Category: Australia

MIL-OSI: Diginex Limited Announces Relocation of Headquarters to London as Cornerstone for Global Expansion

Source: GlobeNewswire (MIL-OSI)

LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), an impact technology company specializing in environmental, social, and governance (ESG) issues, today announced that the Company will relocate its corporate headquarters to London, the United Kingdom, as part of its centralizing leadership to execute its strategic growth plans. On February 26, 2025, the Company signed a lease for office space with International Workplace Group for 18 months at 25 Wilton Road, Victoria, London, Greater London, SW1V 1LW, United Kingdom commencing on April 1, 2025, underscoring its commitment to establishing a strong base in one of the world’s leading financial hubs.

By establishing its headquarters in London, Diginex Limited aims to enhance access to global financial markets, expand business operations, and strengthen opportunities for strategic partnerships and acquisitions in the European market and beyond. The upcoming move follows the Company’s recent cross-listing on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” as of February 20, 2025, as well as its engagement with German-based investor relations firm, Kirchhoff Consult GmbH.

Diginex Limited’s Chief Executive Officer, Mark Blick, will relocate to London to lead the Company’s expansion in the region. The Company’s executive leadership team comprises of six senior leaders, including four British executives, one German, and one Swiss. The Company plans to hire additional senior executives in London to further support its growing operations and drive strategic initiatives. This decision strengthens Diginex Limited’s leadership presence in the European market, which has become an increasingly important region for its growth strategy. With this shift, Diginex Limited expects to be better positioned to intensify its focus on mergers and acquisitions across Europe and the United States, allowing key executives to be closer to potential M&A target companies and emerging opportunities.

“We believe relocating our corporate headquarters to London is a welcome milestone in our strategic plan to grow by acquisition and places key executives closer to the company’s external M&A partners thus encouraging greater efficiency and more fluid decision making,” said Miles Pelham, Chairman of Diginex Limited. “This move strengthens our ability to engage with global investors, expand our leadership team, and accelerate future growth. With sustainability and regulatory frameworks playing a growing role in corporate governance, the relocation makes it easier to engage directly with organizations operating under the ISSB (International Sustainability Standards Board) and the CSRD (Corporate Sustainability Reporting Directive) frameworks.”

As Diginex Limited continues its expansion, the Company remains dedicated to driving innovation in ESG solutions, supporting businesses in navigating regulatory landscapes, and delivering value to global clients across Europe, North America and Asia.

About Diginex Limited

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

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

Forward-Looking Statements

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

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email:ir@diginex.com

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

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

The MIL Network –

February 28, 2025

MIL-OSI: red violet Announces Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter Revenue Increased 30% to a Record $19.6 Million, Producing $6.7 Million of Cash Flow from Operations

Full Year 2024 Revenue Increased 25% to $75.2 Million, Generating GAAP EPS of $0.50

BOCA RATON, Fla., Feb. 27, 2025 (GLOBE NEWSWIRE) — Red Violet, Inc. (NASDAQ: RDVT), a leading analytics and information solutions provider, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“We are proud to announce record-breaking financial results for 2024, including record revenue in the fourth quarter, which marks a significant achievement as we defied the historic seasonality we typically experience during that quarter,” stated Derek Dubner, red violet’s CEO. “The market is recognizing what we have known all along—we have built the leading technology platform with superior solutions and unique capabilities that outperform even our larger competitors. Our ability to consistently deliver value to our customers fuels our exceptional growth and profitability, and we remain committed to pushing the boundaries of innovation and penetrating our markets to further expand our leadership. With strong momentum, we are well-positioned for 2025 and beyond.”

Fourth Quarter Financial Results

For the three months ended December 31, 2024 as compared to the three months ended December 31, 2023:

Total revenue increased 30% to $19.6 million.
Gross profit increased 43% to $13.7 million. Gross margin increased to 70% from 64%.
Adjusted gross profit increased 37% to $16.1 million. Adjusted gross margin increased to 82% from 78%.
Net income was $0.9 million compared to a net loss of $1.1 million, which resulted in earnings of $0.06 per basic and diluted share. Net income margin was 4% compared to a net loss margin of 7%.
Adjusted EBITDA increased 68% to $4.5 million. Adjusted EBITDA margin increased to 23% from 18%.
Adjusted net income increased 390% to $1.3 million, which resulted in adjusted earnings of $0.10 and $0.09 per basic and diluted share, respectively.
Cash from operating activities increased 59% to $6.7 million.
Cash and cash equivalents were $36.5 million as of December 31, 2024.

Full Year Financial Results

For the year ended December 31, 2024 as compared to the year ended December 31, 2023:

Total revenue increased 25% to $75.2 million.
Gross profit increased 33% to $51.8 million. Gross margin increased to 69% from 65%.
Adjusted gross profit increased 30% to $61.2 million. Adjusted gross margin increased to 81% from 78%.
Net income was $7.0 million compared to $13.5 million (inclusive of a one-time deferred income tax benefit of $10.3 million in 2023), which resulted in earnings of $0.51 and $0.50 per basic and diluted share, respectively. Net income margin decreased to 9% from 22%.
Adjusted EBITDA increased 44% to $23.6 million. Adjusted EBITDA margin increased to 31% from 27%.
Adjusted net income increased 42% to $11.5 million, which resulted in adjusted earnings of $0.83 and $0.82 per basic and diluted share, respectively.
Cash from operating activities increased 59% to $24.0 million.

Fourth Quarter and Recent Business Highlights

Added 183 customers to IDI™ during the fourth quarter, ending the year with 8,926 customers.
Added 18,451 users to FOREWARN^® during the fourth quarter, ending the year with 303,418 users. Over 525 REALTOR^® Associations are now contracted to use FOREWARN.
Continued growth in the onboarding of higher-tier customers, with 96 customers contributing over $100,000 of revenue in 2024 compared to 72 customers in 2023.
Demonstrating strong operational performance, financial resilience, and a disciplined approach to capital allocation focused on shareholder value, we repurchased 292,744 shares of common stock in 2024 at an average price of $19.81 per share. Additionally, in the fourth quarter, we announced a special cash dividend of $0.30 per share payable February 14, 2025, all while continuing ongoing investments in innovation, infrastructure, and market expansion.

Conference Call

In conjunction with this release, red violet will host a conference call and webcast today at 4:30pm ET to discuss its quarterly and full year results and provide a business update. Please click here to pre-register for the conference call and obtain your dial in number and passcode. To access the live audio webcast, visit the Investors section of the red violet website at www.redviolet.com. Please login at least 15 minutes prior to the start of the call to ensure adequate time for any downloads that may be required. Following the completion of the conference call, an archived webcast of the conference call will be available on the Investors section of the red violet website at www.redviolet.com.

About red violet^®

At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.

Company Contact:
Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com

Investor Relations Contact:
Steven Hooser
Three Part Advisors
214-872-2710
ir@redviolet.com

Use of Non-GAAP Financial Measures

Management evaluates the financial performance of our business on a variety of key indicators, including non-GAAP metrics of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and free cash flow (“FCF”). Adjusted EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable financial measure based on US GAAP, excluding interest income, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, litigation costs, and write-off of long-lived assets and others. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. Adjusted net income is a non-GAAP financial measure equal to net income (loss), the most directly comparable financial measure based on US GAAP, excluding share-based compensation expense, amortization of share-based compensation capitalized in intangible assets, and discrete tax items, and including the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. We define adjusted gross profit as revenue less cost of revenue (exclusive of depreciation and amortization), and adjusted gross margin as adjusted gross profit as a percentage of revenue. We define FCF as net cash provided by operating activities reduced by purchase of property and equipment and capitalized costs included in intangible assets.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether we will continue pushing the boundaries of innovation and penetrating our markets to further expand our leadership and whether we are well-positioned for 2025 and beyond. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking Statements” and “Risk Factors” in red violet’s Form 10-K for the year ended December 31, 2023 filed on March 7, 2024, as may be supplemented or amended by the Company’s other SEC filings, including the Form 10-K for year ended December 31, 2024 expected to be filed today. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.


RED VIOLET, INC. CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data)

	December 31, 2024			December 31, 2023
ASSETS:
Current assets:
Cash and cash equivalents	$	36,504		$	32,032
Accounts receivable, net of allowance for doubtful accounts of $188 and $159 as of December 31, 2024 and 2023, respectively		8,061			7,135
Prepaid expenses and other current assets		1,627			1,113
Total current assets		46,192			40,280
Property and equipment, net		545			592
Intangible assets, net		35,997			34,403
Goodwill		5,227			5,227
Right-of-use assets		1,901			2,457
Deferred tax assets		7,496			9,514
Other noncurrent assets		1,173			517
Total assets	$	98,531		$	92,990
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	2,127		$	1,631
Accrued expenses and other current liabilities		2,881			1,989
Current portion of operating lease liabilities		406			569
Deferred revenue		712			690
Dividend payable		4,181			–
Total current liabilities		10,307			4,879
Noncurrent operating lease liabilities		1,592			1,999
Total liabilities		11,899			6,878
Shareholders’ equity:
Preferred stock—$0.001 par value, 10,000,000 shares authorized, and 0 shares issued and outstanding, as of December 31, 2024 and 2023		–			–
Common stock—$0.001 par value, 200,000,000 shares authorized, 13,936,329 and 13,980,274 shares issued, and 13,936,329 and 13,970,846 shares outstanding, as of December 31, 2024 and 2023		14			14
Treasury stock, at cost, 0 and 9,428 shares as of December 31, 2024 and 2023		–			(188	)
Additional paid-in capital		87,488			94,159
Accumulated deficit		(870	)		(7,873	)
Total shareholders’ equity		86,632			86,112
Total liabilities and shareholders’ equity	$	98,531		$	92,990

RED VIOLET, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share data)

	Year Ended December 31,
	2024		2023
Revenue	$	75,189	$	60,204
Costs and expenses⁽¹⁾:
Cost of revenue (exclusive of depreciation and amortization)		13,997		13,069
Sales and marketing expenses		17,835		13,833
General and administrative expenses		25,875		22,446
Depreciation and amortization		9,562		8,352
Total costs and expenses		67,269		57,700
Income from operations		7,920		2,504
Interest income		1,400		1,334
Income before income taxes		9,320		3,838
Income tax expense (benefit)		2,317		(9,691	)
Net income	$	7,003	$	13,529
Earnings per share:
Basic	$	0.51	$	0.97
Diluted	$	0.50	$	0.96
Weighted average shares outstanding:
Basic		13,864,797		13,974,125
Diluted		14,125,825		14,134,021


(1) Share-based compensation expense in each category:
Sales and marketing expenses	$	606	$	462
General and administrative expenses		5,342		4,924
Total	$	5,948	$	5,386

RED VIOLET, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands)

	Year Ended December 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	7,003		$	13,529
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		9,562			8,352
Share-based compensation expense		5,948			5,386
Write-off of long-lived assets		85			6
Provision for bad debts		342			1,088
Noncash lease expenses		556			576
Deferred income tax expense (benefit)		2,018			(9,801	)
Changes in assets and liabilities:
Accounts receivable		(1,268	)		(2,688	)
Prepaid expenses and other current assets		(514	)		(342	)
Other noncurrent assets		(656	)		84
Accounts payable		496			(598	)
Accrued expenses and other current liabilities		936			100
Deferred revenue		22			20
Operating lease liabilities		(570	)		(641	)
Net cash provided by operating activities		23,960			15,071
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(169	)		(122	)
Capitalized costs included in intangible assets		(9,398	)		(9,024	)
Net cash used in investing activities		(9,567	)		(9,146	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Taxes paid related to net share settlement of vesting of restricted stock units		(4,068	)		(1,992	)
Repurchases of common stock		(5,853	)		(3,711	)
Net cash used in financing activities		(9,921	)		(5,703	)
Net increase in cash and cash equivalents	$	4,472		$	222
Cash and cash equivalents at beginning of period		32,032			31,810
Cash and cash equivalents at end of period	$	36,504		$	32,032
SUPPLEMENTAL DISCLOSURE INFORMATION:
Cash paid for interest	$	–		$	–
Cash paid for income taxes	$	607		$	82
Share-based compensation capitalized in intangible assets	$	1,627		$	1,851
Retirement of treasury stock	$	10,065		$	5,559
Right-of -use assets obtained in exchange of operating lease liabilities	$	–		$	1,919
Operating lease liabilities arising from obtaining right-of-use assets	$	–		$	1,919
Dividend declared not yet paid	$	4,181		$	–

Use and Reconciliation of Non-GAAP Financial Measures

Management evaluates the financial performance of our business on a variety of key indicators, including non-GAAP metrics of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF. Adjusted EBITDA is a non-GAAP financial measure equal to net income (loss), the most directly comparable financial measure based on US GAAP, excluding interest income, income tax (benefit) expense, depreciation and amortization, share-based compensation expense, litigation costs, and write-off of long-lived assets and others. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of revenue. Adjusted net income is a non-GAAP financial measure equal to net income (loss), the most directly comparable financial measure based on US GAAP, excluding share-based compensation expense, amortization of share-based compensation capitalized in intangible assets, and discrete tax items, and including the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. We define adjusted gross profit as revenue less cost of revenue (exclusive of depreciation and amortization), and adjusted gross margin as adjusted gross profit as a percentage of revenue. We define FCF as net cash provided by operating activities reduced by purchase of property and equipment and capitalized costs included in intangible assets.

The following is a reconciliation of net income (loss), the most directly comparable US GAAP financial measure, to adjusted EBITDA:

	Three Months Ended December 31,						Year Ended December 31,
(Dollars in thousands)	2024			2023			2024			2023
Net income (loss)	$	863		$	(1,070	)	$	7,003		$	13,529
Interest income		(368	)		(387	)		(1,400	)		(1,334	)
Income tax (benefit) expense		(124	)		562			2,317			(9,691	)
Depreciation and amortization		2,481			2,211			9,562			8,352
Share-based compensation expense		1,496			1,328			5,948			5,386
Litigation costs		117			–			124			49
Write-off of long-lived assets and others		3			19			92			77
Adjusted EBITDA	$	4,468		$	2,663		$	23,646		$	16,368
Revenue	$	19,565		$	15,061		$	75,189		$	60,204

Net income (loss) margin		4	%		(7	%)		9	%		22	%
Adjusted EBITDA margin		23	%		18	%		31	%		27	%

The following is a reconciliation of net income (loss), the most directly comparable US GAAP financial measure, to adjusted net income:

	Three Months Ended December 31,						Year Ended December 31,
(Dollars in thousands, except share data)	2024			2023			2024			2023
Net income (loss)	$	863		$	(1,070	)	$	7,003		$	13,529
Share-based compensation expense		1,496			1,328			5,948			5,386
Amortization of share-based compensation capitalized in intangible assets		299			263			1,152			969
Discrete tax items⁽¹⁾		–			–			–			(10,272	)
Tax effect of adjustments⁽²⁾		(1,336	)		(251	)		(2,587	)		(1,526	)
Adjusted net income	$	1,322		$	270		$	11,516		$	8,086
Earnings per share:
Basic	$	0.06		$	(0.08	)	$	0.51		$	0.97
Diluted	$	0.06		$	(0.08	)	$	0.50		$	0.96
Adjusted earnings per share:
Basic	$	0.10		$	0.02		$	0.83		$	0.58
Diluted	$	0.09		$	0.02		$	0.82		$	0.57
Weighted average shares outstanding:
Basic		13,900,091			13,985,426			13,864,797			13,974,125
Diluted⁽³⁾		14,366,545			14,307,797			14,125,825			14,134,021

(1)	During the three months ended September 30, 2023, a one-time income tax benefit of $10.3 million was recognized as a result of the release of the valuation allowance previously recorded on our deferred tax asset and cumulative research and development tax credit, which were excluded to calculate the adjusted net income.

(2)	The tax effect of adjustments is calculated using the expected federal and state statutory tax rate. The expected federal and state income tax rate was approximately 26.00% for the three and twelve months ended December 31, 2024, and 25.75% for the three and twelve months ended December 31, 2023.

(3)	For the three months ended December 31, 2023, diluted weighted average shares outstanding for adjusted diluted earnings per share are calculated by the inclusion of unvested RSUs, which were not included in US GAAP diluted weighted average shares outstanding due to the Company’s net loss position for such period.

The following is a reconciliation of gross profit, the most directly comparable US GAAP financial measure, to adjusted gross profit:

	Three Months Ended December 31,						Year Ended December 31,
(Dollars in thousands)	2024			2023			2024			2023
Revenue	$	19,565		$	15,061		$	75,189		$	60,204
Cost of revenue (exclusive of depreciation and amortization)		(3,472	)		(3,337	)		(13,997	)		(13,069	)
Depreciation and amortization of intangible assets		(2,431	)		(2,154	)		(9,349	)		(8,119	)
Gross profit		13,662			9,570			51,843			39,016
Depreciation and amortization of intangible assets		2,431			2,154			9,349			8,119
Adjusted gross profit	$	16,093		$	11,724		$	61,192		$	47,135

Gross margin		70	%		64	%		69	%		65	%
Adjusted gross margin		82	%		78	%		81	%		78	%

The following is a reconciliation of net cash provided by operating activities, the most directly comparable US GAAP measure, to FCF:

	Three Months Ended December 31,						Year Ended December 31,
(Dollars in thousands)	2024			2023			2024			2023
Net cash provided by operating activities	$	6,691		$	4,204		$	23,960		$	15,071
Less:
Purchase of property and equipment		(17	)		(24	)		(169	)		(122	)
Capitalized costs included in intangible assets		(2,280	)		(2,103	)		(9,398	)		(9,024	)
Free cash flow	$	4,394		$	2,077		$	14,393		$	5,925

In order to assist readers of our consolidated financial statements in understanding the operating results that management uses to evaluate the business and for financial planning purposes, we present non-GAAP measures of adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF as supplemental measures of our operating performance. We believe they provide useful information to our investors as they eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. In addition, we use them as an integral part of our internal reporting to measure the performance and operating strength of our business.

We believe adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF are relevant and provide useful information frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours and are indicators of the operational strength of our business. We believe adjusted EBITDA eliminates the uneven effect of considerable amounts of non-cash depreciation and amortization, share-based compensation expense and the impact of other non-recurring items, providing useful comparisons versus prior periods or forecasts. Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of revenue. We believe adjusted net income provides additional means of evaluating period-over-period operating performance by eliminating certain non-cash expenses and other items that might otherwise make comparisons of our ongoing business with prior periods more difficult and obscure trends in ongoing operations. Adjusted net income is a non-GAAP financial measure equal to net income (loss), excluding share-based compensation expense, amortization of share-based compensation capitalized in intangible assets, and discrete tax items, and including the tax effect of adjustments. We define adjusted earnings per share as adjusted net income divided by the weighted average shares outstanding. Our adjusted gross profit is a measure used by management in evaluating the business’s current operating performance by excluding the impact of prior historical costs of assets that are expensed systematically and allocated over the estimated useful lives of the assets, which may not be indicative of the current operating activity. Our adjusted gross profit is calculated by using revenue, less cost of revenue (exclusive of depreciation and amortization). We believe adjusted gross profit provides useful information to our investors by eliminating the impact of non-cash depreciation and amortization, and specifically the amortization of software developed for internal use, providing a baseline of our core operating results that allow for analyzing trends in our underlying business consistently over multiple periods. Adjusted gross margin is calculated as adjusted gross profit as a percentage of revenue. We believe FCF is an important liquidity measure of the cash that is available, after capital expenditures, for operational expenses and investment in our business. FCF is a measure used by management to understand and evaluate the business’s operating performance and trends over time. FCF is calculated by using net cash provided by operating activities, less purchase of property and equipment and capitalized costs included in intangible assets.

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF are not intended to be performance measures that should be regarded as an alternative to, or more meaningful than, financial measures presented in accordance with US GAAP. In addition, FCF is not intended to represent our residual cash flow available for discretionary expenses and is not necessarily a measure of our ability to fund our cash needs. The way we measure adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share, adjusted gross profit, adjusted gross margin, and FCF may not be comparable to similarly titled measures presented by other companies, and may not be identical to corresponding measures used in our various agreements.

SUPPLEMENTAL METRICS

The following metrics are intended as a supplement to the financial statements found in this release and other information furnished or filed with the SEC. These supplemental metrics are not necessarily derived from any underlying financial statement amounts. We believe these supplemental metrics help investors understand trends within our business and evaluate the performance of such trends quickly and effectively. In the event of discrepancies between amounts in these tables and the Company’s historical disclosures or financial statements, readers should rely on the Company’s filings with the SEC and financial statements in the Company’s most recent earnings release.

We intend to periodically review and refine the definition, methodology and appropriateness of each of these supplemental metrics. As a result, metrics are subject to removal and/or changes, and such changes could be material.


	(Unaudited)
(Dollars in thousands)	Q1’23			Q2’23			Q3’23			Q4’23			Q1’24			Q2’24			Q3’24			Q4’24
Customer metrics
IDI – billable customers⁽¹⁾		7,256			7,497			7,769			7,875			8,241			8,477			8,743			8,926
FOREWARN – users⁽²⁾		131,348			146,537			168,356			185,380			236,639			263,876			284,967			303,418
Revenue metrics
Contractual revenue %⁽³⁾		75	%		79	%		79	%		82	%		78	%		74	%		77	%		77	%
Gross revenue retention %⁽⁴⁾		94	%		94	%		94	%		92	%		93	%		94	%		94	%		96	%
Other metrics
Employees – sales and marketing	61			63			65			71			76			86			93			95
Employees – support	10			9			9			9			10			10			11			11
Employees – infrastructure	27			26			27			27			29			27			29			28
Employees – engineering	47			47			47			51			51			56			58			57
Employees – administration	25			25			25			25			25			25			26			25

(1)	We define a billable customer of IDI as a single entity that generated revenue in the last three months of the period. Billable customers are typically corporate organizations. In most cases, corporate organizations will have multiple users and/or departments purchasing our solutions, however, we count the entire organization as a discrete customer.

(2)	We define a user of FOREWARN as a unique person that has a subscription to use the FOREWARN service as of the last day of the period. A unique person can only have one user account.

(3)	Contractual revenue % represents revenue generated from customers pursuant to pricing contracts containing a monthly fee and any additional overage divided by total revenue. Pricing contracts are generally annual contracts or longer, with auto renewal.

(4)	Gross revenue retention is defined as the revenue retained from existing customers, net of reinstated revenue, and excluding expansion revenue. Revenue is measured once a customer has generated revenue for six consecutive months. Revenue is considered lost when all revenue from a customer ceases for three consecutive months; revenue generated by a customer after the three-month loss period is defined as reinstated revenue. Gross revenue retention percentage is calculated on a trailing twelve-month basis. The numerator of which is revenue lost during the period due to attrition, net of reinstated revenue, and the denominator of which is total revenue based on an average of total revenue at the beginning of each month during the period, with the quotient subtracted from one. Our gross revenue retention calculation excludes revenue from idiVERIFIED, which is purely transactional and currently represents less than 3% of total revenue.

The MIL Network –

February 28, 2025

MIL-OSI: PubMatic Announces Fourth Quarter and Fiscal Year Ended 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

FY Revenue of $291.3 million, up 9% over 2023;

Delivered FY 2024 net income of $12.5 million or 4% margin;

FY adjusted EBITDA increased 23% over 2023 and was $92.3 million or 32% margin;

Revenue in Q4 from CTV more than doubled year over year and represented 20% of total revenue;

Supply Path Optimization represented 53% of total activity in 2024;

Repurchased 4.3 million shares in 2024, representing 7.9% of fully diluted shares as of December 31, 2024

NO-HEADQUARTERS/REDWOOD CITY, Calif., Feb. 27, 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 fourth quarter and fiscal year ended December 31, 2024.

