Category: Asia Pacific

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

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

Pexels/Anna Shvets

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

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

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

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

Which manners matter most in Australia?

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

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

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

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

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

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

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

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

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

‘Say ta!’
DGLimages/Shutterstock

The heavy hitters

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

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

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

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

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

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

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

Good manners involve saying certain words in predictable contexts.

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

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

How do children learn manners?

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

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

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

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

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

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

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

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

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

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

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

Why are good manners important?

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

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

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

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

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

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

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

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

ArliftAtoz2205, Shutterstock

MIL-Evening Report: State of the Climate 2024: Australia is enduring harsher fire seasons, more ocean heatwaves and sea-level rise

Source: The Conversation (Au and NZ) – By Neil Sims, Senior Research Scientist, CSIRO

Worldwide, greenhouse gas emissions are still increasing, and temperatures are rising across land and sea.

But what is climate change doing to Australia, the driest inhabited continent? The latest CSIRO and Bureau of Meteorology State of the Climate Report report highlights that Australia’s climate is continuing to warm.

Extreme fire weather is increasing. Sea levels are rising. Marine heatwaves are becoming more intense and frequent. And oceans are getting more acidic. All of these come with serious consequences for Australia’s environment and communities.

Australia’s land is already 1.5°C hotter

On land, Australia has warmed by an average of 1.51°C since 1910. Our oceans have heated up by 1.08°C on average since 1900.

This doesn’t mean we’ve breached the Paris Agreement goal of holding climate change to 1.5°C or less, because this goal is based on the long-term average of both land and ocean temperatures. But Australia’s land and seas are now at record levels of heat.

Globally, 2023 was the hottest year on record – so far. But Australia’s warmest recorded year was 2019.

Why the difference? Between 2020 and early 2023, three consecutive La Niña events have kept Australia wetter and cooler than during most of the past decade, leading to fewer heat extremes than in 2019. Even so, these years were still warmer than most years before 2000.

As Australia keeps warming, extreme heat events will become more frequent and more extreme. Extreme heatwaves cause more deaths in Australia than any other natural hazard , peaking at 830 heat-related deaths during Australia’s hottest year in 2019.

More heat waves, longer fire seasons

Australia is notoriously fire prone. But fires differ hugely, from low-intensity grassfires through to enormous bushfires that consume forests. When extreme fire weather arrives – hot, dry and windy – small fires can turn large very quickly.

Extreme fire weather is more frequent and more intense than in previous decades. Hotter conditions dry out grass and leaf litter, producing more fuel for fire. This has led to larger and more frequent forest fires, especially in the southeast of Australia over the past 30 years. Dangerous fire weather will be more common in the future, and the fire seasons will continue to lengthen.

In extreme fire years such as the Black Summer of 2019-20, when large areas of Australia’s east coast burned, carbon dioxide emissions from bushfires and prescribed burns can actually outweigh Australia’s total emissions that year. However, these emissions are offset in large part when trees and shrubs regrow.

Drier in the south, wetter in the north

Climate change is driving a major divergence in where rain falls in Australia.

In northern Australia, average wet-season rainfall is now about 20% higher than 30 years ago.

But in southwestern Australia, rainfall in the cooler, growing-season months has declined 16%, and in the southeast by 9% in recent decades.

More rain in these regions now falls in heavy, short-lived rainfall events.

These changes are also reflected in our rivers, with significantly lower flows for about one third of the gauges in the south. Australia-wide, only 4% of our river gauges are measuring increased flows, and almost all of these are in the north.

Flows are declining in most rivers in Australia’s south due in part to reduced rainfall, while most rivers in the north are seeing increased flows linked to higher rainfall. This map shows trends in annual median streamflow from available river gauge data in the 1970−2023 period.
CSIRO/Bureau of Meteorology, CC BY-NC-ND

Hotter oceans, rising seas

Almost all (90%) of the extra heat trapped by greenhouse gases has gone into the oceans. Oceans are getting rapidly hotter. This matters because ocean heat strongly influences weather patterns in Australia.

Australia’s oceans are warming faster than the global average. But the oceans off south-east Australia and the Tasman Sea are a particular hotspot and are now warming at twice the global average.

As the seas warm, they expand. This thermal expansion is one of the main contributors to rising sea levels. Around Australia, sea levels have risen 22 centimetres since 1900 – with half of that since 1970.

More emissions equals more heat

Avoiding the worst damage from climate change is conceptually simple and unequivocal: rapidly reduce greenhouse gases in the atmosphere will help Australia meet its net zero 2050 target.

Tasmania’s northwest tip has some of the cleanest air in the world, which is why it was chosen to host the Kennaook/Cape Grim Baseline Air Pollution Station. For 48 years, this station has been recording concentrations of greenhouse gases. The picture it captures is stark.

Carbon dioxide (CO₂) concentrations are now about 51% higher than pre-industrial levels, while concentrations of methane and nitrous oxide, both strong greenhouse gases, continue to increase. Their rate of atmospheric accumulation has rapidly increased in recent years even as some regions and some sources have begun to see emissions slow or even decline, such as reduced CO₂ emissions from land clearing, globally and in Australia.

Global CO₂ emissions from fossil fuel use have been increasing since the beginning of the Industrial Revolution, and increased by 1.1% from 2022 to 2023, reaching the highest annual level ever recorded.

The warming has led to an increase in the frequency of extreme heat events over land and in the oceans.
Leah-Anne Thompson, Shutterstock

Australia’s carbon contribution

This year, the State of the Climate report for the first time quantifies Australia’s major human and natural carbon sources and sinks and how they contribute to global CO₂ levels.

It shows the average annual carbon content embedded in Australia’s fossil fuel exports between 2010 and 2019 (1,055 megatonnes) was more than double the average annual national carbon emissions over the same period (455 Mt). However, the emissions of these carbon exports are accounted in the countries where the fossil fuels are used.

It also demonstrates the importance of maintaining the integrity of our natural land ecosystems. Ecosystems are Australia’s most important carbon sinks, but their effectiveness as sinks depends on factors including the future evolution of the climate and how it will affect rainfall and wildfire regimes.

Australia’s Carbon Budget 2010-2019. A product of the National Environmental Science Program – Climate Systems Hub; and a contribution to the Global Carbon Project – Regional Carbon Cycle Assessment and Processes-2.
Source: NESP-2

What lies ahead for Australia?

Australia’s warming is expected to continue, which will lead to more extreme heat events, lower rainfall in some regions, and longer droughts.

We can expect to see more intense rainfall events, even in regions where average rainfall falls or stays the same.

Sudden intense rains make flooding more likely, especially in urban areas where concrete and tarmac prevent the ground from soaking up excess water and in low-lying coastal areas where rising sea levels amplify damage from other climate hazards.

Climate change is already here. Through multiple lines of data and evidence, we have tracked what it is doing to make Australia hotter, more prone to floods and fires, and cutting river flows in the south where most of us live.

If warming continues, these trends will get worse over time. Understanding these changes and the impacts to Australia will help manage climate risk, now and in the decades to come.

Blair Trewin, Senior Research Scientist at the Bureau of Meteorology, contributed to this article

Pep Canadell receives funding from the National Environmental Science Program – Climate Systems Hub

Neil Sims 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. State of the Climate 2024: Australia is enduring harsher fire seasons, more ocean heatwaves and sea-level rise – https://theconversation.com/state-of-the-climate-2024-australia-is-enduring-harsher-fire-seasons-more-ocean-heatwaves-and-sea-level-rise-242191

MIL-Evening Report: Earth’s climate will keep changing long after humanity hits net-zero emissions. Our research shows why

Source: The Conversation (Au and NZ) – By Andrew King, Senior Lecturer in Climate Science, The University of Melbourne

Shutterstock

The world is striving to reach net-zero emissions as we try to ward off dangerous global warming. But will getting to net-zero actually avert climate instability, as many assume?

Our new study examined that question. Alarmingly, we found reaching net-zero in the next few decades will not bring an immediate end to the global heating problem. Earth’s climate will change for many centuries to come.

And this continuing climate change will not be evenly spread. Australia would keep warming more than almost any other land area. For example if net-zero emissions are reached by 2060, the Australian city of Melbourne is still predicted to warm by 1°C after that point.

But that’s not to say the world shouldn’t push to reach net-zero emissions as quickly as possible. The sooner we get there, the less damaging change the planet will experience in the long run.

New research examines if climate change will stop once the world reaches net-zero emissions.
Shutterstock

Reaching net-zero is vital

Global greenhouse gas emissions hit record highs in 2023. At the same time, Earth experienced its hottest year.

Analysis suggests emissions may peak in the next couple of years then start to fall. But as long as emissions remain substantial, the planet will keep warming.

Most of the world’s nations, including Australia, have signed up to the Paris climate agreement. The deal aims to keep global warming well below 2°C, and requires major emitters to reach net-zero as soon as possible. Australia, along with many other nations, is aiming to reach the goal by 2050.

Getting to net-zero essentially means nations must reduce human-caused greenhouse gas emissions as much as possible, and compensate for remaining emissions by removing greenhouse gases from the atmosphere elsewhere. Methods for doing this include planting additional vegetation to draw down and store carbon, or using technology to suck carbon out of the air.

Getting to net-zero is widely considered the point at which global warming will stop. But is that assumption correct? And does it mean warming would stop everywhere across the planet? Our research sought to find out.

Centuries of change

Computer models simulating Earth’s climate under different scenarios are an important tool for climate scientists. Our research used a model known as the Australian Community Climate and Earth System Simulator.

Such models are like lab experiments for climate scientists to test ideas. Models are fed with information about greenhouse gas emissions. They then use equations to predict how those emissions would affect the movement of air and the ocean, and the transfer of carbon and heat, across Earth over time.

We wanted to see what would happen once the world hit net-zero carbon dioxide at various points in time, and maintained it for 1,000 years.

We ran seven simulations from different start points in the 21st century, at five-year increments from 2030 to 2060. These staggered simulations allowed us to measure the effect of various delays in reaching net-zero.

We found Earth’s climate would continue to evolve under all simulations, even if net-zero emissions was maintained for 1,000 years. But importantly, the later net-zero is reached, the larger the climate changes Earth would experience.

Warming oceans and melting ice

Earth’s average temperature across land and sea is the main indicator of climate change. So we looked at that first.

We found this temperature would continue to rise slowly under net-zero emissions – albeit at a much slower rate than we see today. Most warming would take place on the ocean surface; average temperature on land would only change a little.

We also looked at temperatures below the ocean surface. There, the ocean would warm strongly even under net-zero emissions – and this continues for many centuries. This is because seawater absorbs a lot of energy before warming up, which means some ocean warming is inevitable even after emissions fall.

Over the last few decades of high greenhouse gas emissions, sea ice extent fell in the Arctic – and more recently, around Antarctica. Under net-zero emissions, we anticipate Arctic sea ice extent would stabilise but not recover.

In contrast, Antarctic sea ice extent is projected to fall under net-zero emissions for many centuries. This is associated with continued slow warming of the Southern Ocean around Antarctica.

Importantly, we found long-term impacts on the climate worsen the later we reach net-zero emissions. Even just a five-year delay would affect on the projected climate 1,000 years later.

Delaying net-zero by five years results in a higher global average surface temperature, a much warmer ocean and reduced sea ice extent for many centuries.

Australia’s evolving climate

The effect on the climate of reaching net-zero emissions differs across the world.

For example, Australia is close to the Southern Ocean, which is projected to continue warming for many centuries even under net-zero emissions. This warming to Australia’s south means even under a net-zero emissions pathway, we expect the continent to continue to warm more than almost all other land areas on Earth.

For example, the models predict Melbourne would experience 1°C of warming over centuries if net-zero was reached in 2060.

Spell out GMST (global mean surface temperature?) in chart? Is listed as global average in caption??

Net-zero would also lead to changes in rainfall in Australia. Winter rainfall across the continent would increase – a trend in contrast to drying currently underway in parts of Australia, particularly in the southwest and southeast.

Knowns and unknowns

There is much more to discover about how the climate might behave under net-zero.

But our analysis provides some clues about what climate changes to expect if humanity struggles to achieve large-scale “net-negative” emissions – that is, removing carbon from the atmosphere at a greater rate than it is emitted.

Experiments with more models will help improve scientists’ understanding of climate change beyond net-zero emissions. These simulations may include scenarios in which carbon removal methods are so successful, Earth actually cools and some climate changes are reversed.

Despite the unknowns, one thing is very clear: there is a pressing need to push for net-zero emissions as fast as possible.

Andrew King receives funding from the ARC Centre of Excellence for 21st Century Weather and the National Environmental Science Program.

Tilo Ziehn receives funding from the ARC Centre of Excellence for 21st Century Weather and the National Environmental Science Program.

– ref. Earth’s climate will keep changing long after humanity hits net-zero emissions. Our research shows why – https://theconversation.com/earths-climate-will-keep-changing-long-after-humanity-hits-net-zero-emissions-our-research-shows-why-241692

Gustavo Frazao/Shutterstock

MIL-Evening Report: 215 million hectares of forest – an area bigger than Mexico – could grow back by itself, if we can just leave it alone

Source: The Conversation (Au and NZ) – By Brooke Williams, Research Fellow, School of Biology & Environmental Science, Queensland University of Technology

About 215 million hectares of land – an area bigger than Mexico – could be reforested naturally and without costly manual planting, our new research shows.

This would allow us to offset around 23.4 gigatonnes of global carbon emissions over the next three decades. That’s about 50 years worth of Australia’s carbon emissions (assuming 2023 emission rates continue).

Extensive and effective forest restoration is crucial to mitigating climate change and conserving biodiversity.

It’s vital we find cost-effective ways to get and keep more trees in the ground. One way to do this is just to let forests grow back by themselves. However, this isn’t possible in all deforested lands, as certain environmental conditions are needed for this approach to work.

Our research identified land where this approach had strong potential.

Allowing forests to grow back naturally in deforested areas, such as this degraded land in Brazil, could be more cost-effective than manual reforestation projects.
Author provided

The benefits of natural regeneration

Globally, 65% of original tropical forest extent has been lost to make way for human development such as agriculture, roads, and urbanisation. Deforestation has contributed to climate change and biodiversity loss.

We’ve also lost a worrying amount of what researchers call “ecosystem services”, meaning the benefits people derive from nature, such as clean water.

Forest restoration is an important strategy for reversing the damage.

Our paper, published in the journal Nature, looked at where natural regeneration is likely to be successful due to the surrounding environmental conditions.

Natural regeneration is important because it is sometimes better than manual tree planting, which includes the costs of saplings, manual labour, fertilisation and maintenance.

Using manual techniques in degraded landscapes can be expensive. It can also be less effective in terms of native biodiversity recovery and keeping water systems functioning well.

Natural regeneration is a less costly alternative. That means allowing forests to grow back on their own or with carefully planned human intervention.

For example, natural reforestation may cost between $US12 and $3,880 per hectare. By contrast, active regeneration methods in the tropics would cost between $105 and $25,830 per hectare.

Natural regeneration restoration methods often have better long-term success and biodiversity outcomes than full manual tree-planting.

Studies have found that biodiversity “success” – meaning richer biodiversity and more species – can be up to 56% higher when natural regeneration approaches were used (rather than manual planting projects).

It’s vital we find cost-effective ways to get and keep more trees in the ground.
Richard Whitcombe/Shutterstock

Where might natural reforestation projects succeed?

Until now, it’s not always been clear how to predict areas where natural regeneration is most likely to occur. That’s made it hard to do large-scale natural regeneration projects.

Our research addresses this gap. We identified the best areas to roll out natural approaches in the tropics.

We focused on tropical forested regions because they are particularly important.

Their biodiversity is unparalleled and they provide vast economic, cultural, and recreational services to people.

They also grow much faster than other forest types, and many large tropical forests have already been cleared and degraded.

Factors that make a forest likely to regenerate naturally include:

the amount of surrounding forest
distance to existing forest and
soil organic carbon content

This suggests areas with higher levels of landscape degradation and intensive land uses would be less likely to regenerate naturally.

We found suitable environmental conditions for natural regeneration occur across:

98 million hectares in the Neotropics (which includes many areas in South and Central America)
90 million hectares in the Indomalayan tropics (which includes many areas in Southeast Asia, Malaysia, and India)
25.5 million hectares in the continent of Africa

Up to 52% of this natural regeneration could occur in just five countries: Brazil, Indonesia, China, Mexico, and Colombia.

This suggests these countries would be excellent candidates for large scale natural regeneration projects.

We also found that 29 other countries have at least one million hectares each that could be naturally reforested.

We identified 400,000 hectares of deforested lands with potential for natural forest regeneration in the Australian tropics.

Fixing forests will also improve biodiversity.
Martin Prochazkacz/Shutterstock

The world has committed to fixing forests

The world has committed to ambitious forest restoration targets in order to substantially increase the area of forest ecosystems by 2050.

These commitments include the Bonn Challenge, which aims to restore 350 million hectares by 2030.

Another is Target 2 of the recently adopted Global Biodiversity Framework, which calls for 30% of the area of degraded ecosystems to be restored by 2030.

Achieving these targets, especially for nations with emerging economies, will not be possible using active restoration techniques alone. This due to cost and feasibility constraints.

To assist with this global task, we have made our dataset publicly available and free to use.

Local communities at the centre

Encouraging natural regeneration remains a major challenge, particularly on privately held and communally managed land because it can mean reduced land available for other uses.

Providing local people with training and support to grow, harvest and market products sourced from naturally regenerating forests is also crucial. This could help keep young naturally regenerating forests standing and growing.

This income could supplement or replace payments landowners and local people currently receive to look after land and prevent it from being deforested. Payment-based approaches are not always sustainable in the long term.

Currently, many forests are controlled and managed by central or national governments. Giving local and Indigenous communities control over their forests would help encourage restoration that meets local needs.

However, this requires appropriate technical support and monitoring.

Importantly, our analysis does not define where restoration activities should or should not occur. We only show where natural forest regeneration is possible or more likely to succeed.

We echo calls to ensure restoration occurs as equitably as possible, and foregrounds the needs of local people.

Forest restoration should be as equitable as possible, and foreground the needs of local people.
WNDR Worlds/Shutterstock

Let’s give it a chance

Natural forest regeneration presents an opportunity to restore vast areas of forest cheaply and effectively. It can help mitigate the effects of climate change and help countries meet their emissions reduction targets.

Other benefits include conserving biodiversity, regulating water resources, reducing erosion, and making ecosystems more resilient.

Recognising the massive regeneration capacity of tropical forests is key.

It’s also crucial it occurs alongside protecting intact forests, and reducing deforestation.

Robin Chazdon is the global co-director of the Assisted Natural Regeneration Alliance. She is a senior fellow with the World Resources Institute’s Global Restoration Initiative.

Brooke Williams 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. 215 million hectares of forest – an area bigger than Mexico – could grow back by itself, if we can just leave it alone – https://theconversation.com/215-million-hectares-of-forest-an-area-bigger-than-mexico-could-grow-back-by-itself-if-we-can-just-leave-it-alone-236696

Anas-Mohammed/Shutterstock

MIL-Evening Report: The UN warns famine is likely in Gaza. What do malnutrition and hunger do to the body?

Source: The Conversation (Au and NZ) – By Clare Dix, Lecturer In Nutrition & Dietetics, University of the Sunshine Coast

The risk of famine looms in Gaza. International monitors warn more than 90% of the population face acute food insecurity, meaning their inability to eat enough food puts them in immediate danger of starvation. The number experiencing “catastrophic” hunger is set to double in the coming months.

Israel has been accused of deliberately blocking humanitarian aid, including food. In September, deliveries of food and aid to Gaza fell to their lowest in seven months after Israel introduced new customs rules.

The World Health Organization has repeatedly warned about the consequences of hunger and food insecurity in the region, including the impact on rising infection rates and increased child mortality.

The scale of this humanitarian crisis could be overwhelming, as extreme hunger threatens to engulf an entire population – nearly half of which are children.

