    Chair of the Regulatory and Safety Committee, Councillor Josephine Bartley, emphasised dog registration is not optional.

    “This is the first time we’ve moved to last resort measures and issued infringement notices. Dog registration is a legal requirement designed to benefit both the community and pet owners,” says Councillor Bartley.

    The initiative is part of the council’s strategy to curb roaming dogs and dog attacks, by getting stricter on Aucklanders who do not register, de-sex or vaccinate their dogs, or keep them contained on their property.

    Infringement notices will be sent to owners of “sighted” dogs; dogs which were registered last financial year but not re-registered or dogs known to be still alive from either being “sighted’ by Animal Management Officers or as the result of a complaint.

    In November, Auckland Council sent out 22,929 pre-infringement reminder notices to the owners of unregistered dogs. This proactive approach resulted in a significant increase in registrations and provided the council with more accurate data on the number of dogs residing in the region, as well as increasing revenue that goes directly towards providing animal management services.

    “We appreciate those dog owners who responded to the pre-infringement notices and did the right thing by registering their dogs and paying the fee. But for those who haven’t, this is the final warning,” says Councillor Bartley.

    “Responsible dog ownership begins with dog registration. Ratepayers should not have to bear the cost of irresponsible dog owners who refuse to register their animals.

    “This enforcement action highlights Auckland Council’s commitment to reducing roaming dogs and dog attacks and ensuring dogs are registered across the region.”

    The $300 fines come after multiple attempts to contact owners and provide them with opportunities to renew their dog registrations.

    Auckland Council’s Animal Management Manager Elly Waitoa acknowledged the positive response from many dog owners following the pre-infringement notices being sent but reinforced the need for further compliance.

    “The number of unregistered dogs has now reduced which is a significant improvement,” says Ms Waitoa.

    “However, too many owners have still ignored their responsibilities. We have given them ample time and reminders, and now, as a last resort, we are issuing infringement notices. Our goal is for all dog owners to register their pets rather than face a fine.”

    Auckland Council urges all remaining unregistered dog owners to act immediately to avoid penalties. Pet registration is a legal requirement, and ongoing non-compliance will not be tolerated.

    For more information on dog registration and compliance, click here

    MIL OSI New Zealand News –