“Revenue growth in the year more than doubled over 2023, driven by strength in CTV, emerging revenue streams, and marquee customers choosing PubMatic to build and scale their ad businesses. Our revenue mix is evolving; in the fourth quarter, CTV more than doubled to 20% of total revenue. These achievements mark an inflection point in our underlying business that highlights critical scale on our platform and a significant shift in ad buying toward channels with the highest consumer engagement such as CTV, mobile app and commerce media,” said Rajeev Goel, co-founder and CEO at PubMatic. “Today, our omnichannel platform serves publishers, media buyers, commerce media networks, and curation/data providers, all of which are turning to sell side technology for critical end-to-end solutions needed to build their ad businesses. As we look to 2025, we expect accelerated growth in our underlying business as ad buyers seek premium, brand safe, curated inventory in the open internet.”

Fiscal Year 2024 Financial Highlights

Revenue for the full year 2024 was $291.3 million, an increase of 9% over $267.0 million in 2023;
Gross profit was $190.2 million, or 65% margin, an improvement of 250 basis points over 2023;
Revenue from omnichannel video in 2024 grew 37% over the same period last year;
Net dollar-based retention¹ was 107% for the year ended December 31, 2024;
GAAP net income was $12.5 million with a margin of 4%, or $0.23 per diluted share in 2024, an increase over net income² of $8.9 million with a margin of 3%, or $0.16 per diluted share in 2023;
Adjusted EBITDA was $92.3 million, or 32% margin, an increase over adjusted EBITDA of $75.3 million, or 28% margin, in 2023;
Non-GAAP net income was $42.5 million, or $0.78 per non-GAAP diluted share in 2024, an increase over non-GAAP net income of $32.0 million, or $0.57 per non-GAAP diluted share in 2023;
Net cash provided by operating activities in 2024 was $73.4 million, compared to $81.1 million in the full year 2023;
Generated free cash flow of $34.9 million in 2024, down 34% over 2023;
Ended 2024 with total cash, cash equivalents, and marketable securities of $140.6 million with no debt, a decrease of 20% over the full year 2023; and
Through December 31, 2024, used $134.6 million in cash to repurchase 8.3 million shares of Class A common stock with $40.4 million available from the 2024 repurchase program.

Fourth Quarter 2024 Financial Highlights

Revenue in the fourth quarter of 2024 was $85.5 million, an increase of 1% over $84.6 million in the same period of 2023;
GAAP net income was $13.9 million with a margin of 16%, or $0.26 per diluted share in the fourth quarter, compared to GAAP net income of $18.7 million with a margin of 22%, or $0.34 per diluted share in the same period of 2023;
Adjusted EBITDA was $37.6 million, or 44% margin, compared to $38.9 million, or 46% margin in the same period of 2023;
Non-GAAP net income was $21.4 million, or $0.41 per non-GAAP diluted share in the fourth quarter, compared to non-GAAP net income of $24.4 million, or $0.45 per non-GAAP diluted share in the same period of 2023; and
Net cash provided by operating activities was $18.0 million, compared to $28.7 million in the same period of 2023.

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.

“In 2024, we delivered record share of revenue for CTV, mobile app and emerging revenues, and achieved an all-time high of Supply Path Optimization activity. We also significantly expanded our margins, once again, demonstrating the strength of our durable model and our strategic commitment to steward both operational excellence and targeted investments for growth,” said Steve Pantelick, CFO at PubMatic. “In Q4, strong growth in the underlying business helped offset softer spending from the large DSP buyer we previously called out mid year. Going forward, we are taking a conservative approach as it relates to this buyer, and expect total revenues to grow year over year in the second half of the year once we lap this impact at the end of Q2 2025. Our underlying business, which excludes revenue from this DSP and political, is targeted to grow 15%+ and represent over two thirds of total company revenues in 2025.”

Business Highlights

Omnichannel platform drives revenue in key secular growth areas

Full year revenue from high value formats and channels, mobile and omnichannel video³, grew 17% over 2023.
In Q4, revenue from omnichannel video, which includes CTV, grew 37% year-over-year.
CTV reached scale, and was 20% of revenue in the fourth quarter, driven by growing inventory supply, SPO relationships, and strength in political advertising.
Revenue from mobile app grew 16% over 2023 as we scaled to over 900 mobile app publishers.

High consumer engagement channels fuel ad demand and sell-side data curation

New and expanded partnerships announced in 2024 with premium streaming brands including Roku, Dish Media, Disney+ Hotstar, TCL and Xumo. We now work with 80% of the top 30 streaming publishers.
The number of Activate customers grew nearly 6x over 2023.
Supply Path Optimization represented 53% of total activity on our platform in 2024, up from 45% in 2023.
Connect drives more performant, targeted ad campaigns across the open internet, offering 190 data sets to ad buyers on PubMatic. Connect is a leading platform for data providers and curators to integrate first-party data, package inventory, sell to, and optimize outcomes for ad buyers.

Focused investments drive long-term growth opportunities

More than doubled total addressable market to over $120 billion via products that address four key stakeholders across the digital advertising ecosystem: publishers, media buyers, curators and data providers, and commerce media networks.
Contribution from emerging revenue streams, which expand beyond ad monetization services, doubled from 2023.

Recent product launches

Launched CTV Marketplaces, offering ad buyers pre-curated CTV inventory available only on PubMatic, built directly from our sell side technology. CTV Marketplaces allows publishers to unlock more value from their inventory and provides ad buyers off-the-shelf, easy to buy premium content and targeted audiences, including curated live sports inventory.
Launched Creative Category Manager, a generative AI solution that scans and classifies each video ad creative on granular criteria. First used to unlock millions of dollars in political ad spend, it drove significant CTV revenue. This gen AI solution will soon expand to other use cases and verticals.
Launched PubMatic Assistant, a gen AI powered reporting tool that allows publishers to request any report or data using simple plain language text queries. As a result, publishers can streamline analytics, enhance productivity and unlock new growth opportunities by uncovering insights in big data. This powerful tool removes barriers to adoption and drives increased platform usage.

2024 operating priorities drove profitable growth

Aligned with our growth investments, increased global headcount in 2024 by 11% over 2023, adding new team members across product management, engineering and go-to-market teams to accelerate long-term revenue growth.
Infrastructure optimization initiatives and investments drove nearly 263 trillion impressions processed in 2024, an increase of 25% over 2023.
Cost of revenue per million impressions processed decreased 18% on a trailing twelve month period, as compared to the prior period.
Scaled adoption of generative AI drove increased engineering productivity by 15%+ which led to faster software development, testing and release processes.

Financial Outlook

Q1 outlook includes the continued headwind from one of our top DSP buyers that revised its auction approach in late May 2024. Adjusted EBITDA expectation assumes a negative FX impact predominately from Euro and Pound Sterling expenses. It also 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 first quarter of 2025, we expect the following:

Revenue to be in the range of $61 million to $63 million.
Adjusted EBITDA to be in the range of $5 million to $7 million.

Although we provide guidance for adjusted EBITDA and free cash flow, 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 Thursday, February 27, 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, net cash provided by operating activities, and net income, we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP earnings per share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income adjusted for stock-based compensation expense, depreciation and amortization, unrealized loss and impairment of equity investment, interest income, acquisition-related and other expenses, and provision for income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income as net income adjusted for unrealized loss on equity investments, stock-based compensation expense, acquisition-related and other expenses, 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 and net income, we use adjusted EBITDA and non-GAAP net income 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 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 provision for 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 and non-GAAP net income in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance 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 does not include: (a) unrealized losses resulting from our equity investment; (b) the potentially dilutive impact of stock-based compensation; (c) income tax effects for stock-based compensation and unrealized losses from our equity investment; or (d) acquisition-related and other expenses.

Because of these and other limitations, you should consider adjusted EBITDA and non-GAAP net income along with other GAAP-based financial performance measures, including net income 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 first quarter of 2025, our expectations regarding our adjusted EBITDA, free cash flow, capital expenditures, future hiring, future market growth, our long-term revenue growth, target revenue 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 resumption of conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation as well as fiscal tightening and volatile interest rates; public health crises, including the resulting global economic 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 From 10-Q, copies of are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. All information in this press release is as of February 27, 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)

	December 31, 2024			December 31, 2023
ASSETS
Current assets
Cash and cash equivalents	$	100,452		$	78,509
Marketable securities		40,135			96,835
Accounts receivable, net		424,814			375,468
Prepaid expenses and other current assets		10,145			11,143
Total current assets		575,546			561,955
Property, equipment and software, net		58,522			60,729
Operating lease right-of-use assets		44,402			21,102
Acquisition-related intangible assets, net		4,284			5,864
Goodwill		29,577			29,577
Deferred tax assets		24,864			13,880
Other assets, non-current		2,324			2,136
TOTAL ASSETS	$	739,519		$	695,243
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	386,602		$	347,673
Accrued liabilities		26,365			25,684
Operating lease liabilities, current		5,843			6,236
Total current liabilities		418,810			379,593
Operating lease liabilities, non-current		39,538			15,607
Other liabilities, non-current		3,908			3,844
TOTAL LIABILITIES		462,256			399,044
Stockholders’ Equity
Common stock		6			6
Treasury stock		(146,796	)		(71,103	)
Additional paid-in capital		275,304			230,419
Accumulated other comprehensive loss		(636	)		(4	)
Retained earnings		149,385			136,881
TOTAL STOCKHOLDERS’ EQUITY		277,263			296,199
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	739,519		$	695,243


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Revenue	$	85,502	$	84,600	$	291,256	$	267,014
Cost of revenue⁽¹⁾		24,935		24,208		101,027		99,229
Gross profit		60,567		60,392		190,229		167,785
Operating expenses:⁽¹⁾
Technology and development		7,831		6,846		33,263		26,727
Sales and marketing		23,763		20,353		95,369		82,803
General and administrative⁽²⁾		14,171		12,780		57,670		56,219
Total operating expenses		45,765		39,979		186,302		165,749
Operating income		14,802		20,413		3,927		2,036
Total other income, net		3,618		2,632		13,847		8,469
Income before income taxes		18,420		23,045		17,774		10,505
Provision for income taxes		4,521		4,343		5,270		1,624
Net income	$	13,899	$	18,702	$	12,504	$	8,881
Net income per share attributable to common stockholders:
Basic	$	0.29	$	0.37	$	0.25	$	0.17
Diluted	$	0.26	$	0.34	$	0.23	$	0.16
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		47,993		50,659		49,213		51,760
Diluted		52,623		54,940		54,294		56,027

⁽¹⁾Stock-based compensation expense includes the following:
STOCK BASED COMPENSATION EXPENSE (In thousands) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Cost of revenue	$	438	$	383	$	1,855	$	1,472
Technology and development		1,625		1,137		6,313		4,346
Sales and marketing		3,247		2,589		13,407		10,462
General and administrative		4,099		3,228		16,101		12,582
Total stock-based compensation	$	9,409	$	7,337	$	37,676	$	28,862

⁽²⁾On June 30, 2023, a Demand Side Platform buyer of our platform filed for Chapter 11 bankruptcy. As a result of this bankruptcy, we recorded incremental bad debt expense of $5.7 million which is reflected in our GAAP net income and adjusted EBITDA results for the year ended December 31, 2023.


CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands) (unaudited)

	December 31,
		2024			2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net Income	$	12,504		$	8,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		45,352			44,770
Stock-based compensation		37,676			28,862
Provision for doubtful accounts		—			5,675
Deferred income taxes		(10,984	)		(13,406	)
Accretion of discount on marketable securities		(4,117	)		(4,093	)
Non-cash lease expense		6,801			6,145
Other		(25	)		45
Changes in operating assets and liabilities:
Accounts receivable		(49,345	)		(75,716	)
Prepaid expenses and other current assets		(5,826	)		3,918
Accounts payable		38,096			79,687
Accrued liabilities		9,627			3,035
Operating lease liabilities		(6,531	)		(5,789	)
Other liabilities, non-current		197			(893	)
Net cash provided by operating activities		73,425			81,121
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of and deposits on property and equipment		(17,592	)		(10,601	)
Capitalized software development costs		(20,936	)		(17,687	)
Purchases of marketable securities		(142,016	)		(140,603	)
Proceeds from sales of marketable securities		—			18,873
Proceeds from maturities of marketable securities		202,858			111,000
Net cash provided by (used in) investing activities		22,314			(39,018	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of business combination indemnification claims holdback		(2,148	)		—
Proceeds from issuance of common stock for employee stock purchase plan		2,368			1,869
Proceeds from exercise of stock options		1,765			1,549
Principal payments on finance lease obligations		(131	)		(126	)
Payments to acquire treasury stock		(75,332	)		(59,268	)
Net cash used in financing activities		(73,478	)		(55,976	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,261			(13,873	)
Effect of foreign currency on cash		(318	)		—
CASH AND CASH EQUIVALENTS – Beginning of year		78,509			92,382
CASH AND CASH EQUIVALENTS – End of year	$	100,452		$	78,509


RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA AND NON-GAAP NET INCOME (In thousands, except per share amounts) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Reconciliation of net income:
Net income	$	13,899		$	18,702		$	12,504		$	8,881
Add back (deduct):
Stock-based compensation		9,409			7,337			37,676			28,862
Depreciation and amortization		11,421			11,039			45,352			44,770
Interest income		(1,604	)		(2,515	)		(8,477	)		(8,828	)
Provision for income taxes		4,521			4,343			5,270			1,624
Adjusted EBITDA¹	$	37,646		$	38,906		$	92,325		$	75,309

Revenue	$	85,502		$	84,600		$	291,256		$	267,014
Adjusted EBITDA margin		44	%		46	%		32	%		28	%

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Reconciliation of net income per share:
Net income	$	13,899		$	18,702		$	12,504		$	8,881
Add back (deduct):
Stock-based compensation		9,409			7,337			37,676			28,862
Adjustment for income taxes		(1,865	)		(1,590	)		(7,728	)		(5,695	)
Non-GAAP net income¹	$	21,443		$	24,449		$	42,452		$	32,048
GAAP diluted EPS	$	0.26		$	0.34		$	0.23		$	0.16
Non-GAAP diluted EPS	$	0.41		$	0.45		$	0.78		$	0.57
GAAP weighted average shares outstanding—diluted		52,623			54,940			54,294			56,027
Non-GAAP weighted average shares outstanding—diluted		52,623			54,940			54,294			56,027


SUPPLEMENTAL CASH FLOW INFORMATION COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE (In thousands) (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Reconciliation of cash provided by operating activities:
Net cash provided by operating activities	$	18,048		$	28,674		$	73,425		$	81,121
Less: Purchases of property and equipment		(4,324	)		(5,177	)		(17,592	)		(10,601	)
Less: Capitalized software development costs		(4,868	)		(3,962	)		(20,936	)		(17,687	)
Free cash flow	$	8,856		$	19,535		$	34,897		$	52,833

¹ Net income, Adjusted EBITDA, and Non-GAAP net income for the twelve months ended December 31, 2024 include other income of $4.0 million related to our efforts to build and test integrations with the Google Privacy Sandbox.

¹ Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended December 31, 2023 (“Prior Period Revenue”). We then calculate the revenue from these same publishers in the trailing twelve months ended December 31, 2024 (“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.
² Fiscal year 2023 GAAP net income includes approximately $5.7 million of incremental bad debt expense related to the bankruptcy of a Demand Side Platform buyer of our platform.
³ Omnichannel video spans across desktop, mobile and CTV devices.

The MIL Network –

February 28, 2025

MIL-OSI Australia: Suspicious building fire at Prospect

Source: South Australia Police

Police are investigating a suspicious building fire in Prospect in the early hours of this morning.

About 12.30am on Thursday 27 February, emergency services were called to Prospect Road at Prospect after reports of a fire inside a business premises.

Fire crews were quickly on scene and extinguished the blaze however there was significant damage caused to the shop.

Prospect Road was closed to traffic for a period of time whilst emergency services were at the scene.

Fire Techs attended to determine the cause of the fire, which is believed to have been deliberately lit.

Western District Detectives are investigating the incident and ask anyone who saw any suspicious activity in the area or has information that may assist to contact Crime Stoppers. You can anonymously provide information to Crime Stoppers online at https://crimestopperssa.com.au or free call 1800 333 000.

MIL OSI News –

February 28, 2025
MIL-Evening Report: Shuttered car factories in Australia could be repurposed to make houses faster and cheaper

Source: The Conversation (Au and NZ) – By Ehsan Noroozinejad, Senior Researcher, Urban Transformations Research Centre, Western Sydney University

studiovin/Shutterstock

Australia is in the grip of a severe housing shortage. Many people are finding it extremely difficult to find a place to live in the face of rising rents and property price surges. Homelessness is rising sharply. Tent cities are becoming more common.

The federal government has pledged to encourage the building of about 1.2 million new dwellings over the five years from mid-2024. The problem is, conventional building techniques are unlikely to be able to respond to the scale of demand quickly. Conventional building is expensive and slow. Faster, cheaper construction methods are needed.

There might be a way to accelerate the build. In recent years, car manufacturers Ford, General Motors and Toyota have shuttered their Australian factories, due to intense global competition.

Before these factories fell silent, they were home to trained workers, advanced machinery and efficient production systems. In Australia, companies such as Hickory Group are working to turn car factories into house factories. In Japan, Toyota has been making modular housing for decades, by adapting car production line techniques.

Scaling this approach up in Australia could simultaneously address industrial decline and housing demand.

Can mothballed car factories really make houses?

After years of decline, Australia’s car manufacturing industry came to an end in 2017, when Toyota and General Motors’ factories stopped mass production. Ford’s local factories closed a year earlier. It was the end of 70 years of mass production, though companies such as Premcar are still making local versions of overseas cars.

Thousands of factory workers lost their jobs. But the effect rippled outward, as about 40,000 workers in the supply chain lost their jobs.

These automobile factories left behind more than just empty structures.

Most of them have not been demolished. Some still have advanced manufacturing lines. Their former workers with automation and precise engineering training might be working in different fields, such as caravan manufacturing.

Building a house in a factory has similarities to car manufacturing. Both use modular production, in which individual parts are manufactured and then assembled into a final product.

That’s not to say this would be easy – there would be regulatory hurdles to overcome and the factories would need an overhaul.

One tough part is figuring out how to use modern car-building tools (such as robotics) to make components of houses. While building cars and houses share some ideas, they’re not the same.

Bringing these factories back into production would boost the economies of states such as Victoria.

States such as South Australia have already started down this path, turning Mitsubishi’s defunct Tonsley Park factory into an innovation precinct hosting modular construction companies such as Fusco Constructions, which will begin operations next year.

Meanwhile, much work has been done in Australia and overseas to find ways to mass-produce housing using factories.

Imagine thousands of individual car parts were delivered to your front yard, where workers painstakingly put the car together. This seems crazy. But it’s essentially what we do with houses, especially freestanding ones. Advocates for modern methods of construction have pointed out the inefficiencies of transporting building materials to a site and assembling them there.

Some large-scale builders are already working to automate more of the home-building process. Besides making houses more cheaply, the benefits include centralising production around a factory, protection from weather delays, and the ability to use industrial robots.

Car assembly lines guarantee each component is manufactured to exacting specifications. Automobile manufacturing has been transformed by new technologies, including digital twin simulations, robotics and 3D printing. But the building industry has been slower to take these up. If we can bring these technologies to bear on how we make homes, we can accelerate construction, reduce errors and cut prices.

In fact, we are seeing some car manufacturers moving into home building. Mercedes-Benz, Bugatti, Bentley, Aston Martin and Porsche are all putting their names on high-end homes in some way, while Honda has explored manufacturing smart, low-energy homes.

Change is coming – but slowly

Advanced building techniques are not new to Australia. Prefab buildings are already being built on factory lines by companies such as Fleetwood, ATCO Structures and Logistics and Modscape.

Here, building components are produced in a controlled factory setting before being delivered to the construction site for prompt assembly. Dozens of companies are working in this space. To date, however, most of these buildings will be used as schools, police stations or temporary housing for mining workers.

Last year, the federal government set up a A$900 million fund as an incentive for state and territory governments to accelerate building approvals and take up prefab techniques. To date, the sector is struggling to scale up due to a lack of infrastructure and too few manufacturers.

Other countries are further along the path. In Sweden, up to 84% of detached homes are made with prefabricated components, compared with about 15% in Japan and 5% in the United States, United Kingdom and Australia.

One option is to adopt yet more advanced techniques, such as lean manufacturing and automated assembly. Both of these are well established in car-making, and could be used to increase the speed and accuracy of prefab home construction.

What would it take to make this happen?

Australia’s housing crisis has been years in the making. To solve it, we may need bold solutions.

Converting old car factories into affordable home factories could help accelerate our response to the challenge – and reinvigorate industrial precincts.

It would take work and funding to make this happen. But there are commonalities. Making prefab homes depends on precise, modular production methods that work best when automated. Transitions like these can happen.

Dr. Ehsan Noroozinejad has received funding from both national and international organisations to support research addressing housing and climate crises. His most recent funding comes from the James Martin Institute for Public Policy. He has received funding from the Natural Sciences and Engineering Research Council of Canada

– ref. Shuttered car factories in Australia could be repurposed to make houses faster and cheaper – https://theconversation.com/shuttered-car-factories-in-australia-could-be-repurposed-to-make-houses-faster-and-cheaper-249709

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-OSI USA: Commodity Classic Hyperwall Schedule

Source: NASA

NASA Science at AMS Hyperwall Schedule, January 13-16, 2025
Join NASA in the Exhibit Hall (Booth #401) for Hyperwall Storytelling by NASA experts. Full Hyperwall Agenda below.