What does hunger mean for people’s health – especially children – at the individual level? And will survivors be able to recover from the damage?

Who is most at risk?

Food shortages mean people not only eat less overall but can miss out on essential nutrients.

This can lead to severe acute malnutrition. In children, this means measurable negative effects on bodily functions and growth, including weight and muscle loss.

Some people will experience the effects of starvation more rapidly. Those most at risk have low stores of energy and protein, and/or higher nutritional needs for growth and development. They include the elderly, infants, children, and women who are pregnant or breastfeeding.

Childhood nutrition is critical

From a nutritional viewpoint, the first 1,000 days of life are a critical window for growth and development.

During this time, the microbiome (the bacteria that live in our digestive system) develops and is influenced by external factors such as diet, and exposure to microbes and pollutants, which shape how the body and immune system function.

Severe acute malnutrition has several short-term impacts. Malnourished children have reduced immunity, meaning they are less able to fight infections – such as E.coli – partly due to changes to their microbiome. This makes them more vulnerable to contaminated food and water.

Bacterial infection is a leading cause of death for children with severe acute malnutrition.

Israel has destroyed around two-thirds of Gaza’s water systems, according to UNICEF, forcing children to drink unsafe water and increasing their exposure to sewage and waterborne diseases.

Long-term impacts of malnutrition

The effects of malnutrition and starvation during childhood continue into adulthood. Those who survive have a higher risk of developing chronic diseases, including diabetes, high blood pressure and metabolic syndrome (a cluster of conditions that can increase your risk for heart disease and stroke).

Damage to the gut lining can also cause long-term inflammation. This may make it harder to absorb nutrients, increase the risk of bacterial imbalances, and stop the pancreas and liver working properly.

Muscle loss and changes in electrolytes can also impact the heart, increasing the risk of arrhythmia (irregular heartbeat).

What about the brain?

Malnutrition can harm brain development in children. It can reduce brain size and slow growth, potentially impairing function and memory.

Impacts on how the brain develops could affect cognition, behaviour and reduce academic achievement.

More research is needed to understand how malnutrition during childhood affects mental health. But studies suggest it may be linked to personality disorders, attention deficits, lower self-esteem and reduced quality of life.

For children in Gaza, these harms will likely be compounded by trauma and displacement.

Impact during pregnancy

Malnutrition can also affect the health of unborn babies. Famine and food shortages in Gaza mean pregnant women are not getting enough folate, iron, vitamin B12 and iodine. These nutrients are crucial to ensure their baby’s healthy delivery and reduce long-term health impacts.

Nutritional deficiencies for the mother during pregnancy can increase the baby’s risk of clinical obesity, type 2 diabetes and metabolic syndrome.

Although less well-studied, there is also evidence a father’s diet, health, sperm quantity and quality can have similar health impacts on their offspring.

How is severe acute malnutrition treated?

Severely malnourished people need nutritional rehabilitation. This involves slowly increasing nutrient intake – by around 25% above normal requirements – and eating high-quality, protein-rich foods, essential fatty acids, vitamins and minerals.

During the initial treatment phase children may need to be hospitalised. One concern is refeeding syndrome, a condition where sudden availability of glucose can cause rapid changes in electrolytes. In extreme cases, this can cause heart failure. Researchers are also investigating how to restore the microbiome of malnourished children.

But access to adequate treatment is not assured, given the widespread damage to Gaza’s hospital system.

Unfortunately successful treatment doesn’t guarantee survival. Lasting impacts of severe acute malnutrition are linked to high rates of disease and early death, even after treatment. Studies suggest up to 10.4% of children successfully treated in hospitals do not survive 12 months after they’re discharged.

The devastating social and food conditions in Gaza are unimaginable to those of us living in other parts of the world. With no end in sight, the impact of food insecurity and lack of humanitarian aid can only lead to an escalation of the rates of malnutrition and diseases in those most vulnerable.

The long-term consequences for Palestinians will be felt for generations to come.

Clare Dix has received funding from the Australian Department of Health and Aged Care.

Helen Truby receives funding from the Commonwealth Department of Health and Ageing, the MRFF, the NHMRC and various philanthropic agencies.

– ref. The UN warns famine is likely in Gaza. What do malnutrition and hunger do to the body? – https://theconversation.com/the-un-warns-famine-is-likely-in-gaza-what-do-malnutrition-and-hunger-do-to-the-body-241682

MIL-Evening Report: How light can shift your mood and mental health

Source: The Conversation (Au and NZ) – By Jacob Crouse, Research Fellow in Youth Mental Health, Brain and Mind Centre, University of Sydney

llaszlo/Shutterstock

This is the next article in our ‘Light and health’ series, where we look at how light affects our physical and mental health in sometimes surprising ways. Read other articles in the series.

It’s spring and you’ve probably noticed a change in when the Sun rises and sets. But have you also noticed a change in your mood?

We’ve known for a while that light plays a role in our wellbeing. Many of us tend to feel more positive when spring returns.

But for others, big changes in light, such as at the start of spring, can be tough. And for many, bright light at night can be a problem. Here’s what’s going on.

An ancient rhythm of light and mood

In an earlier article in our series, we learned that light shining on the back of the eye sends “timing signals” to the brain and the master clock of the circadian system. This clock coordinates our daily (circadian) rhythms.

“Clock genes” also regulate circadian rhythms. These genes control the timing of when many other genes turn on and off during the 24-hour, light-dark cycle.

But how is this all linked with our mood and mental health?

Circadian rhythms can be disrupted. This can happen if there are problems with how the body clock develops or functions, or if someone is routinely exposed to bright light at night.

When circadian disruption happens, it increases the risk of certain mental disorders. These include bipolar disorder and atypical depression (a type of depression when someone is extra sleepy and has problems with their energy and metabolism).

Light on the brain

Light may also affect circuits in the brain that control mood, as animal studies show.

There’s evidence this happens in humans. A brain-imaging study showed exposure to bright light in the daytime while inside the scanner changed the activity of a brain region involved in mood and alertness.

Another brain-imaging study found a link between daily exposure to sunlight and how the neurotransmitter (or chemical messenger) serotonin binds to receptors in the brain. We see alterations in serotonin binding in several mental disorders, including depression.

Our mood can lift in sunlight for a number of reasons, related to our genes, brain and hormones.
New Africa/Shutterstock

What happens when the seasons change?

Light can also affect mood and mental health as the seasons change. During autumn and winter, symptoms such as low mood and fatigue can develop. But often, once spring and summer come round, these symptoms go away. This is called “seasonality” or, when severe, “seasonal affective disorder”.

What is less well known is that for other people, the change to spring and summer (when there is more light) can also come with a change in mood and mental health. Some people experience increases in energy and the drive to be active. This is positive for some but can be seriously destabilising for others. This too is an example of seasonality.

Most people aren’t very seasonal. But for those who are, seasonality has a genetic component. Relatives of people with seasonal affective disorder are more likely to also experience seasonality.

Seasonality is also more common in conditions such as bipolar disorder. For many people with such conditions, the shift into shorter day-lengths during winter can trigger a depressive episode.

Counterintuitively, the longer day-lengths in spring and summer can also destabilise people with bipolar disorder into an “activated” state where energy and activity are in overdrive, and symptoms are harder to manage. So, seasonality can be serious.

Alexis Hutcheon, who experiences seasonality and helped write this article, told us:

[…] the season change is like preparing for battle – I never know what’s coming, and I rarely come out unscathed. I’ve experienced both hypomanic and depressive episodes triggered by the season change, but regardless of whether I’m on the ‘up’ or the ‘down’, the one constant is that I can’t sleep. To manage, I try to stick to a strict routine, tweak medication, maximise my exposure to light, and always stay tuned in to those subtle shifts in mood. It’s a time of heightened awareness and trying to stay one step ahead.

So what’s going on in the brain?

One explanation for what’s going on in the brain when mental health fluctuates with the change in seasons relates to the neurotransmitters serotonin and dopamine.

Serotonin helps regulate mood and is the target of many antidepressants. There is some evidence of seasonal changes in serotonin levels, potentially being lower in winter.

Dopamine is a neurotransmitter involved in reward, motivation and movement, and is also a target of some antidepressants. Levels of dopamine may also change with the seasons.

But the neuroscience of seasonality is a developing area and more research is needed to know what’s going on in the brain.

How about bright light at night?

We know exposure to bright light at night (for instance, if someone is up all night) can disturb someone’s circadian rhythms.

This type of circadian rhythm disturbance is associated with higher rates of symptoms including self-harm, depressive and anxiety symptoms, and lower wellbeing. It is also associated with higher rates of mental disorders, such as major depression, bipolar disorder, psychotic disorders and post-traumatic stress disorder (or PTSD).

Why is this? Bright light at night confuses and destabilises the body clock. It disrupts the rhythmic regulation of mood, cognition, appetite, metabolism and many other mental processes.

But people differ hugely in their sensitivity to light. While still a hypothesis, people who are most sensitive to light may be the most vulnerable to body clock disturbances caused by bright light at night, which then leads to a higher risk of mental health problems.

Bright light at night disrupts your body clock, putting you at greater risk of mental health issues.
Ollyy/Shutterstock

Where to from here?

Learning about light will help people better manage their mental health conditions.

By encouraging people to better align their lives to the light-dark cycle (to stabilise their body clock) we may also help prevent conditions such as depression and bipolar disorder emerging in the first place.

Healthy light behaviours – avoiding light at night and seeking light during the day – are good for everyone. But they might be especially helpful for people at risk of mental health problems. These include people with a family history of mental health problems or people who are night owls (late sleepers and late risers), who are more at risk of body clock disturbances.

Alexis Hutcheon has lived experience of a mental health condition and helped write this article.

If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.

Jacob Crouse receives funding from Wellcome Trust and National Health and Medical Research Council.

Professor Hickie is a Professor of Psychiatry and the Co-Director of Health and Policy, Brain and
Mind Centre, University of Sydney. He has led major public health and health service development
in Australia, particularly focusing on early intervention for young people with depression, suicidal
thoughts and behaviours and complex mood disorders. He is active in the development through
codesign, implementation and continuous evaluation of new health information and personal
monitoring technologies to drive highly-personalised and measurement-based care. He holds a 3.2%
equity share in Innowell Pty Ltd that is focused on digital transformation of mental health services.

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

– ref. How light can shift your mood and mental health – https://theconversation.com/how-light-can-shift-your-mood-and-mental-health-231282

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

Source: Privacy Commissioner

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

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

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

MIL-OSI New Zealand: Sudan – Over 2.8 million children under five forced from their home across Sudan – Save the Children

Source: Save the Children

More than 2.8 million babies, toddlers and preschoolers are now displaced across Sudan, said Save the Children, with new figures released by the IOM showing the world’s largest displacement crisis is rapidly deteriorating for children.

About 11 million people in Sudan – or 30% of the population – have been forced from their homes, including those displaced before and since the most recent conflict escalated in April 2023. The numbers have risen by 200,000 in the last month alone, with more than 45,000 people displaced in Al Jazirah state including 27,000 children in the past seven days [1].

New figures reveal over half of the 11 million displaced – or 5.8 million – are children under 18, and over one quarter – or 2.8 million – are children aged under five [2]. These small children are uniquely vulnerable, and while displaced many will miss out on early childhood essentials – including vaccinations, clean water, healthcare, nutritious food, and shelter from extreme heat and cold.

While about half of these children are now living in host communities, the remaining half are living in desperate conditions, with 18% in displacement camps, 16% in informal settlements or out in the open, and 9% in cramped schools or other public buildings. Many of these children are sharing their space with adults they don’t know, and have limited or no access to water and sanitation.

Girls are particularly at risk, with over 3.2 million of the displaced children girls under 18, who face particular threats of sexual violence, rape, or early or forced marriage.

Red Sea state in the country’s east has the highest proportion of displaced children, with children making up 60% of all displaced people, followed by Central Darfur with 57%. More than a third of those children and families now displaced in Sudan are from the capital Khartoum, which has witnessed some of the fiercest fighting of the conflict, followed by South Darfur (19%) and North Darfur (15%).

Mohamed Abdiladif, Interim Country Director for Save the Children in Sudan, said:

“Babies, toddlers, preschoolers – millions of the world’s most vulnerable people are currently living in some of the world’s worst conditions. The world has a duty of care for children and we are failing them.

“When people are forced to flee their homes due to violence, it’s usually the women and. children who go first – and we often see displacement camps filled with children. But the number of children displaced in Sudan – and in particular, their young age and vulnerability – is staggering.

“The situation in Sudan is spiralling out of control and every day more and more lives are put at risk with killings, violence and displacement. This has become one of the world’s most devastating humanitarian crisis but the world is not taking notice.

“In the past week alone at least 10 children have been killed , including children as young as 10, and at least 43 children injured in Al Jazirah state. The UN has reported girls as young as 13 subjected to rape and sexual assault. We have also heard reports of children being detained, the widespread destruction of homes, and massive displacement, with families walking for days to reach safety.

“We are urgently calling on the international community to take meaningful and urgent political action to address this crisis, for an immediate ceasefire and progress towards a lasting peace agreement.”

Save the Children has worked in Sudan since 1983 and is currently supporting children and their families across Sudan providing health, nutrition, education, child protection and food security and livelihoods support. Save the Children is also supporting refugees from Sudan in Egypt and South Sudan.

Notes

[1] On 28 October, UNICEF reported more than 9,000 households, including over 45,000 people, were forced from their homes in Tamboul and its surrounding villages between 20 and 27 October 2024. A calculation of a household includes 2 adults and 3 children, thus 27,000 children displaced.

[2] Figures from Sudan Mobility Update 29 October 2024 https://dtm.iom.int/reports/dtm-sudan-mobility-update-10

MIL-OSI USA: Cambodia stops publishing details of new citizenships issued to foreigners – The Straits Times

Source: United States Institute of Peace

SINGAPORE – Cambodia has stopped publishing data on new citizenships issued by the kingdom to foreigners, in the wake of the $3 billion money laundering probe in Singapore.

Checks by The Straits Times and investigative journalism group, Organised Crime and Corruption Reporting Project (OCCRP), showed that the last time new citizenship details were published was in February.

The latest Royal Gazette, published on Sept 27, did not contain any new citizenship data.

Observers had zoomed in on the ease of access to Cambodian citizenship and passports after it emerged that nine of the 10 foreigners arrested in August 2023 in the probe in Singapore held Cambodian passports.

All 10 were originally from China, which does not recognise dual citizenship.

In 2018, Cambodia moved to allow foreign immigrants to request citizenship through the naturalisation process.

To be granted citizenship, foreigners have to maintain good behaviour and morality, and have no convictions for serious crime.

They must also legally reside in Cambodia for more than seven years, be able to speak Khmer, and understand the local culture and history.

Of the nine foreigners apprehended in Singapore, at least five were convicted for online gambling or were wanted by the authorities in China.

They are Wang Dehai, Vang Shuiming, Su Jianfeng, Chen Qingyuan and Su Wenqiang.

Another 17 associates of the 10 foreigners held Cambodian passports as well.

They include Su Binghai, Su Yongcan, Wang Huoqiang, Su Shuiming, Su Shuijun, Su Fuxiang and Chen Mulin.

Cambodia had averaged around 50 new citizens every month between January 2020 and August 2023, with details published monthly in the Royal Gazette.

After the raids in Singapore, the kingdom granted citizenship status to only four individuals in total between September 2023 and December 2023.

A representative from the Royal Embassy of Cambodia in Singapore told ST on Sept 18 that it could not confirm the figures as it does not have access to the data.

The representative added that he was unable to confirm if Cambodia’s citizenship by investment scheme, or naturalisation process, is still in place.

ST had also reached out to government spokesman Pen Bona, the Prime Minister’s spokesman Meas Sophorn, the office of the council of ministers, and Cambodia’s immigration office.

Established in 1996, the kingdom’s law on nationality also allows foreigners to obtain citizenship through investment in the nation.

Under the law, foreigners who invest a minimum of US$300,000 (S$384,000) in the country, or donate at least US$250,000 to the economy, will have the right to apply for citizenship.

Mr Jacob Sims, a visiting expert on transnational crime at the United States Institute of Peace, told ST that for years, Cambodia’s citizenship for investment scheme has served as a channel for individuals from sophisticated organised crime syndicates to migrate.

Said Mr Sims: “The removal of that data from the public record helps to obscure the nature of the relationship between Cambodian state actions and those criminals, as well as the sheer volume of monied crime actors Cambodia has absorbed in recent years.”

By removing the once publicly available data, Cambodia can protect those who have purchased citizenship while shielding the government from international scrutiny, he said.

Associate Professor Kristin Surak from the London School of Economics and Political Science said that not all countries strictly vet citizenship by investment applications.

She added: “I would say the scheme is very easy to exploit in Cambodia because the government does not do its due diligence. It has issues with corruption and does not have an effective bureaucratic process to ensure applications are properly checked and vetted.”

Name changes have also made it harder for the authorities to track criminals.

Dr Surak, the author of The Golden Passport: Global Mobility For Millionaires, pointed out that many applicants in the past have changed their names.

“This makes it extremely easy for someone to take on a new identity, making Cambodia a target for those with criminal intent to take advantage of,” she added.

One such example is casino kingpin She Zhijiang. ST previously reported on She and his links to scam operations in Myanmar and Cambodia.

She, who was originally from China, became a naturalised citizen of Cambodia in 2017. He then changed his name to Tang Kriang Kai.

He was arrested in Thailand in August 2022 and is currently fighting deportation to China.

Businessman David Yong, chief executive of Evergreen Group Holdings, had similarly obtained Cambodian citizenship.

Yong, who is currently facing four charges in Singapore of falsifying accounts, obtained Cambodian citizenship some time in 2023 and changed his name to Duong Dara.

He was arrested on Aug 1, just three months after he appeared in Netflix series Super Rich In Korea.

Yong’s lawyer said in court that he had surrendered his Cambodian passport to the authorities in Phnom Penh in June 2024.

In response, the authorities in Singapore said they wrote several times to their Cambodian counterparts in August to confirm the fact, but have yet to receive any reply.

Of the 10 foreigners convicted in Singapore’s largest money laundering case, eight were deported to Cambodia – which has an extradition treaty with China.

Wang Dehai was deported to the UK, while Vang Shuiming was deported to Japan.

MIL OSI USA News –

MIL-OSI Submissions: Research – Great Place To Work® Releases Study On Workplace Well-being With Johns Hopkins University

Source: Great Place To Work®

Great Place To Work® Releases Study On Workplace Well-being With Johns Hopkins University In Critical Areas Of Mental And Emotional Support, Teamwork, Psychological Safety And Finance Stability

Singapore, 30 October 2024 – Great Place To Work® Singapore marked its 10th anniversary at its Best Workplaces in Singapore 2024 event with the release of the Great is Possible: Charting a Decade of Progress in Singapore Workplaces (2015-2024) insights report. The report highlights the transformation of Singapore’s workplaces over the past decade, with a special focus on well-being and mental health. This year’s event also introduced the new Legends category, honouring organisations that have consistently made the Best Workplaces list for five or more consecutive years.

Held at The Ritz-Carlton, the milestone celebration was graced by Deputy Prime Minister Heng Swee Keat and attended by close to 420 guests, including business leaders and employees from Great Place To Work Certified companies.

Michael C. Bush, Chief Executive Officer of Great Place To Work®, giving his keynote address at the 10th Anniversary of Best Workplaces in Singapore / Great Place to Work® Singapore.

A Decade of Change in Singapore’s Workplaces

Over the past ten years, Great Place To Work has led the way in understanding what makes workplaces thrive in Singapore. Great Place To Work Singapore has administered over 400,000 surveys across nearly 1,000 workplaces from more than 440,000 employees since its establishment in 2015.

