NewzIntel.com

Category: Australia

  • MIL-OSI New Zealand: Speech to India New Zealand Business Council

    Source: NZ Music Month takes to the streets

    Kia ora and good morning, everyone.

    This is a great time to hold a Summit focused on the India-New Zealand relationship. It comes seven weeks after I returned from India following one of New Zealand’s largest ever Prime Ministerial missions.

    I was joined by 40 business representatives, 15 community leaders, three Cabinet Ministers, four MPs, a Kapa Haka group, and a range of senior government officials all laser-focused on our relationship with India. 

    We visited New Delhi and Mumbai for a packed programme that covered every facet of our broad-based relationship with India – political connections, trade and economics, defence and security, people, culture and, of course, cricket. 

    As was the case on my previous visits to India when I was in the private sector with Unilever, I was struck by the remarkable energy, dynamism, and innovation that I encountered. 

    I concluded the mission more convinced than ever that India is a country of enormous consequence for New Zealand and for the world.

    So, I want to spend some time reflecting on the mission and talking about some of the outcomes in three key areas. First, economic opportunities; second, defence and security; and third, in terms of people and culture. 

    I then want to set out what I see as the next steps in the relationship.

    Economic opportunities

    First, I want to talk about the economic opportunities we saw in India, and what we are doing to capitalise on them. 

    I’m sure everyone here is familiar with India’s amazing growth story. The fastest GDP growth rate in the G20, with India on track to become the world’s third-largest economy in the next few years, and the Indian middle class now numbers 445 million. 

    When I met with Prime Minister Modi, I had a chance to discuss with him India’s extraordinary transformation. Over the past decade, 250 million Indians have been lifted out of poverty; the number of airports in India has more than doubled to 157, with many more planned in the coming years; and India’s government estimates that it has built 95,000 kilometres of highway. To put this last one in perspective, that would be enough highway to drive between New Zealand and India eight times.  

    Globally, India is a consequential and influential voice, successfully hosting the G20 in 2023, and a space power, becoming the first country to land a spacecraft on the moon’s South Pole two years ago.

    While in India, I had discussions with business leaders who are running companies doing incredible things. Innovators like Nadir Godrej, responsible for one of India’s biggest, oldest and best-known industrial groups, and Natarajan Chandrasekaran who chairs Tata, a conglomerate with a presence in dozens of countries around the world. It was inspiring to hear of their plans and, importantly, to pitch to them on the value of closer connections with New Zealand.

    For New Zealand, the economic opportunities in India are immense. Despite India’s growth and scale, it still only accounts for 1.5 per cent of our exports. We are working hard to change that. That was why I took so many business leaders with me to India. That’s why we worked so hard while in New Delhi and Mumbai to ensure New Zealand’s primary products, our technology, our education exports and our tourism offering were front and centre.  

    It is Kiwi and Indian businesses, including all of those in this room today, that are the engines of growth, creating new opportunities, lifting trade, and helping transform the relationship between our countries. And for all your ongoing effort and leadership in this regard, I thank you. 

    Part of my Government’s job is to improve the environment in which our great Kiwi businesses operate in their dealings with India. On that front, I am pleased to report that, during the mission to India, the Government made real progress. 

    First and foremost, I was delighted that Todd McClay and his Indian counterpart, Piyush Goyal, announced the launch of negotiations towards a Free Trade Agreement. The launch of negotiations is a breakthrough in the economic relationship between India and New Zealand. 

    Prime Minister Modi and I have instructed our negotiators to work quickly to reach a comprehensive and mutually beneficial agreement, one that promises to play a major role in doubling New Zealand’s exports by value over the next ten years.

    My Government is focused on growing our economy and lifting incomes, and the launch of negotiations presents an opportunity to do exactly that.

    On top of that, 33 MoUs and other commercial outcomes were progressed on the mission, reflecting the growing partnerships between New Zealand and Indian businesses. 

    Among those was an MoU between Air New Zealand and Air India to establish a new codeshare partnership on 16 routes between India, Singapore, Australia and New Zealand. The MoU will also see these two great airlines explore the introduction of a direct service between India and New Zealand by the end of 2028. 

    This is a fantastic opportunity that promises to make it easier to fly between our countries and further boost our tourism and education sectors.

    Defence and security

    But there is so much more to our relationship with India than our economic ties. Which brings me to the second major theme of my visit, defence and security. 

    New Zealand is invested in supporting stability and prosperity in the Indo-Pacific region. 

    In an increasingly multipolar world, India is a major geopolitical power and a significant global and regional security actor.

    Prime Minister Modi and I agreed that our defence forces should build greater strategic trust with one another, including undertaking more exchanges and training together. 

    I was pleased to witness the signing of a new Defence Cooperation Arrangement with India. This arrangement enhances defence dialogue and connections and adds an important new dimension to our strategic engagement.

    One of the reasons why we want to build greater trust is so that we can have candid conversations at challenging times. On 22 April, India suffered a devastating terrorist attack in Jammu and Kashmir. New Zealand condemns terrorism, and we sent our heartfelt condolences to the families of the victims of the attack.

    Since then, we have seen an escalation in tension and military activity. We encourage both India and Pakistan to show restraint at this difficult moment and try to de-escalate the situation.

    The situation in Jammu and Kashmir reminds us that we face an increasingly difficult and uncertain strategic outlook, including in the Indo‑Pacific region that India and New Zealand share.

    While I was in India, I had the great opportunity to share New Zealand’s perspective on the region as the Chief Guest at the Raisina Dialogue, which, as this audience will know, is India’s – and one of the world’s – premier defence and security events. 

    My message at Raisina was simple: There can be no prosperity without security.

    That is why it’s vitally important that New Zealand works closely with India and other partners in support of a region where countries are free to choose their own path free from interference, and where all countries respect foundational rules.  

    People-to-people links

    The third major theme of my mission centred on the links between our people. 

    New Zealand’s Indian community was a key feature of many of my discussions in India, including with Prime Minister Modi. 

    Prime Minister Modi praised New Zealand’s Indian diaspora, referring to it as a “living bridge” between our countries. Prime Minister Modi and I formally recognised the contribution of the diaspora in the joint statement released during my visit. 

    As this audience will be well aware, the 300,000-strong Indian community is the third largest ethnic group in New Zealand. India is our largest source of skilled migrants and our second-largest source of international students. 

    A point I made to Prime Minister Modi was that Kiwi-Indians are on average younger, better educated, and have greater earnings than the general New Zealand population. 

    In short, Indian-Kiwis are making a massive contribution to New Zealand. This is why I chose to take with me to India a senior delegation of community leaders.

    I made sure that my programme in India reflected and respected the deep cultural links between our countries. I paid my respects at a place sacred to many Kiwi-Hindus – the BAPS Swaminarayan Akshardham Temple. And I visited Gurdwara Rakab Ganj Sahib, a place of profound faith and history to Kiwi-Sikhs. 

    Of course, another indispensable element of our partnership with India is cricket. It was very special to visit Wankhede Stadium with Mumbai-born Ajaz Patel, who took the third-best bowling figures in Test history on that ground. 

    But our sporting links go beyond cricket. Prime Minister Modi and I also discussed his plans to diversify and enhance India’s prowess across multiple sports. India is particularly interested in Olympic sports as it looks to bolster Ahmedabad’s bid to host the 2036 Olympic Games. Given our high-performance sports ecosystem and our outstanding record at the Olympics, this is an area where New Zealand is well positioned to work with India.

    I was particularly pleased to witness the signing of a Sports Memorandum of Cooperation between New Zealand and India. This arrangement allows us to develop new ways to collaborate across high-performance sports, and exchange programmes, skills, technology and innovation, research, and people.

    It should boost sports performance in each country and facilitate exchanges in areas such as community sports and health. 

    Cooperation in sports is particularly significant at a time when, next year, New Zealand and India will celebrate 100 years of sporting ties. We look forward to celebrating this milestone, including with a visit by the Indian men’s cricket team in late 2026.

    Next steps for government, business and community

    So, across people, culture, sport, defence and security, trade and economics – my mission to India left the relationship in a stronger position. But there is still a lot of work to do.

    I now want to take a few minutes to reflect on the next steps for this important relationship, and the respective roles of government, business and community. 

    I want to be clear that the mission to India was not the end goal. Rather, it was a springboard to help take our relationship to new heights. We now have an extensive work programme across every facet of the relationship. I will touch on just a couple of examples. 

    First, we have moved quickly to begin negotiations on the Free Trade Agreement, with the first round of talks already having taken place. 

    Second, our Government will be continuing a steady tempo of political-level engagements with our Indian counterparts. There is no substitute for face-to-face relationships with the key decision-makers, which is why I’m so pleased Minister Margherita has joined us today. During my meeting with Prime Minister Modi, I offered to reciprocate his warm and generous hospitality by inviting him to visit New Zealand when his schedule allows.

    Third, to give effect to the various areas of new co-operation, our Government has confirmed that we will need more people on the ground in India. New Zealand will increase our diplomatic footprint in India by more than 60 per cent, underscoring our commitment to the relationship and our ambition to see it grow further.

    The Government will be working hard to maintain the momentum, and continue building a broad, deep, and enduring strategic relationship with India. 

    But our relationship with India is far too important to be left to Government alone. There is a crucial role for two other actors in our society, business and community. 

    Our relationship with India is so significant that I want to see an ‘all of New Zealand’ effort with government, business and community all moving in the same direction. 

    The opportunities presented by India are immense. Many of you are already active in the market and have been for some years. But I want to see more New Zealand exporters building relationships in the market and putting together your own strategies for tapping into India’s enormous potential. 

    The wider Kiwi-Indian community also has a very important role as – in Prime Minister Modi’s words – the “living bridge” between New Zealand and India. 

    We will stay in touch with the senior delegation of community leaders that accompanied me to India. I encourage the Indian community in New Zealand to continue to share with the Government your insights into our relationship with India and ideas for how we can continue moving forward.

    Thank you for the opportunity to speak to you about the vital partnership between New Zealand and India.

    The INZBC have put together an excellent programme for today, featuring a range of speakers who are all committed to bringing New Zealand and India much closer together.

    The bottom line is we are two countries that can and should be doing much more together, and we will.

    Thank you.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: INS SUNAYNA (IOS SAGAR) RETURNS TO KOCHI ON SUCCESSFUL COMPLETION OF MONTH LONG DEPLOYMENT

    Source: Government of India

    INS SUNAYNA (IOS SAGAR) RETURNS TO KOCHI ON SUCCESSFUL COMPLETION OF MONTH LONG DEPLOYMENT

    IOS Sagar – A significant step in reinforcing India’s commitment to Regional Security and Collaborative Maritime Cooperation reflecting the vision of MAHASAGAR

    Sagar Mission reaffirms India’s continued engagement with Maritime Neighbours towards building stronger ties and working towards a safer, more inclusive & secure IOR

    Indian Navy strengthening Maritime Bonds, Capacity Building and Enduring Partnership with IOR Nations

    Posted On: 08 MAY 2025 5:43PM by PIB Delhi

    Indian Navy’s maiden initiative of Indian Ocean Ship Sagar, jointly crewed by personnel from nine IOR Navies, concluded its month long deployment in SW IOR region and returned to Kochi on 08 May 25. Vice Admiral V Srinivas, Flag Officer Commanding-in-Chief, Southern Naval Command congratulated the crew of India and nine friendly foreign countries during the grand reception ceremony held at Naval Base, Kochi. The successful completion of the deployment marks a new chapter in maritime cooperation and underscores India’s commitment to safeguarding collective maritime interests, capacity building and enduring partnership with IOR nations.

    IOS Sagar was flagged off by the Hon’ble Raksha Mantri, Shri Rajnath Singh from Karwar on 05 Apr 25. During the deployment, the ship undertook port calls at Dar-es-Salaam, Nacala, Port Louis, Port Victoria and Male. The key highlights of the mission included joint naval exercises, professional & cultural exchanges and joint EEZ surveillance of key IOR nations – Tanzania, Mozambique, Mauritius & Seychelles. Strengthening regional maritime cooperation between India and African nations, the ship participated in AIKEYME 2025 alongside INS Chennai & INS Kesari, which was jointly hosted by India and Tanzania from 13 – 18 Apr 25. The exercise provided an opportunity for the crew of lOS Sagar to participate in the joint harbour phase and interact with the participating Navies. At Mozambique, a range of collaborative activities and community engagements were held promoting operational synergy and interoperability with the Mozambique Navy.

    Reinforcing the enduring bond between India and Mauritius, the crew of IOS Sagar had fruitful engagement with the Mauritius Police Force and undertook coordinated patrol with the Mauritius Coast Guard. Visit to Port Victoria, Seychelles was marked with cross deck visits, training exchange, joint Yoga sessions and maritime engagement with Seychelles Defence Force. The ship held collaborative maritime security and regional outreach mission at Maldives prior to entering Kochi. This deployment exemplifies Indian Navy’s continued engagement with regional Navies and maritime security stakeholders of IOR nations to train together, exchange best practices and enhance interoperability and mutual understanding.

    It was a unique experience for the 44 international crew of nine partner nations – Comoros, Kenya, Madagascar, Maldives, Mauritius, Mozambique, Seychelles, Sri Lanka and Tanzania who jointly manned the ship alongside Indian Navy crew, truly signifying the motto of ‘One Ocean One Mission’. The journey of IOS Sagar which commenced with the combined harbour and sea training phase at SNC, Kochi in Mar 25 has been truly memorable for all the crew members. The professional and seamless integration of the international crew working together as a well knit and cohesive team truly reflects the spirit of camaraderie and maritime friendship. The mission is a testament to Indian Navy’s commitment as the ‘First Responder’ and ‘Preferred Security Partner’ in IOR towards the Gol’s strategic vision of MAHASAGAR (Mutual and Holistic Advancement for Security Across the Region).

    _____________________________________________________________

    VM/SKS                                                                                                    101/25

    (Release ID: 2127730) Visitor Counter : 2

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: Avoid errors and delays with release authorities

    Source: New places to play in Gungahlin

    We’ve found some common issues with SuperStream release authority lodgments which can result in processing delays and have negative impacts on members.

    • Here are some tips to help you get your lodgments right and ensure successful payments:
    • Lodge a Release authority statement (RAS) within 10 business days of receiving a release authority from us via SuperStream. Make sure your lodgment is accepted within this timeframe to avoid penalties.
    • Don’t overpay or make duplicate payments as this can lead to member refunds and an illegal early access to super. Only release the amount requested in the release authority.
    • If you can’t lodge a RAS or correct a rejected RAS message, contact your software provider to fix any system issues.
    • Send a successful RAS with each payment as without this we can’t allocate payments to the member. Submit a successful RAS, confirmed by a Release authority statement outcome response (RASOR) with the code SUPER.GEN.RLVR.2 to meet your obligation.
    • Make sure you have adequate assurance processes in place to accurately process release authorities.

    If you have issues processing your release authorities, escalate them to us promptly via the super enquiry service. If you have system issues, discuss them with your software provider and give us an estimated time for the fix.

    For more information, please refer to our comprehensive guide Release authorities – problem solving for SuperStream users.

    Looking for the latest news for Super funds? You can stay up to date by visiting our Super funds newsroom and subscribing to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News –

  • MIL-OSI New Zealand: Budget 2025 invests in care system and improving redress for survivors of abuse in state care

    Source: NZ Music Month takes to the streets

    The Government will strengthen the care system and improve redress for survivors in Budget 2025 in response to the Royal Commission of Inquiry into Abuse in Care.
    The Royal Commission of Inquiry into Abuse in Care was conducted over six years and found widespread abuse and neglect across many state and faith-based organisations. The final report made 138 recommendations.
    “We know there is nothing we can do to take away the pain of survivors, but the Government has committed a significant investment of $774 million in Budget 2025 to improve the redress system and strengthen the care system to prevent, identify, and respond to abuse in the future,” says Ms Stanford.
    Improvements to the redress system over this year will include:

    Increasing the average redress payments for new claims from $19,180 to $30,000;
    Providing for higher payments for the survivors who experienced the most egregious abuse;
    Providing “top up” payments of 50% to survivors who have already settled claims to ensure consistency with increased payments for new claims;
    Introducing a common payments framework so that survivors receive the same financial redress for similar experiences of abuse, regardless of where in state care that abuse occurred;
    Increase system capacity to process claims from 1,350 to 2,150 per year from 2027 to reduce wait times for current claimants;
    Implementing a seamless service so that survivors with claims with multiple agencies have those claims managed by one point of contact;
    Introducing a single-entry point for survivors wanting to register new claims;
    Introducing an independent review for people who are unhappy with their redress offer; and
    Funding for redress agencies to provide survivors with access to supports and services.

    “I acknowledge that a key recommendation of both the Royal Commission and the Redress Design Group was for a new independent redress entity. 
    “The Government was faced with a difficult choice: do we spend more time and money on setting up a new scheme, or do we provide more to survivors now through the current redress process?
    “For Budget 25 we have prioritised improving the current system as quickly as possible for survivors and investing in changes that have a direct impact for them,” Ms Stanford says.
    Investments in the wider care system over the next four years include: 
    ·      Up to $71.5 million to build a capable and safe care workforce for children and vulnerable adults;
    ·      Over $50 million to make mental health inpatient units safer and improve privacy and dignity for patients;
    ·      $25 million towards funding initiatives with evidence of an ability to prevent the entry of children and vulnerable adults into care;  
    ·      $16 million for Oranga Tamariki for improvements to safeguarding to reduce abuse and harm to children and young people in remand homes and in the care of individual caregivers;
    ·      $9.4 million to bolster oversight of compulsory mental health and addiction care by increasing the capacity, expertise, and availability of independent statutory roles including District Inspectors and Review Tribunals; and
    ·      Almost $9 million for Disability Support Services to strengthen processes that recognise and respond to instances of abuse in care, by introducing additional audits on the quality of services delivered by contracted care providers and improving the systems that support the management of critical incidents and complaints.
    There is also funding for the continuation of the Survivor Experiences Service who provide an important survivor-led service, better record keeping and access to records, and for an independent review of the changes to the redress system in 2027. 
    Cabinet has also decided that for new claims from survivors who are also serious sexual and/or violent offenders who have been sentenced to five years or more in prison a new process will apply. Modelled on similar approaches in Australia and Scotland, this will involve an independent decision maker who will need to assure themselves that a redress payment would not bring the scheme into disrepute. Legislation establishing this will be introduced later this year. 
    The Government will also establish a Ministerial Advisory Group of survivors and advocates in the coming months to provide relevant Ministers with advice on the Government’s response, including implementation of these changes and the next phase of the wider response. 
    Redress decisions, at this point, do not include claims that currently sit with school boards, faith-based organisations, or other non-state providers. The Government will be receiving further advice on this later this year. 
    “The wider work on the Crown response to the Royal Commission’s recommendations continues to be a priority. I expect to release our full response plan in the coming weeks,” Ms Stanford says.Note to editors: 

    On average, previous payments from the Ministry of Health were significantly lower than other agencies for similar types of abuse (excluding the Lake Alice Child and Adolescent Unit). “Top up” payments to these previous claimants will also account for this disparity.
    Survivors with a settled claim can register for a top-up payment from today. To register visit: www.abuseincaretopups.govt.nz  

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Call for witnesses – Serious harm – Rapid Creek

    Source: Northern Territory Police and Fire Services

    Detectives from the Crime Command are calling for information after a woman was located seriously injured on the bike path near the intersection of Holland Place and Rapid Creek Road, yesterday afternoon.

    At approximately 6:10pm,  police received reports of a woman of Aboriginal appearance being found unresponsive on the bike path with injuries consistent with an assault. She was conveyed to Royal Darwin Hospital for treatment and is currently in a stable condition.

    The identity of the alleged offender/offenders remains unknown.

    Detectives are currently investigating and urge anyone who witnessed the incident or has CCTV or dashcam footage to contact police at 131 444 and quote reference P25126294.

    Anonymous reports can also be made through Crime Stoppers by calling 1800 333 000 or reporting online.

    MIL OSI News –

  • MIL-OSI Australia: Fatal Crash – Virginia

    Source: Northern Territory Police and Fire Services

    Detectives from the Major Crash Unit are currently investigating a fatal pedestrian strike in Virginia this morning.

    Around 4am, police received reports that a 43-year-old woman had been struck by a vehicle on the Stuart Highway, around 500 metres north of Virginia Road, Virginia.

    The vehicle stopped at the scene and the woman was declared deceased upon emergency services arrival.

    Both inbound lanes of the Stuart highway have been closed and diversions are currently in place with traffic re-entering the highway at Morgan Road. It is expected diversions will remain in place until midday.

    Anyone with information or dash-cam footage, particularly if you saw a pedestrian in that area this morning, is urged to contact police on 131 444 and quote reference P25126714.

    The lives lost on Territory roads now stands at 10.

    MIL OSI News –

  • MIL-OSI Australia: Arrest – Aggravated assault – Nightcliff

    Source: Northern Territory Police and Fire Services

    Officers from the Territory Safety Division have arrested a male youth in relation to allegations of going armed in public, damaging multiple vehicles and threatening/attempting to assault members of the public.

    At about 2pm yesterday, the youth is alleged to have approached the first victim on the corner of Progress Drive and Boetdoemba street, threatened to punch her before attempting to punch her in the head. The victim was forced to take evasive action in order to avoid being struck before running from the offender. Shortly after this incident the offender allegedly armed himself with a metal pole and a glass bottle before walking along Progress Drive towards Bagot Road. The offender then allegedly threw the pole at a vehicle,  causing damage and frightening the occupants, before rearming himself with the pole and continuing  to walk along Progress Drive. The offender allegedly approached one of the stationary vehicles containing a female and two young children and threatened them by raising the metal pole up and motioning as though he was going to smash the windscreen of the vehicle. The actions of the offender terrified the female and children inside the vehicle.

    The youth continued  with this behaviour damaging further vehicles driving through the area by allegedly throwing a bottle at one and striking another vehicle multiple times with the metal pole.

    Officers from the Territory Safety Division responded to the incident, locating the offender walking along Progress Drive armed with two metal poles. The offender was subsequently arrested by police. 

    The youth, aged 15, was charged with:

    • 3 x Aggravated Assault
    • 2 x Damage to Property
    • 1 x Endanger Occupants of Vehicle
    • 1 x Going Armed in Public

    He was remanded to appear in court today.

    Acting Superintendent of the Territory Safety Division Alex Noonan said “This type of offending is unacceptable and members of the community should not be subjected to this level of violence and senseless destruction. The quick and decisive action of the officers involved is to be commended and prevented further escalation.”

    “This is still an active investigation and anyone with information or dashcam footage of this incident is urged to make contact on 131 444. Please quote reference NTP2500047620. You can also report anonymously through Crime Stoppers on 1800 333 000.”

    MIL OSI News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – PLYA, AZEK, TURN, ICAD

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Playa Hotels & Resorts N.V. (NASDAQ: PLYA), relating to the proposed merger with Hyatt Hotels Corporation. Under the terms of the agreement, Hyatt will acquire all outstanding shares of Playa for $13.50 per share in cash.

    ACT NOW. The Tender Offer expires on May 23, 2025.

    Click here for more https://monteverdelaw.com/case/playa-hotels-resorts-n-v-plya/ It is free and there is no cost or obligation to you.

    • The AZEK Company Inc. (NYSE: AZEK), relating to the proposed merger with James Hardie Industries plc. Under the terms of the agreement, AZEK shareholders will receive $26.45 in cash and 1.0340 ordinary shares of James Hardie per share of AZEK common stock owned.

    Click here for more https://monteverdelaw.com/case/the-azek-company-inc-azek/. It is free and there is no cost or obligation to you.

    • 180 Degree Capital Corp. (NASDAQ: TURN), relating to the proposed merger with Mount Logan Capital Inc. Under the terms of the agreement, the estimated post-merger shareholder ownership would be approximately 40% for current 180 Degree Capital shareholders.

    Click here for more https://monteverdelaw.com/case/180-degree-capital-corp-turn/. It is free and there is no cost or obligation to you.

    • iCAD, Inc. (NASDAQ: ICAD), relating to the proposed merger with RadNet, Inc. Under the terms of the agreement, iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock held at the closing of the merger.

    Click here for more https://monteverdelaw.com/case/icad-inc-icad/. It is free and there is no cost or obligation to you.

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    The MIL Network –

  • MIL-OSI Australia: Denman Marine Voyage returns after critical research voyage to glacier

    Source: Australian Criminal Intelligence Commission

    After years of planning, and two months near the Shackleton Ice Shelf, the Denman Marine Voyage has returned to Hobart with enough data and samples on board to keep scientists busy for years to come.

    The DMV was RSV Nuyina’s first dedicated marine science voyage. It was also the first opportunity scientists working with the Australian Antarctic Program have had to study the waters around the Denman Glacier tongue.
    The Denman Glacier is one of the largest but least-studied glaciers in East Antarctica and it is melting at a rapid rate. It holds enough ice to increase global sea levels by 1.5 metres if it melts completely.
    “The Denman Marine Voyage seeks to fill a big hole in our understanding by collecting, for the first time, observations from the ocean next to one of the fastest retreating glaciers in East Antarctica,” Dr Laura Herraiz Borreguero, from CSIRO and the Australian Antarctic Program Partnership, said.
    “We want to find out how vulnerable the Denman is to the warming ocean and the likelihood of it making a larger and faster contribution to sea level rise in the next few decades.“
    The voyage was a collaborative effort involving 60 scientists from the Australian Centre for Excellence in Antarctic Science (ACEAS), the Australian Antarctic Program Partnership (AAPP), Securing Antarctica’s Environmental Future (SAEF) and the Australian Antarctic Division (AAD).
    Science teams used many of RSV Nuyina’s 150 marine science systems to investigate the physical and chemical oceanography of the region, its biodiversity, geology and cloud forming processes.
    Professor Jan Strugnell’s SAEF team used the ship’s beam trawl to investigate marine biodiversity around the Shackleton Ice Shelf. 
    “We’re interested in understanding the connectivity and diversity of marine life, particularly the marine life that lives on the seafloor around Antarctica,” Professor Strugnell said.
    “We’re interested in understanding how different regions are connected, about source and sink populations, and the evolution of animals in this region. This information can be used to inform marine protected areas and conservation concerns.”
    A more detailed look at SAEF’s project work on the DMV can be found here.

    “They’re going to improve our models and develop our understanding of climate change”
    It was the first time working at sea for many in the science teams. It was also the first time many of the ship’s marine science systems were deployed in the setting they were designed for.
    “We knew Nuyina was an exceptionally capable vessel but to be able to put it to the test on this voyage and see it achieve and perform as well as it has, has been really gratifying,” Dr Stringer said.
    Scientists will now take their samples back to the lab, where they’ll be analysed and written about for years to come.
    Findings from the Denman Marine Voyage will complement those from the earlier Denman Terrestrial Campaign, which based scientists near the glacier’s inland reaches for two summers.
    Dr Stringer said: “Together, they’re going to improve our models and develop our understanding of climate change and the affect it’s going to have on biodiversity in our region.”  
    For many on board, the science work was just one part of the experience.
    “I think my favourite part of the voyage was seeing the community coming together,” Professor Lannuzel said.
    “It didn’t matter which discipline or program you came from, everyone was united under one banner, and I think for me that was the highlight of the voyage.”
    A full wrap of the Denman Marine Voyage can be found here. 

    A range of intriguing marine creatures, including this clio pyramidata – a type of sea snail – were captured using the ship’s wet well Photo: Pete Harmsen

    This content was last updated 9 hours ago on 9 May 2025.

    MIL OSI News –

  • MIL-OSI Australia: Arcadia Fire Brigade celebrates 90 years of service

    Source:

    Arcadia Fire Brigade recently celebrated its 90th year of service to the community at the community centre/fire station complex in Arcadia.

    Brigade Captain Ray McManus welcomed 80 guests, including past residents and former brigade members, who joined with current members, their families and community supporters to share memories and celebrate the occasion. 

    Arcadia is a rural community about halfway between Shepparton and Murchison.

    Brigade member of 10 years, John Gribben, presented a history of the brigade since its inception in 1935, when it was known as Arcadia Rural Fire Brigade. John expanded his narrative to tell some of the stories of the disastrous Longwood bushfire of 1965.

    Fortunately, this fire which started just south of the Arcadia area did not impact immediate farmland. The brigade’s major vehicle at this time was a farmer’s truck with a 1,500-litre tank and power pump on the back. Other equipment consisted of knapsacks and fire beaters. 

    The brigade was presented with its first tanker, an Austin Small Town unit, in 1977. This truck was upgraded with a later model Austin in 1983. In 1985, CFA replaced the Austin with a new Hino 3.2 tanker that served the brigade until 1998 when it was replaced with the latest model 2.5 Hino tanker. This is still the main firefighting unit for Arcadia Fire Brigade.

    Commander Rohan Taylor from CFA District 22, congratulated the brigade and its members for service to the local and wider community over this lengthy period.

    Rohan then presented long service awards which included eight medals of Life Membership to CFA.

    “I felt privileged to be a part of this celebration and present brigade members with service awards including CFA Life Membership medals. These awards totalled more than 470 years of combined service, including John Kennedy’s 70-year CFA Life Membership.

    “The day was well organised, and it was fantastic to see not only past and present brigade members there, but also so many community members joining in the celebrations.” 

    Submitted by Julie Wright

    MIL OSI News –

  • MIL-OSI New Zealand: Speech to the India New Zealand Business Council

    Source: NZ Music Month takes to the streets

    Good morning. Namaskar. 

    • The Chair and General Manager of the India New Zealand Business Council
    • Prime Minister Luxon and Minister of State Margherita
    • Indian High Commissioner Bhushan
    • Distinguished Guests
    • Ladies and Gentlemen

    It’s a privilege to be with you today to offer some very brief reflections on the India-New Zealand relationship. 

    These reflections follow detailed speeches by Prime Minister Luxon and Minister of State Margherita. So, we won’t seek to repeat what you have already heard. Rather, we will make just three fundamental and summarising observations.

    Observation one: New Zealand wants closer, stronger relations with India. 

    New Zealand’s Coalition Government has made clear over the past 18 months, through our actions and policies, that we intend to seriously lift our relations with India.

    As Foreign Minister, we have spent much of this Parliamentary term travelling around the world advancing New Zealand’s interests. But our very first visit outside Australia and the Pacific since returning as Foreign Minister was to India.

    This selection of Gujarat and New Delhi as early visit destinations was very deliberate. Our government wanted to send an unambiguous signal to the people and Government of India that New Zealand wishes for our countries to draw ever closer – united by shared interests and a mutual desire to build deeper, mutually beneficial cooperation.

    India’s Foreign Minister, S. Jaishankar, is one of the world’s most impressive and astute statesmen. We have been pleased to work closely with him on this project of drawing our countries closer together. 

    And we are looking forward to meeting this afternoon with Minister of State Margherita, to discuss our building bilateral relationship. 

    This meeting will also provide an opportunity for us to exchange views on the heinous terrorist attack in Kashmir last month, developments between India and Pakistan in the last few days, and New Zealand’s wish to help support a seriously rapid de-escalation of the situation. 

    Observation two: India’s rise over the past generation has been seriously impressive. 

    There are few countries in the world that have been so dramatically transformed over the past 35 years as has India. 

    We have seen hundreds of millions of Indians lifted out of poverty; huge improvements in education, health and life expectancy; and a breathtaking economic expansion. 

    And all of this has been achieved while maintaining India’s proud democratic tradition of settling the inevitable differences that emerge in a country of such immense scale and diversity at the ballot box.

    When in Delhi last year, we visited the new Indian Parliament – whose carpets feature New Zealand wool – and got a first-hand sense of the scale and magnificence of Indian democracy. 

    India’s rise has been a force for good in our region and for our world. 

    Observation three: New Zealand wants a broad-based relationship with India, as the Prime Minister said. 

    We want to draw closer with India not in one domain, but in many domains. 

    New Zealand and India are two of the world’s great, long-standing democracies – and we have a shared objective of an open, free, democratic and peaceful Indo-Pacific region. To achieve that, we need to be cooperating in as many areas as possible. 

    We need to be working across the Indo-Pacific, including with Pacific Island countries.

    We need to be helping to manage our increasingly contested and disordered strategic environment via more regular, intensive high-level dialogue. 

    We need to be addressing shared security and defence challenges, by embedding deeper engagement in these areas. 

    And the Prime Minister is right.  We will be seriously boosting our diplomatic presence in India. We should have done so 40 years ago. 

    We need to be pursuing shared trade and economic opportunities, including in tourism and education. 

    And we need to be making the most of our intensifying people, sporting and cultural connections. 

    This audience will know well that, through the painstaking work of the governments, peoples and indeed businesses of India and New Zealand, a great foundation has been laid over the past 18 months. 

    There is so much potential in the relationship between New Zealand and India. Given the serious progress our two countries have made in the last 18 months, now is the time to work to realise that potential. 

    Thank you, and best of luck for the remaining conversations at this event today. 

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Arrest after stolen vehicle located in Elizabeth Vale

    Source: New South Wales – News

    Man arrested in Elizabeth Vale after fleeing in a stolen car.