MONDAY, JANUARY 13

6:10 – 6:25 PM
The Golden Age of Ocean Science: How NASA’s Newest Missions Advance the Study of Oceans in our Earth System
Dr. Karen St. Germain

6:25 – 6:40 PM
Integration of Vantage Points and Approaches for Earth System Science
Dr. Jack Kaye

6:45 – 7:00 PM
Helio Big Year Wind-Down and a Look Ahead
Dr. Joseph Westlake

7:00 – 7:15 PM
Chasing Snowstorms with Airplanes: An Overview of the IMPACTS Field Campaign
John YorksLynn McMurdie

7:15 – 7:30 PM
NASA Earth Action Empowering Health and Air Quality Communities
Dr. John Haynes

TUESDAY, JANUARY 14

10:00 – 10:15 AM
Earthdata Applications
Hannah Townley

10:15 – 10:30 AM
Climate Adaptation Science Investigators (CASI): Enhancing Climate Resilience at NASA
Cynthia Rosenzweig

10:30 – 10:45 AM
From Orbit to Earth: Exploring the LEO Science Digest
Jeremy Goldstein

12:00 – 12:15 PM
Visualizaiton of the May 10-11 ‘Gannon’ Geospace Storm
Michael Wiltberger

12:15 – 12:30 PM
Explore Space Weather Through the Community Coordinated Modeling Center and OpenSpace
Elana Resnick

12:30 – 12:45 PM
Satellite Needs Working Group (SNWG): US Government Agencies’ Source of NASA ESD-wide Earth Observations solutions
Natasha Sadoff

12:45 – 1:00 PM
Connecting Satellite Data to the One Health Approach
Helena Chapman

1:00 – 1:15 PM
A Bird’s-Eye View of Pollution in Asian Megacities
Laura Judd

1:15 – 1:30 PM
Space Weather at Mars
Gina DiBraccioJamie Favors

3:00 – 3:15 PM
Open Science: Creating a Culture of Innovation and Collaboration
Lauren Perkins

3:15 – 3:30 PM
NASA’s Early Career Reseach Program Paving the Way
Cynthia HallYaítza Luna-Cruz

3:30 – 3:45 PM
SciX: Accelerating Discovery of NASA’s Science through Open Science and Domain Integration
Anna Kelbert

6:15 – 6:30 PM
Using NASA IMERG to Detect Extreme Rainfall Within Data Deserts
Owen KelleyGeorge Huffman

6:30 – 6:45 PM
Satellite Remote Sensing of Aerosols Around the World
Rob Levy

6:45 – 7:00 PM
The Sun, Space Weather, and You
Jim SpannErin Lynch

7:00 – 7:15 PM
Eyes on the Stars: The Building of a 21st-century Solar Observatory
Ame FoxDr. Elsayed Talaat

7:15 – 7:30 PM
NASA ESTO: Launchpad for Novel Earth Science Technologies
Michael Seablom

WEDNESDAY, JANUARY 15

10:00 – 10:15 AM
Parker Solar Probe Outreach and the Power of Indigenous Thought Leaders
Troy Cline

10:15 – 10:30 AM
Forecasting Extreme Weather Events at Local Scales with NASA High-Resolution Models
Gary Partyka

10:30 – 10:45 AM
North American Land Data Assimilation System: Informing Water and Agricultural Management Applications with NASA Modeling and Remote Sensing
Sujay Kumar

12:00 – 12:15 PM
Life After Launch: A Snapshot of the First 9 Months of NASA’s PACE Mission
Carina Poulin

12:15 – 12:30 PM
Space Weather and the May 2024 Geomagnetic Storm
Antti Pulkkinen

12:30 – 12:45 PM
Geospace Dynamics Constellation: The Space Weather Rosetta Stone
Dr. Katherine Garcia Gage

12:45 – 1:00 PM
Monitoring Sea Level Change using ICESat-2 and other NASA EO Missions
Aimee Neeley

1:00 – 1:15 PM
Space Weather Center of Excellence CLEAR: All-CLEAR SEP Forecast
Lulu Zhao

1:15 – 1:30 PM
Harnessing the Power of NASA Earth Observations for a Resilient Water Future
Stephanie Granger

3:00 – 3:15 PM
From EARTHDATA to Action: Enabling Earth Science Data to Serve Society
Jim O’SullivanYaitza Luna-Cruz

3:15 – 3:30 PM
GMAO and GEOS Related Talk TBD
Christine Bloecker

3:30 – 3:45 PM
Live Heliophysics Kahoot! Quiz Bowl
Jimmy Acevedo

3:45 – 4:00 PM
Parker Solar Probe
Nour Rawaf

THURSDAY, JANUARY 16

10:00 – 10:15 AM
Sounds of Space: Sonification with CDAWeb
Alex Young

10:30 – 10:45 AM
Developing the Future of Microwave Sounding Data: Benefits and Opportunities
Ed Kim

MIL OSI USA News –

February 28, 2025
MIL-OSI Asia-Pac: Members of public welcome to watch 15th National Games Triathlon test event

Source: Hong Kong Government special administrative region

The 15th National Games Triathlon test event will be held at the Central Harbourfront and Victoria Harbour on March 1 (Saturday) and 2 (Sunday). Members of the public are welcome to watch the races on-the-spot.

     A total of around 110 athletes from the Mainland, Hong Kong, and Macao will compete in the men’s individual, women’s individual, and mixed relay events, of whom 6 male athletes and 5 female athletes are from Hong Kong. The women’s individual and men’s individual races are scheduled for 8am and 10.30am respectively on March 1. The mixed relay race will take place at 2pm on March 2. It will be participated by 15 teams, each of which will comprise 2 male athletes and 2 female athletes.

     The starting point of the races will be located at the waterfront of the Wan Chai Temporary Promenade. Athletes will complete the swimming segment, immediately followed by the cycling segment and running segment. The cycling route will be between Golden Bauhinia Square in Wan Chai and International Finance Centre in Central, and the running route will mainly loop around the Central Harbourfront Promenade, passing by several iconic Hong Kong landmarks, including the Hong Kong Convention and Exhibition Centre, the Central Government Offices, the Legislative Council Complex, the Hong Kong Observation Wheel, with the finish line located at the Central Harbourfront Event Space. It is the first time that Hong Kong holds a triathlon mixed relay event and that part of the course and public seats are placed in the Central Harbourfront Event Space to facilitate the public viewing of the races.

     Members of the public who wish to have a close sight of the athletes competing in the races may visit the public viewing area at the Central and Western District Promenade (Central Section), which is accessible from MTR Admiralty Station Exit A via Tamar Park. No seating will be arranged. Tickets have been distributed to the public through the Triathlon Association of Hong Kong China. For those who possess a ticket may watch the event at the spectator stand in the Central Harbourfront Event Space after security check. Locations of the public viewing area and public entrance can be found in the annex. A small number of tickets have been reserved for each event day. Members of the public may get a ticket at the public entrance for admission while stocks last.

     Radio Television Hong Kong (RTHK) will provide live webcast of the events on the two days (RTHK weblink: www.rthk.hk/nationalgames and RTHK YouTube channel: www.youtube.com/RTHK).

     To facilitate the arrangement for the event, the Police will implement intermittent road closures and temporary road closure measures in the vicinities of Central Harbourfront and Wan Chai North (including Lung Wo Road, Yiu Sing Street, Lung Hop Street, Expo Drive, Expo Drive Central, and Expo Drive East). Intermittent road closures will be implemented from 5am to 8am on February 28, while temporary road closure measures will be put in place from 2am to 2pm on March 1 and from 8am to 6pm on March 2.

     In addition, the Police will set up a temporary restricted flying zone (RFZ), extending two kilometres outwards, from the race track from 7am to 1.30pm on March 1 and from 1pm to 5.30pm on March 2. No small unmanned aircraft, except those duly authorised, will be permitted to enter the zone. Details of the temporary RFZ will be shown on the electronic portal for small unmanned aircraft “eSUA”.

     For details of the special traffic and transport arrangements for the triathlon test event, members of the public may refer to the press release on the special traffic arrangements for the test event issued by the Police (www.info.gov.hk/gia/general/202502/24/P2025022400395.htm) and the Transport Department’s relevant notice (www.td.gov.hk/filemanager/en/content_13/TDN%20-Triathlon%20Test%20Event%20-%20eng%20v3.pdf), its mobile application “HKeMobility”, passenger notices issued by the relevant public transport operators.

MIL OSI Asia Pacific News –

February 28, 2025
MIL-Evening Report: Oscars 2025: who will likely win, who should win, and who barely deserves to be there

Source: The Conversation (Au and NZ) – By Ari Mattes, Lecturer in Communications and Media, University of Notre Dame Australia

We’ve probably all had a moment when we stopped taking the Oscars too seriously. For me, it was when Denzel Washington won best actor for Training Day (2001), a crime film in which he displays virtually none of his acting chops.

And as popular cinema becomes uglier (it’s mostly shot on digital video now, which almost never looks as good as film) and streamers (or logistics companies such as Amazon) take over film production, it’s becoming increasingly difficult to appreciate the point of the ceremony.

From this year’s ten nominees for best picture, The Brutalist, Conclave and I’m Still Here are good – while (most of) the other nominees are only okay.

Some well-made films, but nothing outstanding

Writer-director Sean Baker’s Anora is nominated for best picture this year, after already winning the Palme d’Or. It’s a moderately sweet film in the tradition of Pretty Woman – having more nudity and sex, and a disappointing ending, doesn’t automatically make it edgier. It’s too long by at least half an hour, with some okay performances.

It’s certainly not bad, but the idea that this is one of the “best pictures” of 2024 is alarming – or would be, if I wasn’t already so cynical. Most importantly, there’s nothing formally or aesthetically compelling about it, in which case I might have forgiven the silly (anti) Cinderella story.

Another nominee, A Complete Unknown, is similarly well-made. Timothée Chalamet gives a predictably moody performance as Bob Dylan, and it’s fun to learn something about the relationships between Dylan and musical legends Joan Baez and Pete Seeger.

But there’s also something fundamentally weird about watching a memoir about a person as iconic as Dylan. It veers too often into the terrain of impersonation, and this is even more off-putting given Dylan is still alive. Throw in Chalamet’s (certainly accomplished) singing of Dylan’s songs, and it feels like we’re watching someone do karaoke really well.

The Substance tries to shock and titillate the viewer with its caricature of celebrity in an era of body modification and mega-media corporations. Demi Moore, Margaret Qualley and Dennis Quaid try hard to be funny, but the whole thing plays like an undergraduate essay that makes the same point ad nauseam. Though the actors surely had fun, there’s nothing compelling about their guffawing.

This is also the problem with messy hybrid musical-thriller Emilia Pérez, the other over-the-top genre film tipped by some to win the award.

The film, following a cartel leader who disappears and transitions into a woman, is overly dependent on making a point about the world outside of itself. This point is so obvious that it rapidly becomes tedious, with insufficient attention given to the formal and narrative tensions and ambiguities that compel an audience to engage with a film on a serious, visceral level.

Dune: Part Two sounds and looks good, but is more meandering than Part One in developing Herbert’s unwieldy epic. If you liked Part One, you’ll probably like Part Two, but it’s not exactly cutting-edge material.

Nickel Boys is a low-key, sentimental rendition of Colson Whitehead’s novel about two African American boys sent to a reform school in Florida in the early 1960s, and their coming of age as they survive myriad abuses. It’s watchable, if not particularly memorable.

Finally, Wicked is, well … Wicked. If you like the musical you may like the film (although the live aspect of musicals makes this one play better on the stage than on the screen, unlike The Wizard of Oz, which was made for the screen). In any case, it’s not ridiculously bad, even though it is too long.

A few top contenders

Walter Salles’ I’m Still Here – which traces the struggle of an activist in Brazil after the forced disappearance of her husband in 1970 – works well in its evocation of place and time, and should soften the heart of even the most cynical viewer.

Based on Marcelo Rubens Paiva’s 2015 memoir, the entire film is washed over with a faint scent of nostalgia that complements the idea of failing to find, and then remembering, that which is missing.

Conclave, adapted from Robert Harris’ novel, is another solidly made affair. It follows the political machinations of the Vatican as the Dean of Cardinals sets up a conclave to elect a new pope after the previous one dies of a heart attack.

Ralph Fiennes is as effective and sombre as usual in the lead role as Cardinal Lawrence and various twists and turns keep us watching throughout. But one suspects the primary pleasure of the film is that it seems to offer an insider’s view of the Vatican, including all the fetishistic processes and rituals.

Despite its serious tone, Conclave is a fun romp. And what a pleasure it is to watch Isabella Rossellini on the big screen once again.

The strongest nominee

The film that is most classically like a best picture nominee is The Brutalist – an epic, visually-magnificent study of the struggles of (fictional) architect László Toth, a Hungarian Jew who moves to America following the Holocaust.

Testament to the technical accomplishments of the film, and its superb creation of a coherent world, The Brutalist runs close to four hours (thankfully with an intermission) without becoming tedious. It chugs along with the relentless momentum of a steam engine.

Adrien Brody is charming as Toth, endowing the character with a roguish and playful quality, and the supporting cast are solid. Akin to one of Toth’s constructions (as we hear in the epilogue section), the film neither indicates nor tells us anything beyond itself.

There may be conclusions to be drawn regarding the relationship between art, power and capitalism, but the film gives you the space to devise these yourself. The film is, in a sense, beautifully mute.

Out of all the nominations, The Brutalist is the only one that feels like a genuine best picture contender (with something of the grandeur of classical Hollywood cinema about it). Although many critics are predicting Anora will win, The Brutalist is the strongest of the nominees.

That said, my pick for the best film of 2024 goes to a production that didn’t get a best picture nomination (as usual). Magnus von Horn’s The Girl With the Needle is a stunning Danish expressionistic nightmare that seamlessly integrates formal experimentation with a thrilling and horrific true crime narrative.

It is absolutely sensational – the kind of thing you never forget. Thankfully, it has been recognised through its nomination for best international feature film.

Ari Mattes 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. Oscars 2025: who will likely win, who should win, and who barely deserves to be there – https://theconversation.com/oscars-2025-who-will-likely-win-who-should-win-and-who-barely-deserves-to-be-there-250783

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-Evening Report: Eating disorders don’t just affect teen girls. The risk may go up around pregnancy and menopause too

Source: The Conversation (Au and NZ) – By Gemma Sharp, Professor, NHMRC Emerging Leadership Fellow & Senior Clinical Psychologist, The University of Queensland

Drazen Zigic/Shutterstock

Eating disorders impact more than 1.1 million people in Australia, representing 4.5% of the population. These disorders include binge eating disorder, bulimia nervosa, and anorexia nervosa.

Meanwhile, more than 4.1 million people (18.9%) are affected by body dissatisfaction, a major risk factor for some types of eating disorders.

But what image comes to mind first when you think of someone with an eating disorder or body image concerns? Is it a teenage girl? If so, you’re definitely not alone. This is often the image we see in popular media.

Eating disorders and body image concerns are most common in teenage girls, but their prevalence in adults, particularly in women, aged in their 30s, 40s and 50s, is actually close behind.

So what might be going on with girls and women in these particular age groups to create this heightened risk?

The 3 ‘P’s

We can consider women’s risk periods for body image issues and eating disorders as the three “P”s: puberty (teenagers), pregnancy (30s) and perimenopause and menopause (40s, 50s).

A recent report from The Butterfly Foundation showed the three highest prevalence groups for body image concerns are teenage girls aged 15–17 (39.9%), women aged 55–64 (35.7%) and women aged 35–44 (32.6%).

We acknowledge there’s a wide age range for when girls and women will go through these phases of life. For example, a small proportion of women will experience premature menopause before 40, and not all women will become pregnant.

Variations in the way eating disorder symptoms are measured across different studies can make it difficult to draw direct comparisons, but here’s a snapshot of what the evidence tells us.

Puberty

In a review of studies looking at children aged six to adolescents aged 18, 30% of girls in this age group reported disordered eating, compared to 17% of boys. Rates of disordered eating were higher as children got older.

Pregnancy

During pregnancy, eating disorder prevalence is estimated at 7.5%. Almost 70% of women are dissatisfied with their body weight and figure in the post-partum period.

Pregnancy can represent a major change in identity and self-perception.
Pormezz/Shutterstock

Perimenopause

It’s estimated more than 73% of midlife women aged 42–52 are unsatisfied with their body weight. However, only a portion of these women would have been going through the menopause transition at the time of this study.

The prevalence of eating disorders is around 3.5% in women over 40 and 1–2% in men at the same stage.

So what’s going on?

Although we’re not sure of the exact mechanisms underlying eating disorder and body dissatisfaction risk during the three “P”s, it’s likely a combination of factors are at play.

These life stages involve significant reproductive hormonal changes (for example, fluctuations in oestrogen and progesterone) which can lead to increases in appetite or binge eating and changes in body composition. These changes can result in concerns about body weight and shape.

These stages can also represent a major change in identity and self-perception. A girl going through puberty may be concerned about turning into an “adult woman” and changes in attitudes of those around her, such as unwanted sexual attention.

Pregnancy obviously comes with significant body size and shape changes. Pregnant women may also feel their body is no longer their own.

While social pressures to be thin can stop during pregnancy, social expectations arguably return after birth, demanding women “bounce back” to their pre-pregnancy shape and size quickly.

Women going through menopause commonly express concerns about a loss of identity.
In combination with changes in body composition and a perception their appearance is departing from youthful beauty ideals, this can intensify body dissatisfaction and increase the risk of eating disorders.

These periods of life can each also be incredibly stressful, both physically and psychologically.

For example, a girl going through puberty may be facing more adult responsibilities and stress at school. A pregnant woman could be taking care of a family while balancing work and other demands. A woman going through menopause could potentially be taking care of multiple generations (teenage children, ageing parents) while navigating the complexities of mid-life.

Research has shown interpersonal problems and stressors can increase the risk of eating disorders.

Body image concerns and eating disorders are not limited to teenage girls.
transly/Unsplash, CC BY

We need to do better

Unfortunately most of the policy and research attention currently seems to be focused on preventing and treating eating disorders in adolescents rather than adults. There also appears to be a lack of understanding among health professionals about these issues in older women.

In research I (Gemma) led with women who had experienced an eating disorder during menopause, participants expressed frustration with the lack of services that catered to people facing an eating disorder during this life stage. Participants also commonly said health professionals lacked education and training about eating disorders during menopause.

We need to increase awareness among health professionals and the general public about the fact eating disorders and body image concerns can affect women of any age – not just teenage girls. This will hopefully empower more women to seek help without stigma, and enable better support and treatment.

Jaycee Fuller from Bond University contributed to this article.

If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14. For concerns around eating disorders or body image visit the Butterfly Foundation website or call the national helpline on 1800 33 4673.

Gemma Sharp receives funding from an NHMRC Investigator Grant. She is the Founding Director and Member of the Consortium for Research in Eating Disorders.

Amy Burton and Megan Lee 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. Eating disorders don’t just affect teen girls. The risk may go up around pregnancy and menopause too – https://theconversation.com/eating-disorders-dont-just-affect-teen-girls-the-risk-may-go-up-around-pregnancy-and-menopause-too-250156

MIL OSI Analysis – EveningReport.nz –

February 28, 2025
MIL-OSI USA: News 02/27/2025 Blackburn, Rosen Introduce “No Immigration Benefits for Hamas Terrorists Act”

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Jacky Rosen (D-Nev.) introduced the No Immigration Benefits for Hamas Terrorists Act to prevent any migrant tied to Hamas from entering the country. This follows Hamas’ savage murder and release of four innocent hostages, including a young mother, her two toddlers, and a journalist, last week.
“The Biden-Harris administration released nearly 100 individuals on the terrorist watchlist into our country over the last four years, and we need to make certain anyone tied to Hamas is not allowed to enter or remain in the U.S.,” said Senator Blackburn. “This common-sense, bipartisan bill would ensure that no migrant tied to Hamas and its savage terrorist attack on October 7 can enter our nation or receive immigration benefits on the taxpayer dime.”
“No one who participated in Hamas’s brutal October 7 terrorist attack should be allowed to enter the United States,” said Senator Rosen. “That’s why I’m helping introduce bipartisan legislation to prohibit Hamas terrorists from being eligible to receive immigration benefits. I’ll always work across the aisle to keep our nation safe.”
NO IMMIGRATION BENEFITS FOR HAMAS TERRORISTS ACT
The No Immigration Benefits for Hamas Terrorists Act would:
Prohibit any migrant who carried out, participated in, planned, financed, afforded material support to, or otherwise facilitated in any way the attacks perpetrated by Hamas against Israel on October 7, 2023, from being admitted to the United States; and
Prohibit any such individual from being eligible for any immigration benefits.
RELATED
Click here for bill text.

MIL OSI USA News –

February 28, 2025
MIL-OSI: Quick Custom Intelligence (QCI) and Tulalip Resort Casino Announce Strategic Enterprise Partnership

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI) and Tulalip Resort Casino have announced a strategic enterprise partnership that will revolutionize the gaming and hospitality industry in the Washington market, setting the stage for a dynamic synergy between technology and hospitality.

With the software deployment underway, the cutting-edge QCI platform is poised to enhance operations, optimize service, and ensure guests enjoy an unparalleled entertainment experience at Tulalip Resort Casino.

James Ham Jr., Executive VP of Casino Operation for Tulalip Resort Casino, expressed his enthusiasm for the partnership, stating,

“We at Tulalip Resort Casino are thrilled to embark on this transformative journey with QCI. The QCI platform is a game-changer, and we believe it will not only streamline our operations but also elevate the level of service and entertainment we provide to our valued guests. With QCI’s innovative solutions, we are confident in our ability to deliver an unparalleled gaming experience in the Washington market. This partnership aligns perfectly with our commitment to excellence and innovation.”

Andrew Cardno, CTO of QCI, echoed this sentiment, expressing his satisfaction with the newly formed partnership,

“At QCI, we value partnerships that are built on mutual respect, shared vision, and commitment. Our collaboration with Tulalip Resort Casino is the epitome of such a relationship. We’ve been deeply impressed by the Tulalip Resort Casino team, their passion for excellence, and their unwavering dedication to enhancing guest experiences. I’m proud and excited about the journey ahead and confident that together, we’ll set new standards in the Washington market.”

This landmark partnership illustrates both companies’ dedication to innovation, operational efficiency, and delivering premier guest experiences. As training commences in the coming weeks, QCI and Tulalip Resort Casino look forward to a future of mutual growth and industry-leading performance.

ABOUT Tulalip Resort Casino
Award-winning Tulalip Resort Casino is the most distinctive gaming, dining, meeting, entertainment and shopping destination in Washington state. The AAA Four-Diamond resort’s world-class amenities have ensured its place on the Condé Nast Traveler Gold and Traveler Top 100 Resorts lists. The property includes 192,000 square feet of gaming excitement, sportsbook betting through DraftKings, a luxury hotel featuring 370 guest rooms and suites; 30,000 square feet of premier meeting, convention and wedding space; the full-service T Spa; and multiple dining venues. It also showcases the intimate Canoes Cabaret, Orca Ballroom and a 3,000-seat outdoor Tulalip Amphitheatre. Nearby, find the Hibulb Cultural Center and Natural History Preserve, Cabela’s and 130 designer names at the Seattle Premium Outlets. The Resort Casino is conveniently located between Seattle and Vancouver, B.C. just off Interstate-5 at exit 200. It is an enterprise of the Tulalip Tribes. For reservations, please call 866.716.7162 or visit us at Tulalip Resort Casino. Connect with us on Facebook, X (Twitter) and Instagram.

ABOUT QCI
Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and The Bahamas. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.

ABOUT Andrew Cardno
Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications.

Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.

