NewzIntel.com

Category: Asia

  • MIL-OSI New Zealand: Auckland University – Business School celebrates triple crown

    Source: University of Auckland Business School

    The University of Auckland Business School is in the top one percent in the world, receiving sought-after accreditation from three international organisations – the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS).

    It was the first in Australasia to attain this ‘triple crown’ in 2004, a recognition it has now maintained for two decades making it the longest-standing triple crown accredited school in the region.

    All three international accrediting bodies praised many aspects of its operations in the latest round of accreditation awards.

    The European Quality Improvement System awarded accreditation to the School based on overall quality, viability and a commitment to continuous improvement. It also considered internationalisation and corporate connections.

    The Business School’s commitment to excellence, academic quality and innovative programme design were among several areas that impressed assessors from the Association of MBAs, an institution known for stringent criteria that evaluate teaching, curriculum and student interaction.

    Meanwhile, accreditation from the Association to Advance Collegiate Schools of Business is achieved by just six percent of the world’s business schools and is considered the gold standard in global business education.

    Business schools that earn this accreditation must demonstrate a commitment to excellence in teaching, research, curriculum development and student success. In the latest accreditation renewal, the organisation commended the Business School for its outstanding research engagement, research-led teaching and strong commitment to positive societal impact through faculty and departmental research centres.

    It said: “The recent establishment of the Energy Centre and Inclusive Capitalism Centre as faculty-level research centres has brought increased emphasis to research agendas of critical significance for New Zealand and the Asia-Pacific region.”

    It also praised the Business School for actively driving initiatives to improve research impact, such as the national research translation competition, which sees academics translate complex studies into relatable reads.

    “Additionally, the experience of the School in developing a wide range of research engagements and collaborations with industry partners, such as with prominent Māori owned seafood company, Moana New Zealand, lead the way in informing classroom learning through rich case study development that prioritises local issues and solutions.”

    Business School Dean Susan Watson says the triple crown achievement is a testament to the School’s exceptional performance across teaching, research, student success and industry engagement.

    “With the successful completion of all three accreditations in an exceptionally compressed timeframe, the Business School continues to demonstrate remarkable organisational capability and sustained excellence,” she says.

    “This recognises our innovative programme design, impactful research and meaningful industry engagement – both in New Zealand and on the world stage.”

    She says the Business School also earned accolades for its cultural leadership.

    “Our unique integration of Māori perspectives and commitment to diversity sets us apart globally. We combine international best practice with local cultural excellence.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: War medals returned to family

    Source: South Australia Police

    Today, A/Detective Sergeant Nic Jong returned Captain Maxwell George Worthley’s World War Two medals to his nephew David!

    The six medals were found by police during a search of a property at Elizabeth Downs on Tuesday 4 February.

    Captain Maxwell George Worthley, enlisted at Broadview on 21st June 1940. He served in the Middle East, New Guinea, and Borneo.

    Police would like to thank all those who conducted their own research, called Crime Stoppers with information, and those who liked and shared the original social media post!

    Photo1: D/Sgt Jong and David.

    Photo 2: Captain Max Worthley.

    Photo 3: The stolen medals.

    MIL OSI News –

  • MIL-OSI USA: Chairman Wicker Leads SASC Hearing on Stephen Feinberg, Deputy Secretary of Defense Nominee

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., the Chairman of the Senate Armed Services Committee, today chaired a hearing examining the nomination of Mr. Stephen A. Feinberg to be the next Deputy Secretary of Defense.
    In his opening statement, Chairman Wicker discussed the catastrophic national security environment, in which China, Russia, Iran, and North Korea are increasingly aligned. He added that Feinberg’s experience in the private sector offers an opportunity to advance an agenda prioritizing speed, accountability, and efficiency at the Department, and that Feinberg would play a key role in refocusing the Department on those values.
    Chairman Wicker also raised his landmark defense policy reports – “21st Century Peace Through Strength” and “Freedom’s Forge” as examples of the kind of work required to reform the Pentagon to restore our military and rebuild our defense industrial base.
    Stephen Feinberg is the CEO of Cerberus Capital Management, one of the nation’s top private equity firms. Feinberg also served as Chairman of President Trump’s Intelligence Oversight Board, as well as Chairman of the President’s Intelligence Advisory Board from 2018 to 2021.
    Read Senator Wicker’s opening statement as delivered below.
    I thank our guest for being here. And we are here this morning to consider the nomination of Stephen Feinberg, who’s been nominated to be Deputy Secretary of Defense.
    If confirmed, Mr. Feinberg would join the Department of Defense during the most dangerous security environment since World War II. He would oversee the operations of the Department as it faces an emerging Axis of Aggressors. This dangerous coalition, which is characterized by military cooperation between China, Russia, Iran, and North Korea, presents a complex and far-reaching set of threats. Make no mistake: our enemies do not want a 21st century defined by peace and prosperity for the American people.
    Mr. Feinberg would be a crucial part of the team task with meeting those threats. Unfortunately, the defense investments we’ve made during the Cold War have long since evaporated. Defense spending is near record lows as a percentage of our gross domestic product, and all aspects of our military forces are now in dire need of repair or replacement.
    Our Navy, once the envy of all seafaring nations, is now too small and too old to meet the growing demands of our combatant commanders. Our nuclear forces used to be the most robust and effective on the planet. Now they are decades older than their intended service lives. Our Air Force continues to shrink. We have yet to figure out how to scale innovative weapons into mass production. We have a $200 billion backlog in basic maintenance that leaves our troops living and working in substandard conditions — $200 billion just dealing with living and working conditions. And I could go on.
    Clearly, there are many things that need fixing at the Department of Defense. Fortunately, Mr. Feinberg has spent his entire career fixing things. I believe he will make a very fine Deputy Secretary of Defense.
    Mr. Feinberg ran a highly successful large organization for three decades, making him eminently qualified to run the Pentagon effectively. He brings extensive experience at the intersection of international economics and national security. Mr. Feinberg is remarkably attuned to the scope and scale of the challenges we face, as well as the opportunities we might exploit. His work on National Defense is significant, and has ranged from Subic Bay acquisition to counter-Huawei efforts, and from spectrum sharing to hypersonic testing.
    Unlike the Secretary of Defense, the Deputy does not often make high-profile policy speeches or travel around the world to engage with allies and adversaries. I do not expect to see much of Mr. Feinberg in the news if he is confirmed. But make no mistake: the Pentagon cannot function without a capable Deputy.
    In many ways, the Deputy runs the day-to-day operations of the department – driving the budget process, managing the principal staff assistance, and ensuring the Secretary of Defense is provided with data-driven and thoughtful options.
    In Mr. Feinberg, President Trump has found a deputy who combines cutting-edge private sector skills with a thorough understanding of U.S. national security interests and the Department of Defense.
    Today, we will hear Mr. Feinberg’s views on issues facing the Department of Defense. I look forward to his thoughts on my proposals. Last year I released a report entitled “21st Century Peace Through Strength.” I hope this can serve as a blueprint to reinvigorate and rebuild our military.
    Additionally, I released a Pentagon reform and innovation plan called “Restoring Freedom’s Forge: American Innovation Unleashed.” I hope it brings much needed reforms and fundamentally changes the way the department does business. We must cut red tape and get better weapons to our troops faster, all while maximizing taxpayer dollars.
    So, I thank Mr. Feinberg and his family and his friends for being here today. I believe he has a lot to offer as the Department of Defense directs its focus to lethality, efficiency, speed, and accountability.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Child Care – Save the Children calls for immediate action to meet minimum standards for children in care, following new report

    Source: Save the Children

    Save the Children is deeply concerned by the lack of progress to ensure all children in care are receiving the minimum standard of care required by the National Care Standards and Related Matters Regulations (NCS Regulations).
    Today’s report by Aroturuki Tamariki, the Independent Children’s Monitor highlights the lack of progress of Oranga Tamariki to meet the minimum regulatory care standards that are requirements for children in the care of the State over the past four years, and do not expect to see progress by the next report one year from now.
    “The Royal Commission of Inquiry has illuminated the painful failures of the past where many children were let down by the State, subjected to horrifying levels of abuse and harm while in the care of the State. Sadly, this report shows that abuse and harm to children while in care of the State remains a current issue,” says Save the Children Advocacy Director Jacqui Southey.
    “It is unacceptable that funding cuts are impacting the delivery of care and protection of children in vulnerable situations. Adequate investment is required to ensure our care system is working effectively and cohesively, protecting and improving the lives of children that have already experienced significant harm or neglect.
    “Enduring failures to meet the minimum standards required by the National Care Standard Regulations are not good enough.”
    Ms Southey says significant areas of concern include unacceptably high numbers of children in care continue to be harmed, with highest rates of harm occurring in secure residential care settings or when children return home to their families.
    The report shows 23 % of tamariki and rangatahi were found to have been abused in secure residences, with 18 % of the harm caused by residence staff and 79 % by other rangatahi. For tamariki and rangatahi returned home to the care of a parent while in the custody of Oranga Tamariki, 11% of tamariki and rangatahi were abused or neglected.
    “Failure to complete assessments and care plans for all children is worrying, as is the lack of collaboration of agencies across the care and protection systems potentially leading to gaps creating risks that children could be harmed instead of being protected,” says Ms Southey.
    “There are strong expectations that when a child is being harmed or at serious risk of harm and the State is required to step in, that the situation for that child will dramatically improve, that their care and protection is guaranteed, and that the State will uphold their parental responsibilities to ensure the child’s rights and wellbeing are met in the short and longer duration of their care. The role of social workers, working alongside tamariki, carers and families is critical to achieving this.”
    Save the Children is calling for immediate action based on the findings of the report to change the trajectory to meet the minimum care standards, ensure that all children have required assessments completed, and up to date care plans in place that are communicated to and developed with the children they are about.
    Other areas that urgently need to be improved include ensuring all children that are 18 years transitioning out of the care system are well supported in the next steps of their lives to have emotional support, housing, financial support, support to access employment or undertake further education.
    About Save the Children NZ:
    Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.
    Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Chinese dating simulator Love and Deepspace now has a period tracker – it signals a shift in mobile gaming

    Source: The Conversation (Au and NZ) – By Stephanie Harkin, Lecturer, Games, School of Design, RMIT University

    Papergames

    24/7 companionship. Spend time with him whenever you want.