    About 12.30am this morning Friday 9 May, police observed a stolen car travelling on Henley Beach Road, Mile End.

    The Honda sedan took off from patrols and was last seen in the back streets of Mile End.

    Police sighted the car a short time later travelling on South Road towards the Port River Expressway.

    With the assistance of PolAir and Dog Operations Unit the car was tracked to Main North Road where it was successfully spiked at the intersection of Park Terrace, Salisbury.

    The car was dumped and three people were seen running from the car into nearby backstreets.

    With the continued assistance of PolAir and Dog Operations PD Arlo located a 22-year-old man from Solomon Town nearby on Chaddenwick Road where he was arrested. He has been charged with unlawful possession and his bail has been refused and he will appear in the Elizabeth Magistrates Court later today.

    Police conducted a search of the area and were unable to locate the following two suspects.

    Police conducted vehicle checks on the Honda which showed that it had been stolen from a Brompton home last month.

    Police ask anyone who may have CCTV or dash cam footage which may assist in the investigation to contact Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI: NuVista Energy Ltd. Announces Strong First Quarter 2025 Results and Significant Progress on Our Shareholder Return Strategy

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — NuVista Energy Ltd. (“NuVista” or the “Company“) (TSX: NVA) is pleased to announce strong financial and operating results for the three months ended March 31, 2025, and to provide an update on our operational performance. Our high-quality asset base continues to deliver strong returns across commodity price cycles, supported by the consistent achievement of new production milestones. We made significant progress on our NCIB to return capital to shareholders and further enhanced our financial strength by successfully amending and renewing our three-year covenant-based credit facility. Having completed a strong first quarter, we are pleased to reaffirm our annual capital and production guidance.  

    Operational and Financial Highlights

    During the first quarter ended March 31, 2025, NuVista:

    • Achieved our highest-ever quarterly average production of 89,516 Boe/d, surpassing our guidance range of 87,000 – 88,000 Boe/d and representing a 12% increase in production compared to the first quarter of 2024. The production composition for the first quarter was 28% condensate(1), 10% NGLs and 62% natural gas;
    • Executed a net capital expenditure(3) program of $153.4 million, resulting in the drilling and completion of 9 and 24 wells, respectively;
    • Generated adjusted funds flow(2) of $191.9 million ($0.94/share, basic(4)), reflecting a 42% increase compared to the first quarter of 2024;
    • Realized free adjusted funds flow(3) of $35.0 million ($0.17/share, basic(4));
    • Delivered a strong operating netback(5) at $28.41/Boe and a corporate netback(5) at $23.84/Boe, reflecting increases of 30% and 28%, respectively, compared to the first quarter of 2024;
    • Repurchased and cancelled 3.6 million common shares, at an average price of $12.86 per common share, for a total cost of $45.8 million. Since the inception of the Company’s normal course issuer bid (“NCIB”) in 2022, we have repurchased and cancelled 40.5 million common shares for an aggregate cost of $487.3 million or $12.04 per share;
    • Strengthened our financial position through the amendment and renewal of our three-year covenant-based credit facility, increasing the facility size to $550 million and extending its maturity by one year to May 8, 2028;
    • Exited the period with $2.7 million of available cash and net debt(2) of $267.6 million, maintaining a favorable net debt to annualized first quarter adjusted funds flow(2) ratio of 0.3x; and
    • Achieved net earnings of $112.2 million ($0.55/share, basic), reflecting a 214% increase compared to the first quarter of 2024;

    Notes:

    (1) Natural gas liquids are defined by National Instrument 51-101 –Standards of Disclosure for Oil and Gas Activities to include ethane, butane, propane, pentanes plus and condensate. Unless explicitly stated in this press release, references to “NGL” refers only to ethane, butane and propane and references to “condensate” refers to only to condensate and pentanes plus. NuVista has disclosed condensate and pentanes plus values separately from ethane, butane and propane values as NuVista believes it provides a more accurate description of NuVista’s operations and results therefrom.
    (2) Each of “adjusted funds flow”, “net debt” and “net debt to annualized first quarter adjusted funds flow” are capital management measures. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
    (3) Each of “free adjusted funds flow” and “net capital expenditures” are non-GAAP financial measures that do not have any standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
    (4) Each of “adjusted funds flow per share” and “free adjusted funds flow per share” are supplementary financial measures. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
    (5) Each of “operating netback” and “corporate netback” are non-GAAP ratios that do not have any standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled “Specified Financial Measures” in this press release.
       

    Operations Update

    Operations during the first three months of 2025 have progressed well. We have reached new corporate production milestones facilitated by the consistent utilization of our two drilling rigs and established completions crew.

    Notable operational achievements in the first quarter ended March 31, 2025, included:

    • Sustaining production above 90,000 Boe/d for the month of March, which exhibits our productive capability prior to our planned expansions coming on-stream later in the second quarter of 2025;
    • Drilling a 4-well Lower and Mid-Montney co-developed pad in Gold Creek, which is slated to come on-stream early in the third quarter of 2025. This pad offsets a 6-well co-developed pad, that in its first year produced an average of 1,250 Boe/d per well (50% condensate), which is 45% above the Gold Creek historical average;
    • Completing and bringing a 5-well pad in Elmworth online early in the second quarter of 2025. Notably, execution performance on this pad continued to set new benchmarks for the area. These improvements have resulted in average drilling and completion costs per well on the pad coming in 17% below the offsetting pad, which was executed in 2024. Production from this pad will be an important datapoint as development moves toward the higher condensate weighted portion of Elmworth;
    • Bringing a 5-well pad in Bilbo online in January, which targeted three benches, including the Lower Montney. The pad has reached its IP60 milestone producing on average 1,580 Boe/d per well, including 46% condensate. Importantly, the Lower Montney exceeded the IP60 average, producing 1,850 Boe/d and over 50% condensate; and
    • Completing a 14-well pad and commencing the drilling of an additional 8-well pad in Pipestone. These wells will underpin our growth into the newly expanded Pipestone infrastructure beginning later in the second quarter.

    Return of Capital to Shareholders and Balance Sheet Strength

    NuVista’s approach to capital allocation remains unchanged, maintaining a clear focus on the compounding benefits of absolute growth and reducing outstanding shares to deliver industry-leading total returns. We intend to allocate a minimum of $100 million in 2025, to the repurchase of the Company’s common shares under our NCIB and will allocate at least 75% of any incremental annual free adjusted funds flow above $100 million towards additional share repurchases.

    Given our strong operational and financial performance year-to-date, and based on our current commodity outlook at US$60/Bbl WTI and US$3.50/MMBtu NYMEX, we expect to generate over $200 million in free adjusted funds flow in 2025, positioning us to materially exceed our minimum threshold for the year.

    We remain focused on our disciplined and value-adding growth strategy, and providing significant shareholder returns. We continue to view share repurchases as the most effective initial method of returning capital to shareholders and will reassess this approach as our growth plan progresses.

    As at March 31, 2025, we maintained a strong financial position with $2.7 million in cash and no amounts drawn on our covenant-based credit facility, resulting in net debt of $267.6 million. This remains well below our net debt soft ceiling of $350 million, reinforcing our ability to keep net debt to adjusted funds flow at or below 1.0x, even in a stress case of US$45/Bbl WTI and US$2.00/MMBtu NYMEX. For the first quarter, our net debt to annualized adjusted funds flow was 0.3x.

    Further strengthening our financial position, on May 8, 2025, we renewed and amended our three-year, covenant-based credit facility, increasing its facility size by $100 million from $450 million to $550 million and extending the maturity by one year to May 8, 2028.

    Board Retirement Update

    After 22 years of leadership at NuVista, Mr. Ronald (Ron) Poelzer has decided to retire from our Board, and as such, will not be standing for re-election at this year’s annual shareholders’ meeting. Ron has been a distinguished leader and steadfast advocate for the oil and gas industry, leaving a lasting legacy through the many individuals he has worked with and mentored. As a co-founder of NuVista, he has played a vital role on our board and has been instrumental in shaping NuVista into the strong industry player we are today. His strategic insight, vision, and leadership have helped guide our growth and position us for long-term success.

    The Board of Directors, management team, and all of us at NuVista extend our deepest gratitude to Ron for his invaluable contributions since the Company’s inception in 2003, and we thank him for his long and impactful service while wishing him and his family continued success and happiness in retirement.

    2025 Guidance Update

    Production thus far in 2025 has continued to perform well, with NuVista exceeding first quarter guidance. As previously communicated, the majority of our 2025 growth will come from the Pipestone area with the start-up of a third-party gas plant (“Pipestone Plant”), which is expected to be online late in the second quarter of 2025. Additionally, our annual guidance reflects the planned 4-year turnaround operations that are scheduled to impact production from our Pipestone South, Gold Creek and Elmworth operations during June and July. As such, our second quarter production guidance is 75,000 – 77,000 Boe/d. Subsequent to the planned turnaround and commissioning of the Pipestone Plant, the infrastructure will be in place to support production of approximately 100,000 Boe/d in the fourth quarter of 2025. We reiterate our annual production guidance of approximately 90,000 Boe/d.

    Further we reaffirm our annual net capital expenditure guidance target of approximately $450 million, which will allow us to continue to prioritize at least a triple-digit return of capital to shareholders through the repurchase of our outstanding common shares. However, given recent volatility we continue to monitor the macro environment with a focus on prioritizing economics and returns, as such, if commodity prices continue to weaken and persist, we have the flexibility to adjust our capital program to maximize shareholder returns and preserve our growth economics for a more robust price environment.

    Please note that our updated corporate presentation will be available at www.nuvistaenergy.com on May 8, 2025. NuVista’s management’s discussion and analysis, condensed consolidated interim financial statements for the three months ended March 31, 2025 and notes thereto, will be filed on SEDAR+ (www.sedarplus.ca) on May 8, 2024 and can also be obtained at www.nuvistaenergy.com.

    FINANCIAL AND OPERATING HIGHLIGHTS      
      Three months ended March 31  
    ($ thousands, except otherwise stated) 2025   2024   % Change  
    FINANCIAL      
    Petroleum and natural gas revenues 371,405   309,024   20  
    Cash provided by operating activities 232,663   147,893   57  
    Adjusted funds flow (3) 191,886   135,413   42  
    Per share, basic (6) 0.94   0.65   45  
    Per share, diluted (6) 0.94   0.64   47  
    Net earnings 112,152   35,769   214  
    Per share, basic 0.55   0.17   224  
    Per share, diluted 0.55   0.17   224  
    Total assets 3,579,218   3,134,976   14  
    Net capital expenditures (1) 153,411   187,856   (18 )
    Net debt (3) 267,568   261,171   2  
    OPERATING      
    Daily Production      
    Natural gas (MMcf/d) 334.8   292.8   14  
    Condensate (Bbls/d) 25,178   24,220   4  
    NGLs (Bbls/d) 8,542   7,022   22  
    Total (Boe/d) 89,516   80,042   12  
    Condensate & NGLs weighting 38%   39%    
    Condensate weighting 28%   30%    
    Average realized selling prices (5)      
    Natural gas ($/Mcf) 3.91   3.08   27  
    Condensate ($/Bbl) 98.17   95.10   3  
    NGLs ($/Bbl) (4) 40.53   27.23   49  
    Netbacks ($/Boe)      
    Petroleum and natural gas revenues 46.10   42.43   9  
    Realized gain (loss) on financial derivatives 2.18   (0.18 ) (1,311 )
    Other income 0.01   0.05   (80 )
    Royalties (3.89 ) (4.47 ) (13 )
    Transportation expense (4.75 ) (4.47 ) 6  
    Net operating expense (2) (11.24 ) (11.51 ) (2 )
    Operating netback (2) 28.41   21.85   30  
    Corporate netback (2) 23.84   18.58   28  
    SHARE TRADING STATISTICS      
    High ($/share) 14.51   12.11   20  
    Low ($/share) 10.61   9.59   11  
    Close ($/share) 13.60   11.88   14  
    Common shares outstanding (thousands of shares) 200,664   206,332   (3 )

    Notes:

    (1) Non-GAAP financial measure that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled“Specified Financial Measures”.
    (2) Non-GAAP ratio that does not have any standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other companies where similar terminology is used. Reference should be made to the section entitled“Specified Financial Measures”.
    (3) Capital management measure. Reference should be made to the section entitled“Specified Financial Measures”.
    (4) Natural gas liquids (“NGLs”) includes butane, propane and ethane revenue and sales volumes, and sulphur revenue.
    (5) Product prices exclude realized gains/losses on financial derivatives.
    (6) Supplementary financial measure. Reference should be made to the section entitled“Specified Financial Measures”.
       

    Advisories Regarding Oil and Gas Information

    BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    Any references in this press release to initial production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for NuVista.

    This press release contains certain oil and gas metrics, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate NuVista’s performance; however, such measures are not reliable indicators of NuVista’s future performance and future performance may not compare to NuVista’s performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare NuVista’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be relied upon for investment or other purposes.

    In this press release reference is made to 2025 price outlook in the forecast of annual free adjusted funds flow. The forecast is based on 2025 price assumptions of: US$60/Bbl WTI, US$3.50/MMBtu NYMEX, C$1.95/GJ AECO and 1.38:1 CAD:USD FX.

    Basis of presentation

    Unless otherwise noted, the financial data presented in this press release has been prepared in accordance with Canadian generally accepted accounting principles (“GAAP”) also known as International Financial Reporting Standards (“IFRS”).

    Natural gas liquids are defined by National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities” to include ethane, butane, propane, pentanes plus and condensate. Unless explicitly stated in this press release, references to “NGL” refers only to ethane, butane and propane and references to “condensate” refers to only to condensate and pentanes plus. NuVista has disclosed condensate and pentanes plus values separately from ethane, butane and propane values as NuVista believes it provides a more accurate description of NuVista’s operations and results therefrom.

    Production split for Boe/d amounts referenced in the press release are as follows:

    Reference Total Boe/d Natural Gas
    %    		 Condensate
    %    		 NGLs
    %
             
    Q1 2025 production – actual 89,516 62 % 28 % 10 %
    Q1 2025 production – guidance 87,000 – 88,000 63 % 28 % 9 %
    Q2 2025 production – guidance 75,000 – 77,000 62 % 29 % 9 %
    2025 annual production guidance ~90,000 61 % 30 % 9 %

    Advisory regarding forward-looking information and statements

    This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “will”, “expects”, “believe”, “plans”, “potential” and similar expressions are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements, including but not limited to:

    • that the amendment and renewal of our three-year covenant-based credit facility will strengthen our financial position;
    • our expectation that a 4-well Lower and Mid-Montney co-development pad in Gold Creek will be brought on-stream in the second quarter;
    • our expectation that an 8-well pad in Pipestone will be brought on-steam late in the third quarter and the anticipated benefits therefrom;
    • our expectations regarding production from the 5-well pad in Elmworth and the anticipated benefits therefrom;
    • our expectation that we will generate $200 million in free adjusted funds flow in 2025;
    • our intention to allocate $100 million to repurchase our common shares in 2025, with at least 75% of any incremental free adjusted funds flow also allocated to the repurchase of our common share pursuant to our NCIB;
    • our expectation that we will have fulfilled the $100 million repurchase commitment to shareholders in the first half of the year;
    • that our soft ceiling net debt will allow our current production levels to be sustainable and maintain an adjusted funds flow ratio below 1.0x in a stress test price environment of US$45/Bbl WTI and US$2.00/MMBtu NYMEX;
    • NuVista’s ability to continue directing free adjusted funds flow towards a prudent balance of return of capital to shareholders and debt reduction, while investing in high return growth projects;
    • the anticipated allocation of free adjusted funds flow;
    • guidance with respect to second quarter 2025 production and production mix;
    • the expected timing of start-up of the Pipestone Plant and the anticipated benefits thereof;
    • our expectations that following the planned turnaround and commissioning of the Pipestone Plant, the infrastructure will be in place to support production of approximately 100,000 Boe/d in the fourth quarter of 2025;
    • our 2025 full year production, full year production mix and net capital expenditures guidance ranges;
    • our plan to continue to maintain an efficient drilling program by employing 2-drill-rig execution;
    • our future focus, strategy, plans, opportunities and operations; and
    • other such similar statements.

    The future acquisition of our common shares pursuant to a share buyback (including through our normal course issuer bid), if any, and the level thereof is uncertain. Any decision to acquire common shares pursuant to a share buyback will be subject to the discretion of the Board of Directors and may depend on a variety of factors, including, without limitation, the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. There can be no assurance of the number of common shares that the Company will acquire pursuant to a share buyback, if any, in the future.

    By their nature, forward-looking statements are based upon certain assumptions and are subject to numerous risks and uncertainties, some of which are beyond NuVista’s control, including the impact of general economic conditions, industry conditions, current and future commodity prices and inflation rates; that (i) the tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased, or new tariffs are imposed, including on oil and natural gas, (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas, and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to financing; the impact of ongoing global events, including Middle East and European tensions, with respect to commodity prices, currency and interest rates, anticipated production rates, borrowing, operating and other costs and adjusted funds flow; the timing, allocation and amount of net capital expenditures and the results therefrom; anticipated reserves and the imprecision of reserve estimates; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted net capital expenditures in carrying out planned activities; access to infrastructure and markets; competition from other industry participants; availability of qualified personnel or services and drilling and related equipment; stock market volatility; effects of regulation by governmental agencies including changes in environmental regulations, tax laws and royalties; the ability to access sufficient capital from internal sources and bank and equity markets; that we will be able to execute our 2025 drilling plans as expected; our ability to carry out our 2025 production and capital guidance as expected, and by extension the oil and gas industry; and including, without limitation, those risks considered under “Risk Factors” in our Annual Information Form.

    Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the forward-looking statements in this press release in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    This press release also contains financial outlook and future oriented financial information (together, “FOFI”) relating to NuVista including, without limitation, net capital expenditures in 2025, production and free adjusted funds flow which are based on, among other things, the various assumptions disclosed in this press release including under “Advisory regarding forward-looking information and statements” and including assumptions regarding benchmark pricing as it relates to the 2025 capital allocation framework. Notwithstanding the foregoing, the FOFI contained in this press release does not include the potential impact of tariff or trade-related regulation that have been announced by the U.S. and Canada, including the tariffs imposed by the U.S. on Canada effective March 4, 2025. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and the impact of the tariffs on NuVista’s business operations and financial condition, while currently unknown, may be material and adverse and, as such, undue reliance should not be placed on FOFI. NuVista’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits NuVista will derive therefrom. NuVista has included the FOFI in order to provide readers with a more complete perspective on NuVista’s future operations and such information may not be appropriate for other purposes.

    These forward-looking statements and FOFI are made as of the date of this press release and NuVista disclaims any intent or obligation to update any forward-looking statements and FOFI, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities law.

    Specified Financial Measures

    This press release uses various specified financial measures (as such terms are defined in National Instrument 52-112 – Non-GAAP Disclosure and Other Financial Measures Disclosure (“NI 51-112”)) including “non-GAAP financial measures”, “non-GAAP ratios”, “capital management measures” and “supplementary financial measures” (as such terms are defined in NI 51-112), which are described in further detail below. Management believes that the presentation of these non-GAAP measures provides useful information to investors and shareholders as the measures provide increased transparency and the ability to better analyze performance against prior periods on a comparable basis.

    (1)   Non-GAAP financial measures

    NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation.

    These non-GAAP financial measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of NuVista’s performance. Set forth below are descriptions of the non-GAAP financial measures used in this press release.

    • Free adjusted funds flow

    Free adjusted funds flow is adjusted funds flow less net capital expenditures, power generation expenditures, and asset retirement expenditures. Each of the components of free adjusted funds flow are non-GAAP financial measures. Please refer to disclosures under the headings “Capital management measures” and “Net capital expenditures” for a description of each component of free adjusted funds flow. Management uses free adjusted funds flow as a measure of the efficiency and liquidity of its business, measuring its funds available for additional capital allocation to manage debt levels and return capital to shareholders through its NCIB program and/or dividend payments. By removing the impact of current period net capital and asset retirement expenditures, management believes this measure provides an indication of the funds NuVista has available for future capital allocation decisions.

    The following table sets out our free adjusted funds flow compared to the most directly comparable GAAP measure of cash provided by operating activities less cash used in investing activities for the applicable periods:

      Three months ended March 31  
    ($ thousands) 2025   2024  
    Cash provided by operating activities 232,663   147,893  
    Cash used in investing activities (178,028 ) (166,027 )
    Excess cash provided by operating activities over cash used in investing activities 54,635   (18,134 )
         
    Adjusted funds flow 191,886   135,413  
    Net capital expenditures (153,411 ) (187,856 )
    Power generation expenditures —   (1,680 )
    Asset retirement expenditures (3,480 ) (6,450 )
    Free adjusted funds flow 34,995   (60,573 )
    • Net Capital expenditures

    Net capital expenditures are equal to cash used in investing activities, excluding changes in non-cash working capital, other asset expenditures, and power generation expenditures. The Company includes funds used for property acquisitions or proceeds from property dispositions within net capital expenditures as these transactions are part of its development plans. NuVista considers net capital expenditures to represent its organic capital program inclusive of capital spending for acquisition and disposition proposes and a useful measure of cash flow used for capital reinvestment. There were no differences between capital expenditures and net capital expenditures for the three months ended March 31, 2025, and March 31, 2024, as NuVista did not complete any property acquisitions or dispositions during these periods.

    The following table provides a reconciliation between the non-GAAP measure of net capital expenditures to the most directly comparable GAAP measure of cash used in investing activities for the applicable periods:

      Three months ended March 31  
    ($ thousands) 2025   2024  
    Cash used in investing activities (178,028 ) (166,027 )
    Changes in non-cash working capital (398 ) (23,509 )
    Other asset expenditures 25,015   —  
    Power generation expenditures —   1,680  
    Net capital expenditures (153,411 ) (187,856 )

    The following table provides a breakdown of net capital expenditures and power generation expenditures by category for the applicable periods:

      Three months ended March 31
    ($ thousands, except % amounts) 2025 % of total 2024 % of total
    Land and retention costs — — 964 —
    Geological and geophysical 363 — 185 —
    Drilling and completion 131,494 86 128,965 69
    Facilities and equipment 19,720 13 56,101 30
    Corporate and other 1,834 1 1,641 1
    Net capital expenditures 153,411   187,856  
    Power generation expenditures —   1,680  

    (2)   Non-GAAP ratios

    NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. Set forth below is a description of the non-GAAP ratios used in this MD&A.

    These non-GAAP ratios are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar measures presented by other companies where similar terminology is used. Investors are cautioned that these ratios should not be construed as alternatives to or more meaningful than the most directly comparable IFRS Accounting Standards measures as indicators of NuVista’s performance.

    Per Boe disclosures for petroleum and natural gas revenues, realized gains/losses on financial derivatives, royalties, transportation expense, G&A expense, financing costs, and DD&A expense are non-GAAP ratios that are calculated by dividing each of these respective GAAP measures by NuVista’s total production volumes for the period.

    Non-GAAP ratios presented on a “per Boe” basis may also be considered to be supplementary financial measures (as such term is defined in NI 51-112).

    • Operating netback and corporate netback (“netbacks”), per Boe NuVista calculated netbacks per Boe by dividing the netbacks by total production volumes sold in the period. Each of operating netback and corporate netback are non-GAAP financial measures. Operating netback is calculated as petroleum and natural gas revenues, realized financial derivative gains/losses and other income, less royalties, transportation expense and net operating expense. Corporate netback is operating netback less general and administrative expense, cash share-based compensation expense (recovery), financing costs excluding accretion expense, and current income tax expense (recovery).

      Management believes both operating and corporate netbacks are key industry benchmarks and measures of operating performance for NuVista that assists management and investors in assessing NuVista’s profitability, and are commonly used by other petroleum and natural gas producers. The measurement on a Boe basis assists management and investors with evaluating NuVista’s operating performance on a comparable basis.

    • Net operating expense, per BoeNuVista calculated net operating expense per Boe by dividing net operating expense by NuVista’s production volumes for the period.

      Management believes that net operating expense, calculated as gross operating expense less processing income and other recoveries, which are included in NuVista’s statements of earnings, is a meaningful measure for investors to understand the net impact of the Company’s operating activities. The measurement on a Boe basis assists management and investors with evaluating NuVista’s operating performance on a comparable basis.

    (3)   Capital management measures

    NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity.

    NuVista has defined net debt, adjusted funds flow, and net debt to annualized fourth quarter adjusted funds flow ratio as capital management measures used by the Company in this press release.

    • Adjusted funds flow

    NuVista considers adjusted funds flow to be a key measure that provides a more comprehensive view of the company’s ability to generate cash flow necessary for financing capital expenditures, meeting asset retirement obligations, and fulfilling its financial commitments. Adjusted funds flow is calculated by adjusting cash flow from operating activities to exclude changes in non-cash working capital and asset retirement expenditures. Management believes these elements are subject to timing variations in collection, payment, and occurrence. By excluding them, management is able to provide a more meaningful performance measure of NuVista’s ongoing operations. Specifically, expenditures on asset retirement obligations may fluctuate depending on the company’s capital programs and the maturity of its operating areas, while environmental remediation recovery is tied to an infrequent incident that management does not expect to recur regularly. The settlement of asset retirement obligations is managed through NuVista’s capital budgeting process, which incorporates the available adjusted funds flow.

    A reconciliation of adjusted funds flow is presented in the following table:

      Three months ended March 31
        2025   2024
    Cash provided by operating activities $ 232,663 $ 147,893
    Asset retirement expenditures   3,480   6,450
    Change in non-cash working capital (44,257) (18,930)
    Adjusted funds flow $ 191,886 $ 135,413

    Net debt is used by management to provide a more comprehensive understanding of NuVista’s capital structure and to assess the company’s liquidity. NuVista calculates net debt by considering cash and cash equivalents, accounts receivable, prepaid expenses, accounts payable and accrued liabilities, long-term debt (the credit facility), senior unsecured notes, and other liabilities. Management uses total market capitalization and the ratio of net debt to annualized adjusted funds flow for the current quarter to analyze balance sheet strength and liquidity.

    The following is a summary of total market capitalization, net debt and net debt to annualized current quarter adjusted funds flow:

      March 31, 2025 December 31, 2024
    Basic common shares outstanding (thousands of shares)   200,664   203,701
    Share price(1) $ 13.60 $ 13.82
    Total market capitalization $ 2,729,030 $ 2,815,148
    Cash and cash equivalents $ (2,677) $ —
    Accounts receivable and other   (135,657)   (132,538)
    Prepaid expenses   (47,985)   (45,584)
    Accounts payable and accrued liabilities   256,804   206,862
    Current portion of other liabilities   16,907   18,351
    Long-term debt   —   5,353
    Senior unsecured notes   163,698   163,258
    Other liabilities   16,478   16,801
    Net debt $ 267,568 $ 232,503
    Annualized current quarter adjusted funds flow $ 767,544 $ 548,236
    Net debt to annualized current quarter adjusted funds flow   0.3   0.4

    (1)  Represents the closing share price on the TSX on the last trading day of the period.

    (4)  Supplementary financial measures

    This press release may contain certain supplementary financial measures. NI 52-112 defines a supplementary financial measure as a financial measure that: (i) is intended to be disclosed on a periodic basis to depict the historical or expected future financial performance, financial position or cash flow of an entity; (ii) is not disclosed in the financial statements of the entity; (iii) is not a non-GAAP financial measure; and (iv) is not a non-GAAP ratio.

    NuVista calculates “adjusted funds flow per share” by dividing adjusted funds flow for a period by the number of weighted average common shares of NuVista for the specified period by dividing operating netback for a period by the number of weighted average common shares of NuVista for the specified period.

    FOR FURTHER INFORMATION CONTACT:
       
    Mike J. Lawford Ivan J. Condic
    President and CEO VP, Finance and CFO
    (403) 538-1936 (403) 538-1945

    The MIL Network –

  • MIL-OSI: Firm Capital Property Trust Reports Q1/2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Firm Capital Property Trust (“FCPT” or the “Trust”), (TSX: FCD.UN) is pleased to report its financial results for the three months ended March 31, 2025.

    PROPERTY PORTFOLIO HIGHLIGHTS
    The portfolio consists of 64 commercial properties with a total gross leasable area (“GLA”) of 2,513,445 square feet, five multi-residential complexes comprised of 599 units and four Manufactured Home Communities comprised of 537 units. The portfolio is well diversified and defensive in terms of geographies and property asset types, with 51% of NOI (43% of asset value) comprised of grocery anchored retail followed by industrial at 25% of NOI (30% of asset value). In addition, the portfolio is well diversified in terms of geographies with 37% of NOI (40% of asset value) comprised of assets located in Ontario, followed by Quebec at 36% of NOI (33% of asset value).

    TENANT DIVERSIFICATION
    The portfolio is well diversified by tenant profile with no tenant currently accounting for more than 12.9% of total net rent. Further, the top 10 tenants are comprised of large national tenants and account for 32.2% of total net rent.

    MANAGEABLE MORTGAGE MATURITY PROFILE GOING INTO 2025 AND 2026
    The Trust was able to refinance or repay in full all 2024 mortgage maturities. Going forward, the Trust has only $13.2 million and $41.9 million or 4.3% and 13.8% of its total outstanding mortgages coming due in 2025 and 2026, respectively. Senior management is currently in active discussions with its lenders regarding the 2025 maturities and does not anticipate any refinancing issues to occur.

    Q1/2025 HIGHLIGHTS

    Key highlights for the three months ended March 31, 2025 are as follows:

    • Adjusted Funds From Operations (“AFFO”) was approximately $4.3 million, a 3% decrease than the same period in 2024;
    • AFFO per Unit for Q1/2025 decreased 2% to $0.117 over Q1/2024.
    • AFFO Payout ratio increased to 111% for Q1/2025 from 108% over the same period in 2024;
    • Net income was approximately $4.4 million, compared to income of $9.9 million recorded for the same period in 2024;
    • $7.82 Net Asset Value (“NAV”) per Unit, a 3% increase from Q1/2024;
    • Net Operating Income (“NOI”) was approximately $9.4 million, a 1.5% increase from the same period in 2024;
    • Same Property NOI increased 1.1% over Q1/2024;
    • Commercial occupancy was 93.4%, Multi-Residential occupancy was 96.1% while Manufactured Homes Communities occupancy was 99.8%;
    • Conservative leverage profile with Debt / Gross Book Value (“GBV”) at 50.8%; and
    • The Trust declared and approved monthly distributions in the amount of $0.04333 per Trust Unit for Unitholders of record on July 31, 2025, August 29, 2025 and September 30, 2025, payable on or about August 15, 2025, September 15, 2025, and October 15, 2025, respectively.

    See chart below for additional information:

        Three Months Ended
        Mar 31, 2025 Mar 31, 2024 Change
    Rental Revenue   $15,533,650   $15,013,173 3%
    NOI – IFRS Basis     9,408,346   9,271,592 1%
    NOI – Cash Basis     9,566,843   9,414,912 2%
    Same-Property NOI     9,376,064   9,269,833 1%
    Net Income (loss)     4,412,482   9,884,839 (55%)
    FFO     4,348,260   4,552,640 (4%)
    AFFO     4,325,706   4,444,140 (3%)
             
    Total Assets     646,292,657   639,407,795 1%
    Total Mortgages     303,520,810   307,886,051 (1%)
    Credit Facility     25,000,000   24,300,000 3%
             
    Unitholders’ Equity     305,992,410   296,777,652 3%
    Units Outstanding (000s)     36,926   36,926 0%
             
    FFO Per Unit   $0.118   $0.123 (4%)
    AFFO Per Unit   $0.117   $0.120 (2%)
    Distributions Per Unit   $0.130   $0.130 0%
             
    FFO Payout Ratio     110%   105% 540 bps
    AFFO Payout Ratio     111%   108% 297 bps
    Wtd. Avg. Int. Rate – Mort. Debt     4.2%   3.9% 30 bps
    Debt to GBV     51%   52% (117) bps
             
    GLA – Commercial, SF     2,513,445   2,545,858 (1%)
    Units – Multi-Res     599   599 0%
    Units – MHCs     537   537 0%
             
    Occupancy – Commercial     93.4%   95.2% (180) bps
    Occupancy – Multi-Res     96.1%   99.1% (300) bps
    Occupancy MHCs     99.8%   100.0% (20) bps
             
    Rent PSF – Retail   $19.01   $18.96 0%
    Rent PSF – Industrial   $9.27   $8.33 11%
    Rent per month – Multi-Res   $1,626   $1,448 12%
    Rent per month – MHCs   $678   $624 9%
                 

    For the complete financial statements, Management’s Discussion & Analysis and supplementary information, please visit www.sedar.com or the Trust’s website at www.firmcapital.com

    DISTRIBUTION REINVESTMENT PLAN & UNIT PURCHASE PLAN
    The Trust has in place a Distribution Reinvestment Plan (“DRIP”) and Unit Purchase Plan (the “UPP”). Under the terms of the DRIP, FCPT’s Unitholders may elect to automatically reinvest all or a portion of their regular monthly distributions in additional Units, without incurring brokerage fees or commissions. Under the terms of the UPP, FCPT’s Unitholders may purchase a minimum of $1,000 of Units per month and maximum purchases of up to $12,000 per annum. Management and trustees have not participated in the DRIP or UPP to date and own or control approximately 10% of the issued and outstanding trust units of the Trust.