Contact:
Laurel Kay, Quick Custom Intelligence
Phone: 858-349-8354

The MIL Network –

February 28, 2025
MIL-OSI: The Victory Bancorp, Inc. to Present at the Banking Virtual Investor Conference March 6th
Source: GlobeNewswire (MIL-OSI)

LIMERICK, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) — The Victory Bancorp, Inc., (VTYB) based in Limerick, PA, focused on business banking, today announced that Joseph Major, CEO & Chairman, will present live at the Banking Virtual Investor Conference hosted by VirtualInvestorConferences.com, on March 6^th, 2025

DATE: March 6^th
TIME: 1 pm – 1:30 pm EST
LINK: https://bit.ly/41x8NQ1

Available for 1×1 meetings: March 6^th, 1:30 pm 4:30 pm

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

2024 Financial Highlights:
- Loan Growth: Up $26.6M despite higher rates and softer demand, reflecting strong lending focus.
- Deposit Growth: Increased $33M, driven by exceptional service and relationship banking.
- Capital Acquisition: Issued $4.65M in subordinated debt; $2.5M allocated to support growth and capital.
- Earnings: Q4 net earnings rose $83K year-over-year; slightly down from Q3 ($586K to $558K); Q4 ROAE at 7.58%.
- Book Value: Stable at $14.84 per share (Q4), down slightly from $14.89 (Q3).
- Equity: Grew by $1.4M year-over-year to December 31, 2024.
- Dividends: Paid $0.065 per share in Q4; $0.26 for the year.
Loan Quality Metrics (as of December 31, 2024):
- Losses to Average Loans: 0.0% vs. peer average of 0.05%.
- 30-89 Day Past Due Loans: 0.01% vs. peer average of 0.42%.
- Non-Performing Loans: 0.05% vs. peer average of 0.49%.
Victory Bancorp, Inc. is traded on the OTCQX market under the symbol VTYB and is the parent company of The Victory Bank. The Bank, founded in 2008, is a Pennsylvania state-chartered commercial bank headquartered in Limerick Township, Montgomery County. It offers a full range of banking services, including checking and savings accounts, home equity lines of credit, and personal loans. In addition to traditional banking, the Bank specializes in high-quality business lending, serving small and mid-sized businesses and professionals. With three offices across Montgomery and Berks Counties, it is dedicated to meeting the financial needs of the local community. For more information, visit its website at VictoryBank.com. FDIC-Insured.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:

The Victory Bancorp, Inc.
Joseph W. Major,
Chairman and Chief Executive Officer

Robert H. Schultz,
Chief Financial Officer, Chief Operating Officer

Owen Magers
Investor Relations
484-791-3435

The Victory Bancorp, Inc.
548 N. Lewis Rd.
Limerick, PA 19468
610-948-9000

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –
February 28, 2025

MIL-OSI: Viridien Announces its Q4 & Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Paris (France), February 27^th, 2025, 17h45 CET

2024: A YEAR OF OVERACHIEVEMENTS

2025: ON TRACK TO DELIVER c.$100 MILLION NET CASH FLOW

	Q4	FY¹
*Revenue*²	*$339M*	*$ 1,117M (-1%)*
*Adjusted EBITDA*³	*$157M*	*$455M (+14%)*
*Net Cash-Flow*	*$27M*	*$56M (+73%)*

Sophie Zurquiyah, Chief Executive Officer of Viridien, said:

“In 2024, we met our revenue and exceeded our profitability and cash generation targets driven by strong commercial successes at Geoscience, a dynamic performance at Earth Data in both our key basins and prospective regions and the continued focus on operational efficiency at Sensing & Monitoring.

In 2025, Viridien will continue strengthening its technology leadership in its core markets while further developing its New Businesses. We anticipate continued improvements thanks to Geoscience’s record high backlog, Earth Data’s solid pipeline of projects and the termination of contractual fees for vessel commitments, and Sensing & Monitoring’s progress towards their restructuring plan.

In this context, we confirm with confidence our target of c.$100 million of net cash generation and balance sheet deleveraging.”

2024 Highlights²

Group²
- IFRS figures: Revenue, EBITDA and Net Income of respectively $1,211 million, $516 million, $51 million. $427 million, $216 million, $29 million in Q4.
- Overall stable group revenue at $1,117 million.
- Strong growth at Digital, Data & Environment (DDE) with $787 million revenue (+17%). Consistent momentum for Geoscience (GEO) driven by our preferred advanced technology and numerous commercial successes at Earth Data (EDA).
  - Sensing & Monitoring (SMO) revenue was $330 million, with no mega crews during the year.
  - 33% revenue growth for New Businesses, exceeding our 30% target.
- Group adjusted EBITDA³ of $455 million. DDE Adjusted EBITDA of $458 million, up 25% driven by the strong performance of both GEO and EDA. SMO adjusted EBITDA of $35 million (vs $56 million) already reflecting the positive impact of the restructuring effort.
- Net Cash flow of $56 million, including $(75) million contractual fees from vessel commitments, exceeding our initial Net Cash flow target of “reaching a similar level as 2023” (ie. $32 million).
- Key milestones of our financial roadmap delivered during the year: improved credit rating in Q2, revolving credit facility extended in Q3 and implementation and increase of the bond buyback program in Q3 and Q4.
- Net debt at $921 million ($974 million in December 2023) and liquidity at $392 million (including $90 million undrawn RCF).

Digital, Data and Energy Transition (DDE)
- Revenue at $787 million was up 17% with strong growth at GEO (+20%) and EDA (+14%). Q4 revenue, $238 million (+19%).
- Adjusted EBITDA at $458 million was up 25%. Profitability impacted by $(54) million in penalty fees from vessel commitments vs $(44) million in 2023. Q4 EBITDA $150 million (+28%). $(12) million penalty vs $(13) million in Q4 2023.
  - Geoscience:
    - Revenue at $404 million (+20%). $107 million in Q4 (+10%).
    - GEO performance continues to be driven by technology differentiation. Order intakes, +89% in 2024, +155% in Q4, benefited from best-in-class imaging technology which the industry requires to solve subsurface challenges, increased activity in the Middle East and the renewal of long-term contracts for Dedicated HPC Processing Centers (DPCs).

New Businesses in GEO confirm the positive market dynamics in Carbon Sequestration with several projects in Norway, US Gulf and in Asia Pacific, as well as in Minerals & Mining with the award of programs in Australia and Oman. Alliance signed with Baker Hughes to offer high-quality and fully integrated Carbon Capture and Sequestration solutions to clients.

Earth Data:
- Revenue at $383 million (+14%). $131 million in Q4 (+27%).
- Prefunding revenue grew to $205 million (+6%). 81% of Capex. After-Sales grew to $178 million (+25%) in a flat market.
- $252 million Capex, including the large Laconia Ocean Bottom Nodes (OBN) project in the US Gulf, the North Viking Graben streamer survey in Norway, and numerous global reprocessing projects.
- New Businesses in EDA completed the mining project in Southeast Arizona and delivered several Carbon Sequestration projects in the North Sea, US Gulf and Asia.

Sensing and Monitoring (SMO)
- Revenue at $330 million was down 27%, following delivery of “mega crew” systems in 2023. $100 million in Q4 (-16%).
- Adjusted EBITDA at $35 million was down 37%. $18 million in Q4 (+104%).
- Q4 EBITDA performance shows that the restructuring plan is on track to achieve expected cost reductions and operational flexibility.
- New Businesses in SMO represented 17% of revenue and experienced strong momentum with deliveries for the geothermal market and infrastructure monitoring.
Market trends
- E&P Capex environment expected to be stable year-on-year in 2025, as the longer-term energy industry upcycle extends.
- Evolving Industry Trends:
  - Offshore exploration gaining momentum in key regions like the US Gulf, Brazil, Norway as well as frontiers areas such as the Equatorial Margin and the East Mediterranean Sea.
  - Middle East growth expected with investments in advanced imaging and digital solutions.
  - Demand expected to be strong for High-end geophysical technologies, such as OBN and Full Waveform Inversion (FWI), that mitigate risks and optimize field development.
- New Businesses:
  - Continued market growth potential in CSS with new imaging contracts and project pipeline driven by most Oil & Gas operators investing to reduce carbon emissions and address societal pressures.
  - Increased interest from the Minerals & Mining sector for subsurface characterization.
  - Infrastructure Monitoring market consistently increasing by double digits annually across various sectors.
  - Digital solutions / HPC markets expanding rapidly fueled mainly by the explosion of AI applications.
New reporting KPI for EDA
- Starting in Q1 2025, we will change the reporting KPIs for EDA:
  - To align with market practice, Revenue split between Prefunding and After-sales will no longer be reported.

Cash EBITDA (i.e. EBITDA – Capex) will be reported to provide more clarity on our financial performance. ($97 million and $75 million in 2023 and 2024 respectively, excluding penalty fees from vessel commitments).

Full year 2025 financial outlook
- In 2025, based on a stable E&P Capex environment, performance is expected to be driven by:
  - Geoscience: growth backed by industry leading technology and strong backlog.

Earth Data: stronger Cash EBITDA KPI, with end of vessel commitment penalty fees.
- Sensing & Monitoring: further savings expected from the restructuring plan.
- New Businesses: growth and first year positive contribution to the group’s profitability.

Financial objective: net cash flow of c.$100m.

Viridien will continue to focus on cash flow generation and deleveraging. Thanks to 2024 financial performance and the favorable debt market, our bond refinancing could be realized in 2025, before our previous Q1 2026 indication.

Full Year 2024 Conference call
- The press release and the presentation will be available on our website www.viridiengroup.com at 5:45 pm (CET).
- An English language analysts conference call is scheduled today at 6.00 pm (CET).
- Participants should register for the call here to receive a dial-in number and code, or participate via the live webcast from here.
- A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website.

The Board of Directors met on February 27, 2025 and approved the consolidated financial statements ending December 31, 2024. The Statutory Auditors are in the process of issuing a report with an unqualified opinion.

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN ISIN: FR001400PVN6).

Contact:

VP Corporate Finance

Jean-Baptiste Roussille
jean-baptiste.roussille@viridiengroup.com

Q4 & FY 2024- Financial Results

Key Segment P&L figures (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Key Segment P&L figures (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Exchange rate euro/dollar	1,07	1,09	2%	1,08	1,09	1%
Segment revenue	320	339	6%	1 125	1 117	*(1%)*
DDE	201	238	19%	672	787	17%
Geoscience	98	107	10%	335	404	20%
Earth Data	103	131	27%	337	383	14%
Prefunding	62	49	(20%)	194	205	6%
After-Sales & other	41	82	99%	143	178	25%
SMO	119	100	(16%)	453	330	(27%)
Land	42	55	32%	176	157	(10%)
Marine	66	29	(56%)	230	117	(49%)
Beyond the core	11	16	45%	48	56	17%
Segment EBITDA	122	128	5%	400	422	5%
*Adjusted Segment EBITDA**	121	157	*30%*	400	455	*14%*
DDE	117	150	28%	367	458	25%
SMO	9	18	–	56	35	(37%)
Corporate and other	(5)	(11)	–	(24)	(38)	(59%)
Segment operating income	15	33	–	138	113	*(18%)*
*Adjusted Segment Opinc**	14	89	–	138	173	*25%*
DDE	21	89	–	140	206	47%
SMO	(1)	11		24	4	(83%)
Corporate and other	(6)	(11)	–	(26)	(38)	(44%)
*Adjusted for non-recurring charges and gains.

Other KPI (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Other KPI (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Geoscience Backlog	184	351	*90%*	184	351	*90%*
Total Capex	(42)	(81)	*(92)%*	(232)	(285)	*(23)%*
Industrial capex	(8)	(4)	51%	(44)	(17)	61%
R&D capex	(4)	(5)	(5)%	(17)	(16)	7%
Earth Data (Cash)	(29)	(72)	–	(171)	(252)	(47)%
Earth Data Cash predunding rate	210%	68%		113%	81%
EDA Library net book value*	458	456	*(0)%*	458	456	*(0)%*
Liquidity	422	392		422	392
o.w. undrawn RCF	95	90		95	90
Gross debt*	(1 301)	(1 223)		(1 301)	(1 223)
o.w. accrued interests	(20)	(18)		(19)	(18)
o.w. lease liabilities	(103)	(125)		(103)	(125)
Net debt*	974	921		974	921
Net debt*/Segment adjusted EBITDA				x2.4	x2.0
*Post IFRS15/16

Consolidated IFRS Income Statements (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Consolidated IFRS Income Statements (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Exchange rate euro/dollar	1,07	1,09		1,08	1,09
Revenue	265	427	*61%*	1 076	1 211	*13%*
EBITDA	68	216	–	351	516	*47%*
Operating Income	(11)	49	–	119	143	*21%*
Equity from Investment	(3)	(1)	47%	(2)	(0)	77%
Net cost of financial debt	(20)	(24)	(20%)	(95)	(97)	(2%)
Other financial income (loss)	(2)	5	–	(4)	4	–
Income taxes	11	1	(94%)	(14)	(13)	3%
Net Income / Loss from continuing operations	(25)	29	–	4	36	–
from discontinued operations	10	0	(100%)	12	15	20%
Net income / (loss)	(15)	29	–	16	51	–
Shareholder’s net income / (loss)	(15)	29	–	13	50	–
Basic Earnings per share in $	0,00	0,00		1,81	6,97
Diluted Earnings per share in €	0	0,00		1,80	6,93

Cash Flow items (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Cash Flow items (In million $)	2023 Q4	2024 Q4	*Var.* %	2023 FY	2024 FY	*Var.* %
Segment EBITDA	122	128	5%	400	422	5%
Income Tax Paid	9	(2)	–	6	(12)	–
Change in Working Capital & Provisions	21	30	42%	3	48	–
Other Cash Items	1	(0)	–	1	(1)	–
Cash provided by Operating Activity	153	155	1%	410	457	*11%*
Earth Data Capex	(29)	(72)	–	(171)	(252)	(47%)
Industrial Capex & Dev. Costs	(13)	(9)	32%	(61)	(33)	46%
Acquisitions and Proceeds of Assets	5	6	24%	3	7	–
Cash from Investing Activity	(37)	(75)	–	(229)	(278)	*-22%*
Paid Cost of Debt	(44)	(43)	2%	(91)	(86)	6%
Lease Repayement	(19)	(12)	*36%*	(57)	(56)	2%
Asset Financing	1	(0)	–	22	(1)	–
Cash from Financing Activity	(63)	(56)	*11%*	(126)	(142)	*-13%*
Discontinued Operations Acquisitions	(6)	3	–	(23)	19	–
Net Cash Flow	48	27	*-43%*	32	56	*73%*
Financing cash flow	(2)	(49)		(6)	(69)
Forex and other	7	(12)		3	(11)
Net increase/(decrease) in cash	52	(34)		29	(25)

CONSOLIDATED FINANCIAL STATEMENTS – December 31^st, 2024

6.1 2023-2024 Viridien consolidated financial statements

6.1.1 CONSOLIDATED STATEMENT OF OPERATIONS

In millions of US$	Notes	December 31
In millions of US$	Notes	(1) 2024	2023
Operating revenues	18, 19	1,211.3	1,075.5
Other income from ordinary activities		0.1	0.3
Total income from ordinary activities		1,211.4	1,075.8
Cost of operations		(871.2)	(817.4)
Gross profit		340.2	258.4
Research and development expenses – net	20	(17.8)	(26.1)
Marketing and selling expenses		(37.1)	(36.1)
General and administrative expenses		(82.9)	(75.8)
Other revenues (expenses) – net	21	(58.9)	(1.4)
Operating income	19	143.5	119.0
Cost of financial debt – gross		(109.4)	(103.3)
Income from cash and cash equivalents		12.3	8.0
Cost of financial debt – net	22	(97.2)	(95.3)
Other financial income (loss)	23	3.7	(3.8)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method		50.1	19.9
Income taxes	24	(13.4)	(14.0)
Net income (loss) before share of net income (loss) from companies accounted for under the equity method		36.6	5.9
Net income (loss) from companies accounted for under the equity method	8	(0.5)	(2.0)
Net income (loss) from continuing operations		36.1	3.9
Net income (loss) from discontinued operations	5	14.7	12.3
Consolidated net income (loss)		50.8	16.2
Attributable to:
Owners of Viridien S.A		49.8	12.9
Non-controlling interests		1.0	3.3
Weighted average number of shares outstanding ^(a)	29	7,150,958	7,131,286
Weighted average number of shares outstanding adjusted for dilutive potential ordinary shares ^(a)	29	7,184,713	7,171,894
Net income (loss) per share (in US$)
(1) – Base ^(a)		6.97	1.81
(2) – Diluted ^(a)		6.93	1.80
Net income (loss) from continuing operations per share (in US$)
(3) – Base ^(a)	$	4.91	0.08
(4) – Diluted ^(a)	$	4.89	0.08
Net income (loss) from discontinued operations per share (in US$)
(5) – Base ^(a)	$	2.06	1.72
(6) – Diluted ^(a)	$	2.05	1.72

(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for 2023 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares.

The accompanying notes are an integral part of the consolidated financial statements.

Consolidated statement of comprehensive income (loss)

In millions of US$	December 31
In millions of US$	(2) 2024 ^(a)	2023 ^(a)
Net income (loss) from consolidated statement of operations	50.8	16.2
Other comprehensive income to be reclassified in profit (loss) in subsequent period:
Net gain (loss) on cash flow hedges	0.4	2.0
Variation in translation adjustments	(23.0)	14.2
Net other comprehensive income to be reclassified in profit (loss) in subsequent period (1)	(22.7)	16.2
Other comprehensive income not to be classified in profit (loss) in subsequent period:
Net gain (loss) on actuarial changes on pension plan	3.6	(4.6)
Net other comprehensive income not to be reclassified in profit (loss) in subsequent period (2)	3.6	(4.6)
Total other comprehensive income (loss) for the period, net of taxes (1)+(2)	(19.1)	11.6
Total comprehensive income (loss) for the period	31.8	27.8
Attributable to:
Owners of Viridien S.A	31.3	25.1
Non-controlling interests	0.5	2.7
(a) Including other comprehensive income related to discontinued operations which is not material.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.2 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In millions of US$	Notes	(3) Dec 31, 2024	Dec 31, 2023
ASSETS
Cash and cash equivalents	28	301.7	327.0
Trade accounts and notes receivable, net	3, 18	339.9	310.9
Inventories and work-in-progress, net	4	163.3	212.9
Income tax assets	24	22.9	30.8
Other current assets, net	4	74.0	92.1
Assets held for sale, net	5	24.5	–
Total current assets		926.2	973.7
Deferred tax assets	24	43.6	29.9
Other non-current assets, net	16	8.9	6.8
Investments and other financial assets, net	7	25.7	22.7
Investments in companies accounted for under the equity method	8	1.1	2.2
Property plant & equipment, net	9	220.6	206.1
Intangible assets, net	10	535.4	579.7
Goodwill, net	11	1,082.8	1,095.5
Total non-current assets		1,918.1	1,942.9
TOTAL ASSETS		2,844.3	2,916.6
LIABILITIES AND EQUITY
Financial debt – current portion	13	56.9	58.0
Trade accounts and notes payable	3	120.9	86.4
Accrued payroll costs		84.5	89.1
Income taxes payable	24	20.4	12.5
Advance billings to customers		19.2	24.0
Provisions – current portion	16	19.7	8.7
Other current financial liabilities	14	0.5	21.3
Other current liabilities	12	182.5	250.3
Liabilities associated with non-current assets held for sale	5	2.4	–
Total current liabilities		507.0	550.3
Deferred tax liabilities	24	18.4	24.3
Provisions – non-current portion	16	28.8	30.1
Financial debt – non-current portion	13	1,165.6	1,242.8
Other non-current financial liabilities	14	–	0.5
Other non-current liabilities	12	1.7	4.3
Total non-current liabilities		1,214.5	1,302.0
Common stock ^(a)	15	8.7	8.7
Additional paid-in capital		118.7	118.7
Retained earnings		1,036.5	980.4
Other Reserves		55.2	27.3
Treasury shares		(20.1)	(20.1)
Cumulative income and expense recognized directly in equity		(1.1)	(1.4)
Cumulative translation adjustments		(113.3)	(90.8)
Equity attributable to owners of Viridien S.A.		1,084.7	1,022.8
Non-controlling interests		38.1	41.5
Total Equity		1,122.8	1,064.3
TOTAL LIABILITIES AND EQUITY		2,844.3	2,916.6
(a) Common stock: 11,215,501 shares authorized and 7,165,465 shares with a nominal value of €1.00 outstanding at December 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.3 CONSOLIDATED STATEMENT OF CASH FLOWS

In millions of US$	Notes	December 31
In millions of US$	Notes	(4) 2024	2023
OPERATING ACTIVITIES
Consolidated net income (loss)	1, 19	50.8	16.2
Less: Net income (loss) from discontinued operations	5	(14.7)	(12.3)
Net income (loss) from continuing operations		36.1	3.9
Depreciation, amortization and impairment	1, 19, 28	124.7	91.5
Impairment and amortization of Earth Data surveys	1, 10, 28	261.4	153.1
Amortization and depreciation of Earth Data surveys, capitalized	10	(16.6)	(15.4)
Variance on provisions		14.3	(2.6)
Share-based compensation expenses		3.4	2.8
Net (gain) loss on disposal of fixed and financial assets		(3.7)	(1.7)
Share of (income) loss in companies recognized under equity method		0.5	2.0
Other non-cash items		(0.3)	5.2
Net cash flow including net cost of financial debt and income tax		419.8	238.8
Less: Cost of financial debt		97.2	95.3
Less: Income tax expense (gain)		13.4	14.0
Net cash flow excluding net cost of financial debt and income tax		530.4	348.1
Income tax paid – Net ^(a)		(12.4)	5.5
Net cash flow before changes in working capital		518.0	353.6
Changes in working capital		(61.2)	54.7
– Change in trade accounts and notes receivable		(128.4)	51.8
– Change in inventories and work-in-progress		28.1	49.2
– Change in other current assets		10.5	(9.9)
– Change in trade accounts and notes payable		26.8	(5.4)
– Change in other current liabilities		1.8	(31.0)
Net cash flow from operating activities		456.7	408.3
INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers and excluding Earth Data surveys)	9	(32.9)	(60.9)
Investments in Earth Data surveys	10	(252.1)	(171.1)
Proceeds from disposals of tangible and intangible assets	28	6.8	0.4
Proceeds from divestment of activities and sale of financial assets	28	–	6.2
Dividends received from investments in companies under the equity method		0.5	–
Acquisition of investments, net of cash & cash equivalents acquired	28	–	(1.9)
Variation in other non-current financial assets	28	(8.2)	(5.2)
Net cash-flow used in investing activities		(286.0)	(232.5)
FINANCING ACTIVITIES
Repayment of long-term debt	13, 28	(59.4)	(1.8)
Total issuance of long-term debt	13, 28	0.1	23.9
Lease repayments	13, 28	(55.7)	(57.0)
Financial expenses paid	13, 28	(85.6)	(90.7)
Net proceeds from capital increase:
– from shareholders:		–	0.1
– from non-controlling interests of integrated companies		–	–
Dividends paid and share capital reimbursements:		–	–
– Equity attributable to owners of Viridien S.A.		–	–
– to non-controlling interests of integrated companies		(3.8)	(0.9)
Net cash-flow from (used in) financing activities		(204.4)	(126.4)
Effect of exchange rate changes on cash		(11.0)	2.6
Net cash flows incurred by discontinued operations	5	19.3	(23.0)
Net increase (decrease) in cash and cash equivalents		(25.3)	29.0
Cash and cash equivalents at beginning of year		327.0	298.0
Cash and cash equivalents at end of period		301.7	327.0
(a) Includes a cash inflow of US$6 million in 2024 and US$32 million in 2023 for the research tax credit in France.

The accompanying notes are an integral part of the consolidated financial statements.