    This is the promise made by Love and Deepspace, a mobile romance game by the Chinese company Papergames.

    Some think video games are all guns and cars, but romance games or “dating simulators” are immensely popular, especially among young women.

    Love and Deepspace reached 50 million users across more than 170 countries and regions in January. Despite their popularity, dating sims, as they are known for short, usually fly under the radar in discussions about games.

    Meanwhile, a recent major update for Love and Deepspace has furrowed some brows by introducing an unusual new feature: a period tracker.

    Need help keeping track of tasks?

    Dating sims offer a fantasy of romantic, intimate companionship. Otome games (from the word “maiden” in Japanese) are a sub-genre of dating sims that are catered to women. They offer a suite of boyfriends to choose from – each attentive, caring and, of course, incredibly handsome.

    Ideal in every way except being fictional.

    Love and Deepspace is a science-fiction otome game that stands out with its unusual blend of combat, magic, dating and gacha (meaning random rewards) microtransactions – which are controversial for their parallels to gambling.

    Its latest update introduced a Remind Me feature, where players can ask their virtual boyfriends to remind them of daily tasks and special events, as well as their upcoming period. Players input information about their menstrual cycle and the game then generates its own predictive calendar and notifications.

    The player’s in-game boyfriend will offer to pick up some sanitary products or even reach towards the screen and provide an imaginary abdomen massage.

    The millions of users drawn to a fantasy about considerate men says a lot about the frustrations women have with modern dating and dating apps.

    Women are conscious of the conservative gender roles within otome games, but at the same time find pleasure in their focus on the female gaze and ability to explore their sexual desire privately.

    In China, where otome games are especially popular, censorship of explicit content for women has intensified. These games are able to convey sexually suggestive themes that are subtle enough to elude censorship.

    Otome games are not new

    Otome games have been around for three decades.

    Angelique, a game made by an all-women team in 1994, is considered to be the first. It helped set the stage for other boyfriend fantasy media for women as seen in the rising popularity of “boyfriend ASMR” on audio and video platforms today. These are designed to directly address the listener in both sensual and everyday scenarios.

    Video games have changed a lot since then, especially as mobile devices have evolved to be more intimate, accompanying us everywhere.

    Love and Deepspace is introducing more features including “Quality Time”, which rewards players for working or studying with the game open. The rewards come in the form of an animated man sighing and whispering into the player’s headphones.

    ‘Feel his deepening breath, rising heartbeat, and the trickle of sweat. He’s working out together with you!’
    Love and Deepspace/X

    Periods and privacy

    Love and Deepspace’s period reminders mirror existing period tracker apps, though they do not incorporate the usual fertility date predictions or ability to log symptoms and sexual activity. That’s probably a good thing.

    Period tracker apps have faced scrutiny for mishandling users’ data. Popular period tracker app Flo has faced a lawsuit in the British Columbia Supreme Court in Canada for sharing personal data to third-party tech firms, including Facebook and Google, which use the data for targeted advertising.

    Meanwhile, the overturning of Roe v. Wade in the United States has threatened many people’s bodily autonomy and made them concerned about the legal risks of sharing personal biological information.

    Love and Deepspace’s privacy policy states any menstruation data is only used for the prediction and reminder features, and that it will not be shared with any third parties without the player’s consent.

    The banning of the Chinese-owned platform TikTok in the US was driven by fears of foreign influence and data privacy. Yet our privacy may not be safer with a US company than a Chinese one.

    US-owned companies have been just as liable to sell sensitive information to third parties, such as location data to abortion clinics and gay clubs.

    Australia’s Privacy Act does not just apply to Australian companies. Papergames could be sanctioned if it breaches its privacy policy.

    That said, it is unlikely many users will be familiar with the policy or read future changes made to it. It is best to always practise caution when entering any kind of personal information in platforms, apps or video games.

    A potential shift

    Period tracking is not a core component in the game. But this new feature signals a potential shift towards more mobile games integrating popular app functions, such as health data.

    Instead of a casual time-filler, mobile games like Love and Deepspace are competing for players’ attention over other apps – which is concerning given its controversial gacha random rewards.

    It’s also possible the game’s designers are picking up on a widespread desire for men to care more about their partner’s periods.

    Stephanie Harkin 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. Chinese dating simulator Love and Deepspace now has a period tracker – it signals a shift in mobile gaming – https://theconversation.com/chinese-dating-simulator-love-and-deepspace-now-has-a-period-tracker-it-signals-a-shift-in-mobile-gaming-250497

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: 【Global News】Panasonic to Showcase Innovative STEAM Program Developed with MIT Media Lab at SXSW EDU 2025

    Source: Panasonic

    Headline: 【Global News】Panasonic to Showcase Innovative STEAM Program Developed with MIT Media Lab at SXSW EDU 2025

    Austin, TX, U.S. – Feb. 25, 2025 – Panasonic Holdings Corporation (Panasonic HD) will be demonstrating its groundbreaking STEAM education service, “Scratch Home School,” developed in collaboration with the MIT Media Lab at SXSW EDU 2025, the world’s largest creative conference focused on education. Visit Booth #614 in the EXPO on site for a hands-on demonstration March 3–5 2025, where Panasonic will also be conducting a Show & Tell Session on March 4 starting at 1:30pm CST.
    Panasonic’s “Scratch Home School,” integrates IoT home appliances into a STEAM education curriculum, transforming everyday activities into creative learning experiences. Originally researched at MIT Media Lab in 2018, this program has been rigorously tested in Japan and is currently in a year-long pilot at St. Agnes School in Massachusetts since late 2024.

    Why STEAM Education Matters

    STEAM education is crucial for fostering creativity and deep learning in children. However, traditional materials often limit engagement. “Scratch Home School” breaks these barriers by using IoT devices like toasters and lighting to make learning interactive and fun, encouraging children to experiment and discover their passions.
    Employment in STEM occupations has grown 79% in the past three decades and is projected to grow an additional 11% from 2020 to 2030 [1]. This growth underscores the importance of preparing students with the skills and knowledge needed to thrive in these fields.

    Experience It at SXSW EDU 2025

    Join Panasonic at SXSW EDU 2025 to experience “Scratch Home School” in action! Attendees can interact with IoT toasters and lighting, powered by (MIT’s) Scratch-based visual programming, and see how these tools are supporting critical curriculums.
    Panasonic HD is committed to exploring new partnerships with educational institutions and companies in the U.S. through this exhibition. Together, Panasonic aims to overcome challenges in STEAM education and create an environment that nurtures children’s diverse talents and interests.

    MIL OSI Economics –

  • MIL-Evening Report: Tibet is one of the most linguistically diverse places in the world. This is in danger of extinction

    Source: The Conversation (Au and NZ) – By Gerald Roche, Lecturer in Linguistics, La Trobe University

    Three days after he was released from prison in December, a Tibetan village leader named Gonpo Namgyal died. As his body was being prepared for traditional Tibetan funeral rites, marks were found indicating he had been brutally tortured in jail.

    His crime? Gonpo Namgyal had been part of a campaign to protect the Tibetan language in China.

    Gonpo Namgyal is the victim of a slow-moving conflict that has dragged on for nearly 75 years, since China invaded Tibet in the mid-20th century. Language has been central to that conflict.

    Tibetans have worked to protect the Tibetan language and resisted efforts to enforce Mandarin Chinese. Yet, Tibetan children are losing their language through enrolment in state boarding schools where they are being educated nearly exclusively in Mandarin Chinese. Tibetan is typically only taught a few times a week – not enough to sustain the language.

    My research, published in a new book in 2024, provides unique insights into the struggle of other minority languages in Tibet that receive far less attention.

    My research shows that language politics in Tibet are surprisingly complex and driven by subtle violence, perpetuated not only by Chinese authorities but also other Tibetans. I’ve also found that outsiders’ efforts to help are failing the minority languages at the highest risk of extinction.

    Tibetan culture under attack

    I lived in Ziling, the largest city on the Tibetan Plateau, from 2005 to 2013, teaching in a university, studying Tibetan and supporting local non-government organisations.

    Most of my research since then has focused on language politics in the Rebgong valley on the northeast Tibetan Plateau. From 2014 to 2018, I interviewed dozens of people, spoke informally with many others, and conducted hundreds of household surveys about language use.

    I also collected and analysed Tibetan language texts, including government policies, online essays, social media posts and even pop song lyrics.

    When I was in Ziling, Tibetans launched a massive protest movement against Chinese rule just before the Beijing Olympics in 2008. These protests led to harsh government crackdowns, including mass arrests, increased surveillance, and restrictions on freedom of movement and expressions of Tibetan identity. This was largely focused on language and religion.

    Years of unrest ensued, marked by more demonstrations and individual acts of sacrifice. Since 2009, more than 150 Tibetans have set themselves on fire to protest Chinese rule.

    Not just Tibetan under threat

    Tibet is a linguistically diverse place. In addition to Tibetan, about 60 other languages are spoken in the region. About 4% of Tibetans (around 250,000 people) speak a minority language.

    Government policy forces all Tibetans to learn and use Mandarin Chinese. Those who speak only Tibetan have a harder time finding work and are faced with discrimination and even violence from the dominant Han ethnic group.

    Meanwhile, support for Tibetan language education has slowly been whittled away: the government even recently banned students from having private Tibetan lessons or tutors on their school holidays.

