Asia Pacific – Page 1225

MIL-OSI Australia: School year starts with safer school zones across regional NSW

Source: Australian Executive Government Ministers

As the new school year gets underway, parents and students across regional NSW can feel reassured knowing that hundreds of school zones are now safer following upgrades delivered through the School Zone Infrastructure Sub Program.

Since its launch in 2020, this over $40 million investment by the Australian and NSW governments has enabled the NSW Government and local councils to implement 474 critical safety improvements on roads near schools in regional and rural areas.

These improvements have enhanced safety and accessibility in school zones, making it easier for both drivers and pedestrians to navigate these areas.

In towns and communities across regional NSW, these upgrades include:

raising pedestrian ‘wombat’ crossings and pedestrian ‘blisters’
creation of “kiss and drop” locations along with installing signage
installation of pedestrian refuges and zebra crossings
installation of new kerb ramps, pedestrian fencing and lighting
installation of traffic signals
installation and upgrades of footpaths and shared paths
signage upgrades
repainting and replenishing faded “Dragon’s Teeth” markings on roadways
guttering and pathway to provide safe access between bus stop and school.

From Bega to Broken Hill and the Richmond Valley, these road safety infrastructure projects have delivered significant improvements to local schools across regional NSW.

The School Zone Infrastructure Sub Program is part of a broader $1.18 billion investment from the Australian and NSW Governments under the Road Safety Program and has played a crucial role in enhancing safety.

These projects were designed to protect vulnerable road users, reduce road trauma and save lives, and supported more than 2,500 direct and indirect jobs, as the economy recovered from the COVID-19 pandemic.

For more information visit the Transport for NSW website here.

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

“Important investments like these will keep students and parents safe on the streets that surround NSW schools, and are part of our collective commitment to significantly reduce the number of incidents on our roads.

“I’d like to thank the NSW Government for working constructively with us on road safety projects such as these, which are critical to helping bring down the number of lives lost on NSW roads.

“These upgrades form part of the Federal Government’s commitment under the Road Safety Program to work in partnership with the states and territories to fund priority road safety works across the nation.”

Quotes attributable to NSW Minister for Regional Transport and Roads, Jenny Aitchison:

“Ensuring the safety of our students as they travel to and from school is a high priority for the NSW Government. The enhancements made through the School Zone Infrastructure Sub Program will not only protect our young road users but also provide peace of mind for parents and caregivers.

“Our collaboration with the Federal Government and local councils has been instrumental in delivering these vital safety improvements. From raising pedestrian crossings to installing new signage, every enhancement is designed to make our roads safer for everyone.

“As we welcome students back to school, let’s remember that road safety is a shared responsibility. I urge all drivers to stay vigilant in school zones, ensuring our children arrive at school safely.”

MIL OSI News –

February 13, 2025

MIL-OSI Australia: Can artificial intelligence save the Great Barrier Reef?

Source: University of South Australia

13 February 2025

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Australian researchers are designing a global real-time monitoring system to help save the world’s coral reefs from further decline, primarily due to bleaching caused by global warming.

Coral reefs worldwide are dying at an alarming rate, with 75% of reefs experiencing bleaching-level heat stress in the past two years.

The World Heritage-listed Great Barrier Reef (GBR), considered the jewel in the crown of coral reefs worldwide and one of Australia’s most significant ecological and tourism assets, has been decimated by severe bleaching events since 2016, exacerbated by ongoing crown-of-thorns starfish outbreaks and coastal development.

A collaborative project led by the University of South Australia (UniSA), with input from Queensland and Victorian researchers, is integrating remote sensing technologies with machine learning, artificial intelligence and Geographic Information Systems (GIS) to monitor and hopefully stall the damage to the world’s most fragile marine ecosystems.

A multimodal platform will distil all research data relating to coral reefs, including underwater videos and photographs, satellite images, text files and time-sensor readings, onto a central dashboard for real-time global monitoring.

UniSA data analyst and lead researcher Dr Abdullahi Chowdhury says that a single centralised model will integrate all factors affecting coral reefs and provide environmental scientists with real-time predictions.

“At the moment we have separate models that analyse substantial data on reef health – including bleaching levels, disease incidence, juvenile coral density and reef fish abundance – but these data sets are not integrated, and they exist in silos,” Dr Chowdhury says.

“Consequently, it is challenging to see the ‘big picture’ of reef health or to conduct large scale, real-time analyses.”

The researchers say an integrated system will track bleaching severity and trends over time; monitor crown-of-thorns starfish populations and predation risks; detect disease outbreaks and juvenile coral levels; and assess reef fish abundance, diversity, length, and biomass.

“By centralising all this data in real time, we can generate predictive models that will help conservation efforts, enabling earlier intervention,” according to Central Queensland University PhD candidate Musfera Jahan, a GIS data expert.

“Our coral reefs are dying very fast due to climate change – not just in Australia but across the world – so we need to take serious action pretty quickly,” Ms Jahan says.

Coral reefs are often referred to as the “rainforests of the sea”. They make up just 1% of the world’s ocean area but they host 25% of all marine life.

The technology will bring together datasets from organisations like the National Oceanic and Atmospheric Administration (NOAA), the Monterey Bay Aquarium Research Institute (MBARI), the Hawaii Undersea Research Laboratory (HURL) and Australia’s CSIRO.

“The future of coral reef conservation lies at the intersection of technology and collaboration. This research provides a roadmap for harnessing these technologies to ensure the survival of coral reefs for generations to come,” the researchers say.

The study has been published in the journal Electronics.

A video accompanying this release is available: How can we save our coral reefs from dying?

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

Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
Lead researcher: Dr Abdullahi Chowdhury E: abdullahi.chowdhury@unisa.edu.au

MIL-OSI Security: Carry the Kettle Nakoda Nation — Update on Suspicious Deaths on Carry the Kettle Nakoda Nation

Source: Royal Canadian Mounted Police

Identities of victims released

The Saskatchewan Coroner’s Service, in conjunction with the Saskatchewan RCMP and in collaboration with the families of the deceased victims, are releasing the names of the people who died as a result of the homicides on Carry the Kettle Nakoda Nation on February 4, 2025. Their identities are being released to help further the investigation.

We share our condolences with the families and community members impacted by this tragedy.

The Saskatchewan RCMP Major Crimes Family Liaison team and Victim Services continue to communicate with the victim’s families.

With this in mind and to assist ongoing reporting, families of the deceased have provided photographs of their loved ones which they have permitted us to share with news partners. They are the highest quality photographs we have available. The families have asked for privacy during this difficult time.

The deceased victims are identified as:

34-year-old Tracey Hotomani of Carry the Kettle Nakoda Nation
44-year-old Sheldon Quewezance of Zagime Anishinabek
47-year-old Shauna Fay of Indian Head
51-year-old Terry Jack of Carry the Kettle Nakoda Nation

Investigation has determined the homicide victims were injured by firearm. We are investigating the deaths as homicides. Initial investigation suggests the residence may have been targeted.

The investigation continues, which includes investigators speaking with individuals who may have relevant information to share, as well as evidence analysis. Neighbourhood canvasses have also occurred on Carry the Kettle Nakoda Nation.

At this time no arrests have been made in relation to the deaths of the four victims.

“We are actively investigating this tragedy to piece together the details of what happened – this takes time. We must be mindful that releasing more specific details could impact the overall investigation,” says Inspector Ashley St. Germaine, Senior Investigative Officer of Saskatchewan RCMP Major Crimes. “I reiterate: if you have information to share about this investigation, please speak directly with the police so it can be examined thoroughly. Rumours can spread quickly. Please remember the loss the victim’s loved ones have experienced. Misinformation can impact an investigation by rerouting investigators in false directions. Investigations must follow evidence and our investigators are trained to do just that.”

Report all tips to the RCMP by calling 911 in an emergency and 310-RCMP in non-emergencies. Information can be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

MIL Security OSI –

February 13, 2025

MIL-OSI Global: The Paris summit marks a tipping point on AI’s safety and sustainability

Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

United States Vice President JD Vance made headlines this week by refusing to sign a declaration at a global summit in Paris on artificial intelligence.

In his first appearance on the world stage, Vance made clear that the U.S. wouldn’t be playing ball. The Donald Trump administration believes that “excessive regulation of the AI sector could kill a transformative industry just as it’s taking off,” he said. “We’ll make every effort to encourage pro-growth AI policies.”

His remarks confirmed a widespread fear that Trump’s return to the White House will signal a sharp turn in tech policy. American tech companies and their billionaire owners will now be shielded from effective oversight.

But upon a closer look, events this week point to signs that just the opposite may be unfolding. A host of nations took notable steps towards address growing safety and environmental concerns about AI, indicating that a regulatory tipping point has been reached.

Prime Minister Justin Trudeau delivered the keynote address at the AI Action Summit in Paris, France.

Wide consensus

The two-day global summit in Paris, chaired by France and India, led to broad consensus. Some 60 countries signed on to a Statement on Inclusive and Sustainable AI. This included Canada, the European Commission, India and China.

Both the U.S. and the United Kingdom declined to sign on. But the prevailing winds are against them.

The meeting in Paris was the third global summit on AI, following meet-ups at Bletchley Park in the U.K. in 2023 and in Seoul, South Korea, in 2024. Each of them ended with similar declarations widely endorsed.

The Paris communiqué calls for an “inclusive approach” to AI, seeking to “narrow inequalities” in AI capabilities among countries. It encourages “avoiding market concentration” and affirms the need for openness and transparency in building and sharing technology and expertise.

The document is not binding. It does little more than tout principles, or affirm a collective sentiment among the parties. One of these — perhaps the most important — is to keep talking, meeting and working together on the common concerns that AI raises.

Environmental challenges

Meanwhile, a smaller group of countries at the Paris summit, along with 37 tech companies, agreed to form a Coalition for Sustainable AI — setting out a series of goals and deliverables.

While nothing is binding on the parties, the goals are notably specific. They include coming up with standards for measuring AI’s environmental impact and more effective ways for companies to report on the impact. Parties also aim to “optimize algorithms to reduce computational complexity and minimize data usage.”

Even if most of this turns out to be merely aspirational, it’s important that the coalition offers a platform for collaboration on these initiatives. At the very least, it signals a likelihood that sustainability will be at the forefront of debate about AI moving forward.

Signing the first international treaty on AI

A further notable event at the summit was that Canada signed the Council of Europe’s Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law. In recent months, 12 other countries had signed, including the U.S. (under former president Joe Biden), the U.K., Israel and the European Union.

The convention commits parties to pass domestic laws on AI that deal with privacy, bias and discrimination, safety, transparency and environmental sustainability.

The treaty has been criticized for containing no more than “broad affirmations” and imposing few clear obligations. But it does show that countries are committed to passing law to ensure that AI development unfolds within boundaries — and they’re eager to see more countries do the same.

If Canada were to ratify the treaty, Parliament would likely revive Bill C-27, which contained the AI and Data Act.

The act aimed to do much of what Canada agrees to do under the convention: impose greater oversight of the development and use of AI. This includes transparency and disclosure requirements on AI companies, and stiff penalties for failure to comply.

What does this really mean?

While the U.S. signed the convention on AI and human rights, democracy and rule of law in the fall of 2024, it likely won’t be implemented by a Republican Congress. The same might happen in Canada under a Conservative government led by Pierre Poilievre. He could also decide not to fulfil commitments made under other agreements about AI.

And if Poilievre comes to power by the time Canada hosts the next G7 meeting in June, he might decline to honour the Trudeau government’s commitment to make AI regulation a central focus of the meeting.

The Trump administration may have ushered in a period of more lax tech regulation in the U.S., and Silicon Valley is indeed a key player in tech — especially AI. But it’s a wide world, with many other important players in this space, including China, Europe and Canada.

The events in Paris have revealed a strong interest among nations around the globe to regulate AI, and specifically to foster ideas about inclusion and sustainability. If the Paris summit was any indication, the hope of sheltering AI from effective regulation won’t last long.

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

– ref. The Paris summit marks a tipping point on AI’s safety and sustainability – https://theconversation.com/the-paris-summit-marks-a-tipping-point-on-ais-safety-and-sustainability-249706

MIL OSI – Global Reports –

February 13, 2025

MIL-OSI New Zealand: Universities – Deep dive on deep-water reefs finds new marine species – Vic

Source: Te Herenga Waka—Victoria University of Wellington

Marine researchers from Te Herenga Waka—Victoria University of Wellington have discovered a species of sea squirt that is thought to be new to science.

The sea squirt was found off Rakiura Stewart Island while the researchers were exploring marine communities that live on the area’s deep-water reefs.

“We were off Port Pegasus at the southern end of Rakiura and we could see all these really unusual ‘egg’ shapes on the seafloor. Closer inspection revealed they were large, 30 cm tall sea squirts that we haven’t found in any other part of Aotearoa,” said Professor James Bell, a marine biologist at the university.

Marine ecologist Mike Page, an emeritus scientist from the National Institute of Water and Atmospheric Research, confirmed the sea squirt is likely to be a new species that is yet to be named.

Sea squirts, also known as ascidians, play a key role in maintaining water quality. They are filter feeders—creatures that feed on nutrients in the water column.

“Unusually, sea squirts dominated the marine communities on the deep-water reefs that we explored off Stewart Island. We typically find sponges are the dominant player on deep-water reefs in other parts of the country,” said Professor Bell.

The new species of sea squirt was found at a depth of 115 metres.

“The water off Stewart Island was really clear down at this depth. This probably reflects the fact there are no major rivers draining into the sea and there are still large areas of native forest on the island.”

Video footage of the reefs shows many different species of sea squirt, varying in colour from bright white to pinks, blues, and yellows.

The footage was taken using a remotely operated vehicle (ROV) that can film in waters of more than 100 m deep.

“Finding this sea squirt is a reminder that we still have so much to learn about the rich diversity of life in the ocean. It’s also a reminder of the need to ensure we protect our marine environment and the unique species it supports,” said Professor Bell.

The ROV used by the researchers to collect video footage was purchased with funding from the George Mason Charitable Trust.

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024.

2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):

87 consecutive quarters of profitability
Net income increased 51.2% to $8.4 million, or $0.61 per basic and diluted share, from $5.5 million, or $0.41 per basic and diluted share
Asset quality remains at historically strong levels with nonperforming loans of only $3.1 million at December 31, 2024, compared to $22.4 million at December 31, 2023
Net charge-offs to average loans were 0.00%
Allowance for credit losses was 826.70% of nonperforming loans
Tier 1 leverage ratio was 8.12%
Net interest margin increased 27 basis points to 2.84%
Efficiency ratio improved to 59.82%, compared to 69.23% for the same period a year ago

2024 Full-Year Financial Highlights Include (on a year-over-year basis unless noted):

Total loans, net were $2.56 billion at December 31, 2024, compared to $2.58 billion at December 31, 2023 and $2.54 billion at September 30, 2024
Total assets increased 2.5% to $3.36 billion
Deposits increased 3.0% to a record $2.69 billion
Stockholders’ equity increased 5.9% to $335.2 million
Net interest income after provision for credit losses increased 7.5% to $85.6 million
Return on average tangible equity was 8.91%
F&M ended 2024 with excellent liquidity levels, and over $690 million in contingent funding sources, and a cash-to-assets ratio of 5.3%, compared to 4.3% at December 31, 2023
Dividend raised 3.8% year-over-year, representing the 30^th consecutive annual increase in the Company’s regular dividend payment since 1994

Lars B. Eller, President and Chief Executive Officer, stated, “Our strong 2024 financial performance reflects solid execution of our multi-year strategic plan, as we have remained focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. Thanks to the unwavering dedication of our team and the trust of our customers, F&M’s financial and operating results strengthened throughout 2024. This performance creates a solid foundation and further solidifies F&M’s position as a leading community bank in the Ohio, Indiana and Michigan markets we serve.”

Mr. Eller continued, “Strong earnings growth in 2024 was driven by the success of ongoing strategies aimed at expanding our net interest margin, maintaining excellent asset quality, and driving efficiencies across our business. Core earnings for the 2024 fourth quarter were strong as net interest income after provision for credit losses increased 16.1% year-over-year to a quarterly record of $22.6 million, and noninterest income expanded 4.1% year-over-year to $4.0 million. We believe these trends highlight the improvements we have made to profitability, and we expect these trends to continue in the second half 2025.”

Income Statement
Net income for the 2024 fourth quarter ended December 31, 2024, was $8.4 million, compared to $5.5 million for the same period last year. Net income per basic and diluted share for the 2024 fourth quarter was $0.61, compared to $0.41 for the same period last year. Net income for the 2024 twelve months ended December 31, 2024, was $25.9 million, compared to $22.8 million for the same period last year. Net income per basic and diluted share for the 2024 twelve months was $1.90, compared to $1.67 for the same period last year.

Deposits
At December 31, 2024, total deposits were a record $2.69 billion, an increase of 3.0% from December 31, 2023. The Company’s cost of interest-bearing liabilities was 3.01% for the quarter ended December 31, 2024, compared to 3.02% for the quarter ended December 31, 2023. For the 2024 twelve months ended December 31, 2024, F&M’s cost of interest-bearing liabilities was 3.12%, compared to 2.53% in the prior year reflecting the higher rate environment and growth in interest-bearing checking and savings accounts.

Mr. Eller commented, “Throughout 2024, we pursued strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we added nearly 7,500 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended 2024 with a loan-to-deposit ratio of 94.4%, compared to 98.0% at December 31, 2023.”

Loan Portfolio and Asset Quality
“While the demand for loans is high across our markets, our approach to risk and pricing remains prudent. This strategy has contributed to historically strong asset quality over the past two quarters and is a testament to F&M’s risk, lending, and compliance capabilities and high-performing teams. We expect loan growth to increase modestly in 2025, with growth weighted in the back half of the year. In addition, 31.4% of our loan portfolio is subject to reprice in the next 12 months. We believe these favorable trends will contribute to higher net interest income in 2025,” continued Mr. Eller.

Total loans, net at December 31, 2024, decreased 0.7%, or by $19.3 million to $2.56 billion, compared to $2.58 billion at December 31, 2023. The year-over-year decline was driven primarily by lower consumer real estate, consumer, and agricultural real estate loans, partially offset primarily by higher commercial and industrial and agricultural loans. Compared to the quarter ended September 30, 2024, total loans, net at December 31, 2024 increased by 0.9% or $23.5 million.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $3.1 million, or 0.12% of total loans at December 31, 2024, compared to $22.4 million, or 0.87% of total loans at December 31, 2023, and $2.9 million, or 0.11% at September 30, 2024.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.2% of the Company’s total loan portfolio at December 31, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.2% of the Company’s total loan portfolio at December 31, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $958,100.

F&M’s CRE portfolio included the following categories at December 31, 2024:

CRE Category	Dollar Balance		Percent of CRE Portfolio⁽^*)	Percent of Total Loan Portfolio⁽^*)

Industrial	$	269,315	20.6%	10.5%
Multi-family		233,868	17.8%	9.1%
Retail		219,395	16.7%	8.6%
Hotels		141,514	10.8%	5.5%
Office		134,139	10.2%	5.2%
Gas Stations		70,767	5.4%	2.8%
Food Service		49,246	3.8%	1.9%
Senior Living		31,799	2.4%	1.3%
Development		29,491	2.3%	1.2%
Auto Dealers		28,081	2.1%	1.1%
Other		103,196	7.9%	4.0%
Total CRE	$	1,310,811	100.0%	51.2%

* Numbers have been rounded

At December 31, 2024, the Company’s allowance for credit losses to nonperforming loans was 826.70%, compared to 111.95% at December 31, 2023. The allowance to total loans was 1.07% at December 31, 2024, compared to 1.06% at December 31, 2023. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at December 31, 2024, compared to 1.13% at December 31, 2023.

Mr. Eller concluded, “Throughout the new year, we will leverage F&M’s strong banking platform, while continuing to make strategic investments that expanded our operations, capabilities, and services. We believe this will expand operating efficiencies and produce better outcomes for our customers. I am proud of our strong performance in 2024, and expect 2025 to be another good year for F&M.”

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 5.9% to $335.2 million, or $24.47 per share at December 31, 2024, from $316.5 million, or $23.17 per share at December 31, 2023. The Company’s Tier 1 leverage ratio of 8.12%, remained stable compared to December 31, 2023.

Tangible stockholders’ equity increased to $270.0 million at December 31, 2024, compared to $254.2 million at December 31, 2023. On a per share basis, tangible stockholders’ equity at December 31, 2024, was $17.74 per share, compared to $16.29 per share at December 31, 2023.

For the twelve months ended December 31, 2024, the Company declared cash dividends of $0.8825 per share, representing a 3.8% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the twelve months ended December 31, 2024, the dividend payout ratio was 46.07% compared to 50.65% for the same period last year.