6.1.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

In millions of US$, except for share data	Number of shares issued ^(a)	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumu-lative translation adjust-ment	Viridien S.A. – Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2023	7,123,573	8.7	118.6	967.9	50.0	(20.1)	(3.4)	(102.4)	1,019.3	39.5	1,058.8
Net gain (loss) on actuarial changes on pension plan (1)				(4.6)					(4.6)		(4.6)
Net gain (loss) on cash flow hedges (2)							2.0		2.0		2.0
Net gain (loss) on translation adjustments (3)								14.8	14.8	(0.6)	14.2
Other comprehensive income (1)+(2)+(3)		–	–	(4.6)	–	–	2.0	14.8	12.2	(0.6)	11.6
Net income (loss) (4)				12.9					12.9	3.3	16.2
Comprehensive income (1)+(2)+(3)+(4)		–	–	8.3	–	–	2.0	14.8	25.1	2.7	27.8
Exercise of warrants	238		0.1						0.1		0.1
Dividends									–	(1.0)	(1.0)
Cost of share based payment	12,951			2.6					2.6		2.6
Transfer to retained earnings of the parent company									–		–
Variation in translation adjustments generated by the parent company					(22.7)				(22.7)		(22.7)
Changes in consolidation scope and other				1.6				(3.2)	(1.6)	0.3	(1.3)
Balance at December 31, 2023	7,136,763	8.7	118.7	980.4	27.3	(20.1)	(1.4)	(90.8)	1,022.8	41.5	1,064.3

(a) Pro forma following Reverse Share Split (see note 2 – Significant events, acquisitions and divestitures).

In millions of US$, except for share data	Number of shares issued ^(b)	Share capital	Additional paid-in capital	Retained earnings	Other reserves	Treasury shares	Income and expense recognized directly in equity	Cumu-lative translation adjust-ment	Viridien S.A. – Equity attributable to owners of Viridien S.A.	Non-controlling interests	Total equity
Balance at January 1, 2024	7,136,763	8.7	118.7	980.4	27.3	(20.1)	(1.4)	(90.8)	1,022.8	41.5	1,064.3
Net gain (loss) on actuarial changes on pension plan (1)				3.6					3.6		3.6
Net gain (loss) on cash flow hedges (2)							0.4		0.4		0.4
Net gain (loss) on translation adjustments (3)								(22.5)	(22.5)	(0.6)	(23.0)
Other comprehensive income (1)+(2)+(3)		–	–	3.6	–	–	0.4	(22.5)	(18.5)	(0.6)	(19.1)
Net income (loss) (4)				49.8					49.8	1.0	50.8
Comprehensive income (1)+(2)+(3)+(4)		–	–	53.4	–	–	0.4	(22.5)	31.3	0.5	31.8
Exercise of warrants
Dividends									–	(3.8)	(3.8)
Cost of share based payment	24,703			2.7					2.7		2.7
Transfer to retained earnings of the parent company									–		–
Variation in translation adjustments generated by the parent company					28.0				28.0		28.0
Changes in consolidation scope and other
Balance at December 31, 2024	7,161,465	8.7	118.7	1,036.5	55.2	(20.1)	(1.1)	(113.3)	1,084.7	38.1	1,122.8

(b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, a reversed share split has been implemented, on July 31, 2024, on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value.

The accompanying notes are an integral part of the consolidated financial statements.

¹All variations refer to the same period last year
²Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2023 and 2024 Universal Registration Documents’ glossaries, under section 8.7
³Adjusted for non-recurring items

Attachment

Q4 2024 PR_En – VFinal

The MIL Network –

February 28, 2025

MIL-OSI USA: Fact Sheet: President Donald J. Trump Reins in Government Waste

US Senate News:

Source: The White House
ENSURING EFFICIENCY IN GOVERNMENT COSTS AND CONTRACTS: Today, President Donald J. Trump signed an Executive Order Implementing the President’s Department of Government Efficiency (DOGE) cost efficiency initiative.
The Executive Order will use modern technology to transform Federal spending on contracts and grants by subjecting it to rigorous standards.
Agencies must immediately review all contracts and grants for waste, fraud, and abuse.
Government payments and travel expenses must be justified and made publicly available where possible.
Agency heads will work with the DOGE team leads employed by their agencies to review and terminate all unnecessary contracts.

The Order will reform the way the Federal government manages its real property.
The General Services Administration (GSA) will submit a plan for disposing of unnecessary government-owned or leased real property.

BRINGING DISCIPLINE TO A WASTEFUL SYSTEM: The existing system fails to safeguard taxpayer dollars or promote merit among contractors and grant recipients.
The federal government expends large sums on contracts and grants.
In fiscal year 2023, the federal government committed about $759 billion on contracts. This flood of spending historically had minimal safeguards.

In the Biden Administration, GSA directed its efforts to promoting diversity, equity, and inclusion (DEI) rather than merit and efficiency.
BUILDING ON PAST SUCCESS: President Trump has made cutting federal expenditures and promoting governmental efficiency a priority in his second term.
In his first term, President Trump spurred economic growth through significant regulatory reform.
The Executive Order’s program for reforming contracting and grantmaking is a natural extension of these efforts to improve government for the American people it serves.

MIL OSI USA News –

February 28, 2025
MIL-OSI USA: ANNVILLE – Governor Shapiro to Swear-in John R. Pippy as 55th Adjutant General of PA

Source: US State of Pennsylvania

February 28, 2025 – Annville, PA

ADVISORY – ANNVILLE – Governor Shapiro to Swear-in John R. Pippy as 55th Adjutant General of PA

John. R. Pippy will be sworn in as the 55th adjutant general of Pennsylvania and promoted to Major General. Pippy was unanimously confirmed as adjutant general by the Pennsylvania Senate on Feb. 4, 2025.

In this capacity, Pippy assumes command of the Pennsylvania National Guard, the third largest in the country, and is head of the Department of Military and Veterans Affairs (DMVA). The DMVA provides programs and services to nearly 700,000 veterans, the fifth largest veteran population in the country.

NOTE: This event is available by stream to the general public at https://pacast.com/live/dmva. Media is invited to attend in person.

WHO:
Governor Josh Shapiro
Adjutant General John R. Pippy

WHEN:
Friday, February 28; 10:15 AM

WHERE:
Bldg. 8-80, Bearty Ave., Fort Indiantown Gap, Annville, PA

DIRECTIONS AND DETAILS FOR ACCESS:

All visitors must enter through the main gate. All other entrances and exits to Fort Indiantown Gap are permanently closed.

Take I-81 North and get off at exit 85B Indiantown Gap. This will put you on 934 North to the main gate. You must show a state- or federally-issued identification card to enter the installation.
Continue through the access point to the first light, and take a right onto Service Rd. Next, take a right onto Bearty Ave. Then turn right on Bellamy Ave. to Bldg. 8-80. More information here: https://www.ftig.ng.mil/Gate-Construction/.

MEDIA CONTACT: Angela Watson: Watsona@pa.gov

MIL OSI USA News –

February 28, 2025
MIL-OSI Global: A new study reveals the structure of violent winds 1,300 light years away

Source: The Conversation – France – By Vivien Parmentier, Professeur junior spécialiste des atmosphères d’exoplanètes au laboratoire LAGRANGE, Observatoire de la Côte d’Azur, CNRS, Université Côte d’Azur

The largest telescopes in the world are used to look at the atmospheres of planets orbiting other stars and located at astronomical distances. Y. Beletsky(LCO)/ESO, CC BY

The planet WASP-121b is extreme. It’s a gas giant almost twice as big as Jupiter orbiting extremely close to its star–50 times closer than the Earth does around the Sun. WASP-121b is so close to its star that tidal forces have locked its rotation in a “resonance”: the planet always shows the same face to its star, like the Moon to the Earth. Therefore, one side of WASP-121b constantly bakes in light whereas the other is in perpetual night. This difference causes huge variations in temperature across the planet. It can be more than 3,000°C on one side and drop 1,500°C on the other.

This huge temperature contrast is the source of violent winds, blowing several kilometres per second, which try to redistribute the energy from day to night. Until now, we had to guess the strength and direction of the winds with indirect measurements, such as measurements of the planet’s temperature. In recent years, with the arrival of new instruments on giant telescopes, we’ve been able to directly measure the wind speed of certain exoplanets, including WASP-121b.

In our study published in the journal Nature that was conducted by my colleague, Julia Seidel, we not only looked at wind speed on an exoplanet, but also at how these winds vary with altitude. We were able to measure for the first time that winds in the deepest layers of the atmosphere are very different from those at higher altitudes. Put it this way: on Earth, winds blowing a few dozen kilometres per hour already make it hard to ride a bike; on WASP-121b, pedalling would be impossible, because the winds are a hundred times faster.

Our measurements reveal the behaviour of a pivotal zone of the atmosphere that forms the link between the deep atmosphere–usually surveyed by telescopes such as the James Webb Space Telescope–and the outer zones where the atmosphere escapes into space, blown by the wind coming from its star.

How did we measure the atmosphere of a planet millions of billions of kilometres away?

To make our measurements, we used one of the most precise spectrographs on Earth, mounted on the largest telescope available to us: ESPRESSO at the European Southern Observatory (ESO) Very Large Telescope (VLT), located in the Atacama desert in Chile. To collect as much light as possible, we combined the light from the VLT’s four 8-metre diameter telescopes. Thanks to this combination, which is still being tested, we collected as much light as would a 16-metre diameter telescope–which would be larger than any optical telescope on Earth.

The ultra-precise ESPRESSO spectrograph then enabled us to separate the light from the planet into 1.3 million wavelengths. This allows us to observe as many colours in the visible spectrum. This precision is necessary to detect different types of atoms in the planet’s atmosphere. This time, we studied how three different types of atoms–absorb light from the star: hydrogen, sodium and iron (all in a gaseous state, given the very high temperatures).

By measuring the position of these spectral lines very precisely, we were able to directly measure the speed of these atoms. The Doppler effect tells us that an atom coming toward us will absorb more blue light, while an atom moving away from us will absorb more red light. By measuring the absorption wavelength of each of these atoms, we have as many different measurements of the wind speed on this planet.

We found that the lines of the different atoms tell different stories. Iron moves at 5 kilometres per second from the substellar point (the region of the planet closest to its host star) to the anti-stellar point (the most distant) in a very symmetrical way. Sodium, on the other hand, splits in two: some of the atoms move like iron, while the others move at the equator directly from east to west four times faster, at the staggering speed of 20 kilometres per second. Finally, hydrogen seems to move with the east-west current of sodium but, also, vertically, no doubt allowing it to escape from the planet.

To reconcile all this, we calculated that these three different atoms are, in fact, in different parts of the atmosphere. While iron atoms lie at the deeper layers, where symmetrical circulation is expected, sodium and hydrogen let us probe much higher layers, where the planet’s atmosphere is blown by the wind coming from its host star. This stellar wind, combined with the rotation of the planet, probably carries the material asymmetrically, with a preferential direction given by the rotation of the planet.

There are violent winds in the atmosphere of WASP-121b. The three types of atoms travel at different speeds, helping to reconstruct the structure of the atmosphere, even though the planet is millions of billions of kilometres away from Earth.
ESO/M. Kornmesser, CC BY

Why study the atmospheres of exoplanets?

WASP-121b is one of those giant gaseous planets with temperatures of over 1,000°C that are known as “hot Jupiters”. The first observation of these planets by Michel Mayor and Didier Queloz (which later earned them a Nobel Prize in Physics) came as a surprise in 1995, particularly because planetary formation models predicted that these giant planets could not form so close to their star. Mayor and Queloz’s observation made us realise that planets do not necessarily form where they are currently located. Instead, they can migrate, i.e., move around in their youth.

How far from their star do “hot Jupiters” form? Over what distances do these objects migrate in their infancy? Why did the Jupiter in our solar system not migrate toward the Sun? (We’re lucky it didn’t, because it would have sent Earth into our star at the same time.)

Some answers to these questions may lie in the atmosphere of exoplanets, which exhibit traces of the conditions of their formation. However, variations in temperature or chemical composition within each atmosphere can radically skew the abundance measurements that we are trying to take with large telescopes such as the James Webb. In order to exploit our measurements, we first need to grasp how complex these atmospheres are.

To do this, we need to understand the fundamental mechanisms that govern the atmosphere of these planets. In the solar system, winds can be measured directly by, for example, looking at how fast clouds move. On exoplanets, we cannot see any details directly.

In particular, “hot Jupiters” orbit so close to their stars that we cannot separate them spatially and take photos of the exoplanets. Instead, from among the thousands of known exoplanets, we select those that have the good taste to periodically pass between their star and us. During this “transit”, light from the star is filtered by the planet’s atmosphere, which allows us to measure the signs of absorption by different atoms or molecules. In general, the data we obtain are not good enough to separate the light that passes on one side of the planet from the other, and we end up with an average of what the atmosphere has absorbed. As conditions along the atmospheric limb (i.e., the slice of atmosphere surrounding a planet as observed from space) can vary drastically, interpreting the final average is often a headache.

This time, by using a telescope that, in effect, is larger than any other optical telescope on Earth, and combining it with an extremely precise spectrograph, we were able to separate the signal absorbed by the eastern side of the planet’s limb from the signal absorbed by the western side. This allowed us to measure the spatial variation of the winds in the planet.

The future of atmospheric study of exoplanets

Europe is currently building the next generation of telescopes, led by the ESO’s Extremely Large Telescope, which is scheduled for 2030. The ELT will have a mirror 30 metres in diameter, twice the size of the telescope we obtained by combining the light from the four 8-metre telescopes of the VLT.

This giant telescope will gather even more precise details about the atmospheres of exoplanets. In particular, it will measure the winds in exoplanets both smaller and colder than “hot Jupiters”.

But what we are all really waiting for is the ELT’s ability to measure the presence of molecules in the atmosphere of rocky planets orbiting in the habitable zone of their star, where water may be present in a liquid state.

The EXOWINDS project is supported by the French National Research Agency (ANR), which funds project-based research in France. Its mission is to support and promote the development of fundamental and applied research in all disciplines, and to strengthen the dialogue between science and society. For more information, visit the ANR website.

Vivien Parmentier received funding from the French National Research Agency (exowinds, ANR-23-CE31-0001-01).

Julia Victoria Seidel is an ESO (European Southern Observatory) Research Fellow.

– ref. A new study reveals the structure of violent winds 1,300 light years away – https://theconversation.com/a-new-study-reveals-the-structure-of-violent-winds-1-300-light-years-away-250187

MIL OSI – Global Reports –

February 28, 2025
MIL-OSI Global: Botanic gardens are struggling to keep up with the biodiversity crisis – here’s what they can do

Source: The Conversation – UK – By Samuel Brockington, Professor of Evolution, Curator of the Cambridge University Botanic Garden, University of Cambridge

As I wander around Cambridge University Botanic Garden, a tree called the Wollemi pine often catches my eye. It’s one of our rarest trees, and a distinctive looking pine, with broad needles and bark that reminds you of coco pops.

First discovered in 1994 in a ravine in the Wollemi National Park in western Australia, only a few hundred survive in the wild. Although it has been on planet earth for hundreds of thousands of years, it is close to extinction. This tree species, like many others, represents a paradox: a rare and threatened species thriving in cultivation while its wild counterparts are just about hanging on to existence.

As a curator of one of the world’s largest university botanic gardens, I often talk about the power of living collections. I also recognise their limits. The world’s botanic gardens hold an extraordinary diversity of plants. But, they are struggling to keep up with the accelerating biodiversity extinction crisis.

Botanic gardens are often seen simply as peaceful retreats from the daily rat race or living museums where species are catalogued and displayed. But they are far more than that. Collectively, the world’s gardens form an extensive network of living plant collections, acting as refuges for biodiversity, sources of genetic material for research, and hubs for ecological restoration.

Our recent study, published in the journal Nature Ecology & Evolution, analysed 50 of the world’s largest living plant collections, currently growing 41% of all species in cultivation, and 500,000 individual plants. Our research spanned a century of digitised data and the findings are striking.

Programmes like the International Conifer Conservation Programme, led by the Royal Botanic Garden Edinburgh, have successfully safeguarded conifer species at risk of extinction. And Missouri Botanic Garden has changed how it manages its collection to prioritise threatened species, embedding conservation into its core activities. For example, they are increasingly only growing plant species that will naturally fit their own climate.

Yet, despite these successes at specific gardens, our new research suggests that our current global system of botanic gardens is not keeping pace with the biodiversity crisis.

We have hit “peak capacity” in botanic gardens – both in the number of plants grown and in the diversity of species held. This means we are growing as many individual plants as we possibly can, and our collections are as diverse as they can possibly be. While this may seem like a success, it reveals an uncomfortable truth: we are running out of space and resources to add more species.

We have already passed “peak wild”. This means that we are collecting and sourcing less plants directly from the wild. Since 1992, the proportion of wild-collected plants entering botanic gardens has declined, alongside a decrease in material sourced across international political boundaries.

This shift coincides with the Convention on Biological Diversity, which aims to regulate the trade of wild animals and plants and the use of genetic resources. While intended to promote fair sharing of the benefits of biodiversity, it has seems to have negatively effected the cultivation of plants outside of their native environment, even when this is being done to protect them. It has done this by limiting the movement of plant material.

Collections are also becoming less globally diverse. Since the early 1990s, they have become increasingly regionalised, potentially limiting their capacity to act as global conservation networks.

These trends expose a crucial challenge: if botanic gardens are to play a serious role in conservation, their curators must rethink how they collect, share and manage plant diversity.

Some gardens are already adapting, exemplified by the global charity Botanic Gardens Conservation International’s (BGCI) Global Conservation Consortia, which are forming networks to safeguard specific tree genera.

Central to their efforts is the concept of the “meta-collection” – a coordinated network of living collections that steward global plant diversity. Collaboration is essential, as no single institution has the capacity or expertise to conserve every threatened species alone. BGCI is leading efforts to collate data from thousands of collections worldwide. Its searchable platforms, such as PlantSearch and ThreatSearch, are leading the way in terms of the data tools institutions need to identify conservation priorities and track the status of threatened species.

Smart next steps

To save endangered plants, we need to focus on three key actions that make a real difference, much like how we protect the Wollemi pine.

The rules around plant protection need to be fixed. Right now, complicated legal barriers can make it harder, not easier, to save plants. We need clear guidelines that help gardens and conservationists share and protect rare species responsibly, without getting stuck in red tape.

We need to make better use of what we already have. Many botanic gardens are running out of space, so rather than collecting more and more species, we need to focus on preserving strong, genetically diverse populations of the most endangered plants – like ensuring the Wollemi pine has a secure future in multiple locations around the world.

A global data system would allow scientists to see, in real time, where rare plants like the Wollemi pine are being grown, how well they’re doing, and where help is needed most. Better information means smarter conservation decisions.

Botanic gardens have a long history of adaptation. They have evolved from medicinal gardens to scientific institutions, and now they must become conservation leaders on a global scale. The extinction crisis demands bold action, strategic collaboration and a willingness to rethink traditional approaches.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

Samuel Brockington 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. Botanic gardens are struggling to keep up with the biodiversity crisis – here’s what they can do – https://theconversation.com/botanic-gardens-are-struggling-to-keep-up-with-the-biodiversity-crisis-heres-what-they-can-do-248722

MIL OSI – Global Reports –

February 28, 2025
MIL-OSI: New Research by VelocityEHS Drives AI Innovation in EHS & ESG

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Feb. 27, 2025 (GLOBE NEWSWIRE) — VelocityEHS^®, the global leader in enterprise EHS & ESG software solutions, has announced the publication of three groundbreaking scientific papers, further cementing its leadership in artificial intelligence (AI) and machine learning (ML) in workplace safety and sustainability. These papers, published in the esteemed journals Ergonomics; International Journal of Data Warehousing and Mining; and Elsevier, showcase VelocityEHS’ innovative in musculoskeletal disorder (MSD) risk assessment, ESG data management, and Chemical Safety.

Advancements in Ergonomics Risk Assessment

The first paper, NLP-based Ergonomics MSD Risk Root Cause Analysis and Risk Controls Recommendation, published in Ergonomics and authored by Pulkit Parikh, PhD., Julia Penfield, PhD., Richard Barker, CPE, CSP, Blake McGowan, CPE, and James Richard Mallon, CPE, presents an AI-powered framework that utilizes Natural Language Processing (NLP) to automate the identification of musculoskeletal disorder (MSD) risks and recommend targeted risk controls.

By leveraging deep learning and expert-driven ML models, this system goes beyond traditional risk scoring to provide actionable insights that improve workplace ergonomics and reduce injuries.

“Traditional ergonomics assessments often stop at producing risk scores, leaving companies without clear guidance on control actions,” said Rick Barker, CPE, Senior Director, Solution Strategy.

Until now, most research using artificial intelligence to combat musculoskeletal disorders has been limited to risk assessment. One of the unanswered questions among researchers is how to enhance the model to offer sustainable improvement strategies.

Julia Penfield, PhD., VP of Research & Machine Learning at VelocityEHS addressed this challenge: “We presented a framework that goes beyond MSD risk scoring. Along with machine learning, computer vision and natural language processing can propose risk control recommendations to help organizations achieve their goal to create safer workplaces. To the best of my knowledge, we are the first to take this holistic approach.”

Revolutionizing ESG Data Management

The second paper, Automatic Question Answering from Large ESG Reports, published in International Journal of Data Warehousing and Mining, and co-authored by Pulkit Parikh, PhD., and Julia Penfield, PhD., introduces the first AI-driven system designed to automatically extract and answer questions from extensive Environmental, Social, Governance (ESG) reports.

ESG reports often exceed 50 pages, making manual extraction for audits, benchmarking, or Scope 3 reporting time-consuming and labor-intensive. Compounding this challenge, audits require answering hundreds of questions, posing difficulties even for experts. Additionally, midsize companies managing Scope 3 reports must manage thousands of suppliers, making it difficult to process ESG data.

“An AI-system could transform this process, enabling organizations to retrieve relevant information and drive informed decision-making effortlessly and efficiently,” said Dr. Julia Penfield.

Transforming Chemical Safety with AI-driven SDS Indexing

The third paper, A Machine Learning Driven Automated System to Extract Multiple Information Fields from Safety Data Sheet Documents, published in Elsevier, and authored by Misbah Khan, Julia Penfield, PhD., Aatish Suman, and Stephanie Crowell, presents an AI-powered system designed to automate the extraction of key chemical safety data from Safety Data Sheets (SDS).

SDS indexing has evolved from storing physical copies to digitally extracting key fields for inventory and risk management. While essential for compliance, manual SDS indexing is labor-intensive, costly and time consuming. An AI-driven solution will automate this process, allowing organizations to access critical chemical information with speed and accuracy.

“Effective chemical data management is essential for workplace safety and regulatory compliance. AI is no longer the future of chemical safety — it’s the present. With automated SDS indexing, we’re setting a new standard for speed, accuracy, and compliance,” says Misbah Khan, Staff Machine Learning Scientist, VelocityEHS. “An AI-driven solution will allow an organization’s team member to quickly retrieve SDS information in case of an accident, improving the response time and potentially saving a life. This blend of innovation and responsibility propels us toward an EHS future that’s both efficient and human centered.”

The paper concluded that an automated system could improve efficiency and compliance by indexing fields, such as product name, manufacturer, supplier, and revision date, with a precision accuracy of 96 to 99%.

Driving Innovation in Workplace Safety & Sustainability

These research contributions reflect VelocityEHS’ commitment to pioneering AI to improve workplace safety and operational performance. The company continues to invest in innovation to provide advanced solutions so organizations can reach all their EHS goals.

To learn how Velocity’s AI Machine Leaning scientists worked with certified ergonomists to deliver the most comprehensive ergonomics assessment tool, watch this video.

For more about VelocityEHS, visit www.EHS.com.