    ABOUT FIRM CAPITAL PROPERTY TRUST (TSX : FCD.UN)
    Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income. In partnership with management and industry leaders. The Trust’s plan is to own as well as to co-own a diversified property portfolio of multi-residential, flex industrial, and net lease convenience retail. In addition to stand alone accretive acquisitions, the Trust will make joint acquisitions with strong financial partners and acquisitions of partial interests from existing ownership groups, in a manner that provides liquidity to those selling owners and professional management for those remaining as partners. Firm Capital Realty Partners Inc., through a structure focused on an alignment of interests with the Trust sources, syndicates and property and asset manages investments on behalf of the Trust.

    FORWARD LOOKING INFORMATION

    This press release may contain forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, and by discussions of strategies that involve risks and uncertainties. The forward-looking statements are based on certain key expectations and assumptions made by the Trust. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Although management of the Trust believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that future results, levels of activity, performance or achievements will occur as anticipated. Neither the Trust nor any other person assumes responsibility for the accuracy and completeness of any forward-looking statements, and no one has any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or such other factors which affect this information, except as required by law.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, which may be made only by means of a prospectus, nor shall there be any sale of the Units in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state, province or other jurisdiction. The Units of the Firm Capital Property Trust have not been, and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an application for exemption from the registration requirements of U.S. securities laws.

    Certain financial information presented in this press release reflect certain non- International Financial Reporting Standards (“IFRS”) financial measures, which include NOI, Same Store NOI, FFO and AFFO. These measures are commonly used by real estate investment entities as useful metrics for measuring performance and cash flows, however, they do not have standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other real estate investment entities. These terms are defined in the Trust’s Management Discussion and Analysis (“MD&A”) for the year ended December 31, 2024 as filed on www.sedar.com.

    For further information, please contact:

    Robert McKee   Sandy Poklar
    President & Chief Executive Officer   Chief Financial Officer
    (416) 635-0221   (416) 635-0221
         

    For Investor Relations information, please contact:

    Victoria Moayedi
    Director, Investor Relations
    (416) 635-0221        

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY, LSE: EGY) (“Vaalco” or the “Company”) today reported operational and financial results for the first quarter of 2025.

    First Quarter 2025 Highlights and Recent Key Items:

    • Reported net income of $7.7 million ($0.07 per diluted share), Adjusted Net Income of $6.3 million ($0.06 per diluted share) and Adjusted EBITDAX(1)of $57.0 million;
    • Produced 17,764 net revenue interest (“NRI”)(2)barrels of oil equivalent per day (“BOEPD”), above the high end of guidance, or 22,402 working interest (“WI”)(3)BOEPD, toward the high end of guidance;
    • Sold 19,074 NRI BOEPD, toward the high end of guidance;
    • Entered into new reserves based revolving credit facility with an initial commitment of $190 million with the ability to grow to $300 million, secured against certain Vaalco assets;
    • Reduced full year capital expenditure guidance by about 10%, without impacting full year production or sales guidance;
    • Acquired 70% WI(3)in and will operate the CI-705 block in offshore Côte D’Ivoire;
    • Declared quarterly cash dividend of $0.0625 per share of common stock to be paid on June 27, 2025; and
    • Announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025.
    (1) Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow are Non-GAAP financial measures and are described and reconciled to the closest GAAP measure in the attached table under “Non-GAAP Financial Measures.”
    (2) All NRI sales and production rates are Vaalco’s working interest volumes less royalty volumes, where applicable.
    (3) All WI production rates and volumes are Vaalco’s working interest volumes, where applicable.

    George Maxwell, Vaalco’s Chief Executive Officer commented, “We delivered another successful quarter, once again meeting or exceeding our guidance. Sales for the first quarter were toward the high end of guidance and our NRI production was above the high end of guidance, leading to solid net income of $0.07 per diluted share and Adjusted EBITDAX of $57.0 million. We continue to execute our strategic vision, with multiple accomplishments achieved in the first quarter that lay the foundation for profitable growth in 2025 and beyond. We entered into a new credit facility that will supplement our internally generated cash flow and cash balance to assist in funding our robust organic growth projects. In Côte D’Ivoire, we commenced the FPSO refurbishment project and are preparing for a drilling campaign in 2026 to augment the production and economic life of the Baobab field. In Gabon, we are preparing for the 2025/2026 drilling program which is scheduled to begin in Q3 2025. While we are continuing with these two major projects, we have decided to reduce our capital expenditure budget for 2025 by about 10%. We are delaying discretionary capital spending and are deferring our capital program in Canada. We are doing all of this without impacting production or sales forecasts for 2025 due to the strong performance of our assets in Gabon and Egypt.”

    “We believe that we are well positioned to fund the meaningful growth and opportunities that we have planned over the next few years which should lead to even greater growth and value for the remainder of the decade. We look forward to providing additional details at our Capital Markets Day next week describing our diversified asset portfolio and the upside that we believe is available to drive future organic growth.”

    Operational Update

    Egypt

    The start of the 2024 drilling campaign was deferred until late 2024. In Q4 2024, we completed one well. In Q1 2025, we completed an additional five wells. Four of the five wells that were completed in Q1 2025 were brought online and had an average initial production rate for the first 30 days of approximately 135 barrels of oil per day (“BOPD”). The fifth well was brought online in early Q2 2025. In addition to all new wells successfully increasing production levels, new reserves and a new production zone were discovered in the Bakr formation. The Company is reviewing several options to improve flow as the reservoir contains heavier oil.

    The Company continues to perform detailed technical reviews of its newly drilled and existing wells while also continuing to work on enhancing production through a series of planned workovers and recompletions.

    Canada

    In the first half of 2024, Vaalco drilled and completed four 2.75 mile lateral wells in Canada. These wells continue to meet production expectations and the Company is monitoring their longer-term performance for future drilling opportunities. In 2025, Vaalco has decided to defer the drilling of additional wells in Canada to reduce the Company’s overall capital expenditures.

    Gabon

    The Company secured a drilling rig in December 2024 in conjunction with its 2025/2026 drilling program, which is planned to begin in Q3 2025 to drill multiple development wells, and appraisal or exploration wells, as well as to perform workovers, with options to drill additional wells. Vaalco plans to drill the wells at both the Etame platform and at the Seent platform, and perform a re-drill and several workovers in the Ebouri field to access production and reserves that were previously shut in and removed from proved reserves due to the presence of hydrogen sulfide (“H2S”).

    In Q1 2025, Vaalco conducted an extended flow test on the Ebouri 4-H well to gather information on the H2S concentrations at this location to aid in equipment design and to evaluate Vaalco’s chemical crude sweetening process. The well has flowed for over four months, and the H2S concentration is within modeling expectations, demonstrating Vaalco’s ability to treat the oil. The well has provided additional production, with some additional operating costs associated with the chemical treatment, adding to the Company’s strong first quarter results.

    Côte d’Ivoire

    As part of the planned dry dock refurbishment, the Baobab Floating Production Storage and Offloading vessel (“FPSO”) ceased hydrocarbon production on January 31, 2025 and the final lifting of crude oil from the FPSO took place in February 2025. The vessel departed from the field in late March 2025 and is now currently under tow to the shipyard in Dubai for the refurbishment. Significant development drilling is expected to begin in 2026 after the FPSO is expected to return to service with potential meaningful additions to production from the main Baobab field in CI-40, as well as a potential future development of the Kossipo field, which is also on the license.

    In March 2025, Vaalco announced that it had farmed into the CI-705 block offshore Côte d’Ivoire. Vaalco is the operator of the block with a 70% WI and a 100% paying interest through a commercial carry arrangement and is partnering with Ivory Coast Exploration Oil & Gas SAS and PETROCI. The CI-705 block is located in the prolific Tano basin and is approximately 70 kilometers (“km”) to the west of Vaalco’s CI-40 Block, where the Baobab and Kossipo oil fields are located, and 60 km west of ENI’s recent Calao discovery. Block CI-705 covers approximately 2,300 km2 and is lightly explored with three wells drilled to date on the block. The water depth across the block ranges from zero to 2,500 meters. Vaalco has invested $3 million to acquire its interest in the new block, which it believes has significant prospectivity.

    Financial Update – First Quarter of 2025

    Vaalco reported net income of $7.7 million ($0.07 per diluted share) for Q1 2025, which was down 34% compared with net income of $11.7 million ($0.11 per diluted share) in Q4 2024 and up modestly compared to $7.7 million ($0.07 per diluted share) in Q1 2024. The decrease in earnings compared with Q4 2024 was driven by lower sales volume in Q1 2025 of 1,717 MBOE compared to a sales volume of 1,872 MBOE in Q4 2024 and higher production expense, partially offset by lower depreciation, depletion and amortization (“DD&A”) and lower income tax expense.

    Adjusted EBITDAX totaled $57.0 million in Q1 2025, a 25% decrease from $76.2 million in Q4 2024. The decrease was primarily due to lower sales volumes and higher production expense. Adjusted EBITDAX was down 8% from $61.7 million generated in Q1 2024.


    Quarterly Summary – Sales and Net Revenue    		                        
    $ in thousands Three Months Ended March 31, 2025   Three Months Ended December 31, 2024
      Gabon   Egypt   Canada   Côte d’Ivoire   Total   Gabon   Egypt   Canada   Côte d’Ivoire   Total
    Oil Sales   59,864       57,656       5,325       18,042   $ 140,887       54,172       59,010       6,685       28,045   $ 147,912  
    NGL Sales   —       —       1,808       —     1,808       —       —       1,965       —     1,965  
    Gas Sales   —       —       636       —     636       —       —       421       —     421  
    Gross Sales   59,864       57,656       7,769       18,042     143,331       54,172       59,010       9,071       28,045     150,298  
                                           
    Selling Costs & Carried Interest   —       (149 )     (232 )     —     (381 )     450       (130 )     (319 )     —     1  
    Royalties & Taxes   (7,677 )     (23,587 )     (1,357 )     —     (32,621 )     (7,455 )     (19,899 )     (1,224 )     —     (28,578 )
                                           
    Net Revenue   52,187       33,920       6,180       18,042     110,329       47,167       38,981       7,528       28,045     121,721  
                                           
    Oil Sales MMB (working interest)   757       920       80       238     1,995       733       923       99       379     2,134  
    Average Oil Price Received $ 79.09     $ 62.49     $ 66.17     $ 75.87   $ 70.61     $ 73.92     $ 63.92     $ 67.68     $ 73.90   $ 69.30  
    Change                   2 %                    
    Average Brent Price                 $ 75.87                     $ 74.66  
    Change                   2 %                    
                                           
    Gas Sales MMCF (working interest)   —       —       413       —     413       —       —       431       —     431  
    Average Gas Price Received   —       —     $ 1.54       —   $ 1.54       —       —     $ 0.98       —   $ 0.98  
    Change                   57 %                    
    Average Aeco Price ($USD)   —       —     $ 1.43       —   $ 1.43       —       —     $ 1.36       —   $ 1.36  
    Change                   5 %                    
                                           
    NGL Sales MMB (working interest)   —       —       69       —     69       —       —       75       —     75  
    Average Liquids Price Received   —       —     $ 26.39       —   $ 26.39       —       —     $ 26.22       —   $ 26.22  
    Change                   1 %                    
     
    Revenue and Sales Q1 2025   Q1 2024   % Change Q1 2025 vs. Q1 2024   Q4 2024   % Change Q1 2025 vs. Q4 2024
    Production (NRI BOEPD)   17,764     16,848   5 %     20,775   (14 %)
    Sales (NRI BOE)   1,717,000     1,490,000   15 %     1,872,000   (8 %)
    Realized commodity price ($/BOE) $ 64.27   $ 66.43   (3 %)   $ 64.77   (1)%
    Commodity (Per BOE including realized commodity derivatives) $ 64.34   $ 66.41   (3 %)   $ 64.48   — %
    Total commodity sales ($MM) $ 110.3   $ 100.2   10 %   $ 121.7   (9 %)

    In Q1 2025, Vaalco had a net revenue decrease of $11.4 million or 9% compared to Q4 2024 as total NRI sales volumes of 1,717 MBOE was 8% lower than the Q4 2024 volumes of 1,872 MBOE but was 15% higher compared to 1,490 MBOE for Q1 2024, primarily due to production from the Cote d’Ivoire assets acquired in April 2024. Q1 2025 NRI sales were toward the high end of Vaalco’s guidance.

    Costs and Expenses Q1 2025   Q1 2024   % Change Q1 2025 vs. Q1 2024   Q4 2024   % Change Q1 2025 vs. Q4 2024
    Production expense, excluding offshore workovers and stock comp ($MM) $ 44.7     $ 32.1     39 %   $ 36.5     23 %
    Production expense, excluding offshore workovers ($/BOE) $ 26.08     $ 21.58     21 %   $ 19.52     34 %
    Offshore workover expense ($MM) $ —     $ (0.1 )   — %   $ 0.1     — %
    Depreciation, depletion and amortization ($MM) $ 30.3     $ 25.8     17 %   $ 37.0     (18 %)
    Depreciation, depletion and amortization ($/BOE) $ 17.65     $ 17.30     2 %   $ 19.79     (11 %)
    General and administrative expense, excluding stock-based compensation ($MM) $ 7.8     $ 5.9     31 %   $ 7.1     9 %
    General and administrative expense, excluding stock-based compensation ($/BOE) $ 4.51     $ 3.90     16 %   $ 3.80     19 %
    Stock-based compensation expense ($MM) $ 1.4     $ 0.9     50 %   $ 1.4     (3 %)
    Current income tax expense (benefit) ($MM) $ 17.7     $ 25.7     (31 %)   $ 26.2     (32)%
    Deferred income tax expense (benefit) ($MM) $ (1.6 )   $ (3.4 )   (53 %)   $ (9.0 )   (82 %)

    Total production expense (excluding offshore workovers and stock compensation) of $44.7 million in Q1 2025 increased by 23% compared to Q4 2024 and 39% compared to Q1 2024. The increase in Q1 2025 compared to Q1 2024 was primarily driven by higher expenses in Gabon related to government audit settlements of approximately $4.7 million (net to Vaalco), additional chemical costs associated with the H2S treatment and to the increased sales associated with the purchase of the Côte d’Ivoire asset. The increase in Q1 2025 compared to Q4 2024 was driven by higher expenses in Gabon related to the government audit settlements and higher chemical costs.

    DD&A expense for Q1 2025 was $30.3 million which was lower than $37.0 million in Q4 2024 and higher than $25.8 million in Q1 2024. The decrease in Q1 2025 DD&A expense compared to Q4 2024 is due primarily to the impact of the year end 2024 depletion adjustments based on the year end reserve reports. The increase in Q1 2025 DD&A expense compared to Q1 2024 is due to higher depletable costs in Côte d’Ivoire partially offset by lower depletable costs in Gabon, Egypt, and Canada.

    General and administrative (“G&A”) expense, excluding stock-based compensation, increased slightly to $7.8 million in Q1 2025 from $7.1 million in Q4 2024 and increased from $5.9 million in Q1 2024. The increase in G&A expenses compared to Q1 2024 was primarily due to higher professional service fees, salaries and wages, and accounting and legal fees. Q1 2025 cash G&A was within the Company’s guidance.

    Non-cash stock-based compensation expense was $1.4 million for Q1 2025 compared to $0.9 million for Q1 2024. Non-cash stock-based compensation expense for Q4 2024 was $1.4 million.

    Other income (expense), net, was an expense of $2.4 million for Q1 2025, compared to an expense of $2.3 million during Q1 2024 and an expense of $9.7 million for Q4 2024. Other income (expense), net, normally consists of foreign currency losses and interest expense, net. Also in Q4 2024, the Company recorded a reduction in the bargain purchase gain of $6.4 million as a result of the change in fair value estimates of the net assets acquired in the Svenska acquisition.

    Income tax expense (benefit) was an expense for Q1 2025 of $16.1 million and is comprised of current expense of $17.7 million and deferred tax benefit of $1.6 million. In Q1 2024, income tax expense was $22.3 million and is comprised of current expense of $25.7 million and deferred tax benefit of $3.4 million. Q4 2024 income tax expense was $17.2 million, and is comprised of current tax expense of $26.2 million and deferred tax benefit of $9.0 million.

    Taxes paid by jurisdiction are as follows:

    (in thousands)   Gabon   Egypt   Canada   Equatorial Guinea   Cote d’Ivoire   Corporate and Other   Total  
    Cash/In Kind Taxes Paid:                              
    Three months ended March 31, 2025   $ 30,253   6,953   —   —   $ 790   —   $ 37,996  


    Capital Investments/Balance Sheet

    For the first quarter of 2025, net capital expenditures totaled $58.5 million on a cash basis and $51.3 million on an accrual basis. These expenditures were primarily related to costs associated with project costs and long lead items for Gabon and Côte d’Ivoire and the development drilling program in Egypt.

    At the end of the first quarter of 2025, Vaalco had an unrestricted cash balance of $40.9 million. Working capital at March 31, 2025 was $23.2 million compared with $56.2 million at December 31, 2024, while Adjusted Working Capital at March 31, 2025 totaled $40.4 million.

    In March 2025, Vaalco entered into a new reserves based revolving credit facility (the “new facility”) with an initial commitment of $190 million and the ability to grow to $300 million, led by The Standard Bank of South Africa Limited, Isle of Man Branch with other participating banks and financial partners. The new facility, which is subject to customary administrative conditional precedents, replaces the Company’s existing undrawn revolving credit facility that was provided by Glencore Energy UK Ltd. The Company arranged the new facility primarily to provide short-term funding that may be needed from time-to-time to supplement its internally generated cash flow and cash balance as it executes its planned investment programs across its diversified asset base over the next few years.

    Quarterly Cash Dividend

    Vaalco paid a quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 on March 28, 2025. The Company also recently announced its next quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), to be paid on June 27, 2025 to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Vaalco Board of Directors.

    Hedging

    The Company continued to opportunistically hedge a portion of its expected future production to lock in strong cash flow generation to assist in funding its capital and shareholder return programs.

    The following includes hedges remaining in place as of the end of the first quarter of 2025:

                        Weighted Average Hedge Price ($/Bbl)
    Settlement Period   Commodity   Type of Contract   Index   Average Volumes Hedged (Bbl)   Floor   Ceiling
    April 2025 – June 2025   Oil   Collars   Dated Brent   70,000   $ 65.00   $ 81.00
    July 2025 – September 2025   Oil   Collars   Dated Brent   60,000   $ 65.00   $ 80.00

    Subsequent to March 31, 2025, the Company entered into the following additional derivative contracts to cover its future anticipated production:

    Settlement Period   Commodity   Type of Contract   Index   Average Volumes Hedged (GJ)(a)   Weighted Average Hedge Price (CAD/GJ)
    May 2025 – October 2025   Natural Gas   Swap   AECO (7A)   114,000   $ 2.15

    a) One gigajoule (GJ) equals one billion joules (J). A gigajoule of natural gas is approximately 25.5 cubic meters standard conditions.

    Settlement Period   Commodity   Type of Contract   Index   Average Volumes Hedged (Bbl)   Weighted Average Hedge Price ($/Bbl)
    July 1, 2025 – July 31, 2025   Oil   Swap   Dated Brent   100,000   $ 65.45


    Capital Markets Day Presentation

    Vaalco announced that it will host a Capital Markets Day presentation on Wednesday, May 14, 2025. The presentation will begin at 8 a.m. Central Time (2 p.m. London Time) and is expected to conclude around 10:00 a.m. Central Time. The agenda will include presentations by key members of management on Vaalco’s longer-term vision including growth across its diversified, multi-country asset base.

    Participation in the Capital Markets Day is directed to Vaalco’s shareholders, buy side and sell side analysts, as well as large institutional investors and portfolio managers. The session will be web cast live along with related presentation materials through Vaalco’s web site at www.vaalco.com in the “Investors” section of the web site. A replay will be archived on the site shortly after the presentation concludes.

    2025 Guidance:

    The Company has provided second quarter 2025 guidance and updated its full year 2025 guidance. All of the quarterly and annual guidance is detailed in the tables below.

          FY 2025   Gabon   Egypt   Canada   Côte d’Ivoire
    Production (BOEPD) WI   19250 – 22310   7000 – 8300   9750 – 11100   2200 – 2600   300 – 310
    Production (BOEPD) NRI   14500 – 16710   6200 – 7100   6200 – 7200   1800 – 2100   300 – 310
    Sales Volume (BOEPD) WI   19850 – 22700   7300 – 8300   9750 – 11100   2200 – 2600   600 – 700
    Sales Volume (BOEPD) NRI   14900 – 17200   6300 – 7200   6200 – 7200   1800 – 2100   600 – 700
    Production Expense (millions) WI & NRI   $148.5 – $161.5 MM                
    Production Expense per BOE WI   $18.00 – $21.50                
    Production Expense per BOE NRI   $24.00 – $28.00                
    Offshore Workovers (millions) WI & NRI   $0 – $10 MM                
    Cash G&A (millions) WI & NRI   $25.0 – $31.0 MM                
    CAPEX excluding acquisitions (millions) WI & NRI   $250 – $300 MM                
    DD&A ($/BOE) NRI   $16.00 – $20.00                
          Q2 2025   Gabon   Egypt   Canada   Côte d’Ivoire
    Production (BOEPD) WI   20000 – 22100   7800 – 8600   10100 – 11200   2100 – 2300   —
    Production (BOEPD) NRI   15400 – 16800   6800 – 7500   6900 – 7400   1700 – 1900   —
    Sales Volume (BOEPD) WI   22800 – 24900   10600 – 11400   10100 – 11200   2100 – 2300   —
    Sales Volume (BOEPD) NRI   17800 – 19300   9200 – 10000   6900 – 7400   1700 – 1900   —
    Production Expense (millions) WI & NRI   $39.5 – $48.0 MM                
    Production Expense per BOE WI   $18.00 – $23.00                
    Production Expense per BOE NRI   $23.00 – $29.00                
    Offshore Workovers (millions) WI & NRI   $0 – $0 MM                
    Cash G&A (millions) WI & NRI   $6.0 – $8.0 MM                
    CAPEX excluding acquisitions (millions) WI & NRI   $65 – $85 MM                
    DD&A ($/BOE) NRI   $16.00 – $20.00                


    Conference Call

    As previously announced, the Company will hold a conference call to discuss its first quarter 2025 financial and operating results, Friday, May 9, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time). Interested parties may participate by dialing (833) 685-0907. Parties in the United Kingdom may participate toll-free by dialing 08082389064 and other international parties may dial (412) 317-5741. Participants should request to be joined to the “Vaalco Energy First Quarter 2025 Conference Call.” This call will also be webcast on Vaalco’s website at www.vaalco.com. An archived audio replay will be available on Vaalco’s website.

    A “Q1 2025 Supplemental Information” investor deck will be posted to Vaalco’s website prior to its conference call on May 9, 2025 that includes additional financial and operational information.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com


    Forward Looking Statements

    This press release includes “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 be covered by the safe harbors created by those laws and other applicable laws and “forward-looking information” within the meaning of applicable Canadian securities laws(collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to (i) estimates of future drilling, production, sales and costs of acquiring crude oil, natural gas and natural gas liquids; (ii) expectations regarding Vaalco’s ability to effectively integrate assets and properties it has acquired as a result of the Svenska acquisition into its operations; (iii) expectations regarding future exploration and the development, growth and potential of Vaalco’s operations, project pipeline and investments, and schedule and anticipated benefits to be derived therefrom; (iv) expectations regarding future acquisitions, investments or divestitures; (v) expectations of future dividends; (vi) expectations of future balance sheet strength; and (vii) expectations of future equity and enterprise value.

    Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s most recent Annual Report on Form 10-K.

    Dividends beyond the second quarter of 2025 have not yet been approved or declared by the Board of Directors for Vaalco. The declaration and payment of future dividends remains at the discretion of the Board and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board. The Board reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco common stock, the Board may revise or terminate the payment level at any time without prior notice.

    Any forward-looking statement made by Vaalco in this press release is based only on information currently available to Vaalco and speaks only as of the date on which it is made. Except as may be required by applicable securities laws, Vaalco undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Other Oil and Gas Advisories

    Investors are cautioned when viewing BOEs in isolation. BOE conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalencies described above, utilizing such equivalencies may be incomplete as an indication of value.

    Inside Information

    This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets

      As of March 31, 2025   As of December 31, 2024
      (in thousands)
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 40,914   $ 82,650
    Receivables:      
    Trade, net of allowances for credit loss and other of $0.2 million and $0.2 million, respectively   120,252     94,778
    Accounts with joint venture owners, net of allowance for credit losses of $1.8 million and $1.5 million, respectively   2,847     179
    Egypt receivables and other   3,235     35,763
    Other current assets   33,590     24,557
    Total current assets   200,838     237,927
    Crude oil, natural gas and NGLs properties and equipment, net   562,926     538,103
    Other noncurrent assets:      
    Right of use operating lease assets   16,303     17,254
    Right of use finance lease assets   78,862     79,849
    Deferred tax assets   48,364     55,581
    Other long-term assets   19,810     26,236
    Total assets $ 927,103   $ 954,950
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current liabilities $ 177,675   $ 181,728
    Asset retirement obligations   81,053     78,592
    Operating lease liabilities – net of current portion   12,915     13,903
    Finance lease liabilities – net of current portion   66,198     67,377
    Deferred tax liabilities   85,168     93,904
    Other long-term liabilities   —     17,863
    Total liabilities   423,009     453,367
    Total shareholders’ equity   504,094     501,583
    Total liabilities and shareholders’ equity $ 927,103   $ 954,950


    VAALCO ENERGY, INC AND SUBSIDIARIES
    Consolidated Statements of Operations

      Three Months Ended
      March 31, 2025   March 31, 2024   December 31, 2024
      (in thousands except per share amounts)
    Revenues:          
    Crude oil, natural gas and natural gas liquids sales $ 110,329     $ 100,155     $ 121,721  
    Operating costs and expenses:          
    Production expense   44,806       32,089       36,641  
    Exploration expense   —       48       —  
    Depreciation, depletion and amortization   30,305       25,824       37,047  
    Transaction costs related to acquisition   —       1,313       —  
    General and administrative expense   9,051       6,710       8,454  
    Credit losses and other   (27 )     1,812       1,082  
    Total operating costs and expenses   84,135       67,796       83,224  
    Other operating income, net   —       (166 )     10  
    Operating income   26,194       32,193       38,507  
    Other income (expense):          
    Derivative instruments gain (loss), net   (74 )     (847 )     (365 )
    Interest expense, net   (1,295 )     (935 )     (1,092 )
    Bargain purchase gain   —       —       (6,366 )
    Other income (expense), net   (1,012 )     (487 )     (1,828 )
    Total other income (expense), net   (2,381 )     (2,269 )     (9,651 )
    Income before income taxes   23,813       29,924       28,856  
    Income tax expense   16,083       22,238       17,192  
    Net income $ 7,730     $ 7,686     $ 11,664  
    Other comprehensive income (loss):          
    Currency translation adjustments   117       (2,454 )     (5,975 )
    Comprehensive income $ 7,847     $ 5,232     $ 5,689  
               
    Basic net income per share:          
    Net income per share $ 0.07     $ 0.07     $ 0.11  
    Basic weighted average shares outstanding   103,758       103,659       103,743  
    Diluted net income per share:          
    Net income per share $ 0.07     $ 0.07     $ 0.11  
    Diluted weighted average shares outstanding   103,785       104,541       103,812  


    VAALCO ENERGY, INC AND SUBSIDIARIES
    Condensed Consolidated Statements of Cash Flows

      Three Months Ended March 31,
        2025       2024  
      (in thousands)
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income $ 7,730     $ 7,686  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation, depletion and amortization   30,305       25,824  
    Exploration expense   146       —  
    Deferred taxes   (1,519 )     (3,441 )
    Unrealized foreign exchange loss   1,673       (102 )
    Stock-based compensation   1,475       898  
    Cash settlements paid on exercised stock appreciation rights   —       (154 )
    Derivative instruments (gain) loss, net   74       847  
    Cash settlements paid on matured derivative contracts, net   123       (24 )
    Cash settlements paid on asset retirement obligations   —       (29 )
    Credit losses and other   (27 )     1,812  
    Other operating loss, net   —       166  
    Equipment and other expensed in operations   972       302  
    Change in operating assets and liabilities   (8,246 )     (11,953 )
    Net cash provided by operating activities   32,706       21,832  
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Property and equipment expenditures   (58,527 )     (16,618 )
    Acquisition of crude oil and natural gas properties   (247 )     —  
    Net cash used in investing activities   (58,774 )     (16,618 )
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Proceeds from the issuances of common stock   —       447  
    Dividend distribution   (6,570 )     (6,463 )
    Treasury shares   (155 )     (6,344 )
    Deferred financing costs   (5,118 )     —  
    Payments of finance lease   (2,943 )     (2,095 )
    Net cash used in in financing activities   (14,786 )     (14,455 )
    Effects of exchange rate changes on cash   27       (208 )
    NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (40,827 )     (9,449 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   97,726       129,178  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 56,899     $ 119,729  

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Selected Financial and Operating Statistics
    (Unaudited)

      Three Months Ended
      March 31, 2025   March 31, 2024   December 31, 2024
    NRI SALES DATA          
    Crude oil, natural gas and natural gas liquids sales (MBOE) 1,717   1,490   1,872
    Average daily sales volumes (BOE) 19,074   16,374   20,352
               
    WI PRODUCTION DATA          
    Etame Crude oil (MBbl) 767   819   791
    Gabon Average daily production volumes (BOEPD) 8,522   9,001   8,598
               
    Egypt Crude oil (MBbl) 920   950   923
    Egypt Average daily production volumes (BOEPD) 10,225   10,440   10,035
               
    Canada Crude Oil (MBbl) 80   61   99
    Canada Natural Gas (MMcf) 413   469   431
    Canada Natural Gas Liquid (MBOE) 69   76   75
    Canada Crude oil, natural gas and natural gas liquids (MBOE) 218   215   246
    Canada Average daily production volumes (BOEPD) 2,420   2,363   2,669
               
    Côte d’Ivoire Crude oil (MBbl) 111   —   368
    Côte d’Ivoire Average daily production volumes (BOEPD) 1,235   —   3,997
               
    Total Crude oil, natural gas and natural gas liquids production (MBOE) 2,016   1,984   2,328
    Average daily production volumes (BOEPD) 22,402   21,804   25,300
               
    NRI PRODUCTION DATA          
    Etame Crude oil (MBbl) 667   713   688
    Gabon Average daily production volumes (BOEPD) 7,414   7,835   7,481
               
    Egypt Crude oil (MBbl) 642   641   644
    Egypt Average daily production volumes (BOEPD) 7,131   7,044   7,001
               
    Canada Crude Oil (MBbl) 66   51   85
    Canada Natural Gas (MMcf) 338   392   371
    Canada Natural Gas Liquid (MBOE) 56   63   64
    Canada Crude oil, natural gas and natural gas liquids (MBOE) 179   179   211
    Canada Average daily production volumes (BOEPD) 1,984   1,971   2,296
               
    Côte d’Ivoire Crude oil (MBbl) 111   —   368
    Côte d’Ivoire Average daily production volumes (BOEPD) 1,235   —   3,997
               
    Total Crude oil, natural gas and natural gas liquids production (MBOE) 1,599   1,533   1,911
    Average daily production volumes (BOEPD) 17,764   16,850   20,775
    AVERAGE SALES PRICES:          
    Crude oil, natural gas and natural gas liquids sales (per BOE) – WI basis $ 67.03   $ 69.62   $ 65.69
    Crude oil, natural gas and natural gas liquids sales (per BOE) – NRI basis $ 64.27   $ 66.43   $ 64.77
    Crude oil, natural gas and natural gas liquids sales (Per BOE including realized commodity derivatives) – NRI basis $ 64.34   $ 66.41   $ 64.48
               
    COSTS AND EXPENSES (Per BOE of sales):          
    Production expense   26.10   $ 21.54   $ 19.57
    Production expense, excluding offshore workovers and stock compensation*   26.05   $ 21.56   $ 19.49
    Depreciation, depletion and amortization   17.65   $ 17.33   $ 19.79
    General and administrative expense**   5.27   $ 4.50   $ 4.52
    Property and equipment expenditures, cash basis (in thousands) $ 58,527   $ 16,618   $ 41,466

    * Offshore workover costs excluded for the three months ended March 31, 2025 and 2024 and December 31, 2024 are $0.0 million, $(0.1) million and $0.1 million, respectively.
    * Stock compensation associated with production expense excluded from the three months ended March 31, 2025 and 2024 and December 31, 2024 are immaterial.
    ** General and administrative expenses include $0.76, $0.58 and $0.72 per barrel of oil related to stock-based compensation expense in the three months ended March 31, 2025 and 2024 and December 31, 2024, respectively.