In conjunction with its 10th anniversary, Great Place To Work Singapore unveiled the Great is Possible: Charting a Decade of Progress in Singapore Workplaces (2015-2024) insights report, which provides a comprehensive analysis of data collected from 2015 to 2024. The report, based on input from approximately 440,000 employees in the Trust Index Employee Survey, examines the evolving trends and shifts in workplace culture, leadership, and employee well-being. Key findings include:

• Leadership integrity and psychological safety remain pivotal in fostering positive employee experiences
• Concerns about fairness in compensation and bridging experience gaps across different organisational levels
• Employee trust and satisfaction have been on the rise at Best Workplaces for the past ten years, evidenced by a steady increase in overall Trust Index scores

Spotlight on Employee Well-Being and Burnout

In response to the rising focus on employee burnout and mental health, Great Place To Work also conducted a study on workplace well-being over the past five years in Singapore. Produced in collaboration with Johns Hopkins University’s Human Capital Development Lab, Well-Being At Work: Fostering a Healthy Work Climate For All examines well-being trends from 2019 to 2024, identifying key factors that influence workplace well-being in Singapore. It draws on data from Great Place To Work’s proprietary Trust Index survey, which included insights from over 200 organisations and 40,000 respondents in the critical areas of mental and emotional support, teamwork, psychological safety, and financial stability.

The results revealed significant variations in well-being across several dimensions:

Age and Gender
• Women and younger employees reported lower well-being levels
• However, the gender gap narrows among younger generations, suggesting future workforces may experience fewer gender-based disparities.

Management Levels
• Senior management reported higher well-being scores, attributed to a sense of purpose, personal growth, and financial stability.

Impact of COVID-19
• The pandemic initially boosted employee well-being as organisations prioritised care for their teams.
• A decline in overall well-being levels was observed as businesses returned to traditional work environments.

Importance of Connections
• Strong connections and personal support play a crucial role in fostering a positive work climate.
• There are strong correlations between teamwork, psychological safety, and overall well-being.

Notably, Best Workplaces lead the way in well-being, consistently demonstrating higher employee well-being scores. Many of these companies achieve this through certified mental well-being ambassadors and comprehensive health and wellness programs. However, the success of such initiatives depends on employee perceptions influenced by organisational culture and values, highlighting the need for solutions that align with management practices and HR processes, rather than merely addressing issues superficially.

“Over the past decade, Great Place To Work has witnessed the evolving needs of Singapore’s workplaces. Our reports highlight the growing importance of leadership integrity, psychological safety, and employee well-being. Despite the challenges of the past few years, leading organisations have shown that prioritising inclusion and investing in their people is essential for creating thriving work environments. We hope our findings will inspire more organisations to create high-trust, high-performing workplace cultures where everyone can thrive,” shared Ms Evelyn Kwek, Managing Director of Great Place To Work ASEAN and ANZ.

Looking Ahead: “Great is Possible”

This year’s milestone event embraced the theme “Great is Possible,” acknowledging the resilience and innovation of organisations in the face of an ever-changing business climate. A highlight of the 10th anniversary celebration was the introduction of the new Legends category to recognise exceptional companies with an impressive record—having been placed on the Best Workplaces in Singapore List for at least five consecutive years. These Legends stand as models of excellence in what Great looks like in the ever-evolving landscape of the modern workplace.

The inaugural Legends list includes:
• Cisco (5 Years)
• DHL Express (Singapore) Pte Ltd (8 Years)
• HP (5 Years)
• Micron Technology (6 Years)
• Salesforce (10 Years)
• World Wide Technology (5 Years)

CEO Michael C. Bush delivered a keynote address on how businesses can transform into great workplaces by prioritising trust, inclusion, and employee value. He emphasised the necessity of achieving greatness for both the present and future of work, and urged leaders to take actionable steps to create environments where all employees can thrive and drive outstanding business outcomes.

Managing Director of Great Place To Work ASEAN and ANZ, Ms Evelyn Kwek said, “As we celebrate 10 years of the Best Workplaces list in Singapore, we are proud to honour our Legends. They have set the standard for what it means to be a truly Great Workplace, and their success shows what organisations can achieve when they put their people first. We hope our list-makers continue to inspire more organisations to reach for Great.”

About Great Place To Work®

As the global authority on workplace culture, Great Place To Work brings 30 years of ground-breaking research and data to help every place become a great place to work for all. Their proprietary platform and For AllTM Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified or receiving recognition on a coveted Best Workplaces List. Follow Great Place To Work® on LinkedIn, Facebook, and Instagram or visit greatplacetowork.com.sg to learn more.

About Great Place To Work® Certification

Great Place To Work Certification is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place To Work Certification is recognised worldwide by employees and employers alike and is the global benchmark for identifying and recognising outstanding employee experience. Every year, more than 10,000 companies across 97 countries apply to earn Great Place To Work Certification.

MIL OSI – Submitted News –

MIL-OSI New Zealand: Sniffing out threats: Archie’s nose for nuisance weeds

Source: Environment Canterbury Regional Council

Archie’s owner and handler is Lauren Piket, one of our biosecurity officers.

She trained Archie herself for over two years, outside of her usual work hours. He passed his full certification test in November 2023 and will be sitting his first-year recertification in November, when it’s hoped he’ll also become qualified to hunt for great willowherb.

Great willowherb is an invasive flowering weed that prefers wet or damp environments such as wetlands. It’s been found at several locations in Canterbury, and with Archie’s help, Lauren is hoping to target areas outside of the usual hotspots.

After November, Archie will need to sit a test every three years to remain certified in the Conservation Dogs Programme.

Lauren says Archie not only needs to show he can find the target species but that he can ignore distractions such as birds, stock and people.

“The tests also check that he can come on command, do emergency stops – things like that. There’s a whole range of skills the dogs are assessed for.”

MIL-OSI New Zealand: Fatal crash, Dairy Flat

Source: New Zealand Police (National News)

One person has died following a motorcycle crash in Dairy Flat last night.

A Police unit noticed a motorbike travelling at excess speed along Wilks Road at around 9.30pm.

The Police unit turned around to conduct a traffic stop but was unable to locate the motorcyclist.

A short time later Police were notified of a motorbike crash on Wilks Road.

Emergency services quickly responded but the rider died at the scene.

Enquiries into the circumstances of the crash are ongoing.

ENDS

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

Source: United States Department of Defense

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

MIL-OSI USA: Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific

Source: United States Department of Defense

The United States (U.S.) – Republic of Korea (ROK) Alliance remains the linchpin of peace and security not only on the Korean Peninsula but also in the Indo-Pacific region.

Today the U.S. Department of Defense and ROK Ministry of National Defense announce the following Regional Cooperation Framework for U.S.-ROK Alliance Contributions to Security in the Indo-Pacific to facilitate deeper collaboration between our two countries and to demonstrate our commitment to maintaining a free, peaceful, and prosperous Indo-Pacific region.

Our two nations share fundamentally common interests and values that underpin regional security efforts, such as respect for democratic governance, the rule of law, territorial integrity, and sovereignty. We seek to better align our efforts in the Indo-Pacific to help realize the vision of a global comprehensive strategic alliance and to advance the security and prosperity of our people, the region, and the globe.

This framework builds upon our respective strategies for the region – the U.S. Indo-Pacific Strategy, and the ROK Strategy for a Free, Peaceful, and Prosperous Indo-Pacific region – to help develop and maintain a sustainable, secure, and resilient regional order. Our cooperative efforts also draw upon the 2023 Defense Vision of the U.S.-ROK Alliance, which identifies strengthening solidarity and regional security cooperation with like-minded partners as one of our key bilateral priorities, and are intended to support the Republic of Korea’s goal of becoming a “Global Pivotal State.”

To advance this cooperation, the U.S. Secretary of Defense and the ROK Minister of National Defense endorse the following general principles and seek to chart a path forward that ensures our common national interest:

Our cooperative efforts should seek to create a region that is more connected, prosperous, secure, and resilient. We intend to utilize approaches and pursue initiatives that are based on mutual confidence, trust, reciprocity, and respect for relevant international laws, standards, and norms.
Both the U.S. and ROK recognize that our national interests, as well as those of our bilateral Alliance, can be advanced by firmly upholding and strengthening the rules-based order in the Indo-Pacific region; this includes the freedoms of navigation and overflight, and other uses of the sea guaranteed to all nations under international law.
Both sides reaffirm their strong support for Association of Southeast Asian Nations (ASEAN) centrality, unity, and the ASEAN-led regional architecture; we commit to partnering closely with ASEAN to advance implementation of the ASEAN Outlook on the Indo-Pacific in defense-related areas; we are also determined to work closely with Pacific Island countries and the Pacific Islands Forum to build capacity in the region.
Both sides intend to pursue initiatives and activities together that more comprehensively build partner capacity, bolster maritime security, and foster collaboration and interoperability with like-minded countries in the region.
Through increased participation in multilateral exercises, both sides are determined to enhance the readiness, capability, and resilience of combined forces to be prepared to respond to evolving and complex threats in the region.
To expand comprehensive security cooperation, the U.S. and ROK intend to pursue initiatives that strengthen collaboration in the areas of non-proliferation, counter-terrorism, humanitarian aid and disaster relief, climate change, and the prevention of infectious diseases as well as empower regional organizations to contribute to greater regional stability; both sides also intend to increase information sharing with like-minded countries to better address challenges in the region.
In the area of defense exports and defense industrial cooperation, both sides intend to work together on issues of mutual interest including: sharing best practices on export controls, foreign direct investment, and technology security; exchanging information on expert planning and decision-making; and cooperating effectively to secure supply chains.
Both sides are also determined to work together to increase information sharing in the cyber domain to enhance regional cybersecurity practices and situational awareness, and build cyber resilience to defend against globally-expanding malicious cyber threats.
Finally, both sides also pledge to continue using established forums such as the Regional Cooperation Working Group (RCWG), and other existing bilateral mechanisms, to develop and sustain dialogue between the U.S. and ROK on defense cooperation in priority areas identified in both the government and industrial sectors. The mechanisms will report to the annual Security Consultative Meeting (SCM) through the Korea-U.S. Integrated Defense Dialogue (KIDD).

To implement this framework, both sides intend to present concepts for cooperative projects through government channels and, where appropriate, facilitate business-to-business connections that may advance opportunities for collaboration and cooperation. These projects should complement other efforts being undertaken by other like-minded countries in the region and seek to effectively utilize public sector resources.

Initiatives and projects under this framework will focus on the following areas, which both sides have identified as priority areas for cooperation, with a particular focus on cooperation with ASEAN and Pacific Island countries:

Maritime Security

Multilateral Exercises

Capacity Building

Defense Exports and Defense Industrial Cooperation

Technical Cooperation (e.g., cyber security and emerging capabilities)

Information Sharing

Both sides intend to identify points of contact responsible for coordinating engagements and tracking the implementation of cooperative projects decided upon under this framework. The lead points of contact should review potential opportunities and prioritize actions, with the goal of presenting at least one project or initiative each year before the SCM.

MIL OSI USA News –

MIL-OSI Australia: Albanese Government invests $100 million in pedestrian and cycleways

Source: Australian Ministers for Regional Development

Pedestrians and cyclists across the country will have safer and better connected travel options thanks to the Albanese Government’s $100 million Active Transport Fund, which opens for applications today.

The fund contributes to three long-term aims of our Government: improving road safety, encouraging Australians to live heather lives, and offering better options for Australians to contribute to our net zero vision.

The Active Transport Fund will contribute up to $5 million per project to construct new or upgrade existing bicycle and walking paths, and is open to all state and territory governments and Local Government Authorities.

We’ve heard Australians calls for more sustainable and lower cost travel options to get to school, work and local services. We also know that Australians want safer and more accessible pathways to better connect communities.

We’re answering those calls, developing this fund to enable states, territories and local governments to deliver projects that will support liveable and healthy communities.

Applications will be assessed on merit basis and must meet at least one of the focus areas of the program: improving road safety for cyclists and pedestrians, reducing transport emissions, and supporting active and liveable communities. Applications close on 13 January 2025.

I encourage individuals to get involved and speak to their local or state government about pedestrian or cycle paths they’d like to see, and I encourage any interested state, territory or local governments to apply.

I look forward to announcing the successful projects in future, and building more liveable, connected communities for all Australians.

For more information, including the funding guidelines, visit infrastructure.gov.au/atf.

MIL OSI News –

MIL-OSI Australia: Housing boost for Victoria

Source: Australian Ministers for Regional Development

The Albanese Government is unlocking more homes in Victoria through funding the critical infrastructure that allows housing to be built more quickly.

The Australian Government is providing more than $248 million to fast-track 3,781 dwellings across the State through the $1.5 billion Housing Support Program.

Funding will be used on enabling infrastructure works across the state such as roads, sewage and water, as well as supporting access to social housing and increasing housing supply.

$4.5 million is being provided to deliver a signalised intersection and left turn lane access from Burwood Highway, Knoxfield. This will pave the way for around 400 new dwellings and increase access to the area.

More than $88 million is being made available for social housing and enabling infrastructure across regional Victoria. At least 10 per cent of funding is directed towards First Nations’ housing outcomes, consistent with the Victorian Government’s commitment under the Big Housing Build.

The Housing Support programs provides funding that increases housing supply by funding the infrastructure and amenities needed for new housing development, as well as improvements in building planning capability.

It’s part of the Albanese Government’s $32 billion Homes for Australia Plan to meet the ambitious national target of building 1.2 million new, well-located homes over the next 5 years.

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

“We have a $32 billion plan which is already building more homes, helping people buy homes, massively increasing rent assistance, and getting more social and affordable homes into the system.

“We are turbocharging works to get housing sites ready more quickly so the building can begin to get people into their new homes sooner.

“Together with the Victorian Government we’re delivering new homes close to jobs, schools, transport.”

Quote attributable to Victorian Minister for Planning Sonia Kilkenny:

“After a decade of neglect from the former Liberal National government, we welcome having a partner in Canberra that’s serious about delivering more infrastructure and more homes in Victoria.”

Quote attributable to Victorian Minister for Housing Harriet Shing:

“Our partnership with the Federal Government is an essential part of delivering more and better homes for Victorians through the first round of the Housing Support Program. We know that there is more to do all over Australia to address the housing shortage, and we are determined to use Commonwealth funding to ensure that all Victorians have access to safe, secure, and modern homes that they are proud to call their own.”

MIL OSI News –

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

Third Quarter and Fiscal 2024 Highlights

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

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

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

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

Outlook

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

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

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

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

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

Use of Non-GAAP Financial Information:

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

About FormFactor:

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

Forward-looking Statements:

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

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

	Three Months Ended							Nine Months Ended
	September 28, 2024			June 29, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Revenues	$	207,917		$	197,474	$	171,575	$	574,116	$	494,939
Cost of revenues		123,212			110,574		102,290		339,773		304,293
Gross profit		84,705			86,900		69,285		234,343		190,646
Operating expenses:
Research and development		31,243			31,564		31,014		91,434		87,599
Selling, general and administrative		35,607			37,874		35,564		106,560		101,561
Total operating expenses		66,850			69,438		66,578		197,994		189,160
Gain on sale of business		—			310		—		20,581		—
Operating income		17,855			17,772		2,707		56,930		1,486
Interest income, net		3,650			3,415		1,662		10,221		4,420
Other income (expense), net		(558	)		360		788		322		1,261
Income before income taxes		20,947			21,547		5,157		67,473		7,167
Provision for income taxes		2,211			2,155		786		7,564		626
Net income	$	18,736		$	19,392	$	4,371	$	59,909	$	6,541
Net income per share:
Basic	$	0.24		$	0.25	$	0.06	$	0.77	$	0.08
Diluted	$	0.24		$	0.25	$	0.06	$	0.76	$	0.08
Weighted-average number of shares used in per share calculations:
Basic		77,406			77,235		77,571		77,364		77,265
Diluted		78,439			78,717		78,412		78,495		77,860

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended									Nine Months Ended
	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
GAAP Gross Profit	$	84,705		$	86,900		$	69,285		$	234,343		$	190,646
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other		530			584			1,118			1,661			3,580
Stock-based compensation		1,934			1,932			1,376			5,794			4,801
Restructuring charges		524			—			—			607			357
Non-GAAP Gross Profit	$	87,693		$	89,416		$	71,779		$	242,405		$	199,384

GAAP Gross Margin		40.7	%		44.0	%		40.4	%		40.8	%		38.5	%
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other		0.3	%		0.3	%		0.7	%		0.3	%		0.7	%
Stock-based compensation		0.9	%		1.0	%		0.8	%		1.0	%		1.0	%
Restructuring charges		0.3	%		—	%		—	%		0.1	%		0.1	%
Non-GAAP Gross Margin		42.2	%		45.3	%		41.9	%		42.2	%		40.3	%

GAAP operating expenses	$	66,850		$	69,438		$	66,578		$	197,994		$	189,160
Adjustments:
Amortization of intangibles and other		(240	)		(240	)		(466	)		(720	)		(3,563	)
Stock-based compensation		(7,002	)		(8,277	)		(9,463	)		(23,756	)		(24,532	)
Restructuring charges		(249	)		—			—			(249	)		(1,183	)
Costs related to sale of business		(13	)		(43	)		(2,139	)		(702	)		(2,139	)
Non-GAAP operating expenses	$	59,346		$	60,878		$	54,510		$	172,567		$	157,743

GAAP operating income	$	17,855		$	17,772		$	2,707		$	56,930		$	1,486
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other		770			824			1,584			2,381			7,143
Stock-based compensation		8,936			10,209			10,839			29,550			29,333
Restructuring charges		773			—			—			856			1,540
Gain on sale of business and related costs		13			(267	)		2,139			(19,879	)		2,139
Non-GAAP operating income	$	28,347		$	28,538		$	17,269		$	69,838		$	41,641

FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited)

	Three Months Ended									Nine Months Ended
	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
GAAP net income	$	18,736		$	19,392		$	4,371		$	59,909		$	6,541
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other		770			824			1,584			2,381			7,143
Stock-based compensation		8,936			10,209			10,839			29,550			29,333
Restructuring charges		773			—			—			856			1,540
Gain on sale of business and related costs		13			(267	)		2,139			(19,879	)		2,139
Income tax effect of non-GAAP adjustments		(2,002	)		(2,835	)		(1,617	)		(3,924	)		(5,650	)
Non-GAAP net income	$	27,226		$	27,323		$	17,316		$	68,893		$	41,046

GAAP net income per share:
Basic	$	0.24		$	0.25		$	0.06		$	0.77		$	0.08
Diluted	$	0.24		$	0.25		$	0.06		$	0.76		$	0.08

Non-GAAP net income per share:
Basic	$	0.35		$	0.35		$	0.22		$	0.89		$	0.53
Diluted	$	0.35		$	0.35		$	0.22		$	0.88		$	0.53

FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited)

	Nine Months Ended
	September 28, 2024			September 30, 2023
Cash flows from operating activities:
Net income	$	59,909		$	6,541
Selected adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		22,197			22,880
Amortization		1,920			6,043
Stock-based compensation expense		29,550			29,333
Provision for excess and obsolete inventories		10,052			12,566
Gain on sale of business		(20,581	)		—
Other activity impacting operating cash flows		(21,426	)		(22,011	)
Net cash provided by operating activities		81,621			55,352
Cash flows from investing activities:
Acquisition of property, plant and equipment		(30,773	)		(46,094	)
Proceeds from sale of business		21,585			—
Purchases of marketable securities, net		(15,464	)		(3,900	)
Purchase of promissory note receivable		(1,500	)		—
Net cash used in investing activities		(26,152	)		(49,994	)
Cash flows from financing activities:
Purchase of common stock through stock repurchase program		(37,211	)		—
Proceeds from issuances of common stock		9,748			8,822
Principal repayments on term loans		(803	)		(781	)
Tax withholdings related to net share settlements of equity awards		(17,990	)		(9,349	)
Net cash used financing activities		(46,256	)		(1,308	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		3			(3,324	)
Net increase in cash, cash equivalents and restricted cash		9,216			726
Cash, cash equivalents and restricted cash, beginning of period		181,273			112,982
Cash, cash equivalents and restricted cash, end of period	$	190,489		$	113,708