    Linguistic minorities in Tibet all need to learn and use Mandarin. But many also need to learn Tibetan to communicate with other Tibetans: classmates, teachers, doctors, bureaucrats or bosses.

    In Rebgong, where I did my research, the locals speak a language they call Manegacha. Increasingly, this language is being replaced by Tibetan: about a third of all families that speak Manegacha are now teaching Tibetan to their children (who also must learn Mandarin).

    The government refuses to provide any opportunities to use and learn minority languages like Manegacha. It also tolerates constant discrimination and violence against Manegacha speakers by other Tibetans.

    These assimilationist state policies are causing linguistic diversity across Tibet to collapse. As these minority languages are lost, people’s mental and physical health suffers and their social connections and communal identities are destroyed.

    How do Manegacha communities resist and navigate language oppression?

    Why does this matter?

    Tibetan resistance to Chinese rule dates back to the People’s Liberation Army invasion in the early 1950s.

    When the Dalai Lama fled to India in 1959, that resistance movement went global. Governments around the world have continued to support Tibetan self-determination and combat Chinese misinformation about Tibet, such as the US Congress passage of the Resolve Tibet Act in 2024.

    Outside efforts to support the Tibetan struggle, however, are failing some of the most vulnerable people: those who speak minority languages.

    Manegacha speakers want to maintain their language. They resist the pressure to assimilate whenever they speak Manegacha to each other, post memes online in Manegacha or push back against the discrimination they face from other Tibetans.

    However, if Tibetans stop speaking Manegacha and other minority languages, this will contribute to the Chinese government’s efforts to erase Tibetan identity and culture.

    Even if the Tibetan language somehow survives in China, the loss of even one of Tibet’s minority languages would be a victory for the Communist Party in the conflict it started 75 years ago.

    Gerald Roche has received funding for this research from the Australian Research Council. He is also affiliated with the Linguistic Justice Foundation.

    – ref. Tibet is one of the most linguistically diverse places in the world. This is in danger of extinction – https://theconversation.com/tibet-is-one-of-the-most-linguistically-diverse-places-in-the-world-this-is-in-danger-of-extinction-246316

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Hagerty Introduces Steve Feinberg, Trump’s Nominee for Deputy Secretary of Defense

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    Feinberg—Co-Founder, Co-CEO & Chief Investment Officer of Cerberus Capital Management—served as Chairman of the President’s Intelligence Advisory Board during the first Trump Administration
    WASHINGTON—United States Senator Bill Hagerty (R-TN), former U.S. Ambassador to Japan, today introduced Stephen (Steve) A. Feinberg, President Donald Trump’s nominee to be Deputy Secretary of Defense, at the Senate Armed Services Committee confirmation hearing.
    Feinberg previously was co-founder, co-CEO, and chief investment officer of Cerberus Capital Management, a global investment firm. He also chaired President Trump’s Intelligence Advisory Board from 2018 to 2021.
    When Senator Hagerty served as U.S. Ambassador to Japan in the first Trump Administration, he worked closely with Feinberg to prevent Hanjin Shipyard—now Agila Subic Shipyard—at Subic Bay in the Philippines from falling into Communist China’s control.

    *Click the photo above or here to watch*
    Remarks as prepared for delivery:
    Chairman Wicker and Ranking Member Reed, thank you for holding this important nominations hearing today.
    It is my privilege to introduce my good friend, Steve Feinberg—President Trump’s nominee to be the Deputy Secretary of Defense.
    During the first Trump Administration, from 2018 to 2021, Steve chaired the President’s Intelligence Advisory Board, where he brought a fresh perspective and provided expert advice on a range of challenges to U.S. national security.
    Before his nomination, Steve was co-CEO and Chief Investment Officer of Cerberus Capital Management—a global investment firm that he co-founded in 1992 and that today manages some $68 billion in assets.
    At Cerberus, Steve spent 34 years investing in, fixing, and operating a variety of businesses, including those related to national defense and the U.S. Intelligence Community.
    Steve is a Patriot with a great heart—one of the many things that sets Steve apart is his strategic vision and his willingness and desire to invest in ways that not only create and grow value for his investors, but also advance U.S. national security interests.
    Here, I want to quickly share a powerful story based on my own personal experience with Steve’s leadership.
    When I served as U.S. Ambassador to Japan, I discovered that two Chinese firms were attempting to acquire the bankrupt Hanjin Shipyard at Subic Bay in the Philippines.
    Subic Bay had previously served as a U.S. Naval base with a deep-water shipyard that is strategically located on the South China Sea.
    For various reasons, the International Development Finance Corporation (DFC) and other parts of the U.S. government were not in a position to engage and solve this problem.
    So I engaged with top officials in the Trump Administration, and the governments of Japan and the Philippines, as well as with top actors in the private sector—in specific, with Steve Feinberg and Cerberus.
    Working together, we assembled an ad hoc public-private solution to this problem and thwarted China’s efforts to acquire the port.
    Thanks to leadership from the Trump Administration and Steve Feinberg and his team, we succeeded.
    Today, Hanjin Shipyard is known as Agila Subic Shipyard and is owned by American investors.
    As a result, U.S. and Allied firms have a joint presence there now—for example, HD Hyundai, a South Korean firm, will build and maintain vessels at the shipyard, and SubCom, a U.S.-based undersea cable firm, is advancing projects in the region from there.
    The U.S. military and the Armed Forces of the Philippines also have a significant presence there.
    If Steve and his team had not stepped up to solve this problem, the Chinese Communist Party today would likely possess a vital piece of strategic infrastructure in the South China Sea—and the threats to the security of the United States and our partners would be enormous.
    At Cerberus, Steve also worked hard on another issue that I dealt with firsthand as U.S. Ambassador to Japan:  that is, helping the United States and our partners counter China’s threat in 5G telecommunications by investing in commercial alternatives to Huawei and other Chinese telecoms companies.
    Here again, Steve recognized a strategic challenge to the United States and has sought to counter and minimize the influence and access that China could gain from control over spectrum and telecommunications infrastructure.
    On that note, I want to commend the Committee for its strong support for the Defense Department’s efforts to accelerate adoption of 5G and Open RAN technologies in order to provide strategic advantages to the warfighter—including by directing the Pentagon to establish a “Secretary of Defense 5G Cross Functional Team” to accomplish this objective.
    We could not have addressed these problems without Steve Feinberg—an outsider with a fresh perspective who, at the same time, knows how to work on the inside while bringing innovation and ingenuity to the table.
    Steve, if confirmed, will do an outstanding job as the Pentagon’s second highest-ranking civilian official.
    Steve understands the mission.
    He will leverage his leadership, his strategic thinking, his deep knowledge, his decades of experience, his vast professional network, his willingness to listen and learn, and his decisiveness to improve the Defense Department.
    Just as he did at Cerberus for the last 34 years, Steve will work his heart out—every day—at the Defense Department.
    He will ensure that the building, its management, its operations, and its programs run better and more efficiently.
    And he’ll focus on the Department’s goal of providing decisive strategic, operational, and tactical advantages to the warfighter.
    Steve Feinberg is the right man for this job—I look forward to his testimony today and to working with my colleagues to advance his nomination as quickly as possible.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI—Hagerty Joins America’s Newsroom on Fox News to Discuss Trump’s Peace Negotiations

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, today joined America’s Newsroom on Fox News to discuss President Donald Trump’s peace negotiations to end the war between Russia and Ukraine.

    *Click the photo above or here to watch*
    Partial Transcript
    Hagerty on the peace negotiations between Russia and Ukraine: “President [Emmanuel] Macron flew here yesterday. You’re going to see [Prime Minister] Keir Starmer from the [United Kingdom] here later this week. [President Volodymyr] Zelensky is trying to get to the United States. I think we’re on the precipice of a deal, and Scott Bessent said yesterday, our Treasury Secretary, that he feels we’re on the one-yard line. So, I think we’re about to get there. President Trump wants to see an end to the carnage; he’s certainly changed the dynamic and the conversation around all of this, from [Former President] Joe Biden’s blank check, ‘as long as it takes’, to bring an end to this now, and I think it’s coming […] I think what President Trump, again, is doing is he is shifting the conversation completely. He’s trying to get to a deal with Russia. He’s not just continuing the Joe Biden process of sticking a stick in Russia’s eye. You see the European leaders that want to just continue down this path. What President Trump wants to do is bring an end to this now, and he’s trying to bring resolution to this. I think what we’re seeing is a shifting [of] sands. Again, you see these European leaders coming to the United States—again, I feel we’re at the precipice of a deal—President Trump is trying to make something happen here, not just go back to talking points that haven’t worked in the past.”
    Hagerty on Trump’s strong negotiating position against Putin: “What I would say is that President [Trump] is actually trying to shift the conversation. President Trump has not lifted any sanctions on Putin. In fact, he’s talking about getting back in the energy business, putting Keystone Pipeline back in. It was Joe Biden that killed the Keystone XL Pipeline and okayed [the] Nord Stream 2 [Pipeline], which funded Russia’s war efforts. So, I think what you’re seeing is still plenty of pressure on Vladimir Putin, but President Trump, again, is shifting the dialogue right now trying to get to a deal.”
    Hagerty on economic opportunities in a deal that could benefit the U.S.: “It’s a situation where I think President Trump is trying to think about this differently. He’s talking about economic development. He’s talking about getting our interests to align more economically. There are critical minerals in Russia, critical minerals in Ukraine. All of this could benefit the United States. China’s licking its chops right now. I think President Trump sees that as well and wants to make certain that the United States taxpayer benefits from what comes out of this, as opposed to the [Chinese Communist Party].”

    MIL OSI USA News –

  • MIL-OSI USA: Hagerty Introduces Trump’s Nominee for Director of the Office of Science and Technology Policy

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    Michael Kratsios will advance U.S. technological dominance and national security
    WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations Committee, today appeared before a Senate Commerce Committee hearing to introduce Michael Kratsios, President Donald Trump’s nominee to be Director of the Office of Science and Technology Policy.