    NON-GAAP FINANCIAL MEASURES

    Management uses Adjusted Net Income to evaluate operating and financial performance and believes the measure is useful to investors because it eliminates the impact of certain non-cash and/or other items that management does not consider to be indicative of the Company’s performance from period to period. Management also believes this non-GAAP measure is useful to investors to evaluate and compare the Company’s operating and financial performance across periods, as well as to facilitate comparisons to others in the Company’s industry. Adjusted Net Income is a non-GAAP financial measure and as used herein represents net income, plus deferred income tax expense (benefit), unrealized derivative instrument loss (gain), bargain purchase gain on the Svenska Acquisition, FPSO demobilization, transaction costs related to the Svenska acquisition and non-cash and other items.

    Adjusted EBITDAX is a supplemental non-GAAP financial measure used by Vaalco’s management and by external users of the Company’s financial statements, such as industry analysts, lenders, rating agencies, investors and others who follow the industry. Management believes the measure is useful to investors because it is as an indicator of the Company’s ability to internally fund exploration and development activities and to service or incur additional debt. Adjusted EBITDAX is a non-GAAP financial measure and as used herein represents net income, plus interest expense (income) net, income tax expense (benefit), depreciation, depletion and amortization, exploration expense, FPSO demobilization, non-cash and other items including stock compensation expense, bargain purchase gain on the Svenska Acquisition, other operating (income) expense, net, non-cash purchase price adjustment, transaction costs related to acquisition, credit losses and other and unrealized derivative instrument loss (gain).

    Management uses Adjusted Working Capital as a transition tool to assess the working capital position of the Company’s continuing operations excluding leasing obligations because it eliminates the impact of discontinued operations as well as the impact of lease liabilities. Under the applicable lease accounting standards, lease liabilities related to assets used in joint operations include both the Company’s share of expenditures as well as the share of lease expenditures which its non-operator joint venture owners’ will be obligated to pay under joint operating agreements. Adjusted Working Capital is a non-GAAP financial measure and as used herein represents working capital excluding working capital attributable to discontinued operations and current liabilities associated with lease obligations.

    Management uses Free Cash Flow to evaluate financial performance and to determine the total amount of cash over a specified period available to be used in connection with returning cash to shareholders, and believes the measure is useful to investors because it provides the total amount of net cash available for returning cash to shareholders by adding cash generated from operating activities, subtracting amounts used in financing and investing activities, effects of exchange rate changes on cash and adding back amounts used for dividend payments and stock repurchases. Free Cash Flow is a non-GAAP financial measure and as used herein represents net change in cash, cash equivalents and restricted cash and adds the amounts paid under dividend distributions and share repurchases over a specified period.

    Free Cash Flow has significant limitations, including that it does not represent residual cash flows available for discretionary purposes and should not be used as a substitute for cash flow measures prepared in accordance with GAAP. Free Cash Flow should not be considered as a substitute for cashflows from operating activities before discontinued operations or any other liquidity measure presented in accordance with GAAP. Free Cash Flow may vary among other companies. Therefore, the Company’s Free Cash Flow may not be comparable to similarly titled measures used by other companies.

    Adjusted EBITDAX and Adjusted Net Income have significant limitations, including that they do not reflect the Company’s cash requirements for capital expenditures, contractual commitments, working capital or debt service. Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow should not be considered as substitutes for net income (loss), operating income (loss), cash flows from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDAX and Adjusted Net Income exclude some, but not all, items that affect net income (loss) and operating income (loss), and the calculation of these measures may vary among other companies. Therefore, the Company’s Adjusted EBITDAX, Adjusted Net Income, Adjusted Working Capital and Free Cash Flow may not be comparable to similarly titled measures used by other companies.

    The tables below reconcile the most directly comparable GAAP financial measures to Adjusted Net Income, Adjusted EBITDAX, Adjusted Working Capital and Free Cash Flow.

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Reconciliations of Non-GAAP Financial Measures
    (Unaudited)
    (in thousands)

      Three Months Ended
    Reconciliation of Net Income to Adjusted Net Income March 31, 2025   March 31, 2024   December 31, 2024
    Net income $ 7,730     $ 7,686     $ 11,664  
    Adjustment for discrete items:          
    Unrealized derivative instruments loss (gain)   198       823       96  
    Bargain purchase gain   —       —       6,366  
    Deferred income tax expense (benefit)   (1,610 )     (3,441 )     (11,781 )
    Transaction costs related to acquisition   22       1,313       508  
    Other operating (income) expense, net   —       166       (10 )
    Adjusted Net Income $ 6,340     $ 6,547     $ 6,843  
               
    Diluted Adjusted Net Income per Share $ 0.06     $ 0.06     $ 0.07  
    Diluted weighted average shares outstanding (1)   103,785       104,541       103,812  

    (1)  No adjustments to weighted average shares outstanding

      Three Months Ended
    Reconciliation of Net Income to Adjusted EBITDAX March 31, 2025   March 31, 2024   December 31, 2024
    Net income $ 7,730     $ 7,686   $ 11,664  
    Add back:          
    Interest expense, net   1,295       935     1,092  
    Income tax expense   16,083       22,238     17,192  
    Depreciation, depletion and amortization   30,305       25,824     37,047  
    Exploration expense   —       48     —  
    Non-cash or unusual items:          
    Stock-based compensation   1,352       899     1,196  
    Unrealized derivative instruments loss   198       823     96  
    Bargain purchase gain   —       —     6,366  
    Other operating (income) expense, net   —       166     (10 )
    Transaction costs related to acquisition   22       1,313     508  
    Credit losses and other   (27 )     1,812     1,082  
    Adjusted EBITDAX $ 56,958     $ 61,744   $ 76,233  

    VAALCO ENERGY, INC AND SUBSIDIARIES
    Reconciliations of Non-GAAP Financial Measures
    (Unaudited)
    (in thousands)

    Reconciliation of Working Capital to Adjusted Working Capital March 31, 2025   December 31, 2024   Change
    Current assets $ 200,838     $ 237,927     $ (37,089 )
    Current liabilities   (177,675 )     (181,728 )     4,053  
    Working capital   23,163       56,199       (33,036 )
    Add: lease liabilities – current portion   17,249       16,895       354  
    Adjusted Working Capital $ 40,412     $ 73,094     $ (32,682 )
       
      Three Months Ended March 31, 2025
    Reconciliation of Free Cash Flow (in thousands)
    Net cash provided by Operating activities $ 32,706  
    Net cash used in Investing activities   (58,774 )
    Net cash used in Financing activities   (14,786 )
    Effects of exchange rate changes on cash   27  
    Total net cash change   (40,827 )
       
    Add back shareholder cash out:  
    Dividends paid   6,570  
    Total cash returned to shareholders   6,570  
       
    Free Cash Flow $ (34,257 )

    The MIL Network –

  • MIL-OSI USA: Burlison Joins House Conservatives in Renewed Push for Fiscally Responsible Budget Deal

    Source: United States House of Representatives – Representative Eric Burlison (R-Missouri 7th District)

    WASHINGTON—Thirty-one Members of the House Republican Conference, led by Rep. Lloyd Smucker (PA-11) Vice Chair of the Budget Committee, are calling for Congress to pass reconciliation legislation that is “genuinely fiscally responsible.” Failure to achieve the spending reduction targets outlined in the budget resolution will mean “the Ways and Means Committee’s instruction must be lowered dollar-for-dollar to keep the reconciliation bill within the agreed limits.”

    The Members write: “We are fully committed to passing a reconciliation bill that achieves the objectives we all support, which include extending President Trump’s tax cuts, growing our economy, securing our borders, unleashing American energy, and ensuring peace through strength.”

    The lawmakers continue, “We remain firmly committed to ensuring the bill is genuinely fiscally responsible. We reaffirm that our support depends, at minimum, on the bill’s strict adherence to the House framework for instructions contained in the concurrent budget resolution (Section 4001 of H.Con.Res.14).”

    The group expresses its appreciation for the Speaker of the House Mike Johnson and Leader Scalie’s commitments that no measure will be brought to the floor unless it fully meets the standards of the House framework for instructions contained in the concurrent budget resolution. 

    Signatories to the letter include Representatives: Andy Biggs (AZ-05), Lauren Boebert (CO-04), Josh Brecheen (OK-02), Tim Burchett (TN-02), Eric Burlison (MO-07), Michael Cloud (TX-27), Andrew Clyde (GA-09), Elijiah Crane (AZ-02), Brandon Gill (TX-26), Paul Gosar (AZ-09), Andy Harris (MD-01), Diana Harshbarger (TN-01), Clay Higgins (LA-03), Morgan Luttrell (TX-08), Richard McCormick (GA-07), Mary Miller (IL-15), Ralph Norman (SC-05), Jay Obernolte (CA-23), Andrew Ogles (TN-05), Robert Onder (MO-03), Scott Perry (PA-10), Chip Roy (TX-21), David Schweikert (AZ-01), Keith Self (TX-03), Lloyd Smucker (PA-11), Victoria Spartz (IN-05), Greg Steube (FL-17), Marlin Stutzman (IN-03), Tom Tiffany (WI-07), Beth Van Duyne (TX-24), and Ryan Zinke (MT-01).

    READ THE FULL LETTER BELOW:

    Dear Speaker Johnson and Leader Scalise,

    We are fully committed to passing a reconciliation bill that achieves the objectives we all support, which include extending President Trump’s tax cuts, growing our economy, securing our borders, unleashing American energy, and ensuring peace through strength.

    Additionally, we remain firmly committed to ensuring the bill is genuinely fiscally responsible. We reaffirm that our support depends, at minimum, on the bill’s strict adherence to the House framework for instructions contained in the concurrent budget resolution (Section 4001 of H.Con.Res.14). We also appreciate your assurance that no measure will be brought to the floor unless it fully meets this standard.

    The Big Picture

    America’s fiscal path is unsustainable and worsening. The national debt has exceeded $36 trillion and is growing by nearly $2 trillion each year. Annual interest costs are on track to surpass $1 trillion, overtaking what we spend on Medicare or national defense. Federal outlays remain at record highs, and the recent strain in Treasury markets makes it clear that we can no longer count on historically low interest rates. We must move decisively to restore market confidence and put the budget on a sustainable path.
     

    Minimum Criteria for Our Support

    Under the House’s framework, the reconciliation bill must not add to the deficit. The House budget resolution assumes that enacting President Trump’s agenda, including extending the 2017 tax cuts, will generate $2.5 trillion in additional revenue through economic growth. This means that all additional tax cuts or increases in spending above this level must be offset. To fully extend and build upon the 2017 tax cuts, this means that the reconciliation bill must include at least $2 trillion in verifiable savings either through spending reductions or scaling back the size of the tax package. If savings fall short, the Ways and Means Committee’s instruction must be lowered dollar-for-dollar to keep the reconciliation bill within the agreed limits.

    In practice, the Ways and Means Committee’s instruction may not exceed $2.5 trillion more than the debt reduction achieved by all other committees.

    Deficit Reduction in Other Committees             Maximum Ways and Means Instruction

    $2.0 trillion                                                                 $4.5 trillion

    $1.5 trillion                                                                 $4.0 trillion

    $1.0 trillion                                                                 $3.5 trillion

    Critically, the deficit reduction target must be met with real, enforceable spending cuts – not budget gimmicks. The final bill must deliver structural reforms that strengthen long-term growth and produce long-term savings.

    Bottom Line

    A $2 trillion reduction in spending may sound substantial. However, it equals only 2.3 percent of projected federal outlays over the next decade and only reduces the rate of growth in spending. Even with those savings, annual spending is expected to grow from $7 trillion to $10 trillion over the next 10 years, and debt will exceed $50 trillion by 2035.

    The House reconciliation instructions are binding. They set a floor for savings, not a ceiling. We must hold that line on fiscal discipline to put the country back on a sustainable path.

    We are more committed than ever to making that happen.

    MIL OSI USA News –

  • MIL-OSI: Prospect Capital Announces Financial Results for Fiscal March 2025 Quarter

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended March 31, 2025.

    FINANCIAL RESULTS

    All amounts in $000’s except
    per share amounts (on weighted average
    basis for period numbers)    		 Quarter Ended
    March 31, 2025    		 Quarter Ended
    December 31, 2024    		 Quarter Ended
    March 31, 2024
           
    Net Investment Income (“NII”) $83,489 $86,431 $94,375
    NII per Common Share $0.19 $0.20 $0.23
    Interest as % of Total Investment Income 93.3% 91.0% 91.0%
           
    Net Income (Loss) Applicable to Common Shareholders $(171,331) $(30,993) $113,891
    Net Income (Loss) per Common Share $(0.39) $(0.07) $0.27
           
    Distributions to Common Shareholders $59,966 $65,554 $74,685
    Distributions per Common Share $0.135 $0.15 $0.18
    Cumulative Paid and Declared Distributions to Common Shareholders(1) $4,527,079 $4,445,060 $4,263,149
    Cumulative Paid and Declared Distributions per Common Share(1) $21.57 $21.39 $21.00
    Multiple of Net Asset Value (“NAV”) per Common Share(1) 3.0x 2.7x 2.3x
           
    Total Assets $6,996,312 $7,234,855 $7,905,794
    Total Liabilities $2,118,522 $2,164,305 $2,603,811
    Preferred Stock $1,632,426 $1,630,514 $1,559,764
    Net Asset Value (“NAV”) to Common Shareholders $3,245,364 $3,440,036 $3,742,219
    NAV per Common Share $7.25 $7.84 $8.99
           
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,716,035 $1,879,738 $1,101,604
           
    Net of Cash Debt to Total Assets 28.7% 28.1% 31.2%
    Net of Cash Debt to Equity Ratio(2) 40.8% 39.8% 46.2%
    Net of Cash Asset Coverage of Debt Ratio(2) 345% 351% 316%
           
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 87.5% 91.9% 77.7%
    Unsecured and Non-Recourse Debt as % of Total Debt 100.0% 100.0% 100.0%
    (1) Declared dividends are through the August 2025 distribution. May through August 2025 distributions are estimated based on shares outstanding as of 5/7/2025.
    (2) Including our preferred stock as equity.
       

    CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

    Prospect is declaring distributions to common shareholders as follows:

    Monthly Cash Common Shareholder Distribution Record Date Payment Date Amount ($ per share)
    May 2025 5/28/2025 6/18/2025 $0.0450
    June 2025 6/26/2025 7/22/2025 $0.0450
    July 2025 7/29/2025 8/20/2025 $0.0450
    August 2025 8/27/2025 9/18/2025 $0.0450

    Prospect expects to declare September 2025 and October 2025 distributions to common shareholders in August 2025.

    Taking into account past distributions and our current share count for declared distributions, since inception through our April 2025 declared distribution, Prospect will have distributed $21.57 per share to original common shareholders, representing 3.0 times March 2025 common NAV per share, aggregating $4.5 billion in cumulative distributions to all common shareholders.

    Since Prospect’s initial public offering in July 2004 through March 31, 2025, Prospect has invested over $21 billion across over 450 investments, exiting over 325 of these investments.

    Since Prospect’s initial public offering in July 2004 through March 31,2025, Prospect’s exited investments resulted in an investment level realized gross internal rate of return (“IRR”) of approximately 13% (based on total capital invested and of approximately $11.8 billion and total proceeds from such exited investments of approximately $14.9 billion).

    Drivers focused on optimizing our business include: (1) rotation of assets into and increased focus on our core business of first lien senior secured middle market loans (with our first lien mix increasing 60 basis points from the prior quarter and 650 basis points from the prior year), including sometimes with selected equity investments, (2) continued amortization of our already significantly reduced subordinated structured notes portfolio (now down to 4.2% of total assets), (3) prudent exits of equity linked assets (including real estate properties and corporate investments, with an additional real estate property exit this past quarter), (4) enhancement of portfolio company operating performance, and (5) greater utilization of our cost efficient revolving floating rate credit facility (which significantly matches with our majority floating rate assets).

    In our middle market lending strategy, we continued our focus on first lien senior secured loans during the quarter, with such investments totaling $149 million of our $196 million of originations during the quarter. Investments during the quarter included our new platform investment in Taos Footwear Holdings, LLC, a leading innovative footwear brand with a two decade history, and other follow-on investments in existing portfolio companies to support acquisitions, working capital needs, organic growth initiatives, and other objectives.

    Our subordinated structured notes portfolio as of March 31, 2025 represented 4.2% of our investment portfolio, a reduction of 310 basis points from 7.3% as of March 31, 2024. Since the inception of this strategy in 2011 and through March 31, 2025, we have exited 15 subordinated structured note investments that have earned an unlevered investment level gross cash internal rate of return (“IRR”) of 12.1% and cash on cash multiple of 1.3 times. The remaining subordinated structured notes portfolio had a trailing twelve month average cash yield of 30.2% and an annualized GAAP yield of 4.4% (in each case as of March 31, 2025, based on fair value, and excluding investments being redeemed), with the difference between cash yield and GAAP yield representing amortization of our cost basis.

    In our real estate property portfolio at National Property REIT Corp. (“NPRC”), since the inception of this strategy in 2012 and through March 31, 2025, we have exited 52 property investments (including one exit in the March 2025 quarter) that have earned an unlevered investment-level gross cash IRR of 24.0% and cash on cash multiple of 2.4 times. The remaining real estate property portfolio included 58 properties and paid us an income yield of 4.5% for the quarter ended March 31, 2025. Our aggregate investment in NPRC had a $460 million unrealized gain as of March 31, 2025.

    Our senior management team and employees own 28.8% of all common shares outstanding (an increase of 240 basis points since June 30, 2024) or $0.9 billion of our common equity as measured at NAV.

    PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

    All amounts in $000’s except
    per unit amounts    		 As of
    March 31, 2025    		 As of
    December 31, 2024    		 As of
    March 31, 2024
           
    Total Investments (at fair value) $6,901,364 $7,132,928 $7,806,712
    Number of Portfolio Companies 114 114 122
    Number of Industries 33 33 36
           
    First Lien Debt 65.5% 64.9% 59.0%
    Second Lien Debt 10.5% 10.2% 14.6%
    Subordinated Structured Notes 4.2% 5.8% 7.3%
    Unsecured Debt 0.1% 0.1% 0.1%
    Equity Investments 19.7% 19.0% 19.0%
    Mix of Investments with Underlying Collateral Security 80.2% 80.9% 80.9%
           
    Annualized Current Yield – All Investments 9.2% 9.1% 9.7%
    Annualized Current Yield – Performing Interest Bearing Investments 11.5% 11.2% 12.1%
           
    Non-Accrual Loans as % of Total Assets (1) 0.6% 0.4% 0.4%
           
    Middle-Market Loan Portfolio Company Weighted Average EBITDA(2) $97,732 $101,418 $107,796
    Middle-Market Loan Portfolio Company Weighted Average Net Leverage Ratio(2) 5.6x 5.6x 5.1x
    (1) Calculated at fair value.
    (2) For additional disclosure see “Middle-Market Loan Portfolio Company Weighted Average EBITDA and Net Leverage” at the end of the release.
       

    During the June 2025 (to date), March 2025, and December 2024 quarters, investment originations (including follow on investments in existing portfolio companies) and repayments were as follows:

    All amounts in $000’s Quarter Ended Quarter Ended Quarter Ended
    June 30, 2025
    (to date)    		 March 31, 2025 December 31, 2024
           
    Total Originations $65,577 $196,144 $134,956
           
    Middle-Market Lending 75.5% 81.0% 67.7%
    Middle-Market Lending / Buyouts —% 4.9% 14.5%
    Real Estate 21.3% 14.1% 17.8%
    Subordinated Structured Notes —% —% —%
           
    Total Repayments and Sales $20,348 $191,656 $383,363
           
    Originations, Net of Repayments and Sales $45,229 $4,488 $(248,407)
           

    For additional disclosure see “Primary Origination Strategies” at the end of this release. Totals may not add to 100% given there are other smaller and non-core investment strategies.

    CAPITAL AND LIQUIDITY

    Our multi-year, long-term laddered and diversified historical funding profile has included a $2.1 billion revolving credit facility (aggregate commitments with 48 current lenders), program notes, institutional bonds, convertible bonds, listed preferred stock, and program preferred stock. We have retired multiple upcoming maturities and, after successfully retiring our $156.2M convertible bond maturity in March 2025 (utilizing existing liquidity on hand), have just $2.4M remaining of debt maturing during calendar year 2025.

    On April 9, 2025, we commenced a tender offer to purchase for cash any and all of the $342.9 million aggregate principal amount of our outstanding 3.706% Notes due 2026 (the “2026 Notes”) at a purchase price of $990.00 for each $1,000 principal, plus accrued and unpaid interest. On April 22, 2025, $135.7 million was validly tendered and accepted, representing 39.6% of the outstanding notes. Approximately $207.2 million aggregate principal amount of the 2026 Notes remain outstanding.

    Our total unfunded eligible commitments to portfolio companies totals approximately $43 million, of which $17 million are considered at our sole discretion, representing 0.6% and 0.2% of our total assets as of March 31, 2025, respectively.

      As of As of
    All amounts in $000’s March 31, 2025 December 31, 2024
    Net of Cash Debt to Total Assets Ratio 28.7% 28.1%
    Net of Cash Debt to Equity Ratio(1) 40.8% 39.8%
    % of Interest-Bearing Assets at Floating Rates 77.5% 79.8%
    Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity 87.5% 91.9%
         
    Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments $1,716,035 $1,879,738
         
    Unencumbered Assets $4,440,135 $4,763,601
    % of Total Assets 63.5% 65.8%
    (1) Including our preferred stock as equity.
       

    The below table summarizes our March 2025 quarter term debt issuance and repurchase/repayment activity:

    All amounts in $000’s Principal Coupon Maturity
    Debt Issuances      
    Prospect Capital InterNotes® $2,366 7.00% – 7.50% March 2028 – April 2030
    Total Debt Issuances $2,366    
           
    Debt Repurchases/Repayments      
    Prospect Capital InterNotes® $3,302 2.50% – 5.50% February 2025 – March 2052
    2026 Notes $33,325 3.706% January 2026
    2025 Notes $156,168 6.375% March 2025
    Total Debt Repurchases/Repayments $192,795    
           
    Net Debt Repurchases/Repayments $(190,429)    

    We currently have three separate unsecured debt issuances aggregating approximately $0.8 billion outstanding, not including our program notes, with laddered maturities extending through October 2028. At March 31, 2025, $643 million of program notes were outstanding with laddered maturities through March 2052.

    At March 31, 2025 our weighted average cost of unsecured debt financing was 4.33%, a decrease of 0.16% from December 31, 2024, and an increase of 0.19% from March 31, 2024.

    We have raised significant capital from our existing $2.25 billion perpetual preferred stock offering programs. The preferred stock provides Prospect with a diversified source of programmatic capital without creating scheduled maturity risk due to the perpetual term of multiple preferred tranches.

    DIVIDEND REINVESTMENT PLAN

    We have adopted a dividend reinvestment plan (also known as our “DRIP”) that provides for reinvestment of our distributions on behalf of our shareholders, unless a shareholder elects to receive cash. On April 17, 2020, our board of directors approved amendments to the Company’s DRIP, effective May 21, 2020. These amendments principally provide for the number of newly-issued shares pursuant to the DRIP to be determined by dividing (i) the total dollar amount of the distribution payable by (ii) 95% of the closing market price per share of our stock on the valuation date of the distribution (providing a 5% discount to the market price of our common stock), a benefit to shareholders who participate. HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN

    Shares held with a broker or financial institution

    Many shareholders have been automatically “opted out” of our DRIP by their brokers. Even if you have elected to automatically reinvest your PSEC stock with your broker, your broker may have “opted out” of our DRIP (which utilizes DTC’s dividend reinvestment service), and you may therefore not be receiving the 5% pricing discount. Shareholders interested in participating in our DRIP to receive the 5% discount should contact their brokers to make sure each such DRIP participation election has been made through DTC. In making such DRIP election, each shareholder should specify to one’s broker the desire to participate in the “Prospect Capital Corporation DRIP through DTC” that issues shares based on 95% of the market price (a 5% discount to the market price) and not the broker’s own “synthetic DRIP” plan (if any) that offers no such discount. Each shareholder should not assume one’s broker will automatically place such shareholder in our DRIP through DTC. Each shareholder will need to make this election proactively with one’s broker or risk not receiving the 5% discount. Each shareholder may also consult with a representative of such shareholder’s broker to request that the number of shares the shareholder wishes to enroll in our DRIP be re-registered by the broker in the shareholder’s own name as record owner in order to participate directly in our DRIP.

    Shares registered directly with our transfer agent

    If a shareholder holds shares registered in the shareholder’s own name with our transfer agent (less than 0.1% of our shareholders hold shares this way) and wants to make a change to how the shareholder receives dividends, please contact our plan administrator, Equiniti Trust Company, LLC by calling (888) 888-0313 or by mailing Equiniti Trust Company LLC, PO Box 10027, Newark, New Jersey 07101.

    EARNINGS CONFERENCE CALL

    Prospect will host an earnings call on Friday, May 9, 2025 at 9:00 a.m. Eastern Time. Dial 888-338-7333. For a replay after May 9, 2025 visit www.prospectstreet.com or call 877-344-7529 with passcode 7141044.

     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (in thousands, except share and per share data)
     
      March 31, 2025
    		   June 30, 2024
      (Unaudited)   (Audited)
    Assets              
    Investments at fair value:              
    Control investments (amortized cost of $3,339,028 and $3,280,415, respectively) $ 3,702,161     $ 3,872,575  
    Affiliate investments (amortized cost of $11,735 and $11,594, respectively)   22,693       18,069  
    Non-control/non-affiliate investments (amortized cost of $3,604,248 and $4,155,165, respectively)   3,176,510       3,827,599  
    Total investments at fair value (amortized cost of $6,955,011 and $7,447,174, respectively)   6,901,364       7,718,243  
    Cash and cash equivalents (restricted cash of $2,300 and $3,974, respectively)   54,498       85,872  
    Receivables for:              
    Interest, net   16,176       26,936  
    Other   1,910       1,091  
    Deferred financing costs on Revolving Credit Facility   20,018       22,975  
    Prepaid expenses   1,576       1,162  
    Due from broker   715       734  
    Due from Affiliate   55       79  
    Total Assets    6,996,312       7,857,092  
    Liabilities               
    Revolving Credit Facility   459,963       794,796  
    Public Notes (less unamortized discount and debt issuance costs of $8,841 and $12,433, respectively)   934,106       987,567  
    Prospect Capital InterNotes® (less unamortized debt issuance costs of $8,975 and $7,999, respectively)    633,923       496,029  
    Convertible Notes (less unamortized debt issuance costs of $0 and $649, respectively)   —       155,519  
    Due to Prospect Capital Management   39,781       58,624  
    Interest payable   21,709       21,294  
    Dividends payable   20,460       25,804  
    Accrued expenses   3,674       3,591  
    Due to Prospect Administration   2,809       5,433  
    Due to broker   1,748       10,272  
    Other liabilities   349       242  
    Total Liabilities    2,118,522       2,559,171  
    Commitments and Contingencies              
    Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of March 31, 2025 and June 30, 2024; 27,423,137 and 28,932,457 Series A1 shares issued and outstanding, 1,226,738 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,283,306 and 24,810,648 Series A3 shares issued and outstanding, 2,321,362 and 3,351,101 Series M3 shares issued and outstanding, 2,208,613 and 1,401,747 Series M4 shares issued and outstanding, 6,982,590 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 1,029,762 and 0 Series A5 issued and outstanding, and 193,289 and 0 Series M5 issued and outstanding as of March 31, 2025 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends   1,632,426       1,586,188  
    Net Assets Applicable to Common Shares $ 3,245,364     $ 3,711,733  
    Components of Net Assets Applicable to Common Shares and Net Assets, respectively              
    Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 447,344,378 and 424,846,963 issued and outstanding, respectively)   447       425  
    Paid-in capital in excess of par   4,304,253       4,208,607  
    Distributions in excess of earnings   (1,059,336 )     (497,299 )
    Net Assets Applicable to Common Shares $ 3,245,364     $ 3,711,733  
    Net Asset Value Per Common Share $ 7.25     $ 8.74  
                           
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (Unaudited)
                           
       Three Months Ended
    March 31,           		    Nine Months Ended
    March 31,       
        2025     2024     2025     2024
    Investment Income                              
    Interest income (excluding payment-in-kind (“PIK”) interest income):                              
    Control investments $ 60,584     $ 47,295     $ 170,352     $ 138,111  
    Non-control/non-affiliate investments   75,874       97,665       257,943       309,770  
    Structured credit securities   3,272       4,748       11,505       30,317  
    Total interest income (excluding PIK interest income)   139,730       149,708       439,800       478,198  
    PIK interest income:                              
    Control investments   8,915       21,210       42,509       72,161  
    Non-control/non-affiliate investments   10,611       13,014       30,360       30,651  
    Total PIK Interest Income   19,526       34,224       72,869       102,812  
    Total interest income   159,256       183,932       512,669       581,010  
    Dividend income:                              
    Control investments   4,387       510       8,774       737  
    Affiliate investments   —       —       141       1,307  
    Non-control/non-affiliate investments   3,366       1,469       8,209       4,334  
    Total dividend income   7,753       1,979       17,124       6,378  
    Other income:                              
    Control investments   416       14,192       15,799       55,553  
    Non-control/non-affiliate investments   3,291       2,112       6,898       6,461  
    Total other income   3,707       16,304       22,697       62,014  
    Total Investment Income   170,716       202,215       552,490       649,402  
    Operating Expenses                              
    Base management fee   35,578       39,218       111,253       117,594  
    Income incentive fee   4,207       17,390       33,519       61,332  
    Interest and credit facility expenses   36,151       39,841       113,890       120,478  
    Allocation of overhead from Prospect Administration   5,318       5,708       16,734       20,073  
    Audit, compliance and tax related fees   583       583       2,383       2,079  
    Directors’ fees   150       150       450       416  
    Other general and administrative expenses   5,240       4,950       14,464       10,516  
    Total Operating Expenses   87,227       107,840       292,693       332,488  
    Net Investment Income   83,489       94,375       259,797       316,914  
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments                              
    Net realized gains (losses)                              
    Control investments   4       1,186       6,374       1,039  
    Non-control/non-affiliate investments   (63,184 )     (70,949 )     (216,577 )     (278,168 )
    Net realized gains (losses)   (63,180 )     (69,763 )     (210,203 )     (277,129 )
    Net change in unrealized gains (losses)                              
    Control investments   (73,292 )     125,827       (217,121 )     8,592  
    Affiliate investments   2,481       (487 )     4,483       2,101  
    Non-control/non-affiliate investments   (90,058 )     (5,523 )     (112,078 )     183,012  
    Net change in unrealized gains (losses)   (160,869 )     119,817       (324,716 )     193,705  
    Net Realized and Net Change in Unrealized Gains (Losses) from Investments   (224,049 )     50,054       (534,919 )     (83,424 )
    Net realized gains (losses) on extinguishment of debt   644       (68 )     1,128       (212 )
    Net Increase (Decrease) in Net Assets Resulting from Operations   (139,916 )     144,361       (273,994 )     233,278  
    Preferred Stock dividends   (26,698 )     (24,812 )     (80,083 )     (72,033 )
    Net gain (loss) on redemptions of Preferred Stock   (1,586 )     (925 )     (188 )     (46 )
    Gain (loss) on Accretion to Redemption Value of Preferred Stock   (3,131 )     (4,733 )     (13,128 )     (4,733 )
    Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders $ (171,331 )   $ 113,891     $ (367,393 )   $ 156,466  
     
    PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
    ROLLFORWARD OF NET ASSET VALUE PER COMMON SHARE
    (in actual dollars)
     
      Three Months Ended
    March 31,    		   Nine Months Ended
    March 31,    		  
        2025     2024     2025     2024  
    Per Share Data                                
    Net asset value per common share at beginning of period $ 7.84     $ 8.92     $ 8.74     $ 9.24    
    Net investment income(1)   0.19       0.23       0.60       0.77    
    Net realized and change in unrealized gains (losses)(1)   (0.51 )     0.11       (1.25 )     (0.22 )  
    Net increase (decrease) from operations   (0.33 ) (7)   0.34       (0.66 ) (7)   0.56   (7)
    Distributions of net investment income to preferred stockholders   (0.06 ) (4)   (0.06 ) (3)   (0.18 ) (4)   (0.18 ) (3)
    Distributions of capital gains to preferred stockholders   —   (4)   —   (3)   —   (4)   —   (3)
    Total distributions to preferred stockholders   (0.06 )     (0.06 )     (0.18 )     (0.18 )  
    Net increase (decrease) from operations applicable to common stockholders   (0.39 )     0.27   (7)   (0.84 )     0.38    
    Distributions of net investment income to common stockholders   (0.14 ) (4)   (0.18 ) (3)   (0.47 ) (4)   (0.52 ) (3)
    Return of capital to common stockholders   —   (4)   —   (3)   —   (4)   (0.02 ) (3)(6)
    Total distributions to common stockholders   (0.14 )     (0.18 )     (0.47 )     (0.54 )  
    Common stock transactions(2)   (0.08 )     (0.03 )     (0.21 )     (0.09 )  
    Net asset value per common share at end of period $ 7.25   (7) $ 8.99   (7) $ 7.25   (7) $ 8.99    
    (1) Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). Realized gains (losses) is inclusive of net realized losses (gains) on investments, realized losses (gains) from extinguishment of debt and realized gains (losses) from the repurchases and redemptions of preferred stock.
    (2) Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock.
    (3) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024.
    (4) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2025.
    (5) Diluted net decrease from operations applicable to common stockholders was $0.39 for the three months ended March 31, 2025. Diluted net increase from operations applicable to common stockholders was $0.20 for the three months ended March 31, 2024. Diluted net decrease from operations applicable to common stockholders was $0.84 for the nine months ended March 31, 2025. Diluted net increase from operations applicable to common stockholders was $0.33 for the nine months ended March 31, 2024.
    (6) The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2023 and our Form 10-Q filing for March 31, 2024. Certain reclassifications have been made in the presentation of prior period amounts.
    (7) Does not foot due to rounding.
       

