NewzIntel.com

Category: Australia

  • MIL-OSI Australia: NSW Rental Taskforce to tackle fairness in rental market

    Source: New South Wales Premiere

    Published: 7 February 2025

    Released by: Minister for Better Regulation and Fair Trading

    Renters in NSW now have a dedicated Rental Taskforce to hold landlords and real estate agents to account, and will address rental law violations following the Government’s most significant rental reforms in more than a decade.

    With an $8.4 million investment, NSW Fair Trading’s Rental Taskforce will analyse activities and trends within the rental market and conduct compliance activities such as inspections, audits, and blitzes to prevent and act on breaches of the law.

    The new taskforce is a multi-disciplinary team with new and existing resources drawn from across NSW Fair Trading, and led by a newly appointed Rental Taskforce Manager reporting to the NSW Rental Commissioner, Trina Jones.

    The Rental Taskforce will focus on three key priorities:

    • Ending solicited rent bidding 
    • Implementing renting reforms to prevent no grounds evictions
    • Ensuring improved responses to repairs and maintenance in the rental market

    The NSW Government is also working to deliver cost of living relief to renters by delivering a Portable Rental Bond Scheme, which is due to go live in the second half of this year.

    For more information on changes to NSW rental laws, please visit the NSW Fair Trading website.

    Quotes attributable to Minister for Better Regulation and Fair Trading Anoulack Chanthivong:

    “The Minns Labor Government understands that more people are renting, and they are renting for longer.

    “That’s why we have established the Rental Taskforce to help create a more equitable market for the 2.3 million renters in this state.

    “Our inspectors will be out in full force to ensure real estate agents and landlords are complying with new and existing rental laws to ease the stress placed on renters by things like no grounds evictions and rent bidding.

    “While the majority of agents and landlords are doing the right thing, this $8.4m investment targets bad actors who make life tougher for renters.

    “With these resources, NSW renters can be assured we’re working hard on a fairer rental market for tenants.”

    Quotes attributable to Rental Commissioner Trina Jones:

    “The Rental Taskforce is here to protect the rights of renters and hold bad actors to account.

    “It’s critical to provide renters and property providers with assurance that bad actors will not be permitted to cause harm in the market.

    “The Rental Taskforce is a dedicated and skilled team made up of new and existing roles focused on preventing and responding to breaches of rental laws.

    “This will support a fair and safe marketplace for rented homes in NSW and contribute to improved confidence in the rental market.”

    Quotes attributable to Leo Patterson Ross, NSW Tenants Union CEO:

    “For too long, renters have been carrying the burden of dodgy behaviour. It is vital that such an important essential service as renting your home has an active and visible regulator to hold people to account for failing to deliver a fair renting experience.

    “We and the Tenants’ Advice and Advocacy Services have long supported renters with services to support them in resolving issues, but without a responsive regulator there have often been limited options to truly hold dodgy operators to account.

    “We welcome the investment and the impact it will have, and we look forward to seeing further investment as needed in both regulatory activities and support services for renters into the future.”

    MIL OSI News –

  • MIL-OSI Australia: Free breakfast for 88,000 additional public school students

    Source: New South Wales Premiere

    Published: 7 February 2025

    Released by: Deputy Premier, Minister for Education and Early Learning

    At least 88,000 additional public school students can start their school day right, with a nutritious, free breakfast, as the Minns Labor Government continues its work to double the number of schools participating in Foodbank’s School Breakfast 4 Health program.

    The Minns Labor Government made a commitment in the lead up to the last state election to increase the number of participating public schools to 1,000 by 2027.

    It is investing $8 million in partnership with Foodbank to give public school children the best possible start to their day, with the program having grown by over a third from 500 to 676 schools in less than two years.

    New schools to take on the program in the last two years include Blacktown Girls High School, Birrong Public School, Melonba High School, Villawood North Public School, Whalan Public School, Nepean Creative and Performing Arts High School, Narellan Public School, Miller Public School and Maryland Public School.

    Every day Foodbank staff and volunteers undertake a huge logistical exercise to supply high-quality breakfast foods including milks, juices, breakfast cereals, fruits and breads, so that every child enters the classroom well-fed, energised, focused and ready to learn.

    Foodbank data indicates:

    • 80 per cent of schools in the program reported an increase in attendance and;
    • 89 per cent saw an increase in class engagement

    The program improves students’ nutrition, eating habits, boosts their mental and physical health and can increase learning. Schools have also reported improvements in school attendance and engagement.

    The program runs in schools across NSW, including rural and regional areas, and as the cost-of-living continues to affect many, this is one way Minns Labor Government is helping families make ends meet.

    As work continues to grow the program further, the Minns Labor Government has been working closely with Foodbank to simplify and accelerate the onboarding process for schools, so they can access the program as quickly and seamlessly as possible. 

    Minister for Education and Early Learning Prue Car said:

    “Parents and families are continuing to struggle with the cost-of-living, which is why this program has been so important, particularly over the past two years.

    “Across NSW, thousands of students are benefitting from free breakfasts at their school every day and starting the day full of energy, and ready to learn, thanks to the hard work of Foodbank staff and volunteers.

    “The Foodbank program helps ensure children are given the best chance to be ready to learn when they enter the classroom while helping families with cost-of-living pressures.”

    Federal Member for Greenway Michelle Rowland said:

    “Knowing your child will have a healthy breakfast at school is a fantastic thing for all families, and sets our public school children up for success.

    “It is fantastic to see this simple and effective program continue to be so successful at so many schools across NSW.”

    Chief Executive Officer, Foodbank NSW and ACT John Robertson said:

    “We know that children learn their best when they have full bellies. We thank the Minns Labor Government for their continued support to help us get this vital program into more schools around NSW to ensure our future leaders have the best possible start to the day.”

    Lalor Park Public School principal Dee Taylor said:

    “We’re really grateful for our strong partnership with Foodbank. We have students from Preschool to Year 6 who know they can come to school and start the day with a nourishing breakfast.

    “I can’t overstate the positive impact breakfast has on our students’ positive behaviour and ability to stay focused and engaged in the classroom throughout the morning. 

    “The program also helps teach life skills at Lalor Park – clearing your own plate, using manners and helping those around you are key values of breakfast club.” 

    MIL OSI News –

  • MIL-Evening Report: ‘A relentlessly dull world’ – the case for adding more colour to NZ’s grey prisons

    Source: The Conversation (Au and NZ) – By Christine McCarthy, Senior Lecturer in Interior Architecture, Te Herenga Waka — Victoria University of Wellington

    Interior of Auckland South Men’s Prison. Getty Images

    Prisons are not colourful places. Typically, they are grey or some variation of a monochrome colour scheme. But increasingly, such a limited palette is being questioned for its impact on health and rehabilitation.

    As the US journalist and broadcaster Michael Montgomery once wrote of the supermax unit of Pelican Bay prison in California:

    I saw a relentlessly dull world; just concrete and steel […] The monochrome landscape seemed to permeate even the faces of the inmates here; men […] had a pasty, ghostly pallor. It was difficult to imagine any kind of sustained life here.

    Prison greyness is partly due to the predominance of steel and concrete, especially in high- and maximum-security units. But the furniture and fixtures – tables, seats and toilets – are also often stainless-steel grey. In New Zealand, even sentenced prisoners’ clothing is grey.

    One reason for this is the Department of Corrections’ concern about gang colours. New Zealand prisoners cannot keep any item of property with gang-related colours. These prohibitions can be zealously but inconsistently enforced.

    As a prisoner once explained to me (when I was president of the Wellington Howard League), a calculator he used for correspondence classes was allowed in one unit but banned in another, simply because it had a blue strip on it.

    Something similar was reported by the Prison Inspectorate in a 2019 report. In that case, staff withheld “black underwear containing small amounts of blue stitching. Staff confirmed this was their approach.”

    Worlds without colour

    Does colour matter in human environments? The answer appears to be yes. Examples include red increasing heart rates, blue and green creating calm, and yellow evoking hope. According to Australian researcher Thomas Edwards:

    yellow may be appropriate in contexts where high motivation and a future-focus are required. By contrast, green and blue may be relevant to settings where low motivation, a present focus, and prosocial behaviours are favoured.

    Colour can also help with legibility and way-finding, and differentiate surfaces to prevent trip hazards – an increasingly important factor as the prison population ages.

    Other over-represented groups in prison can also benefit. For example, Israeli research published in 2022 concluded that soft natural colours and low contrast can improve environments for people with autism spectrum disorder.

    Ultimately, a colourless world is not a good one. Grey and neutral colours reduce visual stimulation, demotivate, increase boredom and can lead to depression. Colour takes on particular importance for people who spend most or all of the day indoors, such as the prisoners in high- and maximum-security units.

    Murals are on the wall and patterned tables in a Californian prison unit.
    Getty Images

    The need for variety

    Colour has a graduated spectrum – there isn’t only one blue, for example. Tints, tones and shades add another level of complexity. Coloured surfaces are affected by their material and degree of sheen. Different combinations of colours and different light sources also affect how a colour looks and its likely impact on people.

    This means there are many possible variants to consider. But most research is highly specific and the findings are rarely universally applicable. The impact of context, cultural differences, our personal preferences and colour associations can also be difficult to measure.

    But this theoretical complexity shouldn’t prevent the use of more colour in prison architecture. Variety in colour, rather than the use of specific colours, is the fundamental change that is needed. Likewise, concerns about gang colours can be mitigated if pattern and colour combinations are astutely used.

    In 2019, Edinburgh College of Art researchers led a project involving dementia patients, adding colour to corridors at the Royal Edinburgh Hospital. Multicoloured strips of block colours were painted on the white corridor walls to relieve the monotony of these spaces.

    Fewer aggressive incidents between patients or with staff were reported after the project. The specific reason is unclear, but it appears better demarcation of spaces led to fewer patients congregating and causing conflict in circulation areas.

    Another example at a semi-open prison in Bosnia saw prisoners painting diagonal lines on walls, creating triangles painted in different colours. Researchers concluded that “bright colours are recommended in the prison, with green and blue […] being the best rated because people perceive them as soothing, stimulating, pleasant and safe”.

    Brighter futures

    There are many other instances in healthcare settings throughout New Zealand where decals of photographic or other images have transformed walls, lifting the atmosphere of a space.

    Increasing the amount of colour on a wall is an inexpensive way to improve prison environments for both staff and prisoners. It can easily create variety and relieve the tedium of otherwise indistinguishable spaces.

    Housing prisoners in a dreary architecture of grey walls, grey furniture and people in grey jumpsuits must make it difficult for them to imagine and prepare for a positive future in the community.

    This can be inferred from studies of prisoners in solitary confinement which have established that living in extremely monotonous environments can cause depression, paranoia, anxiety, aggression and self-harm.

    The new expansion to Waikeria Prison, and its 100-bed mental health unit Hikitia, is an opportunity to significantly shift this attitude to prison interior architecture – but it shouldn’t stop there.

    All prisons would benefit from replacing the typically monochromatic palette of prison architecture with something more colourful.

    Christine McCarthy is a past President of the Wellington Howard League for Penal Reform (2018–20).

    – ref. ‘A relentlessly dull world’ – the case for adding more colour to NZ’s grey prisons – https://theconversation.com/a-relentlessly-dull-world-the-case-for-adding-more-colour-to-nzs-grey-prisons-248665

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Boosting the financial security of Australians doing it tough

    Source: Ministers for Social Services

    The Albanese Labor Government is strengthening the financial futures of Australia’s most vulnerable people.

    We’re investing $51.5 million to ensure the successful Saver Plus program continues to support Australians experiencing disadvantage to improve their financial literacy and better navigate financial crises.

    Under Saver Plus, lower-income families also receive matched savings of up to $500 for education costs for themselves or their children. 

    Brotherhood of St. Laurence, in partnership with ANZ and supported by The Smith Family and Berry Street, will continue to deliver Saver Plus until 2030 under the new funding agreement. 

    Minister for Social Services Amanda Rishworth said the investment reflects the Government’s commitment to supporting Australians most at risk of financial disadvantage. 

    “The Albanese Labor Government is doing more than ever to help Australians experiencing financial stress,” Minister Rishworth said.

    “We’ve reformed our Financial Wellbeing and Capability programs – providing Australians with a clearer pathway away from the financial cliff and Saver Plus is a big part of that story.

    “This funding is vital for those who need help to manage their finances, navigate financial crises and build a stronger, more secure future.

    “We are proud to continue our partnership with Brotherhood of St. Laurence over the next five years, ensuring this important program continues to deliver excellent outcomes for Australians and empower them to take control of their finances.”

    More than 64,000 vulnerable Australians have collectively saved over $30 million since Brotherhood of St. Laurence launched Saver Plus in 2003. ANZ matches savings up to $500.

    A recent survey of past participants also found:  

    • 84 per cent are still saving more than seven years after completing the program;
    • 85 per cent agreed they are better able to provide for their families; and
    • 52 per cent were meeting bill and credit commitments ‘without any difficulty’ up from 15 per cent before participating in the program. 

    The critical funding is part of our Financial Wellbeing and Capability Activity which helps people build their financial resilience and navigate financial stress. 

    The Government invests around $150 million a year into Financial Wellbeing and Capability programs, enabling organisations to deliver critical services to Australians in financial hardship. 

    This is another way Labor is helping with cost of living pressures. It follows our Government’s tax cuts, energy rebates and cheaper medicines, along with increasing maximum rates of Commonwealth Rent Assistance by 45 per cent.

    Brotherhood of St. Laurence Executive Director Travers McLeod said: “Working in partnership with the Federal Government, ANZ and our delivery partners The Smith Family and Berry St, we’re incredibly proud of the positive difference Saver Plus has made over the past 21 years. It provides life changing support and critical education that improves financial wellbeing, reduces household stress and builds the confidence of so many Australians.

    “As cost of living weighs heavily on the minds of all Australians – especially at this time of year with back-to-school costs – we’re delighted Saver Plus will be able to provide much-needed financial relief and support during 2025 and beyond. We thank the Government and our partners for continuing to support this critical program,” Mr McLeod said. 

    ANZ CEO Shayne Elliott said: “We appreciate the ongoing support from the Federal Government and are proud that Saver Plus has been acknowledged for its significant impact on the long-term financial wellbeing of Australian individuals, families and communities.

    “This additional funding will enable us to expand the Saver Plus program and assist more Australians to improve their financial literacy. We look forward to continuing to work closely with the Federal Government and our community partners to support better outcomes for many Australians,” Mr Elliot said. 

    More information about Saver Plus is available on the Brotherhood of St. Laurence website.

    Further information on financial services, including how to find financial wellbeing providers, is available on the Department of Social Services website.

    MIL OSI News –

  • MIL-OSI Australia: Homemade firearms, gel blaster seized during Preston search

    Source: Tasmania Police

    Homemade firearms, gel blaster seized during Preston search

    Friday, 7 February 2025 – 9:12 am.

    Two homemade firearms and an imitation firearm were seized during a targeted search at an address in Preston in the state’s North- West.
    Members of Western Drugs and Firearms Unit as well as specialist police resources executed a search warrant at the address on Thursday 6 February, locating and seizing a modified .22 calibre rifle, a home-made 12-gauge slam gun and a gel blaster Glock.
    Police also located ammunition and drug paraphernalia. 
    Investigations are ongoing and police are following a specific line of inquiry in relation to the seized weapons.
    Anyone with information about illegal firearms should contact police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at crimestopperstas.com.au
    Under Tasmania’s permanent firearms amnesty, people can surrender illegal and unwanted firearms, firearm parts, ammunition, or gel blasters that have the appearance of a firearm, without being prosecuted for the possession.

    MIL OSI News –

  • MIL-OSI Australia: Appointment of acting Commissioner NT Fire and Emergency Services

    Source: Northern Territory Police and Fire Services

    Ms Collene Bremner has been announced as the Acting Commissioner of NT Fire and Emergency Services (NTFES), while current Commissioner Andrew Warton embarks on a sabbatical overseas.

    Ms Bremner who has served as the Executive Director of Bushfires NT since 2016, brings over 20 years of experience in the Northern Territory Public Service. Her extensive background in emergency management has seen her lead the response to numerous significant events locally and interstate.

    Throughout her career, Ms Bremner has held numerous senior roles, including as Chair of the Australian and New Zealand Emergency Management Recovery Sub-Committee, the NT representative on the Australian and New Zealand Emergency Management Committee, and as a board member of the National Aerial Firefighting Centre (NAFC). She is also a member of NAFC’s Strategic Committee under the Australian Fire Authorities Council (AFAC).

    Ms Bremner will bring a wealth of knowledge to the role and is committed to leading the service and protecting Territorians during times of crisis.  Chief Minister and Minister for Fire and Emergency Services, Lia Finocchiaro directly appointed Ms Bremner to act in the role from 15 February 2025.

    Mr Warton is taking leave to embark on a once in a lifetime experience as Station Leader at Australia’s Casey Research Station in Antarctica. There he will lead a team of expeditioners and support crucial scientific research through the Antarctic winter.

    Casey Station is one of three Australian research stations in Antarctica and the selection process is long and comprehensive with roles like Station Leader highly sought after and very competitive. Due to the length of the selection process and how far in advance applications are taken, this sabbatical was a known factor when Mr Warton was appointed Commissioner NT Fire and Emergency Services in 2024.

    During his sabbatical, Mr Warton will remain in contact with NTFES staff and volunteers and will provide regular updates to his team during his time away.

     Acting arrangements will remain in place until Commissioner Warton’s return later in the year. His return will depend on the logistics of accessing Casey Research Station, which becomes generally inaccessible during the Antarctic winter.

    The recent formation of the NT Fire and Emergency Services, which combines the NT Fire and Rescue Service, NT Emergency Service, and Bushfires NT into one agency, enhances our ability to respond to emergencies while prioritising community resilience. For more information on the service, visit Welcome | NT Police, Fire & Emergency Services

    For more information on Casey Research Station, visit Antarctic operations – Australian Antarctic Program

    Quotes from Commissioner, Andrew Warton:

    “Leading an emergency services organisation and an Antarctic station may seem worlds apart, but both rely on teamwork, resilience, recognition of community and a commitment to something bigger than ourselves. Whether facing emergencies or keeping a remote station running, success comes down to ordinary people doing extraordinary things. It is an honour to lead the Northern Territory Fire and Emergency Services and I’m grateful for the opportunity to undertake this short-term experience, and to bring new perspectives on leadership back to the Northern Territory.”