FORMFACTOR, INC. RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW (In thousands) (Unaudited)

	Three Months Ended									Nine Months Ended
	September 28, 2024			June 29, 2024			September 30, 2023			September 28, 2024			September 30, 2023
Net cash provided by operating activities	$	26,731		$	21,878		$	20,571		$	81,621		$	55,352
Adjustments:
Sale of business related payments in working capital		2,134			630			2,139			2,811			2,139
Cash paid for interest		97			101			105			298			317
Capital expenditures		(8,939	)		(8,398	)		(5,917	)		(30,773	)		(46,094	)
Free cash flow	$	20,023		$	14,211		$	16,898		$	53,957		$	11,714

FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited)

	September 28, 2024			June 29, 2024			December 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	184,506		$	195,914		$	177,812
Marketable securities		169,961			161,710			150,507
Accounts receivable, net of allowance for credit losses		116,866			113,277			102,957
Inventories, net		105,374			114,814			111,685
Restricted cash		3,773			5,939			1,152
Prepaid expenses and other current assets		34,302			28,964			29,667
Total current assets		614,782			620,618			573,780
Restricted cash		2,210			2,098			2,309
Operating lease, right-of-use-assets		25,034			26,650			30,519
Property, plant and equipment, net of accumulated depreciation		204,108			204,102			204,399
Goodwill		200,137			199,548			201,090
Intangibles, net		11,017			11,657			12,938
Deferred tax assets		92,826			88,841			78,964
Other assets		3,669			2,751			2,795
Total assets	$	1,153,783		$	1,156,265		$	1,106,794

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	52,086		$	62,235		$	63,857
Accrued liabilities		46,508			49,523			41,037
Current portion of term loan, net of unamortized issuance costs		1,098			1,090			1,075
Deferred revenue		20,972			17,953			16,704
Operating lease liabilities		8,512			8,240			8,422
Total current liabilities		129,176			139,041			131,095
Term loan, less current portion, net of unamortized issuance costs		12,488			12,765			13,314
Long-term operating lease liabilities		19,731			21,441			25,334
Deferred grant		18,000			18,000			18,000
Other liabilities		19,378			17,102			10,247
Total liabilities		198,773			208,349			197,990

Stockholders’ equity:
Common stock		77			77			77
Additional paid-in capital		845,466			863,283			861,448
Accumulated other comprehensive loss		(1,773	)		(7,948	)		(4,052	)
Accumulated income		111,240			92,504			51,331
Total stockholders’ equity		955,010			947,916			908,804
Total liabilities and stockholders’ equity	$	1,153,783		$	1,156,265		$	1,106,794

About our Non-GAAP Financial Measures:

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

Source: FormFactor, Inc.
FORM-F

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

MIL-OSI: Enovix Announces Proposed Public Offering of Common Stock

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (NASDAQ: ENVX), a global high-performance battery company, today announced that it has commenced an underwritten public offering of $100.0 million of shares of its common stock, subject to market and other conditions. In connection with the offering, Enovix expects to grant the underwriter a 30-day option to purchase up to an additional $15.0 million of the shares of common stock offered in the public offering. There can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares of common stock in the offering will be sold by Enovix.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.

Enovix intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and short-term investments, for general corporate purposes, and for working capital and capital expenses to achieve high-volume manufacturing at its high-volume production facility “Fab2” in Penang, Malaysia.

The securities described above are being offered by Enovix pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed on August 9, 2023 and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on August 18, 2023. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the offering, when available, may also be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59^th Street, 6^th Floor, or by email at prospectus@cantor.com.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Enovix
Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Enovix’s anticipated public offering. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “achieve”, “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Any forward-looking statements in this press release, such as the intended offering terms, are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions, the completion of the public offering on the anticipated terms or at all and Enovix’s intention to grant the underwriter an option to purchase additional shares. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Enovix’s Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. In addition, any forward-looking statements contained in this press release represent the Enovix’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Enovix explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.

For investor and media inquiries, please contact:

Enovix Corporation
Robert Lahey
Email: ir@enovix.com

MIL-OSI: AMSC Reports Second Quarter Fiscal Year 2024 Financial Results and Provides Business Outlook

Source: GlobeNewswire (MIL-OSI)

Financial Highlights:

Reported Second Quarter Net Income of Nearly $5 Million
Generated Nearly $13 Million of Operating Cash Flow During the Quarter
Increased Revenue by 60% Year Over Year to Above $54 Million

Company to host conference call tomorrow, October 31, at 10:00 am ET

AYER, Mass., Oct. 30, 2024 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its second quarter of fiscal year 2024 ended September 30, 2024. The second quarter results include results from NWL, Inc. beginning as of the acquisition date, August 1, 2024.

Revenues for the second quarter of fiscal 2024 were $54.5 million compared with $34.0 million for the same period of fiscal 2023. The year-over-year increase was primarily driven by the acquisition of NWL, Inc., increased shipments of new energy power systems and electrical control system shipments, versus the year ago period.

AMSC’s net income for the second quarter of fiscal 2024 was $4.9 million, or $0.13 per share, compared to a net loss of $2.5 million, or $0.09 per share, for the same period of fiscal 2023. The Company’s non-GAAP net income for the second quarter of fiscal 2024 was $10.0 million, or $0.27 per share, compared with a non-GAAP net income of less than $0.1 million, or $0.00 per share, in the same period of fiscal 2023. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on September 30, 2024, totaled $74.8 million, compared with $95.5 million at June 30, 2024.

“AMSC delivered fiscal second quarter net income of nearly $5 million and grew revenue by 60% when compared to the same period last year,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “During the second quarter of fiscal 2024 we booked nearly $60 million of new orders, with new energy power systems orders coming in stronger than previously demonstrated. We ended the quarter with over $200 million in 12-month backlog and over $300 million in total backlog. We are very excited for the second half of the fiscal year and remain focused on our execution as well as improving the resiliency of the power grid.”

Business Outlook
For the third quarter ending December 31, 2024, AMSC expects that its revenues will be in the range of $55.0 million to $60.0 million. The Company’s net loss for the third quarter of fiscal 2024 is expected not to exceed $1.0 million, or $0.03 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $2 million, or $0.05 per share.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, October 31, 2024, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 5836897.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec® Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies; backlog; expectations regarding the second half of fiscal 2024; our expected GAAP and non-GAAP financial results for the quarter ending December 31, 2024; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have a history of operating losses, which may continue in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; We have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; We may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may not realize all of the sales expected from our backlog of orders and contracts; Our contracts with the U.S. government are subject to audit, modification or termination by the U.S. government and include certain other provisions in favor of the government. The continued funding of such contracts remains subject to annual congressional appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Pandemics, epidemics or other public health crises may adversely impact our business, financial condition and results of operations; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationship; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Our business and operations would be adversely impacted in the event of a failure or security breach of our or any critical third parties’ information technology infrastructure and networks; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; If we fail to implement our business strategy successfully, our financial performance could be harmed; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Our success depends upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our products may not develop; Industry consolidation could result in more powerful competitors and fewer customers; Increasing focus and scrutiny on environmental sustainability and social initiatives could increase our costs, and inaction could harm our reputation and adversely impact our financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy: Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition; and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2024, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)
	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Revenues
Grid	$	46,936		$	28,515		$	79,272		$	54,251
Wind		7,535			5,489			15,489			10,007
Total revenues		54,471			34,004			94,761			64,258

Cost of revenues		38,858			25,418			66,923			49,390

Gross margin		15,613			8,586			27,838			14,868

Operating expenses:
Research and development		2,646			1,641			4,931			3,493
Selling, general and administrative		10,525			7,946			19,423			15,815
Amortization of acquisition-related intangibles		433			538			845			1,076
Change in fair value of contingent consideration		2,762			850			6,682			2,200
Restructuring		—			(20	)		—			(14	)
Total operating expenses		16,366			10,955			31,881			22,570

Operating loss		(753	)		(2,369	)		(4,043	)		(7,702	)

Interest income, net		979			194			2,099			368
Other expense, net		(329	)		(204	)		(489	)		(321	)
Loss before income tax expense (benefit)		(103	)		(2,379	)		(2,433	)		(7,655	)

Income tax (benefit) expense		(4,990	)		106			(4,796	)		228

Net income (loss)	$	4,887		$	(2,485	)	$	2,363		$	(7,883	)

Net income (loss) per common share
Basic	$	0.13		$	(0.09	)	$	0.07		$	(0.28	)
Diluted	$	0.13		$	(0.09	)	$	0.06		$	(0.28	)

Weighted average number of common shares outstanding
Basic		36,952			28,828			36,317			28,545
Diluted		37,499			28,828			36,951			28,545

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)
	September 30, 2024			March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	72,131		$	90,522
Accounts receivable, net		40,059			26,325
Inventory, net		70,880			41,857
Prepaid expenses and other current assets		10,806			7,295
Restricted cash		1,201			468
Total current assets		195,077			166,467

Property, plant and equipment, net		38,765			10,861
Intangibles, net		7,329			6,369
Right-of-use assets		3,744			2,557
Goodwill		48,950			43,471
Restricted cash		1,454			1,290
Deferred tax assets		1,201			1,119
Equity-method investments		1,245			—
Other assets		683			637
Total assets	$	298,448		$	232,771

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	25,158		$	24,235
Lease liability, current portion		555			716
Debt, current portion		—			25
Contingent consideration		—			3,100
Deferred tax liabilities, current portion		16			—
Deferred revenue, current portion		69,356			50,732
Total current liabilities		95,085			78,808

Deferred revenue, long term portion		11,915			7,097
Lease liability, long term portion		2,814			1,968
Deferred tax liabilities		1,591			300
Other liabilities		28			27
Total liabilities		111,433			88,200

Stockholders’ equity:
Common stock		398			373
Additional paid-in capital		1,253,168			1,212,913
Treasury stock		(3,765	)		(3,639	)
Accumulated other comprehensive income		1,509			1,582
Accumulated deficit		(1,064,295	)		(1,066,658	)
Total stockholders’ equity		187,015			144,571
Total liabilities and stockholders’ equity	$	298,448		$	232,771

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
	Six Months Ended September 30,
	2024			2023
Cash flows from operating activities:

Net income (loss)	$	2,363		$	(7,883	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Depreciation and amortization		2,395			2,234
Stock-based compensation expense		2,072			2,468
Provision for excess and obsolete inventory		780			1,070
Amortization of operating lease right-of-use assets		546			122
Deferred income taxes		(5,165	)		—
Change in fair value of contingent consideration		6,682			2,200
Other non-cash items		(15	)		273
Changes in operating asset and liability accounts:
Accounts receivable		2,538			3,152
Inventory		(6,672	)		(11,935	)
Prepaid expenses and other assets		(2,082	)		8,015
Operating leases		(1,048	)		(123	)
Accounts payable and accrued expenses		(4,455	)		(9,399	)
Deferred revenue		18,182			8,458
Net cash provided by (used in) operating activities		16,121			(1,348	)

Cash flows from investing activities:
Purchases of property, plant and equipment		(852	)		(430	)
Cash paid to settle contingent consideration liabilities		(3,278	)		—
Cash paid for acquisition, net of cash acquired		(29,577	)		—
Change in other assets		218			(10	)
Net cash used in investing activities		(33,489	)		(440	)

Cash flows from financing activities:
Repurchase of treasury stock		(126	)		—
Repayment of debt		(25	)		(33	)
Cash paid related to registration of common stock shares		(148	)		—
Proceeds from exercise of employee stock options and ESPP		157			136
Net cash (used in) provided by financing activities		(142	)		103

Effect of exchange rate changes on cash		16			(10	)

Net decrease in cash, cash equivalents and restricted cash		(17,494	)		(1,695	)
Cash, cash equivalents and restricted cash at beginning of period		92,280			25,675
Cash, cash equivalents and restricted cash at end of period	$	74,786		$	23,980

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (In thousands, except per share data)
	Three Months Ended September 30,					Six Months Ended September 30,
	2024		2023			2024		2023
Net income (loss)	$	4,887	$	(2,485	)	$	2,363	$	(7,883	)
Stock-based compensation		843		1,111			2,072		2,468
Acquisition costs		850		—			1,080		—
Amortization of acquisition-related intangibles		608		538			1,020		1,082
Change in fair value of contingent consideration		2,762		850			6,682		2,200
Non-GAAP net income (loss)	$	9,950	$	14		$	13,217	$	(2,133	)

Non-GAAP net income (loss) per share – basic	$	0.27	$	–		$	0.36	$	(0.07	)
Non-GAAP net income (loss) per share – diluted	$	0.27	$	–		$	0.36	$	(0.07	)
Weighted average shares outstanding – basic		36,952		28,828			36,317		28,545
Weighted average shares outstanding – diluted		37,499		28,828			36,951		28,545

Reconciliation of Forecast GAAP Net Loss to Non-GAAP Net Income (In millions, except per share data)
	Three Months Ending
	December 31, 2024
Net loss	$	(1.0	)
Stock-based compensation		2.3
Amortization of acquisition-related intangibles		0.7
Non-GAAP net income	$	2.0
Non-GAAP net income per share	$	0.05
Shares outstanding		38.5

Note: Non-GAAP net income (loss) is defined by the Company as net loss before; stock-based compensation; amortization of acquisition-related intangibles; acquisition costs; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income (loss) and non-GAAP net income (loss) per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net loss for the fiscal quarter ending December 31, 2024, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, operating income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net loss is set forth in the table above.

AMSC Contacts
Investor Relations Contact:
LHA Investor Relations
Carolyn Capaccio
(212) 838-3777
amscIR@lhai.com

Public Relations Contact:
RooneyPartners
Joe Luongo
(914) 906-5903

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com

MIL-OSI: Trupanion Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leading provider of medical insurance for cats and dogs, today announced financial results for the third quarter ended September 30, 2024.

“Q3 was a very strong financial quarter for the company, combining consistent revenue growth with a 66% year-over-year increase in subscription discretionary profit,” said Margi Tooth, Chief Executive Officer and President of Trupanion. “This outperformance was driven by aligning the cost of veterinary care with member pricing, resulting in the achievement of our target value proposition of 71%. Trupanion is solving a bigger problem today than ever before, and after generating $30 million in free cash flow over the past 12 months, we are well positioned to reach even more pets in this globally underpenetrated market.”

Third Quarter 2024 Financial and Business Highlights

Total revenue was $327.5 million, an increase of 15% compared to the third quarter of 2023.
Total enrolled pets (including pets from our other business segment) was 1,688,903 at September 30, 2024, a decrease of 1% over September 30, 2023.
Subscription business revenue was $219.0 million, an increase of 20% compared to the third quarter of 2023.
Subscription enrolled pets was 1,032,042 at September 30, 2024, an increase of 6% over September 30, 2023.
Net income was $1.4 million, or $0.03 per basic and diluted share, compared to a net loss of $(4.0) million, or $(0.10) per basic and diluted share, in the third quarter of 2023.
Adjusted EBITDA was $14.5 million, compared to adjusted EBITDA of $6.1 million in the third quarter of 2023.
Operating cash flow was $15.3 million and free cash flow was $13.4 million in the third quarter of 2024. This compared to operating cash flow of $11.4 million and free cash flow of $7.0 million in the third quarter of 2023.

First Nine Months 2024 Financial and Business Highlights

Total revenue was $948.4 million, an increase of 17% compared to the first nine months of 2023.
Subscription business revenue was $628.7 million, an increase of 21% compared to the first nine months of 2023.
Net loss was $(11.3) million, or $(0.27) per basic and diluted share, compared to a net loss of $(42.5) million, or $(1.03) per basic and diluted share, in the first nine months of 2023.
Adjusted EBITDA was $26.7 million, compared to adjusted EBITDA of $(2.1) million in the first nine months of 2023.
Operating cash flow was $24.6 million and free cash flow was $16.7 million in the first nine months of 2024. This compared to operating cash flow of $1.1 million and free cash flow of $(13.2) million in the first nine months of 2023.
At September 30, 2024, the Company held $293.1 million in cash and short-term investments, including $36.4 million held outside the insurance entities, with an additional $15 million available under its credit facility.
The Company maintained $274.6 million of capital surplus at its insurance subsidiaries. This was $139.9 million more than the estimated risk-based capital requirement of $134.7 million.

Conference Call
Trupanion’s management will host a conference call today to review its third quarter 2024 results. The call is scheduled to begin shortly after 1:30 p.m. PT/ 4:30 p.m. ET. A live webcast will be accessible through the Investor Relations section of Trupanion’s website at https://investors.trupanion.com/ and will be archived online for 3 months upon completion of the conference call. Participants can access the conference call by dialing 1-877-300-8521 (United States) or 1-412-317-6026 (International). A telephonic replay of the call will also be available after the completion of the call, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10192561.

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

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to, among other things, expectations, plans, prospects and financial results for Trupanion, including, but not limited to, its expectations regarding its ability to continue to grow its enrollments and revenue, and otherwise execute its business plan. These forward-looking statements are based upon the current expectations and beliefs of Trupanion’s management as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. All forward-looking statements made in this press release are based on information available to Trupanion as of the date hereof, and Trupanion has no obligation to update these forward-looking statements.

In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the ability to achieve or maintain profitability and/or appropriate levels of cash flow in future periods; the ability to keep growing our membership base and revenue; the accuracy of assumptions used in determining appropriate member acquisition expenditures; the severity and frequency of claims; the ability to maintain high retention rates; the accuracy of assumptions used in pricing medical plan subscriptions and the ability to accurately estimate the impact of new products or offerings on claims frequency; actual claims expense exceeding estimates; regulatory and other constraints on the ability to institute, or the decision to otherwise delay, pricing modifications in response to changes in actual or estimated claims expense; the effectiveness and statutory or regulatory compliance of our Territory Partner model and of our Territory Partners, veterinarians and other third parties in recommending medical plan subscriptions to potential members; the ability to retain existing Territory Partners and increase the number of Territory Partners and active hospitals; compliance by us and those referring us members with laws and regulations that apply to our business, including the sale of a pet medical plan; the ability to maintain the security of our data; fluctuations in the Canadian currency exchange rate; the ability to protect our proprietary and member information; the ability to maintain our culture and team; the ability to maintain the requisite amount of risk-based capital; our ability to implement and maintain effective controls, including to remediate material weaknesses in internal controls over financial reporting; the ability to protect and enforce Trupanion’s intellectual property rights; the ability to successfully implement our alliance with Aflac; the ability to continue key contractual relationships with third parties; third-party claims including litigation and regulatory actions; the ability to recognize benefits from investments in new solutions and enhancements to Trupanion’s technology platform and website; our ability to retain key personnel; and deliberations and determinations by the Trupanion board based on the future performance of the company or otherwise.

For a detailed discussion of these and other cautionary statements, please refer to the risk factors discussed in filings with the Securities and Exchange Commission (SEC), including but not limited to, Trupanion’s Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequently filed reports on Forms 10-Q, 10-K and 8-K. All documents are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system at https://www.sec.gov or the Investor Relations section of Trupanion’s website at https://investors.trupanion.com.

Non-GAAP Financial Measures
Trupanion’s stated results may include certain non-GAAP financial measures. These non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in its industry as other companies in its industry may calculate or use non-GAAP financial measures differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on Trupanion’s reported financial results. The presentation and utilization of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. Trupanion urges its investors to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures in its consolidated financial statements, and not to rely on any single financial or operating measure to evaluate its business. These reconciliations are included below and on Trupanion’s Investor Relations website.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expenses, Trupanion believes that providing various non-GAAP financial measures that exclude stock-based compensation expense and depreciation and amortization expense allows for more meaningful comparisons between its operating results from period to period. Trupanion offsets new pet acquisition expense with sign-up fee revenue in the calculation of net acquisition cost because it collects sign-up fee revenue from new members at the time of enrollment and considers it to be an offset to a portion of Trupanion’s new pet acquisition expense. Trupanion believes this allows it to calculate and present financial measures in a consistent manner across periods. Trupanion’s management believes that the non-GAAP financial measures and the related financial measures derived from them are important tools for financial and operational decision-making and for evaluating operating results over different periods of time.