    MIDDLE-MARKET LOAN PORTFOLIO COMPANY WEIGHTED AVERAGE EBITDA, NET LEVERAGE AND INTERNAL RATE OF RETURN

    Middle-Market Loan Portfolio Company Weighted Average Net Leverage (“Middle-Market Portfolio Net Leverage”) and Middle-Market Loan Portfolio Company Weighted Average EBITDA (“Middle-Market Portfolio EBITDA”) provide clarity into the underlying capital structure of PSEC’s middle-market loan portfolio investments and the likelihood that such portfolio will make interest payments and repay principal. PSEC’s consumer finance middle-market lending / buyout portfolio company investments are excluded from Middle-Market Portfolio Net Leverage and Middle-Market Portfolio EBITDA because consumer finance companies typically rely on financing to fund their lending activities.

    Middle-Market Portfolio Net Leverage reflects the net leverage of each of PSEC’s middle-market loan portfolio company debt investments, weighted based on the current fair market value of such debt investments. The net leverage for each middle-market loan portfolio company is calculated based on PSEC’s investment in the capital structure of such portfolio company, with a maximum limit of 10.0x adjusted EBITDA. This calculation excludes debt subordinate to PSEC’s position within the capital structure because PSEC’s exposure to interest payment and principal repayment risk is limited beyond that point. Additionally, subordinated structured notes, rated secured structured notes, real estate investments, investments for which EBITDA is not available, and equity investments, for which principal repayment is not fixed, are also not included in the calculation. The calculation does not exceed 10.0x adjusted EBITDA for any individual investment because 10.0x captures the highest level of risk to PSEC. Middle-Market Portfolio Net Leverage provides PSEC with some guidance as to PSEC’s exposure to the interest payment and principal repayment risk of PSEC’s middle-market loan portfolio. PSEC monitors its Middle-Market Portfolio Net Leverage on a quarterly basis.

    Middle-Market Portfolio EBITDA is used by PSEC to supplement Middle-Market Portfolio Net Leverage and generally indicates a portfolio company’s ability to make interest payments and repay principal. Middle-Market Portfolio EBITDA is calculated using the EBITDA of each of PSEC’s middle-market loan portfolio companies, weighted based on the current fair market value of the related investments. The calculation provides PSEC with insight into profitability and scale of the portfolio companies within PSEC’s middle-market loan portfolio.

    These calculations include addbacks that are typically negotiated and documented in the applicable investment documents, including but not limited to transaction costs, share-based compensation, management fees, foreign currency translation adjustments, and other nonrecurring transaction expenses.

    Together, Middle-Market Portfolio Net Leverage and Middle-Market Portfolio EBITDA assist PSEC in assessing the likelihood that PSEC will timely receive interest and principal payments. However, these calculations are not meant to substitute for an analysis of PSEC’s underlying portfolio company debt investments, but to supplement such analysis.

    Internal Rate of Return (“IRR”) is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRR is gross of general expenses not related to specific investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Prospect’s gross IRR calculations are unaudited. Information regarding internal rates of return are historical results relating to Prospect’s past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

    PRIMARY ORIGINATION STRATEGIES

    Lending to Companies – We make directly-originated, agented loans to companies, including companies which are controlled by private equity sponsors and companies that are not controlled by private equity sponsors (such as companies that are controlled by the management team, the founder, a family or public shareholders). This debt can take the form of first lien, second lien, unitranche or unsecured loans. These loans typically have equity subordinate to our loan position. We may also purchase selected equity investments in such companies. In addition to directly-originated, agented loans, we also invest in senior and secured loans syndicated loans and high yield bonds that have been sold to a club or syndicate of buyers, both in the primary and secondary markets. These investments are often purchased with a long term, buy-and-hold outlook, and we often look to provide significant input to the transaction by providing anchoring orders.

    Lending to Companies and Purchasing Controlling Equity Positions in Such Companies – This strategy involves purchasing senior and secured yield-producing debt and controlling equity positions in operating companies across various industries. We believe this strategy provides enhanced certainty of closing to sellers and the opportunity for management to continue on in their current roles. These investments are often structured in tax-efficient partnerships, enhancing returns.

    Purchasing Controlling Equity Positions and Lending to Real Estate Companies – We purchase debt and controlling equity positions in tax-efficient real estate investment trusts (“REIT” or “REITs”). The real estate investments of National Property REIT Corp. (“NPRC”) are in various classes of developed and occupied real estate properties that generate current yields, including multi-family properties, student housing and senior living. NPRC seeks to identify properties that have historically significant occupancy rates and recurring cash flow generation. NPRC generally co-invests with established and experienced property management teams that manage such properties after acquisition. Additionally, NPRC makes investments in rated secured structured notes (primarily debt of structured credit). NPRC also purchases loans originated by certain consumer loan facilitators. It purchases each loan in its entirety (i.e., a “whole loan”). The borrowers are consumers, and the loans are typically serviced by the facilitators of the loans.

    Investing in Structured Credit – We make investments in structured credit, often taking a significant position in subordinated structured notes (equity). The underlying portfolio of each structured credit investment is diversified across approximately 100 to 200 broadly syndicated loans and does not have direct exposure to real estate, mortgages, or consumer-based credit assets. The structured credit portfolios in which we invest are managed by established collateral management teams with many years of experience in the industry.

    About Prospect Capital Corporation

    Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

    Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

    Caution Concerning Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

    For additional information, contact:

    Grier Eliasek, President and Chief Operating Officer
    grier@prospectcap.com
    Telephone (212) 448-0702

    The MIL Network –

  • MIL-OSI: IBEX Reports Record Quarterly Revenue and EPS, Returns to Double-Digit Growth, Raises Fiscal Year Guidance

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue grew 11% versus prior year quarter – highest growth in ten quarters
    • Adjusted EPS of $0.82 – an increase of 18% to prior year quarter
    • Makes strategic entry into India – launching with leading healthcare client
    • Board authorizes a new $15 million share repurchase plan

    WASHINGTON, May 08, 2025 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its third fiscal quarter ended March 31, 2025.

      Three months ended March 31, 2025   Nine months ended March 31, 2025
    ($ millions, except per share amounts)   2025       2024     Change     2025       2024     Change
    Revenue $ 140,736     $ 126,795       11.0 %   $ 411,135     $ 384,038       7.1 %
    Net income $ 10,469     $ 10,310       1.5 %   $ 27,268     $ 23,810       14.5 %
    Net income margin   7.4 %     8.1 %     (70) bps       6.6 %     6.2 %     40 bps  
    Adjusted net income (1) $ 11,787     $ 12,558       (6.1)%     $ 30,434     $ 28,156       8.1 %
    Adjusted net income margin (1)   8.4 %     9.9 %     (150) bps       7.4 %     7.3 %     10 bps  
    Adjusted EBITDA (1) $ 19,380     $ 19,204       0.9 %   $ 51,505     $ 47,239       9.0 %
    Adjusted EBITDA margin (1)   13.8 %     15.1 %     (130) bps       12.5 %     12.3 %     20 bps  
    Earnings per share – diluted (2) $ 0.73     $ 0.57       27.5 %   $ 1.70     $ 1.29       31.9 %
    Adjusted earnings per share – diluted (1,2) $ 0.82     $ 0.70       17.9 %   $ 1.90     $ 1.53       24.4 %
                           
    (1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
    (2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.
     

    “Marking the continuation of a strong first half for fiscal year 2025, I am proud to report yet another quarter of record financial results,” said Bob Dechant, ibex CEO. “Ibex returned to double-digit top-line revenue growth with 11%, our highest rate in ten quarters. Our growth continues to be driven by outstanding performance within our embedded base clients, new client wins, and our ability to drive innovative AI solutions across our clients. I am excited to report that our new logo team performed extremely well with four signature wins in the quarter for a total of 12 year to date. Importantly, we achieved a major strategic milestone in the quarter with the seamless launch for a leading Healthcare company in our newest location, India. Operating in this key location has been a strategic priority for our company and further enhances our client delivery options.”

    “With the strength and trajectory of our business, we are raising guidance for both revenue and adjusted EBITDA, as well as announcing a newly authorized share repurchase plan, reflecting the board of directors’ and management’s confidence in ibex,” added Dechant.

    Third Quarter Financial Performance
    Revenue

    • Revenue of $140.7 million, an increase of 11.0% from $126.8 million in the prior year quarter. Growth was driven in our top three verticals; HealthTech (+20.0%), Travel, Transportation and Logistics (+18.7%), and Retail & E-commerce (+14.6%), along with growth in the digital acquisition business.

    Net Income and Earnings Per Share

    • Net income increased slightly to $10.5 million compared to $10.3 million in the prior year quarter. Net income was favorably impacted by an increase in gross margin as a result of the impact of revenue growth particularly in our higher margin offshore regions, offset by increases in selling, general, and administrative, interest, and income tax expenses.
    • Diluted earnings per share increased to $0.73 compared to $0.57 in the prior year quarter. Earnings per share benefited from diluted shares outstanding declining to 14.4 million compared to 18.0 million in the prior year quarter as a result of our share repurchase activities.
    • Net income margin decreased to 7.4% compared to 8.1% in the prior year quarter.
    • Non-GAAP adjusted net income decreased to $11.8 million compared to $12.6 million in the prior year quarter (see Exhibit 1 for reconciliation).
    • Non-GAAP adjusted diluted earnings per share increased to $0.82 compared to $0.70 in the prior year quarter (see Exhibit 1 for reconciliation).

    Adjusted EBITDA

    • Adjusted EBITDA increased to $19.4 million compared to $19.2 million in the prior year quarter (see Exhibit 2 for reconciliation).
    • Adjusted EBITDA margin decreased to 13.8% compared to 15.1% in the prior year quarter (see Exhibit 2 for reconciliation). This decrease was primarily driven by increases in selling, general, and administrative expenses including costs associated with our expansion into India.

    Cash Flow and Balance Sheet

    • Capital expenditures were $5.3 million compared to $1.7 million in the prior year quarter. The planned increase in capital expenditures during this quarter was driven by capacity expansion to meet growing demand in our offshore and nearshore regions.
    • Cash flow from operating activities was $8.8 million compared to $11.4 million in the prior year quarter. Free cash flow was $3.6 million compared to $9.7 million in the prior year quarter (see Exhibit 3 for reconciliation). Improvement in days sales outstanding in the quarter to 77 days was offset by the planned increased capital expenditures to fund growth and investments for expansion into India.
    • Net debt was $7.6 million, an improvement of $6.1 million compared to net debt of $13.7 million as of December 31, 2024. This reflects the impact of our $70 million TRGI share repurchase when compared to our net cash position of $61.2 million as of June 30, 2024 (see Exhibit 4 for reconciliation).

    “We achieved outstanding top and strong bottom line third quarter results. We delivered a multi-year high top-line performance with 11% revenue growth, over 7% fiscal year to date, with 19% growth in our highest margin offshore regions. Our adjusted EPS of $0.82, was up 18% over the prior year quarter, and was a record for our business. The continued expansion of our embedded client base and new client wins over the last year drove these excellent results,” said Taylor Greenwald, CFO of ibex.

    “The upward trend in our results over the last few quarters not only enable strategic investments in our growing AI capabilities and sales resources, but also our in-quarter entry into the India market. Importantly, these results instill continued confidence in the execution of our strategy, enabling us to again raise our fiscal year guidance, commence the newly authorized share repurchase plan, and continue to return value to shareholders.”

    Raised Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $540 to $545 million versus a previous range of $525 to $535 million.
    • Adjusted EBITDA is expected to be in the range of $68 to $70 million versus a previous range of $68 to $69 million.
    • Capital expenditures are expected to remain in the range of $15 to $20 million.

    Share Repurchase Plan
    The board of directors (the “Board”) has authorized a share repurchase plan to commence May 12, 2025 under which the Company may repurchase up to $15 million of its shares over the next 12 months (the “Share Repurchase Plan”).

    The Company’s proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The actual timing, number, and dollar amount of repurchase transactions will be subject to Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934.

    The Board will review the Share Repurchase Plan periodically and may authorize adjustment of its terms and size or suspend or discontinue the plan. The Company expects to fund the repurchases under this plan with its existing cash balance.

    The Share Repurchase Plan does not obligate the Company to acquire any particular amount of common shares, and the plan may be suspended or discontinued at any time at the Company’s discretion.

    Conference Call and Webcast Information
    IBEX Limited will host a conference call and live webcast to discuss its third quarter of fiscal year 2025 financial results at 4:30 p.m. Eastern Time today, May 8, 2025. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

    Live and archived webcasts can be accessed at: https://investors.ibex.co/.

    Financial Information
    This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, “Interim Reporting.” The financial information in this press release has not been audited.

    Non-GAAP Financial Measures
    We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

    ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and share-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

    About ibex
    ibex helps the world’s preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

    Forward Looking Statements
    In addition to historical information, this press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; our ability to realize the anticipated strategic and financial benefits of our relationship with Amazon; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the “Risk Factors” described in our periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

    IR Contact:  Michael Darwal, EVP, Investor Relations, ibex, michael.darwal@ibex.co
    Media Contact:  Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co

     
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Unaudited)
    (in thousands)
     
      March 31,
    2025    		   June 30,
    2024
    Assets      
    Current assets      
    Cash and cash equivalents $ 12,977     $ 62,720  
    Accounts receivable, net   120,035       98,366  
    Prepaid expenses   8,103       7,712  
    Due from related parties   50       192  
    Tax advances and receivables   4,976       9,080  
    Other current assets   2,523       1,888  
    Total current assets   148,664       179,958  
           
    Non-current assets      
    Property and equipment, net   30,481       29,862  
    Operating lease assets   65,726       59,145  
    Goodwill   11,832       11,832  
    Deferred tax asset, net   5,994       4,285  
    Other non-current assets   12,034       8,822  
    Total non-current assets   126,067       113,946  
    Total assets $ 274,731     $ 293,904  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable and accrued liabilities $ 18,430     $ 16,719  
    Accrued payroll and employee-related liabilities   29,653       30,674  
    Current deferred revenue   6,019       4,749  
    Current operating lease liabilities   14,225       12,051  
    Current debt   19,862       660  
    Due to related parties   —       60  
    Income taxes payable   821       6,083  
    Total current liabilities   89,010       70,996  
           
    Non-current liabilities      
    Non-current deferred revenue   1,060       1,128  
    Non-current operating lease liabilities   56,944       53,441  
    Long-term debt   735       867  
    Other non-current liabilities   2,801       1,673  
    Total non-current liabilities   61,540       57,109  
    Total liabilities   150,550       128,105  
           
    Stockholders’ equity      
    Common Stock   1       2  
    Additional paid-in capital   216,184       210,200  
    Treasury stock   (101,658 )     (25,367 )
    Accumulated other comprehensive loss   (6,491 )     (7,913 )
    Retained earnings / (deficit)   16,145       (11,123 )
    Total stockholders’ equity   124,181       165,799  
    Total liabilities and stockholders’ equity $ 274,731     $ 293,904  
                   
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Comprehensive Income
    (Unaudited)
    (in thousands, except per share data)
     
      Three Months Ended March 31,   Nine Months Ended March 31,
        2025       2024       2025       2024  
    Revenue $ 140,736     $ 126,795     $ 411,135     $ 384,038  
                   
    Cost of services (exclusive of depreciation and amortization presented separately below)   96,017       87,083       284,820       271,163  
    Selling, general and administrative   27,061       23,565       78,982       71,462  
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    Total operating expenses   127,407       115,513       376,786       357,478  
    Income from operations   13,329       11,282       34,349       26,560  
                   
    Interest income   32       431       926       1,529  
    Interest expense   (404 )     (124 )     (1,186 )     (339 )
    Income before income taxes   12,957       11,589       34,089       27,750  
                   
    Provision for income tax expense   (2,488 )     (1,279 )     (6,821 )     (3,940 )
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
                   
    Other comprehensive income              
    Foreign currency translation adjustments $ 374     $ (288 )   $ 851     $ (310 )
    Unrealized gain / (loss) on cash flow hedging instruments, net of tax   385       (131 )     571       70  
    Total other comprehensive income / (loss)   759       (419 )     1,422       (240 )
    Total comprehensive income $ 11,228     $ 9,891     $ 28,690     $ 23,570  
                   
    Net income per share              
    Basic $ 0.79     $ 0.59     $ 1.80     $ 1.33  
    Diluted $ 0.73     $ 0.57     $ 1.70     $ 1.29  
                   
    Weighted average common shares outstanding              
    Basic   13,264       17,468       15,109       17,880  
    Diluted   14,404       18,036       16,135       18,458  
                                   
    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Cash Flows
    (Unaudited)
    (in thousands)
     
      Three Months Ended March 31,   Nine Months Ended March 31,
        2025       2024       2025       2024  
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    Noncash lease expense   3,611       3,386       10,020       9,908  
    Warrant contra revenue   —       299       —       893  
    Deferred income tax   (942 )     290       (1,709 )     586  
    Share-based compensation expense   1,601       466       3,506       2,741  
    Allowance of expected credit losses   105       56       428       62  
    Impairment losses   —       1,257       —       1,257  
    Change in assets and liabilities:              
    Decrease / (increase) in accounts receivable   455       1,395       (22,050 )     (16,941 )
    Decrease / (increase) in prepaid expenses and other current assets   1,405       (3,158 )     392       (5,350 )
    Increase in accounts payable and accrued liabilities   (6,120 )     (2,880 )     (3,042 )     (2,336 )
    (Decrease) / increase in deferred revenue   (1,262 )     (1,399 )     1,203       (1,098 )
    Decrease in operating lease liabilities   (4,823 )     (3,456 )     (11,269 )     (9,907 )
    Net cash inflow from operating activities   8,828       11,431       17,731       18,478  
                   
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of property and equipment   (5,267 )     (1,691 )     (13,216 )     (6,635 )
    Net cash outflow from investing activities   (5,267 )     (1,691 )     (13,216 )     (6,635 )
                   
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from line of credit   60,150       57       69,310       153  
    Repayments of line of credit   (48,550 )     (57 )     (50,210 )     (205 )
    Proceeds from the exercise of options   2,809       351       3,534       362  
    Principal payments on finance leases   (286 )     (138 )     (639 )     (342 )
    Purchase of treasury shares   (25,052 )     (8,277 )     (76,421 )     (18,551 )
    Net cash outflow from financing activities   (10,929 )     (8,064 )     (54,426 )     (18,583 )
    Effects of exchange rate difference on cash and cash equivalents   139       (27 )     168       (24 )
    Net (decrease) / increase in cash and cash equivalents   (7,229 )     1,649       (49,743 )     (6,764 )
    Cash and cash equivalents, beginning   20,206       49,016       62,720       57,429  
    Cash and cash equivalents, ending $ 12,977     $ 50,665     $ 12,977     $ 50,665  
                   
    IBEX LIMITED AND SUBSIDIARIES
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
                   

    EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share

    We define adjusted net income as net income before the effect of the following items: severance costs, impairment losses, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

    The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

      Three Months Ended March 31,
    		   Nine Months Ended March 31,
    ($000s, except per share amounts)   2025       2024       2025       2024  
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Net income margin   7.4 %     8.1 %     6.6 %     6.2 %
                   
    Severance costs   —       1,506       —       1,506  
    Impairment losses   —       1,257       —       1,257  
    Warrant contra revenue   —       299       —       893  
    Foreign currency loss / (gain)   121       (471 )     666       (571 )
    Share-based compensation expense   1,601       466       3,506       2,741  
    Total adjustments $ 1,722     $ 3,057     $ 4,172     $ 5,826  
    Tax impact of adjustments1   (404 )     (809 )     (1,006 )     (1,480 )
    Adjusted net income $ 11,787     $ 12,558     $ 30,434     $ 28,156  
    Adjusted net income margin   8.4 %     9.9 %     7.4 %     7.3 %
                   
    Diluted earnings per share $ 0.73     $ 0.57     $ 1.70     $ 1.29  
    Per share impact of adjustments to net income   0.09       0.12       0.20       0.24  
    Adjusted earnings per share $ 0.82     $ 0.70     $ 1.90     $ 1.53  
                   
    Weighted average diluted shares outstanding   14,404       18,036       16,135       18,458  
                   

    _______________
    1The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

    EXHIBIT 2:  EBITDA, adjusted EBITDA, and adjusted EBITDA margin

    EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: severance costs, impairment losses, interest income, warrant contra revenue, foreign currency gain / loss, and share-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

    The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

      Three Months Ended March 31, Nine Months Ended March 31,
    ($000s)   2025       2024       2025       2024  
    Net income $ 10,469     $ 10,310     $ 27,268     $ 23,810  
    Net income margin   7.4 %     8.1 %     6.6 %     6.2 %
                   
    Interest expense   404       124       1,186       339  
    Income tax expense   2,488       1,279       6,821       3,940  
    Depreciation and amortization   4,329       4,865       12,984       14,853  
    EBITDA $ 17,690     $ 16,578     $ 48,259     $ 42,942  
    Severance costs   —       1,506       —       1,506  
    Impairment losses   —       1,257       —       1,257  
    Interest income   (32 )     (431 )     (926 )     (1,529 )
    Warrant contra revenue   —       299       —       893  
    Foreign currency loss / (gain)   121       (471 )     666       (571 )
    Share-based compensation expense   1,601       466       3,506       2,741  
    Adjusted EBITDA $ 19,380     $ 19,204     $ 51,505     $ 47,239  
                   
    Adjusted EBITDA margin   13.8 %     15.1 %     12.5 %     12.3 %
                   

    EXHIBIT 3: Free cash flow

    We define free cash flow as net cash provided by operating activities less capital expenditures.

      Three Months Ended March 31, Nine Months Ended March 31,
    ($000s)   2025       2024       2025       2024  
    Net cash provided by operating activities $ 8,828     $ 11,431     $ 17,731     $ 18,478  
    Less: capital expenditures   5,267       1,691       13,216       6,635  
    Free cash flow $ 3,561     $ 9,740     $ 4,515     $ 11,843  
                                   

    EXHIBIT 4: Net (debt) / cash

    We define net (debt) / cash as total cash and cash equivalents less debt.

      March 31,   June 30,
    ($000s)   2025       2024  
    Cash and cash equivalents $ 12,977     $ 62,720  
           
    Debt      
    Current $ 19,862     $ 660  
    Non-current   735       867  
    Total debt $ 20,597     $ 1,527  
    Net (debt) / cash $ (7,620 )   $ 61,193  
                   

    The MIL Network –

  • MIL-OSI: Magnite to Participate in Upcoming Financial Conferences

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Magnite (Nasdaq: MGNI), the largest independent sell-side advertising company, today announced that members of its executive team will participate and host in-person investor meetings at the following financial conferences:

    • 20th Annual Needham Technology, Media and Consumer Conference in New York City on Tuesday, May 13 – company management will participate in a fireside chat at 10:15 a.m. ET.
    • B. Riley Securities 25th Annual Investor Conference in Marina del Rey on Wednesday, May 21, and Thursday, May 22.
    • Craig-Hallum 22nd Annual Institutional Investor Conference in Minneapolis on Wednesday, May 28.
    • Evercore ISI 4th Annual Nothing But Net Internet Investors Summit in New York City on Wednesday, May 28.
    • Bank of America Global Technology Conference in San Francisco on Tuesday, June 3 – company management will participate in a fireside chat at 2:40 p.m. PT.
    • Wolfe Research Small and Mid-Cap Conference in New York City on Thursday, June 5.
    • Rosenblatt 5th Annual Technology Summit – company management will participate in a virtual fireside chat on Tuesday, June 10 at 9:00 a.m. ET

    Live webcasts of the Needham and Bank of America fireside chats will be available in the “Events & Presentations” section of Magnite’s investor relations website at: https://investor.magnite.com. The webcast replays will be available following the conclusion of the live presentations for 90 days.

    About Magnite

    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Investor Relations Contact
    Nick Kormeluk, 949-500-0003
    nkormeluk@magnite.com

    The MIL Network –

  • MIL-OSI: PubMatic Announces First Quarter 2025 Financial Results; Board of Directors Authorizes $100M Expansion of Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    Delivered revenue and adjusted EBITDA ahead of guidance;

    Revenue from omnichannel video, including CTV, grew 20% and was 40% of total revenue;

    CTV revenue grew over 50% year-over-year; and

    Supply Path Optimization represented a record 55%+ of total activity

    NO-HEADQUARTERS/REDWOOD CITY, Calif., May 08, 2025 (GLOBE NEWSWIRE) — PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today reported financial results for the first quarter ending March 31, 2025.

    “We are pleased with our Q1 performance, exceeding guidance on both the top and bottom line driven by the secular growth areas in our business. Ongoing investments in product innovation and go to market teams drove 21% year over year growth in our underlying business, with momentum carrying into April,” said Rajeev Goel, co-founder and CEO at PubMatic. “We firmly believe the current environment serves as a catalyst to accelerate the shift to programmatic and AI-driven solutions. Sell-side activation is emerging as the preferred model across the open internet as advertiser demand for more transparent, performant paths to inventory and data continues to increase. PubMatic sits at the forefront of this transformation while creating value for the entire supply chain.”

    First Quarter 2025 Financial Highlights

    • Revenue in the first quarter of 2025 was $63.8 million, compared to $66.7 million in the same period of 2024;
    • Net dollar-based retention1 was 102% for the trailing twelve-months ended March 31, 2025, compared to 106% in the comparable trailing twelve-month period a year ago;
    • GAAP net loss was $(9.5) million with a margin of (15)%, or $(0.20) per diluted share in the first quarter, compared to GAAP net loss of $(2.5) million with a margin of (4)%, or $(0.05) per diluted share in the same period of 2024;
    • Adjusted EBITDA was $8.5 million, or 13% margin, compared to $15.1 million, or a 23% margin, in the same period of 2024;
    • Non-GAAP net loss was $(1.8) million, or $(0.04) per diluted share in the first quarter, compared to Non-GAAP net income of $4.8 million, or $0.09 per diluted share in the same period of 2024;
    • Net cash provided by operating activities was $15.6 million, compared to $24.3 million in the same period of 2024;
    • Total cash, cash equivalents, and marketable securities of $144.1 million as of March 31, 2025 with no debt;
    • Through March 31, 2025, used $138.2 million to repurchase 8.7 million shares of Class A common stock, representing 17% of fully diluted shares as of the program’s inception. PubMatic’s Board of Directors has authorized a $100.0 million expansion of the share repurchase program through 2026.

    The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

    Business Highlights

    Omnichannel platform drives revenue in key secular growth areas       

    • Revenue from CTV grew over 50% year-over-year. PubMatic partners with 80% of the top 30 streaming publishers.
    • Revenue from omnichannel video, which includes CTV, grew 20% year-over-year and represented 40% of total revenue.

    PubMatic’s Sell-Side Platform continues to scale; deliver performance   

    • Premium CTV inventory continues to scale, with new and expanded partnerships across the globe including Spectrum Reach, the advertising division of Charter Communications, TCL for live sports streaming content and the BBC’s free ad supported streaming channels.
    • Supply Path Optimization represented a record 55%+ of total activity on our platform in Q1 2025, up from 50% a year ago, driven by Activate, CTV Marketplace, and robust sell-side targeting capabilities. PubMatic received the The Supply Path Optimization (SPO) Award as part of AdExchanger’s 2025 Programmatic Impact Awards, highlighting the performance impact of Activate.
    • Activity from mid-market DSPs that specialize in performance marketing almost tripled on a year-over-year basis. These buyers are rapidly scaling ad spend on PubMatic as they prioritize access to premium supply, addressable audiences, and full-funnel sell-side solutions.
    • Kroger Precision Marketing (KPM) consolidated activity on PubMatic as part of their effort to improve media performance by reducing the number of supply partners by 70%. As a result of the partnership, KPM saw a 20% increase in click through rates in campaigns transacted via PubMatic.
    • Publishers using PubMatic’s audience curation tools see up to a 10% increase in advertising revenue, due to an increased diversity of ad buyers and higher CPMs.

    Launched upgraded Gen AI buyer platform

    • This end-to-end platform combines proprietary supply-side intelligence with AI-powered buying tools. It delivers efficiency gains and superior outcomes for advertisers, agencies and curators, while streamlining every stage of the media buying process—from audience and inventory discovery and forecasting to curation, activation, and performance optimization.
    • Offers ad buyers direct access to nearly the entire open internet – approximately 1,950 premium publishers, privacy-safe audience data from 190 data partners, and over 829 billion daily ad impressions.

    Owned and operated infrastructure drives operational efficiencies

    • Infrastructure optimization initiatives combined with limited capex drove nearly 75 trillion impressions processed in Q1 2025, an increase of 29% over Q1 2024.
    • Cost of revenue per million impressions processed decreased 20% on a trailing twelve month period, as compared to the prior period.

    “We delivered a strong first quarter and our 36th consecutive quarter of adjusted EBITDA profitability. Looking to the second half of the year, based on the strong momentum we are seeing in our underlying business, combined with our go-to-market and innovation investments, we expect our underlying revenues to continue growing 15%+,” said Steve Pantelick, CFO at PubMatic. “Additionally, we have implemented a prudent operational plan that will allow us to continue investing behind the fastest growing programmatic opportunities, while also protecting our profitability and balance sheet. This, coupled with our durable business model, gives us confidence that we can successfully navigate the current environment and be well positioned for future market share gains.”

    Financial Outlook

    Our outlook assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.

    Accordingly, we estimate the following for the second quarter of 2025:

    • Revenue to be between $66 million to $70 million, inclusive of the impact from one of our top DSP buyers that revised its auction approach in mid 2024.
    • Adjusted EBITDA to be in the range of $9 million to $12 million, representing approximately a 17% margin at the midpoint. Adjusted EBITDA expectation assumes a negative foreign currency exchange impact predominantly from Euro and Pound Sterling expenses.

    Although we provide guidance for adjusted EBITDA, we are not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.

    Conference Call and Webcast details

    PubMatic will host a conference call to discuss its financial results on Tuesday, May 8, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.

    Non-GAAP Financial Measures

    In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income (loss), net cash provided by operating activities, and net income (loss), we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income (loss), non-GAAP net income (loss) per diluted share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income (loss) adjusted for stock-based compensation expense, depreciation and amortization, interest income, and benefit from income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income (loss) as net income (loss) adjusted for stock-based compensation expense and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.

    In addition to operating income (loss) and net income (loss), we use adjusted EBITDA, non-GAAP net income (loss), and free cash flow as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

    • Adjusted EBITDA and non-GAAP net income (loss) are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization, interest expense, and benefit from income taxes that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and,
    • Our management uses adjusted EBITDA, non-GAAP net income (loss), and free cash flow in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance or, in the case of free cash flow, as a measure of liquidity, and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:

    • Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) the potentially dilutive impact of stock-based compensation; or (c) tax payments that may represent a reduction in cash available to us;
    • Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and
    • Non-GAAP net income (loss) does not include: (a) the potentially dilutive impact of stock-based compensation; and (b) income tax effects for stock-based compensation

    Because of these and other limitations, you should consider adjusted EBITDA, non-GAAP net income, and free cash flow along with other GAAP-based financial measures, including net income (loss) and cash flow from operating activities, and our GAAP financial results.

    Forward Looking Statements

    This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the second quarter of 2025 and capex for the full year 2025, our expectations regarding our total addressable market, future market growth, and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; the war between Ukraine and Russia and the ongoing conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation, tariffs and recessionary fears as well as fiscal tightening, changes in the interest rate environment and continuing volatility in global capital markets; global macroeconomic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. All information in this press release is as of May 8, 2025. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    About PubMatic

    PubMatic is an independent technology company maximizing customer value by delivering digital advertising’s supply chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic’s infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.