    “I am pleased to announce Ms. Collene Bremner as Acting Commissioner of NTFES today. Collene’s leadership experience and involvement in both local and national emergency management efforts will ensure that the service continues to operate effectively. I am confident that NTFES staff and the community are in capable hands.

    Quotes from Collene Bremner:

    “I am honoured to have the opportunity to lead the NT Fire and Emergency Services.  I have a long association with the operational arms of the Northern Territory Fire and Emergency Services and am excited to continue to lead the ongoing development of the new agency during Andrew’s time in Antarctica.”

    Media contact:

    Rickie Abraham

    0400 814 524

    MIL OSI News –

  • MIL-OSI USA: $9.6M in Mental Health Support for Rural Areas of NYS

    Source: US State of New York

    Governor Kathy Hochul today announced $9.6 million in state funding is available to provide additional mental health assistance services for rural areas of the state, including a program dedicated to helping farmers, agribusiness workers and their families. The State Office of Mental Health is providing $7.6 million to establish four new Critical Time Intervention teams to support individuals living with mental illness in rural areas of the state during periods of transition and $2 million for the Farmers Supporting Farmers program to help those working in agriculture to navigate the stress often associated with the industry.

    “We have an obligation to bring mental health assistance to New York’s farmers and the rural areas of our state where these supports aren’t always readily available,” Governor Hochul said. “The combined impact of the Farmers Supporting Farmers program and Critical Time Intervention teams will help bring additional mental health resources to parts of our state where behavioral health services are much needed.”

    OMH is providing $7.6 million over five years to establish two new Critical Time Intervention teams to serve counties in Western New York, and two others to serve counties in the North Country. These teams will join three others awarded last year and expected to be operational later this year, with the unique flexibility to offer support services and care coordination in rural communities.

    Each team must have a well-defined working relationship with at least one community-based hospital and be involved in discharge planning so they can provide subsequent linkages to services. These teams will continue to work with individuals to ensure that their immediate needs are met and that they remain connected to community support.

    OMH is also providing $2 million over five years for a service provider to implement the Farmers Supporting Farmers program statewide, specifically in the 44 counties that support farms and agribusinesses. The state has roughly 43,000 square miles of rural land area with about 3.4 million New Yorkers — more than 17 percent of the state’s population — living in communities considered rural.

    Farmers Supporting Farmers was developed in response to the well-documented link between economic crises and the resulting stress that puts farm workers and their families at an increased risk for poor behavioral health outcomes. The funding will provide this population technical assistance to address their business and financial needs, along with wellness support to promote improved behavioral health outcomes.

    Approximately 20 percent of rural residents aged 55 or older live with a mental health issue, according to the U.S. Department of Health and Human Services. Likewise, rural communities report significantly higher suicide rates than urban areas for both adults and youth.

    OMH Commissioner Dr. Ann Sullivan said, “Our effort to strengthen New York State’s mental health care system includes bringing services to traditionally underserved areas, which include many of our rural communities. These programs are providing critical supports to an at-risk segment of the population that might otherwise be disconnected from our system of care. Through investments like this, Governor Hochul is demonstrating her continued commitment to expanding mental health services to all New Yorkers, including traditionally underserved New Yorkers.”

    New York State Agriculture Commissioner Richard A. Ball said, “From unpredictable weather to rising costs, farmers face many challenges that are specific to the industry and can take not only a financial toll but also an emotional toll. This new program, through the Office of Mental Health and supported by the Governor, will provide invaluable mental health resources to farmers and their families, helping New York’s agricultural industry manage and better cope with uncertainty and stress for their overall health and well-being.”

    State Senator Samra G. Brouk said, “We need to ensure that gaps between need and access for mental health care are being actively addressed. Peer support in underserved areas can change lifelong outcomes for community members in crisis. Governor Hochul’s $9.6 million support for rural areas and OMH’s $7.6 million for CTI teams will support peer-driven, culturally competent responses to individuals with mental illness to keep our communities safe.”

    Assemblymember Jo Anne Simon said, “Rural communities have long suffered from sparse or non-existent mental health services. Investing in access to mental health care in rural communities is desperately needed. This funding will allow us to investigate where the need is greatest and where the barriers to treatment have been so as to improve access to quality care. I am grateful to Governor Hochul for her commitment to strengthening mental health services throughout our state,”

    Under Governor Hochul’s leadership, OMH continues to invest funding and undertake initiatives focused on improving mental health in rural areas of the state. In 2023, the agency created the position of rural behavioral health coordinator to work with the upstate regional field offices, and the state Office of Rural Health and Office of Addiction Services and Supports to identify local, state, and federal resources to address the unique needs of our rural communities.

    Last year, OMH established a new Assertive Community Treatment or ‘ACT’ team so that New Yorkers living with serious mental illness in rural areas of the state can receive critical mental health services in their community, rather than a more restrictive hospital setting. The rural ACT team is now providing around-the-clock services to individuals who need it most, bringing a person-centered, recovery-based approach to their care.

    Under Governor Hochul’s direction, OMH also reconvened the Suicide Prevention Task Force with a goal of strengthening public health approaches, enhancing health system competencies, improving data surveillance methods, and infusing cultural competency in the state’s suicide prevention strategy. Specifically, this task force has a charge to look at special populations in New York, including rural communities.

    MIL OSI USA News –

  • MIL-OSI: IBEX Reports Record Quarterly Revenue and Strong EPS

    Source: GlobeNewswire (MIL-OSI)

    • Quarterly revenue grew 6.1% versus prior year quarter – highest growth in 9 quarters
    • Strong adjusted EBITDA margin expansion year-over-year – 10 out of the last 11 quarters
    • Adjusted EPS of $0.59 – an increase of 36% to prior year quarter
    • Raises guidance on revenue and lower end of EBITDA range
    • Repurchased approximately 3.6 million shares from TRGI during the second quarter of fiscal year 2025, representing 21% of our shares outstanding and eliminating controlled company status

    WASHINGTON, Feb. 06, 2025 (GLOBE NEWSWIRE) — IBEX Limited (“ibex”), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its second fiscal quarter ended December 31, 2024.

      Three months ended
    December 31,    		   Six months ended
    December 31,
    ($ millions, except per share amounts)   2024       2023     Change     2024       2023     Change
    Revenue $ 140,682     $ 132,634     6.1 %   $ 270,399     $ 257,243     5.1 %
    Net income $ 9,268     $ 6,075     52.6 %   $ 16,799     $ 13,500     24.4 %
    Net income margin   6.6 %     4.6 %   200bps     6.2 %     5.2 %   100bps
    Adjusted net income (1) $ 9,615     $ 8,024     19.8 %   $ 18,647     $ 15,598     19.5 %
    Adjusted net income margin (1)   6.8 %     6.0 %   80bps     6.9 %     6.1 %   80bps
    Adjusted EBITDA (1) $ 16,537     $ 14,324     15.4 %   $ 32,125     $ 28,035     14.6 %
    Adjusted EBITDA margin (1)   11.8 %     10.8 %   100bps     11.9 %     10.9 %   100bps
    Earnings per share – diluted (2) $ 0.57     $ 0.33     73.6 %   $ 1.00     $ 0.72     38.0 %
    Adjusted earnings per share – diluted (1,2) $ 0.59     $ 0.44     36.3 %   $ 1.11     $ 0.84     32.5 %
                           
    (1)See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure.
    (2)The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented.
     

    “Coming off an outstanding start to fiscal year 2025, I am thrilled to report another quarter of record financial results,” said Bob Dechant, ibex CEO. “Q2 saw our highest revenue growth for ibex in two years with revenues growing over 6%. Our growth continues to be driven by winning new clients and increasing market share within our embedded base clients. These key wins resulted in 14% revenue growth in our most profitable offshore regions. I am also excited to report that we have continued to add key AI opportunity wins that will be deployed in the second half of the year that are expected to drive accretive revenue and margin.”

    “Q2 fiscal year 2025 was a strong quarter on all profitability metrics as adjusted EPS grew 36%, adjusted EBITDA grew 15%, and adjusted net income increased 20%, compared to prior year quarter,” added Dechant. “Beyond this, over the last three months we completed a number of important strategic actions, highlighted by the $70 million share repurchase from The Resource Group International Limited (“TRGI”) in November, which has numerous benefits including removing our controlled company status, the additions of JJ Zhuang and Patrick McGinnis to our Board of Directors, and the most recent addition to our Board in January, Karen Batungbacal.”

    Second Quarter Financial Performance
    Revenue

    • Revenue of $140.7 million, an increase of 6.1% from $132.6 million in the prior year quarter. Growth in HealthTech (+31.2%), Travel, Transportation and Logistics (+16.7%), and Retail & E-commerce (+4.4%), was partially offset by declines in the FinTech vertical (-14.7%).

    Net Income and Earnings Per Share

    • Net income increased to $9.3 million compared to $6.1 million in the prior year quarter. Diluted earnings per share increased to $0.57 compared to $0.33 in the prior year quarter. The increases were primarily the result of the impact of revenue growth particularly in our higher margin offshore regions, improved gross margin performance, and fewer diluted shares outstanding compared to the prior year quarter.
    • Net income margin increased to 6.6% compared to 4.6% in the prior year quarter.
    • Non-GAAP adjusted net income increased to $9.6 million compared to $8.0 million in the prior year quarter (see Exhibit 1 for reconciliation).
    • Non-GAAP adjusted diluted earnings per share increased to $0.59 compared to $0.44 in the prior year quarter (see Exhibit 1 for reconciliation). The increase per share was primarily attributable to the impact of higher revenue, improved operating margins and a lower share count.

    Non-GAAP adjusted EBITDA

    • Adjusted EBITDA increased to $16.5 million compared to $14.3 million in the prior year quarter (see Exhibit 2 for reconciliation).
    • Adjusted EBITDA margin increased to 11.8% compared to 10.8% in the prior year quarter (see Exhibit 2 for reconciliation).

    Cash Flow and Balance Sheet

    • Repurchased approximately 3.6 million shares from TRGI for an aggregate price of $70 million during the second quarter of fiscal 2025.
    • Capital expenditures were $4.3 million compared to $2.9 million in the prior year quarter. The increase in capital expenditures during this quarter was driven by capacity expansion to meet growing demand in our offshore and nearshore regions.
    • Cash flow from operating activities was $1.1 million compared to $(1.6) million in the prior year quarter. Free cash flow was $(3.2) million compared to $(4.5) million in the prior year quarter (see Exhibit 3 for reconciliation).
    • Net debt was $13.7 million compared to net cash of $61.2 million as of June 30, 2024 (see Exhibit 4 for reconciliation). The utilization of cash and debt is primarily attributable to the share repurchase from TRGI.

    “We achieved strong top and bottom line second quarter results. We accelerated our top-line momentum with over 6% revenue growth, driven by new client wins over the last year and continued expansion of our embedded client base made possible by our strong service delivery,” said Taylor Greenwald, CFO of ibex.

    “Our profitability continues to improve, where for 10 of the last 11 quarters we have delivered year-over-year adjusted EBITDA margin expansion, enabling strategic investments in AI capabilities and sales resources. These results instill continued confidence in the execution of our strategy throughout 2025, enabling us to raise our fiscal year guidance and continue to return value to shareholders.”

    Raised Fiscal Year 2025 Guidance

    • Revenue is expected to be in the range of $525 to $535 million versus a previous range of $515 to $525 million.
    • Adjusted EBITDA is expected to be in the range of $68 to $69 million versus a previous range of $67 to $69 million.
    • Capital expenditures are expected to remain in the range of $15 to $20 million.

    Conference Call and Webcast Information
    IBEX Limited will host a conference call and live webcast to discuss its second quarter of fiscal year 2025 financial results at 4:30 p.m. Eastern Time today, February 6, 2025. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

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

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

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

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

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

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

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

    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Balance Sheets
    (Unaudited)
    (in thousands)

      December 31,
    2024    		   June 30,
    2024
    Assets      
    Current assets      
    Cash and cash equivalents $ 20,206     $ 62,720  
    Accounts receivable, net   120,581       98,366  
    Prepaid expenses   6,905       7,712  
    Due from related parties   317       192  
    Tax advances and receivables   8,968       9,080  
    Other current assets   2,039       1,888  
    Total current assets   159,016       179,958  
           
    Non-current assets      
    Property and equipment, net   32,168       29,862  
    Operating lease assets   54,057       59,145  
    Goodwill   11,832       11,832  
    Deferred tax asset, net   5,052       4,285  
    Other non-current assets   10,373       8,822  
    Total non-current assets   113,482       113,946  
    Total assets $ 272,498     $ 293,904  
           
    Liabilities and stockholders’ equity      
    Current liabilities      
    Accounts payable and accrued liabilities $ 19,924     $ 16,719  
    Accrued payroll and employee-related liabilities   33,278       30,674  
    Current deferred revenue   7,223       4,749  
    Current operating lease liabilities   12,208       12,051  
    Current maturities of long-term debt   8,217       660  
    Convertible debt   25,000       —  
    Due to related parties   149       60  
    Income taxes payable   4,643       6,083  
    Total current liabilities   110,642       70,996  
           
    Non-current liabilities      
    Non-current deferred revenue   1,119       1,128  
    Non-current operating lease liabilities   48,286       53,441  
    Long-term debt   695       867  
    Other non-current liabilities   2,819       1,673  
    Total non-current liabilities   52,919       57,109  
    Total liabilities   163,561       128,105  
           
    Stockholders’ equity      
    Common stock   1       2  
    Additional paid-in capital   212,116       210,200  
    Treasury stock   (101,606 )     (25,367 )
    Accumulated other comprehensive loss   (7,250 )     (7,913 )
    Retained earnings / (deficit)   5,676       (11,123 )
    Total stockholders’ equity   108,937       165,799  
    Total liabilities and stockholders’ equity $ 272,498     $ 293,904  

    14IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Comprehensive Income
    (Unaudited)
    (in thousands, except per share data)

      Three Months Ended December 31,   Six Months Ended December 31,
        2024       2023       2024       2023  
    Revenue $ 140,682     $ 132,634     $ 270,399     $ 257,243  
                   
    Cost of services (exclusive of depreciation and amortization presented separately below)   98,762       95,884       188,803       184,080  
    Selling, general and administrative   25,706       24,857       51,921       47,897  
    Depreciation and amortization   4,286       4,946       8,655       9,988  
    Total operating expenses   128,754       125,687       249,379       241,965  
    Income from operations   11,928       6,947       21,020       15,278  
                   
    Interest income   311       512       894       1,098  
    Interest expense   (620 )     (111 )     (782 )     (215 )
    Income before income taxes   11,619       7,348       21,132       16,161  
                   
    Provision for income tax expense   (2,351 )     (1,273 )     (4,333 )     (2,661 )
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
                   
    Other comprehensive income              
    Foreign currency translation adjustments $ (911 )   $ 679     $ 477     $ (22 )
    Unrealized (loss) / gain on cash flow hedging instruments, net of tax   (193 )     395       186       201  
    Total other comprehensive (loss) / income   (1,104 )     1,074       663       179  
    Total comprehensive income $ 8,164     $ 7,149     $ 17,462     $ 13,679  
                   
    Net income per share              
    Basic $ 0.61     $ 0.34     $ 1.05     $ 0.75  
    Diluted $ 0.57     $ 0.33     $ 1.00     $ 0.72  
                   
    Weighted average common shares outstanding              
    Basic   15,126       17,885       16,007       18,084  
    Diluted   16,456       18,440       16,977       18,667  

    IBEX LIMITED AND SUBSIDIARIES
    Consolidated Statements of Cash Flows
    (Unaudited)
    (in thousands)

      Three Months Ended December 31,   Six Months Ended December 31,
        2024       2023       2024       2023  
    CASH FLOWS FROM OPERATING ACTIVITIES              
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   4,286       4,946       8,655       9,988  
    Noncash lease expense   3,083       3,297       6,409       6,522  
    Warrant contra revenue   —       307       —       594  
    Deferred income tax   (637 )     52       (767 )     296  
    Share-based compensation expense   1,235       1,427       1,905       2,275  
    Allowance of expected credit losses   240       (5 )     323       6  
    Change in assets and liabilities:              
    Increase in accounts receivable   (14,856 )     (14,544 )     (22,505 )     (18,336 )
    Decrease / (increase) in prepaid expenses and other current assets   722       (936 )     (1,013 )     (2,192 )
    (Decrease) / increase in accounts payable and accrued liabilities   (1,496 )     338       3,078       544  
    Increase in deferred revenue   2,386       673       2,465       301  
    Decrease in operating lease liabilities   (3,090 )     (3,267 )     (6,446 )     (6,451 )
    Net cash inflow / (outflow) from operating activities   1,141       (1,637 )     8,903       7,047  
                   
    CASH FLOWS FROM INVESTING ACTIVITIES              
    Purchase of property and equipment   (4,319 )     (2,892 )     (7,949 )     (4,944 )
    Net cash outflow from investing activities   (4,319 )     (2,892 )     (7,949 )     (4,944 )
                   
    CASH FLOWS FROM FINANCING ACTIVITIES              
    Proceeds from line of credit   9,100       59       9,160       96  
    Repayments of line of credit   (1,600 )     (59 )     (1,660 )     (148 )
    Proceeds from the exercise of options   342       6       724       11  
    Principal payments on finance leases   (182 )     (116 )     (353 )     (204 )
    Purchase of treasury shares   (46,562 )     (8,442 )     (51,369 )     (10,274 )
    Net cash outflow from financing activities   (38,902 )     (8,552 )     (43,498 )     (10,519 )
    Effects of exchange rate difference on cash and cash equivalents   (19 )     68       30       3  
    Net decrease in cash and cash equivalents   (42,099 )     (13,013 )     (42,514 )     (8,413 )
    Cash and cash equivalents, beginning   62,305       62,029       62,720       57,429  
    Cash and cash equivalents, ending $ 20,206     $ 49,016     $ 20,206     $ 49,016  
                   
                   

    IBEX LIMITED AND SUBSIDIARIES
    Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures

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

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

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

      Three Months Ended December 31, Six Months Ended December 31,
    ($000s, except per share amounts)   2024       2023       2024       2023  
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
    Net income margin   6.6 %     4.6 %     6.2 %     5.2 %
                   