About VelocityEHS

Relied on by more than 10 million users worldwide to drive operational excellence and achieve outstanding outcomes, VelocityEHS is the global leader in true SaaS enterprise EHS & ESG technology. The VelocityEHS Accelerate^® Platform is the definitive gold standard, delivering best-in-class software solutions for managing Safety, Ergonomics, Chemical Management, and Operational Risk. In addition, Velocity offers world-class applications for Contractor Safety & Permit to Work, Environmental Compliance, and ESG.

The VelocityEHS team includes unparalleled industry expertise, with more certified experts in health, safety, industrial hygiene, ergonomics, sustainability, the environment, AI, and machine learning than any other EHS software provider. Recognized by the EHS industry’s top independent analysts as a Leader in the Verdantix 2025 Green Quadrant Analysis, VelocityEHS is committed to industry thought leadership and to accelerating the pace of innovation through its software solutions and vision. Its privacy and security protocols, which include SOC2 Type II attestation, are among the most stringent in the industry.

VelocityEHS is headquartered in Chicago, Illinois, with locations in Ann Arbor, Michigan; Tampa, Florida; Oakville, Ontario; London, England; Perth, Western Australia; and Cork, Ireland. For more information, visit www.EHS.com.

Media Contact:
Jennifer Sinkwitts
VelocityEHS
jsinkwitts@ehs.com

The MIL Network –

February 28, 2025
MIL-OSI Asia-Pac: Test event to be broadcast live

Source: Hong Kong Information Services

The 15th National Games Triathlon test event will be held at the Central Harbourfront and Victoria Harbour on March 1 and 2, and members of the public are welcome to watch the races on-the-spot or via a live broadcast.

A total of around 110 athletes from the Mainland, Hong Kong and Macau will compete in the races, including 11 athletes from Hong Kong.

Fifteen teams, each comprising two male and two female athletes, will take part in the mixed relay race.

The women’s individual and men’s individual races are scheduled for 8am and 10.30am respectively on March 1, while the mixed relay race will take place at 2pm on March 2.

The starting point of the races will be located at the waterfront of the Wan Chai Temporary Promenade. Athletes will complete the swimming segment, immediately followed by the cycling and running segments, with the finish line at the Central Harbourfront Event Space.

It is the first time that Hong Kong holds a triathlon mixed relay event and that part of the course and public seats are placed in the Central Harbourfront Event Space to facilitate race-watchers.

People may visit the public viewing area at the Central & Western District Promenade Central Section, which is accessible from MTR Admiralty Station Exit A via Tamar Park. No seating will be arranged.

Tickets have been distributed to the public through the Triathlon Association of Hong Kong China. A small number of tickets have been reserved for each event day. Admission tickets may be obtained at the public entrance while stocks last.

Radio Television Hong Kong will provide a live webcast of the events on the two days at the dedicated webpage and its YouTube channel.

MIL OSI Asia Pacific News –

February 28, 2025
MIL-OSI Russia: The Academic Council of the Polytechnic University: results of the winter session and implementation of the NCMU program

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On February 26, the Polytechnic University held a meeting of the Academic Council, where they honored polytechnicians who have achieved high results in various fields, discussed the results of the winter session, tasks for the spring semester, and the implementation of the NCMU program.

First of all, the rector of SPbPU Andrey Rudskoy introduced the vice-rector for university security Alexander Airapetyan. Then the award ceremony began.

The official part began with the honoring of the holders of the title “Honorary Worker of SPbPU”. This is a doctor of physical and mathematical sciences, professor of the Department of Physics Vadim Ivanov and candidate of technical sciences, associate professor of the Higher School of Mechanical Engineering, chairman of the Trade Union of Employees Valentin Kobchikov.

SPbPU Distinction Badge “For Merit” The award was given to member of the Public Chamber of St. Petersburg, advisor to the president of PJSC Rostelecom, and 1978 graduate of the mechanical engineering faculty, Alexey Sergeev.

Candidate of Economic Sciences diplomas were awarded to the Vice President, Director of the North-West macro-regional branch of PJSC Rostelecom Alexander Loginov (scientific supervisor – Doctor of Economic Sciences, Professor Vladimir Glukhov) and Acting Vice-Rector for Promising Projects Maria Vrublevskaya (scientific supervisor – Doctor of Economic Sciences, Professor Olga Kalinina).

Certificates of conferring the academic title of associate professor were received by Denis Akhmetov, Anton Barabanov, Evgeny Borisov, Victoria Vilken, Irina Karpovich, Vladimir Kochemirovsky, Irina Russkova. The certificate was also presented to the Deputy Director of the Humanitarian Institute, associate professor of the Higher School of Linguistics and Pedagogy Tatyana Nam, along with a letter of gratitude from the Governor of St. Petersburg Alexander Beglov for initiative and active civic position, significant contribution to the development of volunteer activities.

Certificates of professional and public accreditation of educational programs were received by the Director of the Institute of Industrial Management, Economics and Trade Vladimir Shchepinin (23 programs), the Director of the Civil Engineering Institute Marina Petrochenko (13 programs) and the Director of the Institute of Computer Science and Cybersecurity Dmitry Zegzhda (one program).

Advisor to the rector’s office Vitaly Drobchik, head of the department for interaction with the media Evgeny Pleshachkov, as well as specialists of the Public Relations Department Vera Fatova, Ulyana Durova and Alina Melnikova were awarded with gratitude for holding the All-Russian student Olympiad “I am a professional”.

The leadership of the Federal Security Service Directorate for Perm Krai expressed gratitude for modern forensic scientific developments and fruitful cooperation in joint work to prevent crimes against the security of the Russian Federation to the Director of the Higher School of Jurisprudence and Forensic Science Dmitry Mokhorov and Senior Lecturer Pavel Menshikov.

A letter of gratitude from the educational foundation “Talent and Success” for fruitful cooperation, professionalism and high quality of organization of educational events – participants of the programs of the educational center “Sirius” was presented to the senior lecturer of the Higher School of Media Communications and Public Relations Evgeniya Tuchkevich.

Cups and certificates for 2nd place in the absolute team championship of St. Petersburg student competitions in 2024, as well as for 1st place in the team championship were awarded to the director of the Institute of Physical Culture, Sports and Tourism Valery Sushchenko, the director of the sports club “Black Bears – Polytech” Anastasia Akatova and the leading specialist of the club Daria Khadjaridi.

Senior Lecturer of the Department of Physical Training and Sports received cups and medals for 2nd overall team place at the All-Russian student orienteering competitions Tatyana Bevza, as well as students Ulyana Bryuchko (PhysMech) and Mikhail Belyakov (IFKST).

For first place in the billiard competition “POOL-8” of the Spartakiad “Health – 2025” among teachers and employees of St. Petersburg universities, awards were given to the Director of the Higher School of Jurisprudence and Forensic Science Dmitry Mokhorov and the Head of the News Portal Department Evgeny Gusev.

The winners of the 20th All-Russian conference-competition for students and postgraduates “Current Issues of Subsoil Use” were students of the Higher School of Industrial Management of IPMEiT Anastasia Malashchitskaya and Daria Moiseenko, a student of the Civil Engineering Institute Olga Loginova (scientific supervisor – PhD, Associate Professor Vitaly Kudinov), as well as a postgraduate student of the Higher School of Engineering and Economics of PMEiT Olga Bichevaya (scientific supervisor – Svetlana Gutman).

The first issue on the agenda was summing up the results of the winter session of the 2024-2025 academic year: almost 70% of full-time students successfully passed the exams, which indicates a high level of preparation and a responsible approach to study.

More than 7,500 students will receive scholarships based on the results of the midterm assessment, which is an important incentive for further improvement and striving for academic achievements. Such positive dynamics emphasize the effectiveness of the educational process and compliance with high standards of educational quality, – said Lyudmila Vladimirovna.

She presented the positive experience of implementing the pilot program to support talented students “Leaders of Polytechnic”, launched at IMMiT: 94% of students in this program passed the session with “excellent” and “good” grades.

The program has proven its effectiveness, helping participants to reveal their abilities and achieve outstanding results, and the results serve as a vivid example of how investments in talented youth bring results, contributing not only to the personal growth of students, but also to strengthening the university’s reputation as a center of attraction for gifted and promising specialists. Such high academic performance of the program participants emphasizes the importance of personalized work with each student, taking into account their individual characteristics and needs, – noted Lyudmila Pankova.

One of the issues was the discussion of the plan for the transition to a new system for assessing learning outcomes based on individual achievements. The individual achievement system (IAS) being developed is a fundamentally new approach to assessing current monitoring of academic performance and midterm assessment. IAS will allow taking into account individual student achievements, including those outside the educational program, thereby increasing their motivation and ensuring an objective assessment of knowledge. For teachers, this is a tool for reducing routine workload, thanks to the automation of assessment processes, accounting, and recording of current control points.

Vice-Rector for Digital Transformation of SPbPU, Head of the Advanced Engineering School of SPbPU “Digital Engineering” (AES), World-class scientific center of SPbPU “Advanced digital technologies” (NCMU) Alexey Borovkov presented the key results of the implementation of the NCMU program for 2024-2024 and spoke about the scientific and technological groundwork of the strategy and program for the university’s development until 2030 and 2036.

Alexey Borovkov emphasized that the indicator of extra-budgetary financing of the world-class Scientific Center of SPbPU “Advanced Digital Technologies” is 101.7%, which is three times more than the average indicator for all scientific centers of medicine in Russia.

Speaking about significant world-class research carried out by the SPbPU NCMU “Advanced Digital Technologies”, Aleksey Ivanovich highlighted the creation of a large-scale scientific and technological reserve in the field of technology for the development and application of digital twins of products, machines, and structuresDigital platform for the development and application of digital twins CML-Bench®. Compared to traditional approaches, the development of products and goods based on digital twin technology reduces time, financial and other resource costs by ten times or more.

In conclusion, the speaker highlighted the important role of the SPbPU NCMU “Advanced Digital Technologies” in the SPbPU Technological Development Ecosystem, which ensures a balance of activities of different structures and the synergy of the best scientific technological and educational practices to achieve technological leadership, sovereignty and national security of Russia.

The scientific and technological groundwork formed by the SPbPU NCMU on the CML-Bench® digital platform is the basis for the implementation of six national projects of technological leadership, enshrined in the development strategy of the Polytechnic University until 2030. For example, the promising direction of unmanned aircraft systems directly relies on the groundwork of the SPbPU NCMU “Advanced Digital Technologies” for several projects and developments at once. At the moment, we are actively working on creating a design environment and digital certification of unmanned aircraft systems, – shared Alexey Borovkov.

In addition, at the meeting, members of the Academic Council voted to award the academic title of associate professor to Polytechnic employees: Maxim Izmailov (IPMET), Vasily Krundyshev (IKNK), Natalia Solodilova (IMMiT), Oleg Shagniev and Ilya Keresten (PISH CI Higher School of Advanced Digital Technologies).

Academic Secretary Dmitry Karpov presented the work plan of the University Academic Council for the 2nd semester of the 2024-2025 academic year and reported on monitoring the implementation of the Academic Council’s decisions.

The meeting concluded with a consideration of current issues.

Photo archive

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

February 28, 2025
MIL-OSI USA: Unique Tree Enriches UConn’s Landscape

Source: US State of Connecticut

Down a slight hill towards the West entrance of the W.B. Young Building sits a unique tree. Recently planted and already blending into the landscape, many UConn students, faculty, and staff probably walk right by without registering the young tree.

But rooted in this addition to UConn’s nationally accredited arboretum is a “forever friendship” between two emeriti faculty members, their families, and the University that served as the backdrop for much of their lives.

Sidney and Florence, Rudy and Joy

If you are at all familiar with the fields of horticulture or landscape architecture, the names Sidney Waxman and Rudy Favretti are well known to you. Both men are considered to be pioneers in their respective fields, and both called the University of Connecticut home for their professional pursuits.

Sidney Waxman, standing among his unique dwarf conifer cultivars. (UConn Photo)

They were also great friends since their graduate school days at Cornell University, where they graduated in the mid 1950s.

Sidney Waxman, born in Providence, Rhode Island in 1923, is best known for creating nearly 40 new types of dwarf conifers and trees, including the one outside the Young Building.

“This tree is a symbol of the strong friendship between Sidney, his wife Florence, Rudy, and myself,” says Joy P. Favretti, Rudy Favretti’s widow. “We had known each other at Cornell. Later when we had all gotten married and moved to Connecticut, we would watch each other’s children when they were small, and they played together here in Storrs. Rudy and Sidney appreciated each other’s work. It really was a forever friendship in so many ways.”

Waxman founded UConn’s experimental plant nursery, where he focused much of his research on developing new and interesting plants from witches’ brooms. These are abnormalities in a tree or woody plant where a cluster of shoots develop at a single point. Sometimes caused by fungus or other pathogens, the resulting deformities can look like a witch’s broom or a bird’s nest.

Waxman and his wife Florence often joined forces to collect samples as they traveled around Eastern Connecticut and the New England region.

“Florence was great at spotting the witches’ brooms,” says Joy Favretti. “Sid would hike into the woods and shoot them down with his rifle. Eventually he had to use other methods and have a crew climb up and cut them down.”

Many of Waxman’s specimens can be viewed as part of a special collection within UConn’s campus-wide arboretum.

A New Branch in UConn’s Family Tree

To say that the young tree developed by Waxman that sits outside the Young Building is special may be an understatement.

“Sid’s plants are harder and harder to find commercially, so preserving this specimen where the public can enjoy it is really special,” says Sean Vasington, University landscape architect and director of site planning with University Planning, Design & Construction.

In fact, this tree may be one of the last that Waxman ever created.

“Rudy’s Joy” may be a one-of-a-kind specimen development by Waxman. (Jason Sheldon/UConn Photo)

After Waxman’s death in 2005, his son Paul brought the one-of-a-kind specimen to the Favrettis, in accordance with his father’s wishes.

“When Paul brought the tree, it was very meaningful,” says Joy Favretti. “He told us that it originated from a witches’ broom Rudy had identified.”

With a nod to the Favrettis’ 60-plus-year romance and based on his admiration for Rudy’s immense contributions to landscape design, Waxman had named the cultivar “Rudy’s Joy.”

Beyond its sentimental story, there’s a lot that makes the little tree special from a horticultural perspective too.

The witches’ broom discovered on a Norway Maple was grafted onto a Sugar Maple, New England’s native maple. The tree is well known for its fall colors and sweet syrup. Mark Brand, the chair of UConn’s arboretum and professor of horticulture and plant breeding, is confident the tree won’t reproduce since it doesn’t seem to produce flowers or fruit.

“Sydney was smart,” says Joy Favretti. “He recognized there was a need for lower growing foundation plants, as many of the new homes being built at the time were only one story or a story and a half. The Connecticut nursery industry and many others were pleased to make them available in their nurseries.”

While there are still lots of questions surrounding what “Rudy’s Joy” will become, it is likely to be very tall, about 50 feet, and round.

Part of this uncertainty was by design. Waxman often incorporated fungus strains into his new species, which can cause unique forms to develop. For instance, “Rudy’s Joy” has unique branching and is of an unusual shape.

“Its globose form and single stem should be very distinctive as the tree matures, especially during the fall when its foliage will turn bright yellow,” says Vasington.

“It’s going to be notable and highly unusual, that is one thing we know for sure,” says Greg Anderson, professor emeritus of ecology and evolutionary biology, member of the UConn Arboretum, and friend of the Favrettis.

For the Love of the Landscape

Along with reflecting the genius of Waxman’s experiments, as it grows, “Rudy’s Joy” will be a tangible monument to the contributions Rudy Favretti made to UConn, the College of Agriculture, Health and Natural Resources (CAHNR), and the field of landscape architecture around the globe.

Rudy Favretti ’54 (CAHNR) professor emeritus of landscape architecture speaks at an event to celebrate the Great Lawn, held at the Wilbur Cross North Reading Room on Sept. 26, 2012. (Peter Morenus/UConn Photo)

Born in 1932 in Mystic, Connecticut to Italian immigrant parents, Favretti’s UConn career began as an undergrad who, in 1955, was hired as an Extension garden specialist. He would later become a professor of landscape architecture and develop UConn’s program, which was nationally accredited with his participation, guidance, and support, nearly 10 years after his departure from UConn.

“Rudy Favretti’s contributions within our field are renowned and immeasurable, but he is also a big part of UConn’s history and that of the College,” says Vasington.

While he was a devoted resident of Mansfield, his legacy goes far beyond UConn’s main campus and the surrounding area.

In 1989, Favretti retired from teaching to build a private design firm with a specialty in preservation.

Favretti’s influence can also be seen at some of the most important historic gardens in American culture. Nicknamed the “Dean of historic restoration,” Favretti served as the consulting landscape architect for the Garden Club of Virginia for 20 years, from 1978 to 1998. In this role, he conceived of and oversaw the installation of preservation and restoration projects at Monticello, Mount Vernon, and Montpelier, some of Colonial America’s most important landmarks.

His contribution has had such an impact on the field of landscape architecture that he was inducted as a Fellow of the American Society of Landscape Architects in 1992, and his collected works are stored in the Smithsonian Institute’s Archives of American Gardens Collections and in UConn’s Dodd Center for Special Collections and Archives.

During his “retirement,” Favretti found time to serve as head of the Mansfield Planning & Zoning Committee and published books for the Mansfield Historical Society dealing with the history of each of the original town school districts.

“Rudy’s love of learning and sharing that love with others never stopped,” says Anderson.

UConn Homecoming

In the months leading up to Favretti’s passing, the arboretum committee and the University had hoped to record and honor his contribution to UConn. Unfortunately, a scheduled interview that would have allowed Favretti to speak personally about his beloved university and field of landscape architecture wouldn’t come to pass.

But his friends, colleagues, and wife Joy kept thinking of a way to honor these “forever friends.”

In the summer of 2023, Joy offered to donate “Rudy’s Joy” to UConn as a memorial and to have it moved to an appropriate spot on campus for planting. So, in November 2023 the special tree was moved by one of Rudy’s former students from its overcrowded place in the Favretti garden to a welcoming spot where it can grow and develop on UConn’s Storrs campus. Here, the tree looks across to the College of Agriculture, Health and Natural Resources, where both Waxman and Favretti devoted so much of their energy and intellect.

“Here, in this spot, it is a fitting memorial to our forever friendship,” says Joy Favretti.

MIL OSI USA News –

February 28, 2025
MIL-OSI: TRC Amends Its Tender Offer for Lamb Weston Holdings, Inc.

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — TRC Capital Investment Corporation (TRC) announced today that based on current market conditions, TRC has amended the terms of its tender offer for up to 2,000,000 common shares of Lamb Weston Holdings, Inc. (the Company) and has decreased the offer price payable to US$51.00 per share from US$55.95 per share.

TRC also announced that its offer will still expire at one minute after 11:59 p.m. New York City time on March 13, 2025, unless further extended.

As of close of business on Wednesday, February 26, 2025, no shares had been tendered.

TRC will accept for payment and will pay for all shares validly tendered prior to the expiration date and not properly withdrawn in accordance with the terms of the offer. TRC will not be required to accept for payment or pay for any shares and may terminate the offer if certain conditions which, in the reasonable judgment of TRC in any such case, makes it inadvisable to proceed with the offer or with such acceptance for payment or payment.

Stockholders of the Company who have already tendered their shares and have not withdrawn such shares need not take any additional action with respect to TRC’s amended tender offer. These stockholders will receive the decreased offer price of US$51.00 per share in TRC’s tender offer.

TRC has amended its tender offer materials to reflect the decreased offer price and other relevant changes.

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SHARES. THE SOLICITATION AND THE OFFER TO BUY THE COMPANY’S SHARES WILL ONLY BE MADE PURSUANT TO THE OFFER TO PURCHASE AND RELATED MATERIALS, AS SUCH DOCUMENTS ARE SUPPLEMENTED AND AMENDED. STOCKHOLDERS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. STOCKHOLDERS CAN OBTAIN A COPY OF THE OFFER TO PURCHASE AND RELATED MATERIALS WITH RESPECT TO THE TENDER OFFER BY CONTACTING THE INFORMATION AGENT FOR THE OFFER, CNRA FINANCIAL SERVICES INC. AT (416) 861-9446.

TRC Capital Investment Corporation is a private investment corporation that manages a diverse investment portfolio.

For further information, contact:

Contact: Lorne H. Albaum, President
Phone: (416) 304-1474

The MIL Network –

February 28, 2025
MIL-OSI United Kingdom: Council led teamwork helps to keep rough sleeper levels down across city

Source: City of Wolverhampton

The data snapshot – taken once a year and based on one night – puts rough sleeper levels in Wolverhampton at 8.

The Ministry for Housing, Communities and Local Government has published the latest figures following a count in October 2024. It shows Wolverhampton has fewer rough sleepers than most cities in the country and one of the lowest levels in the region.

Across England the number of people estimated to be sleeping rough on a single night in autumn 2024 was 4,667. This has risen for the third year in a row, increasing 20% since 2023. The West Midlands region saw a 35% increase in rough sleepers in 2024 compared to 2023, according to the single night figures.

City of Wolverhampton Council heads a multi agency approach with the P3 Charity, Good Shepherd Wolverhampton, Wolverhampton BID, Wolverhampton Homes, Recovery Near You, West Midlands Police and others.

Support offered by partner agencies not only addresses housing issues but also helps with reducing debts, improving skills, controlling substance use and managing mental and physical health issues. All those identified as rough sleeping during the count were offered support, including accommodation.

Councillor Steve Evans, Deputy Leader and Cabinet Member for City Housing at City of Wolverhampton Council, said: “The low figures are a testament to work that goes into supporting our most vulnerable people all year round.

“Our revised 5 year Homelessness Prevention Strategy underpins our commitment, through a joined up approach, to ensuring no-one is left behind.

“We will build on partnership work to tackle the root causes of homelessness while working to deliver good homes in well connected neighbourhoods that support strong families where children grow up well and achieve their full potential.”

Councillor Jasbir Jaspal, City of Wolverhampton Council Cabinet Member for Adults and Wellbeing, said: “People who sleep rough also often have complex and multiple health and care needs. An important part of our work in this area is to help people improve their health and social wellbeing, supporting them to find long term solutions and break the cycle.”

P3 Charity Head of Support & Community Services, Sam Bailey, said: “We’re proud of the collective difference we’ve made to rough sleeping in Wolverhampton, but we can’t rest on our laurels.

“In collaboration with our partners, we’ll continue the exceptional, people centric approach that we’re known for, ensuring our interventions are effective and long lasting. Our commitment continues until we’re confident there is no longer anyone in Wolverhampton who needs to spend a night on the streets.”

For details on how to contact support services to help those experiencing rough sleeping, visit Rough sleeping, P3 Charity or Street Support Network – Find Help.

Donate online via JustGiving or by using the charity’s tap and go points in Railway Drive or Victoria Square.

Concerned about someone sleeping rough? Visit StreetLink.

For help with the cost of living visit Cost of Living Support.

MIL OSI United Kingdom –

February 28, 2025
MIL-OSI: Infinidat’s James “JT” Lewis Recognized As a 2025 CRN® Channel Leader for EMEA and APAC

Source: GlobeNewswire (MIL-OSI)

WALTHAM, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) — Infinidat, a leading provider of enterprise storage solutions, today announced that CRN^®, a brand of The Channel Company, has named James “JT” Lewis, Infinidat’s Director of Channel Sales for EMEA and APJ, and Regional Sales Director for DACH and France, a 2025 CRN^® Channel Leader for EMEA and APAC. This is the second consecutive year that JT Lewis is recognized by CRN as a regional Channel Leader.