     
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
      March 31,
    2025    		   December 31,
    2024
    ASSETS      
    Current assets      
    Cash and cash equivalents $ 101,811     $ 100,452  
    Marketable securities   42,315       40,135  
    Accounts receivable, net   349,123       424,814  
    Prepaid expenses and other current assets   12,018       10,145  
    Total current assets   505,267       575,546  
    Property, equipment and software, net   54,386       58,522  
    Operating lease right-of-use assets   42,575       44,402  
    Acquisition-related intangible assets, net   3,889       4,284  
    Goodwill   29,577       29,577  
    Deferred tax assets   29,619       24,864  
    Other assets, non-current   3,289       2,324  
    TOTAL ASSETS $ 668,602     $ 739,519  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities      
    Accounts payable $ 323,611     $ 386,602  
    Accrued liabilities   20,309       26,365  
    Operating lease liabilities, current   6,241       5,843  
    Total current liabilities   350,161       418,810  
    Operating lease liabilities, non-current   38,649       39,538  
    Other liabilities, non-current   4,191       3,908  
    TOTAL LIABILITIES   393,001       462,256  
    Stockholders’ equity      
    Common stock   6       6  
    Treasury stock   (150,409 )     (146,796 )
    Additional paid-in capital   286,471       275,304  
    Accumulated other comprehensive loss   (366 )     (636 )
    Retained earnings   139,899       149,385  
    TOTAL STOCKHOLDERS’ EQUITY   275,601       277,263  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 668,602     $ 739,519  
     

            

     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (unaudited)
     
      Three Months Ended March 31,
        2025       2024  
    Revenue $ 63,825     $ 66,701  
    Cost of revenue(1)   25,588       25,424  
    Gross profit   38,237       41,277  
    Operating expenses:(1)      
    Technology and development   8,772       7,960  
    Sales and marketing   26,799       24,815  
    General and administrative   14,569       14,027  
    Total operating expenses   50,140       46,802  
    Operating loss   (11,903 )     (5,525 )
    Interest income   1,593       2,564  
    Other income (expense), net   (1,014 )     258  
    Loss before income taxes   (11,324 )     (2,703 )
    Benefit from income taxes   (1,838 )     (249 )
    Net loss $ (9,486 )   $ (2,454 )
           
    Basic and diluted net loss per share of Class A and Class B stock $ (0.20 )   $ (0.05 )
    Weighted-average shares used to compute net loss per share attributable to common stockholders:      
    Basic   48,346       50,039  
    Diluted   48,346       50,039  

    (1)Stock-based compensation expense includes the following:

     
    STOCK-BASED COMPENSATION EXPENSE
    (In thousands)
    (unaudited)
     
      Three Months Ended March 31,
        2025       2024  
    Cost of revenue $ 474     $ 437  
    Technology and development   1,585       1,441  
    Sales and marketing   3,463       3,238  
    General and administrative   4,176       3,995  
    Total stock-based compensation expense $ 9,698     $ 9,111  
     
     
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (In thousands)
    (unaudited)
     
      Three Months Ended March 31,
        2025       2024  
    CASH FLOW FROM OPERATING ACTIVITIES:      
    Net loss $ (9,486 )   $ (2,454 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   11,676       11,212  
    Stock-based compensation   9,698       9,111  
    Deferred income taxes   (4,754 )     (4,667 )
    Accretion of discount on marketable securities   (454 )     (1,234 )
    Non-cash operating lease expense   1,928       1,690  
    Other   (223 )     (1 )
    Changes in operating assets and liabilities:      
    Accounts receivable   75,691       72,184  
    Prepaid expenses and other assets   5,681       (196 )
    Accounts payable   (62,578 )     (58,444 )
    Accrued liabilities   (11,287 )     (1,784 )
    Operating lease liabilities   (590 )     (1,380 )
    Other liabilities, non-current   319       257  
    Net cash provided by operating activities   15,621       24,294  
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Purchases of property and equipment   (1,441 )     (801 )
    Capitalized software development costs   (6,880 )     (7,231 )
    Purchases of marketable securities   (15,307 )     (34,336 )
    Proceeds from maturities of marketable securities   13,559       38,500  
    Net cash used in investing activities   (10,069 )     (3,868 )
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Payment of business combination indemnification claims holdback   —       (2,148 )
    Proceeds from exercise of stock options   563       939  
    Principal payments on finance lease obligations   (35 )     (32 )
    Payments to acquire treasury stock   (5,000 )     (17,500 )
    Net cash used in financing activities   (4,472 )     (18,741 )
    NET INCREASE IN CASH AND CASH EQUIVALENTS   1,080       1,685  
    Effect of foreign currency on cash   279       —  
    CASH AND CASH EQUIVALENTS – Beginning of period   100,452       78,509  
    CASH AND CASH EQUIVALENTS – End of period $ 101,811     $ 80,194  
     
     
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended March 31,
        2025       2024  
    Reconciliation of net loss:      
    Net loss $ (9,486 )   $ (2,454 )
    Add back (deduct):      
    Stock-based compensation   9,698       9,111  
    Depreciation and amortization   11,676       11,212  
    Interest income   (1,593 )     (2,564 )
    Benefit from income taxes   (1,838 )     (249 )
    Adjusted EBITDA $ 8,457     $ 15,056  
    Revenue $ 63,825     $ 66,701  
    Adjusted EBITDA margin   13 %     23 %
                   
     
      Three Months Ended March 31,
        2025       2024  
    Reconciliation of net loss per share:      
    Net loss $ (9,486 )   $ (2,454 )
    Add back (deduct):      
    Stock-based compensation   9,698       9,111  
    Adjustment for income taxes   (2,055 )     (1,886 )
    Non-GAAP net income (loss) $ (1,843 )   $ 4,771  
    GAAP diluted EPS $ (0.20 )   $ (0.05 )
    Non-GAAP diluted EPS $ (0.04 )   $ 0.09  
    GAAP weighted average shares outstanding—diluted   48,346       50,039  
    Non-GAAP weighted average shares outstanding—diluted   48,346       55,006  
                   

    Reported GAAP diluted loss and Non-GAAP diluted loss per share for the three months ended March 31, 2025, and reported GAAP diluted loss per share for the three months ended March 31, 2024 were calculated using basic share count. Non-GAAP diluted earnings per share for the three months ended March 31, 2024 was calculated using diluted share count which includes approximately 5 million shares of dilutive securities related to employee stock awards.

     
    SUPPLEMENTAL CASH FLOW INFORMATION
    COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE
    (In thousands)
    (unaudited)
     
      Three Months Ended March 31,
        2025       2024  
    Reconciliation of cash provided by operating activities:      
    Net cash provided by operating activities $ 15,621     $ 24,294  
    Less: Purchases of property and equipment   (1,441 )     (801 )
    Less: Capitalized software development costs   (6,880 )     (7,231 )
    Free cash flow $ 7,300     $ 16,262  
     

    1 Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended March 31, 2024 (Prior Period Revenue). We then calculate the revenue from these same publishers in the trailing twelve months ended March 31, 2025 (Current Period Revenue). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods

    The MIL Network –

  • MIL-OSI: Altus Group Reports Q1 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group” or “the Company”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, announced today its financial and operating results for the first quarter ended March 31, 2025.

    “Our strong performance in Q1 demonstrates the continued execution of our growth initiatives and our commitment to delivering value to stakeholders,” said Jim Hannon, Chief Executive Officer. “We successfully launched Benchmark Manager, signed dozens of asset-based pricing agreements, and achieved significant software bookings growth despite lower CRE transaction volumes year-over-year. Margin expanded across all business units and we improved cash flow, highlighting our operating leverage. In addition, we returned over $76 million to shareholders through buybacks this quarter. We look forward to building on this momentum.”

    Selected Q1 2025 Information

    C$M Q1 2025 Q1 2024 % change  
    Revenue $129.2 $125.4 (1.5%) Constant Currency*
    Recurring Revenue* $98.8 $91.7 2.1% Constant Currency
    Profit (Loss) from continuing operations ($6.4) ($12.2) 47.1% As Reported
    Adjusted EBITDA* $15.7 $10.9 29.7% Constant Currency
    Analytics Adjusted EBITDA margin* 26.2% 23.3% 200 bps Constant Currency
    Net cash provided by operating activities $0.7 ($3.0) 123.7% As Reported
    Free Cash Flow* $(0.6) ($5.7) 89.3% As Reported
    Investment in share repurchases** $76.3 $0.0 n/a  
    Funded debt to EBITDA ratio 1.44:1 2.15:1 n/a  


    *Denotes non-GAAP financial measure, non-GAAP ratio, total of segments measure, capital management measure, and/or supplementary and other financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”).     Please refer to the “Non-GAAP and Other Measures” section of this press release for further information.

    **Investment in share repurchases represents the total cash consideration of the shares purchased for cancellation during the quarter under the Company’s Normal Course Issuer Bid.

    Business Outlook

    The Company maintains previously issued guidance for fiscal 2025. Additionally, given the macro environment, the Company is providing guidance for Q2 2025 as follows:

      FY 2025 Q2 2025
    Analytics
    • 4-7% total Analytics revenue growth
    • 6-9% Recurring Revenue growth
    • 250-350 bps of Adjusted EBITDA margin expansion
    • 1-3% total Analytics revenue growth
    • 3-5% Recurring Revenue growth
    • 200-300 bps of Adjusted EBITDA margin expansion
    Appraisals and Development Advisory
    • Low single digit revenue growth
    • Adjusted EBITDA margin expansion
    • Flat revenue
    • Adjusted EBITDA margin expansion
    Consolidated
    • 3-5% revenue growth
    • 300-400 bps of Adjusted EBITDA margin expansion
    • 1-3% revenue growth
    • 200-300 bps of Adjusted EBITDA margin expansion

    Note: Business Outlook presented on a Constant Currency basis over the corresponding period in 2024. Future acquisitions are not factored into this outlook.

    Key assumptions for the business outlook by segment: Analytics: consistency and growth in number of assets on the Valuation Management Solutions platform, continued ARGUS cloud conversions, new sales (including New Bookings converting to revenue within Management’s expected timeline and uptake on new product functionality), client and software retention consistent with 2024 levels, pricing action, improved operating leverage, as well as consistent and gradually improving economic conditions in financial and CRE markets, in particular a stronger recovery in the second half of the year. Appraisal & Development Advisory: improved client profitability and improved operating leverage. The Consolidated outlook assumes that corporate costs will remain elevated throughout 2025 consistent with 2024 levels.


    About Altus Group

    Altus connects data, analytics, and expertise to deliver the intelligence necessary to drive optimal CRE performance. The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com. 

    Non-GAAP and Other Measures

    Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in NI 52-112. These non-GAAP and other financial measures include Adjusted Earnings (Loss), and Constant Currency; non-GAAP ratios such as Adjusted EPS; total of segments measures such as Adjusted EBITDA; capital management measures such as Free Cash Flow; and supplementary financial and other measures such as Adjusted EBITDA margin, Recurring Revenue. Management believes that these measures may assist investors in assessing an investment in the Company’s shares as they provide additional insight into the Company’s performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS. Refer to the “Non-GAAP and Other Measures” section on Page 3 of the Management’s Discussion & Analysis dated May 8, 2025 for the period ended March 31, 2025 (the “MD&A”), which is incorporated by reference in this press release and which is available on SEDAR+ at www.sedarplus.ca for more information on each measure, including definitions and methods of calculation. A reconciliation of Adjusted EBITDA and Adjusted Earnings (Loss) to Profit (Loss) and Free Cash Flow to Net cash provided by (used in) operating activities is included at the end of this press release.

    Forward-looking Information 

    Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, statements relating to expected financial and other benefits of acquisitions and the closing of acquisitions (including the expected timing of closing), as well as the discussion of our business, strategies and leverage (including the commitment to increase borrowing capacity), expectations of future performance, including any guidance on financial expectations, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology.

    Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information (including sections entitled “Business Outlook”) include, but are not limited to: no significant impact on our business from changes or potential changes to trade regulations, including tariffs; engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; continued adoption of cloud subscriptions by our customers; retention of material clients and bookings; sustaining our software and subscription renewals; successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets including stable interest rates and credit availability for CRE; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.

    Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; professional talent; our subscription renewals; our sales pipeline; client concentration and loss of material clients; product enhancements and new product introductions; technology strategy; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand and reputation; our cloud transition; fixed price engagements; currency fluctuations; credit; tax matters; our contractual obligations; legal proceedings; regulatory review; health and safety hazards; our insurance limits; dividend payments; our share price; share repurchase programs; our capital investments; equity and debt financings; our internal and disclosure controls; and environmental, social and governance (“ESG”) matters and climate change, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2024 (which are available on SEDAR+ at www.sedarplus.ca). 

    Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities.

    Certain information in this press release, including sections entitled “2025 Business Outlook”, may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

    FOR FURTHER INFORMATION PLEASE CONTACT: 

    Camilla Bartosiewicz 
    Chief Communications Officer, Altus Group 
    (416) 641-9773 
    camilla.bartosiewicz@altusgroup.com

    Martin Miasko 
    Sr. Director, Investor Relations and Strategy, Altus Group 
    (416) 204-5136 
    martin.miasko@altusgroup.com 

    Interim Condensed Consolidated Statements of Comprehensive Income (Loss)
    For the Three Months Ended March 31, 2025 and 2024
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars, Except for Per Share Amounts)

      Three months ended March 31
      2025 2024 (1)
    Revenues   $    129,165   $    125,418
    Expenses      
    Employee compensation   88,306 88,110
    Occupancy   1,496 1,216
    Other operating   25,864 23,796
    Depreciation of right-of-use assets   2,094 2,060
    Depreciation of property, plant and equipment   948 951
    Amortization of intangibles   7,349 8,410
    Acquisition and related transition costs (income)   18 3,496
    Share of (profit) loss of joint venture   231 158
    Restructuring costs (recovery)   6,217 5,176
    (Gain) loss on investments   138 186
    Finance costs (income), net – leases   245 164
    Finance costs (income), net – other   (1,512) 4,126
    Profit (loss) before income taxes from continuing operations   (2,229) (12,431)
    Income tax expense (recovery)   4,194 (279)
    Profit (loss) from continuing operations, net of tax   $     (6,423)   $     (12,152)
    Profit (loss) from discontinued operations, net of tax   382,207 11,999
    Profit (loss) for the period   $    375,784   $     (153)
    Other comprehensive income (loss):      
    Items that may be reclassified to profit or loss in subsequent periods:      
    Currency translation differences   3,229 5,499
    Other comprehensive income (loss), net of tax   3,229 5,499
    Total comprehensive income (loss) for the period, net of tax   $ 379,013   $ 5,346
             
    Earnings (loss) per share attributable to the shareholders of the Company during the period      
    Basic earnings (loss) per share:      
    Continuing operations   $(0.14)   $(0.27)
    Discontinued operations   $8.34   $0.26
    Diluted earnings (loss) per share:      
    Continuing operations   $(0.14)   $(0.27)
    Discontinued operations   $8.34   $0.26

    (1) Comparative figures have been restated to reflect discontinued operations.

    Interim Condensed Consolidated Balance Sheets
    As at March 31, 2025 and December 31, 2024
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars)

      March 31, 2025 December 31, 2024
    Assets      
    Current assets      
    Cash and cash equivalents   $ 491,913   $ 41,876
    Trade receivables and other   146,346 144,812
    Income taxes recoverable   3,175 5,099
    Derivative financial instruments   1,013 8,928
        642,447 200,715
    Assets held for sale   – 282,233
    Total current assets   642,447 482,948
    Non-current assets      
    Trade receivables and other   9,598 9,620
    Derivative financial instruments   10,990 9,984
    Investments   14,489 14,580
    Investment in joint venture   25,374 25,605
    Deferred tax assets   22,565 56,797
    Right-of-use assets   17,235 19,420
    Property, plant and equipment   13,213 13,217
    Intangibles   210,319 214,614
    Goodwill   407,636 404,176
    Total non-current assets   731,419 768,013
    Total assets   $ 1,373,866   $ 1,250,961
    Liabilities      
    Current liabilities      
    Trade payables and other   $ 221,630   $ 216,390
    Income taxes payable   40,743 3,017
    Lease liabilities   14,726 11,009
        277,099 230,416
    Liabilities directly associated with assets held for sale   – 57,680
    Total current liabilities   277,099 288,096
    Non-current liabilities      
    Trade payables and other   18,077 19,828
    Lease liabilities   23,347 26,751
    Borrowings   157,596 281,887
    Deferred tax liabilities   20,653 17,179
    Total non-current liabilities   219,673 345,645
    Total liabilities   496,772 633,741
    Shareholders’ equity      
    Share capital   739,172 798,087
    Contributed surplus   (14,646) 21,394
    Accumulated other comprehensive income (loss)   59,472 56,243
    Retained earnings (deficit)   93,096 (275,935)
    Reserves of assets held for sale   – 17,431
    Total shareholders’ equity   877,094 617,220
    Total liabilities and shareholders’ equity   $ 1,373,866   $ 1,250,961


    Interim Condensed Consolidated Statements of Cash Flows
    For the Three Months Ended March 31, 2025 and 2024
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars)

      Three months ended March 31
      2025 2024
    Cash flows from operating activities      
    Profit (loss) before income taxes from continuing operations   $  (2,229)   $ (12,431)
    Profit (loss) before income taxes from discontinued operations   454,686 13,446
    Profit (loss) before income taxes   $ 452,457   $ 1,015
    Adjustments for:      
    Depreciation of right-of-use assets   2,094 2,773
    Depreciation of property, plant and equipment   948 1,420
    Amortization of intangibles   7,349 10,314
    Finance costs (income), net – leases   245 279
    Finance costs (income), net – other   (1,512) 4,132
    Share-based compensation   3,596 5,776
    Unrealized foreign exchange (gain) loss   (1,826) (1,326)
    (Gain) loss on investments   138 186
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles   12 983
    (Gain) loss on disposal of assets   (457,986) –
    (Gain) loss on equity derivatives   6,176 (6,453)
    Share of (profit) loss of joint venture   231 158
    Impairment of right-of-use assets, net of (gain) loss on sub-leases   3,534 12
    Net changes in:      
    Operating working capital   (7,201) (19,787)
    Liabilities for cash-settled share-based compensation   (7,305) 4,831
    Deferred consideration payables   – 81
    Net cash generated by (used in) operations   950 4,394
    Interest paid on borrowings   (1,790) (4,828)
    Interest paid on leases   (245) (279)
    Interest received   3,008 –
    Income taxes paid   (1,218) (2,259)
    Income taxes refunded   – 3
    Net cash provided by (used in) operating activities   705 (2,969)
    Cash flows from financing activities      
    Proceeds from exercise of options   10,017 5,116
    Financing fees paid   (513) –
    Proceeds from borrowings   – 20,000
    Repayment of borrowings   (127,000) (3,000)
    Payments of principal on lease liabilities   (3,088) (4,235)
    Dividends paid   (6,507) (6,042)
    Treasury shares purchased for share-based compensation   (11,358) (3,561)
    Cancellation of shares   (76,304) –
    Net cash provided by (used in) financing activities   (214,753) 8,278
    Cash flows from investing activities      
    Purchase of investments   (39) (212)
    Purchase of intangibles   (388) (2,477)
    Purchase of property, plant and equipment   (927) (238)
    Proceeds from sale of discontinued operations, net of cash disposed   655,811 –
    Net cash provided by (used in) investing activities   654,457 (2,927)
    Effect of foreign currency translation   912 3
    Net increase (decrease) in cash and cash equivalents   441,321 2,385
    Cash and cash equivalents, beginning of period   50,592 41,892
    Cash and cash equivalents, end of period   $ 491,913   $ 44,277


    Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss)

    The following table provides a reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss):

      Quarter ended March 31,
    In thousands of dollars, except for per share amounts 2025 2024 (1)
    Profit (loss) for the period $ 375,784   $ (153)
    (Profit) loss from discontinued operations, net of tax (382,207) (11,999)
    Occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 (2) (2,213) (2,443)
    Depreciation of right-of-use assets 2,094 2,060
    Depreciation of property, plant and equipment and amortization of intangibles (8) 8,297 9,361
    Acquisition and related transition costs (income) 18 3,496
    Unrealized foreign exchange (gain) loss (3) (1,826) (1,271)
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles (3) 12 515
    Share of (profit) loss of joint venture 231 158
    Non-cash share-based compensation costs (4) 2,472 3,533
    (Gain) loss on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs (4) 2,566 (2,591)
    Restructuring costs (recovery) 6,217 5,176
    (Gain) loss on investments (5) 138 186
    Other non-operating and/or non-recurring (income) costs (6) 1,233 883
    Finance costs (income), net – leases 245 164
    Finance costs (income), net – other (9) (1,512) 4,126
    Income tax expense (recovery) (10) 4,194 (279)
    Adjusted EBITDA $ 15,743   $ 10,922
    Depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses (8) (948) (1,717)
    Finance (costs) income, net – other (9) 1,512 (4,126)
    (Gain) loss on hedging transactions, including currency forward contracts and interest expense (income) on swaps (9) 850 (897)
    Tax effect of adjusted earnings (loss) adjustments (10) (8,305) (4,539)
    Adjusted earnings (loss)* $ 8,852   $ (357)
    Weighted average number of shares – basic 45,817,956 45,533,236
    Weighted average number of restricted shares 92,321 418,458
    Weighted average number of shares – adjusted 45,910,277 45,951,694
    Adjusted earnings (loss) per share (7) $0.19   $(0.01)

    (1) Comparative figures have been restated to reflect discontinued operations.
    (2) Management uses the non-GAAP occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 when analyzing financial and operating performance.
    (3) Included in other operating expenses in the interim condensed consolidated statements of comprehensive income (loss).
    (4) Included in employee compensation expenses in the interim condensed consolidated statements of comprehensive income (loss).
    (5) (Gain) loss on investments relates to changes in the fair value of investments in partnerships.
    (6) Other non-operating and/or non-recurring (income) costs for the quarter ended March 31, 2025 relate to legal, advisory, consulting, and other professional fees related to organizational and strategic initiatives. These are included in other operating expenses in the interim condensed consolidated statements of comprehensive income (loss).
    (7) Refer to page 4 of the MD&A for the definition of Adjusted EPS.
    (8) For the purposes of reconciling to Adjusted Earnings (Loss), the amortization of intangibles of acquired businesses is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back depreciation of property, plant and equipment and amortization of intangibles and then deducted the depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses to arrive at the amortization of intangibles of acquired businesses.
    (9) For the purposes of reconciling to Adjusted Earnings (Loss), the interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back finance costs (income), net – other and then deducted finance costs (income), net – other prior to adjusting for interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps.
    (10) For the purposes of reconciling to Adjusted Earnings (Loss), only the tax impacts for the reconciling items noted in the definition of Adjusted Earnings (Loss) is adjusted from profit (loss) for the period.


    Reconciliation of Free Cash Flow

    Free Cash Flow Quarter ended March 31,
    In thousands of dollars 2025 2024
    Net cash provided by (used in) operating activities $ 705   $ (2,969)
    Less: Capital Expenditures (1,315) (2,715)
    Free Cash Flow $ (610)   $ (5,684)


    Constant Currency

      Quarter ended March 31, 2025
      As presented   For Constant Currency
    Canadian Dollar 1.000   1.000
    United States Dollar 1.435   1.348
    Pound Sterling 1.807   1.709
    Euro 1.509   1.463
    Australian Dollar 0.900   0.886
      Quarter ended March 31, 2024
      As presented   For Constant Currency
    Canadian Dollar 1.000   1.000
    United States Dollar 1.348   1.352
    Pound Sterling 1.709   1.642
    Euro 1.463   1.450
    Australian Dollar 0.886   0.924

    The MIL Network –

  • MIL-OSI: Microchip Technology Announces Financial Results For Fourth Quarter and Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    For the quarter ended March 31, 2025

    • Net sales of $970.5 million, declined 5.4% sequentially and 26.8% from the year ago quarter.  The midpoint of our guidance provided on February 6, 2025 was net sales of $960.0 million.
    • On a GAAP basis: gross profit of 51.6%; operating loss of $100.3 million and 10.3% of net sales; net loss attributable to common stockholders of $156.8 million; and loss of $0.29 per diluted share. Our guidance provided on February 6, 2025 was for GAAP loss per diluted share of $0.24 to $0.14 and did not include the restructuring charges that we announced on March 3, 2025 or the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.
    • On a Non-GAAP basis: gross profit of 52.0%; operating income of $136.0 million and 14.0% of net sales; net income of $61.4 million; and EPS of $0.11 per diluted share. Our guidance provided on February 6, 2025 was for Non-GAAP EPS per diluted share of $0.05 to $0.15.
    • Returned approximately $244.8 million to stockholders in the March quarter through dividends.
    • Quarterly dividend on common stock declared for the June quarter of 45.5 cents per share.

    For fiscal year 2025

    • Net sales of $4.402 billion decreased 42.3% over the prior year.
    • On a GAAP basis: gross profit of 56.1%; operating income of $296.3 million; net loss attributable to common stockholders of $2.7 million, adversely impacted by purchase accounting adjustments associated with our previous acquisitions, restructuring charges and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025 and loss of $0.01 per diluted share.
    • On a Non-GAAP basis: gross profit of 57.0%; operating income of $1.078 billion and 24.5% of net sales; net income of $708.8 million and EPS of $1.31 per diluted share.
    • Paid down $356.2 million of total debt and returned $1.066 billion to shareholders through dividends and share repurchases.

    CHANDLER, Ariz., May 08, 2025 (GLOBE NEWSWIRE) — – (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months and fiscal year ended March 31, 2025.

    Steve Sanghi, Microchip’s CEO and President commented that “Our March quarter revenue of $970.5 million exceeded the midpoint of our guidance, and we believe marks the bottom of this prolonged industry down cycle for Microchip. The decisive actions we have taken under our nine-point-plan are enhancing our operational capabilities through more efficient manufacturing, improving inventory management, and a renewed strategic focus. As we move forward from a challenging fiscal year, we believe Microchip is better positioned to capitalize on growth opportunities as market conditions evolve.”

    Mr. Sanghi added, “A key highlight this quarter has been our inventory reduction strategy, with overall inventory dollars down $62.8 million, distribution inventory days reduced by 4 days to 33 days, and inventory days on our balance sheet decreased by 15 days from levels at December 31, 2024. We expect even more substantial inventory reduction in the June quarter as our manufacturing optimization actions are near completion.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “During the quarter, we executed multiple financial actions that strengthened our balance sheet. These included reducing our total net debt by roughly $1.30 billion with a mandatory convertible preferred offering. We also amended and extended our revolving line of credit with more favorable terms and financial flexibility. Our financing actions are helping to maintain our investment grade rating. We believe these strategic financial moves, alongside our disciplined cost management initiatives, position us well to navigate current market challenges while maintaining financial flexibility for future growth.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our strategic initiatives continue to deliver value across markets, with our new Switchtec PCIe switches, advanced touchscreen controllers, and AI Coding software assistant demonstrating our commitment to innovation. By expanding our offerings in atomic clock technology, enhancing our microprocessors, and expanding our 10Base-T1S solutions, we believe we are well-positioned to address emerging opportunities in automotive, industrial, and e-mobility markets while accelerating our customers’ development cycles.”

    Mr. Sanghi concluded, “In the March 2025 quarter, we achieved our first positive book-to-bill ratio in nearly three years; and we have clearly reached an inflection point. Additionally, our bookings in the month of April were higher than any month in the March quarter. Balancing this with geopolitical concerns and the non-quantifiable impact of tariffs, we expect our net sales in the June 2025 quarter to be between $1.02 billion and $1.07 billion. Our focus is on translating the momentum we are seeing in our business into enhanced shareholder value while maintaining our dividend commitment as we return to growth.”

    The following table summarizes Microchip’s reported results for the three months and fiscal year ended March 31, 2025.

      Three Months Ended March 31, 2025(1) Twelve Months Ended March 31, 2025(1)
    Net sales $970.5       $4,401.6      
      GAAP % Non-GAAP(2) % GAAP % Non-GAAP(2) %
    Gross profit $501.1 51.6% $504.6 52.0% $2,467.9 56.1% $2,509.8 57.0%
    Operating (loss) income $(100.3) (10.3)% $136.0 14.0% $296.3 6.7% $1,078.0 24.5%
    Other expense $(68.0)   $(64.9)   $(257.4)   $(252.2)  
    Income tax (benefit) provision $(13.7)   $9.7   $39.4   $117.0  
    Net (loss) income $(154.6)   $61.4   $(0.5)   $708.8  
    Dividends on preferred stock $(2.2)   —   $(2.2)   —  
    Net (loss) income attributable to common stockholders $(156.8) (16.2)% $61.4 6.3% $(2.7) (0.1)% $708.8 16.1%
    Diluted net (loss) income per common share $(0.29)   $0.11   $(0.01)   $1.31  

    (1) In millions, except per share amounts and percentages of net sales.
    (2) See the “Use of Non-GAAP Financial Measures” section of this release.

    Net sales for the fourth quarter of fiscal 2025 were $970.5 million, down 26.8% from net sales of $1.326 billion in the prior year’s fourth fiscal quarter.

    GAAP net loss attributable to common stockholders for the fourth quarter of fiscal 2025 was $156.8 million, or $0.29 per diluted share, down from GAAP net income attributable to common stockholders of $154.7 million, or $0.28 per diluted share, in the prior year’s fourth fiscal quarter. For the fourth quarters of fiscal 2025 and fiscal 2024, GAAP results were adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions. The fourth quarter of fiscal 2025 GAAP results were adversely impacted by the restructuring charges that were announced on March 3, 2025 and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.

    Non-GAAP net income for the fourth quarter of fiscal 2025 was $61.4 million, or $0.11 per diluted share, down from non-GAAP net income of $310.3 million, or $0.57 per diluted share, in the prior year’s fourth fiscal quarter. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, restructuring charges, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, losses on the settlement of debt, and dividends on preferred stock. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Net sales for the fiscal year ended March 31, 2025 were $4.402 billion, a decrease of 42.3% from net sales of $7.634 billion in the prior fiscal year.

    GAAP net loss attributable to common stockholders for the fiscal year ended March 31, 2025 was $2.7 million, or $0.01 per diluted share, a decrease from net income of $1.907 billion, or $3.48 per diluted share in the prior fiscal year. Fiscal 2025 and fiscal 2024, GAAP net loss and GAAP net income results were significantly adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions and loss on debt settlement associated with our debt refinancing activities. The fiscal 2025 GAAP net loss was adversely impacted by the restructuring charges that were announced on March 3, 2025, cybersecurity incident expenses and the preferred stock dividend related to our mandatory convertible preferred stock financing in March 2025.

    Non-GAAP net income for the fiscal year ended March 31, 2025 was $708.8 million, a decrease of 73.7% from net income of $2.698 billion in the prior fiscal year. Non-GAAP earnings per diluted share for the fiscal year ended March 31, 2025 were $1.31, a decrease of 73.4% from the $4.92 per diluted share in the prior fiscal year. See the “Use of Non-GAAP Financial Measures” section of this release.

    Microchip announced today that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share, which is payable on June 5, 2025 to stockholders of record on May 22, 2025. The Microchip Board also declared a quarterly cash dividend on its 7.50% Series A Mandatory Convertible Preferred Stock of $16.875 per share (which represents $0.8438 per depositary share) which is payable on June 15, 2025 to stockholders of record on June 1, 2025.

    First Quarter Fiscal Year 2026 Outlook:

    The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.

      Microchip Consolidated Guidance
    Net Sales $1.020 to $1.070 billion    
      GAAP(5) Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 51.2% to 53.2% $9.8 to $10.8 million 52.2% to 54.2%
    Operating Expenses(2) 49.3% to 51.1% $166.1 to $170.1 million 33.4% to 34.8%
    Operating Income 0.2% to 3.9% $175.9 to $180.9 million 17.4% to 20.8%
    Other Expense, net $53.2 to $54.8 million $(0.2) to $0.2 million $53.0 to $55.0 million
    Income Tax (Benefit) Provision $(5.3) to $(1.7) million(3) $20.0 to $22.0 million $14.7 to $20.3 million(4)
    Net (loss) income $(47.9) to $(9.8) million $155.7 to $159.0 million $107.8 to $149.2 million
    Dividends on preferred stock $(27.8) million $27.8 million —
    Net (loss) income attributable to common stockholders $(75.7) to $(37.6) million $183.5 to $186.8 million $107.8 to $149.2 million
    Diluted Common Shares Outstanding Approximately 538.9 million shares 31.4 to 32.4 million shares Approximately 570.3 to 571.3 million shares
    Diluted net (loss) per common share $(0.15) to $(0.07) $0.33 $0.18 to $0.26

    (1) See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending June 30, 2025. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending June 30, 2025.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2026, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
    (5) Our GAAP guidance excludes the impact of any potential charges related to our ongoing evaluation of restructuring activities.

    Capital expenditures for the quarter ending June 30, 2025 are expected to be between $20 million and $25 million. Capital expenditures for all of fiscal 2026 are expected to be at or below $100 million. Consistent with the slowing macroeconomic environment in fiscal 2025, we have paused most of our factory expansion actions and reduced our planned capital investments through fiscal 2026. However, we are adding capital equipment to selectively expand our production capacity and add research and development equipment.

    Under the GAAP revenue recognition standard, we are required to recognize revenue when control of the product changes from us to a customer or distributor. We focus our sales and marketing efforts on creating demand for our products in the end markets we serve and not on moving inventory into our distribution network. We also manage our manufacturing and supply chain operations, including our distributor relationships, towards the goal of having our products available at the time and location the end customer desires.