    *Click the photo above or here to watch*
    Remarks as prepared for delivery:
    Today, I am privileged to introduce Michael Kratsios, President Trump’s nominee to be Director of the Office of Science and Technology Policy.
    The OSTP Director advises the President on key “industries of the future,” including artificial intelligence, quantum computing, 5G, advanced manufacturing, biotechnology, and more. Indeed, Michael and I worked closely together on 5G and our telecommunications infrastructure when I served in my previous role as U.S. Ambassador to Japan.
    Now, more than ever, emerging technologies present us with immense opportunities to maintain America’s global dominance. At such a critical time, we cannot afford to make policy errors here in Washington.
    That’s exactly why we need a leader of Michael’s caliber serving in this vital role.
    While AI has rapidly ascended to become one America’s most important policy priorities, Michael had the foresight to see this technology’s potential nearly a decade ago. And he has been working tirelessly on the issue ever since.
    His impressive record of public service in the field of science and technology policy include his past service as Chief Technology Officer of the United States and the Under Secretary of Defense for Research and Engineering. In these roles and others, he coordinated public-private partnerships and served as the architect of national strategies on AI and quantum technologies.
    After leaving public service, he served as Managing Director of Scale AI, helping it become one of the most valuable and well respected privately held AI companies in the world.
    Michael’s research outside of the government provided the first quantifiable evidence of how banned Chinese technologies were still procured by state and local governments across the country. He also brought to light the significant risks posed by PRC-manufactured ship-to-shore cranes in American ports.
    America must remain the world leader in scientific and technological innovation. Our national security, our liberty, and our prosperity depend on it. Michael understands this mission, and that’s why I wholeheartedly support his nomination. Thanks to my colleagues here today for giving Michael your careful consideration.

    MIL OSI USA News –

  • MIL-OSI United Nations: Noting Ukraine’s People Have Endured Three Years of Relentless Death, Destruction, Displacement, Senior Official Tells Security Council ‘It Is High Time for Peace’

    Source: United Nations MIL OSI b

    ‘We Cannot Have the Aggressor Impose a Deal on the Victim,’ Stresses Special Envoy

    “It is high time for peace in Ukraine,” a senior United Nations official told the Security Council today, as Member States echoed that call and outlined contrasting visions of ending the three-year conflict.

    “For three long years, the people of Ukraine have endured relentless death, destruction and displacement,” said Rosemary DiCarlo, Under-Secretary-General for Political and Peacebuilding Affairs, adding that the resolution the Council adopted earlier on 24 February urges a swift end to the conflict.  The Office of the High Commissioner of Human Rights (OHCHR) has verified that, since 24 February 2022, at least 12,654 Ukrainian civilians — including 673 children — have been killed and 29,392 — including 1,865 children — have been injured.

    The war has created the largest displacement crisis in Europe since the Second World War, she observed, adding that over 10 million Ukrainians remain uprooted — 3.6 million displaced within Ukraine and 6.9 million seeking refuge abroad.  Furthermore, the massive destruction of civilian infrastructure impacts millions. For three consecutive winters, repeated strikes on the energy grid have left communities without power, heating or other essential services.  At least 790 attacks have damaged or destroyed medical facilities, putting the lives of countless patients at risk.  In 2024 alone, attacks on medical facilities tripled compared to 2023.  The education system has also been decimated, preventing 600,000 children from attending in-person classes.

    Over the past three years, the conflict has expanded into parts of the Russian Federation, she said, pointing to reports of increased civilian casualties and damage to civilian infrastructure in the Kursk, Belgorod and Bryansk regions due to alleged Ukrainian attacks.  The war’s impact is also felt globally, destabilizing economies, disrupting food security and threatening international peace.  The further internationalization of the conflict is deeply alarming, particularly with the reported deployment of troops from the Democratic People’s Republic of Korea into the conflict zone.  Moreover, she cautioned that the risk of a nuclear incident remains “unacceptably high”.

    Detailing the systematic and widespread use of torture — including sexual violence — by Russian Federation authorities against Ukrainian prisoners of war, as documented by OHCHR, she said 95 per cent of them and three quarters of Ukrainian civilian detainees interviewed have suffered torture or ill-treatment in captivity. Additionally, at least 71 Ukrainian prisoners were executed since February 2022, with an alarming spike in executions since August 2024.  Meanwhile, about half of the 469 Russian Federation’s prisoners of war interviewed by OHCHR described torture and ill-treatment, and 26 of those interviewed reported having been subjected to sexual violence.  The human rights monitoring mission in Ukraine has also verified the execution of 26 Russian Federation prisoners of war.  “These crimes must not go unpunished,” she asserted, underscoring that “accountability is not optional — it is an obligation under international law”.

    “We recognize it will be challenging to get an agreement, but the time for Moscow to make difficult choices and end fighting is now,” stated the representative of the United States, underscoring her country’s commitment to ending the war.  Washington, D.C., has been in close contact with Ukrainian counterparts throughout the conflict and will continue to do so.  It has also opened a direct dialogue with the Russian Federation in the past week. Following discussions in Riyadh, the United States and the Russian Federation have committed to negotiating towards an end of the conflict, which is enduring and acceptable to all engaged parties.  She called on all Member States to push for a durable peace “to bring stability to Europe and deter further aggression”.

    The Russian Federation’s delegate noted significant dissonance in European support for Ukraine, with ministers reading out “cookie-cutter statements”.  Calling the meeting an “open attempt to thwart the positive progress that has been made which will soon help result” in a lasting settlement to the Ukrainian crisis, he emphasized that the “Kyiv regime and its European sponsors are interested not in peace, but in pursuing war until the last Ukrainian”.  Welcoming the new positive policy of the Administration of United States President Donald J. Trump, he pointed to emerging details about what “took place and continues to take place under the [Ukraine President Volodymyr] Zelenskyy regime” despite Moscow’s persistent efforts to prevent this.

    Condemning Ukraine’s “anti-Russian project”, financed from the beginning by the West, he noted that, from 2021 to 2024, the United States Agency for International Development spent $30.6 billion in Ukraine, without which Ukrainian gross domestic product (GDP) “independently did not exist”.  He stated that up to 90 per cent of Ukrainian media outlets were financed by the Agency, with payments for public opinion leaders to appear on social networks, compelling “everybody to believe in the universal popularity of the erstwhile comic”, which “turned out to be a lie”, but was shaping Ukraine’s political landscape.  He noted that Volodymyr Zelenskyy, upon election, immediately abandoned his promises regarding the East and for the defence of the Russian language.

    Meanwhile, Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine, said the Council resolution just adopted “lacks the qualification” of the war as an aggression of one Member State against another.  Despite the disparity in military strength — with over 600,000 Russian Federation troops deployed on Ukraine’s territory today — Ukraine’s defence forces continue to stand firm.

    “We gave up the world’s third-largest nuclear arsenal in the hope of making the world a safer place,” she said, citing the Budapest Memorandum as “a deal without viable security guarantees”.  Meanwhile, Moscow has significantly expanded Soviet-era stockpiles, and today, it is capable of striking Ukrainian front-line positions and residential areas, with thousands of guided aerial bombs every month.  In 2024 alone, its aviation launched 40,000 such bombs.  Moreover, the Russian Federation engaged Tehran and Pyongyang in its war of aggression.

    Nonetheless, she said the Russian Federation has failed to break Ukraine on the battlefield.  “There is nothing about Ukraine without Ukraine, and there is nothing about Europe without Europe,” she asserted.  And while Ukraine wants peace “more than anyone”, that doesn’t mean just any peace, she emphasized, calling for clear security guarantees.  She added that the North Atlantic Treaty Organization (NATO) and the European Union are indispensable elements of regional security, and “Ukraine is eager to be part of them”.

    Many speakers highlighted the devastating and long-lasting consequences of Moscow’s aggression on food security, the environment and nuclear security, calling for a comprehensive, just and lasting peace — not an agreement imposed under duress on the victim.

    “We cannot have the aggressor impose a deal on the victim, an aggressor who continues to intensify its attacks on civilian population and infrastructure,” underscored Erica Schouten, the representative of the Netherlands and Special Envoy for Ukraine.  She called for “nothing about Ukraine without Ukraine” and for Europe — whose security is directly impacted — to be involved, too.  This war must end, not just for the sake of Ukraine and Europe but for the sake of the world, she stressed.

    In the same vein, France’s delegate stressed that Europe — whose security is at stake — must participate in any negotiations and affirmed that any resolution to the conflict without Ukraine will be a dead letter and “lay the groundwork for future wars”.  He recalled that the Russian Federation alone decided on 24 February 2022 to bring war back to European soil — carrying out deliberate strikes against the Ukrainian civilian population and energy infrastructure, using sexual violence as a weapon of war and forcing deportations of Ukrainian children.

    A war Russian Federation President Vladimir V. Putin said would take three days is now three years on, concurred his counterpart from the United Kingdom.  Ukraine is more than ready for the war to end, but its voice must be at the heart of any talks towards a peace that “shows aggression does not pay, and ends forever Putin’s imperialist ambitions”, she stressed.  By contrast, President Putin “only wants capitulation”.  The strength and courage shown by Ukraine must be underpinned by robust security agreements from the outset, she stated, adding that President Putin has repeatedly demonstrated that he will break a weak deal and has long denied Ukraine’s right to exist as a free State.

    Georgios Gerapetritis, Minister for Foreign Affairs of Greece, affirmed that his Government’s stance on Ukraine “has been crystal clear from the very beginning of the war, which now enters its fourth year”. All Member States must work towards an end to the suffering and destruction in Ukraine; however, it is incumbent to explicitly refer to international law and the Charter of the United Nations in the resolution.  He stated it was not easy to understand why amendments proposed by European Council members were not upheld — including that the Council would employ a swift end to the conflict, urging a just, lasting and comprehensive peace between Ukraine and the Russian Federation.