About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe Harbor Statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended															Twelve Months Ended
	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			December 31, 2024			December 31, 2023
Interest Income
Loans, including fees	$	36,663		$	36,873		$	36,593		$	35,200		$	34,493		$	145,329		$	129,344
Debt securities:
U.S. Treasury and government agencies	1,882			1,467			1,148			1,045			987			5,542			4,090
Municipalities	384			387			389			394			397			1,554			1,598
Dividends	367			334			327			333			365			1,361			882
Federal funds sold	24			7			7			7			8			45			44
Other	2,531			2,833			2,702			1,675			2,020			9,741			3,850
Total interest income	41,851			41,901			41,166			38,654			38,270			163,572			139,808
Interest Expense
Deposits	15,749			16,947			16,488			15,279			15,015			64,463			46,923
Federal funds purchased and securities sold under agreements to repurchase	274			277			276			284			293			1,111			1,474
Borrowed funds	2,713			2,804			2,742			2,689			2,742			10,948			8,876
Subordinated notes	285			284			285			284			285			1,138			1,138
Total interest expense	19,021			20,312			19,791			18,536			18,335			77,660			58,411
Net Interest Income – Before Provision for Credit Losses	22,830			21,589			21,375			20,118			19,935			85,912			81,397
Provision for (Recovery of) Credit Losses – Loans	346			282			605			(289		)	278			944			1,698
Provision for (Recovery of) Credit Losses – Off Balance Sheet Credit Exposures	(120		)	(267		)	(18		)	(266		)	189			(671		)	46
Net Interest Income After Provision for Credit Losses	22,604			21,574			20,788			20,673			19,468			85,639			79,653
Noninterest Income
Customer service fees	237			300			189			598			415			1,324			1,332
Other service charges and fees	1,176			1,155			1,085			1,057			1,090			4,473			4,343
Interchange income	1,322			1,315			1,330			1,429			1,310			5,396			5,318
Loan servicing income	771			710			513			539			666			2,533			4,405
Net gain on sale of loans	223			215			314			107			230			859			699
Increase in cash surrender value of bank owned life insurance	248			265			236			216			216			965			834
Net gain (loss) on sale of other assets owned	22			–			49			–			(86		)	71			(135		)
Net loss on sale of available-for-sale securities	–			–			–			–			–			–			(891		)
Total noninterest income	3,999			3,960			3,716			3,946			3,841			15,621			15,905
Noninterest Expense
Salaries and wages	7,020			7,713			7,589			7,846			6,981			30,168			26,915
Employee benefits	2,148			2,112			2,112			2,171			1,218			8,543			7,520
Net occupancy expense	1,072			1,054			999			1,027			1,187			4,152			3,833
Furniture and equipment	1,032			1,472			1,407			1,353			1,370			5,264			5,022
Data processing	160			339			448			500			785			1,447			3,147
Franchise taxes	312			410			265			555			308			1,542			1,487
ATM expense	328			472			397			473			665			1,670			2,611
Advertising	498			597			519			530			397			2,144			2,606
FDIC assessment	505			516			507			580			594			2,108			1,982
Servicing rights amortization – net	244			219			187			168			182			818			611
Loan expense	236			244			251			229			246			960			1,055
Consulting fees	242			251			198			186			192			877			832
Professional fees	368			453			527			445			331			1,793			1,430
Intangible asset amortization	446			445			444			445			446			1,780			1,780
Other general and administrative	1,465			1,128			1,495			1,333			1,532			5,421			6,373
Total noninterest expense	16,076			17,425			17,345			17,841			16,434			68,687			67,204
Income Before Income Taxes	10,527			8,109			7,159			6,778			6,875			32,573			28,354
Income Taxes	2,146			1,593			1,477			1,419			1,332			6,635			5,567
Net Income	8,381			6,516			5,682			5,359			5,543			25,938			22,787
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities	(7,403		)	11,664			2,531			(1,995		)	13,261			4,797			10,781
Reclassification adjustment for realized loss on sale of available-for-sale securities	–			–			–			–			–			–			891
Net unrealized gain (loss) on available-for-sale securities	(7,403		)	11,664			2,531			(1,995		)	13,261			4,797			11,672
Tax expense (benefit)	(1,554		)	2,449			531			(418		)	2,784			1,008			2,451
Other comprehensive income (loss)	(5,849		)	9,215			2,000			(1,577		)	10,477			3,789			9,221
Comprehensive Income	$	2,532		$	15,731		$	7,682		$	3,782		$	16,020		$	29,727		$	32,008
Basic Earnings Per Share	$	0.61		$	0.48		$	0.42		$	0.39		$	0.41		$	1.90		$	1.67
Diluted Earnings Per Share	$	0.61		$	0.48		$	0.42		$	0.39		$	0.41		$	1.90		$	1.67
Dividends Declared	$	0.22125		$	0.22125		$	0.22		$	0.22		$	0.22		$	0.88250		$	0.85

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except per share data)

	December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
				(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	174,855		$	244,572		$	191,785		$	186,541		$	140,917
Federal funds sold	1,496			932			1,283			1,241			1,284
Total cash and cash equivalents	176,351			245,504			193,068			187,782			142,201

Interest-bearing time deposits	2,482			2,727			3,221			2,735			2,740
Securities – available-for-sale	426,556			404,881			365,209			347,516			358,478
Other securities, at cost	14,400			15,028			14,721			14,744			17,138
Loans held for sale	2,996			1,706			1,628			2,410			1,576
Loans, net of allowance for credit losses of $25,826 12/31/24 and $25,024 12/31/23	2,536,043			2,512,852			2,534,468			2,516,687			2,556,167
Premises and equipment	33,828			33,779			34,507			35,007			35,790
Construction in progress	–			35			38			9			8
Goodwill	86,358			86,358			86,358			86,358			86,358
Loan servicing rights	5,656			5,644			5,504			5,555			5,648
Bank owned life insurance	34,872			34,624			34,359			34,123			33,907
Other assets	45,181			46,047			49,552			54,628			43,218
Total Assets	$	3,364,723		$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229

Liabilities and Stockholders’ Equity
Liabilities
Deposits
Noninterest-bearing	$	516,904		$	481,444		$	479,069		$	510,731		$	528,465
Interest-bearing
NOW accounts	850,462			865,617			821,145			829,236			816,790
Savings	671,818			661,565			673,284			635,430			599,191
Time	647,581			676,187			667,592			645,985			663,017
Total deposits	2,686,765			2,684,813			2,641,090			2,621,382			2,607,463

Federal funds purchased and securities
sold under agreements to repurchase	27,218			27,292			27,218			28,218			28,218
Federal Home Loan Bank (FHLB) advances	246,056			263,081			266,102			256,628			265,750
Subordinated notes, net of unamortized issuance costs	34,818			34,789			34,759			34,731			34,702
Dividend payable	2,996			2,998			2,975			2,975			2,974
Accrued expenses and other liabilities	31,659			40,832			27,825			25,930			27,579
Total liabilities	3,029,512			3,053,805			2,999,969			2,969,864			2,966,686

Commitments and Contingencies

Stockholders’ Equity
Common stock – No par value 20,000,000 shares authorized; issued
14,564,425 shares 12/31/24 and 12/31/23; outstanding 13,699,536	135,565			135,193			135,829			135,482			135,515
shares 12/31/24 and 13,664,641 shares 12/31/23
Treasury stock – 864,889 shares 12/31/24 and 899,784 shares 12/31/23	(10,985		)	(10,904		)	(11,006		)	(10,851		)	(11,040		)
Retained earnings	235,854			230,465			226,430			223,648			221,080
Accumulated other comprehensive loss	(25,223		)	(19,374		)	(28,589		)	(30,589		)	(29,012		)
Total stockholders’ equity	335,211			335,380			322,664			317,690			316,543

Total Liabilities and Stockholders’ Equity	$	3,364,723		$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA

	For the Three Months Ended										For the Twelve Months Ended
Selected financial data	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023
Return on average assets		0.99%		0.78%		0.69%		0.66%		0.67%		0.78%		0.71%
Return on average equity		10.00%		7.93%		7.13%		6.76%		7.27%		7.98%		7.46%
Yield on earning assets		5.20%		5.27%		5.22%		5.00%		4.93%		5.17%		4.67%
Cost of interest bearing liabilities		3.01%		3.21%		3.18%		3.06%		3.02%		3.12%		2.53%
Net interest spread		2.19%		2.06%		2.04%		1.94%		1.91%		2.05%		2.14%
Net interest margin		2.84%		2.71%		2.71%		2.60%		2.57%		2.72%		2.72%
Efficiency		59.82%		67.98%		69.03%		74.08%		69.23%		67.54%		68.48%
Dividend payout ratio		35.75%		45.99%		52.35%		55.52%		54.23%		46.07%		50.65%
Tangible book value per share	$	17.74	$	17.72	$	16.79	$	16.39	$	16.29
Tier 1 leverage ratio		8.12%		8.04%		8.02%		8.40%		8.20%
Average shares outstanding		13,699,869		13,687,119		13,681,501		13,671,166		13,665,773		13,679,955		13,641,336

Loans	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
(Dollar amounts in thousands)
Commercial real estate	$	1,310,811	$	1,301,160	$	1,303,598	$	1,304,400	$	1,337,766
Agricultural real estate		216,401		220,328		222,558		227,455		223,791
Consumer real estate		520,114		524,055		525,902		525,178		521,895
Commercial and industrial		275,152		260,732		268,426		256,051		254,935
Agricultural		152,080		137,252		142,909		127,670		132,560
Consumer		63,009		67,394		70,918		74,819		79,591
Other		24,978		25,916		26,449		26,776		30,136
Less: Net deferred loan fees, costs and other ⁽¹⁾		(676)		1,499		(1,022)		(982)		517
Total loans, net	$	2,561,869	$	2,538,336	$	2,559,738	$	2,541,367	$	2,581,191


Asset quality data	December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023
(Dollar amounts in thousands)
Nonaccrual loans	$	3,124	$	2,898	$	2,487	$	19,391	$	22,353
90 day past due and accruing	$	–	$	–	$	–	$	–	$	–
Nonperforming loans	$	3,124	$	2,898	$	2,487	$	19,391	$	22,353
Other real estate owned	$	–	$	–	$	–	$	–	$	–
Nonperforming assets	$	3,124	$	2,898	$	2,487	$	19,391	$	22,353


Allowance for credit losses	$	25,826	$	25,484	$	25,270	$	24,680	$	25,024
Allowance for unfunded		1,541		1,661		1,928		1,946		2,212
Total allowance for credit losses	$	27,367	$	27,145	$	27,198	$	26,626	$	27,236
Total allowance for credit losses/total loans		1.07%		1.07%		1.06%		1.05%		1.06%
Adjusted credit losses with accretable yield/total loans		1.08%		1.10%		1.10%		1.11%		1.13%
Net charge-offs:
Quarter-to-date	$	4	$	68	$	15	$	55	$	531
Year-to-date	$	142	$	138	$	70	$	55	$	551
Net charge-offs to average loans
Quarter-to-date		0.00%		0.00%		0.00%		0.00%		0.02%
Year-to-date		0.01%		0.01%		0.00%		0.00%		0.02%
Nonperforming loans/total loans		0.12%		0.11%		0.10%		0.76%		0.87%
Allowance for credit losses/nonperforming loans		826.70%		879.37%		1016.08%		127.28%		111.95%
NPA coverage ratio		826.70%		879.37%		1016.08%		127.28%		111.95%

⁽¹⁾ Includes carrying value adjustments of $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)

	For the Three Months Ended						For the Three Months Ended
	December 31, 2024						December 31, 2023
Interest Earning Assets:	Average Balance		Interest/ Dividends		Annualized Yield/Rate		Average Balance		Interest/ Dividends		Annualized Yield/Rate
Loans	$	2,543,628	$	36,663	5.77	%	$	2,553,023	$	34,493	5.41	%
Taxable investment securities	450,648		2,554		2.27	%	386,931		1,660		1.72	%
Tax-exempt investment securities	18,571		79		2.15	%	24,145		89		1.87	%
Fed funds sold & other	209,307		2,555		4.88	%	142,642		2,028		5.69	%
Total Interest Earning Assets	3,222,154		$	41,851	5.20	%	3,106,741		$	38,270	4.93	%

Nonearning Assets	174,172						189,202

Total Assets	$	3,396,326					$	3,295,943

Interest Bearing Liabilities:
Savings deposits	$	1,548,638	$	9,459	2.44	%	$	1,392,304	$	8,570	2.46	%
Other time deposits	666,896		6,290		3.77	%	701,347		6,445		3.68	%
Other borrowed money	255,490		2,713		4.25	%	265,948		2,742		4.12	%
Fed funds purchased & securities
sold under agreement to repurchase	27,341		274		4.01	%	28,739		293		4.08	%
Subordinated notes	34,799		285		3.28	%	34,683		285		3.29	%
Total Interest Bearing Liabilities	$	2,533,164	$	19,021	3.01	%	$	2,423,021	$	18,335	3.02	%

Noninterest Bearing Liabilities	527,751						567,813

Stockholders’ Equity	$	335,411					$	305,109

Net Interest Income and Interest Rate Spread			$	22,830	2.19	%			$	19,935	1.91	%

Net Interest Margin					2.84	%					2.57	%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts


	For the Twelve Months Ended						For the Twelve Months Ended
	December 31, 2024						December 31, 2023
Interest Earning Assets:	Average Balance		Interest/ Dividends		Annualized Yield/Rate		Average Balance		Interest/ Dividends		Annualized Yield/Rate
Loans	$	2,557,213	$	145,329	5.68	%	$	2,491,502	$	129,344	5.19	%
Taxable investment securities	410,764		8,129		1.98	%	394,424		6,204		1.57	%
Tax-exempt investment securities	20,154		328		2.06	%	24,686		366		1.88	%
Fed funds sold & other	176,307		9,786		5.55	%	85,018		3,894		4.58	%
Total Interest Earning Assets	3,164,438		$	163,572	5.17	%	2,995,630		$	139,808	4.67	%

Nonearning Assets	164,464						197,726

Total Assets	$	3,328,902					$	3,193,356

Interest Bearing Liabilities:
Savings deposits	$	1,502,365	$	39,750	2.65	%	$	1,376,318	$	27,424	1.99	%
Other time deposits	663,320		24,713		3.73	%	640,390		19,499		3.04	%
Other borrowed money	262,094		10,948		4.18	%	220,175		8,876		4.03	%
Fed funds purchased & securities
sold under agreement to repurchase	27,750		1,111		4.00	%	35,421		1,474		4.16	%
Subordinated notes	34,755		1,138		3.27	%	34,640		1,138		3.29	%
Total Interest Bearing Liabilities	$	2,490,284	$	77,660	3.12	%	$	2,306,944	$	58,411	2.53	%

Noninterest Bearing Liabilities	513,588						580,931

Stockholders’ Equity	$	325,030					$	305,481

Net Interest Income and Interest Rate Spread			$	85,912	2.05	%			$	81,397	2.14	%

Net Interest Margin					2.72	%					2.72	%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)

	For the Three Months Ended December 31, 2024													For the Three Months Ended December 31, 2023
	As Reported				Excluding Acc/Amort				Difference					As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$			Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	36,663	5.77	%	$	36,039	5.67	%	$	624		0.10	%	$	34,493	5.41	%	$	33,769	5.29	%	$	724		0.12	%
Taxable investment securities	2,554		2.27	%	2,554		2.27	%	–			0.00	%	1,660		1.72	%	1,660		1.72	%	–			0.00	%
Tax-exempt investment securities	79		2.15	%	79		2.15	%	–			0.00	%	89		1.87	%	89		1.87	%	–			0.00	%
Fed funds sold & other	2,555		4.88	%	2,555		4.88	%	–			0.00	%	2,028		5.69	%	2,028		5.69	%	–			0.00	%
Total Interest Earning Assets	41,851		5.20	%	41,227		5.12	%	624			0.08	%	38,270		4.93	%	37,546		4.84	%	724			0.09	%

Interest Bearing Liabilities:
Savings deposits	$	9,459	2.44	%	$	9,459	2.44	%	$ –			0.00	%	$	8,570	2.46	%	$	8,570	2.46	%	$ –			0.00	%
Other time deposits	6,290		3.77	%	6,290		3.77	%	–			0.00	%	6,445		3.68	%	6,381		3.64	%	64			0.04	%
Other borrowed money	2,713		4.25	%	2,710		4.24	%	3			0.01	%	2,742		4.12	%	2,760		4.15	%	(18		)	-0.03	%
Federal funds purchased and
securities sold under agreement to
repurchase	274		4.01	%	274		4.01	%	–			0.00	%	293		4.08	%	293		4.08	%	–			0.00	%
Subordinated notes	285		3.28	%	285		3.28	%	–			0.00	%	285		3.29	%	285		3.29	%	–			0.00	%
Total Interest Bearing Liabilities	19,021		3.01	%	19,018		3.00	%	3			0.01	%	18,335		3.02	%	18,289		3.02	%	46			0.00	%

Interest/Dividend income/yield	41,851		5.20	%	41,227		5.12	%	624			0.08	%	38,270		4.93	%	37,546		4.84	%	724			0.09	%
Interest Expense / yield	19,021		3.01	%	19,018		3.00	%	3			0.01	%	18,335		3.02	%	18,289		3.02	%	46			0.00	%
Net Interest Spread	22,830		2.19	%	22,209		2.12	%	621			0.07	%	19,935		1.91	%	19,257		1.82	%	678			0.09	%
Net Interest Margin			2.84	%			2.76	%				0.08	%			2.57	%			2.48	%				0.09	%

	For the Twelve Months Ended December 31, 2024													For the Twelve Months Ended December 31, 2023
	As Reported				Excluding Acc/Amort				Difference					As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$			Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	145,329	5.68	%	$	142,627	5.58	%	$	2,702		0.10	%	$	129,344	5.19	%	$	126,133	5.06	%	$	3,211		0.13	%
Taxable investment securities	8,129		1.98	%	8,129		1.98	%	–			0.00	%	6,204		1.57	%	6,204		1.57	%	–			0.00	%
Tax-exempt investment securities	328		2.06	%	328		2.06	%	–			0.00	%	366		1.88	%	366		1.88	%	–			0.00	%
Fed funds sold & other	9,786		5.55	%	9,786		5.55	%	–			0.00	%	3,894		4.58	%	3,894		4.58	%	–			0.00	%
Total Interest Earning Assets	163,572		5.17	%	160,870		5.09	%	2,702			0.08	%	139,808		4.67	%	136,597		4.57	%	3,211			0.10	%

Interest Bearing Liabilities:
Savings deposits	$	39,750	2.65	%	$	39,750	2.65	%	$ –			0.00	%	$	27,424	1.99	%	$	27,424	1.99	%	$ –			0.00	%
Other time deposits	24,713		3.73	%	24,713		3.73	%	–			0.00	%	19,499		3.04	%	19,839		3.10	%	(340		)	-0.06	%
Other borrowed money	10,948		4.18	%	10,964		4.18	%	(16		)	0.00	%	8,876		4.03	%	8,947		4.06	%	(71		)	-0.03	%
Federal funds purchased and
securities sold under agreement to
repurchase	1,111		4.00	%	1,111		4.00	%	–			0.00	%	1,474		4.16	%	1,474		4.16	%	–			0.00	%
Subordinated notes	1,138		3.27	%	1,138		3.27	%	–			0.00	%	1,138		3.29	%	1,138		3.29	%	–			0.00	%
Total Interest Bearing Liabilities	77,660		3.12	%	77,676		3.12	%	(16		)	0.00	%	58,411		2.53	%	58,822		2.55	%	(411		)	-0.02	%

Interest/Dividend income/yield	163,572		5.17	%	160,870		5.09	%	2,702			0.08	%	139,808		4.67	%	136,597		4.57	%	3,211			0.10	%
Interest Expense / yield	77,660		3.12	%	77,676		3.12	%	(16		)	0.00	%	58,411		2.53	%	58,822		2.55	%	(411		)	-0.02	%
Net Interest Spread	85,912		2.05	%	83,194		1.97	%	2,718			0.08	%	81,397		2.14	%	77,775		2.02	%	3,622			0.12	%
Net Interest Margin			2.72	%			2.63	%				0.09	%			2.72	%			2.60	%				0.12	%

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

The MIL Network –

February 13, 2025

MIL-OSI Submissions: Japan’s Expertise in International Assistance: Leveraging Experiences Gained in Southeast Asia to Aid Ukraine -The Shared Future of Asia and Japan

Source: Japan Connect

Diplomacy / InternationalAsia & Pacific

In 2022, Russia invaded Ukraine. The Russian military has continuously been launching missiles and artillery attacks on civilian facilities, causing great damage to the lives of the Ukrainian people. Japan is offering various assistance through public and private endeavors to rebuild lives, drawing on experiences gained through providing aid to countries in Southeast Asia.