This CRN Channel Leaders list recognizes IT vendor and distribution executives who lead channel strategies for their organizations and drive innovations across channel initiatives in EMEA and APAC. The annual list honors channel leaders who are dedicated to building and evolving strategies that drive success for their channel partners and customers. As a highly respected Infinidat channel sales leader, Lewis strategically sets the channel agenda across the regions.

“At Infinidat, we empower our channel partners to find and capitalize on new sales opportunities in the enterprise market. A focus on pursuing new customer accounts, embracing the use cases where we excel, and leveraging Infinidat’s award-winning differentiation is key to the growth of our partners’ businesses,” said JT Lewis, who provides channel sales leadership for both EMEA and APJ. “Not only is Infinidat’s Partner Program comprehensive, compelling and competitive, but we hold ourselves to the highest standard to provide unmatched white glove support to our partners. We make it easy to do business with Infinidat, and I predict our partners will increase their revenues in 2025 when they share this focus with us as a trusted partner.”

Lewis is responsible for all of Infinidat’s sales activities through the channel, leading the way for further strategic growth in both EMEA and APJ. His role was expanded in July 2024 with a promotion because of his success in the channel. In his role as Channel Director, EMEA and APJ, he has been instrumental in successfully growing Infinidat’s business in these regions and increasing channel engagement, building a strong ecosystem of dedicated channel partners. Lewis drove new enhancements to the company’s Partner Program for EMEA and APJ in 2024 to augment the experience that channel partners have with Infinidat. Enhancements included new tiering levels for partners, an enhanced deal registration process, new backend rebates, and redesigned criteria for MDF.

Lewis, who joined Infinidat in 2022 to head up channel sales for the company in EMEA and APJ, has extensive channel expertise and experience. Prior to Infinidat, he worked for Data Interchange as head of channel sales and was the strategy and growth officer for Altdata Technology Solutions, focusing on the cybersecurity market. He spent 15 years at EMC and RSA, based in London and Frankfurt, where he built up comprehensive experience in the recruitment, enablement, and leadership of channel partners and distributors.

“The leaders we honor this year reimagine what’s possible in the channel and consistently deliver best-in-class programs that drive results for solution providers across EMEA,” said Victoria Pavlova, Editor, CRN UK, at The Channel Company. “Their ability to forge meaningful partnerships and craft dynamic strategies is transformative for providers and the channel. It’s a privilege to recognize their groundbreaking contributions and celebrate their role in shaping the future of the channel.”

Recognized for the positive difference that he has made for channel partners since joining Infinidat, Lewis was one of CRN’s Regional Channel Chiefs last year when CRN UK launched their inaugural Regional Channel Chiefs list, which covers EMEA and APAC channel leaders. The 2025 accolade for Lewis expands recognition of him in APAC as well.

CRN’s 2025 Channel Leaders list is available at CRN UK.

About The Channel Company
The Channel Company (TCC) is the global leader in channel growth for the world’s top technology brands. We accelerate success across strategic channels for tech vendors, solution providers, and end users with premier media brands, integrated marketing and event services, strategic consulting, and exclusive market and audience insights. TCC is a portfolio company of investment funds managed by EagleTree Capital, a New York City-based private equity firm. For more information, visit thechannelco.com.

About Infinidat
Infinidat provides enterprises and service providers with a platform-native primary and secondary storage architecture that delivers comprehensive data services based on InfiniVerse^®. This unique platform delivers outstanding IT operating benefits, support for modern workloads across on-premises and hybrid multi-cloud environments. Infinidat’s cyber resilient-by-design infrastructure, consumption-based performance, 100% availability, and cyber security guaranteed SLAs align with enterprise IT and business priorities. Infinidat’s award-winning platform-native data services and acclaimed white glove service are continuously recommended by customers, as recognized by Gartner^® Peer Insights reviews. For more information, visit www.infinidat.com.

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Media Contact
Infinidat
Sapna Capoor
Director of Global Communications
scapoor@infinidat.com I Mobile: +44 (0) 7789684159

The MIL Network –

February 28, 2025
MIL-OSI: Lingokids Introduces “Theater” Mode: A Safe, Ad-Free Video Experience for Kids
Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Lingokids, the #1 learning app for kids, has introduced a new feature, Theater, in selected markets. This dedicated space within the app offers a curated, ad-free video experience designed to provide children with high-quality educational and entertaining content.

Previously known as Video Mode, this new Mode of Use “Theater” is now completely available for all users in Canada, Australia, Singapore, and Colombia, where families can explore a library of engaging videos tailored to support early learning and development.

A Safe and Educational Alternative to Streaming Platforms

Lingokids Theater is designed as a safe and controlled environment where young learners can access age-appropriate content created by educators. The feature includes:
- Animated stories, songs, and puppetry that introduce key early learning concepts in a fun and engaging way.
- Activity-based videos such as drawing, dance, yoga, and interactive storytelling that encourage creativity and self-expression.
- Educational video series developed to reinforce cognitive, social, and emotional skills.
Unlike traditional streaming platforms, Lingokids Theater ensures a 100% ad-free experience, prioritizing a safe and educational space that aligns with parents’ expectations for quality screen time.

“Our goal is to offer families a dedicated space where children can enjoy enriching, educational content in a safe and engaging way,” said Rhona Anne Dick, Education & Child Development Lead at Lingokids. “Theater is designed to complement our Playlearning™ approach, giving young learners access to a variety of carefully selected videos that entertain while reinforcing important skills.”

Currently, Theater is available only in these selected test markets within the Lingokids app. Further updates regarding its availability in other regions will be announced in the future.

About Lingokids

Lingokids is an innovative educational platform committed to reimagining early learning. By integrating traditional education with essential life skills, Lingokids’ Playlearning™ approach places children at the heart of an expansive educational ecosystem. Through +2,000 interactive activities across various media formats, the app empowers children to navigate topics such as engineering, empathy, literacy, and resilience. Lingokids is dedicated to preparing children for a well-rounded future that balances academic excellence with personal growth.

For more information about Lingokids and its educational offerings, visit www.lingokids.com and follow us on social media @Lingokids.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d336fb6b-8c74-4e04-a691-31e7b2c5019a

The MIL Network –
February 28, 2025
MIL-OSI USA: Large Fire Footprint on Faraway Amsterdam Island

Source: NASA

On the afternoon of January 15, 2025, a wildfire broke out on the northern end of Amsterdam Island. The island occupies a remote spot in the southern Indian Ocean between Australia, Antarctica, and Africa. Part of the French Southern and Antarctic Lands and a UNESCO World Heritage site, it is home to large marine mammal and bird populations, rare plant life, and a research station important for monitoring Earth’s atmosphere.
By February 9, when the OLI-2 (Operational Land Imager-2) on Landsat 9 acquired these images, the fire had burned a considerable portion of the 54-square-kilometer (21-square-mile) island. The image on the right is shown in false color to help distinguish between burned (brown) and healthy vegetation (green). The image on the left shows the same scene in natural color.
Burned areas form a thick ring around most of the island’s perimeter. Based on mapping by the Copernicus Emergency Management Service, the fire’s footprint spanned nearly 30 square kilometers—more than half of the island. The cause of the fire was unknown as of early February.
The fire started a few kilometers away from the Martin-de-Viviès research facility amid dry, windy conditions that helped it spread, according to a French Southern and Antarctic Lands (TAAF) news release. At daybreak the next morning, the 31 people stationed at Martin-de-Viviès evacuated safely to a nearby lobster fishing vessel. They were transferred to a TAAF ship a couple days later.

News reports have noted concern for the island’s distinct vegetation and abundant wildlife, although the fire’s effects on the ecosystem have yet to be assessed. Amsterdam Island is one of the few places in the world where the endangered Phylica arborea shrub grows. The speck of land also supports the world’s largest Atlantic yellow-nosed albatross population, the only Amsterdam albatross population, and colonies of elephant and fur seals.
Scientific research operations on Amsterdam are notable for including long-term monitoring of greenhouse gas concentrations in the atmosphere. These observations are made atop a cliff near the Martin-de-Viviès research station. Some of the power, water, and communications infrastructure at Martin-de-Viviès was damaged in the fire, according to a TAAF news release on January 29.

The island produced interesting atmospheric phenomena of its own as the fire burned. The VIIRS (Visible Infrared Imaging Radiometer Suite) on the Suomi NPP satellite captured this image of cloud bands and smoke downwind of the landmass on January 28.
“What you see at Amsterdam Island is a perfect example of a mountain wave effect,” said Galina Wind, atmospheric scientist at NASA’s Goddard Space Flight Center. This phenomenon occurs when winds blow through a stable atmosphere and encounter a barrier—in this case, Amsterdam Island jutting up 881 meters (2,890 feet) from the sea. The disturbance sets off vertical ripples in the air, where clouds form at the cooler wave crests and not in the warmer troughs.
A faint plume of wildfire smoke also trails to the lee side of the island, entrained with the eddies, Wind noted. If the smoke were brighter, she said, it might be visible forming a similar wave pattern.
“Because the air is otherwise very stable with very little convection,” Wind said, “this pattern is being transported wholesale by the general circulation far away from the island.” Mountain-wave clouds extended over 300 kilometers (200 miles) on this day—even beyond the scope of the image above.
NASA Earth Observatory images by Wanmei Liang, using Landsat data from the U.S. Geological Survey, VIIRS data from NASA EOSDIS LANCE, GIBS/Worldview, and the Suomi National Polar-orbiting Partnership, and MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Photo of yellow-nosed albatross on Amsterdam Island by Antoine Lamielle. Story by Lindsey Doermann.

MIL OSI USA News –

February 28, 2025
MIL-OSI Asia-Pac: Union Minister for Commerce and Industry, Shri Piyush Goyal, inaugurates ‘Bharat Calling Conference 2025’ organized by IMC Chamber of Commerce and Industry

Source: Government of India (2)

Union Minister for Commerce and Industry, Shri Piyush Goyal, inaugurates ‘Bharat Calling Conference 2025’ organized by IMC Chamber of Commerce and Industry

Quality Management and Handholding of Small Business, Sustainability, Inclusive Growth, Skill Development, Competitiveness and Efficiency to be enablers for Viksit Bharat 2047: Shri. Piyush Goyal

Posted On: 27 FEB 2025 3:20PM by PIB Mumbai

: Mumbai, February 27, 2025

Union Minister for Commerce and Industry, Shri Piyush Goyal, inaugurated ‘Bharat Calling Conference 2025’ organized by IMC Chamber of Commerce and Industry in Mumbai today. The Union Minister was the keynote speaker in the conference on the theme ‘Path to Viksit Bharat 2047: Pioneering Prosperity for All’. The conference highlights how India stands at the forefront of global economic growth, offering unparalleled opportunities for investment across diverse sectors. With a robust and resilient economy, a large and dynamic consumer market and a Government committed to fostering business-friendly policies, India is poised to become one of the world’s leading investment destinations.

Delivering the keynote address, Shri Piyush Goyal stated that there are huge opportunities unfurling in a country of 1.4 billion people, many of whom are aspirational young people. There is a deep commitment towards manufacturing, skill development, innovation, as advocated by the Prime Minister himself, which truly makes India as the world’s emerging investment destination. Various strategic initiatives of the Government of India, including Make in India, Digital India, Startup India, Swacch Bharat and Atmanirbhar Bharat, have collectively prepared the mindset of the nation to be resilient, self-sufficient and become a bigger player in the global trade, even as the the country’s economy is transformed in the Amrit Kaal of the coming two decades leading up to 2047. “We are collectively committed to bring about a prosperous and developed India”, he added.

Union Commerce and Industry Minister Shri Goyal further said that India cannot become a developed nation if it does not open up its businesses for international trade. In this context, he named five key enablers for bringing about Viksit Bharat@2047, namely Quality Management and Handholding of Small Business, Sustainability, Inclusive Growth, Skill Development and Competitiveness and Efficiency.

Shri Goyal stated that India is at the crux of a quality revolution. He said that quality has been the biggest casualty in our country in the past and urged that it is time for businesses to adopt modern quality standards and ensure that our ecosystem is trained towards good quality and follow good manufacturing practices. There are around 700 quality control orders in the country, he informed. Advocating for quality control by business chambers like IMC would be a great service to the nation, he added. Shri Goyal further said, adopting and handholding small businesses by the big players of a business for quality control and upgrading their manufacturing practices is also very important.

Speaking about sustainability, he said that it is another important aspect in trade and commerce. Indian ethos traditionally reflect consciousness for sustainability for thousands of years, he added. It is important to recognize sustainability as a challenge in present times, which along with energy efficiency should be a focus area for businesses. He further said development cannot happen if there is no inclusive growth in the country, for which targeted interventions like ease of living initiatives for various communities and infrastructure development across the country has been taken up by the government. The Union Commerce and Industry Minister urged that businesses will also have to cater to the agenda of inclusive development through better CSR initiatives.

Shri Goyal stated that skill-building initiatives for the people will add more jobs and make our economy stronger. In this context, he stated that two more skill development centres are coming up in North Mumbai, after the launch of the first state-of-the-art skill centre in Mumbai’s Kandivali area last year.

Shri Goyal also urged that increasing efficiency and competitiveness is the need of the hour. Businesses should thrive on competitive strength and engage with the world with confidence, instead of depending on the Government for subsidies, support, incentives and so on, he added. He further said that competitiveness in an industry also depends on its capacity building for innovation, upgrading manufacturing practices, skillsets and efficiency.

Dignitaries present on the occasion included Ms. Rosslyn Bates, Minister for Finance, Trade, Employment and Training, Queensland, Australia and President, IMC Chamber of Commerce and Industry, Shri. Sanjaya Mariwala among others.

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MIL OSI Asia Pacific News –

February 28, 2025
MIL-OSI Asia-Pac: Flower Show to adorn Victoria Park with theme flower cosmos from March 14 (with photos)

Source: Hong Kong Government special administrative region

Flower Show to adorn Victoria Park with theme flower cosmos from March 14 (with photos)
Flower Show to adorn Victoria Park with theme flower cosmos from March 14 (with photos)
***************************************************************************************

This year’s Hong Kong Flower Show (HKFS) will be held at Victoria Park for 10 days from March 14 to 23, running from 9am to 9pm daily, featuring the richly coloured cosmos as its theme flower and “Ablaze with Glory” as the theme. With veil-thin petals that flutter in a light breeze, cosmos exudes a gentle and charming vibe. Symbolising tenacity and bliss, the blooming flowers of vigorous cosmos will bring exuberance and vitality to the show. Native to Mexico, cosmos is an annual herbaceous member of the Asteraceae family. Through years of natural propagation and artificial hybridisation, cosmos has produced many variants and cultivars, including distinctive ones with curled or ligulate florets and double-petal flower heads. Cosmos is highly adaptable to various climates and soils and can even thrive in poor soil conditions. Cosmos has large and beautiful flowers. The flowering period is as long as several months. The flowers come in an array of vibrant colours, ranging from pure floral colours such as lavender, fuchsia, magenta, pink and white to special species with colours in two-tone, picotee, stripes and inner halo. The colourful and vigorous cosmos, with its long-lasting flowering period, is easy to cultivate and maintain. It is therefore a desirable material used in roadside planting, decorating flowerbeds and flower arrangements. Apart from being adornments, cosmos has culinary and medicinal uses. The entire plant can be used in traditional Chinese medicine to clear heat and toxins, while its tender shoots and leaves are served as delicacies across Southeast Asia. In addition to this year’s theme flower and other flowering plants, the event will showcase a large collection of exquisite potted plants, beautiful floral arrangements and well-crafted landscape displays by local, Mainland and overseas organisations. There will also be commercial stalls selling flowers and horticultural products. A wide variety of educational and recreational fringe activities will also be provided for the enjoyment of visitors of all ages. For more details about the HKFS and its admission fee arrangements, please visit the webpage at www.hkflowershow.hk/en/hkfs/2025/index.html or call 2601 8260 for enquiries. The HKFS is organised by the Leisure and Cultural Services Department. The Hong Kong Jockey Club Charities Trust is supporting the flower show for the 13th consecutive year and has been its major sponsor since 2014.

Ends/Thursday, February 27, 2025Issued at HKT 17:15

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MIL OSI Asia Pacific News –

February 28, 2025
MIL-OSI Asia-Pac: Flower show to feature cosmos

Source: Hong Kong Information Services

The Hong Kong Flower Show, themed “Ablaze with Glory”, will be held at Victoria Park from March 14 to 23 at 9am to 9pm daily, with cosmos as the theme flower.

Native to Mexico, cosmos are an annual herbaceous member of the Asteraceae family. Through years of natural propagation and artificial hybridisation, the flower has produced many variants and cultivars.

Cosmos are highly adaptable to various climates and soils, and can even thrive in poor soil conditions. With beautiful, large flowers and a long-lasting flowering period, they are a desirable material for roadside planting, flowerbeds and flower arrangements. Apart from being adornments, cosmos also have culinary and medicinal uses.

In addition to this year’s theme flower and other flowering plants, the flower show will showcase a large collection of potted plants, floral arrangements and landscape displays by local, Mainland and overseas organisations. There will also be stalls selling flowers and horticultural products as well as recreational fringe activities for the enjoyment of visitors of all ages.

MIL OSI Asia Pacific News –

February 28, 2025

MIL-OSI: Outbrain Announces Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reports another quarter of accelerated growth and profitability, achieved Q4 guidance on Ex TAC gross profit and Adjusted EBITDA, and generated strong cash flow

Closed acquisition of Teads in February 2025; Combined company operating under the name Teads

NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (Nasdaq: OB), which is operating under the new Teads brand, announced today financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter and Full Year 2024 Key Financial Metrics:

	Three Months Ended December 31,								Twelve Months Ended December 31,
(in millions USD)		2024			2023	% Change				2024			2023		% Change
Revenue	$	234.6		$	248.2		(5	)%	$	889.9		$	935.8			(5	)%
Gross profit		56.1			53.2		5	%		192.1			184.8			4	%
Net (loss) income		(0.2	)		4.1		(104	)%		(0.7	)		10.2			(107	)%
Net cash provided by operating activities		42.7			25.5		67	%		68.6			13.7			399	%

Non-GAAP Financial Data*
Ex-TAC gross profit		68.3			63.8		7	%		236.1			227.4			4	%
Adjusted EBITDA		17.0			14.0		21	%		37.3			28.5			31	%
Adjusted net income (loss)		3.5			4.3		(20	)%		4.1			(3.9	)		205	%
Free cash flow		37.6			21.0		79	%		51.3			(6.5	)	NM

_____________________________

NM Not meaningful

* See non-GAAP reconciliations below

“Continued momentum in our growth areas helped drive accelerated growth and profitability, with a record level of cash flow” said David Kostman, CEO of Outbrain.

“A few weeks post closing of our merger with Teads, I am even more excited about combining the category-leading branding and performance capabilities of Outbrain and Teads into one of the largest Open Internet platforms. We believe the new Teads will better serve enterprise brands and agencies, as well as mid-market and direct response advertisers, by delivering elevated outcomes from branding to performance across curated, quality media environments from digital to CTV,” added Kostman.

Recent Developments

On February 3, 2025, we completed the acquisition of Teads, for total value of approximately $900 million, comprised of $625 million in cash and 43.75 million shares of Outbrain common stock. The combined company will operate under the name Teads.

In connection with the acquisition:

On February 3, 2025, entered into a credit agreement with Goldman Sachs Bank, U.S. Bank Trust Company, and certain other lenders, which provided, among other things, for a new $100.0 million super senior secured revolving credit facility maturing on February 3, 2030, which may be used for working capital and other general corporate purposes.
On February 11, 2025, completed the private offering of $637.5 million in aggregate principal amount of 10.0% senior secured notes due 2030 at an issue price of 98.087% of the principal amount in a transaction exempt from registration. The proceeds were used, together with cash on hand, to repay in full and cancel a bridge credit facility used to finance the cash consideration paid at closing.
Terminated the existing revolving credit facility with the Silicon Valley Bank, a division of First Citizens Bank & Trust Company, dated as of November 2, 2021.
We expect to realize approximately $65 million to $75 million of annual synergies in 2026 with further opportunities for expanded synergies. Of this amount, approximately $60 million relates to cost synergies, including approximately $45 million of compensation-related expenses, with approximately 70% of the estimated compensation-related synergies already actioned in February.

Fourth Quarter 2024 Business Highlights:

Continued acceleration of year-over-year growth of Ex-TAC gross profit, improvement in Ex-TAC gross margin, and growth in Adjusted EBITDA.
Fifth consecutive quarter of year-over-year RPM growth.
Strong initial reception of our Moments offering, launched in Q3 and live on over 40 publishers, including New York Post, NewsCorp Australia, RTL and Rolling Stone.
Continued growth in advertiser spend on Outbrain DSP (previously known as Zemanta), by approximately 45% in FY 2024, as compared to the prior year.
Continued supply expansion outside of traditional feed product representing approximately 30% of our revenue in Q4 2024, versus 26% in Q4 2023.
Premium supply competitive wins include Penske Media (US) and Prensa Ibérica (Spain), and renewals including Spiegel (Germany), Il Messaggero (Italy), and Grape (Japan).

Fourth Quarter 2024 Financial Highlights:

Revenue of $234.6 million, a decrease of $13.6 million, or 5%, compared to $248.2 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.8 million.
Gross profit of $56.1 million, an increase of $2.9 million, or 5%, compared to $53.2 million in the prior year period. Gross margin increased 250 basis points to 23.9%, compared to 21.4% in the prior year period.
Ex-TAC gross profit of $68.3 million, an increase of $4.5 million, or 7%, compared to $63.8 million in the prior year period, as lower revenue was more than offset by our Ex-TAC gross margin improvement of approximately 340 basis points to 29.1%, compared to 25.7% in the prior year period.
Net loss of $0.2 million, compared to net income of $4.1 million in the prior year period. Net loss in the current period includes acquisition-related costs of $3.6 million, net of taxes.
Adjusted net income of $3.5 million, compared to adjusted net income of $4.3 million in the prior year period.
Adjusted EBITDA of $17.0 million, compared to Adjusted EBITDA of $14.0 million in the prior year period. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $0.8 million.
Generated net cash provided by operating activities of $42.7 million, compared to $25.5 million in the prior year period. Free cash flow was $37.6 million, as compared to $21.0 million in the prior year period.
Cash, cash equivalents and investments in marketable securities were $166.1 million, comprised of cash and cash equivalents of $89.1 million and short-term investments in marketable securities of $77.0 million as of December 31, 2024.

Full Year 2024 Financial Results:

Revenue of $889.9 million, a decrease of $45.9 million, or 5%, compared to $935.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $2.4 million.
Gross profit of $192.1 million, an increase of $7.3 million, or 4%, compared to $184.8 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million. Gross margin increased 190 basis points to 21.6% in 2024, compared to 19.7% in 2023.
Ex-TAC gross profit of $236.1 million, an increase of $8.7 million, or 4%, compared to $227.4 million in the prior year period, including net unfavorable foreign currency effects of approximately $1.3 million.
Net loss of $0.7 million, including net one-time expenses of $4.8 million, compared to net income of $10.2 million, including net one-time benefits of $14.1 million in the prior year. See non-GAAP reconciliations below for details of one-time items.
Adjusted net income of $4.1 million, compared to adjusted net loss of $3.9 million in the prior year.
Adjusted EBITDA of $37.3 million, compared to $28.5 million in the prior year. Adjusted EBITDA included net unfavorable foreign currency effects of approximately $1.2 million.
Generated net cash provided by operating activities of $68.6 million, compared to net cash provided $13.7 million in the prior year. Free cash flow was $51.3 million, compared to a use of cash of $6.5 million in the prior year.