Trupanion, Inc. Condensed Consolidated Statements of Operations (in thousands, except share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
	(unaudited)
Revenue:
Subscription business	$	218,986		$	182,906		$	628,738		$	521,369
Other business		108,470			102,947			319,639			291,379
Total revenue		327,456			285,853			948,377			812,748
Cost of revenue:
Subscription business⁽¹⁾		177,365			157,444			525,237			455,055
Other business		100,712			93,176			297,265			266,741
Total cost of revenue⁽²⁾		278,077			250,620			822,502			721,796
Operating expenses:
Technology and development⁽¹⁾		7,933			5,302			23,083			15,434
General and administrative⁽¹⁾		16,977			12,664			46,903			46,817
New pet acquisition expense⁽¹⁾		18,308			17,772			53,025			60,183
Depreciation and amortization		4,381			2,990			12,542			9,445
Total operating expenses		47,599			38,728			135,553			131,879
Gain (loss) from investment in joint venture		(34	)		4			(184	)		(140	)
Operating income (loss)		1,746			(3,491	)		(9,862	)		(41,067	)
Interest expense		3,820			3,053			11,071			8,380
Other income, net		(3,538	)		(2,465	)		(9,601	)		(6,445	)
Income (loss) before income taxes		1,464			(4,079	)		(11,332	)		(43,002	)
Income tax expense (benefit)		39			(43	)		(43	)		(472	)
Net income (loss)	$	1,425		$	(4,036	)	$	(11,289	)	$	(42,530	)

Net income (loss) per share:
Basic	$	0.03		$	(0.10	)	$	(0.27	)	$	(1.03	)
Diluted	$	0.03		$	(0.10	)	$	(0.27	)	$	(1.03	)
Weighted average shares of common stock outstanding:
Basic		42,233,903			41,536,575			42,076,998			41,344,195
Diluted		42,822,505			41,536,575			42,076,998			41,344,195

⁽¹⁾Includes stock-based compensation expense as follows:	Three Months Ended September 30,						Nine Months Ended September 30,
⁽¹⁾Includes stock-based compensation expense as follows:	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Cost of revenue	$	1,401		$	1,176		$	4,186		$	3,801
Technology and development		1,259			650			3,774			1,985
General and administrative		4,125			3,281			11,435			14,448
New pet acquisition expense		1,555			1,785			5,743			5,626
Total stock-based compensation expense	$	8,340		$	6,892		$	25,138		$	25,860

⁽²⁾The breakout of cost of revenue between veterinary invoice expense and other cost of revenue is as follows:
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Veterinary invoice expense	$	238,814		$	212,441		$	703,485		$	613,316
Other cost of revenue		39,263			38,179			119,017			108,480
Total cost of revenue	$	278,077		$	250,620		$	822,502		$	721,796

Trupanion, Inc. Condensed Consolidated Balance Sheets (in thousands, except share data)
	September 30, 2024			December 31, 2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	137,477		$	147,501
Short-term investments		155,580			129,667
Accounts and other receivables, net of allowance for doubtful accounts of $1,015 at September 30, 2024 and $1,085 at December 31, 2023		289,823			267,899
Prepaid expenses and other assets		16,692			17,022
Total current assets		599,572			562,089
Restricted cash		23,394			22,963
Long-term investments		14,215			12,866
Property, equipment and internal-use software, net		102,862			103,650
Intangible assets, net		14,888			18,745
Other long-term assets		16,004			18,922
Goodwill		45,183			43,713
Total assets	$	816,118		$	782,948
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	10,136		$	10,505
Accrued liabilities and other current liabilities		33,461			34,052
Reserve for veterinary invoices		56,668			63,238
Deferred revenue		260,238			235,329
Long-term debt – current portion		1,350			1,350
Total current liabilities		361,853			344,474
Long-term debt		127,548			127,580
Deferred tax liabilities		2,166			2,685
Other liabilities		4,376			4,487
Total liabilities		495,943			479,226
Stockholders’ equity:
Common stock: $0.00001 par value per share, 100,000,000 shares authorized; 43,368,881 and 42,340,695 issued and outstanding at September 30, 2024; 42,887,052 and 41,858,866 shares issued and outstanding at December 31, 2023		—			—
Preferred stock: $0.00001 par value per share, 10,000,000 shares authorized; no shares issued and outstanding		—			—
Additional paid-in capital		561,010			536,108
Accumulated other comprehensive income (loss)		3,243			403
Accumulated deficit		(227,544	)		(216,255	)
Treasury stock, at cost: 1,028,186 shares at September 30, 2024 and December 31, 2023		(16,534	)		(16,534	)
Total stockholders’ equity		320,175			303,722
Total liabilities and stockholders’ equity	$	816,118		$	782,948

Trupanion, Inc. Condensed Consolidated Statements of Cash Flows (in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
	(unaudited)
Operating activities
Net income (loss)	$	1,425		$	(4,036	)	$	(11,289	)	$	(42,530	)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Depreciation and amortization		4,381			2,990			12,542			9,445
Stock-based compensation expense		8,341			6,892			25,138			25,860
Other, net		(136	)		(549	)		(453	)		(1,134	)
Changes in operating assets and liabilities:
Accounts and other receivables		(3,794	)		(12,409	)		(22,020	)		(45,593	)
Prepaid expenses and other assets		101			452			2,398			(2,761	)
Accounts payable, accrued liabilities, and other liabilities		1,377			2,632			(350	)		(3,832	)
Reserve for veterinary invoices		(3,934	)		5,258			(6,469	)		17,697
Deferred revenue		7,535			10,168			25,088			43,979
Net cash provided by (used in) operating activities		15,296			11,398			24,585			1,131
Investing activities
Purchases of investment securities		(26,125	)		(29,458	)		(107,375	)		(109,389	)
Maturities and sales of investment securities		26,089			29,713			81,767			147,365
Purchases of property, equipment, and internal-use software		(1,914	)		(4,391	)		(7,858	)		(14,310	)
Other		490			837			1,552			1,420
Net cash provided by (used in) investing activities		(1,460	)		(3,299	)		(31,914	)		25,086
Financing activities
Proceeds from debt financing, net of financing fees		—			24,972			—			60,102
Proceeds from exercise of stock options		258			628			729			1,281
Shares withheld to satisfy tax withholding		(802	)		(272	)		(1,390	)		(1,296	)
Repayments of debt financing		(338	)		(338	)		(1,013	)		(1,380	)
Other financing		(157	)		(150	)		(609	)		(150	)
Net cash provided by (used in) financing activities		(1,039	)		24,840			(2,283	)		58,557
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash, net		481			(906	)		19			(830	)
Net change in cash, cash equivalents, and restricted cash		13,278			32,033			(9,593	)		83,944
Cash, cash equivalents, and restricted cash at beginning of period		147,593			136,548			170,464			84,637
Cash, cash equivalents, and restricted cash at end of period	$	160,871		$	168,581		$	160,871		$	168,581

The following tables set forth our key operating metrics.

	Nine Months Ended September 30,
		2024			2023
Total Business:
Total pets enrolled (at period end)		1,688,903			1,712,177
Subscription Business:
Total subscription pets enrolled (at period end)		1,032,042			969,322
Monthly average revenue per pet	$	71.94		$	64.63
Lifetime value of a pet, including fixed expenses	$	493		$	428
Average pet acquisition cost (PAC)	$	227		$	232
Average monthly retention		98.29	%		98.55	%


	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
Total Business:
Total pets enrolled (at period end)		1,688,903			1,699,643			1,708,017			1,714,473			1,712,177			1,679,659			1,616,865			1,537,573
Subscription Business:
Total subscription pets enrolled (at period end)		1,032,042			1,020,934			1,006,168			991,426			969,322			943,958			906,369			869,862
Monthly average revenue per pet	$	74.27		$	71.72		$	69.79		$	67.07		$	65.82		$	64.41		$	63.58		$	63.11
Lifetime value of a pet, including fixed expenses	$	493		$	450		$	428		$	419		$	428		$	470		$	541		$	641
Average pet acquisition cost (PAC)	$	243		$	231		$	207		$	217		$	212		$	236		$	247		$	283
Average monthly retention		98.29	%		98.34	%		98.41	%		98.49	%		98.55	%		98.61	%		98.65	%		98.69	%

The following table reflects the reconciliation of cash provided by operating activities to free cash flow (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Net cash provided by operating activities	$	15,296		$	11,398		$	24,585		$	1,131
Purchases of property, equipment, and internal-use software		(1,914	)		(4,391	)		(7,858	)		(14,310	)
Free cash flow	$	13,382		$	7,007		$	16,727		$	(13,179	)

The following table reflects the reconciliation between GAAP and non-GAAP measures (in thousands except percentages):
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Veterinary invoice expense	$	238,814		$	212,441		$	703,485		$	613,316
Less:
Stock-based compensation expense⁽¹⁾		(830	)		(870	)		(2,535	)		(2,565	)
Other business cost of paying veterinary invoices⁽⁴⁾		(82,507	)		(72,694	)		(239,342	)		(210,286	)
Subscription cost of paying veterinary invoices (non-GAAP)	$	155,477		$	138,877		$	461,608		$	400,465
% of subscription revenue		71.0	%		75.9	%		73.4	%		76.8	%

Other cost of revenue	$	39,263		$	38,179		$	119,017		$	108,480
Less:
Stock-based compensation expense⁽¹⁾		(536	)		(282	)		(1,479	)		(1,158	)
Other business variable expenses⁽⁴⁾		(18,126	)		(20,482	)		(57,713	)		(56,455	)
Subscription variable expenses (non-GAAP)	$	20,601		$	17,415		$	59,825		$	50,867
% of subscription revenue		9.4	%		9.5	%		9.5	%		9.8	%

Technology and development expense	$	7,933		$	5,302		$	23,083		$	15,434
General and administrative expense		16,977			12,664			46,903			46,817
Less:
Stock-based compensation expense⁽¹⁾		(5,258	)		(3,754	)		(14,465	)		(16,072	)
Non-recurring transaction or restructuring expenses⁽²⁾		—			(8	)		—			(4,175	)
Development expenses⁽³⁾		(1,474	)		(1,594	)		(4,307	)		(3,417	)
Fixed expenses (non-GAAP)	$	18,178		$	12,610		$	51,214		$	38,587
% of total revenue		5.6	%		4.4	%		5.4	%		4.7	%

New pet acquisition expense	$	18,308		$	17,772		$	53,025		$	60,183
Less:
Stock-based compensation expense⁽¹⁾		(1,503	)		(1,679	)		(5,426	)		(5,433	)
Other business pet acquisition expense⁽⁴⁾		(8	)		(10	)		(31	)		(123	)
Subscription acquisition cost (non-GAAP)	$	16,797		$	16,083		$	47,568		$	54,627
% of subscription revenue		7.7	%		8.8	%		7.6	%		10.5	%

⁽¹⁾ Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation according to GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.2 million and $1.3 million for the three and nine months ended September 30, 2024, respectively. ⁽²⁾ Consists of business acquisition transaction expenses, severance and legal costs due to certain executive departures, and a $3.8 million non-recurring settlement of accounts receivable in the first quarter of 2023 related to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers. ⁽³⁾ Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant. ⁽⁴⁾ Excludes the portion of stock-based compensation expense attributable to the other business segment.

The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Operating income (loss)	$	1,746		$	(3,491	)	$	(9,862	)	$	(41,067	)
Non-GAAP expense adjustments
Acquisition cost		16,805			16,093			47,599			54,750
Stock-based compensation expense⁽¹⁾		8,127			6,585			23,905			25,228
Development expenses⁽³⁾		1,474			1,594			4,307			3,417
Depreciation and amortization		4,381			2,990			12,542			9,445
Non-recurring transaction or restructuring expenses⁽²⁾		—			8			—			4,175
Gain (loss) from investment in joint venture		(34	)		4			(184	)		(140	)
Total adjusted operating income (non-GAAP)	$	32,567		$	23,775		$	78,675		$	56,088

Subscription Business:
Subscription operating income (loss)	$	3,824		$	(5,709	)	$	(4,109	)	$	(37,294	)
Non-GAAP expense adjustments
Acquisition cost		16,797			16,083			47,568			54,627
Stock-based compensation expense⁽¹⁾		6,215			4,996			18,723			19,229
Development expenses⁽³⁾		986			1,257			2,855			2,439
Depreciation and amortization		2,929			1,913			8,315			6,060
Non-recurring transaction or restructuring expenses⁽²⁾		—			5			—			223
Subscription adjusted operating income (non-GAAP)	$	30,751		$	18,545		$	73,352		$	45,284

Other Business:
Other business operating income (loss)	$	(2,044	)	$	2,214		$	(5,569	)	$	(3,633	)
Non-GAAP expense adjustments
Acquisition cost		8			10			31			123
Stock-based compensation expense⁽¹⁾		1,912			1,589			5,182			5,999
Development expenses⁽³⁾		488			337			1,452			978
Depreciation and amortization		1,452			1,077			4,227			3,385
Non-recurring transaction or restructuring expenses⁽²⁾		—			3			—			3,952
Other business adjusted operating income (non-GAAP)	$	1,816		$	5,230		$	5,323		$	10,804

⁽¹⁾ Trupanion employees may elect to take restricted stock units in lieu of cash payment for their bonuses. We account for such expense as stock-based compensation in accordance with GAAP, but we do not include it in any non-GAAP adjustments. Stock-based compensation associated with bonuses was approximately $0.2 million and $1.3 million for the three and nine months ended September 30, 2024, respectively.
⁽²⁾ Consists of business acquisition transaction expenses, severance and legal costs due to certain executive departures, and a $3.8 million non-recurring settlement of accounts receivable in the first quarter of 2023 related to uncollected premiums in connection with the transition of underwriting a third-party business to other insurers.
⁽³⁾ Consists of costs related to product exploration and development that are pre-revenue and historically have been insignificant.

The following table reflects the reconciliation of GAAP measures to non-GAAP measures (in thousands, except percentages):
	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Subscription revenue	$	218,986		$	182,906		$	628,738		$	521,369
Subscription cost of paying veterinary invoices		155,477			138,877			461,608			400,465
Subscription variable expenses		20,601			17,415			59,825			50,867
Subscription fixed expenses*		12,157			8,069			33,953			24,753
Subscription adjusted operating income (non-GAAP)	$	30,751		$	18,545		$	73,352		$	45,284
Other business revenue		108,470			102,947		$	319,639		$	291,379
Other business cost of paying veterinary invoices		82,507			72,694			239,342			210,286
Other business variable expenses		18,126			20,482			57,713			56,455
Other business fixed expenses*		6,021			4,541			17,261			13,834
Other business adjusted operating income (non-GAAP)	$	1,816		$	5,230		$	5,323		$	10,804
Revenue		327,456			285,853		$	948,377		$	812,748
Cost of paying veterinary invoices		237,984			211,571			700,950			610,751
Variable expenses		38,727			37,897			117,538			107,322
Fixed expenses*		18,178			12,610			51,214			38,587
Total business adjusted operating income (non-GAAP)	$	32,567		$	23,775		$	78,675		$	56,088

As a percentage of revenue:	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Subscription revenue		100.0	%		100.0	%		100.0	%		100.0	%
Subscription cost of paying veterinary invoices		71.0	%		75.9	%		73.4	%		76.8	%
Subscription variable expenses		9.4	%		9.5	%		9.5	%		9.8	%
Subscription fixed expenses*		5.6	%		4.4	%		5.4	%		4.7	%
Subscription adjusted operating income (non-GAAP)		14.0	%		10.1	%		11.7	%		8.7	%

Other business revenue		100.0	%		100.0	%		100.0	%		100.0	%
Other business cost of paying veterinary invoices		76.1	%		70.6	%		74.9	%		72.2	%
Other business variable expenses		16.7	%		19.9	%		18.1	%		19.4	%
Other business fixed expenses*		5.6	%		4.4	%		5.4	%		4.7	%
Other business adjusted operating income (non-GAAP)		1.7	%		5.1	%		1.7	%		3.7	%

Revenue		100.0	%		100.0	%		100.0	%		100.0	%
Cost of paying veterinary invoices		72.7	%		74.0	%		73.9	%		75.1	%
Variable expenses		11.8	%		13.3	%		12.4	%		13.2	%
Fixed expenses*		5.6	%		4.4	%		5.4	%		4.7	%
Total business adjusted operating income (non-GAAP)		9.9	%		8.3	%		8.3	%		6.9	%

*Fixed expenses represent shared services that support both our subscription and other business segments and, as such, are generally allocated to each segment pro-rata based on revenues.

Adjusted operating income is a non-GAAP financial measure that adjusts operating income (loss) to remove the effect of acquisition cost, development expenses, non-recurring transaction or restructuring expenses, and gain (loss) from investment in joint venture. Non-cash items, such as stock-based compensation expense and depreciation and amortization, are also excluded. Acquisition cost, development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization are expected to remain recurring expenses for the foreseeable future, but are excluded from this metric to measure scale in other areas of the business. Management believes acquisition costs primarily represent the cost to acquire new subscribers and are driven by the amount of growth we choose to pursue based primarily on the amount of our adjusted operating income period over period. Accordingly, this measure is not indicative of our core operating income performance. We also exclude development expenses, gain (loss) from investment in joint venture, stock-based compensation expense, and depreciation and amortization because some investors may not view those items as reflective of our core operating income performance.

Management uses adjusted operating income and the margin on adjusted operating income to understand the effects of scale in its non-acquisition cost and development expenses and to plan future advertising expenditures, which are designed to acquire new pets. Management uses this measure as a principal way of understanding the operating performance of its business exclusive of acquisition cost and new product exploration and development initiatives. Management believes disclosure of this metric provides investors with the same data that the Company employs in assessing its overall operations and that disclosure of this measure may provide useful information regarding the efficiency of our utilization of revenues, return on advertising dollars in the form of new subscribers and future use of available cash to support the continued growth of our business.

The following tables reflect the reconciliation of adjusted EBITDA to net income (loss) (in thousands):

	Nine Months Ended September 30,
		2024			2023
Net loss	$	(11,289	)	$	(42,530	)
Excluding:
Stock-based compensation expense		23,906			25,228
Depreciation and amortization expense		12,542			9,445
Interest income		(9,412	)		(6,169	)
Interest expense		11,071			8,380
Other non-operating expenses		—			—
Income tax benefit		(43	)		(472	)
Non-recurring transaction or restructuring expenses		—			4,175
(Gain) loss from equity method investment		(33	)		(110	)
Adjusted EBITDA	$	26,742		$	(2,053	)

	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
Net income (loss)	$	1,425		$	(5,862	)	$	(6,852	)	$	(2,163	)	$	(4,036	)	$	(13,714	)	$	(24,780	)	$	(9,285	)
Excluding:
Stock-based compensation expense		8,127			8,381			7,398			6,636			6,585			6,503			12,140			8,412
Depreciation and amortization expense		4,381			4,376			3,785			3,029			2,990			3,253			3,202			2,897
Interest income		(3,232	)		(3,135	)		(3,045	)		(2,842	)		(2,389	)		(2,051	)		(1,729	)		(1,614	)
Interest expense		3,820			3,655			3,596			3,697			3,053			2,940			2,387			1,587
Other non-operating expenses		—						—						—			—			—			—
Income tax expense (benefit)		39			(44	)		(38	)		130			(43	)		(238	)		(191	)		(15	)
Non-recurring transaction or restructuring expenses		—						—						8			65			4,102			193
(Gain) loss from equity method investment		(33	)					—						(110	)		—			—			—
Adjusted EBITDA	$	14,527		$	7,371		$	4,844		$	8,487		$	6,058		$	(3,242	)	$	(4,869	)	$	2,175

Contacts:

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/214fb96d-127a-4bf6-af8e-cc7b9498e1ec

MIL-OSI: iRhythm Technologies Announces Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 30, 2024 (GLOBE NEWSWIRE) — iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital health care company focused on creating trusted solutions that detect, predict, and prevent disease, today reported financial results for the three months ended September 30, 2024.