    Warrant contra revenue   —       307       —       594  
    Foreign currency (gain) / loss   (912 )     697       545       (100 )
    Share-based compensation expense   1,235       1,427       1,905       2,275  
    Total adjustments $ 323     $ 2,431     $ 2,450     $ 2,769  
    Tax impact of adjustments1   24       (482 )     (602 )     (671 )
    Adjusted net income $ 9,615     $ 8,024     $ 18,647     $ 15,598  
    Adjusted net income margin   6.8 %     6.0 %     6.9 %     6.1 %
                   
    Diluted earnings per share $ 0.57     $ 0.33     $ 1.00     $ 0.72  
    Per share impact of adjustments to net income   0.02       0.11       0.11       0.11  
    Adjusted earnings per share $ 0.59     $ 0.44     $ 1.11     $ 0.84  
                   
    Weighted average diluted shares outstanding   16,456       18,440       16,977       18,667  
                   
                   

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

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

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

      Three Months Ended December 31, Six Months Ended December 31,
    ($000s)   2024       2023       2024       2023  
    Net income $ 9,268     $ 6,075     $ 16,799     $ 13,500  
    Net income margin   6.6 %     4.6 %     6.2 %     5.2 %
                   
    Interest expense   620       111       782       215  
    Income tax expense   2,351       1,273       4,333       2,661  
    Depreciation and amortization   4,286       4,946       8,655       9,988  
    EBITDA $ 16,525     $ 12,405     $ 30,569     $ 26,364  
    Interest income   (311 )     (512 )     (894 )     (1,098 )
    Warrant contra revenue   —       307       —       594  
    Foreign currency (gain) / loss   (912 )     697       545       (100 )
    Share-based compensation expense   1,235       1,427       1,905       2,275  
    Adjusted EBITDA $ 16,537     $ 14,324     $ 32,125     $ 28,035  
                   
    Adjusted EBITDA margin   11.8 %     10.8 %     11.9 %     10.9 %
                   
                   

    EXHIBIT 3: Free cash flow

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

      Three Months Ended December 31, Six Months Ended December 31,
    ($000s)   2024       2023       2024     2023
    Net cash provided by operating activities $ 1,141     $ (1,637 )   $ 8,903   $ 7,047
    Less: capital expenditures   4,319       2,892       7,949     4,944
    Free cash flow $ (3,178 )   $ (4,529 )   $ 954   $ 2,103

    EXHIBIT 4: Net (debt) / cash

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

      December 31,   June 30,
    ($000s)   2024       2024
    Cash and cash equivalents $ 20,206     $ 62,720
           
    Debt      
    Current $ 8,217     $ 660
    Convertible debt   25,000       —
    Non-current   695       867
    Total debt $ 33,912     $ 1,527
    Net (debt) / cash $ (13,706 )   $ 61,193

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

    The MIL Network –

  • MIL-OSI: Expand Energy Provides 2024 Fourth Quarter and Full Year Earnings Conference Call Information

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Feb. 06, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) announced today that it will release its 2024 fourth quarter and full year operational and financial results after market close on February 26, 2025. A conference call to discuss the results and 2025 plan has been scheduled for February 27, 2025 at 9:00 a.m. EST. Participants can view the live webcast here. Participants who would like to ask a question, can register here, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided on Expand Energy’s website. A replay will be available on the website following the call.

    About Expand Energy
    Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.

       
    INVESTOR CONTACT:
    Chris Ayres
    (405) 935-8870
    ir@expandenergy.com    		 MEDIA CONTACT:
    Brooke Coe
    (405) 935-8878
    media@expandenergy.com
       

    The MIL Network –

  • MIL-OSI: Fortinet Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Highlights

    • Total revenue of $1.66 billion, up 17% year over year
    • Product revenue of $574 million, up 18% year over year
    • Billings of $2.00 billion, up 7% year over year1
    • Record GAAP operating margin of 35%
    • Record Non-GAAP operating margin of 39%1
    • Unified SASE ARR2up 28% and Security Operations ARR2up 32%, year over year
    • Ranked #7 on the Forbes Most Trusted Companies in America 2025 list, the only cybersecurity company in the top 50

    Full Year 2024 Highlights

    • Total revenue of $5.96 billion, up 12% year over year
    • Service revenue of $4.05 billion, up 20% year over year
    • Record GAAP operating margin of 30%
    • Record Non-GAAP operating margin of 35%1
    • Remaining performance obligations of $6.42 billion, up 12% year over year
    • Cash flow from operations of $2.26 billion
    • Free cash flow of $1.88 billion1
    • Exceeded the ‘Rule of 45’ for the fifth consecutive year

    SUNNYVALE, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the fourth quarter of 2024 and full year ended December 31, 2024.

    “In the fourth quarter, we successfully balanced growth and profitability as our non-GAAP operating margin increased 720 basis points year-over-year to a company record of 39%, while revenue grew 17%,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to execute our strategy of investing in the high-growth Unified SASE and Security Operations markets, while strengthening our position in Secure Networking. Our customers are increasingly recognizing the benefits of a single-vendor approach to SASE, and we expect to emerge as a leader in this space, being the only company to natively develop all SASE functions within a unified operating system, FortiOS, which seamlessly integrates networking and security capabilities.”

    Financial Summary for the Fourth Quarter of 2024

    • Revenue: Total revenue was $1.66 billion for the fourth quarter of 2024, an increase of 17.3% compared to $1.42 billion for the same quarter of 2023.
    • Service Revenue: Service revenue was $1.09 billion for the fourth quarter of 2024, an increase of 17.2% compared to $927.0 million for the same quarter of 2023.
    • Product Revenue: Product revenue was $574.0 million for the fourth quarter of 2024, an increase of 17.6% compared to $488.1 million for the same quarter of 2023.
    • Billings1: Total billings were $2.00 billion for the fourth quarter of 2024, an increase of 7.4% compared to $1.86 billion for the same quarter of 2023.
    • Unified SASE ARR2: Unified SASE ARR was $1.12 billion for the fourth quarter of 2024, an increase of 27.9% compared to $875.3 million for the same quarter of 2023.
    • Security Operations ARR2: Security Operations ARR was $422.4 million for the fourth quarter of 2024, an increase of 32.2% compared to $319.6 million for the same quarter of 2023.
    • GAAP Operating Income and Margin: GAAP operating income was $574.1 million for the fourth quarter of 2024, representing a GAAP operating margin of 34.6%. GAAP operating income was $385.4 million for the same quarter of 2023, representing a GAAP operating margin of 27.2%.
    • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $650.9 million for the fourth quarter of 2024, representing a non-GAAP operating margin of 39.2%. Non-GAAP operating income was $453.5 million for the same quarter of 2023, representing a non-GAAP operating margin of 32.0%.
    • GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $526.2 million for the fourth quarter of 2024, compared to GAAP net income of $310.9 million for the same quarter of 2023. GAAP diluted net income per share was $0.68 for the fourth quarter of 2024, based on 775.2 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.40 for the same quarter of 2023, based on 772.3 million diluted weighted-average shares outstanding.
    • Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $571.5 million for the fourth quarter of 2024, compared to non-GAAP net income of $392.0 million for the same quarter of 2023. Non-GAAP diluted net income per share was $0.74 for the fourth quarter of 2024, based on 775.2 million diluted weighted-average shares outstanding, compared to $0.51 for the same quarter of 2023, based on 772.3 million diluted weighted-average shares outstanding.
    • Cash Flow: Cash flow from operations was $477.6 million for the fourth quarter of 2024, compared to $191.7 million for the same quarter of 2023.
    • Free Cash Flow1: Free cash flow was $380.0 million for the fourth quarter of 2024, compared to $164.8 million for the same quarter of 2023.

    Financial Summary for the Full Year 2024

    • Revenue: Total revenue was $5.96 billion for 2024, an increase of 12.3% compared to $5.30 billion in 2023.
    • Service Revenue: Service revenue was $4.05 billion for 2024, an increase of 19.8% compared to $3.38 billion in 2023.
    • Product Revenue: Product revenue was $1.91 billion for 2024, a decrease of 1.0% compared to $1.93 billion in 2023.
    • Billings1: Total billings were $6.53 billion for 2024, an increase of 2.1% compared to $6.40 billion in 2023.
    • Remaining performance obligations: Remaining performance obligations were $6.42 billion as of December 31, 2024, an increase of 11.7% compared to $5.75 billion as of December 31, 2023.
    • Deferred Revenue: Total deferred revenue was $6.36 billion as of December 31, 2024, an increase of 10.9% compared to $5.74 billion as of December 31, 2023.
    • GAAP Operating Income and Margin: GAAP operating income was $1.80 billion for 2024, representing a GAAP operating margin of 30.3%. GAAP operating income was $1.24 billion for 2023, representing a GAAP operating margin of 23.4%.
    • Non-GAAP Operating Income and Margin1: Non-GAAP operating income was $2.09 billion for 2024, representing a non-GAAP operating margin of 35.0%. Non-GAAP operating income was $1.51 billion for 2023, representing a non-GAAP operating margin of 28.4%.
    • GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $1.75 billion for 2024, compared to GAAP net income of $1.15 billion for 2023. GAAP diluted net income per share was $2.26 for 2024, based on 771.9 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $1.46 for 2023, based on 788.2 million diluted weighted-average shares outstanding.
    • Non-GAAP Net Income and Diluted Net Income Per Share1: Non-GAAP net income was $1.83 billion for 2024, compared to non-GAAP net income of $1.29 billion for 2023. Non-GAAP diluted net income per share was $2.37 for 2024, based on 771.9 million diluted weighted-average shares outstanding, compared to $1.63 for 2023, based on 788.2 million diluted weighted-average shares outstanding.
    • Cash Flow: Cash flow from operations was $2.26 billion in 2024 compared to $1.94 billion in 2023.
    • Free Cash Flow1: Free cash flow was $1.88 billion in 2024, compared to $1.73 billion in 2023.

    Guidance

    For the first quarter of 2025, Fortinet currently expects:

    • Revenue in the range of $1.500 billion to $1.560 billion
    • Billings in the range of $1.520 billion to $1.600 billion
    • Non-GAAP gross margin in the range of 80.0% to 81.0%
    • Non-GAAP operating margin in the range of 30.0% to 31.0%
    • Diluted non-GAAP net income per share in the range of $0.52 to $0.54, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 774 million to 780 million.

    For the fiscal year 2025, Fortinet currently expects:

    • Revenue in the range of $6.650 billion to $6.850 billion
    • Service revenue in the range of $4.575 billion to $4.725 billion
    • Billings in the range of $7.200 billion to $7.400 billion
    • Non-GAAP gross margin in the range of 79.0% to 81.0%
    • Non-GAAP operating margin in the range of 31.0% to 33.0%
    • Diluted non-GAAP net income per share in the range of $2.41 to $2.47, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 773 million to 783 million.

    These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

    Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, charges in connection with litigation settlement, gain on intellectual property matters, gain on bargain purchase related to acquisition, non-cash charge of impairment on an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

    1 A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
    2 ARR is defined as the annualized value of renewable / recurring customer agreements as of the measurement date, assuming any contract that expires during the next 12 months is renewed at its existing value.

    Conference Call Details

    Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

    First Quarter 2025 Conference Participation Schedule:

    • Morgan Stanley Technology, Media & Telecom Conference
      March 4, 2025

    Members of Fortinet’s management team are expected to present at this conference and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

    About Fortinet (www.fortinet.com)

    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiTIP, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

    FTNT-F

    Forward-Looking Statements

    This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the first quarter of 2025 and full year 2025, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; supply chain challenges; negative impacts from the ongoing war in Ukraine and its related macroeconomic effects and our decision to reduce operations in Russia; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; sales execution risks, including risks in connection with the timing and completion of large strategic deals; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive, including advances in artificial intelligence; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by competition and pricing pressure; excess product inventory for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine or tensions between China and Taiwan, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies, including the impact of any future shutdowns of the U.S. government and the transition in administrations; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

    Non-GAAP Financial Measures

    We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

    Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

    Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

    Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

    Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets and charges in connection with litigation settlement, less gain on intellectual property matter and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

    Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a gain on bargain purchase related to acquisition, a non-cash charge of impairment on an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.

    FORTINET, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited, in millions)
     
      December 31,
    2024    		   December 31,
    2023
    ASSETS      
    CURRENT ASSETS:      
    Cash and cash equivalents $ 2,875.9     $ 1,397.9  
    Short-term investments   1,126.4       1,021.5  
    Marketable equity securities   64.2       21.0  
    Accounts receivable—net   1,463.4       1,402.0  
    Inventory   315.5       484.8  
    Prepaid expenses and other current assets   126.1       101.1  
    Total current assets   5,971.5       4,428.3  
    PROPERTY AND EQUIPMENT—NET   1,349.5       1,044.4  
    DEFERRED CONTRACT COSTS   622.9       605.6  
    DEFERRED TAX ASSETS   1,335.6       868.8  
    GOODWILL AND OTHER INTANGIBLE ASSETS—NET   350.4       161.8  
    OTHER ASSETS   133.2       150.0  
    TOTAL ASSETS $ 9,763.1     $ 7,258.9  
    LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)      
    CURRENT LIABILITIES:      
    Accounts payable $ 190.9     $ 204.3  
    Accrued liabilities   337.9       423.7  
    Accrued payroll and compensation   255.7       242.3  
    Deferred revenue   3,276.2       2,848.7  
    Total current liabilities   4,060.7       3,719.0  
    DEFERRED REVENUE   3,084.7       2,886.3  
    LONG-TERM DEBT   994.3       992.3  
    OTHER LIABILITIES   129.6       124.7  
    Total liabilities   8,269.3       7,722.3  
    COMMITMENTS AND CONTINGENCIES      
    STOCKHOLDERS’ EQUITY (DEFICIT):      
    Common stock   0.8       0.8  
    Additional paid-in capital   1,636.2       1,416.4  
    Accumulated other comprehensive loss   (26.1 )     (18.9 )
    Accumulated deficit   (117.1 )     (1,861.7 )
    Total stockholders’ equity (deficit)   1,493.8       (463.4 )
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) $ 9,763.1     $ 7,258.9  
    FORTINET, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited, in millions, except per share amounts)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    REVENUE:              
    Product $ 574.0     $ 488.1     $ 1,908.7     $ 1,927.3  
    Service   1,086.1       927.0       4,047.1       3,377.5  
    Total revenue   1,660.1       1,415.1       5,955.8       5,304.8  
    COST OF REVENUE:              
    Product   178.0       197.2       652.0       763.6  
    Service   136.5       118.7       505.6       473.6  
    Total cost of revenue   314.5       315.9       1,157.6       1,237.2  
    GROSS PROFIT:              
    Product   396.0       290.9       1,256.7       1,163.7  
    Service   949.6       808.3       3,541.5       2,903.9  
    Total gross profit   1,345.6       1,099.2       4,798.2       4,067.6  
    OPERATING EXPENSES:              
    Research and development   191.1       152.5       716.8       613.8  
    Sales and marketing   526.5       507.4       2,044.8       2,006.0  
    General and administrative   55.1       55.1       237.8       211.3  
    Gain on intellectual property matter   (1.2 )     (1.2 )     (4.6 )     (4.6 )
    Total operating expenses   771.5       713.8       2,994.8       2,826.5  
    OPERATING INCOME   574.1       385.4       1,803.4       1,241.1  
    INTEREST INCOME   42.3       30.5       155.2       119.7  
    INTEREST EXPENSE   (4.9 )     (5.4 )     (20.0 )     (21.0 )
    GAIN ON BARGAIN PURCHASE   —       —       106.3       —  
    OTHER INCOME (EXPENSE)—NET   6.9       5.1       13.6       (6.1 )
    INCOME BEFORE INCOME TAXES AND LOSS FROM EQUITY METHOD INVESTMENTS   618.4       415.6       2,058.5       1,333.7  
    PROVISION FOR INCOME TAXES   86.7       95.2       283.9       143.8  
    LOSS FROM EQUITY METHOD INVESTMENTS   (5.5 )     (9.5 )     (29.4 )     (42.1 )
    NET INCOME $ 526.2     $ 310.9     $ 1,745.2     $ 1,147.8  
    Net income per share:              
    Basic $ 0.69     $ 0.41     $ 2.28     $ 1.47  
    Diluted $ 0.68     $ 0.40     $ 2.26     $ 1.46  
    Weighted-average shares outstanding:              
    Basic   766.5       764.9       764.4       778.6  
    Diluted   775.2       772.3       771.9       788.2  
    FORTINET, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited, in millions)
     
      Year Ended
      December 31,
    2024    		   December 31,
    2023
    CASH FLOWS FROM OPERATING ACTIVITIES:      
    Net income $ 1,745.2     $ 1,147.8  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Stock-based compensation   257.9       249.0  
    Amortization of deferred contract costs   293.7       266.3  
    Depreciation and amortization   122.8       113.4  
    Amortization of investment discounts   (48.8 )     (27.7 )
    Loss from equity method investments   29.4       42.1  
    Gain on bargain purchase   (106.3 )     —  
    Other   (15.2 )     18.5  
    Changes in operating assets and liabilities, net of impact of business combinations:      
    Accounts receivable—net   (45.4 )     (146.4 )
    Inventory   131.2       (253.5 )
    Prepaid expenses and other current assets   (13.7 )     (27.6 )
    Deferred contract costs   (311.1 )     (353.5 )
    Deferred tax assets   (223.2 )     (301.9 )
    Other assets   (11.0 )     17.7  
    Accounts payable   (10.2 )     (43.1 )
    Accrued liabilities   (106.7 )     137.4  
    Accrued payroll and compensation   —       23.4  
    Other liabilities   (8.3 )     (21.7 )
    Deferred revenue   577.8       1,095.3  
         Net cash provided by operating activities   2,258.1       1,935.5  
    CASH FLOWS FROM INVESTING ACTIVITIES:      
    Purchases of investments   (1,948.6 )     (1,855.8 )
    Sales of investments   0.5       4.0  
    Maturities of investments   1,891.7       1,414.8  
    Purchases of property and equipment   (378.9 )     (204.1 )
    Purchase of investment in privately held company   —       (8.5 )
    Payments made in connection with business combinations, net of cash acquired   (275.5 )     —  
    Purchases of marketable equity securities   (16.7 )     —  
    Other   0.1       0.3  
         Net cash used in investing activities   (727.4 )     (649.3 )
    CASH FLOWS FROM FINANCING ACTIVITIES:      
    Repurchase and retirement of common stock   (0.6 )     (1,500.5 )
    Proceeds from issuance of common stock   63.1       43.8  
    Taxes paid related to net share settlement of equity awards   (100.9 )     (112.5 )
    Other   (11.7 )     (1.2 )
         Net cash used in financing activities   (50.1 )     (1,570.4 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS   (2.6 )     (0.8 )
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   1,478.0       (285.0 )
    CASH AND CASH EQUIVALENTS—Beginning of year   1,397.9       1,682.9  
    CASH AND CASH EQUIVALENTS—End of year $ 2,875.9     $ 1,397.9  
    Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures
    (Unaudited, in millions, except per share amounts)

    Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share

      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Reconciliation of non-GAAP operating income:              
    GAAP operating income $ 574.1     $ 385.4     $ 1,803.4     $ 1,241.1  
    GAAP operating margin   34.6 %     27.2 %     30.3 %     23.4 %
    Add back:              
    Stock‐based compensation   66.5       64.0       260.2       251.6  
    Amortization of acquired intangible assets   11.5       5.3       23.1       18.9  
    Litigation-related matter (a)   —       —       3.2       —  
    Gain on intellectual property matter   (1.2 )     (1.2 )     (4.6 )     (4.6 )
    Non‐GAAP operating income $ 650.9     $ 453.5     $ 2,085.3     $ 1,507.0  
    Non‐GAAP operating margin   39.2 %     32.0 %     35.0 %     28.4 %
                   
    Reconciliation of non-GAAP net income:              
    GAAP net income $ 526.2     $ 310.9     $ 1,745.2     $ 1,147.8  
    Add back:              
    Stock‐based compensation   66.5       64.0       260.2       251.6  
    Amortization of acquired intangible assets   11.5       5.3       23.1       18.9  
    Litigation-related matter (a)   —       —       3.2       —  
    Gain on intellectual property matter   (1.2 )     (1.2 )     (4.6 )     (4.6 )
    Gain on bargain purchase (b)   —       —       (106.3 )     —  
    Tax adjustment (c)   (31.5 )     13.0       (95.9 )     (128.1 )
    Non-cash charge on equity method investment (d)   —       —       8.0       —  
    Non-GAAP net income $ 571.5     $ 392.0     $ 1,832.9     $ 1,285.6  
                   
    Non-GAAP net income per share, diluted              
    Non-GAAP net income $ 571.5     $ 392.0     $ 1,832.9     $ 1,285.6  
    Non-GAAP shares used in diluted net income per share calculations   775.2       772.3       771.9       788.2  
    Non-GAAP net income per share, diluted $ 0.74     $ 0.51     $ 2.37     $ 1.63  
                   
    Reconciliation of non-GAAP net income per share, diluted              
    GAAP net income per share, diluted $ 0.68     $ 0.40     $ 2.26     $ 1.46  
    Add back:              
    Non-GAAP adjustments to net income per share   0.06       0.11       0.11       0.17  
    Non-GAAP net income per share, diluted $ 0.74     $ 0.51     $ 2.37     $ 1.63  

    (a) To exclude a $3.2 million adjustment for a litigation settlement in the three months ended September 30, 2024.
    (b) To exclude a $106.3 million gain on bargain purchase related to our acquisition of Lacework Inc in the three months ended September 30, 2024.
    (c) Non-GAAP financial information is adjusted to an effective tax rate of 17% in the three months and year ended December 31, 2024 and 2023, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
    (d) To exclude an $8.0 million non-cash charge of impairment on our equity method investment in Linksys.

    Reconciliation of net cash provided by operating activities to free cash flow

      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net cash provided by operating activities $ 477.6     $ 191.7     $ 2,258.1     $ 1,935.5  
    Less: Purchases of property and equipment   (97.6 )     (26.9 )     (378.9 )     (204.1 )
    Free cash flow $ 380.0     $ 164.8     $ 1,879.2     $ 1,731.4  
    Net cash used in investing activities $ (79.9 )   $ (71.6 )   $ (727.4 )   $ (649.3 )
    Net cash used in financing activities $ (8.8 )   $ (910.1 )   $ (50.1 )   $ (1,570.4 )


    Reconciliation of total revenue to total billings

      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Total revenue $ 1,660.1     $ 1,415.1     $ 5,955.8     $ 5,304.8  
    Add: Change in deferred revenue   349.2       449.7       625.9       1,094.7  
    Less: Deferred revenue balance acquired in business acquisitions   (6.8 )     —       (49.2 )     —  
    Total billings $ 2,002.5     $ 1,864.8     $ 6,532.5     $ 6,399.5  
    Investor Contact: Media Contact:
       
    Aaron Ovadia Michelle Zimmermann
    Fortinet, Inc. Fortinet, Inc.
    408-235-7700 408-235-7700
    investors@fortinet.com pr@fortinet.com

    The MIL Network –

  • MIL-OSI: Microchip Technology Announces Financial Results for Third Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    • Net sales of $1.026 billion, down 11.8% sequentially and down 41.9% from the year ago quarter. Our updated guidance provided on December 2, 2024 was net sales of $1.025 billion.
    • On a GAAP basis: gross profit of 54.7%; operating income of $30.9 million and 3.0% of net sales; net loss of $53.6 million; and loss of $0.10 per diluted share. Our guidance provided on November 5, 2024 was for GAAP earnings (loss) per share of $(0.04) to $0.03 per diluted share.
    • On a Non-GAAP basis: gross profit of 55.4%; operating income of $210.7 million and 20.5% of net sales; net income of $107.3 million; and EPS of $0.20 per diluted share. Our updated guidance provided on December 2, 2024 was for Non-GAAP EPS of $0.25 per diluted share.
    • Returned approximately $244.6 million to stockholders in the December quarter through dividends.
    • Quarterly dividend declared today for the March quarter of 45.5 cents per share, an increase of 1.1% from the year ago quarter.

    CHANDLER, Ariz., Feb. 06, 2025 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today reported results for the three months ended December 31, 2024, as summarized in the table below.

      Three Months Ended December 31, 2024(1)
    Net sales $1,026.0      
      GAAP % Non-GAAP(2) %
    Gross profit $561.4 54.7% $568.8 55.4%
    Operating income $30.9 3.0% $210.7 20.5%
    Other expense $(77.0)   $(76.7)  
    Income tax provision $7.5   $26.7  
    Net (loss) income $(53.6) (5.2)% $107.3 10.5%
    Net (loss) income per diluted share $(0.10)   $0.20  

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

    Net sales for the third quarter of fiscal 2025 were $1.026 billion, down 41.9% from net sales of $1.766 billion in the prior year’s third fiscal quarter.

    GAAP net loss for the third quarter of fiscal 2025 was $53.6 million, or $0.10 per diluted share, down from GAAP net income of $419.2 million, or $0.77 per diluted share, in the prior year’s third fiscal quarter. For the third quarters of fiscal 2025 and fiscal 2024, GAAP results were adversely impacted by amortization of acquired intangible assets associated with our previous acquisitions.

    Non-GAAP net income for the third quarter of fiscal 2025 was $107.3 million, or $0.20 per diluted share, down from non-GAAP net income of $592.7 million, or $1.08 per diluted share, in the prior year’s third fiscal quarter. For the third quarters of fiscal 2025 and fiscal 2024, our non-GAAP results exclude the effect of share-based compensation, expenses related to our acquisition activities (including intangible asset amortization, severance, and other restructuring costs, and legal and other general and administrative expenses associated with acquisitions including legal fees and expenses for litigation and investigations related to our Microsemi acquisition), professional services associated with certain legal matters, and losses on the settlement of debt. For the third quarters of fiscal 2025 and fiscal 2024, our non-GAAP income tax expense is presented based on projected cash taxes for the applicable fiscal year, excluding transition tax payments under the Tax Cuts and Jobs Act. A reconciliation of our non-GAAP and GAAP results is included in this press release.

    Microchip announced today that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share, up 1.1% from the year ago quarter. The quarterly dividend is payable on March 7, 2025 to stockholders of record on February 24, 2025.

    “Our December quarter performance reflects the need for the decisive steps we are taking to realign our business, as revenue declined to $1.026 billion and inventory levels reached 266 days,” said Steve Sanghi, Microchip’s CEO and President. “Since returning as CEO in November, we have already initiated several key actions, including restructuring our manufacturing footprint, adjusting our channel strategy and intensifying our customer engagement. Our initial assessment indicates clear areas for operational enhancement, and we are taking a methodical yet urgent approach to evaluating all aspects of our business and implementing necessary changes to strengthen our competitive position.”

    Eric Bjornholt, Microchip’s Chief Financial Officer, said, “We are executing on multiple operational initiatives to enhance our financial performance. Our focus remains on returning to premium profitability levels that have historically differentiated Microchip, supported by our diversified business model. While navigating the current cycle, we continue to focus on inventory management while maintaining our commitment to shareholder returns.”

    Rich Simoncic, Microchip’s Chief Operating Officer, said, “Our comprehensive technology platform is driving innovation across critical markets, with our new RISC-V processors and expanded connectivity solutions demonstrating strong momentum in industrial, automotive, and aerospace applications. By delivering advanced AI capabilities, enhanced networking, and robust security technologies, we believe we are well-positioned to meet the evolving needs of our customers in increasingly complex technological environments.”

    Mr. Sanghi concluded, “While we have seen substantial inventory destocking at our customers and channel partners, we believe the correction cycle is still not completed. Our March quarter bookings are running at a higher rate than December, though overall levels remain low. With net sales guidance of $920.0 million to $1.000 billion for our March quarter, we maintain a cautious but focused approach and look forward to providing a comprehensive update during our business update call on March 3, 2025.”

    Fourth Quarter Fiscal Year 2025 Outlook:

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

      Microchip Consolidated Guidance
    Net Sales $920.0 million to $1.000 billion    
      GAAP(5) Non-GAAP Adjustments(1) Non-GAAP(1)
    Gross Profit 51.2% to 53.1% $7.8 to $8.8 million 52.0% to 54.0%
    Operating Expenses(2) 56.1% to 60.0% $179.7 to $183.7 million 37.7% to 40.5%
    Operating Income (loss) (8.9)% to (2.9)% $187.5 to $192.5 million 11.5% to 16.3%
    Other Expense, net $69.7 to $71.3 million $(0.2) to $0.2 million $69.5 to $71.5 million
    Income Tax (Benefit) Provision $(24.5) to $(19.8) million(3) $29.5 to $33.4 million $5.0 to $13.6 million(4)
    Net Income (loss) $(128.5) to $(79.4) million $157.8 to $159.3 million $29.3 to $79.9 million
    Diluted Common Shares Outstanding Approximately 538.4 million shares   Approximately 541.5 to 542.5 million shares
    Earnings (loss) per Diluted Share $(0.24) to $(0.14) $0.29 $0.05 to $0.15

    (1) See the “Use of Non-GAAP Financial Measures” section of this release for information regarding our non-GAAP guidance.
    (2) We are not able to estimate the amount of certain Special Charges and Other, net that may be incurred during the quarter ending March 31, 2025. Therefore, our estimate of GAAP operating expenses excludes certain amounts that may be recognized as Special Charges and Other, net in the quarter ending March 31, 2025.
    (3) The forecast for GAAP tax expense excludes any unexpected tax events that may occur during the quarter, as these amounts cannot be forecasted.
    (4) Represents the expected cash tax rate for fiscal 2025, excluding any transition tax payments associated with the Tax Cuts and Jobs Act.
    (5) Our GAAP guidance excludes the impact of any potential charges related to our ongoing evaluation of restructuring activities.

    Capital expenditures for the quarter ending March 31, 2025 are expected to be about $23 million. Capital expenditures for all of fiscal 2025 are expected to be about $135 million. Consistent with the slowing macroeconomic environment in fiscal 2025, we have paused most of our factory expansion actions and reduced our planned capital investments through fiscal 2026. However, we are adding capital equipment to selectively expand our production capacity and add research and development equipment.

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

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

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

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

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

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

    Diluted Common Shares Outstanding can vary for, among other things, the trading price of our common stock, the exercise of options or vesting of restricted stock units, the potential for incremental dilutive shares from our convertible debentures (additional information regarding our share count is available in the investor relations section of our website under the heading “Supplemental Information”), and repurchases or issuances of shares of our common stock. The diluted common shares outstanding presented in the guidance table above assumes an average Microchip stock price in the March 2025 quarter between $55 and $65 per share (however, we make no prediction as to what our actual share price will be for such period or any other period and we cannot estimate what our stock option exercise activity will be during the quarter).

     
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share amounts; unaudited)
     
      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Net sales $ 1,026.0     $ 1,765.7     $ 3,431.1     $ 6,308.6  
    Cost of sales   464.6       645.7       1,464.3       2,102.8  
    Gross profit   561.4       1,120.0       1,966.8       4,205.8  
                   
    Research and development   246.2       266.0       728.6       857.1  
    Selling, general and administrative   158.2       172.2       465.7       572.4  
    Amortization of acquired intangible assets   122.6       151.3       368.3       454.2  
    Special charges and other, net   3.5       1.1       7.6       4.6  
    Operating expenses   530.5       590.6       1,570.2       1,888.3  
                   
    Operating income   30.9       529.4       396.6       2,317.5  
                   
    Other expense, net   (77.0 )     (45.1 )     (189.4 )     (151.3 )
    (Loss) income before income taxes   (46.1 )     484.3       207.2       2,166.2  
    Income tax provision   7.5       65.1       53.1       414.0  
    Net (loss) income $ (53.6 )   $ 419.2     $ 154.1     $ 1,752.2  
                   
    Basic net (loss) income per common share $ (0.10 )   $ 0.78     $ 0.29     $ 3.23  
    Diluted net (loss) income per common share $ (0.10 )   $ 0.77     $ 0.28     $ 3.19  
                   
    Basic common shares outstanding   537.4       540.8       536.9       543.0  
    Diluted common shares outstanding   537.4       546.5       542.1       549.0  
     
    MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in millions; unaudited)
     
    ASSETS
      December 31,   March 31,
        2024       2024  
    Cash and short-term investments $ 586.0     $ 319.7  
    Accounts receivable, net   857.2       1,143.7  
    Inventories   1,356.3       1,316.0  
    Other current assets   196.3       233.6  
    Total current assets   2,995.8       3,013.0  
           
    Property, plant and equipment, net   1,152.1       1,194.6  
    Other assets   11,484.3       11,665.6  
    Total assets $ 15,632.2     $ 15,873.2  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
           
    Accounts payable and accrued liabilities $ 1,330.3     $ 1,520.0  
    Current portion of long-term debt   —       999.4  
    Total current liabilities   1,330.3       2,519.4  
           
    Long-term debt   6,749.5       5,000.4  
    Long-term income tax payable   598.7       649.2  
    Long-term deferred tax liability   22.9       28.8  
    Other long-term liabilities   899.3       1,017.6  
           
    Stockholders’ equity   6,031.5       6,657.8  
    Total liabilities and stockholders’ equity $ 15,632.2     $ 15,873.2  


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

    RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP GROSS PROFIT

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Gross profit, as reported $ 561.4     $ 1,120.0     $ 1,966.8     $ 4,205.8  
    Share-based compensation expense   7.4       6.0       18.3       20.2  
    Cybersecurity incident expenses   —       —       20.1       —  
    Non-GAAP gross profit $ 568.8     $ 1,126.0     $ 2,005.2     $ 4,226.0  
    GAAP gross profit percentage   54.7 %     63.4 %     57.3 %     66.7 %
    Non-GAAP gross profit percentage   55.4 %     63.8 %     58.4 %     67.0 %

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

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Research and development expenses, as reported $ 246.2     $ 266.0     $ 728.6     $ 857.1  
    Share-based compensation expense   (28.8 )     (24.4 )     (79.0 )     (71.0 )
    Other adjustments   —       (0.1 )     —       (0.5 )
    Non-GAAP research and development expenses $ 217.4     $ 241.5     $ 649.6     $ 785.6  
    GAAP research and development expenses as a percentage of net sales   24.0 %     15.1 %     21.2 %     13.6 %
    Non-GAAP research and development expenses as a percentage of net sales   21.2 %     13.7 %     18.9 %     12.5 %

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

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Selling, general and administrative expenses, as reported $ 158.2     $ 172.2     $ 465.7     $ 572.4  
    Share-based compensation expense   (13.2 )     (14.4 )     (42.4 )     (43.5 )
    Cybersecurity incident expenses   —       —       (1.3 )     —  
    Other adjustments   (3.9 )     (1.0 )     (7.3 )     (0.5 )
    Professional services associated with certain legal matters   (0.4 )     (0.4 )     (1.1 )     (1.2 )
    Non-GAAP selling, general and administrative expenses $ 140.7     $ 156.4     $ 413.6     $ 527.2  
    GAAP selling, general and administrative expenses as a percentage of net sales   15.4 %     9.8 %     13.6 %     9.1 %
    Non-GAAP selling, general and administrative expenses as a percentage of net sales   13.7 %     8.9 %     12.1 %     8.4 %

    RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Operating expenses, as reported $ 530.5     $ 590.6     $ 1,570.2     $ 1,888.3  
    Share-based compensation expense   (42.0 )     (38.8 )     (121.4 )     (114.5 )
    Cybersecurity incident expenses   —       —       (1.3 )     —  
    Other adjustments   (3.9 )     (1.1 )     (7.3 )     (1.0 )
    Professional services associated with certain legal matters   (0.4 )     (0.4 )     (1.1 )     (1.2 )
    Amortization of acquired intangible assets (1)   (122.6 )     (151.3 )     (368.3 )     (454.2 )
    Special charges and other, net   (3.5 )     (1.1 )     (7.6 )     (4.6 )
    Non-GAAP operating expenses $ 358.1     $ 397.9     $ 1,063.2     $ 1,312.8  
    GAAP operating expenses as a percentage of net sales   51.7 %     33.4 %     45.8 %     29.9 %
    Non-GAAP operating expenses as a percentage of net sales   34.9 %     22.5 %     31.0 %     20.8 %