    Use of Non-GAAP Financial Measures:  Our non-GAAP adjustments, where applicable, include the effect of share-based compensation, restructuring charges, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, losses on the settlement of debt, and dividends on preferred stock. For the fourth quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act.

    We are required to estimate the cost of certain forms of share-based compensation, including restricted stock units, and our employee stock purchase plan, and to record a commensurate expense in our income statement. Share-based compensation expense is a non-cash expense that varies in amount from period to period and is affected by the price of our stock at the date of grant. The price of our stock is affected by market forces that are difficult to predict and are not within the control of management. Our other non-GAAP adjustments are either non-cash expenses, unusual or infrequent items, or other expenses related to transactions. Management excludes all of these items from its internal operating forecasts and models.

    We are using non-GAAP operating expenses in dollars, including non-GAAP research and development expenses and non-GAAP selling, general and administrative expenses, non-GAAP other expense, net, and non-GAAP income tax rate, which exclude the items noted above, as applicable, to permit additional analysis of our performance.

    Management believes these non-GAAP measures are useful to investors because they enhance the understanding of our historical financial performance and comparability between periods. Many of our investors have requested that we disclose this non-GAAP information because they believe it is useful in understanding our performance as it excludes non-cash and other charges that many investors feel may obscure our underlying operating results. Management uses non-GAAP measures to manage and assess the profitability of our business and for compensation purposes. We also use our non-GAAP results when developing and monitoring our budgets and spending. Our determination of these non-GAAP measures might not be the same as similarly titled measures used by other companies, and it should not be construed as a substitute for amounts determined in accordance with GAAP. There are limitations associated with using these non-GAAP measures, including that they exclude financial information that some may consider important in evaluating our performance. Management compensates for this by presenting information on both a GAAP and non-GAAP basis for investors and providing reconciliations of the GAAP and non-GAAP results.

    Generally, gross profit fluctuates over time, driven primarily by the mix of products sold and licensing revenue; variances in manufacturing yields; fixed cost absorption; wafer fab loading levels; costs of wafers from foundries; inventory reserves; pricing pressures in our non-proprietary product lines; and competitive and economic conditions. Operating expenses fluctuate over time, primarily due to net sales and profit levels.

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures and our mandatory convertible preferred stock (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the June 2025 quarter between $45 and $55 per share (however, we make no prediction as to what our actual share price will be for such period or any other period).

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share amounts)
           
      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Net sales $                     970.5     $                  1,325.8     $                  4,401.6     $                  7,634.4  
    Cost of sales                          469.4                              535.9                          1,933.7                          2,638.7  
    Gross profit                          501.1                              789.9                          2,467.9                          4,995.7  
                   
    Research and development                          255.2                              240.3                              983.8                          1,097.4  
    Selling, general and administrative                          152.0                              161.8                              617.7                              734.2  
    Amortization of acquired intangible assets                          122.6                              151.2                              490.9                              605.4  
    Special charges (income) and other, net                            71.6                              (16.9 )                              79.2                              (12.3 )
    Operating expenses                          601.4                              536.4                          2,171.6                          2,424.7  
                   
    Operating (loss) income                        (100.3 )                            253.5                              296.3                          2,571.0  
                   
    Other expense, net                          (68.0 )                            (53.8 )                          (257.4 )                          (205.1 )
    (Loss) income before income taxes                        (168.3 )                            199.7                                38.9                          2,365.9  
    Income tax (benefit) provision                          (13.7 )                              45.0                                39.4                              459.0  
    Net (loss) income                        (154.6 )                            154.7                                (0.5 )                        1,906.9  
    Dividends on preferred stock                            (2.2 )                                  —                                (2.2 )                                  —  
    Net (loss) income attributable to common stockholders $                    (156.8 )   $                     154.7     $                        (2.7 )   $                  1,906.9  
                   
    Basic net (loss) income per common share $                      (0.29 )   $                        0.29     $                      (0.01 )   $                        3.52  
    Diluted net (loss) income per common share $                      (0.29 )   $                        0.28     $                      (0.01 )   $                        3.48  
                   
    Basic common shares outstanding                          538.2                              538.9                              537.3                              542.0  
    Diluted common shares outstanding                          538.2                              544.8                              537.3                              548.0  
                                   
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (in millions)
     
    ASSETS
      March 31,   March 31,
       2025    2024
    Cash and short-term investments $                       771.7   $                       319.7
    Accounts receivable, net                            689.7                          1,143.7
    Inventories                        1,293.5                          1,316.0
    Other current assets                            236.4                              233.6
    Total current assets                        2,991.3                          3,013.0
           
    Property, plant and equipment, net                        1,183.7                          1,194.6
    Other assets                      11,199.6                        11,665.6
    Total assets $                  15,374.6   $                  15,873.2
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $                    1,155.1   $                    1,520.0
    Current portion of long-term debt                                  —                              999.4
    Total current liabilities                        1,155.1                          2,519.4
           
    Long-term debt                        5,630.4                          5,000.4
    Long-term income tax payable                            633.4                              649.2
    Long-term deferred tax liability                              33.8                                28.8
    Other long-term liabilities                            843.6                          1,017.6
           
    Stockholders’ equity                        7,078.3                          6,657.8
    Total liabilities and stockholders’ equity $                  15,374.6   $                  15,873.2
               

    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP MEASURES
    (in millions, except per share amounts and percentages; unaudited)

    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Gross profit, as reported $ 501.1     $ 789.9     $ 2,467.9     $ 4,995.7  
    Share-based compensation expense   3.5       5.4       21.8       25.6  
    Cybersecurity incident expenses   —       —       20.1       —  
    Other manufacturing adjustments   —       4.3       —       4.3  
    Non-GAAP gross profit $ 504.6     $ 799.6     $ 2,509.8     $ 5,025.6  
    GAAP gross profit percentage   51.6 %     59.6 %     56.1 %     65.4 %
    Non-GAAP gross profit percentage   52.0 %     60.3 %     57.0 %     65.8 %
                                   

    RECONCILIATION OF GAAP RESEARCH AND DEVELOPMENT EXPENSES TO NON-GAAP RESEARCH AND DEVELOPMENT EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Research and development expenses, as reported $ 255.2     $ 240.3     $ 983.8     $ 1,097.4  
    Share-based compensation expense   (25.6 )     (23.3 )     (104.6 )     (94.3 )
    Other adjustments   —       —       —       (0.5 )
    Non-GAAP research and development expenses $ 229.6     $ 217.0     $ 879.2     $ 1,002.6  
    GAAP research and development expenses as a percentage of net sales   26.3 %     18.1 %     22.4 %     14.4 %
    Non-GAAP research and development expenses as a percentage of net sales   23.7 %     16.4 %     20.0 %     13.1 %
                                   

    RECONCILIATION OF GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES TO NON-GAAP SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Selling, general and administrative expenses, as reported $ 152.0     $ 161.8     $ 617.7     $ 734.2  
    Share-based compensation expense   (11.6 )     (14.1 )     (54.0 )     (57.6 )
    Cybersecurity incident expenses   —       —       (1.3 )     —  
    Other adjustments   —       (0.8 )     (7.3 )     (1.3 )
    Professional services associated with certain legal matters   (1.4 )     (0.3 )     (2.5 )     (1.5 )
    Non-GAAP selling, general and administrative expenses $ 139.0     $ 146.6     $ 552.6     $ 673.8  
    GAAP selling, general and administrative expenses as a percentage of net sales   15.7 %     12.2 %     14.0 %     9.6 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   14.3 %     11.1 %     12.6 %     8.8 %
                                   

    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Operating expenses, as reported $ 601.4     $ 536.4     $ 2,171.6     $ 2,424.7  
    Share-based compensation expense   (37.2 )     (37.4 )     (158.6 )     (151.9 )
    Cybersecurity incident expenses   —       —       (1.3 )     —  
    Other adjustments   —       (0.8 )     (7.3 )     (1.8 )
    Professional services associated with certain legal matters   (1.4 )     (0.3 )     (2.5 )     (1.5 )
    Amortization of acquired intangible assets (1)   (122.6 )     (151.2 )     (490.9 )     (605.4 )
    Special charges (income) and other, net   (71.6 )     16.9       (79.2 )     12.3  
    Non-GAAP operating expenses $ 368.6     $ 363.6     $ 1,431.8     $ 1,676.4  
    GAAP operating expenses as a percentage of net sales   62.0 %     40.5 %     49.3 %     31.8 %
    Non-GAAP operating expenses as a percentage of net sales   38.0 %     27.4 %     32.5 %     22.0 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures.

    RECONCILIATION OF GAAP OPERATING (LOSS) INCOME TO NON-GAAP OPERATING INCOME

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Operating (loss) income, as reported $ (100.3 )   $ 253.5     $ 296.3     $ 2,571.0  
    Share-based compensation expense   40.7       42.8       180.4       177.5  
    Cybersecurity incident expenses   —       —       21.4       —  
    Other adjustments   —       0.8       7.3       1.8  
    Professional services associated with certain legal matters   1.4       0.3       2.5       1.5  
    Other manufacturing adjustments   —       4.3       —       4.3  
    Amortization of acquired intangible assets(1)   122.6       151.2       490.9       605.4  
    Special charges (income) and other, net   71.6       (16.9 )     79.2       (12.3 )
    Non-GAAP operating income $ 136.0     $ 436.0     $ 1,078.0     $ 3,349.2  
    GAAP operating (loss) income as a percentage of net sales (10.3) %     19.1 %     6.7 %     33.7 %
    Non-GAAP operating income as a percentage of net sales   14.0 %     32.9 %     24.5 %     43.9 %
                                   

    (1) Amortization of acquired intangible assets consists of core and developed technology and customer-related acquired intangible assets in connection with business combinations. Such charges are excluded for purposes of calculating certain non-GAAP measures. The use of acquired intangible assets contributed to our revenues earned during the periods presented.

    RECONCILIATION OF GAAP OTHER EXPENSE, NET TO NON-GAAP OTHER EXPENSE, NET

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Other expense, net, as reported $ (68.0 )   $ (53.8 )   $ (257.4 )   $ (205.1 )
    Loss on settlement of debt   1.4       —       1.7       12.2  
    Loss on available-for-sale investments   1.7       —       3.5       —  
    Non-GAAP other expense, net $ (64.9 )   $ (53.8 )   $ (252.2 )   $ (192.9 )
    GAAP other expense, net, as a percentage of net sales (7.0) %   (4.1) %   (5.8) %   (2.7) %
    Non-GAAP other expense, net, as a percentage of net sales (6.7) %   (4.1) %   (5.7) %   (2.5) %
                   

    RECONCILIATION OF GAAP INCOME TAX (BENEFIT) PROVISION TO NON-GAAP INCOME TAX PROVISION

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Income tax (benefit) provision as reported $ (13.7 )   $ 45.0     $ 39.4     $ 459.0  
    Income tax rate, as reported   8.1 %     22.5 %     101.3 %     19.4 %
    Other non-GAAP tax adjustment   23.4       26.9       77.6       (0.3 )
    Non-GAAP income tax provision $ 9.7     $ 71.9     $ 117.0     $ 458.7  
    Non-GAAP income tax rate   13.6 %     18.8 %     14.2 %     14.5 %
                                   

    RECONCILIATION OF GAAP NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS AND GAAP DILUTED NET (LOSS) INCOME PER COMMON SHARE TO NON-GAAP NET INCOME AND NON-GAAP DILUTED NET INCOME PER COMMON SHARE

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    Net (loss) income attributable to common stockholders, as reported $ (156.8 )   $ 154.7     $ (2.7 )   $ 1,906.9  
    Dividends on preferred stock   2.2       —       2.2       —  
    Share-based compensation expense   40.7       42.8       180.4       177.5  
    Cybersecurity incident expenses   —       —       21.4       —  
    Other adjustments   —       0.8       7.3       1.8  
    Professional services associated with certain legal matters   1.4       0.3       2.5       1.5  
    Other manufacturing adjustments   —       4.3       —       4.3  
    Amortization of acquired intangible assets   122.6       151.2       490.9       605.4  
    Special charges (income) and other, net   71.6       (16.9 )     79.2       (12.3 )
    Loss on settlement of debt   1.4       —       1.7       12.2  
    Loss on available-for-sale investments   1.7       —       3.5       —  
    Other non-GAAP tax adjustment   (23.4 )     (26.9 )     (77.6 )     0.3  
    Non-GAAP net income $ 61.4     $ 310.3     $ 708.8     $ 2,697.6  
    GAAP net (loss) income attributable to common stockholders as a percentage of net sales (16.2)%     11.7 %   (0.1)%     25.0 %
    Non-GAAP net income as a percentage of net sales   6.3 %     23.4 %     16.1 %     35.3 %
    Diluted net (loss) income per common share, as reported $ (0.29 )   $ 0.28     $ (0.01 )   $ 3.48  
    Non-GAAP diluted net income per common share $ 0.11     $ 0.57     $ 1.31     $ 4.92  
    Diluted common shares outstanding, as reported   538.2       544.8       537.3       548.0  
    Diluted common shares outstanding non-GAAP   543.5       544.8       542.5       548.0  
                                   

    RECONCILIATION OF GAAP DILUTED COMMON SHARES OUTSTANDING TO NON-GAAP DILUTED COMMON SHARES OUTSTANDING

      Three Months Ended March 31,   Twelve Months Ended March 31,
      2025   2024   2025   2024
    Diluted common shares outstanding, as reported                        538.2                          544.8                          537.3                          548.0
    Dilutive effect of RSUs(1)                            2.7                                —                              4.0                                —
    Dilutive effect of 2015 Senior Convertible Debt(1)                              —                                —                              0.1                                —
    Dilutive effect of 2017 Senior Convertible Debt(1)                            0.3                                —                              0.5                                —
    Dilutive effect of preferred stock(1)                            2.3                                —                              0.6                                —
    Diluted common shares outstanding non-GAAP                        543.5                          544.8                          542.5                          548.0
                   

    (1)The non-GAAP adjustment includes the impact that is anti-dilutive on a GAAP basis for the fiscal quarter ended March 31, 2025 and fiscal year ended March 31, 2025 as the Company generated a GAAP net loss in the respective periods.

    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW

      Three Months Ended March 31,   Twelve Months Ended March 31,
        2025       2024       2025       2024  
    GAAP cash flow from operations, as reported $ 205.9     $ 430.0     $ 898.1     $ 2,892.7  
    Capital expenditures   (14.2 )     (40.1 )     (126.0 )     (285.1 )
    Free cash flow $ 191.7     $ 389.9     $ 772.1     $ 2,607.6  
    GAAP cash flow from operations as a percentage of net sales   21.2 %     32.4 %     20.4 %     37.9 %
    Free cash flow as a percentage of net sales   19.8 %     29.4 %     17.5 %     34.2 %
                                   

    Microchip will host a conference call today, May 8, 2025 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until June 6, 2025.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on May 8, 2025 and will remain available until 5:00 p.m. (Eastern Time) on June 6, 2025. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13752601.

    Cautionary Statement:

    The statements in this release relating to our belief that this marks the bottom of this prolonged industry down cycle for Microchip, that the decisive actions we have taken are enhancing our operational capabilities through more efficient manufacturing, improving inventory management, and a renewed strategic focus, that we believe Microchip is better positioned to capitalize on growth opportunities as market conditions evolve, that we expect even more substantial inventory reduction in the June quarter as our manufacturing optimization actions are near completion, that our financing actions are helping to maintain our investment grade rating, that we believe these strategic financial moves, alongside our disciplined cost management initiatives, position us well to navigate current market challenges while maintaining financial flexibility for future growth, that our strategic initiatives continue to deliver value across markets, our commitment to innovation, that  we believe we are well-positioned to address emerging opportunities in automotive, industrial, and e-mobility markets while accelerating our customers’ development cycles, that we have clearly reached an inflection point, that we expect our net sales in the June 2025 quarter to be between $1.020 billion and $1.070 billion, that our focus is on translating the momentum we are seeing on our business into enhanced shareholder value while maintaining our dividend commitment as we return to growth, our first quarter fiscal 2026 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income, other expense, net, income tax (benefit) provision, net (loss) income, dividends on preferred stock, net (loss) income attributable to common stockholders, diluted common shares outstanding, diluted net (loss) per common share, capital expenditures for the June 2025 quarter and for all of fiscal 2026, adding capital equipment to selectively expand our production capacity and add research and development equipment, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the June 2025 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in the scope and level of tariffs, interest rates or high inflation, actions taken or which may be taken by the Trump administration or the U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

    For a detailed discussion of these and other risk factors, please refer to Microchip’s filings on Forms 10-K and 10-Q. You can obtain copies of Forms 10-K and 10-Q and other relevant documents for free at Microchip’s website (www.microchip.com) or the SEC’s website (www.sec.gov) or from commercial document retrieval services.

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 8, 2025 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    Note: The Microchip name and logo are registered trademarks of Microchip Technology Incorporated in the U.S.A. and other countries. All other trademarks mentioned herein are the property of their respective companies.

    INVESTOR RELATIONS CONTACT:
    Sajid Daudi — Head of Investor Relations….. (480) 792-7385

    The MIL Network –

  • MIL-OSI: Microchip Technology Announces Quarterly Cash Dividend on Common Stock of 45.5 Cents Per Share

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., May 08, 2025 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share. The dividend is payable on June 5, 2025, to stockholders of record on May 22, 2025. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 109,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

    The Microchip logo and name are registered trademarks of Microchip Technology Incorporated.

    INVESTOR RELATIONS CONTACT:

    Sajid Daudi — Head of investor Relations  (480) 792-7385

    The MIL Network –

  • MIL-OSI: Turtle Beach Corporation Announces Growth in Revenue, Adjusted EBITDA and Gross Margins in First Quarter 2025 Results and $75 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    –Net Revenue of $63.9 million, up 14% compared to prior year–
    –Gross Margin improved to 36.6%, an increase of approximately 470 basis points compared to prior year–
    –Net Loss of $(0.7) million compared to Net Income of $0.2 million in prior year–
    –Adjusted EBITDA of $4.1 million, up from $1.4 million in prior year–
    –Generated $40.5 million in cash flow from operations, the highest level since 2019–
    –Authorized a new $75 million stock repurchase program–

    SAN DIEGO, May 08, 2025 (GLOBE NEWSWIRE) — Turtle Beach Corporation (Nasdaq: TBCH), a leading gaming accessories brand, today reported strong financial results, including growth in revenue, Adjusted EBITDA, and gross margins in the first quarter ended March 31, 2025.

    First Quarter Highlights

    • Net revenue was $63.9 million, an increase of 14% compared to the prior year period.
    • Gross margin improved approximately 470 basis points to 36.6% compared to 31.8% in the prior year.
    • Net loss was $(0.7) million or ($0.03) per diluted share compared to net income of $0.2 million or $0.01 per diluted share in the prior year period.
    • Adjusted EBITDA was $4.1 million, compared to $1.4 million in the prior year period.
    • Generated $40.5 million in cash flow from operations, the highest level since 2019.
    • Authorized a new $75 million stock repurchase program.

    “With incremental revenue and margin from our March 2024 acquisition of PDP, we delivered strong Q1 growth over the prior year, despite a year-to-date decline in gaming accessories markets due to current macroeconomic headwinds. Our Adjusted EBITDA growth reflects the benefits from our expanded portfolio of next-generation gaming accessories and highlights the accretive advantages of our M&A strategy and strong execution,” said Cris Keirn, CEO, Turtle Beach Corporation.

    “As we have entered into a dynamic and complex macroeconomic environment, we have rapidly adapted our operations to better position the Company for the future. We have been prepared for the potential shift in tariffs and have quickly responded.  We proactively increased inventory levels at the start of the year, and following the announcement in early April of new tariffs, we took immediate and decisive action. We are pleased to report that because of our early planning and preparedness, we are transitioning significant production out of China. As such, following the first quarter, less than 10% of our supply for the U.S. will come from China. For the remainder of 2025, our U.S. supply will primarily come from Vietnam, and we will continue evaluating and implementing further diversification of our end-to-end supply chain. Additionally, we have mitigation plans in place should additional changes occur to the current tariff environment for Vietnam. The portion of our supply chain that we continue maintaining in China will primarily be dedicated to producing goods for non-U.S. shipments.

    “Our commitment to long-term value creation extends beyond product innovation. Over the past year, we implemented the largest share repurchase program in the Company’s history, as we continue to opportunistically return capital to shareholders. The recent decision by our board of directors to authorize the repurchase of up to $75 million of our stock over the next two years signals our continued confidence in our prospects and our continued willingness to repurchase the Company’s shares.

    “Given recent events in the broader macroeconomic environment, we’ve made thoughtful revisions in our financial outlook. We remain confident in our near-term initiatives, the expertise of our team, and our ability to drive value for shareholders. Our focus on profitability, operational efficiency, and growth continues to drive our efforts as we adapt to these evolving conditions. We appreciate the ongoing support of our shareholders and stakeholders as we work toward more growth in 2026 and execute our strategy for sustainable, long-term success.”

    Share Repurchase Update
    For the first quarter ended March 31, 2025, the Company repurchased $1.8 million of common stock. Since the Company began repurchasing shares under the prior stock repurchase authorization program in the second quarter of 2024, the Company has repurchased 1.9 million shares for an aggregate purchase price of $29.5 million. In line with its continued commitment to return capital to shareholders, the Company is opportunistically assessing various potential share repurchase strategies. The Company has authorized a new stock repurchase program of up to $75 million over the next two years. The amount and timing of specific repurchases are subject to market conditions, applicable legal requirements, restrictions in the Company’s debt agreements and other factors. The Company intends to fund the share repurchases using cash from operations or short-term borrowings and may suspend or discontinue repurchases at any time. The share repurchase program is scheduled to expire on May 6, 2027.

    Balance Sheet and Cash Flow Summary
    As of March 31, 2025, the Company had net debt of $43.6 million, comprised of $55.2 million of borrowings less $11.7 million of cash. During the first quarter ended March 31, 2025, the Company generated $40.5 million in cash flow from operations, the highest level since 2019.

    Financial Outlook
    Due to the ongoing macroeconomic uncertainty and the recent industry announcements regarding new game releases, the Company is revising its financial outlook for the full year 2025. The Company currently expects gaming accessories markets to improve throughout 2025 but remain down for the full year compared to 2024, resulting in Company net revenues in the range of $340 million and $360 million. As the Company continues to execute on its profitability initiatives, it currently expects Adjusted EBITDA to be between $47 million and $53 million.

    Earnings Conference Call and Webcast Details
    Turtle Beach will host a conference call and audio webcast today, May 8, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time), during which management will discuss first quarter results and provide commentary on business performance and its current outlook for 2025. A question-and-answer session will follow the prepared remarks.

    The conference call may be accessed by telephone by dialing 877-407-0792 or 201-689-8263.

    A live audio webcast of the earnings conference call may be accessed on Turtle Beach’s website at corp.turtlebeach.com, along with a copy of this press release and an updated investor presentation. A telephone replay of the call will be available through May 22, 2025, and can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and entering passcode 13752645. A replay of the webcast will also be available on the investor relations website for a limited time.

    About Turtle Beach Corporation
    Turtle Beach Corporation (the “Company”) (corp.turtlebeach.com) is one of the world’s leading gaming accessory providers. The Company’s namesake Turtle Beach brand (www.turtlebeach.com) is known for designing best-selling gaming headsets, top-rated game controllers, award-winning PC gaming peripherals, and groundbreaking gaming simulation accessories. Innovation, first-to-market features, a broad range of products for all types of gamers, and top-rated customer support have made Turtle Beach a fan-favorite brand and the market leader in console gaming audio for over a decade. Turtle Beach Corporation acquired Performance Designed Products LLC (www.pdp.com) in 2024. Turtle Beach’s shares are traded on the Nasdaq Exchange under the symbol: TBCH.

    Non-GAAP Financial Measures
    In addition to its reported results, the Company has included in this earnings release certain financial metrics, including Adjusted EBITDA, that the Securities and Exchange Commission define as “non-GAAP financial measures.” Management believes that such non-GAAP financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results. Non-GAAP financial measures are not an alternative to the Company’s GAAP financial results and may not be calculated in the same manner as similar measures presented by other companies. “Adjusted EBITDA” is defined by the Company as net income (loss) before interest, taxes, depreciation and amortization, stock-based compensation (non-cash), and certain non-recurring special items that we believe are not representative of core operations, as further described in Table 4. These non-GAAP financial measures are presented because management uses non-GAAP financial measures to evaluate the Company’s operating performance, to perform financial planning, and to determine incentive compensation. Therefore, the Company believes that the presentation of non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. The non-GAAP financial measures included herein exclude items that management does not believe reflect the Company’s core operating performance because such items are inherently unusual, non-operating, unpredictable, non-recurring, or non-cash. See a reconciliation of GAAP results to Adjusted EBITDA included as Table 4 below for the three months ended March 31, 2025, and March 31, 2024.

    By providing full year 2025 Adjusted EBITDA guidance, the Company provided its expectation of a forward-looking non-GAAP financial measure. Information reconciling full year 2025 Adjusted EBITDA to its most directly comparable GAAP financial measure, net income (loss), is unavailable to the Company without unreasonable effort due to the variability, complexity, and lack of visibility with respect to certain reconciling items between Adjusted EBITDA and net income (loss), including other income (expense), provision for income taxes and stock-based compensation. These items cannot be reasonably and accurately predicted without the investment of undue time, cost and other resources and, accordingly, a reconciliation of the Company’s Adjusted EBITDA outlook to its net income (loss) outlook for such periods is not provided. These reconciling items could be material to the Company’s actual results for such periods.

    Cautionary Note on Forward-Looking Statements
    This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “goal”, “project”, “intend” and similar expressions, or the negatives thereof, constitute forward-looking statements. Forward-looking statements are only predictions and are not guarantees of performance. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. The inclusion of such information should not be regarded as a representation by the Company, or any person, that the objectives of the Company will be achieved. Forward-looking statements are based on management’s current beliefs and expectations, as well as assumptions made by, and information currently available to, management.

    While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to trade policies, including the imposition of tariffs on imported goods and other trade restrictions, the release and availability of successful game titles, macroeconomic conditions affecting the demand for our products, logistic and supply chain challenges and costs, dependence on the success and availability of third-parties to manufacture and manage the logistics of transporting and distributing our products, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the integration of any businesses we acquire and the integration of such businesses within our internal control over financial reporting and operations, our indebtedness, liquidity, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports filed with the Securities and Exchange Commission. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments or otherwise.

    CONTACTS

    Investors:
    tbch@icrinc.com
    (646) 277-1285

    Public Relations & Media:
    MacLean Marshall
    Sr. Director, Global Communications
    Turtle Beach Corporation
    (858) 914-5093
    maclean.marshall@turtlebeach.com

     
    Turtle Beach Corporation
    Condensed Consolidated Statements of Operations
    (in thousands, except per-share data)
    (unaudited)
    Table 1.
        Three Months Ended  
        March 31,     March 31,  
        2025     2024  
    Net revenue   $ 63,901     $ 55,848  
    Cost of revenue     40,534       38,062  
    Gross profit     23,367       17,786  
    Operating expenses:            
    Selling and marketing     12,453       9,013  
    Research and development     3,993       3,902  
    General and administrative     8,216       5,674  
    Insurance recovery     (3,439 )     –  
    Acquisition-related cost     608       4,910  
    Total operating expenses     21,831       23,499  
    Operating income (loss)     1,536       (5,713 )
    Interest expense     2,006       150  
    Other non-operating expense, net     303       370  
    Loss before income tax     (773 )     (6,233 )
    Income tax expense (benefit)     (109 )     (6,388 )
    Net income (loss)   $ (664 )   $ 155  
                 
    Net loss per share            
    Basic   $ (0.03 )   $ 0.01  
    Diluted   $ (0.03 )   $ 0.01  
    Weighted average number of shares:            
    Basic     20,506       18,321  
    Diluted     20,506       19,389  
     
     
    Turtle Beach Corporation
    Condensed Consolidated Balance Sheets
    (in thousands, except par value and share amounts)
    Table 2.
        March 31,     December 31,  
        2025     2024  
        (unaudited)        
    ASSETS      
    Current Assets:            
    Cash and cash equivalents   $ 11,684     $ 12,995  
    Accounts receivable, net     42,354       93,118  
    Inventories     73,664       71,251  
    Prepaid expenses and other current assets     14,533       11,007  
    Total Current Assets     142,235       188,371  
    Property and equipment, net     4,884       5,844  
    Goodwill     50,428       52,942  
    Intangible assets, net     40,382       42,398  
    Other assets     9,095       9,306  
    Total Assets   $ 247,024     $ 298,861  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Current Liabilities:            
    Revolving credit facility   $ 6,592     $ 49,412  
    Accounts payable     39,539       34,839  
    Other current liabilities     26,294       39,421  
    Total Current Liabilities     72,425       123,672  
    Debt, non-current     45,544       45,620  
    Income tax payable     1,367       1,362  
    Other liabilities     6,814       7,603  
    Total Liabilities     126,150       178,257  
    Commitments and Contingencies            
    Stockholders’ Equity            
    Common stock     20       20  
    Additional paid-in capital     240,150       239,983  
    Accumulated deficit     (118,758 )     (118,094 )
    Accumulated other comprehensive loss     (538 )     (1,305 )
    Total Stockholders’ Equity     120,874       120,604  
    Total Liabilities and Stockholders’ Equity   $ 247,024     $ 298,861  
     
     
    Turtle Beach Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
    Table 3.
        Three Months Ended  
        March 31, 2025     March 31, 2024  
           
    CASH FLOWS FROM OPERATING ACTIVITIES            
    Net (loss) income   $ (664 )   $ 155  
    Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:            
    Depreciation and amortization     1,110       916  
    Amortization of intangible assets     2,016       560  
    Amortization of debt financing costs     276       70  
    Stock-based compensation     1,912       1,105  
    Deferred income taxes     (445 )     (6,716 )
    Change in sales returns reserve     1,873       (2,410 )
    Provision for obsolete inventory     486       794  
    Changes in operating assets and liabilities, net of acquisitions:            
    Accounts receivable     48,891       35,918  
    Inventories     (2,899 )     (3,063 )
    Accounts payable     4,716       8,065  
    Prepaid expenses and other assets     (3,473 )     (357 )
    Income taxes payable     (1,401 )     2  
    Other liabilities     (11,946 )     (7,782 )
    Net cash provided by operating activities     40,452       27,257  
    CASH FLOWS FROM INVESTING ACTIVITIES            
    Purchases of property and equipment     (166 )     (731 )
    Acquisition of a business, net of cash acquired     2,515       (75,494 )
    Net cash provided by (used for) investing activities     2,349       (76,225 )
    CASH FLOWS FROM FINANCING ACTIVITIES            
    Borrowings on revolving credit facilities     65,276       80,288  
    Repayment of revolving credit facilities     (108,096 )     (80,288 )
    Proceeds of term loan     –       50,000  
    Repayment of term loan     (312 )     (104 )
    Proceeds from exercise of stock options and warrants     5       1,257  
    Repurchase of common stock     (1,750 )     –  
    Debt issuance costs     –       (3,170 )
    Net cash provided by (used for) financing activities     (44,877 )     47,983  
    Effect of exchange rate changes on cash and cash equivalents     765       75  
    Net decrease in cash and cash equivalents     (1,311 )     (910 )
    Cash and cash equivalents – beginning of period     12,995       18,726  
    Cash and cash equivalents – end of period   $ 11,684     $ 17,816  
     
     
    Turtle Beach Corporation
    GAAP to Adjusted EBITDA Reconciliation
    (in thousands)
    Table 4.
        Three Months Ended  
        March 31,  
        2025     2024  
        (in thousands)  
    Net (loss) income   $ (664 )   $ 155  
    Interest expense     2,006       150  
    Depreciation and amortization     3,126       1,476  
    Stock-based compensation     1,912       1,105  
    Income tax benefit (1)     (109 )     (6,388 )
    Restructuring expense (2)     5       41  
    Acquisition-related expense (3)     608       4,910  
    Insurance recovery (4)     (3,439 )     —  
    Loss on inventory in transit and other costs (5)     605       —  
    Adjusted EBITDA   $ 4,050     $ 1,449  
    (1) An income tax benefit of $7.0 million was recorded in the three months ended March 31, 2024 as a result of the reversal of a portion of the Company’s deferred tax asset valuation allowance.
    (2) Restructuring charges are expenses that are paid in connection with reorganization of our operations. These costs primarily include severance and related benefits.
    (3) Acquisition-related cost includes one-time costs we incurred in connection with acquisitions including warehouse lease impairment, professional fees such as legal and accounting along with other certain integration related costs.
    (4) Insurance proceeds from claims related to a loss of inventory while in transit that occurred in the fourth quarter of 2024.
    (5) Certain professional fees related to recovery initiatives in connection with a loss of Turtle Beach inventory while in transit that occurred in the fourth quarter of 2024.