One such example is a water supply aid project. As part of the government’s gratuitous recovery assistance, Japan is sending mobile water purification systems and ready-to-assemble water supply tanks to Ukraine’s cities where water supply networks were destroyed.

As part of this initiative, Nihon Genryo Co., Ltd., a manufacturer of water treatment systems headquartered in Kawasaki, Kanagawa Prefecture, delivered four Mobile Siphon Tanks, a mobile water purification system, to Ukraine’s capital Kyiv and the southern port city Odesa. The system, developed by Nihon Genryo, does not require filter replacements, which were necessary in previous water purification systems. The company also invited water supply technicians in Kyiv to Japan and conducted training on water purification technology.

Nihon Genryo has been deeply involved in Southeast Asia. In 1982, it delivered fully automatic dust scrapers to the Bangkhen Water Treatment Plant in Bangkok, Thailand, to help remove impurities and provide safe, treated water. It also delivered Mobile Siphon Tanks to cities in Laos and Vietnam as part of Japan’s Official Development Assistance (ODA) and is training local staff on how to use them. In Laos, the company carried out emergency water supply operations during flood disasters in 2013 and 2020. In the Philippines, it provided drinking water to regions without access to a water supply by using river water. It also carried out emergency water supply operations at the request of the Japanese government in the wake of disasters such as Super Typhoon Haiyan in 2013 and Super Typhoon Rai in 2021. In this way, the company gained extensive experience assisting the lives and lifestyles of people in Southeast Asia, which is now being leveraged to help Ukraine, halfway across the globe in Europe.

In addition to water supply assistance, Japan also has international experience in providing aid to people with disabilities. Since Russia’s invasion, over 300,000 Ukrainian troops and civilians have become disabled as a result of injuries. However, medical equipment is growing outdated due to a shortage of funds, and providing assistance is an urgent matter. Japan provided rehabilitation equipment and welfare vehicles to 11 facilities in Kyiv Oblast through the Japan International Cooperation Agency (JICA). In December 2024, a commemorative ceremony was held in Kyiv. Ruslan Kravchenko, the governor of Kyiv Oblast, expressed his gratitude, saying, “We thank the Japanese government and its people for their extensive support. This will allow us to greatly improve the conditions for people with disabilities.”

Japan has also been committed to providing aid to people with disabilities in Southeast Asia. Gratuitous financial assistance was offered to Indonesia, for example, by providing mobile rehabilitation equipment in 1989 and taking part in a project to construct a vocational rehabilitation center for people with disabilities in 1995. In addition to dispatching Japanese specialists and Japan Overseas Cooperation Volunteers (JOCVs) to countries like Thailand and the Philippines, Japan also invites trainees from various countries to Japan through JICA initiatives to help raise rehabilitation standards for people with disabilities.

Removing landmines is another urgent issue that must be addressed in Ukraine. It is believed that the Russian military may have planted mines in an area of up to 150,000 square kilometers, which amounts to over a fourth of the country’s land. The Japanese government has been engaged in mine clearance efforts in Cambodia for many years. Drawing on this experience, it is offering comprehensive support to Ukraine by providing resources developed by Japanese companies, such as mine detectors, mine removers and systems using artificial intelligence (AI) to identify areas where mines have been planted, in addition to training on how to prevent injuries and offering aid to victims.

Japan is also working on assisting Ukrainian soldiers and civilians who survived mines but lost their limbs.

Instalimb, Inc. is a startup company headquartered in Tokyo that utilizes digital technology to create prosthetic legs. The company uses a special scanner to capture the shape of a patient’s leg and creates a 3D-printed prosthetic based on data designed by a prosthetist using software.

The CEO of the company, Yutaka Tokushima, said in an interview with the Japanese broadcasting network TBS Television, “One (of the merits) is that we can create prosthetics very quickly. Where it usually takes a month, we can do it in a day (at the quickest) and significantly lower the cost. Another merit is that one professional prosthetist can make many prosthetics.”

Prosthetic legs cost around 400,000 yen in Japan, but Tokushima says the company can reduce it to one-tenth of that amount.

Instalimb has its roots in the Philippines. After working at a computer-related company and as a designer of industrial products, Tokushima joined the JOCV program under JICA and was posted to the Philippines in 2012.

Later, with support from JICA and the Philippine government, he established a laboratory equipped with a 3D printer and laser cutter for industrial development. After he learned that many people in the Philippines needed prosthetic legs as a result of diabetes, he took on the challenge of developing high-performance yet affordable prosthetics. Over the course of four years, he developed a technology that specialized in creating prosthetic legs using 3D printing. These prosthetics are now available to people in the Philippines who cannot afford conventional ones.

As he works on creating prosthetics in Ukraine, Tokushima says, “Many people want to recover and rebuild their lives, but they can’t work because they don’t have access to prosthetic legs. So I want to give them hope, first and foremost. Our current mission is to provide prosthetics to each and every person who needs them as we aim for the ultimate goal of helping all the people of Ukraine regain their bright future.” A Japanese company, born in the Philippines, is now striving to help the wounded people of Ukraine.

Japan is offering aid to Ukraine in a diverse range of fields including infrastructure, education, agriculture, economy, machinery and culture—and much of this expertise comes from the experience Japan gained in Southeast Asia.

By Akio Yaita
Journalist. Graduated from the Faculty of Letters at Keio University. After completing his doctorate at the Chinese Academy of Social Sciences, he worked as a correspondent for the Sankei Shimbun in Beijing and as Taipei bureau chief. Author or co-author of many books.

*The stories and materials above are provided by JIJI.com or AFPBBNews. Feel free to feature these stories in your own media.

About “Japan Connect”
Bringing you the latest stories about Japan.
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MIL OSI – Submitted News –

February 13, 2025

MIL-OSI USA: Cortez Masto, Crapo Introduce Legislation to Ensure the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Receive the $5 Million They’re Owed

US Senate News:

Source: United States Senator for Nevada Cortez Masto
Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Mike Crapo (R-Idaho) reintroduced the Shoshone-Paiute Tribes of the Duck Valley Reservation Water Rights Settlement Act. This legislation will allow the Tribes to finally collect over $5 million in interest they are owed for their 2009 water rights settlement. Senators Jacky Rosen (D-Nev.) and Jim Risch (R-Idaho) are cosponsors of this legislation.
“It is absurd that the Shoshone-Paiute Tribes of the Duck Valley Reservation have had to go nearly two decades without millions of dollars in interest they are owed,” said Senator Cortez Masto. “My commonsense, bipartisan legislation fixes this years-old oversight and secures funding that these Tribes deserve.”
“This much-needed fix takes the next step in upholding the federal government’s full interest terms of the 2009 settlement with the Duck Valley reservation,” said Senator Crapo. “The Senate unanimously advanced the measure in the last Congress and must do so again expeditiously. The House should follow suit so we can correct this error as soon as possible.”
“The Shoshone-Paiute Tribes of the Duck Valley Reservation deserve the millions of dollars in interest they are owed,” said Senator Rosen. “I’m proud to help introduce this bipartisan legislation to ensure they finally receive this payment after a nearly twenty year delay.”
“The Shoshone-Paiute Tribes’ water rights settlement mistakenly excluded interest payments, unjustly cutting these communities short,” said Senator Risch. “I’m proud to join my colleagues in introducing legislation to correct this error and provide the Tribes the proper interest they are owed.”
Senator Cortez Masto has long been a champion for Tribal communities. Last year, the Senate passed both her legislation to make it easier for Indian Health Services to recruit and retain doctors and her legislation to strengthen Tribal public safety. She repeatedly called on the Biden administration to do more to address the epidemic of violence against Native women and girls, including securing federal funding to protect Native communities, urging the administration to draft a plan to address this issue, and requesting the Government Accountability Office (GAO) investigate the federal response to this crisis.

MIL OSI USA News –

February 13, 2025

MIL-OSI USA: Schatz Introduces Bipartisan Legislation To Protect Post Offices in Hawai’i and Across the Country, Help Ensure Regular Delivery of Mail to Residents

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

WASHINGTON — At a time when the United States Postal Service (USPS) is under strain due to a lack of carriers and supply shortages, communities across the country have reported struggles in conveying needs to the USPS and have experienced sudden and surprising post office closures. U.S. Senators Brian Schatz (D-Hawai‘i) and Mike Crapo (R-Idaho) introduced legislation to improve access to local USPS post offices. The Mandating Advisable and Informed Locations and Solutions (MAILS) Act would require more community input before relocating a post office as well as encourage recommendations from municipalities to request additional post offices.

“In Hawai‘i, where many people live in rural or remote areas, the Postal Service is a lifeline for everything from essential goods to staying connected with loved ones,” said Senator Schatz. “Our bill ensures that people in Hawai‘i and across the country have a voice in decisions about keeping post offices in their communities.”

Schatz has led efforts in Congress to fully fund and protect post offices in Hawai‘i. In 2020, he included a provision in a government spending bill to ensure post offices across Hawai‘i were funded and remained open for residents.

The full text of the bill is available here.

MIL OSI USA News –

February 13, 2025

MIL-OSI New Zealand: $14 million boost for sports facilities across Tāmaki Makaurau from Auckland Council

Source: Auckland Council

A top-of-the-line climbing structure for Auckland tamariki and rangatahi to use and enjoy is one step closer thanks to Auckland Council’s Sport and Recreation Facilities Investment Fund.

Six sports organisations across Tāmaki Makaurau will receive a slice of more than $14.3 million from the council to help develop their facilities to meet the sport and recreation needs of Aucklanders now and in the future.

Councillor Angela Dalton, chair of the Community Committee, says she’s pleased the council is able to help sports organisations build for the future.

“Auckland Council has allocated substantial funding to a variety of sporting organisations across the region, so they can grow and enhance their facilities.

“Having quality, fit for purpose facilities will ultimately allow Aucklanders from all walks of life to participate in sport and recreation, stay active and connect.

“Non-council owned facilities are crucial to the Tāmaki Makaurau sport and recreation facility network as they meet the region’s evolving demands for sporting opportunities.”

Waka Pacific Trust was allocated $250,000 for shading and lighting of the climbing frame to be built at Vector Wero Whitewater Park in Manukau. The galvanised steel structure will rise 16 metres, comprise 78 climbing elements ranging in difficulty levels. It will host up to 100 participants at once, offering a fun and active challenge. The Trust’s school programme which supported 90,000 children free of charge in 2024 – 80 per cent from low-decile schools – aims to provide free access to 15,000 local children in Wero Climb’s first year, with 9,000 already registered to have a go.

The council has previously contributed $250,000 to this $3.1 million project through the same fund.

The other organisations allocated funding include Auckland Hockey Association, Highbrook Regional Watersports Centre Trust, Ngāti Whātua Ōrakei Whai Maia, Pakuranga United Rugby Club (to expand their community sports centre), Waka Pacific Trust and West Auckland Riding for the Disabled.

“It’s fantastic to have these investment decisions made by our elected members,” says Kenneth Aiolupotea, General Manager Community Wellbeing.

“The next step involves our team working closely with successful grant applicants to build their sports and recreational infrastructure that will benefit our communities across Tāmaki Makaurau. This is very exciting.”

How funding is allocated

Six organisations were invited to submit updated information regarding their on-going projects. These projects were identified based on their alignment to the priority criteria for the fund and progress through the project lifecycle.

Auckland Council staff and an independent review panel considered the submissions and assessed the capability of the organisations, achievability of the project, current project status, and funding status.

All six of the targeted process projects were recommended to receive grants for a total of $14,348,920. The funding was approved by the council’s Community Committee on 11 February 2025.

More information on the council’s grants programme that supports Aucklanders’ aspirations for a great city, including the Sport and Recreation Facilities Investment Fund can be found on the Auckland Council website.

Next funding round

Applications for the Sport and Recreational Facilities Investment Fund, contestable process opens on 18 February 2025 and closes on 18 March 2025.

Sport and Recreation Facilities Investment Fund, targeted process 2025/2026
Recipient	Project title	Funding up to:
Auckland Hockey Association Incorporated	Lloyd Elsmore Park Hockey Stadium – Turf 2 renewal and LED Flood-light upgrade	$215,000
Highbrook Regional Watersport Centre Trust	Highbrook Watersports Centre Clubhouse building	$2,200,000
Ngāti Whātua Ōrakei Whai Maia Limited acting on behalf of Whai Maia Charitable Trust 1	Ngāti Whātua Ōrakei Sports, Recreation and Hauora Centre	$5,000,000
Pakuranga United Rugby Club Incorporated	Howick Pakuranga Community Sports Centre Facility Expansion	$5,571,061
Waka Pacific Trust	Wero Climb	$250,000
West Auckland Riding for the Disabled Association Incorporated	Covered Riding Facility	$512,859
Total		$14,348, 920

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI New Zealand: Finance – Mortgage advisers alarmed at ComCom proposal that will be “shocking for consumers”

Source: Finance and Mortgage Advisers Association of New Zealand (FAMNZ)

The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) has revealed recommendations by the Commerce Commission to supposedly “promote price competition and choice for home loans” would in fact be disastrous for consumers.

FAMNZ country manager Leigh Hodgetts revealed the commission has requested mortgage advisers to provide clients with a least three “actual offers” to consider and “to submit multiple applications on behalf of their clients”, or face “government intervention.”

Calling the recommendations a solution looking for a problem, she said any such move would hurt consumers by driving up costs, blowing out application times, and affecting their credit ratings.

“Let me be clear. They are not requesting three quotes, but three actual applications and offers, something unheard of anywhere in the world that I’m aware of.”

“Three lenders all processing applications for the same applicant means they will be spending time and resources for loans they know they will likely never get, while other borrowers will be forced to wait and may even miss out on properties,” she explained.

FAMNZ managing director Peter White AM said it was “bureaucracy gone mad”, and has called on commerce and consumer affairs minister Andrew Bayly to immediately intervene.

“The crazy thing is that nothing is broken.

“Mortgage advisers already promote competition, consumers are increasingly choosing to use advisers, and complaints are almost non-existent.”

He said despite FAMNZ attempting to educate the commission on the way advisers worked for the past year, “they clearly still have no idea and now want to make things worse.

“Furthermore, this requirement puts at risk clients’ credit records, which is simply unacceptable and I believe unethical.”

Ms Hodgetts said while advisers could provide multiple choices of lender where possible, only one application should be submitted at once according to the customer’s needs.

“And in some circumstances, for example with self-employed people, there may only be one option,” she explained.

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI Security: Indiana Real Estate Developer and Property Manager Sentenced to 41 Months in Prison for Multimillion-Dollar Ponzi Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

NEWARK, N.J. – An Indianapolis man was sentenced today to 41 months in prison today for his role in a scheme to defraud real estate investors, Acting U.S. Attorney Vikas Khanna announced.

Herbert Whalen, a/k/a “Bert Whalen,” 50, of Indianapolis, Indiana, previously pleaded guilty in Newark federal court to conspiracy to commit wire fraud for his role in a multi-million dollar real estate investment scheme that took place in Indiana and New Jersey. Judge Madeline Cox Arleo imposed the sentence today in Newark federal court.

According to documents filed in this case and statements made in court:

From August 2016 to July 2018, Whalen, who operated Oceanpointe Property Management in Indianapolis, engaged in a scheme to obtain money from real estate investors by misrepresenting and concealing the poor condition of properties managed by Oceanpointe and by creating fake leases for unoccupied Oceanpointe properties. Investors were promised that, after repairs and rehabilitations were completed, and tenants rented the properties, investors would receive copies of the leases and begin to receive rent payments as their return on investment. In reality, many Oceanpointe properties were not repaired and rehabilitated, and were not ready for occupancy. To conceal these facts from victim investors, Whalen and a conspirator directed Oceanpointe employees to draft fake leases, making it appear to investors that Oceanpointe properties were rented, when, in fact, the properties remained vacant. Whalen instructed Oceanpointe employees to place fake tenant names on leases to send to Oceanpointe investors.

Whalen and others commingled tenant rent payments and selected which investors would be paid from the pool of funds in order to silence investors who voiced concerns and evade detection of the fraud. In order to prevent investors from leaving Oceanpointe and exposing his fraudulent conduct, Whalen directed an Oceanpointe employee to create a false identity and falsely claim, on an online real estate message forum, that the Oceanpointe employee was an investor with Oceanpointe and another company, and that Oceanpointe had addressed all of the concerns regarding the investment property. These misrepresentations and others led to millions of dollars in losses to investors, which Whalen used to, among other things, fund his lifestyle.

In addition to the prison term, Judge Arleo sentenced Whalen to three years of supervised release.

Acting U.S. Attorney Khanna credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the charge.

The government is represented by Assistant U.S. Attorneys Caroline Silane of the Economic Crimes Unit and Ari B. Fontecchio, Chief of the Opioid Abuse Prevention and Enforcement Unit.

###

Defense counsel: John L. Tompkins, Tompkins Law, Indianapolis, IN

MIL Security OSI –

February 13, 2025

MIL-OSI: Palomar Holdings, Inc. Reports Fourth Quarter & Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Palomar Holdings, Inc. (NASDAQ:PLMR) (“Palomar” or “Company”) reported net income of $35.0 million, or $1.29 per diluted share, for the fourth quarter of 2024 compared to net income of $25.9 million, or $1.02 per diluted share, for the fourth quarter of 2023. Adjusted net income⁽¹⁾ was $41.3 million, or $1.52 per diluted share, for the fourth quarter of 2024 as compared to $28.0 million, or $1.11 per diluted share, for the fourth quarter of 2023.

Fourth Quarter 2024 Highlights

Gross written premiums increased by 23.3% to $373.7 million compared to $303.2 million in the fourth quarter of 2023
Net income increased 35.0% to $35.0 million compared to $25.9 million in the fourth quarter of 2023
Adjusted net income⁽¹⁾ increased 47.5% to $41.3 million compared to $28.0 million in the fourth quarter of 2023
Total loss ratio of 25.7% compared to 19.1% in the fourth quarter of 2023
Combined ratio of 75.9% compared to 74.2% in the fourth quarter of 2023
Adjusted combined ratio⁽¹⁾ of 71.7% compared to 68.8%, in the fourth quarter of 2023
Annualized return on equity of 19.5% compared to 23.2% in the fourth quarter of 2023
Annualized adjusted return on equity⁽¹⁾ of 23.1% compared to 25.1% in the fourth quarter of 2023

Full Year 2024 Highlights

Gross written premiums increased by 35.1% to $1.5 billion compared to $1.1 billion in 2023
Net income increased 48.4% to $117.6 million compared to $79.2 million in 2023
Adjusted net income⁽¹⁾ increased 42.8% to $133.5 million compared to $93.5 million in 2023
Total loss ratio of 26.4% compared to 21.0% in 2023
Combined ratio of 78.1% compared to 76.6% in 2023
Adjusted combined ratio⁽¹⁾ of 73.7% compared to 71.2% in 2023
Return on equity of 19.6% compared to 18.5% in 2023
Adjusted return on equity⁽¹⁾ of 22.2% compared to 21.9% in 2023

(1) See discussion of “Non-GAAP and Key Performance Indicators” below.

Mac Armstrong, Chairman and Chief Executive Officer, commented, “Palomar’s stellar 2024 was capped off by an exceptional fourth quarter. During the quarter, we generated gross written premiums growth of 23%, 39% when excluding run-off business from our results, adjusted net income growth of 48%, inclusive of $8.1 million of catastrophe losses, and, importantly, an adjusted return on equity of 23%. When looking at the full year we not only generated record gross written premiums and adjusted net income, but we grew our top and bottom-line 35% and 43%, respectively. Additionally, throughout 2024 we made significant investments across the organization that we believe will sustain our earnings base and profitable growth trajectory.” 

Mr. Armstrong continued, “Beyond the strong financial results of the fourth quarter and 2024, Palomar’s accomplishments were several and notable, highlighted by our AM Best upgrade and the acquisition of First Indemnity of America, our surety operation. Furthermore, we accomplished a Palomar 2X fundamental strategic objective by doubling our adjusted underwriting income for the 2021 period in a three-year timeframe. We are energized by our prospects to continue this profitable growth in 2025 and thereafter.” 

Underwriting Results

Gross written premiums increased 23.3% to $373.7 million compared to $303.2 million in the fourth quarter of 2023, additionally net earned premiums increased 54.6% compared to the prior year’s fourth quarter.

Losses and loss adjustment expenses for the fourth quarter were $37.2 million, comprised of $29.1 million of attritional losses and $8.1 million of catastrophe losses primarily related to Hurricane Milton. The loss ratio for the quarter was 25.7%, comprised of an attritional loss ratio of 20.1% and a catastrophe loss ratio of 5.6%, compared to a loss ratio of 19.1% during the same period last year, all comprised of attritional losses.