    Radosław Sikorski, Minister for Foreign Affairs of Poland, also speaking for the High Representative of the European Union, urged Moscow to “stop the killing and leave territories it illegally occupies”. Calling on Member States to never forget the crimes committed by Russian Federation troops in Bucha, Mariupol and many other places across Ukraine, he also acknowledged the far-reaching repercussions beyond Ukraine.

    “We will never recognize the illegal annexation of Crimea, Donetsk, Luhansk or any other region of Ukraine,” echoed Baiba Braže, Minister for Foreign Affairs of Latvia, also speaking for Estonia and Lithuania.  Underlining that borders must not be altered by force, she recalled that, three years ago, the International Court of Justice ordered the Russian Federation to stop its military activities in Ukraine.  “Three years on, Ukraine has stopped a nuclear-armed State of 140 million from realizing its imperialist goals,” she added.

    Pasi Rajala, State Secretary for Foreign Affairs of Finland, also speaking for Denmark, Iceland, Norway and Sweden, demanded the immediate return of thousands of children who have been unlawfully deported or transferred by the Russian Federation, which violates the laws of war at every turn.  Hailing the General Assembly’s decision earlier today to support just and fair peace in Ukraine, he affirmed that Ukrainians want peace and love freedom, and the Council must advance these goals.  Any solution for lasting peace will necessitate a strong European involvement as Member States have “a collective interest to prevent a resurgence of violence and destruction”.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Trailblazing UniSA programs take out national awards

    Source: University of South Australia

    26 February 2025

    From left: UniSA’s Vice Chancellor Professor David Lloyd, Professor Lan Snell, Associate Professor Stewart Von Itzstein, Dino Rossi and Ryan McClenaghan at the awards event

    The University of South Australia’s two nominations in the 2024 national Shaping Australia Awards have taken out both of the prizes in their category.

    Professor Tom Raimondo, Dr Jo Zucco and Associate Professor Stewart Von Itzstein won the Future Builder Award, as the team behind Australia’s first higher degree apprenticeship program, UniSA’s Bachelor of Software Engineering (Honours).

    Professor Lan Snell, Professor Andrew Beer, Peter Stevens, Stan Astachnowicz, Sam Stengert, Leanne Steele, Ling Ly and Jodie Walsh, the team behind UniSA’s trailblazing Global Executive MBA in Defence and Space (GEMBA), took out the People’s Choice Award in the same category.

    The Future Builder category honours initiatives that go above and beyond to deliver out-of-the-box teaching and industry engagement that bridges critical knowledge gaps. UniSA’s 2024 award wins reflect the University’s strengths in innovation and enterprise, and build on similar success in the inaugural awards last year. 

    The Shaping Australia Awards are an initiative of Universities Australia, which share the valuable contributions universities make to society.

    Bachelor of Software Engineering (Honours)

    UniSA’s Bachelor of Software Engineering (Honours) enables students to work full time at leading companies like BAE Systems, while studying. This hands-on experience, combined with academic rigor, ensures they graduate as work-ready, experienced software engineers.

    Created in partnership with industry partners including BAE and the AI Group, the success of the Bachelor of Software Engineering (Honours) has prompted the Department of State Development to issue a call for expressions of interest to establish additional degree apprenticeships in SA.

    Global Executive MBA in Defence and Space (GEMBA)

    UniSA’s Global Executive MBA in Defence and Space (GEMBA) is a unique18-month program delivered across three countries, reflecting the trilateral nature of the AUKUS alliance. The program equips leaders with advanced skills in areas like cyber security, space systems and defence procurement, and combines immersive residentials in Australia, the UK and the US with high-quality online learning.

    Through partnerships with Carnegie Mellon University, the University of Exeter and leading industry players, GEMBA empowers future leaders to navigate complex global security challenges and drive Australia’s defence and space industries forward.

    Universities Australia Chief Executive Officer Luke Sheehy congratulated all the winners and finalists.

    “These projects are changing lives, driving economic growth and securing Australia’s future. The overwhelming public response reflects the incredible contributions our universities make to help us all,” Sheehy said.

    The awards were judged by a panel of eminent Australians comprising:

    • Lisa Paul AO PSM, University of Canberra Chancellor and former Secretary of the Department of Education
    • Sir Peter Cosgrove AK AC (Mil) CVO MC (Retd), former Governor-General of Australia
    • Ms Charlene Davison, CEO of the Go Foundation.
    • Ms Michelle Gunn, editor-in-chief of The Australian
    • Mr Nicholas Moore AO, special envoy for Southeast Asia
    • Professor Brian Schmidt AC FAA FRS, former Vice-Chancellor of the Australian National University and Nobel laureate.
    • Ms Annabelle Williams OAM, Paralympic Gold Medallist, business owner and lawyer  

    A full list of the 2024 Shaping Australia Awards winners is available at shapingaustraliaawards.com.au.

    Other articles you may be interested in

    MIL OSI News –

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

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    ABOUT CONDOR ENERGIES INC

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

    FORWARD-LOOKING STATEMENTS

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

    ABBREVIATIONS

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

    boepd                barrels of oil equivalent per day*

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

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

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

    The MIL Network –

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

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

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

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

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

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

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

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

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

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

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

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

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

    20 million with HIV treated

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

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

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

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

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

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

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

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

    Mistakes made

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

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

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

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

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

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

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

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

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

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

    MIL OSI – Global Reports –

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

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter Revenue Increased 17.0% Year-over-Year

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

    Company Provides First Quarter and Fiscal-Year 2025 Outlook

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

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

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

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

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

    Fourth Quarter 2024 Financial Highlights:

    GAAP Results

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

    Key Operating Metrics and Non-GAAP Results

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

    2024 Business Highlights:

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

    First Quarter and Fiscal-Year 2025 Outlook:

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

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

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

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

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

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

    Conference Call

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

    Note Regarding Share Repurchase Program

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

    Key Operating Metrics and Non-GAAP Financial Measures

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

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

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

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

    About Flywire

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

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

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

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

    Safe Harbor Statement

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

    Contacts

    Investor Relations:
    Masha Kahn
    ir@Flywire.com

    Media:
    Sarah King
    Media@Flywire.com

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    Refining

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

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

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

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

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

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

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

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

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

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

    Wyoming

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

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

    Wyoming Refining Operational Update

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

    Retail

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

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

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

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

    Logistics

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

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

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

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

    Liquidity

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

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

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

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

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

    Laramie Energy

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

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

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

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

    Conference Call Information

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

    About Par Pacific

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

    Forward-Looking Statements

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

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

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

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

    Balance Sheet Data
    (Unaudited)
    (in thousands)

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

    _______________________________________

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

    Operating Statistics

    The following table summarizes key operational data:

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

    _______________________________________

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

    Non-GAAP Performance Measures

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

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

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

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

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

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

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

    Adjusted Gross Margin

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

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

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

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

    _______________________________________

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

    Adjusted Net Income (Loss) and Adjusted EBITDA

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

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

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

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

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

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

    _______________________________________

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

     

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

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

    _______________________________________

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

    Adjusted EBITDA by Segment

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

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

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

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

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

    _______________________________________

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

    Laramie Energy Adjusted EBITDAX

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

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

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

    _______________________________________

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    Case Study: Living Style Group’s ESG Performance

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

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

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

    A Comprehensive Solution for ESG Success

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

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

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

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

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    __________________________________________________

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

    Financial Highlights: Fourth Quarter 2024

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

    Financial Highlights: Full Year 2024

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

    Business Highlights: Fourth Quarter 2024

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

    2025 Operating Model

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

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

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

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

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

    2025 Guidance

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

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

    Conference Call

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

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

    About ExlService Holdings, Inc.

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

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

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

    (1)Exclusive of depreciation and amortization expense.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    The MIL Network –

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

    Source: United Nations MIL OSI b

    Peace and Security

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

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

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

    Rape and other violations reported

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

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

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

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

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

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

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

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

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

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

    Wide regional variations

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

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

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

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

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

    Chad: Nearly four million could go hungry during lean season

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

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

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

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

    Multiple shocks

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

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

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

    MIL OSI United Nations News –

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

    Source: Office of United States Attorneys

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

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

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

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

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

    Assistant U.S. Attorney Sam Pead of the U.S. Attorney’s Office for the District of Utah prosecuted the case.

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

    MIL Security OSI –

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

    Source: Office of United States Attorneys

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

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

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

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

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

    MIL Security OSI –

  • MIL-OSI Global: Why Trump’s Gaza reconstruction proposal is unlikely to work

    Source: The Conversation – Canada – By Ali Asgary, Professor, Disaster & Emergency Management, Faculty of Liberal Arts & Professional Studies & Director, CIFAL York, York University, Canada

    There have been many conversations around U.S. President Donald Trump’s Gaza proposal to permanently displace Palestinians from Gaza to neighbouring countries and turn the strip into a luxury resort development. Criticisms of Trump’s comments often focus on the proposal’s illegality, immorality and impracticality.

    However, little has been discussed from the perspective of post-disaster and post-war reconstruction. Post-conflict reconstruction, as part of post-disaster reconstruction studies, has a very long history, scholarly literature, lessons learned and is one of the well-studied phases of disaster and emergency management.

    Where to rebuild

    When it comes to where to rebuild or reconstruct after disasters, including human-made disasters such as war and conflict, there are three main options:

    1) reconstruction in the original location;

    2) reconstruction in a new location; and

    3) reconstruction and integration in existing settlements.

    Each of these approaches has its advantages, disadvantages and challenges. One of the key principles of post-disaster recovery and reconstruction is minimizing post-disaster relocation.

    While a significant majority of post-disaster reconstruction happens in the original locations, there has been reconstruction and resettlement to new locations and beside or inside existing settlements.