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

    RECONCILIATION OF GAAP OPERATING INCOME TO NON-GAAP OPERATING INCOME

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Operating income, as reported $ 30.9     $ 529.4     $ 396.6     $ 2,317.5  
    Share-based compensation expense   49.4       44.8       139.7       134.7  
    Cybersecurity incident expenses   —       —       21.4       —  
    Other adjustments   3.9       1.1       7.3       1.0  
    Professional services associated with certain legal matters   0.4       0.4       1.1       1.2  
    Amortization of acquired intangible assets (1)   122.6       151.3       368.3       454.2  
    Special charges and other, net   3.5       1.1       7.6       4.6  
    Non-GAAP operating income $ 210.7     $ 728.1     $ 942.0     $ 2,913.2  
    GAAP operating income as a percentage of net sales   3.0 %     30.0 %     11.6 %     36.7 %
    Non-GAAP operating income as a percentage of net sales   20.5 %     41.2 %     27.5 %     46.2 %

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

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

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Other expense, net, as reported $ (77.0 )   $ (45.1 )   $ (189.4 )   $ (151.3 )
    Loss on settlement of debt   0.3       —       0.3       12.2  
    Loss on available-for-sale investments   —       —       1.8       —  
    Non-GAAP other expense, net $ (76.7 )   $ (45.1 )   $ (187.3 )   $ (139.1 )
    GAAP other expense, net, as a percentage of net sales (7.5 )%   (2.6 )%   (5.5 )%   (2.4 )%
    Non-GAAP other expense, net, as a percentage of net sales (7.5 )%   (2.6 )%   (5.5 )%   (2.2 )%

    RECONCILIATION OF GAAP INCOME TAX PROVISION TO NON-GAAP INCOME TAX PROVISION

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Income tax provision as reported $ 7.5     $ 65.1     $ 53.1     $ 414.0  
    Income tax rate, as reported (16.3 )%     13.4 %     25.6 %     19.1 %
    Other non-GAAP tax adjustment   19.2       25.2       54.2       (27.2 )
    Non-GAAP income tax provision $ 26.7     $ 90.3     $ 107.3     $ 386.8  
    Non-GAAP income tax rate   19.9 %     13.2 %     14.2 %     13.9 %

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

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    Net (loss) income, as reported $ (53.6 )   $ 419.2     $ 154.1     $ 1,752.2  
    Share-based compensation expense   49.4       44.8       139.7       134.7  
    Cybersecurity incident expenses   —       —       21.4       —  
    Other adjustments   3.9       1.1       7.3       1.0  
    Professional services associated with certain legal matters   0.4       0.4       1.1       1.2  
    Amortization of acquired intangible assets   122.6       151.3       368.3       454.2  
    Special charges and other, net   3.5       1.1       7.6       4.6  
    Loss on settlement of debt   0.3       —       0.3       12.2  
    Loss on available-for-sale investments   —       —       1.8       —  
    Other non-GAAP tax adjustment   (19.2 )     (25.2 )     (54.2 )     27.2  
    Non-GAAP net income $ 107.3     $ 592.7     $ 647.4     $ 2,387.3  
    GAAP net (loss) income as a percentage of net sales (5.2 )%     23.7 %     4.5 %     27.8 %
    Non-GAAP net income as a percentage of net sales   10.5 %     33.6 %     18.9 %     37.8 %
    Diluted net (loss) income per common share, as reported $ (0.10 )   $ 0.77     $ 0.28     $ 3.19  
    Non-GAAP diluted net income per common share $ 0.20     $ 1.08     $ 1.19     $ 4.35  
    Diluted common shares outstanding, as reported   537.4       546.5       542.1       549.0  
    Diluted common shares outstanding non-GAAP   541.6       546.5       542.1       549.0  

    RECONCILIATION OF GAAP CASH FLOW FROM OPERATIONS TO FREE CASH FLOW

      Three Months Ended December 31,   Nine Months Ended December 31,
        2024       2023       2024       2023  
    GAAP cash flow from operations, as reported $ 271.5     $ 853.3     $ 692.2     $ 2,462.7  
    Capital expenditures   (18.1 )     (59.5 )     (111.8 )     (245.0 )
    Free cash flow $ 253.4     $ 793.8     $ 580.4     $ 2,217.7  
    GAAP cash flow from operations as a percentage of net sales   26.5 %     48.3 %     20.2 %     39.0 %
    Free cash flow as a percentage of net sales   24.7 %     45.0 %     16.9 %     35.2 %

    Microchip will host a conference call today, February 6, 2025 at 5:00 p.m. (Eastern Time) to discuss this release. This call will be simulcast over the Internet at www.microchip.com. The webcast will be available for replay until February 27, 2025.

    A telephonic replay of the conference call will be available at approximately 8:00 p.m. (Eastern Time) on February 6, 2025 and will remain available until 5:00 p.m. (Eastern Time) on February 27, 2025. Interested parties may listen to the replay by dialing 201-612-7415/877-660-6853 and entering access code 13750989.

    Cautionary Statement:
    The statements in this release relating to the decisive steps we are taking to realign our business, restructuring our manufacturing footprint, adjusting our channel strategy and intensifying our customer engagement, clear areas for operational enhancements, taking a methodical yet urgent approach to evaluating all aspects of our business and implementing necessary changes to strengthen our competitive position, executing on multiple operational initiatives to enhance our financial performance, that our focus remains on returning to premium profitability levels that have historically differentiated Microchip, supported by our diversified business model, that we continue to focus on inventory management while maintaining our commitment to shareholder returns, that our comprehensive technology platform is driving innovation across critical markets, with our new RISC-V processors and expanded connectivity solutions demonstrating strong momentum in industrial, automotive, and aerospace applications, that we believe we are well-positioned to meet the evolving needs of our customers in increasingly complex technological environments, that we believe the correction cycle is still not completed, our net sales guidance of $920.0 million to $1.000 billion for our March 2025 quarter, that we maintain a cautious but focused approach, our fourth quarter fiscal 2025 guidance for net sales and GAAP and non-GAAP gross profit, operating expenses, operating income (loss), other expense, net, income tax (benefit) provision, net income (loss), diluted common shares outstanding, earnings (loss) per diluted share, capital expenditures for the March 2025 quarter and for all of fiscal 2025, adding capital equipment to selectively expand our production capacity and add research and development equipment, our belief that non-GAAP measures are useful to investors and our assumed average stock price in the March 2025 quarter are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: any continued uncertainty, fluctuations or weakness in the U.S. and world economies (including China and Europe) due to changes in interest rates or high inflation, actions taken or which may be taken by the Trump administration or the new U.S. Congress, monetary policy, political, geopolitical, trade or other issues in the U.S. or internationally (including the military conflicts in Ukraine-Russia and the Middle East), further changes in demand or market acceptance of our products and the products of our customers and our ability to respond to any increases or decreases in market demand or customer

    requests to reschedule or cancel orders; the mix of inventory we hold, our ability to satisfy any short-term orders from our inventory and our ability to effectively manage our inventory levels; foreign currency effects on our business; changes in utilization of our manufacturing capacity and our ability to effectively manage our production levels to meet any increases or decreases in market demand or any customer requests to reschedule or cancel orders; the impact of inflation on our business; competitive developments including pricing pressures; the level of orders that are received and can be shipped in a quarter; our ability to realize the expected benefits of our long-term supply assurance program; changes or fluctuations in customer order patterns and seasonality; our ability to effectively manage our supply of wafers from third party wafer foundries to meet any decreases or increases in our needs and the cost of such wafers, our ability to obtain additional capacity from our suppliers to increase production to meet any future increases in market demand; our ability to successfully integrate the operations and employees, retain key employees and customers and otherwise realize the expected synergies and benefits of our acquisitions; the impact of any future significant acquisitions or strategic transactions we may make; the costs and outcome of any current or future litigation or other matters involving our acquisitions (including the acquired business, intellectual property, customers, or other issues); the costs and outcome of any current or future tax audit or investigation regarding our business or our acquired businesses; the impact that the CHIPS Act will have on increasing manufacturing capacity in our industry by providing incentives for us, our competitors and foundries to build new wafer manufacturing facilities or expand existing facilities; the amount and timing of any incentives we may receive under the CHIPS Act, the impact of current and future changes in U.S. corporate tax laws (including the Inflation Reduction Act of 2022 and the Tax Cuts and Jobs Act of 2017); fluctuations in our stock price and trading volume which could impact the number of shares we acquire under our share repurchase program and the timing of such repurchases; disruptions in our business or the businesses of our customers or suppliers due to natural disasters (including any floods in Thailand), terrorist activity, armed conflict, war, worldwide oil prices and supply, public health concerns or disruptions in the transportation system; and general economic, industry or political conditions in the United States or internationally.

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

    Stockholders of Microchip are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Microchip does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this February 6, 2025 press release, or to reflect the occurrence of unanticipated events.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. Our solutions serve approximately 112,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

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

    INVESTOR RELATIONS CONTACT:

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

    The MIL Network –

  • MIL-OSI: Microchip Technology Announces Quarterly Cash Dividend of 45.5 Cents per Share

    Source: GlobeNewswire (MIL-OSI)

    CHANDLER, Ariz., Feb. 06, 2025 (GLOBE NEWSWIRE) — (NASDAQ: MCHP) – Microchip Technology Incorporated, a leading provider of smart, connected, and secure embedded control solutions, today announced that its Board of Directors declared a quarterly cash dividend on its common stock of 45.5 cents per share. The dividend is payable on March 7, 2025, to stockholders of record on February 24, 2025. Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 83 times since then.

    About Microchip:

    Microchip Technology Incorporated is a leading provider of smart, connected and secure embedded control solutions. Its easy-to-use development tools and comprehensive product portfolio enable customers to create optimal designs, which reduce risk while lowering total system cost and time to market. The company’s solutions serve approximately 112,000 customers across the industrial, automotive, consumer, aerospace and defense, communications and computing markets. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at www.microchip.com.

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

    INVESTOR RELATIONS CONTACT:

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

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Schedules Fourth Quarter 2024 Earnings Conference Call for Thursday, February 20, 2025 at 4:30 p.m. Eastern Time

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., Feb. 06, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that it will host a conference call for investors on Thursday, February 20, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Fourth Quarter 2024 results.

    For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

    The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=T0wdPGmd

    It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

    A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    CONTACT:
    Ken Rogozinski
    Chief Executive Officer
    402-952-1235 

    The MIL Network –

  • MIL-OSI Australia: Cost-of-living help for students visiting nation’s capital

    Source: Australia Government Ministerial Statements

    The Albanese Government is taking the pressure off family budgets by boosting travel rebates for students who visit the nation’s capital in 2025.

    The Parliament and Civics Education Rebate (PACER) program provides financial assistance for students to visit Canberra and experience our national democratic, historical and cultural institutions first-hand.

    Rebates have been extended for 2025 and will range up to $2,040 per student, depending on the location of the school, with additional loadings for eligible schools in disadvantaged, regional, and remote areas. Home schooling families are also eligible for the rebate. 

    These additional rebates, for example, take the rebate amount for a student from a remote, disadvantaged school in New South Wales, 500-999 kilometres from Canberra, from $45 to $165.

    For a student from a very remote, disadvantaged school in the Northern Territory, 3,000 kilometres or more from Canberra, the rebate has increased from $510 to $2,040.

    To further boost student knowledge of Australia’s system of government, legal system and Australian citizenship, a new online hub has been launched. 

    The Civics and Citizenship Education (CCE) Hub contains more than 200 nationally coordinated, high-quality teaching resources that will save teachers time and support them to teach students from Years 3 to 10. 

    Teachers have access to resources to help them run mock parliamentary debates and elections, quizzes, case studies and a range of other sources to support student learning.

    The CCE Hub forms part of a suite of online resources and professional learning from the Albanese Government to support teaching and learning of the Australian Curriculum, with $34.6 million being invested over four years.

    For more information on the PACER rebate including the eligibility criteria, visit www.pacer.org.au.

    Quotes attributable to Minister for Education Jason Clare:

    “It’s important to get out of the classroom and experience our historical and cultural institutions first-hand.

    “To see and feel our history at the War Memorial and Old Parliament House, and see it being made in the new Parliament.

    “That’s why the Albanese Government is helping families with cost-of-living by offering rebates to make it more affordable to come to the Capital.

    “I want more Australian students, wherever they live, to do this and that’s what these rebates do.”
     

    MIL OSI News –

  • MIL-OSI New Zealand: Universities – Can artists really take back their music like Swift? – UoA

    Source: University of Auckland

    Taylor Swift’s re-recordings rocked the music industry – can other artists reclaim their music too? A journal article explores the options.

    Taylor Swift and her millions of fans may be disappointed by her 2025 Grammys ‘snub’, but the billionaire artist still has much to celebrate, most notably, her successful fight to take ownership of her music in an industry long dominated by influential record labels.

    University of Auckland copyright expert Dr Joshua Yuvaraj says Swift significantly impacted the industry when she re-recorded several of her albums after the rights to her music were sold from under her.

    In his paper, published in the Journal of Intellectual Property Law and Practice and presented at the University of Melbourne’s Taylor Swift-themed academic conference, Swiftposium, the senior law lecturer examines how re-recording can help artists gain control of their music. He compares this strategy with the primary mechanism available under US copyright law: statutory reversion. (ref. https://academic.oup.com/jiplp/article/19/12/884/7913103 )

    His article looks at how reversion applies to sound recordings, focusing on the US copyright ‘termination’ provision, which lets creators reclaim copyright, typically after around 35 years. The size of the US recording market makes this scheme the most high-profile reversion system in the world. However, Yuvaraj argues that re-recording may offer a more accessible alternative to these legal processes.

    “In theory, copyright reversion gives artists a second chance at controlling their recordings. But in practice, the US system has significant obstacles: a long waiting period, complex legal requirements, and uncertainty over whether sound recordings are even covered.”

    Many artists simply don’t have the time or resources to navigate this legal quagmire, says Yuvaraj.

    “There are considerable power imbalances between artists and record companies,” he says. “For example, copyright is often assigned before the true value of a song is even known.”

    Re-recording, as Swift did, allows artists to sidestep these legal barriers. While the copyright in an original sound recording remains with the label, a newly recorded version, if produced independently, is treated as a separate work under copyright law – as long as the artist retained control, or had a license to reproduce the song itself, which has a separate musical copyright to the recording.

    “Taylor Swift’s success put re-recording in the spotlight as a way for artists to regain control over their music without waiting decades for copyright reversion laws to take effect,” says Yuvaraj.

    He says that unlike statutory reversion, re-recording requires much shorter waiting periods, allowing musicians to capitalise on market demand more quickly. There’s also less procedural complexity, and as long as artists comply with contractual waiting periods, they are unlikely to face legal action.

    Despite Swift’s success – her re-recorded albums were critically praised and financially lucrative – Yuvaraj notes that re-recording isn’t a viable solution for everyone.

    “It requires a strong fan base willing to embrace the new versions, and not all musicians have that level of market power,” he says.

    And while Swift’s re-recording battle highlighted power imbalances in artist contracts, it also saw record labels tighten their grip. There are reports of extended re-recording restrictions in contracts from the standard three to seven years to 20 or 30 years, making re-recording a less accessible option for future artists.

    Despite this roadblock, Yuvaraj says Swift’s case sparked important conversations about artist rights, and some musicians are now negotiating deals that allow them to retain ownership of their master recordings from the outset, eliminating the need for re-recording altogether.

    “Swift’s case brought re-recording into the public eye, but it doesn’t replace the need for fairer contracts and stronger copyright protections.”

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Taskforce targets retail theft and anti-social behaviour across Hobart

    Source: Tasmania Police

    Taskforce targets retail theft and anti-social behaviour across Hobart

    Friday, 7 February 2025 – 8:04 am.

    Tasmania Police is launching a new taskforce in Hobart, proactively targeting crime reduction, retail theft and anti-social behaviour.Taskforce Reprisal will commence on Monday 10 February with members to be based out of Hobart Uniform Division.Hobart Acting Inspector Danny Jackson said police had seen success previously through Operation Swipe at Glenorchy, Taskforce Saturate in Hobart, Taskforce Scelus in the Western District, and most recently with the launch of Taskforce Raven in the Northern District.“Taskforces are just one of a number of strategies that should provide the community with reassurance that we are continuing to proactively target known offenders to make our community safer for everyone,” he said.“We know there are concerns about retail theft in particular across the Hobart Division, and this will be one of the areas of focus for this taskforce.”“Everyone deserves to feel safe in our community, and we know that there is a small number of people who are responsible for the majority of crime committed. This taskforce will actively those offenders.”

    MIL OSI News –

  • MIL-OSI: AFL Clubs Choose Tradable Bits to Revolutionise Fan Engagement

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Australia, Feb. 06, 2025 (GLOBE NEWSWIRE) — Tradable Bits, the leading provider of fan marketing technology, has been selected by 17 Australian Football League (AFL) clubs to drive fan engagement, data collection, and activation strategies for the upcoming season.

    With over six years of collaboration with the AFL, Tradable Bits continues to expand its role in the league, enhancing data intelligence across in-venue, broadcast, email, and mobile SMS platforms.

    Tradable Bits provides comprehensive solutions tailored to the unique needs of sports organizations, including seamless fan engagement tools, a purpose-built CRM for teams, and integrations with ticketing, merchandise, and marketing automation systems.

    Since its initial partnership with the AFL in 2019, Tradable Bits has seen exponential growth, now powering fan engagement initiatives for 17 of the league’s 18 clubs, including Adelaide Crows, Brisbane Lions, Carlton, Essendon, Fremantle, Geelong, Gold Coast Suns, GWS Giants, Hawthorn, Melbourne, North Melbourne, Port Adelaide, Richmond, St Kilda, Sydney Swans, West Coast Eagles, and the Western Bulldogs.

    North Melbourne Football Club’s Digital Marketing and Analytics Manager, Jackson Zilco, highlighted the impact of the long-term partnership:

    “Partnering with Tradable Bits has been instrumental in helping our club better understand and engage with our fans. They’ve grown with us as we’ve evolved our Fan Engagement and Data strategies and are always proactive when it comes to ideas and strategy.”

    “We’re aiming for record membership numbers in 2025, and Tradable Bits is key to our lead generation efforts. It remains an integral part of our technology stack and plays a big role in helping us reach membership targets,” added Zilco.