Third Quarter 2024 Financial Highlights

Revenue of $147.5 million, an 18% increase compared to third quarter 2023
Gross margin of 68.8%, a 260-basis point increase compared to third quarter 2023
Unrestricted cash, cash equivalents and marketable securities of $522.0 million as of September 30, 2024

Recent Operational Highlights

Strong quarterly registration volume driven by record demand from existing accounts combined with another record quarter of new account openings in the United States and record registrations in the United Kingdom
Received FDA 510(k) clearance for updates previously made to the Zio AT device as letter to file
Expanded global reach with commercial launch of Zio monitor in Austria, the Netherlands, Switzerland, and Spain, and received Japanese PMDA regulatory approval for Zio monitor, highlighting our continued commitment to bringing our innovative digital healthcare solutions to millions of people worldwide
Entered into technology license agreement with BioIntelliSense to incorporate medical grade, connected, multi-sensor capabilities into our future ambulatory cardiac monitoring products, positioning us to expand the capabilities of our product platform
Upcoming data at American Heart Association’s Scientific Sessions 2024 in Chicago from November 16–18

“The third quarter of 2024 was an exceptional quarter of execution as our teams drove significant demand in our core business, made substantial progress in expanding our Zio services into global markets, and established an important licensing agreement with an external partner to drive future platform capabilities for long term growth,” said Quentin Blackford, president and chief executive officer of iRhythm. “Third quarter revenue growth of over 18% year-over-year was driven by record volume demand from existing accounts, and our field teams were also able to open a record number of new accounts during the quarter while continuing our expansion into primary care channels. We were also very pleased to be able to celebrate one million patients having been registered for Zio monitor – our newest generation, long-term continuous monitoring system – in October and have officially launched our first commercial account using Aura – Epic’s specialty diagnostics and devices suite.”

“We also made tangible progress towards long-term initiatives to drive future growth. For the first time ever, we have achieved more than 10,000 billable registrations in a single quarter in the UK, and we are excited that we have begun receiving physician orders following commercial launch in four additional European countries. Furthermore, we have recently received a FDA 510(k) clearance for updates to our Zio AT device associated with our FDA remediation efforts, an ongoing and critical priority for our teams to demonstrate our commitment to quality, compliance and performance. With strong execution across multiple growth levers and with additional catalysts on the horizon, we could not be more excited about the future of iRhythm.”

Third Quarter Financial Results
Revenue for the third quarter of 2024 was $147.5 million, up 18% from $124.6 million during the same period in 2023. The increase was driven by growth in demand for Zio services.

Gross profit for the third quarter of 2024 was $101.5 million, up 23% from $82.5 million during the same period in 2023, while gross margin was 68.8%, up from 66.2% during the same period in 2023. The increase in gross profit was primarily due to increased volume of Zio services provided due to higher demand. The increase in gross margin was primarily due to operational efficiencies as well as the absence of increased reserves for excess Zio XT printed circuit board assembly (PCBA) components that were incurred during the prior year.

Operating expenses for the third quarter of 2024 were $151.8 million, compared to $110.1 million for the same period in 2023. Adjusted operating expenses for the third quarter of 2024 were $143.8 million, compared to $107.1 million during the same period in 2023. The increase in adjusted operating expenses was primarily driven by a $32.1 million charge for license consideration payable to BioIntelliSense that was recognized on iRhythm’s unaudited condensed consolidated statements of operations as acquired in-process research and development (“IPR&D”) expense during the third quarter of 2024. In alignment with SEC guidance around non-GAAP financial measures relating to acquired IPR&D expense, iRhythm does not exclude expenses related to acquired IPR&D from its non-GAAP results.

Net loss for the third quarter of 2024 was $46.2 million, or a diluted loss of $1.48 per share, compared with net loss of $27.1 million, or a diluted loss of $0.89 per share, for the same period in 2023. Adjusted net loss for the third quarter of 2024 was $39.2 million, or a diluted loss of $1.26 per share, compared with an adjusted net loss of $24.1 million, or a diluted loss of $0.79 per share, for the same period in 2023. The increase in net loss was primarily driven by a $32.1 million charge for license consideration payable to BioIntelliSense that was recognized on iRhythm’s unaudited condensed consolidated statements of operations as acquired IPR&D expense during the third quarter of 2024.

Unrestricted cash, cash equivalents, and marketable securities were $522.0 million as of September 30, 2024.

2024 Annual Guidance
iRhythm projects revenue for the full year 2024 to grow approximately 18% to 19% compared to prior year results, ranging from approximately $582.5 million to $587.5 million. Gross margin for the full year 2024 is expected to range from 68.5% to 69.0%. iRhythm now expects adjusted EBITDA margin for the full year 2024 to range from approximately negative 2% to negative 1.5% of full year revenues. Adjusted EBITDA guidance includes license consideration payable to BioIntelliSense that is recognized on iRhythm’s consolidated statements of operations as acquired IPR&D expenses, including a charge of approximately $32 million of expense incurred during the third quarter of 2024. In alignment with SEC guidance around non-GAAP financial measures relating to acquired IPR&D expense, iRhythm will not exclude expenses related to acquired IPR&D from its non-GAAP results, which include adjusted EBITDA.

Webcast and Conference Call Information
iRhythm’s management team will host a conference call today beginning at 1:30 p.m. PT/4:30 p.m. ET. Interested parties may access a live and archived webcast of the presentation on the “Events & Presentations” section of the company’s investor website at investors.irhythmtech.com.

About iRhythm Technologies, Inc.
iRhythm is a leading digital health care company that creates trusted solutions that detect, predict, and prevent disease. Combining wearable biosensors and cloud-based data analytics with powerful proprietary algorithms, iRhythm distills data from millions of heartbeats into clinically actionable information. Through a relentless focus on patient care, iRhythm’s vision is to deliver better data, better insights, and better health for all.

Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation. These reclassifications have no impact on previously reported results of operations or financial position.

Use of Non-GAAP Financial Measures
We refer to certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including adjusted EBITDA, adjusted net loss, adjusted net loss per share and adjusted operating expenses. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. See the schedules attached to this press release for additional information and reconciliations of such non-GAAP financial measures. We have not reconciled our adjusted operating expenses and adjusted EBITDA estimates for full year 2024 because certain items that impact these figures are uncertain or out of our control and cannot be reasonably predicted. Accordingly, a reconciliation of adjusted operating expenses and adjusted EBITDA estimates is not available without unreasonable effort.

Adjusted EBITDA excludes non-cash operating charges for stock-based compensation expense, changes in fair value of strategic investments, impairment and restructuring charges, business transformation costs, and loss on extinguishment of debt. Business transformation costs include costs associated with professional services, employee termination and relocation, third-party merger and acquisition, integration, and other costs to augment and restructure the organization, inclusive of both outsourced and offshore resources.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding financial guidance, market opportunity, ability to penetrate the market, anticipated productivity improvements and expectations for growth. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled “Risk Factors” and elsewhere in our filings made with the Securities and Exchange Commission, including those on the Form 10-Q expected to be filed on or about October 30, 2024. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. iRhythm disclaims any obligation to update these forward-looking statements.

Investor Contact
Stephanie Zhadkevich
investors@irhythmtech.com

Media Contact
Kassandra Perry
irhythm@highwirepr.com

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Balance Sheets (In thousands, except par value) (unaudited)

	September 30, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	519,535		$	36,173
Marketable securities		2,496			97,591
Accounts receivable, net		77,427			61,484
Inventory		15,032			13,973
Prepaid expenses and other current assets		13,419			21,591
Total current assets		627,909			230,812
Property and equipment, net		122,390			104,114
Operating lease right-of-use assets		45,570			49,317
Restricted cash, long-term		8,358			—
Goodwill		862			862
Long-term strategic investments		59,059			3,000
Other assets		45,540			45,039
Total assets	$	909,688		$	433,144
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	7,593		$	5,543
Accrued liabilities		73,958			83,362
Deferred revenue		3,031			3,306
Operating lease liabilities, current portion		15,522			15,159
Total current liabilities		100,104			107,370
Long-term senior convertible notes		645,821			—
Debt, noncurrent portion		—			34,950
Other noncurrent liabilities		17,978			1,012
Operating lease liabilities, noncurrent portion		74,019			79,715
Total liabilities		837,922			223,047
Stockholders’ equity:
Preferred stock, $0.001 par value – 5,000 shares authorized; none issued and outstanding at September 30, 2024 and December 31, 2023		—			—
Common stock, $0.001 par value – 100,000 shares authorized; 31,516 shares issued and 31,287 shares outstanding at September 30, 2024, respectively; and 30,954 shares issued and outstanding at December 31, 2023		31			31
Additional paid-in capital		854,363			855,784
Accumulated other comprehensive loss		(66	)		(112	)
Accumulated deficit		(757,562	)		(645,606	)
Treasury stock, at cost; 229 and 0 shares at September 30, 2024 and December 31, 2023, respectively		(25,000	)		—
Total stockholders’ equity		71,766			210,097
Total liabilities and stockholders’ equity	$	909,688		$	433,144

IRHYTHM TECHNOLOGIES, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Revenue, net	$	147,538		$	124,604		$	427,514		$	360,170
Cost of revenue		46,062			42,130			135,051			115,790
Gross profit		101,476			82,474			292,463			244,380
Operating expenses:
Research and development		15,694			16,309			52,378			44,828
Acquired in-process research and development		32,069			—			32,069			—
Selling, general and administrative		103,375			93,768			318,797			285,531
Impairment charges		641			—			641			—
Total operating expenses		151,779			110,077			403,885			330,359
Loss from operations		(50,303	)		(27,603	)		(111,422	)		(85,979	)
Interest and other income (expense), net:
Interest income		6,456			1,717			16,198			4,619
Interest expense		(3,329	)		(927	)		(9,501	)		(2,709	)
Loss on extinguishment of debt		—			—			(7,589	)		—
Other income (expense), net		1,182			(108	)		772			(143	)
Total interest and other income (expense), net		4,309			682			(120	)		1,767
Loss before income taxes		(45,994	)		(26,921	)		(111,542	)		(84,212	)
Income tax provision		188			195			414			495
Net loss	$	(46,182	)	$	(27,116	)	$	(111,956	)	$	(84,707	)
Net loss per common share, basic and diluted	$	(1.48	)	$	(0.89	)	$	(3.59	)	$	(2.78	)
Weighted-average shares, basic and diluted		31,262			30,607			31,147			30,470

IRHYTHM TECHNOLOGIES, INC. Reconciliation of GAAP to Non-GAAP Financial Information (in thousands, except per share data) (unaudited)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
Adjusted EBITDA reconciliation*
Net loss¹	$	(46,182	)	$	(27,116	)	$	(111,956	)	$	(84,707	)
Interest expense		3,329			927			9,501			2,709
Interest income		(6,456	)		(1,717	)		(16,198	)		(4,619	)
Changes in fair value of strategic investments		(1,059	)		—			(1,059	)		—
Income tax provision		188			195			414			495
Depreciation and amortization		5,135			4,067			15,426			11,434
Stock-based compensation		17,158			21,008			59,970			53,358
Impairment charges		641			—			641			—
Business transformation costs		7,360			2,999			8,656			14,094
Loss on extinguishment of debt		—			—			7,589			—
Adjusted EBITDA	$	(19,886	)	$	363		$	(27,016	)	$	(7,236	)

Adjusted net loss reconciliation*
Net loss, as reported¹	$	(46,182	)	$	(27,116	)	$	(111,956	)	$	(84,707	)
Impairment charges		641			—			641			—
Business transformation costs		7,360			2,999			8,656			14,094
Changes in fair value of strategic investments		(1,059	)		—			(1,059	)		—
Loss on extinguishment of debt		—			—			7,589			—
Adjusted net loss	$	(39,240	)	$	(24,117	)	$	(96,129	)	$	(70,613	)

Adjusted net loss per share reconciliation*
Net loss per share, as reported¹	$	(1.48	)	$	(0.89	)	$	(3.59	)	$	(2.78	)
Impairment charges per share		0.02			—			0.02			—
Business transformation costs per share		0.24			0.10			0.28			0.46
Changes in fair value of strategic investments per share		(0.03	)		—			(0.03	)		—
Loss on extinguishment of debt per share		—			—			0.24			—
Adjusted net loss per share	$	(1.26	)	$	(0.79	)	$	(3.09	)	$	(2.32	)
Weighted-average shares, basic and diluted		31,262			30,607			31,147			30,470

Adjusted operating expense reconciliation*
Operating expense, as reported	$	151,779		$	110,077		$	403,885		$	330,359
Impairment charges		(641	)		—			(641	)		—
Business transformation costs		(7,360	)		(2,999	)		(8,656	)		(14,094	)
Adjusted operating expense	$	143,778		$	107,078		$	394,588		$	316,265

*Certain numbers expressed may not sum due to rounding.
¹ Net loss for the three and nine months ended September 30, 2024 includes $32.1 million of acquired in-process research and development expense.

https://register.vevent.com/register/BIa37467c5213342ac9459168840830682

MIL-OSI: Apollo Commercial Real Estate Finance, Inc. Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — Apollo Commercial Real Estate Finance, Inc. (the “Company” or “ARI”) (NYSE:ARI) today reported results for the quarter ended September 30, 2024.

Net loss attributable to common stockholders per diluted share of common stock was ($0.69) for the quarter ended September 30, 2024. Distributable Earnings (a non-GAAP financial measure defined below) and Distributable Earnings prior to net realized loss on investments per share of common stock was ($0.59) and $0.31 for the quarter ended September 30, 2024, respectively.

Massachusetts Healthcare
In March 2022, ARI and other Apollo-managed entities co-originated a 55% loan-to-cost first mortgage loan secured by eight hospitals in Massachusetts. ARI’s pro-rata interest in the commercial mortgage loan represented 41.2% of the original whole loan amount. The loan was made in connection with the capitalization of a joint venture between two parties and eight property owner subsidiaries of the joint venture (the “Borrowers”) to own the hospitals which were leased to Steward Health Care (“Steward”), who served as operator. ARI and other Apollo-managed entities (“Apollo Co-Lenders”) did not lend to Steward and do not have any involvement in Steward’s operation of the hospitals or performance under the lease.

During the three months ended September 30, 2024, ARI ceased accruing interest on its loan and debt service payments received in July through September 2024 reduced the carrying value of the loan. During the three months ended September 30, 2024, ARI recorded a $127.5 million Specific CECL Allowance which was written-off on resolution of the loan during the same period. On September 4, 2024, ARI and Apollo Co-Lenders, through a joint venture, acquired title to one of the eight hospitals that previously secured the loan. On September 26, 2024, the hospital was taken by eminent domain by the Commonwealth of Massachusetts (the “Commonwealth”). In conjunction with this taking, ARI recorded a realized loss representing the difference between ARI’s allocation of the amount to be paid by the Commonwealth for the taking and ARI’s allocation of the loan related to the underlying property. ARI and Apollo Co-Lenders have challenged the Commonwealth’s taking of the hospital by eminent domain in Massachusetts court. If the challenge is not successful, ARI and Apollo Co-Lenders intend to further challenge the valuation of the hospital from which the amount to be paid by the Commonwealth was determined. If successful, ARI and other Apollo Co-Lenders may receive additional recovery of realized losses. The amount to be paid by the Commonwealth is $21.9 million ($9.0 million attributable to ARI), while the 2024 tax assessed value of the hospital was $200.8 million. On September 30, 2024, the guarantors made a guaranty payment on the loan and Borrowers transferred the deeds of the remaining seven hospitals into escrow, thereby releasing the Borrowers from their obligation under the loan agreement. Accordingly, ARI wrote-off the remaining Specific CECL Allowance and recorded a realized loss representing the difference between the loan’s remaining amortized cost basis and the allocation of the fair value of the seven remaining hospitals, less costs to sell, per the executed purchase and sale agreements and appraised values, where applicable, of the properties underlying the deeds in escrow. In aggregate, ARI recorded a $127.5 million realized loss within net realized loss on investments in its September 30, 2024 condensed consolidated statement of operations, and all Specific CECL Allowances related to ARI’s loan were written off.

As of September 30, 2024, ARI recorded $159.7 million in other assets on its condensed consolidated balance sheet consisting of an equity method interest in the joint venture with other Apollo-managed entities and an interest in the property deeds in escrow. ARI did not hold title to the underlying properties as of September 30, 2024.

Subsequently, on October 1, 2024, five of the seven hospitals were sold to third parties, and the proceeds were allocated among ARI and other Apollo Co-Lenders based on its pro-rata interests in the commercial mortgage loan.

ARI issued a detailed presentation of the Company’s quarter ended September 30, 2024 results, which can be viewed at www.apollocref.com.

Conference Call and Webcast
The Company will hold a conference call to review third quarter results on October 31, 2024 at 9am ET. To register for the call, please use the following link:

After you register, you will receive a dial-in number and unique pin. The Company will also post a link in the Stockholders’ section on ARI’s website for a live webcast. For those unable to listen to the live call or webcast, there will be a webcast replay link posted in the Stockholders’ section on ARI’s website approximately two hours after the call.

Distributable Earnings
“Distributable Earnings,” a non-GAAP financial measure, is defined as net income available to common stockholders, computed in accordance with GAAP, adjusted for (i) equity-based compensation expense (a portion of which may become cash-based upon final vesting and settlement of awards should the holder elect net share settlement to satisfy income tax withholding), (ii) any unrealized gains or losses or other non-cash items (including depreciation and amortization related to real estate owned) included in net income available to common stockholders, (iii) unrealized income from unconsolidated joint ventures, (iv) foreign currency gains (losses), other than (a) realized gains/(losses) related to interest income, and (b) forward point gains/(losses) realized on the Company’s foreign currency hedges, and (v) provision for loan losses.

As a REIT, U.S. federal income tax law generally requires the Company to distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that the Company pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. Given these requirements and the Company’s belief that dividends are generally one of the principal reasons shareholders invest in a REIT, the Company generally intends over time to pay dividends to its stockholders in an amount equal to its net taxable income, if and to the extent authorized by the Company’s board of directors. Distributable Earnings is a key factor considered by the Company’s board of directors in setting the dividend and as such the Company believes Distributable Earnings is useful to investors.

During the nine months ended September 30, 2024, the Company recorded in the consolidated statement of operations realized losses on the sale of a commercial mortgage loan secured by a hotel in Honolulu, Hawaii, and the extinguishment of a commercial mortgage loan secured by a portfolio of eight hospitals in Massachusetts.

The Company believes it is useful to its investors to also present Distributable Earnings prior to net realized loss on investments and realized gain on extinguishment of debt, in applicable periods, to reflect its operating results because (i) the Company’s operating results are primarily comprised of earning interest income on its investments net of borrowing and administrative costs, which comprise the Company’s ongoing operations and (ii) it has been a useful factor related to the Company’s dividend per share because it is one of the considerations when a dividend is determined. The Company believes that its investors use Distributable Earnings and Distributable Earnings prior to net realized loss on investments and realized gain on extinguishment of debt, or a comparable supplemental performance measure, to evaluate and compare the performance of the Company and its peers.

A significant limitation associated with Distributable Earnings as a measure of the Company’s financial performance over any period is that it excludes unrealized gains (losses) from investments. In addition, the Company’s presentation of Distributable Earnings may not be comparable to similarly titled measures of other companies, that use different calculations. As a result, Distributable Earnings should not be considered as a substitute for the Company’s GAAP net income as a measure of its financial performance or any measure of its liquidity under GAAP. Distributable Earnings are reduced for realized losses on loans which include losses that management believes are near certain to be realized.