    For example, after the 1974 conflict in Cyprus, the city of Famagusta was abandoned and residents were relocated to new areas. Relocation after the 1995 volcano eruption that buried Plymouth in Montserrat is another example. After the 1990 Manjil earthquake in Iran, many villages were relocated and rebuilt in new locations.

    Rebuilding in the original location

    Studies show that reconstruction in the original location is generally the most preferred and effective option. People impacted and displaced by war and disasters usually prefer to live in their original community.

    In some cases, reconstruction in the original location may still require some forms of temporary resettlement. This temporary relocation is a preferred option when the affected areas do not have enough space or ability to support the population during the reconstruction period, particularly during debris removal and infrastructure restoration.

    Past reconstruction efforts in developed and developing countries, show that recovery and reconstruction are more effective, democratic and faster when the impacted population is in charge of the reconstruction process, and remain close to their damaged homes.

    The closer a temporary settlement is to the reconstruction site, the better. Proximity allows the impacted population to participate effectively, monitor and benefit from the reconstruction process without distance and accessibility barriers.

    Rebuilding in new locations

    Reconstruction in a new location is usually considered as one of the last options when rebuilding in the original place is not possible due to various hazards like landslides, earthquakes, tsunamis, hurricanes, flooding or volcanos.

    This usually occurs when mitigation measures are neither possible nor feasible. This option requires relocating the impacted population and rebuilding everything from scratch. Its success very much depends on the availability of land, resources and the willingness of the impacted population to relocate.

    Even when relocation is the only viable option, impacted people must be fully involved and given discretion regarding their place of relocation. Involuntary resettlement programs are impracticable. Even when the population is displaced, studies show that people return to their original homes if they can.

    Rebuilding near existing settlements is an extension of this option except that instead of rebuilding in a new location, reconstruction happens beside existing settlements to minimize infrastructure costs.

    This option can still be challenging. Implementation can be very complex even when new settlements are in the same country or area. Reintegrating people into a new place, even when they are willing to be relocated, requires many livelihood support initiatives, land availability, legal frameworks for land distribution and dispute resolution.

    Rebuilding options for Gaza

    Trump’s proposal is close to that last option, with three major differences. The first difference is that there is no consultation with Palestinians in Gaza.

    The second difference is that the impacted population will be forcefully and involuntarily relocated to settlements in other countries (Egypt and Jordan).

    The third difference is that the United States would “own” Gaza, and rebuild it for other purposes and uses, not for the benefit of Palestinians.

    As mentioned above, one key justification for rebuilding in a new location is that the original place is not permanently safe. Trump’s proposal assumes that Gaza is not safe for Palestinians but somehow safe for others.

    Post-disaster and conflict reconstruction is not just a physical reconstruction project. Rather, it is a complex, multidimensional process, with potentially very high negative impact if not properly planned and implemented.

    Top-down approaches in post-disaster recovery and reconstruction often fail because these approaches ignore the complexity of the built environment, the local conditions, and the needs of the affected population.

    Displacing entire populations, their economic activities and their social networks and relations can have significant impacts — direct and indirect — on the population and on governments. Community relocation fails because it disrupts social networks, and increases negative sentiments and dissatisfaction with living conditions in new location.

    Post-war reconstruction programmes must be multi-dimensional and based on a clear understanding of local conditions and careful consultation with the affected people. The alternative to large-scale resettlement is to reduce the risks people face in their current location.

    In the past, international solidarity has played an important role in reconstruction. Such solidarity increasingly exists for the Palestinians of Gaza, and with that, rebuilding in the same location can still be a viable and preferred option.

    Ali Asgary 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. Why Trump’s Gaza reconstruction proposal is unlikely to work – https://theconversation.com/why-trumps-gaza-reconstruction-proposal-is-unlikely-to-work-249680

    MIL OSI – Global Reports –

  • MIL-OSI Global: More than just a game: How sports are reflecting Canada-U.S. tensions

    Source: The Conversation – Canada – By Noah Eliot Vanderhoeven, PhD Candidate, Political Science, Western University

    Canada emerged victorious in the 4 Nations Face-off hockey tournament on Feb. 20, but the event was overshadowed by growing political tensions between Canada and the United States.

    In the lead-up to the final game, American fans booed the Canadian national anthem, likely in response to Canadian fans booing the American national anthem ahead of a game between the two teams on Feb. 15.

    This was not the first recent airing of grievances from Canadian fans at a sporting event. Following U.S. President Donald Trump’s announcement of tariffs against Canada and repeated calls for Canada to become the 51st state, fans at a Toronto Raptors game and Ottawa Senators game booed the American national anthem.



    Read more:
    How Donald Trump’s attacks on Canada are stoking a new Canadian nationalism

    Despite the proposed tariffs being postponed for 30 days, Trump’s antagonistic vision for Canada-U.S. relations has stoked anti-American sentiments among Canadians, including calls to boycott American goods and a deteriorating belief in close Canada-U.S. relations.

    Those anti-American sentiments boiled over again when Canada faced the U.S. in Montréal, showcasing how sport can be used as an expression of nationalism — especially at a time of increased tensions between the two countries.

    Why sports matter politically

    It’s not surprising that sport has become an arena for nationalist political rhetoric. Sport possesses powerful symbolism that can be exploited to great affect in forming a coherent national identity.

    In this way, sporting events are a way fandoms can reinforce national identity as an objective symbol that connects to primitive forms of national ideology.

    Sport is also a powerful psychological setting for national rhetoric. A person’s social identity, or how they see themselves in relation to others, can be reinforced through sport. This can happen, for instance, when someone views themselves as a member of a team and celebrates their success, or views a rival team or country in a negative light after a loss.

    Additionally, the outcome of a game can boost in-group favouritism, which can influence whether consumers buy goods from a specific vendor.

    Nationalism versus patriotism

    Generally, research suggests sports reinforce a national in-group identity that is more patriotic than nationalistic. However, the vitriol Canadians have expressed during the American national anthem leans towards expressing nationalist views rather than patriotic ones.

    Patriotism typically focuses on why a country is great without necessarily disparaging outsiders or other countries. Nationalism, on the other hand, tends to play up why one’s country is great while vilifying another country or group.

    Trump’s focus on using tariffs to bully Canada into increasing security at the border has undoubtedly soured relations between the two countries. If Trump decides to flex the United States’ capacity to be a bully in U.S.-Canadian relations, Canada is stuck with limited options.

    But are Canadians playing right into Donald Trump’s hand by leaning into an adversarial relationship?

    How Trump uses sports for political gain

    Trump has a history of using major sporting events to his political benefit. During his last presidential campaign, he attended the Army-Navy football game and became the first sitting president to attend the recent Super Bowl in New Orleans.

    Trump also considered attending the 4 Nations final between the U.S. and Canada in Boston, but couldn’t attend due to a scheduled speech with U.S. governors. Still, he made his presence felt by calling the American team the morning before the game to wish them luck.

    Looking ahead, Trump may continue to use international sporting events to assert his vision for U.S. relations with Canada and Mexico.

    In January, Trump invited Gianni Infantino, the head of FIFA, to his inauguration, just as preparations have begun for the 2026 World Cup, which is to be hosted by Canada, Mexico and the U.S.

    With Infantino and Trump becoming increasingly friendly, it seems likely Trump will use the upcoming World Cup to influence North American relations. At the very least, he will likely try to insert himself into its coverage.

    Trump using sport to reinforce his image

    Beyond politics, Trump uses sports to play into his crafted image as a hyper-masculine man. This image has played a large part in Trump’s popularity among young men and helped him win a second term as president.

    Yet Trump does not necessarily fit the masculine norms his supporters lionize. Trump is fairly tall, which has been shown to be preferred among American voters. However, unlike past presidents such as Dwight D. Eisenhower and Richard Nixon, who played college football, Trump’s athletic background is limited to high school football.

    Nor did Trump serve in the military like previous presidents John F. Kennedy and Ronald Reagan, both of whom served in the Second World War. Trump, by contrast, avoided service during the Vietnam war for medical and educational reasons.

    Despite a lack of traditional masculine bonafides, Trump has shown an ability to use sporting events for his political gain. He has used sporting events as potent media environments to insert his talking points and burnish his masculine image.

    In the end, the boos from Canadian fans may be music to Donald Trump’s ears. He wants to be hated by outsiders so he can turn around to his supporters and say that the U.S. is under attack at its borders. He wants the sporting accomplishments of the American men’s teams to reflect on his strength.

    It can still go against him, as we saw Thursday night with Canada beating the U.S. in overtime. Justin Trudeau wasted no time using that moment to respond with strong rhetoric in a tweet.

    What happened on the ice was out of Trump’s control. But he used the event to serve his own goals, sowing greater divisiveness across borders. The shadow of his combative rhetoric loomed large over the entire event.

    Noah Eliot Vanderhoeven 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. More than just a game: How sports are reflecting Canada-U.S. tensions – https://theconversation.com/more-than-just-a-game-how-sports-are-reflecting-canada-u-s-tensions-250385

    MIL OSI – Global Reports –

  • MIL-OSI USA: Science in Orbit: Results Published on Space Station Research in 2024

    Source: NASA

    NASA and its international partners have hosted research experiments and fostered collaboration aboard the International Space Station for over 25 years. More than 4,000 investigations have been conducted, resulting in over 4,400 research publications with 361 in 2024 alone. Space station research continues to advance technology on Earth and prepare for future space exploration missions.
    Below is a selection of scientific results that were published over the past year. For more space station research achievements and additional information about the findings mentioned here, check out the 2024 Annual Highlights of Results.

    NASA’s Microgravity Investigation of Cement Solidification (MICS) observes the hydration reaction and hardening process of cement paste on the space station. As part of this experiment, researchers used artificial intelligence to create 3D models from 2D microscope images of cement samples formed in microgravity. Characteristics such as pore distribution and crystal growth can impact the integrity of any concrete-like material, and these artificial intelligence models allow for predicting internal structures that can only be adequately captured in 3D. Results from the MICS investigation improve researchers’ understanding of cement hardening and could support innovations for civil engineering, construction, and manufacturing of industrial materials on exploration missions.