Share Repurchases:

There were no share repurchases during the three months ended December 31, 2024. During the twelve months ended December 31, 2024, we repurchased 1,410,001 shares for $5.8 million, including related costs, under our $30 million stock repurchase program authorized in December 2022. The remaining availability under the repurchase program was $6.6 million as of December 31, 2024.

2025 Full Year and First Quarter Guidance

The following forward-looking statements reflect our expectations for 2025, including the contribution from Teads.

For the first quarter ending March 31, 2025, which includes the results for the legacy Outbrain business plus the addition of operating results for legacy Teads beginning on February 3, 2025, we expect:

Ex-TAC gross profit of $100 million to $105 million
Adjusted EBITDA of $8 million to $12 million

For the full year ending December 31, 2025, we expect:

Adjusted EBITDA of at least $180 million

The above measures are forward-looking non-GAAP financial measures for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. See “Non-GAAP Financial Measures” below. In addition, our guidance is subject to risks and uncertainties, as outlined below in this release.

Conference Call and Webcast Information

Outbrain will host an investor conference call this morning, Thursday, February 27 at 8:30 am ET. Interested parties are invited to listen to the conference call which can be accessed live by phone by dialing 1-877-497-9071 or for international callers, 1-201-689-8727. A replay will be available two hours after the call and can be accessed by dialing 1-877-660-6853, or for international callers, 1-201-612-7415. The passcode for the live call and the replay is 13750872. The replay will be available until March 13, 2025. Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the Investors Relations section of the Company’s website at https://investors.outbrain.com. The online replay will be available for a limited time shortly following the call.

Non-GAAP Financial Measures

In addition to GAAP performance measures, we use the following supplemental non-GAAP financial measures to evaluate our business, measure our performance, identify trends, and allocate our resources: Ex-TAC gross profit, Ex-TAC gross margin, Adjusted EBITDA, free cash flow, adjusted net income (loss), and adjusted diluted EPS. These non-GAAP financial measures are defined and reconciled to the corresponding GAAP measures below. These non-GAAP financial measures are subject to significant limitations, including those we identify below. In addition, other companies in our industry may define these measures differently, which may reduce their usefulness as comparative measures. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue, gross profit, net income (loss), diluted EPS, or cash flows from operating activities presented in accordance with U.S. GAAP.

Because we are a global company, the comparability of our operating results is affected by foreign exchange fluctuations. We calculate certain constant currency measures and foreign currency impacts by translating the current year’s reported amounts into comparable amounts using the prior year’s exchange rates. All constant currency financial information that may be presented is non-GAAP and should be used as a supplement to our reported operating results. We believe that this information is helpful to our management and investors to assess our operating performance on a comparable basis. However, these measures are not intended to replace amounts presented in accordance with GAAP and may be different from similar measures calculated by other companies.

The Company is also providing fourth quarter and full year guidance. These forward-looking non-GAAP financial measures are calculated based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. The Company has not provided quantitative reconciliations of these forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures because it is unable, without unreasonable effort, to predict with reasonable certainty the occurrence or amount of all excluded items that may arise during the forward-looking period, which can be dependent on future events that may not be reliably predicted. Such excluded items could be material to the reported results individually or in the aggregate.

Ex-TAC Gross Profit

Ex-TAC gross profit is a non-GAAP financial measure. Gross profit is the most comparable GAAP measure. In calculating Ex-TAC gross profit, we add back other cost of revenue to gross profit. Ex-TAC gross profit may fluctuate in the future due to various factors, including, but not limited to, seasonality and changes in the number of media partners and advertisers, advertiser demand or user engagements.

We present Ex-TAC gross profit, Ex-TAC gross margin (calculated as Ex-TAC gross profit as a percentage of revenue), and Adjusted EBITDA as a percentage of Ex-TAC gross profit, because they are key profitability measures used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans, and make strategic decisions regarding the allocation of capital. Accordingly, we believe that these measures provide information to investors and the market in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations on the use of Ex-TAC gross profit in that traffic acquisition cost is a significant component of our total cost of revenue but not the only component and, by definition, Ex-TAC gross profit presented for any period will be higher than gross profit for that period. A potential limitation of this non-GAAP financial measure is that other companies, including companies in our industry, which have a similar business, may define Ex-TAC gross profit differently, which may make comparisons difficult. As a result, this information should be considered as supplemental in nature and is not meant as a substitute for revenue or gross profit presented in accordance with U.S. GAAP.

Adjusted EBITDA

We define Adjusted EBITDA as net income (loss) before gain on convertible debt; interest expense; interest income and other income (expense), net; provision for income taxes; depreciation and amortization; stock-based compensation; and other income or expenses that we do not consider indicative of our core operating performance, including but not limited to, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. We present Adjusted EBITDA as a supplemental performance measure because it is a key profitability measure used by our management and board of directors to understand and evaluate our operating performance and trends, develop short-term and long-term operational plans and make strategic decisions regarding the allocation of capital, and we believe it facilitates operating performance comparisons from period to period.

We believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. However, our calculation of Adjusted EBITDA is not necessarily comparable to non-GAAP information of other companies. Adjusted EBITDA should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted EPS

Adjusted net income (loss) is a non-GAAP financial measure, which is defined as net income (loss) excluding items that we do not consider indicative of our core operating performance, including but not limited to gain on convertible debt, merger and acquisition costs, regulatory matter costs, and severance costs related to our cost saving initiatives. Adjusted net income (loss), as defined above, is also presented on a per diluted share basis. We present adjusted net income (loss) and adjusted diluted EPS as supplemental performance measures because we believe they facilitate performance comparisons from period to period. However, adjusted net income (loss) or adjusted diluted EPS should not be considered in isolation or as a substitute for net income (loss) or diluted earnings per share reported in accordance with U.S. GAAP.

Free Cash Flow

Free cash flow is defined as cash flow provided by (used in) operating activities less capital expenditures and capitalized software development costs. Free cash flow is a supplementary measure used by our management and board of directors to evaluate our ability to generate cash and we believe it allows for a more complete analysis of our available cash flows. Free cash flow should be considered as a supplemental measure and should not be considered in isolation or as a substitute for any measures of our financial performance that are calculated and reported in accordance with U.S. GAAP.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements may include, without limitation, statements generally relating to possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives, and statements relating to our recently completed acquisition of Teads S.A., a public limited liability company(société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg (“Teads”). You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “guidance,” “outlook,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “foresee,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions or are not statements of historical fact. We have based these forward- looking statements largely on our expectations and projections regarding future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors including, but not limited to: the ability of Outbrain to successfully integrate Teads or manage the combined business effectively; our ability to realize anticipated benefits and synergies of the acquisition, including, among other things, operating efficiencies, revenue synergies and other cost savings; our due diligence investigation of Teads may be inadequate or risks related to Teads’ business may materialize; unexpected costs, charges or expenses resulting from the acquisition; the outcome of any securities litigation, stockholder derivative or other litigation related to the acquisition; our ability to raise additional financing in the future to fund our operations, which may not be available to us on favorable terms or at all; the volatility of the market price of our common stock and any drop in the market price of our common stock following the acquisition; our ability to attract and retain customers, management and other key personnel; overall advertising demand and traffic generated by our media partners; factors that affect advertising demand and spending, such as the continuation or worsening of unfavorable economic or business conditions or downturns, instability or volatility in financial markets, and other events or factors outside of our control, such as U.S. and global recession concerns, geopolitical concerns, including the ongoing war between Ukraine-Russia and conditions in Israel and the Middle East, tariffs and trade wars, supply chain issues, inflationary pressures, labor market volatility, bank closures or disruptions, the impact of challenging economic conditions, political and policy changes or uncertainties in connection with the new U.S. presidential administration, and other factors that have and may further impact advertisers’ ability to pay; our ability to continue to innovate, and adoption by our advertisers and media partners of our expanding solutions; the success of our sales and marketing investments, which may require significant investments and may involve long sales cycles; our ability to grow our business and manage growth effectively; our ability to compete effectively against current and future competitors; the loss or decline of one or more of our large media partners, and our ability to expand our advertiser and media partner relationships; conditions in Israel, including the sustainability of the recent cease-fire between Israel and Hamas and any conflicts with other terrorist organizations; our ability to maintain our revenues or profitability despite quarterly fluctuations in our results, whether due to seasonality, large cyclical events, or other causes; the risk that our research and development efforts may not meet the demands of a rapidly evolving technology market; any failure of our recommendation engine to accurately predict attention or engagement, any deterioration in the quality of our recommendations or failure to present interesting content to users or other factors which may cause us to experience a decline in user engagement or loss of media partners; limits on our ability to collect, use and disclose data to deliver advertisements; our ability to extend our reach into evolving digital media platforms; our ability to maintain and scale our technology platform; our ability to meet demands on our infrastructure and resources due to future growth or otherwise; our failure or the failure of third parties to protect our sites, networks and systems against security breaches, or otherwise to protect the confidential information of us or our partners; outages or disruptions that impact us or our service providers, resulting from cyber incidents, or failures or loss of our infrastructure; significant fluctuations in currency exchange rates; political and regulatory risks in the various markets in which we operate; the challenges of compliance with differing and changing regulatory requirements; the timing and execution of any cost-saving measures and the impact on our business or strategy; and the risks described in the section entitled “Risk Factors” and elsewhere in the Annual Report on Form 10-K filed for the year ended December 31, 2023, in our definitive proxy statement filed with the SEC on October 31, 2024 and in subsequent reports filed with the SEC. Accordingly, you should not rely upon forward-looking statements as an indication of future performance. We cannot assure you that the results, events and circumstances reflected in the forward-looking statements will be achieved or will occur, and actual results, events, or circumstances could differ materially from those projected in the forward-looking statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation and do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events or otherwise, except as required by law.

About The Combined Company

Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

Media Contact

press@outbrain.com

Investor Relations Contact

IR@outbrain.com

(332) 205-8999

OUTBRAIN INC. Condensed Consolidated Statements of Operations *(In thousands, except for share and per share data)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
Revenue	$	234,586		$	248,229		$	889,875		$	935,818
Cost of revenue:
Traffic acquisition costs		166,247			184,425			653,731			708,449
Other cost of revenue		12,277			10,572			44,042			42,571
Total cost of revenue		178,524			194,997			697,773			751,020
Gross profit		56,062			53,232			192,102			184,798
Operating expenses:
Research and development		9,434			8,369			37,080			36,402
Sales and marketing		25,736			25,254			97,498			98,370
General and administrative		18,357			13,899			70,162			58,665
Total operating expenses		53,527			47,522			204,740			193,437
Income (loss) from operations		2,535			5,710			(12,638	)		(8,639	)
Other income (expense), net:
Gain on convertible debt		—			—			8,782			22,594
Interest expense		(699	)		(965	)		(3,649	)		(5,393	)
Interest income and other income, net		1,522			2,060			9,209			7,793
Total other income, net		823			1,095			14,342			24,994
Income before income taxes		3,358			6,805			1,704			16,355
Provision for income taxes		3,525			2,748			2,415			6,113
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242

Weighted average shares outstanding:
Basic		49,767,704			50,076,364			49,321,301			50,900,422
Diluted		49,767,704			50,108,460			52,709,356			56,965,299

Net income (loss) per common share:
Basic	$	0.00		$	0.08		$	(0.01	)	$	0.20
Diluted	$	0.00		$	0.08		$	(0.11	)	$	(0.06	)

OUTBRAIN INC. Condensed Consolidated Balance Sheets *(In thousands, except for number of shares and par value)*

	December 31, 2024			December 31, 2023
	(Unaudited)
ASSETS:
Current assets:
Cash and cash equivalents	$	89,094		$	70,889
Short-term investments in marketable securities		77,035			94,313
Accounts receivable, net of allowances		149,167			189,334
Prepaid expenses and other current assets		27,835			47,240
Total current assets		343,131			401,776
Non-current assets:
Long-term investments in marketable securities		—			65,767
Property, equipment and capitalized software, net		45,250			42,461
Operating lease right-of-use assets, net		15,047			12,145
Intangible assets, net		16,928			20,396
Goodwill		63,063			63,063
Deferred tax assets		40,825			38,360
Other assets		24,969			20,669
TOTAL ASSETS	$	549,213		$	664,637

LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	149,479		$	150,812
Accrued compensation and benefits		19,430			18,620
Accrued and other current liabilities		113,630			119,703
Deferred revenue		6,932			8,486
Total current liabilities		289,471			297,621
Non-current liabilities:
Long-term debt		—			118,000
Operating lease liabilities, non-current		11,783			9,217
Other liabilities		16,616			16,735
TOTAL LIABILITIES	$	317,870		$	441,573

STOCKHOLDERS’ EQUITY:
Common stock, par value of $0.001 per share − one billion shares authorized; 63,503,274 shares issued and 50,090,114 shares outstanding as of December 31, 2024; 61,567,520 shares issued and 49,726,518 shares outstanding as of December 31, 2023		64			62
Preferred stock, par value of $0.001 per share − 100,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and December 31, 2023		—			—
Additional paid-in capital		484,541			468,525
Treasury stock, at cost − 13,413,160 shares as of December 31, 2024 and 11,841,002 shares as of December 31, 2023		(74,289	)		(67,689	)
Accumulated other comprehensive loss		(9,480	)		(9,052	)
Accumulated deficit		(169,493	)		(168,782	)
TOTAL STOCKHOLDERS’ EQUITY		231,343			223,064
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	549,213		$	664,637

OUTBRAIN INC. Condensed Consolidated Statements of Cash Flows *(In thousands)*

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Stock-based compensation		3,974			2,988			15,461			12,141
Depreciation and amortization of property and equipment		1,658			1,720			6,312			6,915
Amortization of capitalized software development costs		2,477			2,372			9,758			9,633
Amortization of intangible assets		850			853			3,409			4,154
Provision for credit losses		55			1,931			3,006			8,008
Non-cash operating lease expense		1,305			1,092			5,130			4,453
Deferred income taxes		(664	)		(1,478	)		(5,095	)		(4,312	)
Amortization of discount on marketable securities		(396	)		(729	)		(2,235	)		(3,604	)
Other		665			(483	)		47			(717	)
Changes in operating assets and liabilities:
Accounts receivable		4,471			(16,939	)		35,905			(12,946	)
Prepaid expenses and other current assets		9,291			2,409			18,412			843
Accounts payable and other current liabilities		18,867			27,127			(11,696	)		(1,228	)
Operating lease liabilities		(1,223	)		(1,018	)		(5,092	)		(4,297	)
Deferred revenue		555			1,524			(1,496	)		1,621
Other non-current assets and liabilities		945			51			6,228			5,434
Net cash provided by operating activities		42,663			25,477			68,561			13,746

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of a business, net of cash acquired		—			(77	)		(181	)		(389	)
Purchases of property and equipment		(2,712	)		(2,257	)		(7,380	)		(10,127	)
Capitalized software development costs		(2,321	)		(2,243	)		(9,913	)		(10,107	)
Purchases of marketable securities		(34,436	)		(44,658	)		(90,602	)		(131,543	)
Proceeds from sales and maturities of marketable securities		31,068			35,228			175,325			221,878
Other		(15	)		(63	)		(96	)		(72	)
Net cash (used in) provided by investing activities		(8,416	)		(14,070	)		67,153			69,640

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of long-term debt obligations		—			—			(109,740	)		(96,170	)
Payment of deferred financing costs		(598	)		—			(1,099	)		—
Treasury stock repurchases and share withholdings on vested awards		(210	)		(5,270	)		(6,600	)		(18,521	)
Principal payments on finance lease obligations		—			(353	)		(263	)		(1,830	)
Payment of contingent consideration liability up to acquisition-date fair value		—			—			—			(547	)
Net cash used in financing activities		(808	)		(5,623	)		(117,702	)		(117,068	)

Effect of exchange rate changes		(1,400	)		564			634			(1,004	)

Net increase (decrease) in cash, cash equivalents and restricted cash	$	32,039		$	6,348		$	18,646		$	(34,686	)
Cash, cash equivalents and restricted cash — Beginning		57,686			64,731			71,079			105,765
Cash, cash equivalents and restricted cash — Ending	$	89,725		$	71,079		$	89,725		$	71,079

OUTBRAIN INC.
Non-GAAP Reconciliations
(In thousands)
(Unaudited)

The following table presents the reconciliation of Gross profit to Ex-TAC gross profit and Ex-TAC gross margin, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Revenue	$	234,586		$	248,229		$	889,875		$	935,818
Traffic acquisition costs		(166,247	)		(184,425	)		(653,731	)		(708,449	)
Other cost of revenue		(12,277	)		(10,572	)		(44,042	)		(42,571	)
Gross profit		56,062			53,232			192,102			184,798
Other cost of revenue		12,277			10,572			44,042			42,571
Ex-TAC gross profit	$	68,339		$	63,804		$	236,144		$	227,369

Gross margin (gross profit as % of revenue)		23.9	%		21.4	%		21.6	%		19.7	%
Ex-TAC gross margin (Ex-TAC gross profit as % of revenue)		29.1	%		25.7	%		26.5	%		24.3	%

The following table presents the reconciliation of net income (loss) to Adjusted EBITDA, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net (loss) income	$	(167	)	$	4,057		$	(711	)	$	10,242
Interest expense		699			965			3,649			5,393
Interest income and other income, net		(1,522	)		(2,060	)		(9,209	)		(7,793	)
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Provision for income taxes		3,525			2,748			2,415			6,113
Depreciation and amortization		4,985			4,945			19,479			20,702
Stock-based compensation		3,974			2,988			15,461			12,141
Regulatory matter costs		—			—			—			742
Acquisition-related costs		5,469			—			14,256			—
Severance and related costs		—			361			742			3,509
Adjusted EBITDA	$	16,963		$	14,004		$	37,300		$	28,455

Net (loss) income as % of gross profit		(0.3	)%		7.6	%		(0.4	)%		5.5	%
Adjusted EBITDA as % of Ex-TAC Gross Profit		24.8	%		21.9	%		15.8	%		12.5	%

The following table presents the reconciliation of net income (loss) and diluted EPS to adjusted net income (loss) and adjusted diluted EPS, respectively, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net loss (income)	$	(167	)	$	4,057		$	(711	)	$	10,242
Adjustments:
Gain on convertible debt		—			—			(8,782	)		(22,594	)
Regulatory matter costs		—			—			—			742
Acquisition-related costs		5,469			—			14,256			—
Severance and related costs		—			361			742			3,509
Total adjustments, before tax		5,469			361			6,216			(18,343	)
Income tax effect		(1,844	)		(97	)		(1,438	)		4,234
Total adjustments, after tax		3,625			264			4,778			(14,109	)
Adjusted net income (loss)	$	3,458		$	4,321		$	4,067		$	(3,867	)

Basic weighted-average shares, as reported		49,767,704			50,076,364			49,321,301			50,900,422
Restricted stock units		793,713			32,096			519,729			—
Adjusted diluted weighted average shares		50,561,417			50,108,460			49,841,030			50,900,422

Diluted net income (loss) per share – reported	$	—		$	0.08		$	(0.11	)	$	(0.06	)
Adjustments, after tax		0.07			0.01			0.19			(0.02	)
Diluted net income (loss) per share – adjusted	$	0.07		$	0.09		$	0.08		$	(0.08	)

The following table presents the reconciliation of net cash provided by (used in) operating activities to free cash flow, for the periods presented:

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	42,663		$	25,477		$	68,561		$	13,746
Purchases of property and equipment		(2,712	)		(2,257	)		(7,380	)		(10,127	)
Capitalized software development costs		(2,321	)		(2,243	)		(9,913	)		(10,107	)
Free cash flow	$	37,630		$	20,977		$	51,268		$	(6,488	)

Teads
Non-IFRS Reconciliations
(In thousands)
(Unaudited)

The below information is presented for informational purposes only. The acquisition of Teads closed in February 2025. Therefore, its results are not included in Outbrain Inc.’s consolidated results of operations for any periods in 2024. The following is a summary of Teads’ non-IFRS financial measures, as calculated based on Teads’ historical financial statements, which we may publicly present from time to time, and which differ from US GAAP. Non-IFRS financial measures should be viewed in addition to, and not as an alternative for, Teads’ historical financial results prepared in accordance with IFRS. The financial information set forth below for the three months and twelve months ended December 31, 2024 is preliminary and is subject to change. Actual financial results may differ from these preliminary estimates due to the completion of Teads’ annual audit and are subject to adjustments and other developments that may arise before such results are finalized.

Ex-TAC Gross Profit is defined as gross profit plus other cost of revenue. The following table presents the reconciliation of Ex-TAC Gross Profit to gross profit for the periods presented:

	Three Months Ended March 31, 2024			Three Months Ended June 30, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	(in thousands)
Revenue	$	125,372		$	153,734		$	149,376		$	188,953		$	617,435
Traffic acquisition costs		(46,939	)		(55,716	)		(59,085	)		(69,091	)		(230,831	)
Other cost of revenue^(a)		(26,387	)		(26,721	)		(26,865	)		(26,441	)		(106,414	)
Gross profit		52,046			71,297			63,426			93,421			280,190
Other cost of revenue^(a)		26,387			26,721			26,865			26,441			106,414
Ex-TAC Gross Profit	$	78,433		$	98,018		$	90,291		$	119,862		$	386,604

^{__________________________________}
^(a) Other cost of revenue for Teads is subject to accounting policy alignment with Outbrain, with no impact to Ex-TAC Gross Profit included in the above table.

Teads defines Adjusted EBITDA as profit (loss) for the year/period before income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (capital gains, non-recurring litigation, restructuring costs) and share-based compensation. This may not be comparable to similarly titled measures used by other companies. Further, this measure should not be considered as an alternative for net income as the effects of income tax expense, finance costs, other financial income and expenses, depreciation and amortization, other expenses and income (such as severance costs, and merger and acquisition costs) and share-based compensation excluded from Adjusted EBITDA do affect the operating results. Teads believes that Adjusted EBITDA is a useful supplementary measure for evaluating the operating performance of Teads’ business. The following table provides a reconciliation of profit (loss) for the period to Adjusted EBITDA, the most directly comparable IFRS measure, for the periods presented:

	Three Months Ended March 31, 2024			Three Months Ended June 30, 2024			Three Months Ended September 30, 2024			Three Months Ended December 31, 2024			Twelve Months Ended December 31, 2024
	(in thousands)
(Loss) profit for the period		(36,551	)		23,323			32,933		$	46,158		$	65,863
Finance Costs		250			277			532			117			1,176
Other financial (income) and expenses		20,531			(12,432	)		(20,529	)		(19,967	)		(32,397	)
Provision for income taxes		716			10,800			10,597			17,637			39,750
Depreciation and amortization		3,180			3,350			3,277			3,027			12,834
Share-based compensation		25,612			5,760			(3,284	)		(134	)		27,954
Severance costs		281			520			398			394			1,593
Merger and acquisition costs		323			763			(125	)		4,929			5,890
Adjusted EBITDA	$	14,342		$	32,361		$	23,799		$	52,161		$	122,663

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