Underwriting income⁽¹⁾ for the fourth quarter was $34.9 million resulting in a combined ratio of 75.9% compared to underwriting income of $24.2 million resulting in a combined ratio of 74.2% during the same period last year. The Company’s adjusted underwriting income⁽¹⁾ was $41.0 million resulting in an adjusted combined ratio⁽¹⁾ of 71.7% in the fourth quarter compared to adjusted underwriting income⁽¹⁾ of $29.3 million and an adjusted combined ratio⁽¹⁾ of 68.8% during the same period last year.

Investment Results
Net investment income increased by 61.3% to $11.3 million compared to $7.0 million in the prior year’s fourth quarter. The increase was primarily due to higher yields on invested assets and a higher average balance of investments held during the three months ended December 31, 2024 due to cash generated from operations and proceeds from our August 2024 stock offering. The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.04 years at December 31, 2024. Cash and invested assets totaled $1.1 billion at December 31, 2024. During the fourth quarter, the Company recorded net realized and unrealized losses of $1.2 million related to its investment portfolio as compared to net realized and unrealized gains of $3.0 million in last year’s fourth quarter.

Tax Rate
The effective tax rate for the three months ended December 31, 2024 was 22.2% compared to 22.6% for the three months ended December 31, 2023. For the current quarter, the Company’s income tax rate differed from the statutory rate due primarily to the non-deductible executive compensation expense, offset by the permanent component of employee stock option exercises.

Stockholders’ Equity and Returns
Stockholders’ equity was $729.0 million at December 31, 2024, compared to $471.3 million at December 31, 2023. For the three months ended December 31, 2024, the Company’s annualized return on equity was 19.5% compared to 23.2% for the same period in the prior year while adjusted return on equity⁽¹⁾ was 23.1% compared to 25.1% for the same period in the prior year.

Full Year 2025 Outlook
For the full year 2025, the Company expects to achieve adjusted net income of $180 million to $192 million. This includes an estimate of $8 million to $12 million of catastrophe losses for the year.

Conference Call
As previously announced, Palomar will host a conference call Thursday, February 13, 2025, to discuss its fourth quarter 2024 results at 12:00 p.m. (Eastern Time). The conference call can be accessed live by dialing 1-877-423-9813 or for international callers, 1-201-689-8573, and requesting to be joined to the Palomar Fourth Quarter 2024 Earnings Conference Call. A replay will be available starting at 4:00 p.m. (Eastern Time) on February 13, 2025, and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13743970. The replay will be available until 11:59 p.m. (Eastern Time) on February 20, 2025.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company’s website at http://ir.palomarspecialty.com/. The online replay will remain available for a limited time beginning immediately following the call.

About Palomar Holdings, Inc.
Palomar Holdings, Inc. is the holding company of subsidiaries Palomar Specialty Insurance Company (“PSIC”), Palomar Specialty Reinsurance Company Bermuda Ltd. (“PSRE”), Palomar Insurance Agency, Inc. (“PIA”), Palomar Excess and Surplus Insurance Company (“PESIC”), Palomar Underwriters Exchange Organization, Inc (“PUEO”), Palomar Crop Insurance Services, Inc, and First Indemnity of America Insurance Company (acquired 1/1/2025). Palomar’s consolidated results also include Laulima Reciprocal Exchange, a variable interest entity for which the Company is the primary beneficiary. Palomar is an innovative specialty insurer serving residential and commercial clients in five product categories: Earthquake, Inland Marine and Other Property, Casualty, Fronting, and Crop. Palomar’s insurance subsidiaries, Palomar Specialty Insurance Company, Palomar Specialty Reinsurance Company Bermuda Ltd., and Palomar Excess and Surplus Insurance Company, have a financial strength rating of “A” (Excellent) from A.M. Best.

Non-GAAP and Key Performance Indicators

Palomar discusses certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.

Underwriting revenue is a non-GAAP financial measure defined as total revenue, excluding net investment income and net realized and unrealized gains and losses on investments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of total revenue calculated in accordance with GAAP to underwriting revenue.

Underwriting income is a non-GAAP financial measure defined as income before income taxes excluding net investment income, net realized and unrealized gains and losses on investments, and interest expense. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to underwriting income.

Adjusted net income is a non-GAAP financial measure defined as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. The Company calculates the tax impact only on adjustments which would be included in calculating its income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of net income calculated in accordance with GAAP to adjusted net income.

Annualized Return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.

Annualized adjusted return on equity is a non-GAAP financial measure defined as adjusted net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of return on equity calculated using unadjusted GAAP numbers to adjusted return on equity.

Loss ratio, expressed as a percentage, is the ratio of losses and loss adjustment expenses, to net earned premiums.

Expense ratio, expressed as a percentage, is the ratio of acquisition and other underwriting expenses, net of commission and other income to net earned premiums.

Combined ratio is defined as the sum of the loss ratio and the expense ratio. A combined ratio under 100% generally indicates an underwriting profit. A combined ratio over 100% generally indicates an underwriting loss.

Adjusted combined ratio is a non-GAAP financial measure defined as the sum of the loss ratio and the expense ratio calculated excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio.

Diluted adjusted earnings per share is a non-GAAP financial measure defined as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of diluted earnings per share calculated in accordance with GAAP to diluted adjusted earnings per share.

Catastrophe loss ratio is a non-GAAP financial measure defined as the ratio of catastrophe losses to net earned premiums. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of loss ratio calculated using unadjusted GAAP numbers to catastrophe loss ratio.

Adjusted combined ratio excluding catastrophe losses is a non-GAAP financial measure defined as adjusted combined ratio excluding the impact of catastrophe losses. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of combined ratio calculated using unadjusted GAAP numbers to adjusted combined ratio excluding catastrophe losses.

Adjusted underwriting income is a non-GAAP financial measure defined as underwriting income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of income before income taxes calculated in accordance with GAAP to adjusted underwriting income.

Tangible stockholders’ equity is a non-GAAP financial measure defined as stockholders’ equity less goodwill and intangible assets. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of stockholders’ equity calculated in accordance with GAAP to tangible stockholders’ equity.

Safe Harbor Statement
Palomar cautions you that statements contained in this press release may regard matters that are not historical facts but are forward-looking statements. These statements are based on the company’s current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by Palomar that any of its plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in the Company’s business. The forward-looking statements are typically, but not always, identified through use of the words “believe,” “expect,” “enable,” “may,” “will,” “could,” “intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “potential,” “possible,” “should,” “continue,” and other words of similar meaning. Actual results could differ materially from the expectations contained in forward-looking statements as a result of several factors, including unexpected expenditures and costs, unexpected results or delays in development and regulatory review, regulatory approval requirements, the frequency and severity of adverse events and competitive conditions. These and other factors that may result in differences are discussed in greater detail in the Company’s filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact
Media Inquiries
Lindsay Conner
1-551-206-6217
lconner@plmr.com

Investor Relations
Jamie Lillis
1-203-428-3223
investors@plmr.com
Source: Palomar Holdings, Inc.

Summary of Operating Results:

The following tables summarize the Company’s results for the three months and year ended December 31, 2024 and 2023:

	Three Months Ended
	December 31,
	2024			2023			Change			% Change
	($ in thousands, except per share data)
Gross written premiums	$	373,723		$	303,152		$	70,571			23.3	%
Ceded written premiums		(204,492	)		(188,742	)		(15,750	)		8.3	%
Net written premiums		169,231			114,410			54,821			47.9	%
Net earned premiums		144,890			93,748			51,142			54.6	%
Commission and other income		750			1,586			(836	)		(52.7	)%
Total underwriting revenue ⁽¹⁾		145,640			95,334			50,306			52.8	%
Losses and loss adjustment expenses		37,176			17,896			19,280			107.7	%
Acquisition expenses, net of ceding commissions and fronting fees		40,585			29,005			11,580			39.9	%
Other underwriting expenses		32,947			24,210			8,737			36.1	%
Underwriting income ⁽¹⁾		34,932			24,223			10,709			44.2	%
Interest expense		(87	)		(824	)		737			(89.4	)%
Net investment income		11,318			7,015			4,303			61.3	%
Net realized and unrealized (losses) gains on investments		(1,201	)		3,044			(4,245	)		(139.5	)%
Income before income taxes		44,962			33,458			11,504			34.4	%
Income tax expense		9,997			7,564			2,433			32.2	%
Net income	$	34,965		$	25,894		$	9,071			35.0	%
Adjustments:
Net realized and unrealized losses (gains) on investments		1,201			(3,044	)		4,245			(139.5	)%
Expenses associated with transactions		922			478			444			92.9	%
Stock-based compensation expense		4,779			4,176			603			14.4	%
Amortization of intangibles		389			389			—			—	%
Tax impact		(964	)		103			(1,067	)		NM
Adjusted net income ⁽¹⁾	$	41,292		$	27,996		$	13,296			47.5	%
Key Financial and Operating Metrics
Annualized return on equity		19.5	%		23.2	%
Annualized adjusted return on equity ⁽¹⁾		23.1	%		25.1	%
Loss ratio		25.7	%		19.1	%
Expense ratio		50.2	%		55.1	%
Combined ratio		75.9	%		74.2	%
Adjusted combined ratio ⁽¹⁾		71.7	%		68.8	%
Diluted earnings per share	$	1.29		$	1.02
Diluted adjusted earnings per share ⁽¹⁾	$	1.52		$	1.11
Catastrophe losses	$	8,122		$	10
Catastrophe loss ratio ⁽¹⁾		5.6	%		—	%
Adjusted combined ratio excluding catastrophe losses ⁽¹⁾		66.1	%		68.8	%
Adjusted underwriting income ⁽¹⁾	$	41,022		$	29,266		$	11,756			40.2	%
NM – not meaningful

(1)- Indicates Non-GAAP financial measure- see above for definition of Non-GAAP financial measures and see below for reconciliation of Non-GAAP financial measures to their most directly comparable measures prepared in accordance with GAAP.


	Year Ended
	December 31,
	2024			2023			Change			% Change
	($ in thousands, except per share data)
Gross written premiums	$	1,541,962		$	1,141,558		$	400,404			35.1	%
Ceded written premiums		(897,111	)		(731,531	)		(165,580	)		22.6	%
Net written premiums		644,851			410,027			234,824			57.3	%
Net earned premiums		510,687			345,913			164,774			47.6	%
Commission and other income		2,784			3,367			(583	)		(17.3	)%
Total underwriting revenue ⁽¹⁾		513,471			349,280			164,191			47.0	%
Losses and loss adjustment expenses		134,759			72,592			62,167			85.6	%
Acquisition expenses, net of ceding commissions and fronting fees		149,657			107,745			41,912			38.9	%
Other underwriting expenses		117,113			88,172			28,941			32.8	%
Underwriting income ⁽¹⁾		111,942			80,771			31,171			38.6	%
Interest expense		(1,138	)		(3,775	)		2,637			(69.9	)%
Net investment income		35,824			23,705			12,119			51.1	%
Net realized and unrealized gains on investments		4,568			2,941			1,627			55.3	%
Income before income taxes		151,196			103,642			47,554			45.9	%
Income tax expense		33,623			24,441			9,182			37.6	%
Net income	$	117,573		$	79,201		$	38,372			48.4	%
Adjustments:
Net realized and unrealized gains on investments		(4,568	)		(2,941	)		(1,627	)		55.3	%
Expenses associated with transactions		1,479			706			773			109.5	%
Stock-based compensation expense		16,685			14,913			1,772			11.9	%
Amortization of intangibles		1,558			1,481			77			5.2	%
Expenses associated with catastrophe bond		2,483			1,640			843			51.4	%
Tax impact		(1,699	)		(1,480	)		(219	)		14.8	%
Adjusted net income ⁽¹⁾	$	133,511		$	93,520		$	39,991			42.8	%
Key Financial and Operating Metrics
Annualized return on equity		19.6	%		18.5	%
Annualized adjusted return on equity ⁽¹⁾		22.2	%		21.9	%
Loss ratio		26.4	%		21.0	%
Expense ratio		51.7	%		55.7	%
Combined ratio		78.1	%		76.6	%
Adjusted combined ratio ⁽¹⁾		73.7	%		71.2	%
Diluted earnings per share	$	4.48		$	3.13
Diluted adjusted earnings per share ⁽¹⁾	$	5.09		$	3.69
Catastrophe losses	$	27,846		$	3,442
Catastrophe loss ratio ⁽¹⁾		5.5	%		1.0	%
Adjusted combined ratio excluding catastrophe losses ⁽¹⁾		68.3	%		70.2	%
Adjusted underwriting income ⁽¹⁾	$	134,147		$	99,511		$	34,636			34.8	%

Condensed Consolidated Balance sheets

Palomar Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) (in thousands, except shares and par value data)

	December 31, 2024			December 31, 2023
Assets
Investments:
Fixed maturity securities available for sale, at fair value (amortized cost: $973,330 in 2024; $675,130 in 2023)	$	939,046		$	643,799
Equity securities, at fair value (cost: $32,987 in 2024; $43,003 in 2023)		40,529			43,160
Equity method investment		2,277			2,617
Other investments		5,863			—
Total investments		987,715			689,576
Cash and cash equivalents		80,438			51,546
Restricted cash		101			306
Accrued investment income		8,440			5,282
Premium receivable		305,724			261,972
Deferred policy acquisition costs, net of ceding commissions and fronting fees		94,881			60,990
Reinsurance recoverable on paid losses and loss adjustment expenses		47,076			32,172
Reinsurance recoverable on unpaid losses and loss adjustment expenses		348,083			244,622
Ceded unearned premiums		276,237			265,808
Prepaid expenses and other assets		91,086			72,941
Deferred tax assets, net		8,768			10,119
Property and equipment, net		429			373
Goodwill and intangible assets, net		13,242			12,315
Total assets	$	2,262,220		$	1,708,022
Liabilities and stockholders’ equity
Liabilities:
Accounts payable and other accrued liabilities	$	70,079		$	42,376
Reserve for losses and loss adjustment expenses		503,382			342,275
Unearned premiums		741,692			597,103
Ceded premium payable		190,168			181,742
Funds held under reinsurance treaty		27,869			13,419
Income taxes payable		—			7,255
Borrowings from credit agreements		—			52,600
Total liabilities		1,533,190			1,236,770
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized as of December 31, 2024 and December 31, 2023, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023		—			—
Common stock, $0.0001 par value, 500,000,000 shares authorized, 26,529,402 and 24,772,987 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		3			3
Additional paid-in capital		493,656			350,597
Accumulated other comprehensive loss		(26,845	)		(23,991	)
Retained earnings		262,216			144,643
Total stockholders’ equity		729,030			471,252
Total liabilities and stockholders’ equity	$	2,262,220		$	1,708,022

Condensed Consolidated Income Statement

Palomar Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Income and Comprehensive Income (loss) (Unaudited) (in thousands, except shares and per share data)

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
Revenues:
Gross written premiums	$	373,723		$	303,152		$	1,541,962		$	1,141,558
Ceded written premiums		(204,492	)		(188,742	)		(897,111	)		(731,531	)
Net written premiums		169,231			114,410			644,851			410,027
Change in unearned premiums		(24,341	)		(20,662	)		(134,164	)		(64,114	)
Net earned premiums		144,890			93,748			510,687			345,913
Net investment income		11,318			7,015			35,824			23,705
Net realized and unrealized (losses) gains on investments		(1,201	)		3,044			4,568			2,941
Commission and other income		750			1,586			2,784			3,367
Total revenues		155,757			105,393			553,863			375,926
Expenses:
Losses and loss adjustment expenses		37,176			17,896			134,759			72,592
Acquisition expenses, net of ceding commissions and fronting fees		40,585			29,005			149,657			107,745
Other underwriting expenses		32,947			24,210			117,113			88,172
Interest expense		87			824			1,138			3,775
Total expenses		110,795			71,935			402,667			272,284
Income before income taxes		44,962			33,458			151,196			103,642
Income tax expense		9,997			7,564			33,623			24,441
Net income	$	34,965		$	25,894		$	117,573		$	79,201
Other comprehensive income, net:
Net unrealized (losses) gains on securities available for sale		(16,707	)		19,229			(2,854	)		12,524
Net comprehensive income	$	18,258		$	45,123		$	114,719		$	91,725
Per Share Data:
Basic earnings per share	$	1.32		$	1.05		$	4.61		$	3.19
Diluted earnings per share	$	1.29		$	1.02		$	4.48		$	3.13

Weighted-average common shares outstanding:
Basic		26,491,939			24,747,347			25,520,343			24,822,004
Diluted		27,206,225			25,272,149			26,223,842			25,327,091

Underwriting Segment Data

The Company has a single reportable segment and offers specialty insurance products. Gross written premiums (GWP) by product, location and company are presented below:

	Three Months Ended December 31,
	2024					2023
	($ in thousands)
			% of						% of						%
	Amount		GWP			Amount			GWP			Change			Change
Product (1)
Earthquake	$	146,757		39.3	%	$	122,087			40.3	%	$	24,670			20.2	%
Inland Marine and other Property		85,396		22.9	%		63,039			20.8	%		22,357			35.5	%
Casualty		68,484		18.3	%		32,323			10.7	%		36,161			111.9	%
Fronting		57,418		15.4	%		85,708			28.3	%		(28,290	)		(33.0	)%
Crop		15,668		4.2	%		(5	)		(0.0	)%		15,673			NM
Total Gross Written Premiums	$	373,723		100.0	%	$	303,152			100.0	%	$	70,571			23.3	%

NM- Not meaningful

	Year Ended December 31,
	2024					2023
	($ in thousands)
			% of					% of						%
	Amount		GWP			Amount		GWP			Change			Change
Product (1)
Earthquake	$	522,864		33.9	%	$	436,896		38.3	%	$	85,968			19.7	%
Inland Marine and Other Property		334,079		21.7	%		250,023		21.9	%		84,056			33.6	%
Fronting		333,188		21.6	%		352,141		30.8	%		(18,953	)		(5.4	)%
Casualty		235,592		15.3	%		90,388		7.9	%		145,204			160.6	%
Crop		116,239		7.5	%		12,110		1.1	%		104,129			859.9	%
Total Gross Written Premiums	$	1,541,962		100.0	%	$	1,141,558		100.0	%	$	400,404			35.1	%

(1) – Beginning in 2024, the Company has updated the categorization of its products to align with management’s current strategy and view of the business. Prior year amounts have been reclassified for comparability purposes. The recategorization is for presentation purposes only and does not impact overall gross written premiums.