    The MIL Network –

  • MIL-Evening Report: Stepmums, alien mums, robot mums, vengeful mums: 7 films to watch this Mother’s Day

    Source: The Conversation (Au and NZ) – By Jessica Gildersleeve, Professor of English Literature, University of Southern Queensland

    With Mother’s Day around the corner, you may be wondering what gift you’ll give mum – or any of the mums in your life. This year, why not skip the fancy dinner and offer one of the most precious gifts there is: quality time, in front of the TV.

    When I asked seven experts what movies they’d recommend for Mother’s Day, I wasn’t expecting I, Tonya or Alien: Romulus – but their responses have made me realise just how multifaceted the experience of motherhood is, and how weirdly and wonderfully it can be reflected onscreen.

    So here’s what to watch if you want to laugh, cry, or scream, in an ode to mothers everywhere.

    I, Tonya (2017)

    The first film from Margot Robbie’s production company LuckyChap Entertainment – which earned Robbie an Oscar nomination for best actress – is an ideal viewing choice for anyone wanting to support Aussie female talent.

    Former American figure skater Tonya Harding became a household name in 1994, after her then-husband Jeff Gillooly orchestrated an assault on her primary rival, Nancy Kerrigan, in a bid to block Kerrigan from representing the United States at that year’s Winter Olympics.

    I, Tonya presents the event, and those of Harding’s career leading up to it, from a more sympathetic perspective than usual. Although it is careful to open with the caveat that the story is derived from “irony-free, wildly contradictory, totally true interviews with Tonya Harding and Jeff Gillooly”, the film presents Harding’s life as one of abuse and cruelty at every turn.

    The judges can’t stand her “unfeminine” power. Her husband only shows love through violence. And her heartless mother, LaVona (Alison Janney) is desperate to cash-in on the financial gains from her career success, while simultaneously resenting it.

    Janney’s performance as LaVona won her the Academy Award for best supporting actress, a title thoroughly deserved as an ice-cold LaVona chainsmokes through barbed criticisms and physical threats. While I, Tonya may not be the most obvious choice for a film to watch on Mother’s Day, it certainly will make you appreciate yours.

    – Jessica Gildersleeve

    Stepmom (1998)

    Stepmom, starring Julia Roberts and Susan Sarandon, is a family weepy for anyone who needs a cathartic cry. Directed by Chris Columbus, the comedy–drama follows the story of terminally ill woman Jackie Harrison (Sarandon) as she comes to grips with the fact her ex-husband’s new girlfriend Isabel (Roberts) will soon be her children’s stepmother.

    The film, like others under Columbus’ direction, is a critique of domestic dysfunction (think Home Alone, Mrs Doubtfire, or Nine Months), and an exploration of the lengths characters will go in order to restore the ruptured (nuclear) family, whether literally or symbolically.

    Despite its melodramatic machinery and predictable ending, Stepmom offers a nuanced portrayal of the struggles of children during separation or divorce. We see 12-year-old Anna and her little brother, Ben, an aspiring magician, caught in an emotional tug-of-war between their loyalty to their dying mother and their natural affection for their new stepmum.

    In an honest moment, an anxious Ben asks his dad, “can you ever fall out of love with your kids?”

    “No, that’s impossible,” Dad responds.

    In an equally realistic thread, the sullen Anna begrudgingly turns to Isabel for advice on boys, clothes and makeup – their relationship soon resembling one of sisters rather than adversaries (controversially, Roberts’ character even takes it upon herself to explain the concept of “snowblowing” to the tween).

    In 1998, Stepmom was ahead of its time – not in its representation of motherhood, but in its acknowledgement the nuclear family was, even back then, a thing of the past.

    – Kate Cantrell

    Double Jeopardy (1999)

    Like most thrillers made in the 1990s, Double Jeopardy begins in the Pacific Northwest region of the United States: the epicentre for murder and mist.

    Libby Parsons (Ashley Judd) is living the idyllic waterfront life with her husband Nick (Bruce Greenwood) and son Matty. After being convinced by Nick to go yachting, Libby wakes up on the boat (during what could best be described as a mist storm) to discover Nick is missing, and there is an endless path of blood from her hands to the yacht’s edge.

    Libby is tried and convicted for Nick’s murder. While grieving her son in jail, she finds out her husband is actually alive and has framed her. Libby’s cellmate tells her about the “double jeopardy” rule: you can’t be tried for the same crime twice.

    The montage of Libby preparing for revenge in jail signals an uptick in campy action. Upon her release, we’re introduced to parole officer Travis (Tommy Lee Jones). A game of cat and mouse ensues that is equal parts thrilling and ridiculous.

    Ultimately, Libby must choose between vengeance and getting her son back. Will she follow the rules and wait, or will she put her relentless jail workouts to good use? Double Jeopardy is profoundly stupid and fun, with all the unexpected charm of a midday movie that pulls you in, despite not making much sense.

    It’s just the kind of movie my mum and I have found ourselves glued to on a Saturday afternoon – cheerleaders for revenge.

    – Kathleen Williams

    Monster-in-Law (2005)

    What lengths would you go to protect your son from marrying someone unsuitable? One of the first references to the roles of the mother-in-law can be traced back to Latin literature, and the comedic play Hecyra, by Roman playwright Terence, which was first successfully performed in 160 BC. The play’s comedic twist is that the mother-in-law is accused of hating her son’s wife.

    The 2005 box office hit Monster-in-Law (2005) follows this trajectory and takes it to the extreme. Viola Fields (Jane Fonda) becomes manipulative and acts downright dirty to prevent her son, Kevin (Michael Vartan), from getting married to his fiancée Charlie (Jennifer Lopez) – who she thinks is not good enough for him.

    This romantic comedy has the conventions of love, romance, a wedding, and overall impending chaos. It is about a mother trying to do what she thinks is best for her son, as well as the fragile links between romantic love, familial love and matriarchy.

    In parts, the film transgresses into slapstick territory, as Kevin remains oblivious of Viola’s volatile antics towards Charlie. The tension between the two strong female leads hilariously spirals out of control in the lead-up to the wedding.

    Monster-in-Law is a feel-good film that draws on the close bond between mother and child, making it good viewing for Mother’s Day.

    – Panizza Allmark

    The Wild Robot (2024)

    There’s a cultural belief that once your baby is in your arms, you’ll immediately know how to look after them, or that you can draw on your own experience of being mothered, or find the right path in one of eleventy billion parenting books.

    But even if you did have a good experience of being mothered (and many don’t), or you find some great books, parenthood remains a journey of uncertainty and trial and error.

    When I took my young children to see The Wild Robot, I laughed and cried way more than them. Not just because the animation was so beautiful, or because the story was so moving, but because of the non-didactic moments that resonated so strongly with how we parents feel.

    We often don’t know what we’re doing; we’re trying our best, and wishing it will be the right thing – playing out an internal war between wanting to protect our children and wanting them to forge their own path.

    In The Wild Robot, Roz the robot (voiced by Lupita Nyong’o) is focused on helping her adopted gosling Brightbill (Kit Connor) learn how to fly – something she has no experience of. More importantly, Brightbill must fly on a migration flight with other birds, where she can’t join him.

    The film mirrors the beautiful and horrifying knowledge parents carry: if we do our job, our children will become their own individuals who are able and willing to leave us. All we can hope is we’ve formed a bond that will make them want to return.

    – Rebecca Beirne

    My Big Fat Greek Wedding (2002)

    Was your mother born overseas? It’s likely. Nearly half of all Australians have a parent born overseas. Or perhaps you married into a family where your “new mum” was born overseas?

    Your mother-in-law counts on Mother’s Day. Don’t forget it. And if you married into a wonderfully loud Greek/Italian family as I did, then your mother-in-law is likely a hard worker who deserves to be entertained. So why not offer her, and all the mums in your life, a sweet, disarming rom-com about a clash of cultures and a life milestone all mums can get behind: a wedding. A Big Fat Greek Wedding, to be precise.

    Written by and starring Nia Vardalos, this film tells the tale of Toula Portokalos, who, at the “advanced” age of 30, remains persistently unmarried in the early aughts Chicago. In Greek terms, this is already a tragedy. The title does a lot of heavy lifting in terms of what comes next.

    The real charm of the film is the clash of cultures that anyone with any ethnic background will recognise.

    My Big Fat Greek Wedding was a small film with huge global success. Will your mum care it was made with a budget of just US$5 million but grossed more than US$360 million worldwide, making it one of the most profitable films of all time, with a more than 6,150% return? Probably not.

    But she’ll love John Corbett, that tall guy who was also in Sex in City (and he’s really good in this one). Just make sure you skip the sequels.

    – Ruari Elkington

    Alien: Romulus (2024)

    Not everyone wants to watch saccharine romantic comedies on Mothers’ Day. If you can relate, dystopian horror film Alien: Romulus (2024) offers much darker pleasures.

    Feminist scholars have long found the Alien franchise to be rife with symbolism and repressed fears about motherhood, birth and reproductive organs. Alien: Romulus goes further than the original 1979 film in making the theme of sexual violation explicit. As you might expect from Fede Álvarez, the director of Evil Dead (2013), there is plenty of body horror as human characters are assaulted and orally impregnated by Alien species.

    The film also includes neo-Marxist messages about “the company” and its violation of workers’ bodies. Working mums may enjoy the dark humour of a futuristic corporation that literally sucks the life out of workers before politely thanking them for their service.

    Leading action woman Rain Carradine (Cailee Spaeny) is more vulnerable and relatable than the iconic character Ripley of previous films. When Rain discovers her work contract has tipped over into slavery, she joins up with her ex-boyfriend Tyler (Archie Renaux) and his pregnant sister Kay (Isabela Merced) to hijack a space station.

    They must then manage a coolly indifferent IT operating system called “MU/TH/UR” to control the ship. The fact Kay is pregnant does not bode well; her baby eventually bursts out as a hideous alien-human mutant which tries to eat her.

    Alien Romulus is basically every unspeakable anxiety about pregnancy and motherhood realised through spectacular special effects. It’s also the franchise’s best film since the original.

    – Susan Hopkins

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Stepmums, alien mums, robot mums, vengeful mums: 7 films to watch this Mother’s Day – https://theconversation.com/stepmums-alien-mums-robot-mums-vengeful-mums-7-films-to-watch-this-mothers-day-255004

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years

    Source: The Conversation (Au and NZ) – By Marian Makkar, Senior Lecturer in Marketing, RMIT University

    Konstantin Shishkin/Shutterstock

    Workplace burnout – a state of emotional, physical, and mental exhaustion – and the COVID pandemic have sparked a rethink of the traditional 9-to-5 job.

    It’s been estimated 30% of the Australian workforce is experiencing some degree of burnout, raising serious concerns about the possible impacts on mental health.

    Is it possible – and if so, wise – to take addressing burnout into your own hands? Some responses to the problem, such as “micro-retirement”, have enjoyed recent popularity on social media.

    But a small number of people take an even more radical approach – dumping the 9-to-5 path entirely for careers that prioritise meaning, enjoyment and personal growth. We sought to find out how this move played out for one group in particular – snowsports instructors.

    Our research – published in the International Journal of Research in Marketing – covers a 10.5-year study of snowsports instructors who left their 9-to-5 jobs for a meaningful career on the slopes of Canada, Japan, the United States and New Zealand.

    We looked at instructors’ journeys into the lifestyle, how they managed their new careers, and what led some to eventually return to the 9-to-5.

    Chasing winter

    We interviewed 13 snowsports instructors aged 25 to 40 (seven men, six women), collected image and video artefacts, followed social media accounts and surveyed snow school reports. Our lead researcher also participated in the lifestyle herself.

    All our participants had at least a bachelor degree and previous steady careers in fields such as education or information technology.

    During our decade-long field work, we found instructors earned just enough money to maintain this lifestyle, often travelling with their possessions in one or two bags.

    Whistler Mountain, Canada: instructors get to live and work in places of great natural beauty.
    Kevin503/Shutterstock

    Beyond the adrenaline and beauty of a life in the snow, we found people were first motivated to enter this career to escape the corporate world and ties of modern life. One participant, Lars, said:

    If you just get a job, you get maybe 20 days off a year for the next 40 years, and once you stop, once you’ve got a job and a house and a mortgage and a kid […] you’re trapped.

    A sense of accomplishment

    At the centre of our research was the idea of building a career around the ancient Greek concept of “eudaimonia”. This term is sometimes translated to “happiness” in English, but its broader connotations mean it’s closer to “flourishing” and involves a sense of purpose and living a life of virtue.

    That’s in contrast to the related concept of “hedonism” – which centres on the pursuit of pleasure for its own sake. Eudaimonia is meant to make us reflect on life’s purpose, potential and meaning.

    As our participants mastered the sport and career, they moved from mere enjoyment or hedonism of being in the snow to finding meaning and purpose in their jobs.

    They felt a sense of accomplishment and appreciation of snowsports as a sport and job requiring dedication, care and commitment.

    Challenges along the way

    However, with every career there are demands that shape how people manage work and purposeful pursuits. Instructors must bear financial costs such as buying their own equipment, paying for certifications and accommodation.

    Eventually the lifestyle was not sustainable for some due to precarious working conditions and minimal wages. Relying on the weather to produce snow, unfair compensation and fixed-term contracts wore many down.

    An unhappy participant confessed:

    You think about money all day everyday […] working out the costs, staffing and lesson prices! Yet they (ski resort managers) tell me as an instructor that I shouldn’t think about my monetary work. Well, if it wasn’t about the money, you wouldn’t charge as much for lessons.

    In the period we studied, six returned to a regular 9-to-5 job.

    An alternative to meaningless jobs?

    The late American anthropologist David Graeber coined the phrase “bullshit jobs” to describe jobs that comprise meaningless tasks that add no real value aside from providing a salary.

    The 9-to-5 can be a grind.
    Shutterstock

    Our study offers a window into the lives of those who sought an alternative, trying to build something they love into the daily work they do to earn a living.

    For many, despite challenges the ability to ride slopes daily remained more appealing than a desk job. One told us:

    At university my first management lecturer said, ‘you could go on to be a CEO, earn $300,000 a year and have a month off every year to go skiing’, and I said, ‘or I could go skiing every day and still afford to eat and pay my rent’. It’s all I really need.

    But things didn’t work out for all of them. The experience of those who left suggests choosing meaningful work can be difficult and can force people out if the surrounding organisational system is not supportive.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Ever wanted to ditch the 9-to-5 and teach snowsports? We followed people who did it for 10 years – https://theconversation.com/ever-wanted-to-ditch-the-9-to-5-and-teach-snowsports-we-followed-people-who-did-it-for-10-years-255012

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Old drains and railways are full of life. Here’s how to make the most of these overlooked green spaces

    Source: The Conversation (Au and NZ) – By Hugh Stanford, Researcher Associate, Centre for Urban Research, RMIT University

    Much of the old circular railway line in Paris, La Petite Ceinture, or Little Belt, has been turned into a public park. ldgfr photos, Shutterstock

    Across Australian cities, leftover and overlooked green spaces are everywhere. Just think of all the land along stormwater drains, railway lines and vacant lots. While often dismissed as useless or unsightly, there’s a growing understanding of the value these spaces bring to cities.

    These informal green spaces can support biodiversity and offer rare freedom to explore, play or connect with nature in a less controlled way than formal spaces such as parks. They also help to cool our cities.

    My new research looks at how cities globally are rethinking overlooked green spaces. I identified three ways to unlock the value of these areas: leaving spaces intentionally unmanaged, supporting temporary or informal uses, or formalising them as parks or other public places. Each approach offers different benefits and challenges for cities trying to create greener, more liveable neighbourhoods.

    Local councils are under increasing pressure to create more formal green space, with residents, at times, calling on councils to buy land for new parks. But let’s start with what’s already there.

    1: Hands off: the case for doing less

    In some cases, doing nothing can be surprisingly powerful.

    When governments step back, communities and nature can step in, with potentially joyful, creative and ecologically rich results. In the Belgian capital of Brussels, for example, disused railway land, left unmanaged, has become a haven for biodiversity, offering valuable insights into how ecosystems can regenerate without human interference.

    Closer to home, there are many examples of railway land being used informally as green space. One site, in the Melbourne suburb of Northcote, has become a makeshift trail used by walkers, dog owners and children on bikes. Though not officially a park, it functions like one, with its informal character fostering a sense of ownership and spontaneity among users. In the past few months, local residents have started planting native vegetation and putting up makeshift art installations, and even a swing.

    But this hands-off approach has limitations. It works best where a strong sense of community, or ecological value, already exists. And while nature can bounce back in surprising ways, it often needs a helping hand.

    Locals have embraced a small patch of land in a railway reserve near Dennis Station in Northcote, Melbourne.
    Hugh Stanford

    2. Helping out: supporting informal or temporary uses

    Where informal installations already exist – such as art installations or unauthorised plantings known as guerrilla gardens – councils can support and even help grow these initiatives.

    Some councils may see local-led efforts as a liability, but these efforts represent an opportunity to bring life to underused land at minimal cost. By recognising and supporting such activities, including financially, councils can empower residents to shape their own neighbourhoods in meaningful ways. This can include expanding existing installations or establishing new installations on other underused sites.

    There is also benefit in local councils creating their own temporary installations such as pop-up parks. This has been shown to be an effective way to activate underused space and trial initiatives before more permanent plans are developed.

    Examples include the creation of a temporary park in Ballarat Street, Yarraville in 2012. Community support for the temporary park led to the construction of a permanent park in 2014.

    Local councils can offer support to communities seeking to revitalise disused green space.
    Hugh Stanford

    3. Stepping in: when formalising makes sense

    There are times where formal intervention is warranted – for example, where land is contaminated or supports invasive weeds. In such cases, transforming a site into a fully developed park can deliver significant benefits. Land alongside a river, road or railway line, can be readily transformed into a long “linear park” with walking trails and bike paths.

    In Paris, the conversion of a former industrial railway line into a linear park is a great example, attracting both locals and tourists.

    Melbourne, too, has its own success in revitalising disused infrastructure. The Greening the Pipeline project in Melbourne’s west involves converting a disused sewer main into a vibrant linear park. These projects demonstrate the benefits that can be achieved from developing high-quality, permanent public green spaces from underused land.

    But formalising public use of urban green space comes at a cost, financially and otherwise: a highly designed park can crowd out the quirky, unplanned character that makes many informal spaces feel special. That’s why it’s crucial to see formalising green space as one option among many, and to reserve it for sites where potential benefits justify the investment.

    The Greening the Pipeline project in Melbourne’s west highlights what can be achieved.
    Hugh Stanford

    A call to action

    If you work in urban planning or local government, resist the urge to control and replace. Look at what’s already available. Sometimes the best thing you can do is observe, step back and support. Not all public spaces need a master plan.

    If you’re a resident, get out there. Start small: plant something native, or set up a swing (where safe to do so). By engaging with the green spaces already around you, you might help create your own slice of urban paradise – no land purchase required.

    Start small and set up a swing, where safe to do so.
    Hugh Stanford

    Hugh Stanford 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. Old drains and railways are full of life. Here’s how to make the most of these overlooked green spaces – https://theconversation.com/old-drains-and-railways-are-full-of-life-heres-how-to-make-the-most-of-these-overlooked-green-spaces-255736

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Why it’s important to read aloud to your kids – even after they can read themselves

    Source: The Conversation (Au and NZ) – By Robyn Cox, Professor of Literacy Education, University of Tasmania

    Mart Production/Pexels , CC BY

    Is reading to your kids a bedtime ritual in your home? For many of us, it will be a visceral memory of our own childhoods. Or of the time raising now grown-up children.

    Perhaps it involves a nightly progression through the Percy Jackson series or the next Captain Underpants book. Or maybe there’s a request to have Room on the Broom again (and again).

    But for some households, reading aloud is not a regular activity. A recent UK report by publisher Harper Collins found many parents are not reading to their kids. Fewer than half (41%) of 0–4-year-olds are read to frequently. More than 20% of parents surveyed agreed reading is “more a subject to learn than a fun thing to do”.

    The report also found some parents stop reading to their children once they can read by themselves. As the Guardian reported, some parents assume “it will make [their child] lazy and less likely to read independently”.

    Here’s why it’s important to read to your children – even after they have learned to read.

    What’s involved in reading skills?

    Research on reading skills suggests there are two main types of skills involved in learning to read.

    1. Constrained skills are skills that once we learn, we keep. For example, once we learn the alphabet we don’t have to keep learning it. It’s like riding a bike.

    2. Unconstrained skills are skills we continue to learn throughout life. For example, vocabulary, reading fluency (how quickly and smoothly you read) and reading comprehension. Even as adults we continue to learn new word and language forms.

    We know reading to infants and younger children can build early language skills, such as the sounds of words and the alphabet. Reading to older children is a simple way to build unconstrained skills.

    Reading aloud builds vocabulary skills, which we continue to build all our lives.
    RDNE Stock Project/ Pexels, CC BY

    How reading aloud helps

    The books we read aloud at bedtime to young readers tend to be those they can’t read themselves.

    So it introduces more complex ideas, words and sentence patterns. This is why reading aloud to your children is a parental superpower – you can continue to build where the school learning stops.

    Reading together can also encourage closeness between children and parents, as well as shared knowledge and laughs.

    When you are reading to your child, they have your full attention, which also makes the time special.

    What should you be reading?

    Reading aloud doesn’t necessarily have to involve multiple chapters of a book. Research suggests what matters is that it’s something you are both interested in and enjoying.

    You could read to your child on a device, or you could even tell a traditional tale without a book.

    You could read poetry, news articles or magazine articles about a favourite football team or player – these can all build unconstrained literacy skills.

    Even re-reading a beloved picture book from younger years can build fluency and focus on direct speech in text (especially when the reader does “funny” voices).

    You can read non-fiction as well as fiction books, magazines and news articles.
    Kindel Media/Pexels, CC BY

    How often should you read to your child?

    Family life is busy and parents often have many commitments. So there are no rules, other than to make it fun. Don’t be put off by “how much you have to do” – a few minutes of engaged reading time together is better than none at all.

    You could read to your child when you yourself are reading something and want to share it. If it’s too hard to read to your child every night, do it every weekend night or make another time during the week. Or ask a grandparent or older sibling to help.

    And there is no set age to stop – if you like, keep reading to your kids until they leave home!

    Robyn Cox 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 it’s important to read aloud to your kids – even after they can read themselves – https://theconversation.com/why-its-important-to-read-aloud-to-your-kids-even-after-they-can-read-themselves-256089

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: A community-led health program in remote Arnhem land is showing promising results for First Nations locals

    Source: The Conversation (Au and NZ) – By Hasthi Dissanayake, Research Fellow in Indigenous Health, The University of Melbourne

    The Doherty Institute

    Indigenous Australians are more than twice as likely as non-Indigenous Australians to suffer from disease, particularly chronic diseases such as diabetes, heart disease and kidney disease.

    The health disparities are worse in remote and very remote areas. The burden of diabetes in the remote Aboriginal population of the Northern Territory, where it affects more than one in four adults aged over 20, is among the highest in the world.

    The Yolŋu (or Yolngu) people of Northeast Arnhem land, a large, remote area in the NT, maintain one of the oldest continuously living cultures in the world. They also represent one of the largest Indigenous groups in Australia.

    Yet, people in these communities face the highest number of avoidable deaths in Australia, mostly from chronic disease. A diet of too much sugar, refined and processed food products, smoking and an unhealthy lifestyle contribute to this region’s health crisis.

    Beginning in 2014, senior Yolŋu women in Galiwin’ku, one of the largest communities in Northeast Arnhem land, have been developing a unique diet and lifestyle change program called Hope for Health. The program has been running intermittently since then, and includes on-Country health retreats, individualised health coaching, and group classes and activities.

    We recently evaluated this program. We found it offers significant benefits which could reduce chronic disease risk among the Yolŋu people.

    Hope for Health participants and staff at a cooking workshop.
    Hope for Health

    A holistic approach

    Most Yolŋu live on Aboriginal land in remote communities of various sizes and hold a deep unbroken connection to their ancestral country.

    Health and wellbeing is considered a holistic concept that connects physical, social, emotional, cultural, spiritual and ecological wellbeing at both an individual and community level.

    The Hope for Health program is based on the values of Margikunhamirr (making known and sharing understanding) and Goŋ-ŋthanhamirr (supporting and walking alongside each other) to empower Yolŋu to gain control of their health.

    Over four months, the program focuses on giving people the knowledge to make their own lifestyle changes and choices to improve health and prevent chronic disease.

    It includes:

    • An on-Country health retreat: this is an immersive 12-day bush retreat focused on reconnecting with the Yolŋu tradition of living, eating, and healing from the land, and learning about the body and health.

    • In-community support and mentoring: over 14 weeks following the retreat, this part of the program is focused on overcoming barriers to introducing lifestyle changes. It includes group activities for identifying healthy food options at the shops, storing and cooking fresh produce, and yarning about healthy lifestyles.

    • Individual and home-based health coaching: this takes place during the retreat and afterwards in participants’ homes or places of their choosing. Health coaches explain blood test results to participants, offer education in their language and help with goal setting, such as reducing sugar consumption, smoking, or increasing exercise.

    The Hope for Health program seeks to give people the knowledge they need to make their own lifestyle changes.

    What we found

    Together with colleagues at the Doherty Institute and other collaborators, we evaluated a Hope for Health program in the second half of 2022.

    We assessed outcomes such as body weight and blood sugar levels among 55 adults before and after they took part in the program. All participants were overweight or obese at the beginning.

    We recently published our findings in the Medical Journal of Australia.

    By the end of the program, 52% of participants reduced their HbA1c – a measure of blood sugar – by at least 0.3%. Some 33% of participants lost at least 3% of their body weight.

    Changes such as these are called “clinically significant” because they’re big enough for doctors to see real health benefits such as reduced risk of chronic disease, including diabetes and heart disease.

    Other outcomes we looked at improved too. Overall, participants had smaller waist circumferences at the end, lower body-mass index, better “good” cholesterol levels, were drinking less sugary drinks, and doing more daily exercise.

    Why did it work?

    Behavioural change is not necessarily easy to achieve in these communities, which have a very different language and culture from mainstream Australia.

    Our study is the first in remote Aboriginal communities to comprehensively evaluate a lifestyle change program with such promising results.

    The study design cannot prove the intervention directly caused the changes. That is, there may have been other factors which contributed to the outcomes.

    A randomised controlled trial would have provided stronger proof the program led to the health improvements we observed, but these trials can be unsuitable in remote Indigenous communities. In this study, the community was concerned delaying the program for some people would harm their health. Also, many wanted their extended family to take part, making it difficult to select a representative control group which would be needed for this type of study.

    Nonetheless, our results suggest support for culturally sensitive health initiatives such as Hope for Health is crucial for reducing the burden of chronic disease in remote Indigenous communities.

    We believe Hope for Health worked because it was led by Yolŋu people and is built on Yolŋu knowledge, language and culture. Education provided to remote Aboriginal people such as the Yolŋu needs to be liya-lapmarnhamirr – that is, presented in a way that brings revelation and understanding.

    Hasthi Dissanayake receives or has received funding from the Medical Research Future Fund, University of Melbourne, University of Sydney, and Australian government postgraduate and research grants.

    Beverley-Ann Biggs receives research funding from the National Health and Medical Research Council and Medical Research Future Fund competitive grant schemes.

    George Gurruwiwi 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. A community-led health program in remote Arnhem land is showing promising results for First Nations locals – https://theconversation.com/a-community-led-health-program-in-remote-arnhem-land-is-showing-promising-results-for-first-nations-locals-255519

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: To split Moscow from Beijing, Trump is reviving Nixon’s ‘madman diplomacy’. It could backfire badly

    Source: The Conversation (Au and NZ) – By Ian Langford, Executive Director, Security & Defence PLuS and Professor, UNSW Sydney

    When United States President William McKinley advocated high‑tariff protectionism in 1896, he argued squeezing foreign competitors behind a 50% wall of duties would make America richer and safer.

    That logic framed US trade debates for a generation, but it was always an economic device – not a geopolitical lever.

    In 2025, Donald Trump, now the 47th US president, slapped tariffs on most imported goods to the United States, specifically targeting Chinese imports.

    Yet, despite the fact he idolises McKinley, Trump’s emerging grand strategy looks less like his customs schedule and more like Richard Nixon’s “madman” diplomacy of the early 1970s.

    Trump is signalling that unpredictability, not price schedules, will coerce adversaries and reorder alliances.

    An image of irrational resolve

    McKinley’s 1890s tariffs nearly doubled average duties, shielding domestic manufacturers but doing little to shift the global balance of power.

    The lesson from these tariffs was straightforward: protectionism may enrich some sectors, but it rarely bends rivals’ strategic choices.

    Trump’s first term flirted with McKinley-inspired trade wars, industrial policy and “America First” rhetoric. His second term “strategic reset” moves onto darker, Nixonian ground.

    Nixon and his secretary of state, Henry Kissinger, cultivated an image of irrational resolve. They hinted they might do “anything”, even use nuclear weapons, to force concessions in Vietnam and alarm the Soviet politburo.

    Nixon’s White House chief of staff, H.R. Haldeman, recalled the president demanding Moscow and Hanoi see him as a man “with his hand on the nuclear button”.

    The gambit dovetailed with a bold diplomatic inversion. By opening to Mao Zedong’s China, Nixon sought to isolate the Soviet Union.

    Trump’s ‘reverse Nixon’ efforts

    Half a century later, Trump appears to be running the tape backward.

    Rather than prying China from Russia, he is testing whether Moscow can be prised from Beijing.

    In early April, he imposed a blanket 54% tariff on Chinese goods – yet exempted Russia, Cuba and North Korea from the harshest duties.

    The White House has simultaneously floated selective sanctions relief for Moscow if Vladimir Putin shows “flexibility” on Ukraine.

    Trump’s boosters call the manoeuvre a “reverse Nixon”: befriend the weaker adversary to hem in the stronger.

    Al-Jazeera recently reported senior US officials and analysts believe deepening ties with Russia could splinter the Sino‑Russian axis that has unnerved US strategists for years.

    But Foreign Affairs warns that even if Washington dangled lavish incentives, Putin would “play Washington and Beijing off each other” rather than choose sides.

    Australia’s Strategic Policy Institute is blunter: the idea of splitting the pair is “a delusion”.

    Nor is the madman pose guaranteed to intimidate. Scholars note Nixon’s bluff worked only when coupled with painstaking back‑channel diplomacy; the façade of irrationality still required a coherent end‑game.

    Trump’s record of erratic statements on NATO, sudden tariff escalations and social media outbursts risks convincing adversaries that chaos is the message, not the method.

    Success would require discipline

    Yet, the strategic prize is real.

    A durable Sino‑Russian alignment forces Washington to split resources across two theatres, complicates sanctions enforcement, and gives Beijing access to Russian hydrocarbons and military technologies.

    Even a partial wedge – Moscow adopting neutrality in a potential Indo‑Pacific crisis, for instance – would lighten America’s load and disadvantage China.

    Can Trump craft a credible offer? Tariff exemptions and the hint of sanctions relief are carrots; resumed arms‑control talks and guarantees of Russian equities in a post‑war Ukraine settlement could sweeten the pot.

    The sticks are clear: escalating tariffs and technology bans on China, plus renewed US gas exports aimed at undercutting Sino‑Russian energy deals.

    The fact CIA Director John Ratcliffe called China the “top national security threat” in his confirmation hearings earlier this year – relegating Russia to a lesser threat – underscores the hierarchy.

    Still, success would require disciplined messaging and allied buy‑in, traits not often associated with madman theatrics.

    If European and Indo‑Pacific partners suspect Washington will mortgage Ukraine’s security or trade their markets for a fleeting Moscow détente, unity will fray.

    For Australia, the stakes are immense

    For Canberra, the calculus is stark.

    Australia’s primary challenge is a more assertive China, not a distant Russia.

    If Trump could drive even a hairline crack between Moscow and Beijing, the Indo‑Pacific balance would tilt in favour of the US and its allies.

    A Russia preoccupied with Europe or simply unwilling to share sensitive missile and space technologies would deprive China of critical enablers.

    Conversely, a bungled “reverse Nixon” strategy could embolden both autocracies.

    Should Putin benefit from US tariff exemptions and sanctions relief while deepening defence ties with Beijing — as recent drone and satellite deals suggest – Australia would face a sharper, more integrated adversarial bloc.

    The lesson, for Australia, is to hedge: continue deepening AUKUS technology sharing, accelerate long‑range strike acquisition, and tighten diplomatic coordination with Japan, India and ASEAN states.

    For Australia, perched on Asia’s faultline, the stakes are immense. A successful wedge would ease pressure on the “first‑island chain” – the chain of strategic islands that stretches from Japan through Taiwan, the Philippines and Indonesia – and give Canberra precious strategic depth.

    A failed gambit risks confronting Australian forces with a tandem of nuclear‑armed revisionists (Russia and China) emboldened by US miscalculation.

    Ian Langford 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. To split Moscow from Beijing, Trump is reviving Nixon’s ‘madman diplomacy’. It could backfire badly – https://theconversation.com/to-split-moscow-from-beijing-trump-is-reviving-nixons-madman-diplomacy-it-could-backfire-badly-255878

    MIL OSI Analysis – EveningReport.nz –