    Tim Mullaly, General Manager, APAC at Tradable Bits, emphasised the company’s fan-centric philosophy:

    “At Tradable Bits, we’re fans first and foremost. We understand that the core of fandom is connection, and our clubs are always looking to get closer to their fans by delivering unique and authentic experiences. With the vast majority of the AFL industry now using our data intelligence and activation tools, Tradable Bits is powering more fan engagements than ever before.”

    In 2024 alone, Tradable Bits campaigns were responsible for more than 100,000 hours of engagement time by AFL fans.

    Danielle Wooley, Head of Customer Experience & Insights at the Western Bulldogs, noted how Tradable Bits’ automation capabilities have streamlined their fan communications:

    “By integrating directly with Ticketmaster Archtics, we’ve cut our fan welcome email turnaround time from up to three weeks to under 24 hours. Timeliness and relevance matter. Prioritizing this shows our fans that we understand them; it goes a long way in fostering genuine connection.”

    Wooley also highlighted the revenue-driving potential of fan engagement initiatives:

    “We ran a Tradable Bits Personality Quiz during the season, garnering over 3,000 participants. The campaign fed a tailored experience journey, resulting in a 500% attendance increase in one season.”

    As AFL clubs gear up for an exciting 2025 season, Tradable Bits continues to play a crucial role in driving engagement, strengthening connections, and delivering measurable results for teams.

    About Tradable Bits
    Tradable Bits is a leading provider of cutting-edge fan engagement, data analytics, and marketing solutions to the global sports, music, and entertainment industries. Tradable Bits’ proprietary fan engagement platform and CRM leverages zero-party data, artificial intelligence, and machine learning so promoters, sports leagues and teams, and live event organisations can market more effectively, generate revenue, and foster brand loyalty. Tradable Bits’ technology is built exclusively in-house by award-winning engineers and mathematicians working alongside veteran sports and entertainment executives to meet the unique needs of live audience organisations. More than 100 leading organisations rely on Tradable Bits including sports partners in the AFL, NBA, NFL, NRL, NHL, MLB and MLS, and entertainment partners AEG Presents’ GoldenVoice, BMG, Live Nation Canada, Front Gate Tickets, Country Music Association, Danny Wimmer Presents, Life is Beautiful, and Outside Lands. Tradable Bits is headquartered in Vancouver, Canada, and has offices in North America, Australia, and Europe. More information is available at www.tradablebits.com.

    The MIL Network –

  • MIL-OSI Australia: Pedestrian injured in Paradise crash

    Source: South Australia Police

    A pedestrian has suffered critical injuries when he was hit by a car at Paradise last night.

    Emergency services were called to Darley Road about midnight on Thursday 6 February.

    The pedestrian, a 38-year-old Rostrevor man, was taken to hospital by ambulance where he is being treated for critical injuries.

    The driver of the Toyota sedan, a 58-year-old Norton Summit man, was not injured in the crash.

    Major Crash investigators attended the scene to assist patrols examine the scene and investigate the crash.

    The car was towed from the scene and the road reopened at 6am.

    MIL OSI News –

  • MIL-OSI Australia: Update: Fatal crash at Beaufort

    Source: South Australia Police

    A man has died following a fatal crash at Beaufort, in the state’s mid-north last night.

    At 5.25pm on Thursday 6 February emergency services were called to Augusta Highway, 4 kilometres north of Beaufort after reports of a crash between a road train and a Yamaha motorcycle.

    Sadly the rider of the motorbike, a 28-year-old man from Hope Valley died at the scene.

    The driver of the road train a 65-year-old man was not injured.

    The Augusta Highway was closed for several hours while Major Crash Investigators examined the circumstances of the crash, but has since reopened.

    The man’s death is the 14th life lost on South Australia road so far this year.

    Anyone who may have witnessed the crash or has dashcam footage is asked to contact Crimestoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Economics: Thales celebrates 40 Years of excellence and commitment in Central America and the Caribbean, serving clients and partners

    Source: Thales Group

    Headline: Thales celebrates 40 Years of excellence and commitment in Central America and the Caribbean, serving clients and partners

    Thales, a global leader in advance technologies, is proud to celebrate 40 years of presence in Central America and the Caribbean. Since its arrival in the region, Thales has been contributing to the development of key sectors such as Defence, Aerospace, Cyber & Digital from 1985 until today, and continues to support all clients, such as government entities, private institutions and cities.

    Thales’ presence in Central America and the Caribbean has been fundamental and has evolved significantly over the years, establishing the Group as a key player in various sectors. Among the most notable projects, Thales has been a long-term partner to COCESNA (Central American Corporation for Air Navigation Services) for over 25 years, playing a crucial role through the provision of advanced technologies and innovative solutions for air traffic management.

    Thales’ collaboration with COCESNA reflects a long-term partnership based on trust and technical excellence, aimed at improving the safety and efficiency of aviation in the Central American region. In 2024, Thales secured a significant contract that reflects the trust and support placed in the company by this client, aimed at enhancing critical aviation systems in six Central American countries: Belize, Guatemala, Costa Rica, Honduras, El Salvador, and Nicaragua.

    In Panama, for over 10 years, Thales has been the main supplier to the Civil Aviation Authority, providing both air traffic control centers and essential navigation systems for the safe and efficient operation of flights. Additionally, Thales has implemented various technology systems for Copa Airlines, including advanced solutions onboard its fleet of aircraft and for the protection and secure management of its data.

    In the Dominican Republic, Thales maintains a continuing partnership with the Dominican Institute of Civil Aviation, being the main supplier of the control tower and air navigation systems for Las Américas, Punta Cana, Puerto Plata, and Cibao airports to ensure that each flight is a safe experience.

    Thales is also a strategic partner of the Government of Jamaica, providing advanced solutions and technologies for national security, supporting the Armed Forces in their mission to strengthen national defense with the Bushmaster armored vehicle fleet and the coastal surveillance system for the safety and management of maritime areas. Thales also supports the Jamaica Civil Aviation Authority with radar systems and control centers for efficient surveillance and management of its airspace. In the country, Thales also developed the National Identification System, improving public services and security through the precise identification of each citizen, enhancing the country’s security and efficiency.
    ​Thales is a leader in Cyber and Digital in the region and a strategic partner of leading banks and financial institutions, ensuring the security of their banking transactions by providing robust solutions that protect both information and financial operations, contributing to strengthening trust in the financial ecosystem.
    ​Throughout this journey, Thales has forged alliances with governments, businesses, and organizations, creating a collaborative ecosystem that enhances technological and business development. It has adapted to local markets and the unique needs and challenges of the region, offering solutions that address every requirement.

    “We are excited to celebrate this important milestone in our journey in Central America and the Caribbean. This achievement reinforces Thales’ strong commitment to supporting the region in its crucial moments. We drive its technological transformation and strengthen its future with advanced security solutions, ranging from coastal surveillance and border security systems to urban protection, cybersecurity, critical infrastructure, and specialized solutions for airports and airlines” said Ariane Andreani, Country Director of Thales for Central America and the Caribbean.

    “Our commitment to local presence, innovation, and continuous improvement has been key to successfully serving our clients and partners. We thank them for their support over the years and are committed to continuing to build together in the years to come” she added.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace, and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive. The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G. Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    CONTACTO DE PRENSA:

    Julieta Martellotta

    External Communications Manager Thales LATAM

    julieta.martellotta@thalesgroup.com

    +5491158010260

    MIL OSI Economics –

  • MIL-Evening Report: Current cultural citizens: the importance of creating spaces in art galleries for young people

    Source: The Conversation (Au and NZ) – By Naomi Zouwer, Visual Artist and Lecturer in Teacher Education, University of Canberra

    Galleries and art museums can be intimidating and alienating even for adults. Imagine it from a child’s point of view. Stern security guards in uniforms stationed the doors, bags checked, snacks banned and people hushed. It’s no wonder that kids groan when an excursion to the gallery comes up.

    An increasing number of galleries are rethinking their approach, asking what it takes to be welcoming and engaging for the younger generation. Children should be welcomed and visible in gallery spaces. Their experiences now shape the citizens they will become in the future. Viewing art helps develop their identity and creativity, and a more nuanced understanding of the world.

    The first step in making change is to recognise that children are current and active cultural citizens who can offer valuable perspectives, ideas and youthful energy. Through thoughtful design and programming, the younger generation is told their presence in the gallery is valued.

    Here are some ways galleries are rising to the challenge and making children more welcome – and more valued – in our cultural spaces.

    Setting the tone

    The entrance to a gallery sets the tone for a young visitor. Are they greeted warmly and made to feel welcome, or does their arrival feel like an intrusion?

    Some simple adjustments such as less intimidating bag checks, clear signage, and designated stroller parking create a more welcoming environment. Replacing uniformed security guards with friendly guides and training reception staff to acknowledge and engage with young visitors make a huge difference.

    Visitors in Obliteration Room 2002, the Kids for Kusama exhibition at NGV International, Melbourne until 21 April 2025. © YAYOI KUSAMA.
    Photo: Eugene Hyland

    Inciting curiosity and interaction at the front door is another way to invite children into the space. Displaying eye-catching and intriguing sculptural works at the entry or in the foyer builds a sense of anticipation and interest.

    The iconic water wall at the National Gallery of Victoria signals to children that there are wonders to touch and explore inside.

    Children don’t come alone

    Children come to galleries with parents, siblings, schools or community groups. Galleries that consider how these varied age groups move through the space can greatly enhance the overall experience.

    Programming designed with the whole family in mind means parents and kids can share cultural experiences. Well designed workshops, interactive exhibits and events appeal to mixed aged groups.

    Lucky Lartey and friends perform as part of the Hive Festival 2024 at the Art Gallery of New South Wales.
    Photo © Art Gallery of New South Wales, Christopher Snee

    The Art Gallery of New South Wales regularly stages all-ages concerts with popular DJs and live music, building positive associations with the gallery for the whole family.

    Incorporating a variety of spaces and experiences extend the duration and frequency of family visits. Some children need low sensory sessions with reduced stimuli to enjoy their visit. Others can use adjacent outdoor spaces and robust sculpture gardens to burn off excess energy, share lunch or even splash in some pink water.

    Is there a place for me?

    Does your local gallery have a dedicated children’s gallery?

    These spaces are designed with kids in mind, engaging the senses and creating participatory ways of experiencing art. The way children encounter the work helps young children learn about the diverse and creative approaches and perspectives of artists in an engaging context.

    The interactive experiences and programming mean children can explore their imagination and creativity and form a personal connections with the arts.

    What about the older kids? Can they see themselves in the gallery? Teens need to connect, collaborate and to be included in cultural narratives in ways that are relevant to them.

    Programs tailored for teens, such as workshops or art-making sessions, move beyond passive observation and encourage self expression and participation.

    Installation view of Top Arts 2024 on display at The Ian Potter Centre: NGV Australia from 14 March to 14 July.
    Photo: Kate Shanasy

    Ambitious teen programs, like the out-of-hours teen parties in the National Gallery of Victoria or the youth council at the National Gallery of Australia, empower young people to interact with art and the institution in ways that are meaningful for them.

    Exhibiting the best artwork from the year 12 graduating students is another effective way to demonstrate to teens their perspectives and presence matters. Seeing creative work by their age group displayed in a gallery builds confidence and demonstrates to older adults how much the younger generation have to contribute.

    Growing lifelong learners

    Galleries are unique learning environments, able to engage with and activate the school curriculum and develop essential skills like social and emotional capabilities and creative and critical thinking skills.

    New institutions can consider how to meaningfully engage with children in the design phase, but even existing galleries can reconfigure and retrofit their spaces and exhibitions to enable kids to learn.

    Neo at the Art Gallery of South Australia, Adelaide.
    Photo: Sam Roberts

    Specifically designed studios, creative technology, classrooms and presentation areas open the doors to cultural exploration. Positive exposure fosters a sense of stewardship ensuring that future generations value and support the arts.

    Galleries are doing a great job welcoming kids but even more can be done. By embracing children as current cultural citizens, galleries can create a more inclusive, creative, and culturally aware society.

    Intentionally designed spaces and programming ensure that children are not only welcomed but inspired to return – again and again – throughout their lives.

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

    – ref. Current cultural citizens: the importance of creating spaces in art galleries for young people – https://theconversation.com/current-cultural-citizens-the-importance-of-creating-spaces-in-art-galleries-for-young-people-235599

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Do investment tax breaks work? A new study finds the evidence is ‘mixed at best’

    Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology

    The Reserve Bank of Australia (RBA) released a discussion paper this week on investment tax breaks. The study looks at whether tax incentives, such as instant asset write-offs for utes, boost business investment.

    Business investment is an important contributor to overall economic growth, and has been sluggish in recent years.

    The authors conclude the evidence for these tax breaks is “mixed at best”. They say that income tax breaks used during the global financial crisis increased investment significantly, however:

    [there is] no substantial evidence that other policies, including those implemented during the pandemic, increased investment.

    In an election year, further promises of tax breaks for businesses are likely. The Coalition has already announced a tax break for meals and entertainment. But are they a good idea, and at what cost do these promises come?

    Small business in Australia

    Small businesses with fewer than 20 employees make up 97% of all Australian businesses. More than 92% of Australian businesses have an annual turnover of less than A$2 million. It is these businesses that are doing it tough.

    These businesses are offered tax breaks for spending on capital assets such as equipment or vehicles. For the 2023-24 tax year, they can immediately write off the cost of eligible assets up to $20,000. In the May 2024 Budget, the government announced that the tax break would be extended to the 2024-25 tax year.

    When a small business is operated as a company, the base tax rate is 25%. This effectively means that the business still contributes 75% of the cost of the asset. This requires businesses to have the cash flow to invest. Even if there is cash flow, businesses may not want to spend on large purchases.

    It’s a question of trade-offs

    Investment tax breaks are also costly in terms of government tax revenue. Each year, the Treasury estimates the cost of tax breaks. These tax breaks are known as tax expenditures.

    For the 2023-34 tax year, the instant write-off tax break for small businesses is estimated to cost more than $4 billion by reducing taxes collected.

    Tax expenditures are normally designed to offer incentives to one group of taxpayers. However, they come at the expense of broader groups of taxpayers and at a cost of lost revenue to the government. This is money that could be spent through direct spending programs.

    Tax expenditures can be thought of as government spending programs hidden in plain sight.

    The true cost of tax breaks

    Tax expenditures play a central role in Australia’s collection of taxes and redistribution. During the pandemic, the instant asset write-off was increased to $150,000.

    The current government introduced the latest instant asset write-off to improve cash flow and reduce compliance costs for small business. As the RBA discussion paper notes, these types of incentives are also designed to encourage additional business investment.

    However, that study indicates this is not being achieved. They suggest the reasons may be the tax policies themselves or differences in the economic environment. Put simply, businesses may not want to invest.

    If the stated benefits are not realised, the result is less tax collected. Take the $4 billion cost above. Without the incentive, the government would have an additional $4 billion to spend. The $4 billion in 2023-24 could have been directed to funding small businesses through a direct spending program.

    Targeted programs

    The RBA discussion paper highlights the need to determine whether investment tax breaks achieve their intended benefits. Many factors must be considered, and assessing the influence on the economy is vital.

    However, evaluating these measures within the tax system means that important questions are not asked. This includes whether the benefits are distributed fairly, whether the program targets the right group of taxpayers, and whether there are unintended distorting effects.

    The latest Treasury Tax Expenditures and Insights Statement provides data on 307 separate measures. This number continues to grow.

    The government’s “Future Made in Australia” contains two examples. Its economic plan to support Australia’s transition to a net zero economy contains two tax incentives, one for hydrogen production and another for critical minerals.

    The proposed hydrogen production tax incentive is estimated at a cost to the budget of $6.7 billion over ten years. The measure will provide a $2 incentive per kilogram of renewable hydrogen produced for up to ten years. Eligible companies will get a credit against their income tax liability.

    The proposed critical minerals production tax incentive is estimated to cost the budget $7 billion over ten years. Eligible companies will get a refundable tax offset of 10% of certain expenses relating to processing and refining 31 critical minerals listed in Australia.

    Support for tax breaks

    Tax breaks for businesses, such as the immediate write-off, disproportionately benefit those that spend. Often, this is by design. If this is a government objective, supported by the general population, then it is viewed as a good use of public money.

    The same principle applies to tax breaks in the Government’s Future Made in Australia plan. A government objective is to transition to a net zero economy. A stated priority is to attract “investment to make Australia a leader in renewable energy, adding value to our natural resources and strengthening economic activity”.

    The question remains as to whether tax breaks are the best way to achieve this. The answer often changes when viewed as a direct spending program.

    Kerrie Sadiq currently receives funding from the Australian Research Council. She has previously received research grants from CPA and CAANZ.

    Ashesha Weerasinghe 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. Do investment tax breaks work? A new study finds the evidence is ‘mixed at best’ – https://theconversation.com/do-investment-tax-breaks-work-a-new-study-finds-the-evidence-is-mixed-at-best-249148

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: A new school year can see friendships change – this is tough on kids, but parents can help

    Source: The Conversation (Au and NZ) – By Karyn Healy, Honorary Principal Research Fellow in Psychology, The University of Queensland

    Rawpixel.com/Shutterstock

    The start of the school year means new classes, routines, after-school activities and sometimes even a new school.

    This can be a really exciting time for kids, but these changes can also disrupt existing friendships. Students might feel stressed about not having certain friends with them in class or confused about why old friends are behaving differently.

    How can you coach your child through changing friendship dynamics?

    How parents help

    Research shows supportive friendships play an important role in maintaining students’ wellbeing. Having good friends is linked to better mental health as well as better school attendance and academic achievement.

    Research also shows us parenting plays an important role in helping children make and keep friends.

    Our research has found parents can improve how well a child is accepted by peers by doing three things:

    • listening and asking questions to help their child think through a situation

    • helping their child plan how to address the issue

    • supporting their child to have contact with peers.

    Parents can play an important role in their child’s friendships.
    Alena Ozerova/ Shutterstock

    Listening to your child

    It’s helpful to check in with your child regularly so you can provide support if they need it.

    When children tell you about a conflict or problem, simply start by listening actively. This means reflecting back in your own words what your child said, including feelings. For example,

    So it sounds like you are feeling upset Shelley wants to hang out with kids in her new class?

    It’s also helpful to empathise with your child about how they feel:

    I think I would feel sad too if that happened to me.

    This helps your child feel like someone else understands them – and they are not dealing with this on their own.