	Three Months Ended December 31,										Year Ended December 31,
	2024					2023					2024					2023
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
State
California	$	157,786		42.2	%	$	165,342		54.5	%	$	668,635		43.4	%	$	600,791		52.6	%
Texas		28,002		7.5	%		22,740		7.5	%		124,416		8.1	%		95,517		8.4	%
Hawaii		18,636		5.0	%		11,562		3.8	%		72,558		4.7	%		47,388		4.2	%
Washington		16,007		4.3	%		14,124		4.7	%		57,900		3.8	%		49,494		4.3	%
New York		14,756		3.9	%		6,775		2.2	%		38,919		2.5	%		18,424		1.6	%
Florida		8,855		2.4	%		11,286		3.7	%		67,008		4.3	%		47,595		4.2	%
Oregon		8,298		2.2	%		6,307		2.1	%		29,550		1.9	%		23,220		2.0	%
Illinois		7,176		1.9	%		6,697		2.2	%		20,901		1.4	%		22,340		2.0	%
Other		114,207		30.6	%		58,319		19.2	%		462,075		30.0	%		236,789		20.7	%
Total Gross Written Premiums	$	373,723		100.0	%	$	303,152		100.0	%	$	1,541,962		100.0	%	$	1,141,558		100.0	%

	Three Months Ended December 31,										Year Ended December 31,
	2024					2023					2024					2023
	($ in thousands)										($ in thousands)
			% of					% of					% of					% of
	Amount		GWP			Amount		GWP			Amount		GWP			Amount		GWP
Subsidiary
PSIC	$	170,275		45.6	%	$	156,590		51.7	%	$	823,263		53.4	%	$	653,809		57.3	%
PESIC		188,496		50.4	%		146,562		48.3	%		661,404		42.9	%		487,749		42.7	%
Laulima		14,952		4.0	%		—		—	%		57,295		3.7	%		—		—	%
Total Gross Written Premiums	$	373,723		100.0	%	$	303,152		100.0	%	$	1,541,962		100.0	%	$	1,141,558		100.0	%

Gross and net earned premiums

The table below shows the amount of premiums the Company earned on a gross and net basis and the Company’s net earned premiums as a percentage of gross earned premiums for each period presented:

	Three Months Ended												Year Ended
	December 31,												December 31,
	2024			2023			Change			% Change			2024			2023			Change			% Change
	($ in thousands)												($ in thousands)
Gross earned premiums	$	371,654		$	276,502		$	95,152			34.4	%	$	1,397,369		$	1,015,722		$	381,647			37.6	%
Ceded earned premiums		(226,764	)		(182,754	)		(44,010	)		24.1	%		(886,682	)		(669,809	)		(216,873	)		32.4	%
Net earned premiums	$	144,890		$	93,748		$	51,142			54.6	%	$	510,687		$	345,913		$	164,774			47.6	%

Net earned premium ratio		39.0	%		33.9	%								36.5	%		34.1	%

Loss detail

	Three Months Ended											Year Ended
	December 31,											December 31,
	2024			2023			Change		% Change			2024			2023			Change		% Change
	($ in thousands)											($ in thousands)
Catastrophe losses	$	8,122		$	10		$	8,112		NM		$	27,846		$	3,442		$	24,404		NM
Non-catastrophe losses		29,054			17,886			11,168		62.4	%		106,913			69,150			37,763		54.6	%
Total losses and loss adjustment expenses	$	37,176		$	17,896		$	19,280		107.7	%	$	134,759		$	72,592		$	62,167		85.6	%

Catastrophe loss ratio		5.6	%		0.0	%							5.5	%		1.0	%
Non-catastrophe loss ratio		20.1	%		19.1	%							20.9	%		20.0	%
Total loss ratio		25.7	%		19.1	%							26.4	%		21.0	%
NM-Not meaningful

The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses:

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Reserve for losses and LAE net of reinsurance recoverables at beginning of period	$	137,274		$	92,178		$	97,653		$	77,520
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year		37,575			19,409			137,798			70,363
Prior years		(399	)		(1,513	)		(3,039	)		2,229
Total incurred		37,176			17,896			134,759			72,592
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year		15,675			5,417			43,582			19,631
Prior years		3,476			7,004			33,531			32,828
Total payments		19,151			12,421			77,113			52,459
Reserve for losses and LAE net of reinsurance recoverables at end of period		155,299			97,653			155,299			97,653
Add: Reinsurance recoverables on unpaid losses and LAE at end of period		348,083			244,622			348,083			244,622
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period	$	503,382		$	342,275		$	503,382		$	342,275

Reconciliation of Non-GAAP Financial Measures

For the three months and year ended December 31, 2024 and 2023, the Non-GAAP financial measures discussed above reconcile to their most comparable GAAP measures as follows:

Underwriting revenue

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Total revenue	$	155,757		$	105,393		$	553,863		$	375,926
Net investment income		(11,318	)		(7,015	)		(35,824	)		(23,705	)
Net realized and unrealized (gains) losses on investments		1,201			(3,044	)		(4,568	)		(2,941	)
Underwriting revenue	$	145,640		$	95,334		$	513,471		$	349,280

Underwriting income and adjusted underwriting income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Income before income taxes	$	44,962		$	33,458		$	151,196		$	103,642
Net investment income		(11,318	)		(7,015	)		(35,824	)		(23,705	)
Net realized and unrealized losses (gains) on investments		1,201			(3,044	)		(4,568	)		(2,941	)
Interest expense		87			824			1,138			3,775
Underwriting income	$	34,932		$	24,223		$	111,942		$	80,771
Expenses associated with transactions		922			478			1,479			706
Stock-based compensation expense		4,779			4,176			16,685			14,913
Amortization of intangibles		389			389			1,558			1,481
Expenses associated with catastrophe bond		—			—			2,483			1,640
Adjusted underwriting income	$	41,022		$	29,266		$	134,147		$	99,511

Adjusted net income

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Net income	$	34,965		$	25,894		$	117,573		$	79,201
Adjustments:
Net realized and unrealized losses (gains) on investments		1,201			(3,044	)		(4,568	)		(2,941	)
Expenses associated with transactions		922			478			1,479			706
Stock-based compensation expense		4,779			4,176			16,685			14,913
Amortization of intangibles		389			389			1,558			1,481
Expenses associated with catastrophe bond		—			—			2,483			1,640
Tax impact		(964	)		103			(1,699	)		(1,480	)
Adjusted net income	$	41,292		$	27,996		$	133,511		$	93,520

Annualized adjusted return on equity

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)

Annualized adjusted net income	$	165,168		$	111,984		$	133,511		$	93,520
Average stockholders’ equity	$	716,171		$	446,293		$	600,140		$	428,002
Annualized adjusted return on equity		23.1	%		25.1	%		22.2	%		21.9	%

Adjusted combined ratio

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income	$	109,958		$	69,525		$	398,745		$	265,142
Denominator: Net earned premiums	$	144,890		$	93,748		$	510,687		$	345,913
Combined ratio		75.9	%		74.2	%		78.1	%		76.6	%
Adjustments to numerator:
Expenses associated with transactions	$	(922	)	$	(478	)	$	(1,479	)	$	(706	)
Stock-based compensation expense		(4,779	)		(4,176	)		(16,685	)		(14,913	)
Amortization of intangibles		(389	)		(389	)		(1,558	)		(1,481	)
Expenses associated with catastrophe bond		—			—			(2,483	)		(1,640	)
Adjusted combined ratio		71.7	%		68.8	%		73.7	%		71.2	%

Diluted adjusted earnings per share

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
	(in thousands, except per share data)				(in thousands, except per share data)

Adjusted net income	$	41,292	$	27,996	$	133,511	$	93,520
Weighted-average common shares outstanding, diluted		27,206,225		25,272,149		26,223,842		25,327,091
Diluted adjusted earnings per share	$	1.52	$	1.11	$	5.09	$	3.69

Catastrophe loss ratio

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Numerator: Losses and loss adjustment expenses	$	37,176		$	17,896		$	134,759		$	72,592
Denominator: Net earned premiums	$	144,890		$	93,748		$	510,687		$	345,913
Loss ratio		25.7	%		19.1	%		26.4	%		21.0	%

Numerator: Catastrophe losses	$	8,122		$	10		$	27,846		$	3,442
Denominator: Net earned premiums	$	144,890		$	93,748		$	510,687		$	345,913
Catastrophe loss ratio		5.6	%		0.0	%		5.5	%		1.0	%

Adjusted combined ratio excluding catastrophe losses

	Three Months Ended						Year Ended
	December 31,						December 31,
	2024			2023			2024			2023
	(in thousands)						(in thousands)
Numerator: Sum of losses and loss adjustment expenses, acquisition expenses, and other underwriting expenses, net of commission and other income	$	109,958		$	69,525		$	398,745		$	265,142
Denominator: Net earned premiums	$	144,890		$	93,748		$	510,687		$	345,913
Combined ratio		75.9	%		74.2	%		78.1	%		76.6	%
Adjustments to numerator:
Expenses associated with transactions	$	(922	)	$	(478	)	$	(1,479	)	$	(706	)
Stock-based compensation expense		(4,779	)		(4,176	)		(16,685	)		(14,913	)
Amortization of intangibles		(389	)		(389	)		(1,558	)		(1,481	)
Expenses associated with catastrophe bond		—			—			(2,483	)		(1,640	)
Catastrophe losses		(8,122	)		(10	)		(27,846	)		(3,442	)
Adjusted combined ratio excluding catastrophe losses		66.1	%		68.8	%		68.3	%		70.2	%

Tangible Stockholders’ equity

	December 31,			December 31,
	2024			2023
	(in thousands)
Stockholders’ equity	$	729,030		$	471,252
Goodwill and intangible assets		(13,242	)		(12,315	)
Tangible stockholders’ equity	$	715,788		$	458,937

The MIL Network –

February 13, 2025

MIL-OSI Canada: New appointments to Agricultural Products Marketing Council

The council is a public agency that oversees agricultural marketing boards and commissions to ensure they are implementing governance best practices, provides policy advice to the minister of Agriculture and Irrigation, and administers legislation for the agricultural industry and government.

“This is an important board, whose membership includes people with excellent agricultural credentials and experience. It provides the government with advice to ensure our ag industry remains competitive and innovative, while attracting investment, creating jobs and putting food on the tables of Alberta families and families across the country and around the world.”

RJ Sigurdson, Minister of Agriculture and Irrigation

Three appointees are returning for a second term, including the new council chair, John Buckley, and vice-chair, Henricus Bos. The new chair and vice-chair will assume their executive positions effective March 21, 2025. The third appointment for a second term is council member John Guelly.

Susan Novak continues to serve as the government’s representative.

“I am honoured to be appointed chair of the Marketing Council board. I’ve enjoyed the past three years on council, particularly helping amalgamate the former wheat and barley commissions and our continued focus on marketing board and commission bylaws. I look forward to working with my fellow council members, our boards and commissions and Minister Sigurdson to help ensure agriculture remains a strong and thriving sector in Alberta.”

John Buckley, chair of the Alberta Agricultural Products Marketing Council

Three other members are either completing their terms or have decided to resign due to other priorities. They will be replaced by three new council members, who will infuse new ideas and perspectives into the council. They are:

Ian Chitwood
Susan Schafers
David Moss

The new council members will start their first term on March 21, 2025.

The government appoints council members using an open and competitive application and members are chosen based on experience and credentials.

Quick facts

The Alberta Agricultural Products Marketing Council is established under the Marketing of Agricultural Products Act. The council currently has seven members, including a Government of Alberta representative.
Council members can serve a maximum of two consecutive terms (one term is three years) and are appointed by an order-in-council.

Related information – Biographies

John Buckley: John and his wife operate a cow-calf operation southwest of Cochrane. John has 40 years of experience in the livestock industry. John has been active in his community and industry and continues to be involved with a number of organizations and groups. His passion for rangelands, specifically grasslands, fuels his desire to operate in such a way that leaves the land in a better state than when he started operating on it, creating opportunity for future generations.

Henricus Bos: Hennie is a farmer, on-farm processor and industry leader. He has filled many leadership roles in the Alberta and Canadian dairy industry as director and chair of Alberta Milk, as well as commissioner at the Canadian Dairy Commission. Being involved provincially and nationally in the dairy industry, combined with Bles-Wold yogurt processing experience, Hennie knows the industry and supply management well. Hennie holds a bachelor of science in dairy science and has completed several governance and business courses.

John Guelly: John is a third-generation grain and oilseed farmer from north-central Alberta. He, his wife and two children have been farming for more than 30 years. John was a regional director for Alberta Canola from 2015-2021 (chair from 2019-2021), and has served on numerous other local, provincial, and national boards and committees in the agricultural industry. John graduated from the University of Alberta with a B.Sc. in agricultural engineering and previously worked full-time in manufacturing, as well as consulting while operating the farm.

Ian Chitwood: Ian is a farmer and a professor who works with students to advance agriculture. Ian has extensive board experience with Alberta Canola, Agsafe Alberta and Verb Theatre. Ian has a PhD in business from Athabasca University, a MBA, a M.A., and a B.Comm from the University of Alberta.

Susan Schafers: Susan is a second-generation pullet and cattle farmer who is past chair for Egg Farmers of Alberta and current chair for Parkland County’s Agricultural Service Board. Susan has broad experience serving on local, provincial and national boards as well as various committees. She has strong governance training and experience in facilitation and consensus building. She holds a B.Sc. in agriculture and food business management from the University of Alberta.

David Moss: David is the director of business development (Animal Agriculture) for TELUS Agriculture. Previously, he was the general manager of the Canadian Cattle Association where he led the animal health file and worked closely with the Government of Canada and the Canadian Food Inspection Agency on numerous files, including co-chairing the working group responsible for Canada regaining negligible-risk status for bovine spongiform encephalopathy (BSE) by the World Organization for Animal Health. He was co-founder and vice-president of AgriClear LP, an enterprise level online agri-business marketplace joint venture with the TMX Group. He has also held executive roles at ITS Global and Livestock Identification Services. An entrepreneur by nature, David has been in the agriculture industry his entire career. He helped build ranch-to-retail alliances in the United States, Australia and South America and brings a focus on innovation, data technology, and international business knowledge and experience. David holds a master of arts in Leadership Studies from the University of Guelph, a bachelor of management from the University of Lethbridge, and a master’s certificate in project management from York University. He serves on numerous industry committees and is an active volunteer in his Okotoks community.

Susan Novak: Susan has a wealth of experience in leading policy, programs and people. She received her PhD in animal science from the University of Alberta and completed a post-doctoral fellowship at Laval University. Susan started her career at Agriculture and Irrigation as the provincial horse specialist, and now is the executive director of the animal health and assurance branch. She also has a wealth of experience delivering agriculture research funding programming to support a competitive and sustainable agriculture industry in Alberta.

Frank Robinson: Frank has a PhD from the University of Guelph and has been a University of Alberta professor for 35 years. He has worked with broiler breeder chickens to improve reproductive fitness. He has taught introductory animal science classes to more than 1,000 students with a focus on experiential learning. Frank has served as vice-provost and dean of students at the University of Alberta. He has fulfilled leadership roles in several agricultural and academic boards and associations. He was inducted into the Alberta Agriculture Hall of Fame in 2006.

MIL OSI Canada News –

February 13, 2025

MIL-OSI New Zealand: Release: Homelessness growing under National

Source: New Zealand Labour Party

Housing is going in the wrong direction under National, despite promises to build more houses and reduce the social housing waitlist.

“The Salvation Army State of the Nation 2025 report shows Labour was making good progress in public housing, but that it has ground to a halt under this Government,” Labour housing spokesperson Kieran McAnulty said.

“The Salvation Army today gave the example of a pregnant woman who sleeps not in a social house or in emergency housing, but in the doorway of the Salvation Army’s Rotorua base – that is a damning indictment of this Government’s housing policies.

“Chris Bishop promised to ‘build enough state and social houses so that there is no social housing waitlist’. Tama Potaka promised to ‘build more social houses than the Labour Government’.

Nicola Willis signed a pledge to increase the number of state houses in Auckland by 1000 a year, which the Prime Minister wrongly said was on track today.

“According to a Letter of Expectation the Housing Minister and Finance Minister sent in August last year, Auckland will lose a net 199 homes in the year to June 2026.

“It is now clear these promises were never intended to be kept. They’re all full of it.

“The Wellington City Mission says this is the worst they have seen things in living memory.

“Frontline providers say people in genuine need are being prevented from accessing Emergency Housing, just to make the numbers look good.

“To make things worse, we have today learnt the Government has cancelled transitional housing contracts, with no additional funding post June 2025. Ten families in Upper Hutt will soon have nowhere to live.

“It is heartless and cruel for Bishop and Potaka to crow about the money they have saved from their changes to Emergency Housing when pregnant women and families are living on the street.

“This isn’t just about those people who are directly affected. When homelessness goes up the whole country suffers – there is more demand on health services, people are forced into unsafe situations, and kids struggle to learn in school,” Kieran McAnulty said.

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MIL OSI New Zealand News –

February 13, 2025

MIL-OSI Australia: NSW Government rebuilding TAFE with multi-year pay deal

Source: New South Wales Premiere

Published: 13 February 2025

Released by: Minister for Industrial Relations, Minister for Skills, TAFE and Tertiary Education

The Minns Labor Government has secured a multi-year pay deal with TAFE NSW teachers, benefiting nearly 9,000 teaching staff. Over 90 per cent of teaching staff, backed by the NSW Teachers Federation, voted to accept the government’s 10.5% baseline pay offer, higher than ever offered under the former government.

This comes after a decade long wages cap by the former Liberal-National Government that left thousands of teachers underpaid and in insecure employment.

Nearly two thirds of NSW Public sector workers and their union have now signed wage agreements with the NSW Government.

The deal, which delivers on the Government’s election commitment to rebuild TAFE NSW, consists of:

A 3.5% pay rise, plus a 0.5% superannuation boost for 2024-25;
A 3% pay rise annually in both 2025-26 and 2026-27, plus a further 0.5% increase to super in 2025-26.

Additionally, the Government will undertake reforms within 12 months to remove TAFE NSW from the former Government’s “Smart and Skilled” competitive market, a key recommendation of the NSW VET Review.

This means TAFE NSW will no longer compete with the private training providers for funding and instead will have a more predictable annual budget.

These changes will slash red tape and give teachers more time to focus on the actual teaching of students.

In addition, the Minns Labor Government has transitioned more than 1700 casual teachers and delivery support staff from the beginning of this semester into permanent roles, providing long-overdue job security and stability for staff who have endured years of uncertainty.

80% of the TAFE NSW teaching workforce now enjoy greater job security, ensuring a stable, experienced workforce to deliver training in priority industries such as construction, manufacturing, and healthcare.

Minister for Industrial Relations, Sophie Cotsis said:

“This pay agreement with TAFE NSW teaching staff reaffirms the Minns Labor Government’s industrial relations framework is working.

“It recognises not only the important service our teachers and educators provide but acknowledges and rewards their efforts.

“This is a good step forward but there is always more work to do to ensure we have the best public service in the world.”

Minister for Skills, TAFE and Tertiary Education, Steve Whan said:   

“I’m delighted that the TAFE NSW teaching staff have agreed to the Government’s offer, recognising their contribution to the state. Our teachers are on the front line of delivering the skills education to fill shortages in our critical industries and we value them.”

“We’ve heard from teachers that they want to see reform in TAFE NSW, and alongside the increase in pay, this agreement builds on reform by no longer requiring TAFE NSW to compete with private training providers for funding.

“Removing TAFE NSW from the competitive (Smart and Skilled) market was a key recommendation of the Government’s VET Review. It will result in a major reduction in administrative burden for TAFE NSW, but more importantly it enhances the recognition that TAFE NSW is the core provider of vocational training in NSW.

“Funding certainty and a stable and secure vocational training workforce are crucial to meeting the increasing demand for skilled workers across several critical industries NSW communities rely on every day.”

NSW Teachers Federation President, Henry Rajendra said: 

“The Federation enthusiastically welcomes the strengthening of TAFE NSW, with more than 1700 teachers transitioning from casual to permanent role starting earlier this term.

We also commend the removal of the constraints of the contestable funding market on TAFE NSW, and the introduction of a new three-year enterprise agreement that delivers solid pay increases to some of the most essential educators in NSW.

“These are a clear demonstration of the NSW Government’s commitment to rebuilding a strong and stable TAFE NSW.

“As the heart of the vocational education and training sector in Australia, TAFE NSW is critical to delivering the education and skills for our students, communities and economy across NSW.

“TAFE NSW has a proven track record of excellence, delivering dependable public education that meets individual, industry and community needs.”

MIL OSI News –

February 13, 2025

MIL-OSI: Diginex Limited Engages Lambert and SPRG to Drive Global Investor Relations and Shareholder Communications Program

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Feb. 12, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, has engaged international investor relations specialists Lambert by LLYC (Lambert) and its partner—Hong Kong-based Strategic Public Relations Group Ltd. (SPRG)—to lead a global investor relations and financial communications initiative to help broaden Diginex’s shareholder base. This collaboration underscores Diginex’s commitment to enhancing its visibility and investor engagement across key global markets.

Working closely with Diginex’s leadership, Lambert and SPRG will execute an aggressive strategic investor relations program aimed at strengthening the Company’s presence within the global investment community. The initiative will emphasize how Diginex’s innovative, technology-driven solutions empower enterprises with comprehensive tools, empower enterprises with comprehensive tools to navigate the evolving and rapidly expanding sustainability landscape.

Diginex recently completed a $10.61 million initial public offering (IPO), including the full exercise of the underwriters’ over-allotment option. The successful IPO and subsequent healthy market reaction reflect growing investor confidence in sustainability compliance technology and Diginex’s mission to democratize sustainability through innovative technology, dramatically reducing the cost of compliance with their tailored suite of platforms.

Led by Lambert, the IR partnership will provide strategic guidance to Diginex, ensuring global investor outreach, enhanced shareholder engagement, and expanded visibility among institutional and retail investors.

“This is an exciting time for Diginex as we accelerate investor engagement across a broad and diverse range of investor pools globally, strengthening and diversifying the shareholder base while increasing investor and marketplace familiarity with our brand and products” said Miles Pelham, Chairman of Diginex Limited. “Our partnership with Lambert and SPRG strengthens our presence in key financial markets and reinforces our leadership in ESG and sustainability technology. We remain committed to driving innovation and helping enterprises achieve their sustainability goals, ultimately striving to leave the world in a better place.”

“With our successful public offering on the Nasdaq stock exchange, we look forward to working with Lambert and SPRG to speed-up and broaden our investor outreach,” said Mark Blick, Chief Executive Officer of Diginex Limited. “As demand for ESG solutions grows, we are focused on accelerating our global presence and delivering long-term value to our shareholders.”

About Diginex Limited

Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and 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, is headquartered in Hong Kong, 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 to 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

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

The MIL Network –

February 13, 2025

MIL-OSI: Robinhood Reports Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Q4 Revenues up 115% year-over-year to a record $1.01 billion.
Q4 Net Deposits grow to a record $16 billion.
Q4 Gold Subscribers up 86% year-over-year to a record 2.6 million.
Q4 Net Income up over 10X year-over-year to a record $916 million, or Diluted EPS of a record $1.01.
Q4 Adjusted EBITDA up over 300% year-over-year to a record $613 million.