    The JAXA (Japan Aerospace Exploration Agency) Colloidal Clusters investigation uses the attractive forces between oppositely charged particles to form pyramid-shaped clusters. These clusters are a key building block for the diamond lattice, an ideal structure in materials with advanced light-manipulation capabilities. Researchers immobilized clusters on the space station using a holding gel with increased durability. The clusters returned to Earth can scatter light in the visible to near-infrared range used in optical and laser communications systems. By characterizing these clusters, scientists can gain insights into particle aggregation in nature and learn how to effectively control light reflection for technologies that bend light, such as specialized sensors, high-speed computing components, and even novel cloaking devices.

    NASA’s Optical Imaging of Bubble Dynamics on Nanostructured Surfaces studies how different types of surfaces affect bubbles generated by boiling water on the space station. Researchers found that boiling in microgravity generates larger bubbles and that bubbles grow about 30 times faster than on Earth. Results also show that surfaces with finer microstructures generate slower bubble formation due to changes in the rate of heat transfer. Fundamental insights into bubble growth could improve thermal cooling systems and sensors that use bubbles.

    The ESA (European Space Agency) investigation Cytoskeleton attempts to uncover how microgravity impacts important regulatory processes that control cell multiplication, programmed cell death, and gene expression. Researchers cultured a model of human bone cells and identified 24 pathways that are affected by microgravity. Cultures from the space station showed a reduction of cellular expansion and increased activity in pathways associated with inflammation, cell stress, and iron-dependent cell death. These results help to shed light on cellular processes related to aging and the microgravity response, which could feed into the development of future countermeasures to help maintain astronaut health and performance.

    The CSA (Canadian Space Agency) investigation Wayfinding investigates the impact of long-duration exposure to microgravity on the orientation skills in astronauts. Researchers identified reduced activity in spatial processing regions of the brain after spaceflight, particularly those involved in visual perception and orientation of spatial attention. In microgravity, astronauts cannot process balance cues normally provided by gravity, affecting their ability to perform complex spatial tasks. A better understanding of spatial processes in space allows researchers to find new strategies to improve the work environment and reduce the impact of microgravity on the spatial cognition of astronauts.

    The Roscomos-ESA-Italian Space Agency investigation Mini-EUSO (Multiwavelength Imaging New Instrument for the Extreme Universe Space Observatory) is a multipurpose telescope designed to examine light emissions entering Earth’s atmosphere. Researchers report that Mini-EUSO data has helped to develop a new machine learning algorithm to detect space debris and meteors that move across the field of view of the telescope. The algorithm showed increased precision for meteor detection and identified characteristics such as rotation rate. The algorithm could be implemented on ground-based telescopes or satellites to identify space debris, meteors, or asteroids and increase the safety of space activities.

    For more space station research achievements and additional information about the findings mentioned here, check out the 2024 Annual Highlights of Results.
    Destiny Doran
    International Space Station Research Communications Team
    Johnson Space Center

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Union Minister Ashwini Vaishnaw Unveils Major Infrastructure and IT Initiatives at Advantage Assam 2.0

    Source: Government of India

    Union Minister Ashwini Vaishnaw Unveils Major Infrastructure and IT Initiatives at Advantage Assam 2.0
    Semiconductor Manufacturing Gets a Boost: New Plant Announced for Assam

    Guwahati Railway Station to Be Transformed into IT Hub; Six New Gati Shakti Cargo Terminals to Enhance Assam’s Railway Network

    New Amrit Bharat Trains to Connect Guwahati with Delhi and Chennai

    Posted On: 25 FEB 2025 8:14PM by PIB Guwahati

    Shri Ashwini Vaishnaw, Union Minister of Railways, Electronics & Information Technology, and Information & Broadcasting, participated in the Advantage Assam 2.0 Investment and Infrastructure Summit held in Guwahati today. During the event, he announced several key initiatives and projects aimed at accelerating the growth of the railway and IT industries in the region.

    Highlighting the government’s commitment to enhancing infrastructure and industrialization, Shri Vaishnaw described the North East as the “New Engine” for India’s development. He unveiled plans for a new semiconductor plant in Assam, reinforcing the state’s growing role in electronics and semiconductor manufacturing. Additionally, he announced that Guwahati Railway Station would be transformed into a new IT hub, further strengthening the region’s digital infrastructure.

    The Minister underscored the government’s success in constructing 1,824 km of new railway tracks in Assam and the North East since 2014. He also noted the commissioning of two Gati Shakti cargo terminals in Assam at Moinarband and Cinnamara and announced development of 06 additional Gati Shakti Cargo Terminals at Chaygaon, New Bongaigaon, Bihara, Hilara, Baihata and Rangjuli which will significantly enhance the region’s railway network. Further bolstering connectivity, he confirmed that one Vande Bharat Express is already operational in the Northeast, with another soon to connect Guwahati and Agartala. He also announced the sanctioning of two Amrit Bharat trains (between Guwahati-Delhi and Guwahati-Chennai), which will become operational this year, and the establishment of a railway engine midlife remanufacturing facility in Lumding. The Minister also accounced the plan to set up a Wagon Workshop at Bashbari in Bodoland area at a cost of Rs 300 cr.

    Shri Vaishnaw emphasized the government’s plans to improve connectivity between Assam and Bhutan, opening up new opportunities for economic growth. Addressing development in the Bodoland region, he reiterated the government’s commitment under the Bodo Agreement by announcing the establishment of a Wagon Workshop in Bashbari.

    Discussing India’s remarkable strides in electronics and mobile manufacturing, the Minister noted that over 98% of mobile phones are now produced domestically. To further strengthen the sector, he announced the development of a Greenfield Electronic Manufacturing Cluster (EMC) at Bongora, Kamrup, under the Electronics Manufacturing Scheme at a project cost of Rs. 120 crores. Additionally, he shared that the National Institute of Electronics and Information Technology (NIELIT) has been upgraded to a Deemed-to-be University, with plans to establish a campus in Jagiroad.

    Shri Vaishnaw reaffirmed the government’s dedication to infrastructure and industrial development in the North East, expressing confidence that Assam will soon emerge as a significant industrial hub. Assam Chief Minister Dr. Himanta Biswa Sarma echoed this sentiment, acknowledging the central government’s continuous support in fostering new initiatives in the state. He expressed optimism that Assam will become a key player in the global semiconductor ecosystem.

    During the session, the Government of Assam signed MoUs with 10 industry groups from the semiconductor ecosystem across Singapore, Malaysia, and Japan, in the presence of the Union Minister strengthening international partnerships and fostering investment in the state’s growing semiconductor industry.

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  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah chairs review meeting regarding traditional seeds of the Bharatiya Beej Sahkari Samiti Limited (BBSSL) in New Delhi

    Source: Government of India (2)

    Union Home Minister and Minister of Cooperation Shri Amit Shah chairs review meeting regarding traditional seeds of the Bharatiya Beej Sahkari Samiti Limited (BBSSL) in New Delhi

    The Union Minister of Cooperation said, Bharatiya Beej Sahkari Samiti Limited (BBSSL) is making continuous efforts to conserve and promote traditional seeds

    Shri Amit Shah instructs to ensure organic production of some selected traditional seeds from different regions of the country and their wide availability in the market from Kharif-2025

    The Union Minister of Cooperation emphasized on preparing a comprehensive database of all traditional seeds of fruits, vegetables and food grains across the country and implementing a comprehensive action plan for their conservation and promotion

    Posted On: 25 FEB 2025 8:59PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah chaired a review meeting regarding traditional/sweet seeds of the Bharatiya Beej Sahkari Samiti Limited (BBSSL) in New Delhi today. During the meeting, the Union Minister of Cooperation said, Bharatiya Beej Sahkari Samiti Limited (BBSSL) is making continuous efforts to conserve and promote traditional seeds.

     

     

    During the meeting, Union Minister of Cooperation Shri Amit Shah directed to ensure organic production of some selected traditional seeds from different regions of the country and their wide availability in the market from Kharif-2025. The major seeds among these seeds are- Amreli millet (Gujarat), Uttarakhand Gahat (Horse Gram), Uttarakhand Mandua (Finger Millet), Bundelkhand Methi (Fenugreek), Kathia wheat, Munsiyari Rajma, Kala Bhatt, four varieties of Kala Namak paddy, Juhi paddy (Bengal) and Gopal Bhog paddy (Bengal).

     

     

    The Union Minister of Cooperation, Shri Amit Shah emphasized on preparing a comprehensive database of all traditional seeds of fruits, vegetables and food grains across the country and implementing a comprehensive action plan for their conservation and promotion

     

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  • MIL-OSI Asia-Pac: At Global Investors Summit 2025, Shri Ashwini Vaishnaw announces India’s first indigenous semiconductor chip to be ready for production by 2025

    Source: Government of India

    At Global Investors Summit 2025, Shri Ashwini Vaishnaw announces India’s first indigenous semiconductor chip to be ready for production by 2025

    Shri Ashwini Vaishnaw highlights Madhya Pradesh’s electronics manufacturing boom under PM Modi’s leadership

    Madhya Pradesh powers ahead in IT & Electronics with Rs.150 crore investment in its first IT campus spanning 1 lakh Sq. Ft

    Posted On: 25 FEB 2025 8:33PM by PIB Delhi

    Union Minister Shri Ashwini Vaishnaw joined through video conferencing on the second day of the ‘Global Investors Summit 2025’ organized in Bhopal. On this occasion, Shri Ashwini Vaishnaw congratulated the HLBS family for the new plant on the auspicious eve of Mahashivratri. He also announced that by 2025, the first ‘Made in India’ semiconductor chip would be ready for production.