    For older children and teenagers, you may want to check if the child wants your help to work out how to solve the problem. Sometimes listening is all that is needed.

    Working out what to do next

    If needed, parents can then coach children how to manage any concerns. They can start by helping a child understand why another child may have acted as they did.

    For example, if the parent says “Why do you think Shelley said this?”, perhaps the child might respond that “Shelley doesn’t like me anymore”. The parent could offer an alternative explanation – perhaps Shelley is worried about making friends in her new class.

    The parent could ask the child what they want – in the above example, the child may want to still be friends with Shelley. The parent can then prompt the child to think of a range of ways to improve the situation, weigh up what might work best and encourage the child to give this a go. Often children can think of solutions themselves, if asked

    What could you do to improve things? What else could you do?.

    In our example, this might include organising a play with Shelley on the weekend. Alternatively, the child might plan to check in again with Shelley after a few days.

    This type of coaching is helpful as it supports the child thinking through the problem and coming up with their own solution, which they are more likely to put in place than if simply told what to do.

    Parents can also support their child to strengthen friendships by helping them connect with friends outside school through activities, play dates and online contact.

    Play dates can help if friends are not seeing each other at school.
    Patrick Foto/ Shutterstock

    Friendships may change over time

    We hear a lot about “BFFs”. However, it is not unusual for friendship groups to change over time, as children mature and develop particular interests.

    When children are placed in a new class or school with no close friends, children often cope through what researchers call “transitional friendships”.

    For example, it’s common for children to start high school with no firm friends, but still know some peers from primary school. These acquaintances can provide companionship until children form closer friendships.

    Parents can help their child in making close friends at high school by supporting them to catch up and connect with new friends out of school.

    Similarly, if a child is missing their old friends, a parent can coach their child in finding ways to stay in touch – like texting, a weekend sleepover or joining an out-of-school activity together.

    If you still have concerns

    If friendship concerns or worries are having an ongoing, negative impact on your child’s mental health, parents should seek further support from a health professional.

    You can start with your GP, who may suggest a referral to a psychologist. You may also like to talk to your child’s teacher – they may be able to help your child get to know potential friends through class activities.

    If this article has raised issues for you or someone you know, you can call Lifeline on 13 11 14 or Kids Helpline on 1800 55 1800. There is also free access to Australian evidence-based parenting programs such as Triple P.

    Karyn Healy has received funding from QIMR Berghofer Medical Research Institute, the Australian Research Council and Australian government Emerging Priorities Program. Karyn is a co-author of the Resilience Triple P parenting program. Resilience Triple P and all Triple P programs are owned by the University of Queensland. The university has licensed Triple P International Pty Ltd to publish and disseminate Triple P programs worldwide. Royalties stemming from published Triple P resources are distributed to the Parenting and Family Support Centre, School of Psychology, Faculty of Health and Behavioural Sciences and contributory authors. No author has any share or ownership in Triple P International Pty Ltd.

    – ref. A new school year can see friendships change – this is tough on kids, but parents can help – https://theconversation.com/a-new-school-year-can-see-friendships-change-this-is-tough-on-kids-but-parents-can-help-248751

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Habitat restoration is a long-haul job. Here are 3 groups that have endured

    Source: The Conversation (Au and NZ) – By Nigel Tucker, Research Associate in Environment and Sustainability, James Cook University

    TREAT volunteers planting trees TREAT

    Like ferns and the tides, community conservation groups come and go. Many achieve their goal. Volunteers restore a local wetland or protect a patch of urban bush and then hang up the gardening gloves with a warm inner glow. Some groups peter out while others endure, tackling the ecological problems facing today’s Australia.

    One of those problems is fragmentation. Let’s say you have a national park in one spot and another large tract of habitat ten kilometres away. It’s too hard for many wildlife species to make it across open ground to get there. Over time, this means wild areas can effectively become islands.

    This is where habitat corridors come in. Potentially, if you restore habitat between two isolated areas, wildlife can begin to safely move between the two. Over time, these corridors allow seeds, pollen, native birds and animals to disperse across today’s landscapes.

    In my work as a restoration ecologist, I’ve come across many of Australia’s community groups devoted to the job. Three of these are LUCI – Lockyer Upland Catchments Inc, which began in 2015, the Big Scrub Rainforest Conservancy, founded in 1993 and TREAT – Trees for the Evelyn and Atherton Tablelands Inc, which began in 1982. Each of these has gone the distance. Here are some reasons why.

    Native fruit from the trees in the remnant Big Scrub.
    Big Scrub Rainforest Conservancy

    Where are wildlife corridors most needed?

    Australia’s Wet Tropics are especially threatened by fragmentation. This region is World Heritage listed due to its remarkable biodiversity. Tropical forests have grown here for at least 130 million years. Fragmentation directly threatens this.

    In the tropical uplands of the Atherton Tablelands, there are three popular national parks – the Crater Lakes of Eacham and Barrine and the Curtain Fig Tree. But while visitors might see them as pristine, each is an island surrounded by pasture and settlement. Over time, this will take its toll on the species within.

    Fragmented landscapes are common on the Atherton Tablelands.
    FiledIMAGE/Shutterstock

    Staying the course

    For a volunteer group to reverse the effects of fragmentation, and embark on a long term project such as this, it needs three things.

    First the group has leaders committed to a long term cause, usually scientists or naturalists as well as locals with knowledge and drive. Leaders have to be able to work with governments and group members of all persuasions.

    Second, the group has to be guided by science. You need current information on local plants, animals and habitats to make sure on-ground work has direct conservation benefits.

    And third, networking skills. Harnessing the technical expertise of other groups, government and experts in project planning, execution and monitoring is vital.

    Each of these three groups has these traits, even though they take different approaches to the challenge.

    LUCI is an alliance of private landholders in Queensland’s Lockyer Valley, west of Brisbane, who work to protect remnant vegetation and expand habitat. Their work on threatened species monitoring, protection of remnant vegetation on private land and community engagement reflects their emphasis on education.

    Before European settlement, lowland subtropical rainforest covered 75,000 hectares of land in what is now Byron Bay’s hinterland. But 99% was cut down. In response, Big Scrub members have replanted around 600 hectares – doubling the size of what was left – and established an innovative genetics program to assist in maintaining and enhancing the gene pool of trees planted.

    Only a tiny fraction of the Big Scrub is still intact, at reserves such as the Andrew Johnston Big Scrub reserve. Farmland and acreage surrounds it.
    Peter Woodard/Wikimedia Commons, CC BY

    TREAT is based on the Atherton Tablelands in far north Queensland. This region has long been prized for agriculture, which comes at a cost to habitat. In response, TREAT has worked to reconnect isolated tracts of rainforest. The group collaborates with Queensland Parks and Wildlife to grow many thousands of native rainforest tree seedlings for planting each year.

    TREAT grows tens of thousands of seedlings annually, alongside Queensland Parks and Wildlife. Pictured: Hicksbeachia seedlings.
    TREAT

    All three groups recognise the importance of countering habitat fragmentation. This slicing and dicing forests into smaller and isolated patches severely threatens Australia’s biodiversity.

    Wildlife corridors are deceptively simple in theory. But as I know from long experience restoring habitat, it’s harder than it seems.

    Does it work?

    Planting corridors sounds like a sure thing. But success is not guaranteed. For one thing, it takes work and time. You need baseline surveys, expert analysis of data and monitoring, ideally over decades. Given these challenges, it’s unsurprising that wildlife corridor restoration is little-studied.

    In the 1990s, TREAT volunteers planted 17,000 trees to reconnect a 498 hectare fragment around Lake Barrine to the 80,000ha Wooroonooran National Park 1.2 kilometres away. This corridor is now more than 20 years old. It’s known as the Donaghy’s Corridor Nature Refuge, after the Donaghy family who donated the land for corridor restoration.

    My research has found this corridor is proving successful, using good data collected before, during and after establishment. Ground mammals are moving along the corridor, and breeding has taken place. We could see this in the exchange of genes between two previously separated populations of the native bush rat (Rattus fuscipes).

    More recent studies have shown the corridor has been colonised by many species, ranging from threatened and endemic plants to birds, ground mammals, reptiles, amphibians and microbats. While promising, this is just one corridor. Much more data would be needed to prove this approach is broadly effective.

    As habitat fragmentation continues and the effects of climate change ramp up, more and more species will need to move. The work of volunteer groups such as LUCI, Big Scrub and TREAT in reconnecting scattered pieces of habitat is only going to get more important.

    Nigel Tucker has received funding from the Queensland government’s Nature Refuge Landholder Grants program. He is a Life Member of TREAT.

    – ref. Habitat restoration is a long-haul job. Here are 3 groups that have endured – https://theconversation.com/habitat-restoration-is-a-long-haul-job-here-are-3-groups-that-have-endured-248133

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Choking during sex: many young people mistakenly believe it can be done safely, our study shows

    Source: The Conversation (Au and NZ) – By Heather Douglas, Professor of Law and Deputy Director of the Centre of Excellence for the Elimination of Violence Against Women (CEVAW), The University of Melbourne

    Lysenko Andrii/Shutterstock

    Around 50% of Australian young people have engaged in choking, or strangulation, during sex. This practice involves one person putting pressure on the neck of another, restricting breathing or blood flow (or both).

    Strangulation during sex carries a variety of risks. These range from effects such as bruising and vomiting to brain injury and death.

    Although rare, strangulation is the leading cause of death in consensual BDSM play.

    There’s no evidence there is any safe way to undertake strangulation. Notably, strangulation can cause injury without leaving any marks and sometimes negative consequences don’t develop until well after the choking episode.

    In a new study, we’ve found part of the reason why strangulation during sex is so common may be because many people mistakenly believe that, while risky, it can be made safe through moderating pressure and appropriate communication.

    But stopping blood flow to the brain can take less pressure than opening a can of soft drink. And research shows strangulation can result in serious harms even when it’s consensual.

    Surveying young Australians

    In 2023, we surveyed a representative sample of 4,702 Australians aged between 18 and 35 about their experiences and opinions of strangulation during sex.

    In 2024, we published a study about the prevalence of sexual strangulation based on the results of this survey. We found 57% of participants reported they had been strangled during sex, and 51% had strangled a partner.

    At the end of the survey, we asked respondents:

    What are your thoughts or insights regarding choking during sex?

    For this new study, we wanted to understand perceptions around sexual strangulation. More than 1,500 participants commented on issues related to safety in their responses, and we analysed these.

    We surveyed young people in Australia about sexual strangulation.
    ImYanis/Shutterstock

    Many mistakenly believed choking could be safe

    It was concerning to us that many of the respondents seemed to believe sexual strangulation can be done safely. Most commonly, participants perceived it to be safe when done with a low level of pressure applied to the sides of the neck.

    One participant, a 31-year-old straight man, said:

    My partner likes a firm hand on the throat but more so not choking off the windpipe, but lightly restricting the blood flow when she can feel an orgasm building up.

    A 24-year-old straight woman commented:

    I think there should be a conversation before hand about how hard and how much pressure.

    Some respondents suggested it was safe to hinder blood flow, rather than oxygen flow. However, restricting blood flow to the brain can also have serious health implications.

    While not all pressure on the neck will be fatal, research shows even relatively low pressure can cause death by strangulation.

    Also, if the person using strangulation or being strangled has used alcohol and other drugs, differences in pressure may be more difficult to discern, increasing the risks for the person being strangled.



    Read more:
    More than half of Australian young people are using strangulation during sex: new research

    Communication and consent

    Participants also linked safety – whether emotional or physical – to consenting to sexual strangulation. As a 32-year-old straight woman wrote:

    If between two consensual adults who have discussed it prior with a safety plan in place then I do not see any harm in the act however I have been subjected to non consensual choking in a previous sexual encounter which left me angry and scared.

    A 23-year-old bisexual woman said:

    As long as both parties agree to it and the amount of pressure, it can be an enjoyable experience. Consent must be given.

    In general, consent was seen as an ongoing process, where it could be withdrawn at any point. A 32-year-old straight man said:

    Should be strictly base on consensus, be aware of your partner body language and breathing and ask them whether they want to continue the activity or not if they say no respect it and back off.

    However, research has found a person being strangled may not be able to withdraw their consent using gestures or words, despite wanting to.

    Several participants did comment on the limitations of consent as a harm-reduction mechanism, acknowledging that even where it was consensual, strangulation during sex could cause damage.

    Many participants discussed consent in relation to sexual strangulation.
    LightField Studios/Shutterstock

    Worryingly, several respondents expressed concern that consent was often overlooked, intentionally or accidentally. A 35-year-old straight woman said:

    The amount of men who just initiate it without asking the woman is scary and they feel entitled to do so.

    Some respondents – usually women, but not always – identified pressure to engage in strangulation (both to be strangled and to strangle their partner). A 24-year-old straight man said:

    I get scared to do it but my partner kinda makes me feel like i have to sometimes.

    A need for better education

    Studies from other countries such as the United States have also shown a misunderstanding of the potential dangers of sexual strangulation, and a false perception that it can be safe if undertaken with the “proper precautions”.

    Previous research has shown young people commonly learn about sexual strangulation through online pornography, social media and each other. Information from these sources is often misleading.

    While consent is a crucial part of any sexual activity, it doesn’t make strangulation safe. Neither does relying on regulating the pressure applied.

    It was positive to see many respondents in our survey identified a desire for more information about sexual strangulation. Accurate information about the risks associated with sexual strangulation should be easily available both online and through public health campaigns.

    Heather Douglas receives funding from the Australian Research Council.

    Leah Sharman receives funding from the Australian Research Council.

    – ref. Choking during sex: many young people mistakenly believe it can be done safely, our study shows – https://theconversation.com/choking-during-sex-many-young-people-mistakenly-believe-it-can-be-done-safely-our-study-shows-248867

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: The transformation of Jordan Mailata: from rugby league in Sydney to a second NFL Super Bowl

    Source: The Conversation (Au and NZ) – By Justin Keogh, Associate Dean of Research, Faculty of Health Sciences and Medicine, Bond University

    Jordan Mailata is an Australian-born NFL star who plays for the Philadelphia Eagles as an offensive left tackle. This position favours very tall, heavy and strong athletes who also possess good footwork, agility and tactical awareness.

    His main job is to protect his quarterback and provide gaps for his running backs to run through.

    Mailata is one of four Australians to play in a Super Bowl, with the others being punters (kickers) Ben Graham, Arryn Siposs and Mitch Wishnowsky.

    Unfortunately, no Australian has won the game that matters most every year but Mailata has a chance in his second Super Bowl, against the Kansas City Chiefs on Monday morning.

    So, how did Mailata reach the pinnacle of his “new” sport?



    Read more:
    It’s the most American of sports, so why is the NFL looking to Melbourne for international games?

    A rugby league giant

    Mailata’s initial sporting success came in rugby league.

    He played in the Canterbury Bankstown Bulldogs under-18 team and was offered a contract by the South Sydney Rabbitohs under-20 team. Both of these clubs are part of the elite National Rugby League (NRL) competition.

    Mailata, who still hadn’t reached his 21st birthday when offered the Rabbitohs contract, stood out as a giant even in professional rugby league circles at 203cm and 147 kilograms.

    But after fainting during a rugby league training session, he was diagnosed with a heart condition that required surgery. He then became even bigger, reportedly tipping the scales at close to 170kg.

    Ultimately, this resulted in some of the South Sydney staff and sport agents suggesting American football might be a better option for someone of his stature and physical capacities.

    Tranasferring his talent

    This brings us to what is known as “talent transfer”.

    In high-performance sport, talent transfer refers to a high-level athlete from one sport transferring to another based on their existing skills and physical capacities.

    This can be done for a number of reasons, like injury, burnout, loss of interest, or, in the case of Mailata, finding another sport that would suit their physicality better.

    Examples of talent transfer include sprinting to bobsleigh (Jana Pittman), rowing to cycling (Bridie O’Donnell and Rebecca Romero) or Sonny Bill Williams, who was highly successful at rugby league, rugby union and heavyweight boxing.

    For talent transfer to be successful, there needs to be a lot of similarities between the two sports in areas such as skill requirements (kicking, passing, tackling), physical traits (height, mass) and physiological demands (aerobic vs anaerobic).

    These similarities can allow athletes to capitalise on their previous training to succeed in their new sport faster and to a higher level than their competitors.

    The similarities between American football and rugby (league and union) – such as catching and kicking an oval-shaped ball, evading or running through defenders and full-body tackling – would have benefited a mature athlete like Mailata to transfer from one code to another.

    A whole new ball game

    His transition from a monster-sized rugby league player in Australia to a more regular-sized offensive tackle in the NFL was initially facilitated through the NFL International Player Pathway (IPP) program.

    The IPP was established in 2017 to provide high performance adult athletes from all over the world (like Mailata) the opportunity to learn the complexities of American football and increase the number of international players in the NFL.

    The program has been highly successful, with 37 international players signing with NFL teams, of which 18 are currently on NFL rosters.

    When Mailata was drafted to the NFL in 2018, he had to work on many aspects of his body to meet the physical challenges of playing in the NFL against other exceptionally massive and strong athletes.

    He also had to learn a range of sport-specific technical and tactical skills.

    As a part of the IPP, he started working with coaches including Jeff Stoutland, the Philadelphia Eagles offensive line coach.

    Stoutland took Mailata into the classroom, teaching him the intricacies of offensive line play including protection and run schemes. These lessons extended into what footwork patterns he would need to master, where and how to position his body when initiating contact and how to use his hands to control the defensive line.

    Such skills are the bread and butter of the offensive line – these athletes provide the quarterback time to make key passing decisions and increase the chance of their running backs making big yards on their carries.

    Mailata has also mentioned how Strickland taught him the importance of critically watching NFL games, initially to learn the technicalities of the sport and now to further refine his performance against the best defensive lines.

    The next wave

    In addition to the IPP that looks at talent transfer from adult athletes, the NFL has developed the NFL Academy for school-aged children.

    The first academy was based at Loughborough University in the United Kingdom and the second was developed at A.B. Patterson College on the Gold Coast.

    These academies combine full-time education with intensive American football training in the hope of promoting pathway opportunities at US colleges.

    Hopefully, these academies will see more young Australians transferring their skills and following Mailata into the NFL.