MENLO PARK, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the fourth quarter and full year of 2024, which ended December 31, 2024.

“We hit the gas on product development in 2024 with a new platform for active traders, Gold Card launch, an expanded UK and EU product suite, and much more,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood.”

“Q4 was a record-breaking quarter that caps off a record-setting year in 2024,” said Jason Warnick, Chief Financial Officer of Robinhood. “For both the quarter and full year, we reached new highs for Assets Under Custody, Net Deposits, Gold Subscribers, Revenues, Net Income, Adjusted EBITDA, and EPS. We’re entering 2025 with strong momentum as we remain focused on delivering another year of profitable growth.”

Fourth Quarter Results:

Total net revenues increased 115% year-over-year to $1.01 billion.
- Transaction-based revenues increased over 200% year-over-year to $672 million, primarily driven by cryptocurrencies revenue of $358 million, up over 700%, options revenue of $222 million, up 83%, and equities revenue of $61 million, up 144%.
- Net interest revenues increased 25% year-over-year to $296 million, primarily driven by growth in interest-earning assets, partially offset by a lower federal funds rate.
- Other revenues increased 31% year-over-year to $46 million, primarily due to increased Gold subscription revenues.
Net income increased over 10X year-over-year to $916 million, or diluted earnings per share (EPS) of $1.01, compared to $30 million, or diluted EPS of $0.03, in Q4 2023. Q4 2024 net income included:
- a $369 million deferred tax benefit ($0.41 of diluted EPS), primarily from the release of the Company’s valuation allowance on most of its net deferred tax assets.
- a $55 million benefit ($0.06 of diluted EPS) due to a reversal of an accrual as part of a regulatory settlement.
Total operating expenses increased 3% year-over-year to $458 million, including a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.
- Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 14% year-over-year to $508 million, which includes Adjusted Operating Expenses (non-GAAP) of $431 million and SBC of $77 million.
Adjusted EBITDA (non-GAAP) increased over 300% year-over-year to $613 million.
Funded Customers increased 8% year-over-year to 25.2 million.
- Investment Accounts increased by 10% year-over-year to 26.2 million.
Assets Under Custody (AUC) increased 88% year-over-year to $193 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations.
Net Deposits were $16.1 billion, an annualized growth rate of 42% relative to AUC at the end of Q3 2024. Over the past twelve months, Net Deposits were $50.5 billion, a growth rate of 49% relative to AUC at the end of Q4 2023.
Average Revenue Per User (ARPU) increased by 102% year-over-year to $164.
Gold Subscribers increased by 1.2 million, or 86%, year-over-year to 2.6 million.
Cash and cash equivalents totaled $4.3 billion compared with $4.8 billion at the end of Q4 2023.
Share repurchases were $160 million, representing 5.3 million shares of our Class A common stock at an average price per share of $29.79.

Full Year Results:

Total net revenues increased 58% year-over-year to $2.95 billion.
Net income increased $1.95 billion year-over-year to $1.41 billion, or diluted EPS of $1.56, compared to a net loss of $0.54 billion, or diluted EPS of -$0.61, in 2023.
- 2024 included a deferred tax benefit of $369 million, primarily from the release of the Company’s valuation allowance on most of its net deferred tax assets.
- 2023 included an expense of $485 million from the 2021 Founders Award Cancellation.
Total operating expenses decreased 21% year-over-year to $1.90 billion.
- Adjusted Operating Expenses and SBC decreased 16% year-over-year to $1.94 billion, which includes Adjusted Operating Expenses of $1.63 billion and SBC of $304 million.
- Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation (non-GAAP) increased 7% year-over-year.
Adjusted EBITDA increased 167% year-over-year to $1.43 billion, compared to $536 million in 2023.
Share repurchases were $257 million, representing 10.4 million shares of our Class A common stock at an average price per share of $24.78 as we make progress on our $1 billion share repurchase program.

Highlights

Strong product momentum drove record growth in 2024 as Robinhood delivers on roadmap

Expanding Access to Crypto Across the U.S. and EU – Crypto notional volumes increased over 400 percent year-over-year, reaching $71 billion in Q4 2024. Since the start of Q4, Robinhood has also added seven crypto assets in the U.S. and launched Ethereum (ETH) staking in the EU. In June 2024, Robinhood entered into an agreement to acquire Bitstamp, the world’s longest running cryptocurrency exchange serving institutional and retail customers internationally. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

Establishing Ourselves as the #1 Platform for Active Traders – Last month, Robinhood made index options available to all customers and started to roll out futures trading directly in-app, allowing customers to trade stock indexes, energy, currency, metals and crypto. Additionally, since launching in October 2024, Robinhood Legend – the desktop trading platform built for active traders – has added nearly 30 additional indicators and rolled out crypto trading.

Robinhood Expands Global Ambitions – Robinhood announced plans to expand into the Asia-Pacific region in 2025, with Singapore serving as its local headquarters. Earlier this week, Robinhood also started to offer options trading to its UK customers.

Robinhood Gold Membership Continues to Climb – Robinhood Gold subscribers hit 2.6 million, with an adoption rate of over 10 percent in Q4. In addition, the Robinhood Gold Credit Card reached over 100 thousand cardholders and we have plans to continue expanding the cardholder base in 2025.

Stepping Into the Investment Advisory Space – In November 2024, Robinhood entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors with over 25 years in the industry and over $40 billion in assets under administration at the time of signing. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

Additional Q4 2024 Operating Data

Retirement AUC increased over 600% year-over-year to $13.1 billion.
Cash Sweep increased 59% year-over-year to $26.1 billion.
Margin Book increased 126% year-over-year to $7.9 billion.
Equity Notional Trading Volumes increased 154% year-over-year to $423 billion.
Options Contracts Traded increased 61% year-over-year to 477 million.
Crypto Notional Trading Volumes increased over 400% year-over-year to $71.0 billion.

Conference Call and Livestream Information

Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, February 12, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp.

Following the call, a replay and transcript will also be available at investors.robinhood.com.

Financial Outlook

The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provisions for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 is $2.0 billion to $2.1 billion. This expense outlook does not include provisions for credit losses, costs related to TradePMR or Bitstamp, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

About Robinhood

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

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

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

Contacts

Investors:
ir@robinhood.com

Press:
press@robinhood.com


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	December 31,
(in millions, except share and per share data)		2023			2024
Assets
Current assets:
Cash and cash equivalents	$	4,835		$	4,332
Cash, cash equivalents, and securities segregated under federal and other regulations		4,448			4,724
Receivables from brokers, dealers, and clearing organizations		89			471
Receivables from users, net		3,495			8,239
Securities borrowed		1,602			3,236
Deposits with clearing organizations		338			489
User-held fractional shares		1,592			2,530
Held-to-maturity investments		413			398
Prepaid expenses		63			75
Deferred customer match incentives		11			100
Other current assets		196			509
Total current assets		17,082			25,103
Property, software, and equipment, net		120			139
Goodwill		175			179
Intangible assets, net		48			38
Non-current held-to-maturity investments		73			—
Non-current deferred customer match incentives		19			195
Other non-current assets, including non-current prepaid expenses of $4 as of December 31, 2023 and $17 as of December 31, 2024		107			533
Total assets	$	17,624		$	26,187
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	384		$	397
Payables to users		5,097			7,448
Securities loaned		3,547			7,463
Fractional shares repurchase obligation		1,592			2,530
Other current liabilities		217			266
Total current liabilities		10,837			18,104
Other non-current liabilities		91			111
Total liabilities		10,928			18,215
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2024.		—			—
Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 745,401,862 shares issued and outstanding as of December 31, 2023; 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024.		—			—
Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 126,760,802 shares issued and outstanding as of December 31, 2023; 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024.		—			—
Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2024.		—			—
Additional paid-in capital		12,145			12,008
Accumulated other comprehensive loss		(3	)		(1	)
Accumulated deficit		(5,446	)		(4,035	)
Total stockholders’ equity		6,696			7,972
Total liabilities and stockholders’ equity	$	17,624		$	26,187


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except share, per share, and percentage data)	Three Months Ended December 31,						YOY% Change		Three Months Ended September 30,		QOQ% Change
		2023			2024		YOY% Change			2024	QOQ% Change
Revenues:
Transaction-based revenues	$	200		$	672		236	%	$	319	111	%
Net interest revenues		236			296		25	%		274	8	%
Other revenues		35			46		31	%		44	5	%
Total net revenues		471			1,014		115	%		637	59	%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		32			50		56	%		39	28	%
Technology and development		197			208		6	%		205	1	%
Operations		26			29		12	%		27	7	%
Provision for credit losses		14			19		36	%		23	(17)%
Marketing		43			82		91	%		59	39	%
General and administrative		133			70		(47)%			133	(47)%
Total operating expenses		445			458		3	%		486	(6)%

Other income, net		3			2		(33)%			2	—	%
Income before income taxes		29			558		NM			153	265	%
Provision for (benefit from) income taxes		(1	)		(358	)	NM			3	NM
Net income	$	30		$	916		NM		$	150	511	%
Net income attributable to common stockholders:
Basic	$	30		$	916				$	150
Diluted	$	30		$	916				$	150
Net income per share attributable to common stockholders:
Basic	$	0.03		$	1.04				$	0.17
Diluted	$	0.03		$	1.01				$	0.17
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		867,298,537			883,884,676					884,108,545
Diluted		883,227,967			907,767,796					905,544,750


	Year Ended December 31,						YOY% Change
(in millions, except share, per share, and percentage data)		2023			2024		YOY% Change
Revenues:
Transaction-based revenues	$	785		$	1,647		110	%
Net interest revenues		929			1,109		19	%
Other revenues		151			195		29	%
Total net revenues		1,865			2,951		58	%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		146			164		12	%
Technology and development		805			818		2	%
Operations		116			112		(3)%
Provision for credit losses		43			76		77	%
Marketing		122			272		123	%
General and administrative		1,169			455		(61)%
Total operating expenses		2,401			1,897		(21)%

Other income, net		3			10		233	%
Income (loss) before income taxes		(533	)		1,064		NM
Provision for (benefit from) income taxes		8			(347	)	NM
Net income (loss)		(541	)		1,411		NM
Net income (loss) attributable to common stockholders:
Basic	$	(541	)	$	1,411
Diluted	$	(541	)	$	1,411
Net income (loss) per share attributable to common stockholders:
Basic	$	(0.61	)	$	1.60
Diluted	$	(0.61	)	$	1.56
Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:
Basic		890,857,659			881,113,156
Diluted		890,857,659			906,171,504

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

	Three Months Ended December 31,				Three Months Ended September 30,		Year Ended December 31,
	2023		2024		2024		2023		2024
Brokerage and transaction	7	%	5	%	6	%	8	%	5	%
Technology and development	42	%	20	%	32	%	43	%	28	%
Operations	6	%	3	%	4	%	6	%	4	%
Provision for credit losses	2	%	2	%	4	%	3	%	3	%
Marketing	9	%	8	%	9	%	7	%	9	%
General and administrative	28	%	7	%	21	%	63	%	15	%
Total operating expenses	94	%	45	%	76	%	130	%	64	%

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

	Three Months Ended December 31,						Three Months Ended September 30,		Year Ended December 31,
(in millions)		2023		2024				2024		2023		2024
Brokerage and transaction	$	1	$	2			$	2	$	7		9
Technology and development		50		48				48		211		192
Operations		2		2				1		8		7
Marketing		2		2				3		5		8
General and administrative		26		23				25		640		88
Total SBC	$	81	$	77	$	—	$	79	$	871	$	304


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended December 31,						Year Ended December 31,
(in millions)		2023			2024			2023			2024
Operating activities:
Net income (loss)	$	30		$	916		$	(541	)	$	1,411
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		17			22			71			77
Impairment of long-lived assets		4			—			5			2
Provision for credit losses		14			19			43			76
Deferred income taxes		—			(369	)		—			(369	)
Share-based compensation		81			77			871			304
Other		1			—			3			(2	)
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations		—			(397	)		—			(397	)
Receivables from brokers, dealers, and clearing organizations		(26	)		(332	)		(13	)		(382	)
Receivables from users, net		204			(2,621	)		(298	)		(4,592	)
Securities borrowed		(398	)		468			(1,085	)		(1,634	)
Deposits with clearing organizations		(63	)		(25	)		(152	)		(151	)
Current and non-current prepaid expenses		11			16			37			(25	)
Current and non-current deferred customer match incentives		(20	)		(63	)		(30	)		(265	)
Other current and non-current assets		(19	)		(404	)		(18	)		(415	)
Accounts payable and accrued expenses		(11	)		(63	)		134			(35	)
Payables to users		772			1,184			396			2,351
Securities loaned		302			157			1,713			3,916
Other current and non-current liabilities		61			15			45			(27	)
Net cash provided by (used in) operating activities		960			(1,400	)		1,181			(157	)
Investing activities:
Purchases of property, software, and equipment		(1	)		(4	)		(2	)		(13	)
Capitalization of internally developed software		(5	)		(11	)		(19	)		(37	)
Business acquisition, net of cash and cash equivalents acquired		(3	)		—			(93	)		(6	)
Asset acquisition, net of cash acquired		—			—			—			(3	)
Purchases of held-to-maturity investments		(108	)		(87	)		(759	)		(556	)
Proceeds from maturities of held-to-maturity investments		115			219			282			658
Purchases of credit card receivables by Credit Card Funding Trust		—			(509	)		—			(748	)
Collections of purchased credit card receivables		—			426			—			556
Proceeds from sales and maturities of available-for-sale investments		—			—			10			—
Other		(1	)		—			(1	)		1
Net cash provided by (used in) investing activities		(3	)		34			(582	)		(148	)
Financing activities:
Proceeds from exercise of stock options, net of repurchases		3			8			5			18
Proceeds from issuance of common stock under the Employee Share Purchase Plan		5			6			14			16
Taxes paid related to net share settlement of equity awards		(3	)		(89	)		(12	)		(244	)
Repurchase of Class A common stock		—			(160	)		(608	)		(257	)
Draws on credit facilities		—			10			20			22
Repayments on credit facilities		—			(10	)		(20	)		(22	)
Borrowings by the Credit Card Funding Trust		—			37			—			132
Repayments on borrowings by the Credit Card Funding Trust		—			—			—			(1	)
Change in principal collected from customers due to Coastal Bank		4			21			1			6
Payments of debt issuance costs		—			(1	)		(10	)		(15	)
Net cash provided by (used in) financing activities		9			(178	)		(610	)		(345	)
Effect of foreign exchange rate changes on cash and cash equivalents		—			(2	)		—			(1	)
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash		966			(1,546	)		(11	)		(651	)
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period		8,380			10,241			9,357			9,346
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	$	9,346		$	8,695		$	9,346		$	8,695

Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	$	4,835		$	4,332		$	4,835		$	4,332
Segregated cash and cash equivalents, end of the period		4,448			4,327			4,448			4,327
Restricted cash in other current assets, end of the period		46			18			46			18
Restricted cash in other non-current assets, end of the period		17			18			17			18
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$	9,346		$	8,695		$	9,346		$	8,695
Supplemental disclosures:
Cash paid for interest	$	4		$	4		$	12		$	16
Cash paid for income taxes, net of refund received	$	—		$	4		$	9		$	18


Reconciliation of GAAP to Non-GAAP Results (Unaudited)

	Three Months Ended December 31,						Three Months Ended September 30,			Year Ended December 31,
(in millions)		2023			2024			2024			2023			2024
Net income (loss)	$	30		$	916		$	150		$	(541	)	$	1,411
Net margin		6	%		90	%		24	%	(29)%				48	%
Add:
Interest expenses related to credit facilities		6			6			6			23			24
Provision for (benefit from) income taxes		(1	)		(358	)		3			8			(347	)
Depreciation and amortization		17			22			20			71			77
EBITDA (non-GAAP)		52			586			179			(439	)		1,165
Add: SBC
SBC Excluding 2021 Founders Award Cancellation		81			77			79			386			304
2021 Founders Award Cancellation		—			—			—			485			—
Significant legal and tax settlements and reserves⁽¹⁾		—			(50	)		10			104			(40	)
Adjusted EBITDA (non-GAAP)	$	133		$	613		$	268		$	536		$	1,429
Adjusted EBITDA margin (non-GAAP)		28	%		60	%		42	%		29	%		48	%

	Three Months Ended December 31,					Three Months Ended September 30,		Year Ended December 31,
(in millions)		2023		2024			2024		2023		2024
Total operating expenses (GAAP)	$	445	$	458		$	486	$	2,401	$	1,897
Less: SBC
SBC Excluding 2021 Founders Award Cancellation		81		77			79		386		304
2021 Founders Award Cancellation		—		—			—		485		—
Significant legal and tax settlements and reserves⁽¹⁾		—		(50	)		10		104		(40	)
Adjusted Operating Expenses (Non-GAAP)	$	364	$	431		$	397	$	1,426	$	1,633

	Three Months Ended December 31,					Year Ended December 31,
(in millions)		2023		2024			2023		2024
Total operating expenses (GAAP)	$	445	$	458		$	2,401	$	1,897
Less: SBC
SBC Excluding 2021 Founders Award Cancellation		81		77			386		304
2021 Founders Award Cancellation		—		—			485		—
Significant legal and tax settlements and reserves⁽¹⁾		—		(50	)		104		(40	)
Adjusted Operating Expenses (Non-GAAP)		364		431			1,426		1,633
Add: SBC
SBC Excluding 2021 Founders Award Cancellation		81		77			386		304
2021 Founders Award Cancellation		—		—			485		—
Adjusted Operating Expenses and SBC (Non-GAAP)		445		508			2,297		1,937
Less: 2021 Founders Award Cancellation		—		—			485		—
Adjusted Operating Expense and SBC excluding the 2021 Founders Award Cancellation (Non-GAAP)	$	445	$	508		$	1,812	$	1,937

________________

⁽¹⁾ Amounts for the three months and year ended December 31, 2024 included a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood; that we’re entering 2025 with strong momentum as we remain focused on delivering another year of profitable growth; that we plan to expand into the Asia-Pacific region in 2025, with Singapore serving as our local headquarters; that we plan to continue expanding the cardholder base for the Robinhood Gold Credit Card in 2025; that the acquisitions of Bitstamp and TradePMR are each expected to close in the first half of 2025; and all statements and information under the headings “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the difficulty of complying with an extensive, complex, and changing regulatory environment and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies, and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the volatility of cryptocurrency prices and trading volumes; the risk that our platforms and services could be exploited to facilitate illegal payments; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, February 12, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. All fourth quarter and full year 2024 financial information in this press release is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the full year, which will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, may vary from the information in this press release. In particular, until our financial statements are issued in our Annual Report on Form 10-K, we may be required to recognize certain subsequent events (such as in connection with contingencies or the realization of assets) which could affect our final results.

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income (loss), and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Operating Expenses and SBC, Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation, and SBC excluding the 2021 Founders Award Cancellation. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

Adjusted EBITDA

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

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

Adjusted EBITDA Margin

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

Adjusted Operating Expenses

Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses will no longer include provision for credit losses.

Adjusted Operating Expenses and SBC

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

Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation

Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves, (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), and (iii) the 2021 Founders Award Cancellation, that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expense and SBC excluding the 2021 Founders Award Cancellation provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

SBC excluding the 2021 Founders Award Cancellation

We define SBC excluding the 2021 Founders Award Cancellation as GAAP SBC minus the impact of the 2021 Founders Award Cancellation, which we do not believe is indicative of our ongoing expenses. The amount and timing of the 2021 Founders Award Cancellation are not driven by core results of operations and renders comparisons with prior periods less meaningful. We believe SBC excluding the 2021 Founders Award Cancellation provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. SBC excluding the Founders Award Cancellation is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

Key Performance Metrics

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

Funded Customers

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

Assets Under Custody (“AUC”)

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

Net Deposits

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

Average Revenue Per User (“ARPU”)

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

Gold Subscribers

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

Additional Operating Metrics

Retirement AUC

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

Cash Sweep

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

Margin Book

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

Notional Trading Volume

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

Options Contracts Traded

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

Glossary Terms

2021 Founders Award Cancellation

We define the 2021 Founders Award Cancellation as the cancellation in February 2023 of the 2021 pre-IPO market-based restricted stock units granted to our founders of 35.5 million unvested shares.

Investment Accounts

We define an Investment Account as a funded individual brokerage account, a funded joint investing account, or a funded individual retirement account (“IRA”). As of December 31, 2024, a Funded Customer can have up to four Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, and Roth IRA.

Gold Adoption Rate

We define the Gold adoption rate as end of period Gold Subscribers divided by end of period Funded Customers.