A reconciliation of Distributable Earnings to GAAP net income (loss) available to common stockholders is included in the detailed presentation of the Company’s quarter ended September 30, 2024 results, which can be viewed at www.apollocref.com.

About Apollo Commercial Real Estate Finance, Inc.
Apollo Commercial Real Estate Finance, Inc. (NYSE: ARI) is a real estate investment trust that primarily originates, acquires, invests in and manages performing commercial first mortgage loans, subordinate financings and other commercial real estate-related debt investments. The Company is externally managed and advised by ACREFI Management, LLC, a Delaware limited liability company and an indirect subsidiary of Apollo Global Management, Inc., a high-growth, global alternative asset manager with approximately $696 billion of assets under management at June 30, 2024.

Additional information can be found on the Company’s website at www.apollocref.com.

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These forward-looking statements include information about possible or assumed future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. When used in this release, the words believe, expect, anticipate, estimate, plan, continue, intend, should, may or similar expressions, are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: higher interest rates and inflation; market trends in the Company’s industry, real estate values, the debt securities markets or the general economy; the timing and amounts of expected future fundings of unfunded commitments; the return on equity; the yield on investments; the ability to borrow to finance assets; the Company’s ability to deploy the proceeds of its capital raises or acquire its target assets; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company’s beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT: Hilary Ginsberg
Investor Relations
(212) 822-0767

MIL-OSI: Magic Empire Global Limited Announces First Half 2024 Unaudited Financial Results

Source: GlobeNewswire (MIL-OSI)

HONG KONG, Oct. 30, 2024 (GLOBE NEWSWIRE) — Magic Empire Global Limited (“MEGL” or the “Company”) (NASDAQ: MEGL), a financial services provider in Hong Kong which principally engages in the provision of corporate finance advisory services, today announced its unaudited financial results for the six months ended June 30, 2024.

Overview:

	●	Revenue increased by approximately 26.9% from approximately HK$6.1 million for the six months ended June 30, 2023 to approximately HK$7.7 million (US$1.0 million) for the six months ended June 30, 2024

	●	Net income decreased by approximately 13.6% from approximately HK$0.7 million for the six months ended June 30, 2023 to approximately HK$0.6 million (US$80,000) for the six months ended June 30, 2024

Six Month Financial Results Ended June 30, 2024

Revenue. Revenue increased by approximately 26.9% from approximately HK$6.1 million for the six months ended June 30, 2023 to approximately HK$7.7 million (US$1.0 million) for the six months ended June 30, 2024. During the six months ended June 30, 2024, the Hong Kong capital markets and the general economic environment in Hong Kong remained difficult. In view of the market conditions of Hong Kong market, we diversified our business to explore projects of listing in other key capital markets such as the United States and we completed two financial advisory projects for clients pursuing listing on Nasdaq and our revenue from financial and independent advisory services significantly increased from approximately HK$0.2 million for the six months ended June 30, 2023 to approximately HK$6.9 million (US$0.9 million) for the six months ended June 30, 2024. Revenue from compliance advisory services decreased from approximately HK$1.4 million for the six months ended June 30, 2023 to approximately HK$0.5 million (US$59,000) for the six months ended June 30, 2024 due to completion of several of our compliance advisory projects during the six months ended June 30, 2024 and the decrease in the number of new IPOs in the Hong Kong market.

Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 27.6% from approximately HK$7.2 million for the six months ended June 30, 2023 to approximately HK$9.2 million (US$1.2 million) for the six months ended June 30, 2024, which was mainly due to (i) increase in staff costs resulting from increase in payroll and bonus to our staff; (ii) increase in travelling, accommodation and entertainment expenses due to increase in travelling for business development initiatives; and (iii) increase in depreciation charge.

Other income, net. Other net income increased by approximately 13.7% from approximately HK$1.9 million for the six months ended June 30, 2023 to approximately HK$2.1 million (US$0.3 million) for the six months ended June 30, 2024, which was mainly due to the increase in interest income resulting from the increase in average cash balance.

Income tax expense. Income tax expense was nil for the six months ended June 30, 2024 (six months ended June 30, 2023: nil) as we have available tax losses brought forward.

Net income. Net income decreased by 13.6% from approximately HK$0.7 million for the six months ended June 30, 2023 to approximately HK$0.6 million (US$80,000) for the six months ended June 30, 2024, which was mainly due to the increase in selling, general and administrative expenses, partially offset by increase in revenue.

Basic and diluted EPS. Basic and diluted EPS were approximately HK$0.03 (US$0.004) per ordinary share for the six months ended June 30, 2024, as compared to HK$0.04 per ordinary share for the six months ended June 30, 2023, respectively.

About Magic Empire Global Limited

Magic Empire Global Limited is a financial services provider in Hong Kong which principally engage in the provision of corporate finance advisory services and underwriting services. Its service offerings mainly comprise (i) IPO sponsorship services; (ii) financial advisory and independent financial advisory services; (iii) compliance advisory services; and (iv) underwriting services. For more information, visit the Company’s website at http://www.meglmagic.com.

Exchange Rate Information

This announcement contains translations of certain HK$ amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from HK$ to US$ were made at the rate of HK$7.8083 to US$1.00, the exchange rate on June 28, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the HK$ or US$ amounts referred could be converted into US$ or HK$, as the case may be, at any particular rate or at all.

Safe Harbor Statement

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 “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” 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 registration statement and other filings with the SEC, which are available for review at www.sec.gov.

Hong Kong:

Magic Empire Global Limited
Ms. Vivien Tai
Tel: +852 3577 8770
E-mail: meglir@giraffecap.com

MAGIC EMPIRE GLOBAL LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	As of
	December 31, 2023			June 30, 2024			June 30, 2024
	HK$			HK$			US$
ASSETS
Current assets:
Cash		92,407,813			92,659,337			11,866,775
Accounts receivable		2,302,436			1,656,000			212,082
Interest receivables		449,550			346,457			44,370
Deposits and prepayments		1,096,249			1,055,783			135,213

Total current assets		96,256,048			95,717,577			12,258,440

Non-current assets:
Property and equipment, net		1,695,006			1,504,509			192,681
Right-of-use assets		1,658,382			710,735			91,023
Long-term investment		38,647,738			38,647,738			4,949,571

Total non-current assets		42,001,126			40,862,982			5,233,275
Total assets		138,257,174			136,580,559			17,491,715

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accruals and other payables		1,079,000			263,003			33,682
Contract liabilities		1,164,000			664,000			85,038
Operating lease liabilities		1,746,317			757,717			97,040

Total current liabilities		3,989,317			1,684,720			215,760

Total liabilities		3,989,317			1,684,720			215,760

COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY
Ordinary shares, US$0.0001 par value, 300,000,000 shares authorized, and 20,256,099 shares outstanding as of December 31, 2023 and June 30, 2024 respectively		15,826			15,826			2,027
Additional paid-in capital		138,662,858			138,662,858			17,758,393
Accumulated deficits		(4,410,827	)		(3,782,845	)		(484,465	)
Total shareholders’ equity		134,267,857			134,895,839			17,275,955
Total liabilities and shareholders’ equity		138,257,174			136,580,559			17,491,715

MAGIC EMPIRE GLOBAL LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	For the six months ended
	June 30, 2023			June 30, 2024			June 30, 2024
	HK$			HK$			US$
REVENUE		6,081,430			7,719,600			988,640

OPERATING EXPENSES:
Selling, general and administrative expenses		(7,230,225	)		(9,224,710	)		(1,181,399	)
Total operating expenses		(7,230,225	)		(9,224,710	)		(1,181,399	)

INCOME FROM OPERATIONS		(1,148,795	)		(1,505,110	)		(192,759	)

OTHER INCOME (EXPENSE)
Interest income		1,957,509			2,166,502			277,461
Other expenses		(81,527	)		(33,410	)		(4,279	)
Total other income, net		1,875,982			2,133,092			273,182

INCOME BEFORE INCOME TAXES		727,187			627,982			80,423
INCOME TAX EXPENSES		–			–			–
NET INCOME		727,187			627,982			80,423

WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
Basic and diluted		20,256,099			20,256,099			20,256,099

EARNINGS PER SHARE
Basic and diluted		0.04			0.03			0.004

MIL-OSI New Zealand: Your rates in action – an Auckland that is thriving and beautiful

Source: Auckland Council

1 July 2024

Your rates help deliver a wide range of day-to-day activities and services, and support investment in Auckland’s assets.

For 2024/2025, Auckland has some of the lowest rates rises in the country, at 6.8 per cent for the average value residential property.

We are working hard to keep your rates down by carefully balancing the need to strengthen the financial and physical resilience of Auckland, while investing where it is needed most to manage growth.

What your rates deliver

Your rates support community services and activities that make Auckland thriving and beautiful. This includes improving public transport, maintaining parks, providing local and regional events, delivering environmental services, rubbish collection and a variety of community facilities and services.

A rising population means your rates need to work hard to meet increasing demand for the activities and services council provides and supports.

Where we are investing

We’ve been planning for the region’s growth and have just completed our Long-term Plan 2024-2034, which sets out how Auckland Council will use your rates to improve the daily lives of Aucklanders.

This includes making the most of what we have and investing where it is needed most. This involves extensive investment in capital projects across the region, as well as funding many services for Aucklanders.

In the next 10 years, your rates will help deliver:

More travel choices
Better public transport and new travel solutions (including a $50 capped weekly public transport pass).

Safer, improved transport
Investments to alleviate congestion, improve public transport and address safety issues.

Flood protection
Reducing existing flood risks, prevention, awareness and preparation.

Rejuvenated neighbourhoods
Regeneration continuing in Wynyard Quarter, City Centre, Takapuna, Northcote, Henderson, Avondale, Maungawhau, Panmure, Onehunga, Papatoetoe, Manukau, Pukekohe and Ormiston.

Community investment
Increased sports and recreation facilities through a $35 million fund, continued library and digital services, community-led arts and cultural activities, and local development. Local boards have a new, fairer funding model to support local communities.

A transformed city centre
A City Centre Masterplan will deliver a vibrant city centre, regenerating midtown to benefit from the City Rail Link and progress toward transforming Wynyard Point, the port and waterfront.

A safer city
We are increasing community patrols and CCTV surveillance to keep people safe in our city centres.

Food scraps collection
All urban households will have weekly kerbside food scraps collection. Rates-funded refuse collection will also be phased in for North Shore, Waitakere, Papakura, Franklin and Rodney.

A growing Auckland economy
Promoting Auckland as a great place to live, work, invest, study and visit – continuing our large cultural events and securing international and domestic events.

Well-managed local government
The Auckland Future Fund will help improve the financial and physical resilience of the council. The council will also be progressing Maori outcomes and continuing with storm recovery activities.

Want to learn more?

Our Long-term Plan 2024-2034 is our 10-year plan for Auckland.

It focuses on our physical and financial resilience, while investing where it is needed most to manage growth. We are doing this in a way that recognises cost of living concerns and provides the greatest benefit to our communities.

To learn more about all the investment priorities where your rates will go in the coming decade, see the Long-term Plan 2024-2034.

MIL-OSI New Zealand: Rural community urged to speak up

Source: Auckland Council

A strategy that will govern the future of Auckland’s southern rural area is open for consultation until 1 December.

The Southern Rural Strategy is a part of of the Future Development Strategy for the development and growth of Tāmaki Makarau / Auckland.

Franklin Ward Councillor Andy Baker says its crucial southern voices are heard.

“Everyone I meet has an opinion on what is happening now, what should happen in the future, housing developments on prime agricultural land, or on how the rural character of our area is changing.

“If people want to have a say, they are going to have to speak up. It is as simple as this, there’s no use staying silent then railing about how our home is changing, and the ‘good old days’ because nothing stays the same forever.

“Auckland Council’s Southern Rural Strategy sets out how the area will accommodate a growing population, while enabling farming and food production to continue to thrive,” Baker, who chairs the working group overseeing strategy, says.

The strategy covers the Franklin ward and includes rural land in the Howick and Papakura local board areas.

Franklin Local Board has already submitted a detailed response to the draft strategy, endorsing the development of a plan and noting the significant role rural Auckland plays in the well-being of the city, not only in terms of food security, but also financially.

Board chair Angela Fulljames says many of the issues addressed in the strategy reflect the board’s own plans.

“We believe this is a good chance to highlight the issue of deprivation through isolation. Many of our people don’t have access to things urban dwellers take for granted because they live in isolated rural communities where you can’t just pop down the road to a pool or library, and which may not even have internet access.”

She says urban land costs and restrictions are increasingly impacting rural land use.

“You need only drive on the motorway to see fertile land now being used to for non-rural commercial activities such as storage for relocated homes or heavy vehicles.”

“Development in the rural south is leading to a series of private wastewater management systems and that’s a concern in terms of environmental impact and community health.”

Drury, Opaheke, Pukekohe and Waiuku are all identified as towns where the most growth will occur in future.

Board deputy chair Alan Cole, himself a farmer, says everyone in the south is aware of the development taking place.

“There are long-term plans for how Drury and Pukekohe will expand over time – so it’s time for the people who make up those communities to say what they want for their towns.”

“Franklin is growing and will be home to another 100,000 people over the next 30 years. We need a strategy to manage that. We often boast that Auckland eats because Pukekohe exists, so it’s critical we strike the right balance.”

You can have your say on the Southern Rural Strategy until Sunday 1 December.

Stay connected

Sign up for your Local Board E-news and get the latest news and events direct to your inbox each month. Or follow us on Facebook.

MIL-OSI New Zealand: Expressions of interest for Te Ara ki Matangireia open

Source: Leadership Development Centre

Expressions of interest for rangatahi and mentors are now open. Te ara ki Matangireia is a 10-month emerging leadership programme grounded in te ao Māori that supports early in career Māori with the skills and confidence to step into leadership and governance roles of the future.

This kaupapa is grounded in whakaaro Māori and te reo me ōna tikanga to ensure the mauri of the kaupapa and its participants are protected and enhanced.  The kaupapa includes:

four 3-day wānanga hosted by different iwi (planned for March, June, September and November 2025. Specific dates will be confirmed by December 2024)
one on one mentoring with a senior leader in the Public Service.
personal reflective practice
regular check-ins with individuals and small groups
delivery of a service project.

You can learn more or download an expression of interest form from the Te Ara ki Matangireia webpage.

Te Ara ki Matangireia

MIL-OSI New Zealand: Serious crash: Taradale Road, Napier

Source: New Zealand Police (District News)

Motorists on Taradale Road in Napier should expect delays following a crash this morning.

One person has critical injuries following a collision between two vehicles at the intersection with Riverbend Road at Onekawa. The crash was reported about 8.10am.

A lamp post has fallen in the crash and the northbound lane of the highway is blocked.

The road will be closed for some time while the Serious Crash Unit conducts a scene examination.

Diversions are in place and motorists are advised to avoid the area.

ENDS

Issued by the Police Media Centre

MIL-OSI: SEACOR Marine Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2024.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were $68.9 million, operating loss was $6.5 million, and direct vessel profit (“DVP”)⁽¹⁾ was $16.0 million. This compares to consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023, and consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024.

Notable third quarter items include:

10.4% decrease in revenues from the third quarter of 2023 and a 1.4% decrease from the second quarter of 2024.
Average day rates of $18,879, a 4.6% increase from the third quarter of 2023, and a 1.4% decrease from the second quarter of 2024.
67% utilization, a decrease from 73% in the third quarter of 2023 and a decrease from 69% in the second quarter of 2024.
DVP margin of 23.2%, a decrease from 47.8% in the third quarter of 2023 and a decrease from 29.1% in the second quarter of 2024, due in part to $8.3 million of drydocking and major repairs during the quarter compared to $2.0 million in the third quarter of 2023 and $8.5 million in the second quarter of 2024, all of which are expensed as incurred.

For the third quarter of 2024, net loss was $16.3 million ($0.59 loss per basic and diluted share). This compares to a net loss for the third quarter of 2023 of $0.9 million ($0.03 loss per basic and diluted share). Sequentially, the third quarter 2024 results compare to a net loss of $12.5 million ($0.45 earnings per basic and diluted share) in the second quarter of 2024.

Chief Executive Officer John Gellert commented:

“The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by 9.9% higher crewing costs and 30.0% higher maintenance costs relative to the year to date third quarter of 2023, both of which we attribute primarily to increased industry demand and vendor capacity constraints. Nevertheless, our average day rates held steady and we continued to add charters that will contribute improvements to our utilization, with contracted revenue backlog, including options, in excess of $360.0 million.

In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
___________________

(1)

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

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

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

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

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Operating Revenues	$	68,916		$	76,900		$	201,553		$	206,428
Costs and Expenses:
Operating		52,907			40,142			150,526			116,381
Administrative and general		11,019			12,300			33,825			37,636
Lease expense		364			651			1,331			2,069
Depreciation and amortization		12,928			13,462			38,749			40,799
		77,218			66,555			224,431			196,885
Gains (Losses) on Asset Dispositions and Impairments, Net		1,821			(512	)		1,857			3,352
Operating (Loss) Income		(6,481	)		9,833			(21,021	)		12,895
Other Income (Expense):
Interest income		358			340			1,396			1,222
Interest expense		(10,127	)		(9,536	)		(30,626	)		(27,060	)
Loss on debt extinguishment		—			(2,004	)		—			(2,004	)
Derivative gains (losses), net		67			—			(372	)		—
Foreign currency (losses) gains, net		(1,717	)		571			(2,357	)		(857	)
Other, net		29			—			(66	)		—
		(11,390	)		(10,629	)		(32,025	)		(28,699	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(17,871	)		(796	)		(53,046	)		(15,804	)
Income Tax (Benefit) Expense		(513	)		2,360			(270	)		2,421
Loss Before Equity in Earnings of 50% or Less Owned Companies		(17,358	)		(3,156	)		(52,776	)		(18,225	)
Equity in Earnings of 50% or Less Owned Companies		1,012			2,273			878			3,182
Net Loss	$	(16,346	)	$	(883	)	$	(51,898	)	$	(15,043	)

Net Loss Per Share:
Basic	$	(0.59	)	$	(0.03	)	$	(1.88	)	$	(0.56	)
Diluted	$	(0.59	)	$	(0.03	)	$	(1.88	)	$	(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,772,733			27,181,754			27,615,699			27,048,656
Diluted		27,772,733			27,181,754			27,615,699			27,048,656

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
				Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Time Charter Statistics:
Average Rates Per Day	$	18,879		$	19,141		$	19,042		$	18,031		$	18,046
Fleet Utilization		67	%		69	%		62	%		71	%		73	%
Fleet Available Days⁽²⁾		5,026			4,994			5,005			5,170			5,182
Operating Revenues:
Time charter	$	63,313		$	65,649		$	59,263		$	66,498		$	68,668
Bareboat charter		372			364			364			368			368
Other marine services		5,231			3,854			3,143			6,217			7,864
		68,916			69,867			62,770			73,083			76,900
Costs and Expenses:
Operating:
Personnel		21,940			21,566			21,670			22,080			19,943
Repairs and maintenance		9,945			10,244			9,763			7,604			7,418
Drydocking		6,068			6,210			6,706			2,561			1,768
Insurance and loss reserves		2,584			3,099			1,738			2,944			1,833
Fuel, lubes and supplies		6,574			3,966			4,523			3,683			5,047
Other		5,796			4,435			3,699			4,397			4,133
		52,907			49,520			48,099			43,269			40,142
Direct Vessel Profit⁽¹⁾		16,009			20,347			14,671			29,814			36,758
Other Costs and Expenses:
Lease expense		364			486			481			679			651
Administrative and general		11,019			10,889			11,917			11,547			12,300
Depreciation and amortization		12,928			12,939			12,882			13,022			13,462
		24,311			24,314			25,280			25,248			26,413
Gains (Losses) on Asset Dispositions and Impairments, Net		1,821			37			(1	)		18,057			(512	)
Operating (Loss) Income		(6,481	)		(3,930	)		(10,610	)		22,623			9,833
Other Income (Expense):
Interest income		358			445			593			222			340
Interest expense		(10,127	)		(10,190	)		(10,309	)		(10,444	)		(9,536	)
Derivative gains (losses), net		67			104			(543	)		608			—
Loss on debt extinguishment		—			—			—			—			(2,004	)
Foreign currency (losses) gains, net		(1,717	)		(560	)		(80	)		(1,276	)		571
Other, net		29			—			(95	)		—			—
		(11,390	)		(10,201	)		(10,434	)		(10,890	)		(10,629	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(17,871	)		(14,131	)		(21,044	)		11,733			(796	)
Income Tax (Benefit) Expense		(513	)		(682	)		925			6,378			2,360
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(17,358	)		(13,449	)		(21,969	)		5,355			(3,156	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		1,012			966			(1,100	)		374			2,273
Net (Loss) Income	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729		$	(883	)