    Madhya Pradesh’s Rapid Growth in Electronics Manufacturing

    Shri Vaishnaw acknowledged the significant contributions of Prime Minister Shri Narendra Modi and Madhya Pradesh Chief Minister Shri Mohan Yadav in achieving this milestone. He noted that under the leadership of Prime Minister Modi, electronic manufacturing in Madhya Pradesh has gained significant momentum.

    Two electronic manufacturing clusters have been approved by the Hon’ble Prime Minister, one in Bhopal and the other in Jabalpur. Currently, 85 companies are actively engaged in the electronics manufacturing sector in the state, marking a major success for the Both Government.

    The Union Minister also highlighted the government’s commitment to technological advancement by announcing the training of 20,000 engineers under the Future Skills Program in Madhya Pradesh. Over the past decade, the electronics manufacturing sector has witnessed unprecedented growth, reaching a valuation of Rs.10 lakh crore. India is currently exporting electronics worth of Rs.5 lakh crore, including mobile (Rs.4 lakh crore); laptops, servers, telecom equipment (₹75,000 crore) and defense & medical electronics. Electronics is amongst the Top 3 export items.

     

    Strengthening India’s Semiconductor Manufacturing Capabilities

    India has made significant progress in semiconductor manufacturing, with five units under construction simultaneously. The first ‘Made in India’ chip is expected to roll out by 2025. To further strengthen the talent pipeline, the government has initiated a program to train 85,000 engineers in advanced semiconductor and electronics manufacturing.

     

    Shri Vaishnaw apprised Prime Minister Narendra Modi’s clear vision and leadership, emphasizing that the government’s unwavering commitment has propelled India’s electronics manufacturing industry to new heights. He congratulated Chief Minister Shri Mohan Yadav and the people of Madhya Pradesh on this remarkable achievement and extended his best wishes on the auspicious occasion of Mahashivratri.

     

    The newly inaugurated IT campus spans 1 lakh square feet, equipped with state-of-the-art facilities to manufacture IT hardware and electronic products under one roof. The plant will produce servers, desktops, motherboards, chassis, RAM, SSDs, drones, and robots, among other end-to-end electronic components. Over the next six years, the campus will witness an investment of approximately Rs. 150 crores, generating employment for nearly 1,200 professionals. The facility will also manufacture desktop computers, all-in-one workstations, laptops, tablets, and monitors.

    On the first day of the Global Investors Summit, the Union Minister also announced significant investments in Madhya Pradesh. The Indian Railways and the Madhya Pradesh government signed agreements on renewable energy projects, further strengthening their partnership.

    India’s Focus on Future-Ready Infrastructure

    The Modi government has been focusing extensively on future-ready infrastructure and capacity building. To achieve the vision of Viksit Bharat 2047, the government is prioritizing four key areas across all sectors: infrastructure investment, inclusive growth, manufacturing expansion, and simplification of laws.

     

    What is HLBS

    HLBS is a technology company with a manufacturing unit in Bhopal and an upcoming state-of-the-art manufacturing and R&D facility in Bhopal IT Park. It focuses on developing innovative and high-tech products to serve both domestic and global markers. HLBS aims to provide cost-effective solutions to enhance the affordability of electronic products for all, particularly the common masses. Committed to quality and reliability, HLBS ensures that every product under its banner meets the highest standards. The company is recognized and trusted across India for its technological advancements and contributions to the electronics sector.

     

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  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah addresses the closing ceremony of Global Investors Summit-2025, in Bhopal, Madhya Pradesh

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah addresses the closing ceremony of Global Investors Summit-2025, in Bhopal, Madhya Pradesh

    A stable and strong government is working in MP under the leadership of Prime Minister Shri Narendra Modi, which has opened the doors of development here

    The Madhya Pradesh government will soon implement the MoUs worth Rs. 30 lakh 77 thousand crore signed during the Global Investors Summit

    This investment summit will also play an important role in Modi ji’s resolve to make a developed India and the country the third largest economy in the world

    Investors in Madhya Pradesh will get transparent governance, sustainable policies, and a hands-on administration

    Madhya Pradesh also has land, labour force, educated youth and skilled workforce and there are avenues and opportunities for mines, minerals and industries

    Madhya Pradesh has tried to develop the state by holding separate investment summits of every region, which will show the direction to many states

    The transparent governance of the Madhya Pradesh government has attracted a lot of people to invest

    Posted On: 25 FEB 2025 8:23PM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the closing ceremony of Global Investors Summit-2025, in Bhopal, Madhya Pradesh, today. Many dignitaries including Chief Minister of Madhya Pradesh, Dr. Mohan Yadav were present on the occasion. 

    In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah stated that during this two-day Global Investors Summit, MoUs worth a total of 30 lakh 77 thousand crore rupees were signed. He said that several MoUs will be implemented on the ground and help the state government establish not only large industries but also ancillary industries in Madhya Pradesh. Shri Shah said that more than 200 Indian companies, over 200 global CEOs, more than 20 unicorn founders, and representatives from more than 50 countries have come to invest and see the environment in Madhya Pradesh during the two-day summit. He stated that this time, Madhya Pradesh has done a new experiment by organizing separate investment summits for each sector, aiming for the overall development of the entire state, which will guide many states in the coming days.

    Shri Amit Shah said that in this summit, Madhya Pradesh has made efforts to explore all avenues for unlocking its industrial, sectoral and global potential for development. He mentioned that this summit has given a new dimension to the development of Madhya Pradesh. Shri Shah said that Madhya Pradesh is full of rich cultural heritage of our country and the state is making several efforts to realize the mantra of ‘Vikas Bhi Virasat Bhi’ given by Prime Minister Shri Narendra Modi.

    Union Home Minister said that Prime Minister Modi has set a target before the youth and 130 crore people of the country to make India a fully developed nation by 2047 and the world’s third largest economy by 2027. He said that this Investment Summit of Madhya Pradesh will not only help in achieving both these goals but also make a huge contribution in achieving these goals. Shri Shah said that in Prime Minister Modi’s vision of Team India, the Government of India and all state governments come together with a goal to work towards the development of the entire nation and this event has taken that vision forward.

    Shri Amit Shah said that many dimensions of increasing both local and global investment have been achieved in this summit. He said that this summit will also open many doors of skill development for India’s ‘Amrit generation’. Shri Shah said that by creating synergy between automation and job creation, the policies made by the Madhya Pradesh government for different sectors will move forward and this summit will also help in making India a manufacturing hub.

    Union Home Minister and Minister of Cooperation underlined that under the leadership of Prime Minister Shri Narendra Modi, there is a stable and strong administration working in Madhya Pradesh, which is creating new avenues of development. He emphasized that, as the heart of India, Madhya Pradesh enjoys a strategic location complemented with robust infrastructure. The state boasts of a large pool of skilled workers and an efficient administrative ecosystem that fosters growth. He highlighted that Madhya Pradesh has an unparalleled market access, with its rapidly increasing demand-driven economy. The transparent governance of the state has significantly boosted investor confidence. With ample land resources, a dedicated workforce, rich mineral resources, and numerous industrial opportunities, Madhya Pradesh stands as a prime destination for investment. The Home Minister affirmed that Madhya Pradesh is a major hub for investment in every aspect in India.

    Shri Amit Shah recalled that there was a time when Madhya Pradesh was counted among the BIMARU states, but after 20 years of continuous governance of our party, the state has undergone a remarkable transformation. He highlighted the development of a 5 lakh-kilometer road network, the presence of six operational airports, and an impressive energy capacity of 31 GW, including 30 per cent clean energy. He emphasized that prestigious institutions such as IIM, IIT, AIIMS, IITM, NIFT and NIFD are equipping the youth of Madhya Pradesh with the skills needed to seize emerging opportunities. With one of the richest reserves of minerals in the country, Madhya Pradesh has also emerged as the cotton capital of India, contributing 25 per cent of the nation’s organic cotton supply. Moreover, the state holds a significant position in the food processing sector. The Home Minister noted that the Madhya Pradesh government has designated 2025 as the “Year of Industries” to boost industrial growth. He also lauded the state for being the first in the country to pass the Jan Vishwas Bill, aimed at enhancing ease of doing business.

    Union Home Minister and Minister of Cooperation stated that under Prime Minister Shri Narendra Modi’s leadership over the past 10 years, India’s foreign exchange reserves, Gross Domestic Product (GDP), and per capita income have doubled. He emphasized that the Modi government has built a strong foundation for a developed India, paving the way for new dimensions of growth and progress in coming decade.

    Shri Amit Shah highlighted that in the last 10 years, Prime Minister Narendra Modi has brought 54 crore people into the banking system. He said that these people were without bank accounts for 75 years after independence. He emphasized that PM Modi has ensured financial inclusion for these citizens, marking a major transformation in the country’s banking sector. He further noted that significant economic reforms have been undertaken during this period, including reducing insolvency and bankruptcy cases, bringing Non-Performing Assets (NPAs) below 2.5 per cent, successfully implementing Goods and Services Tax (GST), and streamlining single-window clearance for businesses. Shri Shah pointed out the massive infrastructure growth under PM Modi’s leadership, with addition of 60,000 kilometers of highways, building 8 lakh kilometers of rural roads and the number of airports increasing from 74 to 157. He also highlighted the doubling of railway expansion and cargo handling capacity. He asserted that through several new initiatives, India has become founder of several sectors which will decide the global economic direction for the next 25 years.

    Union Home Minister stated that the Investment Summit in Madhya Pradesh is not just a catalyst for the state’s growth but also a significant boost for India’s overall development. He expressed confidence that in the coming years, Madhya Pradesh will emerge as a leading hub for major industries in the country. He emphasized that the state will continue to uphold transparent governance, implement sustainable policies, and foster a proactive administration that works hand in hand with investors and stakeholders.

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