Growth Rate and Annualized Growth Rate with respect to Net Deposits

Growth rate is calculated as aggregate Net Deposits over a specified 12 month period, divided by AUC for the fiscal quarter that immediately precedes such 12 month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by AUC for the immediately preceding quarter.

The MIL Network –

February 13, 2025

MIL-OSI NGOs: ‘Silencing our voices’: Greenpeace Australia Pacific slams charity restrictions in electoral reform

Source: Greenpeace Statement –

CANBERRA, 12 FEB 2025—Greenpeace Australia Pacific has warned that the Electoral Reform Bill that has just passed the Parliament contains a restriction that will severely curtail the ability of charities to do critical advocacy work during election campaigns.

“The Electoral Reform Bill that has just passed the Senate severely restricts charitable organisations from using their funding to speak out about critical policy issues or to provide independent information and policy analysis during election campaigns. It hinders the ability of independent organisations to hold parties and candidates to account when it matters most,” said Dr Susie Byers, Head of Advocacy, Greenpeace Australia Pacific.

“Charities are an independent voice for progress on issues that affect every aspect of voter’s lives—from climate and energy to education, health, and human rights. Efforts like scorecards and analysis of parties’ policies are essential sources of information on the issues that matter most to all of us.

“The restrictions in the Electoral Reform Bill would force charities to create new and completely separate fundraising streams explicitly for the purposes of advocacy at election time. This administrative complexity and major barrier to fundraising will make campaigning at election time extremely difficult.

“Effectively locking charities out of election campaigns weakens our democracy and paves the way for vested interests to push through harmful policies without scrutiny or accountability from independent actors.

“We are deeply disappointed that what will be one of the last acts of this Parliament is to quiet the voices of millions of Australians who contribute to our community via charitable and non-government organisations.

“Greenpeace Australia Pacific stands with all charities working to advocate for better social, environmental and economic outcomes in our society, and will hold the government to its commitment to work with us to resolve issues for the sector.

—ENDS—

For more information or to arrange an interview please contact Vai Shah on 0452 290 082 or [email protected].

MIL OSI NGO –

February 13, 2025

MIL-OSI New Zealand: Going for growth: supermarkets on notice

Source: New Zealand Government

The Government is seeking to bolster supermarket competition to deliver a better deal for shoppers, Economic Growth Minister Nicola Willis says.

“Studies have shown that New Zealand shoppers pay more for kitchen staples than their counterparts in the United Kingdom, Ireland and Australia.

“The market lacks competition with three large entities, two of whom don’t compete in the same island, effectively controlling 82 per cent of the market.

“We need more competition to put downward pressure on prices and deliver a better deal for shoppers.

“The weekly supermarket shop makes up a significant proportion of most people’s weekly budget and contributes massively to their cost of living.

“Therefore, I am determined to remove unnecessary regulatory hurdles that discourage new entrants from entering the market.

“Additional steps could include cracking down on predatory pricing, ensuring all competitors have fair access to products, assisting new entrants to access suitable land and properties for development and assisting them to attract international capital.”

Nicola Willis announced the intention to strengthen competition in the supermarket sector at the release of a progress report on the work being done to shift New Zealand to a higher growth track.

“The Going For Growth snapshot details more than 80 actions that have either been completed since the Government took office or are underway.

“Economic growth is key to raising living standards, creating higher-paying jobs,and delivering the vital public services New Zealanders want and deserve.

“New Zealanders have been through a tough time with high inflation pushing up interest rates and driving the economy into recession.

“lnflation is now back under control but to deliver the opportunities and high-quality public services people expect we need to build a stronger, wealthier and more resilient economy that benefits all New Zealanders.

“Going For Growth details how the Government is going about that task.

“It sets out the five pillars driving our push for economic growth: Developing talent, Competitive business settings, Promoting global trade and investment, Innovation, technology and science and infrastructure for growth.

“Under each pillar are actions already underway to support growth, with more to come.

“To grasp the opportunities in front of us, we must lean in and boldly pursue the things that will make this country the wealthier country we want it to be.

“We must adopt a ‘yes’ mentality when sometimes it is easier to say ‘no’.”

Notes to editors: Going For Growth can be found here www.goingforgrowth.govt.nz

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI New Zealand: Speech to New Zealand Economics Forum

Source: New Zealand Government

Tēna koutou katoa. Greetings everyone.
Thank you Matt for the introduction and can I acknowledge the presence of former Australian Prime Minister Scott Morrison. It’s a pleasure to have you back in the country.
It’s also a pleasure to be here to speak at this event for the third year in a row.
The world is changing. Fast. Orthodoxies are being challenged. De-globalisation, tariffs, counter tariffs, artificial intelligence, conflict, cynicism about national institutions, extreme climatic events, increasing competition for food, energy, minerals and other resources.
Leaders around the world are being compelled to act more boldly than they have for several decades.
Where once countries could take for granted their position in the world, it is now unquestionable that we need to place ourselves in the driver’s seat for our national interests.
These issues are not just the concern of diplomats, leaders and elites.
People the world over are increasingly feeling the effects of declining living standards, soaring prices, unaffordable housing and incomes that are not keeping up.
Is it any wonder that there is a growing sense that the benefits of progress are not being evenly shared or that citizens are questioning the institutions and conventions they were raised to rely on?
It’s hard not to look back on the past few decades and see complacency.
Where once there was an assumption about the inevitability of economic growth – a given to be traded off against a host of other values – that stance now seems blissfully naïve.
From the United Kingdom, to the European Union, to China, to the United States, there is a growing realisation that growth must be fought for and that, even once achieved, can easily slide away.
We in New Zealand are not immune to these trends. In fact, we are at a moment of inflection.
After three years of struggle, many Kiwis feel poorer, less financially secure and less hopeful about their futures. The cost of living is a daily concern.
New Zealanders have been through the wringer. Where once there was triumphalism about our response to, and recovery, from the COVID-19 pandemic, there is now a realisation that we are still paying the economic price for the disruption it wreaked.
The aftershocks of extended lock-downs included a generational spike in inflation and the cost of living, extraordinary interest rate hikes, ongoing disruption to migration flows, massive increases in Government debt and a structural deficit in the government books.
These blows landed on an economy that had being showing cracks for decades.
New Zealand already faced longstanding issues of low productivity growth, low capital intensity in our firms, low levels of competition in many sectors, challenges in attracting and retaining skills and talent, low uptake of innovation, declining housing affordability and a growing tail of New Zealanders leaving school without basic skills. Today, as Kiwis suffer the real-life effects of economic problems, it’s become even more urgent that we address these complex challenges.
For the economists in this room these observations about our economic problems can be understood as data points.
For many Kiwis, it is more personal, more visceral and far harder to stomach. The cost of living is too high and they need to see a path out.
Despite falling inflation and interest rates and rising business and consumer confidence, many New Zealanders tell me they still can’t get on top of their bills – even though they’re working harder than ever, that they are worried about whether they’ve saved enough for their retirement, and are concerned about their kids’ prospects should they stay in New Zealand.
My message to those New Zealanders is this: it’s tough right now, but our country has far better years ahead of it.
It’s easy to lose sight of the reasons to be optimistic, but let’s be confident about how great New Zealand’s potential is.
In a world facing multiple challenges, we have some extraordinary advantages. We’re a safe, secure country with established trading relationships and a reputation as a good place to do business. We are blessed with abundant natural resources – everything from ocean to freshwater, fertile land to minerals and temperate weather.
In a world worried about food security, we have the world’s best farmers, feeding more than 40 million people with levels of efficiency and sustainability that are the envy of the world. We have a long history of stable democracy, strong institutions and rule of law. We’ve produced world-leading scientific breakthroughs from splitting the atom to the Hamilton Jet Boat. Our entrepreneurs and innovators have converted their ideas into world-beating successes – from Oscar-winning digital effects to rockets in space.
New Zealand has what it takes to succeed, but for too long we’ve put up stop signs and road cones when we should have been putting our pedal to the metal.
Our Government’s mission is to make the most of New Zealand’s potential so we can grow the economy and ease the cost of living for New Zealanders.
Our plan is simple: remove the barriers that have held back growth and create the conditions that will allow businesses to create better paying jobs, more financial security for our families, and more income to pay for world-class education and health services.
Today I am releasing a document that shows how our Government is putting that plan into action. “Going for Growth” is a snapshot of the Government’s activity in five key areas, all designed to ease the cost of living and grow our economy.
The document identifies more than 80 separate initiatives that have been completed or are underway. Don’t worry, I’m not about to list them all.
But I do encourage you to give it a read. Going for Growth will be updated on a regular basis and we are actively seeking your feedback on its content and any actions you think should be added or prioritized.
The document focusses on five areas which are essential to improving the performance of the New Zealand economy.

Developing talent by lifting education and skills: Too many of our kids have been leaving school without the basics they need to succeed in an increasingly demanding world. This is a moral failure. It’s also a fiscal and economic timebomb. Our Government is improving our education system to deliver a better deal for Kiwi kids.
Competitive business settings: Excessive and badly-designed regulations have slowed New Zealand down, added costs and prevented too many good ideas from become reality. Several of our major sectors lack competition and consumers are paying the price. Our Government is removing red tape, reducing compliance costs and promoting competition to deliver a better deal for Kiwi consumers.
Promoting global trade and investment: New Zealand is a small country, geographically distant from many of the world’s large economies. We need to keep pursuing trade relationships and international connections not only to get good prices for our exports, but also to keep up with emerging technologies and to access the world’s talent and capital. Our Government is growing our trade relationships and rolling out the welcome mat for international investment so we can deliver better paying jobs for Kiwis.
Innovation, technology and science: New Zealand’s science system is not geared up for the future economy. Our businesses have often been slow to invest in the technology needed to make them more productive. We’re modernizing our science and innovation system so we can deliver a better deal for Kiwi businesses who want to use science and tech to grow.
Infrastructure for growth: New Zealand’s Resource Management system has been weaponised against development, adding cost, slowing things down and stopping too many projects. Despite abundant land, housing remains unaffordable for too many. Major infrastructure projects are too slow, too expensive and too few. Our Government is removing roadblocks to delivery of housing and infrastructure and fast-tracking major developments so we can deliver better living standards for New Zealanders.

Some of you will be familiar with the work we already have underway in each of these areas. Today I want to share some thoughts about a few areas where I think more reform is needed.
Number One. Driving greater competition in sectors that are vital to our national interests, including banking, grocery and electricity.
The economic impetus for this is clear. Strong competition protects consumer interests, it puts downward pressure on costs, it incentivises innovation and investment, it supports efficient allocation of resources and it drives productivity.
When I look around the business landscape today I see too many sectors where market power has been entrenched to the detriment of everyday people.
New Zealand has seen significant mergers and consolidation across major industries. Big fish have been swallowing the little fish and regulatory barriers have stopped new fish from entering the pond.
While many super-sized businesses have flourished, in too many cases the Kiwis they sell to have experienced higher prices, fewer choices and a worse deal all round.
In my view, law-makers and regulators have been far too complacent about diminishing levels of competition in vital areas. Large-scale mergers have been repeatedly allowed in major industries, with so-called efficiency prioritised over the interests of consumers.
Well-intended regulations have become a moat, stopping challengers from disrupting the status quo.
The result? A raw deal for Kiwi consumers.
The dominance of big fish has also made it difficult for many small businesses to grow into larger businesses.
We see it in the banking industry which the Commerce Commission has described as a highly profitable, two-tier oligopoly. The Government is taking action to address this.
And we see it in the supermarket sector in which three large entities, two of whom don’t compete in the same island, effectively control 82 per cent of the market.
The result, as the Commerce Commission reported in 2022, is that competition between grocery retailers is muted, profits are high, product ranges are limited and shoppers pay higher prices than people in many other countries.
In this environment it is almost impossible for a new entrant to establish a foothold in the New Zealand market.
Even if they are able to battle their way through the thicket of resource management and overseas investment regulation, they are confronted in many cases by an absence of suitable land for new supermarket developments. It has been land-banked by the established players.
Some of our best food producers also tell me they are struggling because of the duopolistic practices of the major players.
If Kiwi food producers can’t afford to keep their products on New Zealand supermarket shelves, how are they ever going to grow to the point where they can export overseas?
The supermarket lobby will find 1000 different ways to say this is not the case, but it is.
The OECD has this to say about the New Zealand supermarket sector:
“Two major players dominate the market through their portfolio of different brands. As a result, they can extract higher prices from consumers (oligopoly power) but also exert ‘oligopsony power’ on their suppliers, passing on costs and uncertainty to them, with the threat of removing products from shelves if suppliers disagree”
Studies have shown that New Zealand supermarkets were the most expensive for kitchen staples compared with the UK, Ireland and Australia.
If you doubt the findings of the OECD, research papers, or the Commerce Commission, just ask the everyday Mums and Dads at the checkout:
Kiwi shoppers feel ripped-off.
I think of PK, the Kiwi man who went viral on Tik Tok, sharing how he cried when he discovered how much cheaper the food was when he moved to Australia. I think of the parents in the supermarket aisle, putting back the chocolate biscuits as the weekly shop blows their budget – again. And I think of all those people who endure gut-wrenching anxiety as they watch their items being scanned and the numbers tallying up on the till.
The weekly supermarket shop makes up a significant proportion of most people’s weekly budget and contributes massively to their cost of living.
They deserve to know they are getting a fair deal.
Right now, I don’t think they are. I’m ready to pull out all the stops to get them a fairer deal.
The supermarkets will fight back I’m sure. It’s a fight worth having.
So what can the Government do?
Let me reassure you, we are not going to open our own grocery chain. There will be no KiwiShop.
Instead I’d like to see another competitor enter the supermarket scene to disrupt the major players, drive down prices and increase options for Kiwi shoppers.
Over the past 12 months, international supermarket chains and local investors have expressed interest in entering the New Zealand grocery market.
I want to help them succeed.
We owe it to Kiwi shoppers to help remove the barriers that could get in the way of a new entrant.
That could include removing unnecessary regulatory hurdles in the Overseas Investment Act, Resource Management Act and the entire regulatory maze; helping them to access suitable land and properties for development; helping them to attract capital; cracking down on predatory pricing and ensuring they have fair access to products.
If a new grocery chain opened up here it would deliver massive gains for Kiwi shoppers. So I’m up for actions needed to help make it happen.
At the same time, the Government must continue our efforts to hold the existing supermarket chains accountable to their customers and suppliers.
That means enhancing consumer protections and correcting power imbalances between suppliers and supermarkets. It means strengthening the Grocery Supply Code, enforcing action against non-compliance and illegal conduct, introducing a Wholesale Code to enhance access for smaller retailers, introducing disclosure standards for consumer complaints and responding to further recommendations the Commerce Commission makes.
Commerce Minister Andrew Bayly has already been pushing hard in this space. This year we’re dialling up the pressure.
The major supermarket chains should listen up: our Government is on the side of Kiwi shoppers and we will act to defend their interests.
Number two: The Government’s approach to procurement.
The Government is a huge player in the New Zealand economy. Every year it procures billions of dollars worth of goods and services.
Those doing the procuring understandably play close attention to prices. That is as it should be. We want value for money.
But getting value is not just about cost. Getting value is also about assessing the contribution particular contracts can make to New Zealand as a whole.
The Government wants the Government agencies doing the procuring to assess the value as well as the cost of contracts.
Small and medium-sized businesses say that too often they can’t effectively bid for Government contracts because of the complexity of official procurement processes.
I am reviewing the Government procurement rules that cause this and will soon be recommending changes to Cabinet. I want to ensure value to New Zealand is properly considered when government agencies are picking suppliers, ensuring a more level playing field, improving the ability of smaller businesses to bid and giving more small and medium sized Kiwi businesses the opportunity to grow and become global players.
Third, tax settings.
New Zealand must ensure our tax settings are competitive with other countries who seek to lure our talent, ideas and jobs.
We need to ensure the New Zealand tax system does not discourage businesspeople from investing in their businesses and does not deter foreign investment.
I am considering a range of proposals to make our tax settings more competitive over time.
Fourth, affordable energy.
Alongside the supermarket bill, electricity prices are a major pain point for Kiwi households. Spiking prices and uncertain supply are also a major barrier to industry and the jobs it supports.
As we look out to the world, it’s clear that those choosing to invest in manufacturing, data centers and technological parks will increasingly ask themselves: does the country that we want to invest in have secure, affordable and renewable energy?
New Zealand is pretty well-positioned for that. We already have abundant levels of renewable energy.
The question is, are we well positioned to bring on new generation at the pace needed to keep both security of supply and affordability?
That’s a question the Government is very much engaged in.
The Energy Competition Task Force has published proposals to give consumers more control over energy costs. In addition, independent reviewers will report to Ministers in the middle of the year on the performance of the energy market.
My view is that the world’s surging demand for renewable energy has changed the game. It’s time to think much more boldly about the actions the Government may need to take to incentivise new generation, security of supply and affordable electricity.
Fifth, savings.
Finally, I want to see KiwiSaver working as well as possible for New Zealanders. Commerce Minister Andrew Bayly already has work underway to enable Kiwisaver providers to make greater investments in private assets, to generate good returns for savers and ensure more Kiwi savings can be deployed for investment here at home.
I want to see KiwiSaver balances grow, both to make Kiwis better off in retirement and to grow our collective national savings. I am taking advice on options for achieving that with a view to taking recommendations to Cabinet.
Let me finish by providing you with some perspective.
Our domestic context is challenging. Internationally we are arguably operating in a more complex, faster changing world than at any time in history.
But, when I look around the world, there is nowhere I would rather build a business or raise a family than here in New Zealand.
But the world doesn’t owe us a living. We have to compete hard to deliver for our national interests and the interests of New Zealanders.
Our Government’s plan to grow the economy is about making the most of New Zealand’s many advantages, removing barriers that are holding Kiwis back and competing for our share of the world’s wealth.
This is not an abstract mission. It goes to the heart of what matters to New Zealanders.
To create better paying jobs and make Kiwis more financially secure, we must grow our economy.
To deliver better health services and schools, we must grow our economy.
To make New Zealand more resilient to global challenges, we must grow our economy.
This Government backs New Zealanders to succeed. I know you do too. I wish you a successful conference and look forward to hearing your ideas. Let’s go for growth.

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI USA: Mexican citizen sentenced to 27 years in prison after targeting more than 60 young girls in online sextortion scheme, following HSI St. Paul, joint partner investigation

Source: US Immigration and Customs Enforcement

ST. PAUL, Minn. – A Mexican citizen residing in Winona has been sentenced to 324 months in prison followed by 20 years of supervised release in an online sextortion scheme that victimized more than 60 minor girls across the country and abroad, following an U.S. Immigration and Customs Enforcement, Homeland Security Investigations St. Paul probe.

According to court documents, between April 2022 and June 2023, Valentin Silva Quintana, 31, used social media apps, including Snapchat and Instagram, to threaten, sexually manipulate, and exploit more than 60 young girls primarily between 9 and 12 years old in Oklahoma, Pennsylvania, Texas, New Zealand and elsewhere. Quintana, who knew that most of the girls were between 9 and 12 years of age, used fake identities and lied about his age in communications with the girls, often posing as a minor girl himself. He used images and videos of youthful appearing girls to make his communications with other victims more believable.

“We remain committed to holding perpetrators of online child exploitation accountable,” said ICE HSI St. Paul Special Agent in Charge Jamie Holt. “This conviction sends a strong message that individuals who engage in the production, distribution, or possession of child exploitation material will face the full weight of the law. Thanks to the dedicated efforts of our agents and our collaboration with law enforcement partners, we continue to make great strides in safeguarding children and bringing predators to justice

According to court documents, Quintana used a wide range of tactics to coerce his victims, sometimes by convincing young girls that he was their friend or romantic partner, or by offering them money. He convinced young girls to send him a sexual photo or video or covertly recorded them engaging in sexually explicit conduct and then threatened to send the first image to their friends and family unless the girls produced ever more graphic sexual images and videos for him.

Quintana was sentenced on Feb. 5, 2025, in U.S. District Court for the District of Minnesota before Judge Jerry W. Blackwell after previously pleading guilty to one count of production of child pornography, one count of distribution of child pornography, and one count of possession of child pornography.

Quintana remains in federal custody .

This case is the result of an investigation conducted by ICE HSI, the Minnesota Bureau of Criminal Apprehension, and the Winona County Sheriff’s Office. Assistant U.S. Attorney Michael McBride prosecuted the case.