Net (Loss) Earnings Per Share:
Basic	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.21		$	(0.03	)
Diluted	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.20		$	(0.03	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,773			27,729			27,344			27,182			27,182
Diluted		27,773			27,729			27,344			28,401			27,182
Common Shares and Warrants Outstanding at Period End		28,950			28,941			28,906			28,489			28,481

____________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	17,188		$	22,356		$	28,156		$	22,584		$	23,663
Fleet utilization		42	%		37	%		27	%		50	%		57	%
Fleet available days		920			921			927			1,152			1,196
Out-of-service days for repairs, maintenance and drydockings		116			179			137			61			151
Out-of-service days for cold-stacked status⁽²⁾		175			127			182			254			206
Operating Revenues:
Time charter	$	6,593		$	7,697		$	6,957		$	12,929		$	16,236
Other marine services		1,188			480			1,026			5,346			5,478
		7,781			8,177			7,983			18,275			21,714
Direct Costs and Expenses:
Operating:
Personnel		6,297			6,284			5,781			6,906			6,712
Repairs and maintenance		1,655			1,879			1,404			819			1,560
Drydocking		2,615			2,570			1,968			303			462
Insurance and loss reserves		799			943			396			1,297			332
Fuel, lubes and supplies		964			866			667			1,032			958
Other		225			226			(171	)		475			375
		12,555			12,768			10,045			10,832			10,399
Direct Vessel (Loss) Profit⁽¹⁾	$	(4,774	)	$	(4,591	)	$	(2,062	)	$	7,443		$	11,315
Other Costs and Expenses:
Lease expense	$	140		$	141		$	138		$	141		$	116
Depreciation and amortization		3,194			3,194			2,750			3,479			3,810

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	18,875		$	18,580		$	15,197		$	15,233		$	15,388
Fleet utilization		77	%		74	%		76	%		82	%		84	%
Fleet available days		1,990			1,969			1,775			1,748			1,748
Out-of-service days for repairs, maintenance and drydockings		203			203			238			124			111
Out-of-service days for cold-stacked status		58			91			91			92			54
Operating Revenues:
Time charter	$	28,809		$	27,047		$	20,555		$	21,791		$	22,528
Other marine services		3,048			1,028			169			189			1,943
		31,857			28,075			20,724			21,980			24,471
Direct Costs and Expenses:
Operating:
Personnel		6,083			4,969			5,181			6,007			5,089
Repairs and maintenance		3,455			3,161			3,209			2,807			2,214
Drydocking		681			1,226			2,032			1,298			320
Insurance and loss reserves		599			819			334			416			573
Fuel, lubes and supplies		2,514			1,170			1,287			623			2,573
Other		3,975			2,801			2,199			2,267			2,448
		17,307			14,146			14,242			13,418			13,217
Direct Vessel Profit⁽¹⁾	$	14,550		$	13,929		$	6,482		$	8,562		$	11,254
Other Costs and Expenses:
Lease expense	$	75		$	172		$	178		$	289		$	372
Depreciation and amortization		4,540			4,565			3,915			3,747			3,821

____________________
(1) See full description of footnote above.
(2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,825		$	17,083		$	16,934		$	17,590		$	16,313
Fleet utilization		71	%		82	%		71	%		69	%		67	%
Fleet available days		1,288			1,296			1,365			1,461			1,472
Out-of-service days for repairs, maintenance and drydockings		229			168			224			360			297
Operating Revenues:
Time charter	$	16,411		$	18,073		$	16,477		$	17,729		$	16,087
Other marine services		375			619			350			539			267
		16,786			18,692			16,827			18,268			16,354
Direct Costs and Expenses:
Operating:
Personnel		5,769			6,930			5,963			5,522			5,157
Repairs and maintenance		3,318			3,443			2,712			2,590			2,623
Drydocking		832			707			1,483			624			1,056
Insurance and loss reserves		927			798			618			1,022			711
Fuel, lubes and supplies		1,043			1,103			1,198			1,242			743
Other		1,131			989			1,000			1,133			943
		13,020			13,970			12,974			12,133			11,233
Direct Vessel Profit⁽¹⁾	$	3,766		$	4,722		$	3,853		$	6,135		$	5,121
Other Costs and Expenses:
Lease expense	$	73		$	71		$	85		$	158		$	59
Depreciation and amortization		3,261			3,247			3,496			3,643			3,721

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	21,984		$	22,437		$	28,308		$	20,745		$	20,656
Fleet utilization		63	%		71	%		58	%		84	%		87	%
Fleet available days⁽²⁾		828			808			938			809			766
Out-of-service days for repairs, maintenance and drydockings		94			41			1			—			67
Operating Revenues:
Time charter	$	11,500		$	12,832		$	15,274		$	14,049		$	13,817
Bareboat charter		372			364			364			368			368
Other marine services		620			1,727			1,598			143			176
		12,492			14,923			17,236			14,560			14,361
Direct Costs and Expenses:
Operating:
Personnel		3,791			3,383			4,745			3,645			2,985
Repairs and maintenance		1,517			1,761			2,438			1,388			1,021
Drydocking		1,940			1,707			1,223			336			(70	)
Insurance and loss reserves		259			539			390			209			217
Fuel, lubes and supplies		2,053			827			1,371			786			773
Other		465			419			671			522			367
		10,025			8,636			10,838			6,886			5,293
Direct Vessel Profit⁽¹⁾	$	2,467		$	6,287		$	6,398		$	7,674		$	9,068
Other Costs and Expenses:
Lease expense	$	76		$	102		$	80		$	91		$	104
Depreciation and amortization		1,933			1,933			2,721			2,153			2,110

_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	10,316		$	8,125		$	8,538		$	8,937		$	9,947
Fleet utilization		46	%		49	%		75	%		64	%		50	%
Fleet available days		334			364			364			368			368
Out-of-service days for repairs, maintenance and drydockings		87			29			—			41			111
Out-of-service days for cold-stacked status		58			91			91			92			54
Operating Revenues:
Time charter	$	1,576		$	1,459		$	2,331		$	2,102		$	1,831
Other marine services		13			219			—			6			930
		1,589			1,678			2,331			2,108			2,761
Direct Costs and Expenses:
Operating:
Personnel	$	981		$	1,045		$	1,064		$	944		$	1,019
Repairs and maintenance		239			465			220			612			484
Drydocking		436			280			68			58			747
Insurance and loss reserves		66			97			43			73			88
Fuel, lubes and supplies		90			69			616			375			428
Other		263			230			287			295			378
		2,075			2,186			2,298			2,357			3,144
Other Costs and Expenses:
Lease expense	$	4		$	164		$	171		$	253		$	331
Depreciation and amortization		175			175			175			175			249

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,102		$	12,978		$	11,834		$	11,841		$	11,441
Fleet utilization		81	%		80	%		72	%		74	%		79	%
Fleet available days		2,024			2,002			2,002			2,105			2,116
Out-of-service days for repairs, maintenance and drydockings		96			128			216			337			227
Out-of-service days for cold-stacked status		83			36			91			92			69
Operating Revenues:
Time charter	$	21,606		$	20,698		$	17,081		$	18,502		$	19,135
Other marine services		1,012			516			126			163			652
		22,618			21,214			17,207			18,665			19,787
Direct Costs and Expenses:
Operating:
Personnel	$	5,637		$	5,829		$	5,649		$	5,320		$	5,144
Repairs and maintenance		4,378			4,572			3,093			2,691			2,787
Drydocking		448			457			1,869			1,710			870
Insurance and loss reserves		532			546			277			507			185
Fuel, lubes and supplies		1,962			993			1,051			1,441			1,501
Other		2,238			1,850			1,649			1,632			1,552
		15,195			14,247			13,588			13,301			12,039
Other Costs and Expenses:
Depreciation and amortization	$	4,744		$	4,746		$	4,744		$	4,879		$	5,002

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*PSV*
Time Charter Statistics:
Average rates per day worked	$	21,819		$	20,952		$	19,133		$	19,778		$	19,528
Fleet utilization		58	%		66	%		53	%		77	%		78	%
Fleet available days⁽¹⁾		1,932			1,900			1,911			1,902			1,870
Out-of-service days for repairs, maintenance and drydockings		349			291			307			109			110
Operating Revenues:
Time charter	$	24,488		$	26,390		$	19,390		$	29,140		$	28,580
Bareboat charter		372			364			364			368			368
Other marine services		2,855			2,266			416			595			696
		27,715			29,020			20,170			30,103			29,644
Direct Costs and Expenses:
Operating:
Personnel	$	9,360		$	8,979		$	8,850		$	9,017		$	8,793
Repairs and maintenance		3,798			3,151			4,393			3,520			2,504
Drydocking		2,629			2,616			3,386			472			232
Insurance and loss reserves		636			1,037			395			690			682
Fuel, lubes and supplies		3,594			1,575			1,889			1,027			2,352
Other		2,821			1,850			1,395			1,922			1,761
		22,838			19,208			20,308			16,648			16,324
Other Costs and Expenses:
Lease expense	$	(3	)	$	3		$	—		$	—		$	—
Depreciation and amortization		4,117			4,128			4,073			4,073			4,073

___________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	36,423		$	43,204		$	53,506		$	40,181		$	39,419
Fleet utilization		58	%		54	%		53	%		52	%		59	%
Fleet available days		736			728			728			795			828
Out-of-service days for repairs, maintenance and drydockings		109			143			78			60			111
Out-of-service days for cold-stacked status		92			91			91			162			137
Operating Revenues:
Time charter	$	15,643		$	17,102		$	20,461		$	16,754		$	19,122
Other marine services		1,142			666			1,772			4,666			4,710
		16,785			17,768			22,233			21,420			23,832
Direct Costs and Expenses:
Operating:
Personnel	$	5,926		$	6,842		$	6,140		$	5,316		$	4,983
Repairs and maintenance		1,531			2,054			2,035			769			1,643
Drydocking		2,555			2,857			1,383			321			(81	)
Insurance and loss reserves		1,334			1,482			1,282			1,554			1,148
Fuel, lubes and supplies		928			1,329			967			838			766
Other		473			519			343			531			445
		12,747			15,083			12,150			9,329			8,904
Other Costs and Expenses:
Depreciation and amortization		3,866			3,865			3,866			3,867			4,099

*Other Activity*
Operating Revenues:
Other marine services	$	209		$	187		$	829		$	787		$	876
		209			187			829			787			876
Direct Costs and Expenses:
Operating:
Personnel	$	36		$	(1,129	)	$	(33	)	$	1,483		$	4
Repairs and maintenance		(1	)		2			22			12			—
Insurance and loss reserves		16			(63	)		(259	)		120			(270	)
Fuel, lubes and supplies		—			—			—			2			—
Other		1			(14	)		25			17			(3	)
		52			(1,204	)		(245	)		1,634			(269	)
Other Costs and Expenses:
Lease expense	$	363		$	319		$	310		$	426		$	320
Depreciation and amortization		26			25			24			28			39

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	35,601		$	40,605		$	59,593		$	67,455		$	55,840
Restricted cash		2,263			2,255			2,566			16,676			2,796
Receivables:
Trade, net of allowance for credit loss		76,497			70,770			58,272			63,728			63,246
Other		7,841			6,210			12,210			11,049			8,662
Tax receivable		983			983			983			983			445
Inventories		3,139			3,117			2,516			1,609			1,738
Prepaid expenses and other		4,840			5,659			3,425			2,686			2,957
Assets held for sale		—			500			500			500			6,093
Total current assets		131,164			130,099			140,065			164,686			141,777
Property and Equipment:
Historical cost		921,445			921,443			919,139			918,823			936,520
Accumulated depreciation		(362,604	)		(349,799	)		(337,001	)		(324,141	)		(318,549	)
		558,841			571,644			582,138			594,682			617,971
Construction in progress		11,935			11,518			13,410			10,362			9,413
Net property and equipment		570,776			583,162			595,548			605,044			627,384
Right-of-use asset – operating leases		3,575			3,683			3,988			4,291			4,907
Right-of-use asset – finance leases		19			28			29			37			45
Investments, at equity, and advances to 50% or less owned companies		2,046			2,641			3,122			4,125			3,857
Other assets		1,864			1,953			2,094			2,153			2,095
Total assets	$	709,444		$	721,566		$	744,846		$	780,336		$	780,065
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	494		$	861		$	1,285		$	1,591		$	1,856
Current portion of finance lease liabilities		17			26			33			35			35
Current portion of long-term debt		28,605			28,605			28,605			28,365			28,005
Accounts payable		22,744			17,790			23,453			27,562			32,468
Other current liabilities		28,808			23,795			21,067			19,533			21,340
Total current liabilities		80,668			71,077			74,443			77,086			83,704
Long-term operating lease liabilities		3,221			3,276			3,390			3,529			3,571
Long-term finance lease liabilities		4			5			—			6			15
Long-term debt		272,325			277,740			281,989			287,544			291,843
Deferred income taxes		26,802			30,083			33,873			35,718			33,078
Deferred gains and other liabilities		1,416			1,447			2,285			2,229			2,217
Total liabilities		384,436			383,628			395,980			406,112			414,428
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		287			286			286			280			280
Additional paid-in capital		477,661			476,020			474,433			472,692			471,158
Accumulated deficit		(154,374	)		(138,028	)		(125,609	)		(102,425	)		(108,154	)
Shares held in treasury		(8,110	)		(8,110	)		(8,071	)		(4,221	)		(4,221	)
Accumulated other comprehensive income, net of tax		9,223			7,449			7,506			7,577			6,253
		324,687			337,617			348,545			373,903			365,316
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		325,008			337,938			348,866			374,224			365,637
Total liabilities and equity	$	709,444		$	721,566		$	744,846		$	780,336		$	780,065

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
				Three Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729		$	(883	)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		12,928			12,939			12,882			13,022			13,462
Deferred financing costs amortization		298			297			295			279			459
Stock-based compensation expense		1,604			1,587			1,645			1,510			1,540
Debt discount amortization		2,061			1,993			1,926			1,862			1,714
Allowance for credit losses		101			39			3			266			594
(Gain) loss from equipment sales, retirements or impairments		(1,821	)		(37	)		1			(18,057	)		512
Losses on debt extinguishment		—			—			—			—			177
Derivative (gains) losses		(67	)		(104	)		543			(608	)		—
Interest on finance lease		—			1			—			1			59
Settlements on derivative transactions, net		—			—			164			—			197
Currency losses (gains)		1,717			560			80			1,276			(571	)
Deferred income taxes		(3,281	)		(3,790	)		(1,845	)		2,640			(960	)
Equity (earnings) losses		(1,012	)		(966	)		1,100			(374	)		(2,273	)
Dividends received from equity investees		1,498			1,418			—			166			1,031
Changes in Operating Assets and Liabilities:
Accounts receivables		(7,411	)		(6,928	)		4,291			(3,472	)		(747	)
Other assets		1,032			(2,395	)		(1,290	)		733			493
Accounts payable and accrued liabilities		9,325			(4,378	)		(3,895	)		(6,456	)		(7,705	)
Net cash provided by (used in) operating activities		626			(12,247	)		(7,169	)		(1,483	)		7,099
Cash Flows from Investing Activities:
Purchases of property and equipment		(210	)		(658	)		(3,416	)		(3,644	)		(6,455	)
Proceeds from disposition of property and equipment		2,331			86			—			36,692			—
Net investing activities in property and equipment		2,121			(572	)		(3,416	)		33,048			(6,455	)
Principal payments on notes due from others		—			—			—			—			5,000
Net cash provided by (used in) investing activities		2,121			(572	)		(3,416	)		33,048			(1,455	)
Cash Flows from Financing Activities:
Payments on long-term debt		(7,770	)		(6,533	)		(7,530	)		(6,173	)		(4,901	)
Payments on debt extinguishment		—			—			—			—			(104,832	)
Payments on debt extinguishment cost		—			—			—			—			(1,827	)
Proceeds from issuance of long-term debt, net of issue costs		—			—			—			87			121,207
Payments on finance leases		(10	)		(9	)		(9	)		(9	)		(204	)
Proceeds from issuance of common stock, net of issue costs		—			—			—			24			—
Proceeds from exercise of stock options		38			102			—			—			—
Tax withholdings on restricted stock vesting		—			(39	)		(3,850	)		—			—
Net cash (used in) provided by financing activities		(7,742	)		(6,479	)		(11,389	)		(6,071	)		9,443
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(1	)		(1	)		2			1			3
Net Change in Cash, Restricted Cash and Cash Equivalents		(4,996	)		(19,299	)		(21,972	)		25,495			15,090
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		42,860			62,159			84,131			58,636			43,546
Cash, Restricted Cash and Cash Equivalents, End of Period	$	37,864		$	42,860		$	62,159		$	84,131		$	58,636

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Leased-in		Managed		Total
September 30, 2024
AHTS		2		1		—		3
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		53		1		1		55
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58

MIL-OSI United Kingdom: Russia should end the war now instead of sending other countries’ sons to die: UK statement at the UN Security Council

Source: United Kingdom – Government Statements

Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on maintenance of peace and security of Ukraine.

Location:: United Nations, New York
Delivered on:: 30 October 2024 (Transcript of the speech, exactly as it was delivered)

When Russia invaded Ukraine, almost 1000 days ago, the General Assembly was clear in its condemnation: it deplored Russia’s aggression in the strongest terms, demanded its full withdrawal and declared Russia’s invasion to be in violation of the UN Charter.

Only five countries voted against, including the Democratic People’s Republic of Korea.

Today the DPRK’s support for Russia goes even further. Pyongyang provides significant support to Russia by supplying munitions, arms, and other materiel, and now 10,000 troops have arrived in Russia, with a significant number believed to be deploying to Kursk.

In addition to aiding Russia’s ongoing violation of the UN Charter, and a UN Member State’s sovereignty and territorial integrity, this cooperation between Russia and the DPRK is a direct violation of multiple UN Security Council resolutions.

Russia voted for these resolutions. Now it violates them. This undermines not only international peace and security, but also the Security Council itself.

Council members have repeatedly condemned these violations, yet the transfers continue.

This latest development, Russia’s training and deployment of DPRK troops, is a significant step further for both countries. Russia has now suffered over 600,000 casualties. Instead of sending other countries’ sons to die for the imperialistic whims of one man, they should end the war now.

Russia is not just paying for this invasion in the lives of young men. Defence and security will consume over 40% of state spending next year.

We can be sure that DPRK will be extracting a high price from Russia in return for the transfer of its troops, including military assistance. This risks further raising tensions on the Korean peninsula and undermining regional security in the Indo-Pacific.

A DPRK with improved military technology and enhanced capacity to export weapons, could fuel instability in vulnerable conflict areas around the world. An escalation of violence and expansion of the battlefield is in no one’s interest.

It is clear that a desperate and impoverished Russia needs external support for this war to continue. Any country providing assistance to Russia’s aggression is thereby prolonging Russia’s illegal war.

But Russia’s desperation will not deter our resolve to support Ukraine to exercise its right to self-defence in line with the UN Charter, and to protect their people and sovereignty.

Published 30 October 2024

MIL OSI United Kingdom –