MIL OSI USA News –

February 13, 2025

MIL-OSI Security: U.S. Indo-Pacific Command, Japan Joint Staff host Joint Senior Leaders Seminar

Source: United States INDO PACIFIC COMMAND

HONOLULU, Hawaii –

Adm. Samuel J. Paparo, front center, commander of U.S. Indo-Pacific Command, joins Gen. Yoshihide Yoshida, front second from left, Chief of Staff of the Japan Joint Staff, for a group photo during the Joint Senior Leaders Seminar at USINDOPACOM headquarters on Camp H.M. Smith in Hawaii, Feb. 11, 2025. The JSLS aims to continue strengthening bilateral commitments between the two nations and throughout the region. USINDOPACOM is committed to enhancing stability in the Indo-Pacific region by promoting security cooperation, encouraging peaceful development, responding to contingencies, deterring aggression and, when necessary, fighting to win. (U.S. Army photo by Staff Sgt. Angel Heraldez)

MIL Security OSI –

February 13, 2025

MIL-OSI NGOs: UK: over 60% of people agree it should not be a crime for sex workers to work together – new poll

Source: Amnesty International –

61% of adults believe it should not be a crime for two or more sex workers to work together

Over half believe consensual sex work should be fully decriminalised

“Full decriminalisation is the only option to keep sex workers safe” – Chiara Capraro

Sex work should be fully decriminalised in the UK to protect sex workers’ human rights and safety, Amnesty International UK has said today.

In England and Wales, the buying and selling of sexual services is legal, but some activities around sex work are not – sex workers who decide to work together for safety can be charged with brothel keeping and it is a criminal offence to ‘solicit’ clients in public spaces. As a result, sex workers are forced to work on their own, at increased risk of violence.

A new poll* commissioned by Amnesty UK has shown that the majority of the UK public (61%) believe that it should not be a crime for two or more sex workers to work together, and more than half (53%) of UK adults agree that consensual adult sex work should be fully decriminalised.

Chiara Capraro, Amnesty International UK’s Gender Justice Programme Director, said:

“Our poll shows that the majority of the UK public wants the law to protect, not punish sex workers.

“Most people go into sex work due to poverty. Years of austerity and the cost-of-living crisis are pushing more and more women into sex work to support themselves and their families. Rather than keeping these women safe and helping them to leave sex work if they so wish, the current law forces sex workers into harmful, dangerous and isolating situations and can trap them in a cycle of poverty.

“Sex workers should be able to work together for safety, but instead criminalisation forces them to work in precarious situations alone, making them vulnerable to violence and abuse and blocking them from accessing health care and other vital services.

“Full decriminalisation is the only option to keep sex workers safe – it would allow them to work together for security, improve their ability to report violence to the authorities and access justice and support.”

Amnesty International UK is calling for decriminalisation alongside a coalition of sex worker led and human rights organisations, including Decrim Now and the English Collective of Prostitutes.

Megan Isaac, a spokesperson from Decrim Now, said:

“This polling shows that the general public agrees with what sex workers have long been calling for: we need full decriminalisation so that sex workers can work together for safety, without having to fear fines, eviction, or arrest. The government has abandoned millions of people in the UK to living in poverty – it’s deeply unfair to criminalise people who turn to sex work so that they can survive.

“We know that it’s possible for the law to change. New Zealand decriminalised sex work in 2003 and Belgium did so in 2022, recently implementing laws that would give sex workers access to maternity leave, sick pay, and protection from harassment. Politicians must take action to decriminalise sex work in the UK, to protect sex workers’ safety, health, and human rights.”

Laura Watson, a spokesperson from the English Collective of Prostitutes, said:

“Most of the women in our group are mothers working to support children and we are furious that we are pushed into this job by poverty and then criminalised for trying to survive and keep our families together. Those of us who are migrant and/or women of colour get particularly targeted.

“Sex workers are facing epidemic levels of rape and other violence but we can’t report to the police because we are frightened about being arrested ourselves for soliciting or brothel-keeping.

“If we are working on the street, we end up running from the police and being pushed into more isolated areas. Many of us would like to work together with another woman inside because it is safer but if we do that we can be arrested for brothel-keeping.”

ENDS

Background

*Savanta interviewed 2,208 UK adults aged 18+ online between the 29 November and 2 December 2024. Data were weighted to be representative of the UK by age, gender, and region. Savanta is a member of the British Polling Council and abides by its rules.

MIL OSI NGO –

February 13, 2025

MIL-OSI NGOs: Munich Security Conference: Amnesty’s Secretary General calls on states to resist attacks on human rights protections

Source: Amnesty International –

Amnesty International’s Secretary General Agnès Callamard will be attending the Munich Security Conference from 14 to 16 February, where she will be available for interview and will call on world leaders and senior officials to resolutely come together to resist attacks on human rights and the global multilateral architecture and avoid further harm to human rights protections and the rules-based order.

“The past 12 months have laid bare precisely how hellish the world can be when states don’t apply universal standards and insist that international law and multilateral decisions do not apply to their actions. Consider Israel’s genocide against Palestinians in Gaza, Russia’s ongoing war of aggression against Ukraine, the conflict still raging in Sudan, the worsening catastrophe in Myanmar, and the recent uptick in fighting in the Democratic Republic of Congo,” Agnès Callamard said.

“Following the long overdue ceasefire in Gaza and the transition of power in Syria, the question turns to how lasting peace and justice can be achieved in such contexts. States must commit their full support to bodies like the International Court of Justice and the International Criminal Court in their efforts to uphold the law, as failure to hold perpetrators accountable will only embolden other aggressors and fuel further cycles of violence and destruction.

The past 12 months have laid bare precisely how hellish the world can be when states don’t apply universal standards and insist that international law and multilateral decisions do not apply to their actions.

Agnès Callamard, Amnesty International’s Secretary General

“In these precarious times, humanity can ill afford further breakdowns in the international order. We do not need more instability, division or turmoil; we do not need more attacks on human rights values and further undermining of our already fragile commitments to address climate change. We need sustainable, future-focused solutions. The multilateral system may be failing us, but the answer is not to abandon it to the abyss. The answer is to strengthen and reform it, grounding it in a common vision so it can make good on its promise of global stability and universal human rights protections. The Munich Security Conference presents a timely opportunity for world leaders to begin to address these challenges and pave the way for a future free of the harrowing conflicts that blight today’s world.”

MIL OSI NGO –

February 13, 2025

MIL-OSI New Zealand: The Risk of Adverse Events Associated with Mesh and Non-Mesh Repair of Groin Hernias: A literature review

Source: New Zealand Ministry of Health

Summary

In light of the pause on use of mesh in urogynaecology procedures in New Zealand in 2023, and the hernia mesh report in Australia (Health Issues Centre 2019), the Ministry of Health began a review of the literature on the use of mesh in inguinal (also known as groin) hernia repair.

This showed that use of mesh in groin hernia repair was associated with reduced rates of hernia recurrence, neurovascular injury and urinary retention (with no gender difference) and reduced or similar rates of post-operative pain, operative time, hospital stay length and time to return to usual activities compared to non-mesh groin hernia repair. Non-mesh repair was associated with a lower risk of seroma formation (fluid collection). Ongoing pain affecting activities of daily living was self-reported in a proportion of patients in whom mesh was used in groin hernia repair.

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI New Zealand: Whakapapa Holdings Limited public hearings to begin

Source: Department of Conservation

Date: 13 February 2025

Acting Deputy Director-General Policy and Regulatory Services Ewan Delany says DOC received 529 submissions.

“We would like to thank everyone who took the time to provide feedback on Whakapapa Holdings concession application to operate the Whakapapa Ski Area on Mt Ruapehu.

“Hearings are the next stage of the process and an opportunity for those who indicated they wanted to talk through their submission in person.

“Information received from the submissions and the hearings will be taken into consideration as part of the assessment of the concession application”, says Ewan.

The hearings will be held in Tūrangi at the DOC office and via Microsoft Teams.

The Hearing Chair will be Darryn Ratana, DOC Kaihautu, Regional Operations.

More information on the hearings can be found on the DOC website: Application for a concession by Whakapapa Holdings 2024 Limited: Have your say

Contact

For media enquiries contact:

Email: media@doc.govt.nz

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI Security: Richard R. Barker to Serve as Acting United States Attorney for the Eastern District of Washington

Source: Office of United States Attorneys

Spokane, Washington – Following the recent resignation of the Honorable Vanessa R. Waldref, and by operation of the Vacancies Reform Act, Richard R. Barker is now serving as the Acting United States Attorney for the Eastern District of Washington.

Acting United States Attorney Barker has over a decade of experience as a career prosecutor, serving as an Assistant United States Attorney since 2014. During his career, Barker has held the positions of First Assistant United States Attorney, Tribal Liaison, Computer Crime and Intellectual Property Coordinator, Digital Asset Coordinator, and Public Affairs Officer. From 2014 – 2019, Barker served as an Assistant United States Attorney in the nation’s capital, where he served as a dedicated homicide prosecutor. In early 2019, Barker joined the Eastern District of Washington, serving as an Assistant United States Attorney (“AUSA”) in the Spokane office.

Acting United States Attorney Barker has dedicated his career to serving victims of violent crime, while handling numerous homicide and violent crime cases. Late last year, Barker was lead counsel with AUSA Michael J. Ellis in the trial of Zachery Holt and Dezmonique Tenzsley for the double murder of two Tribal members and the attempted murder of a federal officer on the Colville Indian Reservation. In 2023, Barker successfully prosecuted Ronald Craig Ilg, who attempted to hire hitmen on the dark web to harm his wife and a former work colleague.

Throughout his career, Acting United States Attorney Barker also has handled several significant drug trafficking prosecutions. In 2023, Barker and AUSA Stephanie Van Marter prosecuted the “Fetty Bros” Drug Trafficking Organization, which was distributing hundreds of thousands of fentanyl pills and other drugs into Eastern Washington and using extreme violence to insulate their organization. Barker later served as lead counsel in the removal of more than 161,000 fentanyl-laced pills and 80 pounds of methamphetamine from rural Washington. In his efforts to further address the fentanyl crisis, Barker worked closely with now former U.S. Attorney Waldref and the City of Spokane to create a Special U.S. Assistant Attorney position focused on prosecuting those responsible for illegal narcotics impacting the Spokane area.

As First Assistant United States Attorney, Barker has supervised the U.S. Attorney’s Office’s litigating units, which include the Criminal, Civil, and Appellate Divisions. As the Chief Deputy to the U.S. Attorney, Barker helped establish the District’s dedicated Appellate Division and worked closely with the Office’s administrative team to obtain additional DOJ resources for increasing public safety throughout Eastern Washington. Barker also played a pivotal role in opening the District’s Branch Office in Richland Washington, and he has been instrumental in the office’s efforts to increase resources for prosecuting cases on Native American Reservations. In early 2024, Barker played a key role in hiring the district’s first MMIP AUSA, who is fully dedicated to prosecuting cases of Missing or Murdered Indigenous People. For Barker’s dedication to working with Native American communities and improving public safety, he received a Department of Justice Director’s Award in 2024.

“I have loved serving as a federal prosecutor and working so closely with federal, state, local, and Tribal leaders to seek justice and protect our communities,” stated Acting U.S. Attorney Barker. “The U.S. Attorney’s Office for the Eastern District of Washington has an incredible team of attorneys and support staff, who are fully dedicated to protecting the citizens of Eastern Washington and our nation. It is truly inspiring to serve alongside such an excellent group of professionals, who have dedicated their careers to doing the right thing each and every day.”

Outgoing U.S. Attorney Vanessa R. Waldref stated, “Acting U.S. Attorney Barker is an exceptional leader, a gifted attorney, and a tireless advocate for justice. His unwavering dedication to protecting the communities of Eastern Washington is evident in everything he does. It has been an honor to work alongside him as my First Assistant, and I have no doubt that he will continue to serve with integrity, determination, and a deep commitment to upholding the law, as he takes on this new role as the chief law enforcement officer for the Eastern District of Washington.”

Acting United States Attorney Barker graduated with highest honors from Brigham Young University Law School. After graduation, Barker clerked for the Honorable J. Clifford Wallace on the Ninth Circuit Court of Appeals and the Honorable G. Murray Snow on the U.S. District Court for the District of Arizona. Following his clerkships, Acting United States Attorney Barker worked in private practice for Davis Polk, LLP, in Washington D.C.

Outside the U.S. Attorney’s Office, Barker serves as an adjunct professor at Gonzaga University School of Law, where he has taught courses in Trial Advocacy and Conflicts of Law. Barker also serves as a Lawyer Representative to the Ninth Circuit Court of Appeals.

MIL Security OSI –

February 13, 2025

MIL-OSI New Zealand: First test train journeys through City Rail Link

Source: New Zealand Government

A test train has now completed its first trip through the full length of the City Rail Link (CRL) tunnel in Auckland, representing a critical step forward in this game-changing public transport project for our largest city, Transport Minister Chris Bishop and Minister for Auckland Simeon Brown say.

“Started under the previous National Government, CRL will double Auckland’s rail capacity and reduce congestion when it opens in 2026, enabling Aucklanders to get to where they want to go quickly and safely meaning a more productive Auckland. There is still a lot more work to do, but it’s great to see measurable progress being made on site as we countdown to the CRL opening next year,” Mr Bishop says.

“The CRL tunnel’s overhead lines were energised last week, enabling power to be provided to trains in the tunnel. The first test train ran a 3.45km-long journey last night, from Britomart Station to Mt Eden on the new underground section of railway, the first train to travel on a brand-new rail line since 2012.

“This important test train allowed technical experts to complete their first round of testing relating to tunnel clearance, power supply and signalling. Further testing will ramp up in coming weeks, including brake testing, recovery procedures, tunnel ventilation systems, supervision and security systems, lighting, communications, and the start of hands-on training for Auckland’s metro drivers and station staff, among many others.”

“CRL will be a gamechanger for Auckland’s public transport network, turning Britomart from a dead-end station into a through station, enhancing connections between the central city and the wider rail network,” Simeon Brown says.

“The first train through CRL is an important milestone for the project. Once complete, CRL will result in significant time savings, and make public transport a much more viable option for Aucklanders.”

“This is momentous for the City Rail Link programme and Auckland ratepayers who have made a significant contribution, alongside government, to get this project completed,” says Mayor Wayne Brown.

“Our city deserves a public transport system that will deliver for Aucklanders and visitors alike. I’ve always said I was determined to get the project finished and over the line, and while the project has had its fair share of challenges and there are lessons we’ll take from it, I’m pleased to see that progress has been made and that we can finally see the light at the end of the tunnel.”

“I want to acknowledge the hard work and dedication of everyone involved in the CRL project to get us to this point. There is a lot more work to do, but today represents an important milestone in moving from a construction site into a railway,” Mr Bishop says.

“Tens of thousands of Auckland commuters are right behind you, and they’re looking forward to experiencing the benefits your hard work will deliver when CRL opens next year.”

Note to editors:

Once operational, City Rail Link (CRL) benefits for Auckland passengers at peak times include:

On the Southern Line – trains every 5 minutes (compared to 10 minutes currently) north of Puhinui, every 8 minutes between Papakura and Homai, and every 10 minutes between Pukekohe and Drury
On the Eastern Line – trains every 5 minutes between Sylvia Park and Ōrākei
On the Western Line – trains every 8 minutes between Swanson and Maungawhau

Subject to Auckland Transport confirming train timetables, the combination of using the CRL tunnel and reduced temporary speed restrictions are expected to see:

Maungawhau (Mt Eden) to Waitematā (Britomart): under 10 minutes (half the current time)
Kingsland to Waitematā (Britomart): 13 minutes (8 minutes faster than currently)

Henderson to Waitematā (Britomart): 38 minutes (8 minutes faster than currently)

MIL OSI New Zealand News –

February 13, 2025

MIL-OSI Asia-Pac: India’s Cultural Influence Across the Indian Ocean Region Stems from its rich Cultural, Intellectual and Knowledge Traditions: Union Minister Shri Gajendra Singh Shekhawat

Source: Government of India

India’s Cultural Influence Across the Indian Ocean Region Stems from its rich Cultural, Intellectual and Knowledge Traditions: Union Minister Shri Gajendra Singh Shekhawat

From Ancient Trade Winds to Modern Maritime Security: ‘Monsoon’ Conference Explores India’s Expanding Indian Ocean Role

Posted On: 12 FEB 2025 9:42PM by PIB Delhi

In the backdrop of India’s growing maritime partnerships and security initiatives, the Indira Gandhi National Centre for the Arts (IGNCA) is organizing a two-day international conference in collaboration with the Advanced Study Institute of Asia ( ASIA) at SGT University titled ‘Monsoon: The Sphere of Cultural and Trade Influence’. ‘Project Mausam’, is an Indian transnational initiative under the Ministry of Culture. This conference, exploring historical and cultural connections among Indian Ocean nations through maritime interactions, will highlight India’s central role in shaping trade, traditions, and connectivity across the Indian Ocean Region (IOR). The inaugural session of the conference began today at IGNCA, New Delhi, and will continue until 13^th February 2025. Shri Gajendra Singh Shekhawat, Union Minister Minister of Culture and Tourism, graced the occasion as the Chief Guest, with a keynote address by Dr. Vinay Sahasrabuddhe and a welcome address by Dr. Sachchidanand Joshi, Member Secretary, IGNCA. Prof. Amogh Rai, Research Director, ASIA, SGT University, and Dr. Ajith Kumar, Director of Project Mausam, were also present during the inaugural session.

Union Minister of Culture and Tourism, Shri Gajendra Singh Shekhawat, while speaking at the inaugural session, highlighted the deep interlinkages between India and the region, emphasising that India’s cultural influence across the Indian Ocean Region stems from its rich cultural, intellectual, and knowledge traditions. He noted that this influence stemmed not only from commerce and trade but also from India’s intellectual prowess and golden prosperity. He remarked that the footprints of India’s cultural impact are visible among those who came as students, monks, or even as aggressors, carrying with them the essence of India’s cultural progress, fostering diversity and unity over thousands of years. He also spoke about the unique vision of ‘Project Mausam’ to showcase a Transnational Mixed Route of Natural and Cultural Heritage, stating, “The world realises that culture is the factor that unites us all.”

The initiative is particularly timely, as India and France recently concluded their Maritime Cooperation Dialogue in New Delhi, agreeing on joint measures to assess and counter threats to maritime security in the IOR. These threats include piracy, maritime terrorism, smuggling, illegal fishing, hybrid and cyber threats, and marine pollution. Oman will also be hosting the 8^th edition of the Indian Ocean Conference from February 16-17, focusing on ‘Voyages to New Horizons of Maritime Partnership’. Simultaneously, the Indian Navy’s 2025 capstone Theatre Level Operational Exercise (TROPEX) is underway, showcasing India’s preparedness in the Indian Ocean.

‘Project Mausam’ not only emphasizes India’s historical maritime influence but also resonates with the nation’s evolving geopolitical strategy in the region. The conference will focus on key themes such as ancient navigational routes, port city networks, and coastal settlements. By integrating tangible and intangible cultural heritage, the project highlights India’s continued leadership in fostering connectivity and maritime partnerships, contributing to UNESCO’s maritime heritage studies.

Dr. Vinay Sahasrabuddhe in his address emphasised the cultural foundations of India-Southeast Asia relations, calling for intellectual and emotional investment to integrate Southeast Asia into India’s popular consciousness. Noting that cultural bonds need revitalisation, he highlighted the monsoon as a symbol of enduring connections and urged moving beyond Eurocentric perspectives. He advocated deepening cultural engagement through the Act East policy to ‘Attract East’ by strengthening cultural, strategic, and economic ties. He also called for reinforcing Dharma-Dhamma relations, reviving shared epics, promoting collaborative art and craft, advancing educational and technological exchanges, addressing climate change, and building linguistic bridges.

Dr. Sachchidanand Joshi said that IGNCA’s area studies in South and Central Asia led to the development of Vrihattar Bharat to explore cultural routes and linkages, expanding beyond the initially identified 39 countries. He noted that over 70 countries share cultural heritage with India. Emphasising international cooperation, as reflected in the G20 summit’s motto, ‘Vasudhaiva Kutumbakam’, he highlighted that IGNCA’s efforts were ongoing, with the conference serving as a catalyst to expand these studies.

Prof. Amogh Rai expressed his views on the monsoon as both a physical and cultural force, highlighting its role as a cultural multiplier and the conference’s potential for further research. Dr. Ajith Kumar concluded the inaugural session by extending a formal vote of thanks and emphasising the cultural unity between India and Southeast Asian countries.

IGNCA’s international conference aims to foster deeper cultural diplomacy, with academic collaborations and heritage conservation paving the way for future policy dialogues. This dialogue aligns seamlessly with India’s evolving maritime strategies and international partnerships.

***

Sunil Kumar Tiwari

pibculture[at]gmail[dot]com

(Release ID: 2102534) Visitor Counter : 16

MIL OSI Asia Pacific News –

February 13, 2025

Category: Asia Pacific

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India’s Cultural Influence Across the Indian Ocean Region Stems from its rich Cultural, Intellectual and Knowledge Traditions: Union Minister Shri Gajendra Singh ShekhawatFrom Ancient Trade Winds to Modern Maritime Security: ‘Monsoon’ Conference Explores India’s Expanding Indian Ocean Role