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

    – ref. The transformation of Jordan Mailata: from rugby league in Sydney to a second NFL Super Bowl – https://theconversation.com/the-transformation-of-jordan-mailata-from-rugby-league-in-sydney-to-a-second-nfl-super-bowl-248658

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: CRICKET LEGEND SACHIN TENDULKAR CALLS ON THE PRESIDENT

    Source: Government of India (2)

    CRICKET LEGEND SACHIN TENDULKAR CALLS ON THE PRESIDENT

    SHARES MOTIVATIONAL ANECDOTES WHILE INTERACTING UNDER ‘RASHTRAPATI BHAVAN VIMARSH SHRINKHALA’

    Posted On: 06 FEB 2025 8:15PM by PIB Delhi

    Cricket legend Shri Sachin Tendulkar, along with his family members, called on the President of India, Smt Droupadi Murmu at Rashtrapati Bhavan today (February 6, 2025). The President and Shri Tendulkar also took a round of Amrit Udyan.

    Later, in an interactive session under the Rashtrapati Bhavan’s initiative ‘Rashtrapati Bhavan Vimarsh Shrinkhala’, Shri Tendulkar shared principles of motivation through anecdotes from his own journey as a cricketer. In the session attended by aspiring sportspersons and students of various schools and colleges, he highlighted the importance of teamwork, taking care of others, celebrating the success of others, hard work, developing mental and physical toughness and so many other life-building aspects. He said that the future sports-stars will come from the remotest areas and from among tribal communities and areas that are not so privileged.

     

     

    ***

    MJPS/SR

    (Release ID: 2100443) Visitor Counter : 42

    MIL OSI Asia Pacific News –

  • MIL-OSI Canada: B.C., First Nations Justice Council open 6 more Indigenous justice centres

    Source: Government of Canada regional news

    The Province, in partnership with the BC First Nations Justice Council (BCFNJC), is opening six Indigenous justice centres, fulfilling a commitment to establish 15 Indigenous justice centres (IJCs) throughout B.C.

    Niki Sharma, Attorney General, was joined by the BCFNJC in Kamloops to celebrate opening the six new centres in Kamloops, Williams Lake, Cranbrook, Port Hardy, Fort St. John and a shared location serving the communities of Burns Lake and Hazelton. 

    “It is incredible to reflect on what First Nations, the BC First Nations Justice Council and the Province have collaboratively achieved – a network of 15 Indigenous justice centres across B.C.,” said Kory Wilson, chair, BCFNJC. “IJCs provide Indigenous clients with optimum legal representation and access to wraparound services that extend beyond their legal needs. As those accessing our services often feel overwhelmed and disconnected from community, IJCs embrace them with care, honour their cultural identity and protect them from falling through the cracks.”

    With the opening of these IJCs, the BCFNJC, the Province and Canada have completed Strategy 4 of the BC First Nations Justice Strategy. Strategy 4 is a key commitment that calls for establishing a network of 15 IJCs throughout B.C. These six new centres join the existing nine physical centres in Chilliwack, Kelowna, Merritt, Nanaimo, Prince George, Prince Rupert, Surrey, Vancouver and Victoria, along with the virtual centre serving the province remotely.

    IJCs address systemic barriers faced by Indigenous Peoples in the justice system by offering culturally appropriate legal advice, representation and referrals to local support services directly to Indigenous people at the community level. The range of services and the focus in each location may vary based on the needs, strengths and services available in each community, but are initially focused on criminal defence and child protection matters.

    “All Indigenous Peoples, regardless of whether they qualify for legal aid, can access free, culturally informed legal and outreach services at IJCs,” Sharma said. “I am grateful to all our partners in delivering services that help build resilient communities and improve our justice system.”

    The IJCs aim to help Indigenous people in the justice system address the root causes of their involvement and offer supports to help prevent future interactions with police and the justice system. Legal and outreach teams at the IJCs use their diverse community, cultural and professional expertise to support the healing and restorative-justice journeys of Indigenous clients. Through resource and support workers, clients may be referred to services such as housing, employment services, and mental-health and addictions treatment.

    “Tk̓emlúps te Secwépemc is pleased to be the home of a brand-new Indigenous justice centre, where our communities can seek legal representation alongside wraparound services in an environment that feels culturally safe,” said Kúkpi7 (Chief) Rosanne Casimir, Tk̓emlúps te Secwépemc. “We extend our appreciation to the BC First Nations Justice Council and the Province for addressing and working toward better systems of justice for Indigenous Peoples. The relief, safety and support this centre brings will ripple through our community with positive effects.”

    Indigenous justice centres are a key part of the Province’s commitment to implement the BC First Nations Justice Strategy and advance reconciliation under the Declaration on the Rights of Indigenous Peoples Act. They are also a key action in the Province’s Safer Communities Action Plan.

    Quick Facts:

    • Strategy 4 of the BC First Nations Justice Strategy calls for a network of 15 IJCs in B.C.
    • In 2024, the first nine of 15 IJCs were operational and provided free legal representation or outreach supports in more than 2,200 cases in which Indigenous people navigated criminal or child-protection matters.
    • In March 2024, BCFNJC expanded eligibility requirements so all Indigenous people, regardless of whether they qualify for legal aid, can access free legal and outreach services at IJCs.
    • IJCs build on the crucial work of long-standing justice partners, such as the Native Courtworker and Counselling Association of BC and local Indigenous Justice Programs, throughout the province.

    Learn More:

    For information about Indigenous justice centres, visit:
    https://bcfnjc.com/indigenous-justice-centres-in-british-columbia/

    For information about how Indigenous justice centres fit into the Safter Communities Action Plan, visit:
    https://news.gov.bc.ca/releases/2022PREM0090-001743

    For information about the BC First Nations Justice Council, visit:
    https://www.bcfnjc.com

    To read the BC First Nations Justice Strategy, visit:
    https://news.gov.bc.ca/files/First_Nations_Justice_Strategy_Feb_2020.pdf

    To track and keep updated on the progress the BCFNJC and the Province are making on the BC First Nations Justice Strategy, visit:
    https://trackingjustice.bcfnjc.com/

    For more information about the unique service model of IJCs and what a client’s journey at an IJC can look like, visit:
    https://trackingjustice.bcfnjc.com/intertwining-kinship-justice/

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI Global: Trump’s Gaza and Ukraine plans come under the spotlight

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    Steve Bannon may no longer be in Donald Trump’s inner circle, but the newly reinstated US president appears to be adhering to a dictum the conservative disrupter-in-chief outlined back in 2018 as he reflected on his role in getting Trump elected the first time. “The Democrats don’t matter. The real opposition is the media. And the way to deal with them is to flood the zone with shit.”

    It’s fair to say that for the first two weeks of Trump’s second presidency the Democrats haven’t really mattered. But Trump and his advisers have got news organisations struggling to work out which way to look.

    In any normal news cycle, the appointment of vaccine-sceptic RFK Jnr. as health secretary would dominate the headlines, as would the successful installation of any of the more bizarre Trump cabinet picks. But at the same time the media has had to deal with a steady stream of other attention-grabbing announcements: the idea that the US could one way or the other acquire Greenland from Denmark, for instance, or the threats to use force to take control of the Panama Canal. We’ve had conflicting statements about how to end the war in Ukraine (more of which later) and the now you see them, now you don’t tariff threats against Mexico and Canada, not to mention the idea that the latter could be incorporated as the 51st state of the USA.

    The zone has been well and truly flooded. Meanwhile, the administration’s plan to take complete control of the civil service (which appears to be straight out of the Project 2025 playbook) has proceeded apace with career public servants being dismissed in their droves to make way for true Maga (Make America Great Again) believers in key roles. This, needless to say, has struggled for attention in light of all the eye-catching news stories.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    This week’s big idea has to do with his vision for a post-conflict Gaza. Trump foreshadowed this plan last week when he announced he was talking with the leaders of Egypt and Jordan about resettling Gazans there – whether permanently or just for a period of reconstruction of Gaza was not clear, his statement was short on detail. But this week, hosting the Israeli prime minister in Washington (significantly the first foreign leader to visit since his inauguration), Trump expanded on his vision while Benjamin Netanyahu looked on approvingly.

    Initially, it appeared that Trump’s plan was for the permanent relocation of all 2.2 million Gazans to other countries while the Trump administration and its allies considered the considerable real estate investment opportunities presented by turning the 360km² Gaza Strip, with its 40km Mediterranean coastline into the “Middle East Riviera”. But as Simon Mabon notes here, administration officials were later quick to insist that the relocation would only last for as long as it takes to rebuild the stricken enclave.

    Mabon, professor of international relations at the University of Lancaster who specialises in Middle East politics, also notes that the proposal did what few other issues seem able to do: united the Arab nations in opposition. He also believes that while both Egypt and Jordan have signed peace deals with Israel, the relationship is often fractious and this latest announcement won’t have helped.

    Most importantly, perhaps, will be the reaction of Saudi Arabia. Israel (with Washington’s encouragement) has been pursuing normalisation of relations with Riyadh for some years. But the Saudi ruler, Crown Prince Mohammed bin Salman, has explicitly rejected “any attempts to displace the Palestinians from their land as well as affirming that relations with Israel would depend on the establishment of a Palestinian state.



    Read more:
    What Trump’s proposal to ‘take over’ Gaza could mean for Arab-Israeli relations

    It’s not the first time, by any means, that the idea of clearing Gaza of Palestinians has been mooted. It’s not even the first time that the real estate investment potential of such a plan has been discussed by a senior Trump official. Back in March last year, Jared Kushner, Trump’s son-in-law and former senior adviser who was the architect of Trump’s 2020 peace plan, talked up the idea of resettling Gazans in the Negev desert while noting that “Gaza’s waterfront property could be very valuable”.

    Israel’s far-right settler movement, meanwhile, has long yearned to empty out the strip. In December 2023 the leader of the Nachala Israeli settlement movement, Daniella Weiss, declared that Gaza City had always been “one of the cities of Israel. We’re just going back. There was a historical mistake and now we are fixing it.”

    The relocation of Palestinians outside Palestine was actually part of the founding mission of UN agency Unrwa – which, incidentally was banned by Israel last week and has been defunded by the US since allegations surfaced last year that a number of Unrwa employees had taken part in the Hamas attacks on October 2023.

    Anne Irfan of University College London, a specialist in refugees and displacement, and Jo Kelcey of the Lebanese American University, whose core research area covers the politics of education in marginalised communities such as Gaza, recount here that Unrwa was set up in 1949 following the Nakba (catastrophe) when more than 700,000 Palestinians were displaced in fighting before and after the foundation of the State of Israel.

    Unrwa was set up with the aim of resettling the displaced people and sponsoring projects that would create jobs and promote economic development in their new host countries: the “works” in the agency’s title.

    As Irfan and Kelcey note, the staunchest opponents of this plan were Palestinians themselves. They could read between the lines of this mission, that their exile was intended to be permanent. It was a non-starter and within five years of Unrwa’s establishment the resettlement policy was shelved in favour of a focus on education, which remains to this day.

    Not that Trump would be keen to associate any plan of his with Unrwa. In 2018 he fully defunded the agency, the first time a US president has done this. He has also more recently extended Joe Biden’s suspension of Unrwa funding after the allegations of Hamas infiltration and has made it clear he supports Netanyahu’s ban on the agency operating in Israel.



    Read more:
    Trump plans to ‘permanently resettle’ Palestinians outside Gaza – the very reason Unrwa was originally created

    Meanwhile, how would the Gaza plan sit in terms of Trump’s “America First” strategy? Mark Shanahan, of the University of Surrey, believes this is all part of what he refers to here as “Trumperialism”. It’s not so much America as the light on the hill, trying to find a way to fix global problems and seek peaceful solutions to dangerous and distressing conflicts. Rather, in this case at least, it sees Gaza as “an opportunity for American business to build wealth – the classic US economic hegemony of the populist America First political theory”.

    Rather than emulating the Marshall plan of what feels now like a more enlightened era, Trump’s plan for Gaza, at least as he laid it out after his meeting with Netanyahu, is more akin to the plan for the rebuilding of Iraq after the 2003 invasion, writes Shanahan. That is: US private funding for beachside condos and luxury developments while the countries to whom the displaced Palestinians are relocated would be expected to pay for the privilege.

    But Trump also hinted this might mean US boots on the ground in the Middle East, cautions Shanahan, adding that “delivering Mar-a-Lago on the Med may mean thousands of American combat troops deployed to Gaza for years at daily risk of death. How do main-street Americans benefit from that?”



    Read more:
    How Trump’s Gaza plan does – and doesn’t – fit in with his pledge to put America first

    And if you wondered whether – like so many of Trump’s big plans and executive orders issued since his second inauguration – the Gaza Riviera scheme might fall foul of the law, it would. As Tamer Morris –
    an expert in international law at the University of Sydney – explains, the US would require the consent of the Palestinian people to take control of Gaza. And this is not going to happen.

    Forced relocation is forbidden under the Geneva Conventions as is helping another state forcibly relocate people. It could also be interpreted as ethnic cleansing, as defined by the Commission of Experts report on the former state of Yugoslavia to the UN Security Council in 1994.



    Read more:
    Trump wants the US to ‘take over’ Gaza and relocate the people. Is this legal?

    Meanwhile in Ukraine

    Meanwhile, the US president has also been making noises about his ideas for bringing peace to Ukraine. The latest, aired this week, involved linking continuing US support with favourable concessions on Ukraine’s supply of rare earths and other strategic resources. Stefan Wolff, of the University of Birmingham, has been watching the diplomatic manoeuvrings around Trump, Putin, Xi and Ukraine since the war began nearly three years ago. In the past fortnight, he’s been looking at the prospect of a peace deal brokered by the US.

    Wolff thinks it unlikely that anything will be resolved in the foreseeable future beyond a ceasefire and freezing of the battle lines. And that’s not even much more than a distant possibility given that neither Kyiv nor the Kremlin seem to want this for reasons of their own.



    Read more:
    Trump’s vision of a peace deal for Ukraine is limited to a ceasefire – and it’s not even clear if Kyiv or Moscow are going to play ball

    The possibility of Europe bearing the burden of maintaining support to Ukraine without the US bearing the lion’s share of the burden also looks remote. Domestic politics in many EU member states is threatening the bloc’s unity – and, in any case, the ability of Europe to make up the shortfall caused by a possible US withdrawal of aid to Ukraine is distinctly doubtful. And unlikely improve any time soon.



    Read more:
    Ukraine: prospects for peace are slim unless Europe grips the reality of Trump’s world

    It appears, meanwhile, that Putin’s ally Kim Jong-un is poised to send another wave of North Koreans to help. Jennifer Mathers, of Aberystwyth University, takes a detailed look at what we know about how these troops have fared thus far. She concludes that, given the terribly heavy losses the North Korean units are reported to be suffering, it’s possible that their leader may be trading the high casualty rate for much-needed combat experience in case his army might want to fight in a conflict nearer to home.



    Read more:
    North Korea: Kim Jong-un is sending a second wave of soldiers to Ukraine – here’s why

    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get our updates directly in your inbox.

    – ref. Trump’s Gaza and Ukraine plans come under the spotlight – https://theconversation.com/trumps-gaza-and-ukraine-plans-come-under-the-spotlight-249311

    MIL OSI – Global Reports –

  • MIL-OSI USA: Former Bosnian prison camp supervisor sentenced to over 5 years in prison for concealing participation in wartime persecution

    Source: US Immigration and Customs Enforcement

    BOSTON — A Swampscott man was sentenced Jan. 22 in federal court in Boston after Homeland Security Investigations (HSI) uncovered a 25-year scheme to conceal his persecution of ethnic Serbs during the Bosnian War as well as making false claims to come to the United States and ultimately become a United States citizen.

    Kemal Mrndzic, 52, was sentenced by U.S. District Court Judge Denise J. Casper to 65 months in prison to be followed by three years of supervised release. In October 2024, Mrndzic was convicted by a federal jury of engaging in a scheme to conceal his involvement in the persecution of Serb prisoners at the notorious Celebici prison camp in Bosnia in 1992; making a false statement to federal agents about his role at the camp; possessing a fraudulently obtained naturalization certificate and Social Security card; and using a fraudulently obtained passport and certificate of naturalization.

    “Through the brave testimony of the survivors of the Celebici prison camp, the persecution Mrndzic attempted to conceal was finally brought to light after over 30 years. Though we can never undo what the survivors endured, I hope this sentence brings some measure of justice, no matter how long delayed,” said HSI New England Special Agent in Charge Michael J. Krol. “HSI remains tireless in our effort to pursue war criminals and human rights violators who attempt to evade justice.”

    “For over two decades, Mr. Mrndzic evaded accountability for his participation in the persecution and torture of countless victims at the camp. By holding him accountable for his lies and fraudulent conduct, this sentence reinforces our resolve to ensure that those responsible for war crimes and human rights abuses are identified, exposed, and prosecuted. This case underscores that we will not allow our nation to be a refuge for those who seek to escape justice,” said United States Attorney Leah B. Foley. “The government will be working to ensure that his fraudulently obtained U.S. citizenship is revoked.”

    Mrndzic served as a supervisor of the guards at the notorious Celebici prison camp in Bosnia and Herzegovina during the sectarian war which fractured the country in the 1990s. Twenty-one former detainees described Mrndzic as one of the most notable guards at the camp, who was widely known for his particularly vicious treatment of prisoners and his close association with the camp deputy commander. Mrndzic participated in the systematic and pervasive brutal torture and deprivation of basic human needs of hundreds of captive victims — some of whom were elderly — at the Celebici prison camp. For seven months, victims were forcibly detained with starvation rations, at times forced into lightless, airless manholes that were sealed for hours at a time. Victims also endured daily and nightly beatings that were administered by the guards at the camp — with baseball bats, wooden poles and rifle butts.

    Camp survivors who testified at trial in October 2024 recounted murders, the burning of one detainee’s tongue with a heated knife blade, the wrapping of another detainee with a long explosive fuse cord and then lighting it on fire, sexual abuse and other harrowing acts committed over a period of many months. One survivor recounted the beating death of a 70-year-old detainee whom guards pinned a political party badge to his forehead while he was still dying. Survivors also testified about being starved and deprived of the most basic needs, including sleeping on the concrete floor of a sheet metal hangar for months on end while being fed only a slice of bread a day.

    A United Nations tribunal investigated the crimes committed at Celebici and in 1998 convicted the two top commanders of the camp and one particularly sadistic guard on numerous crimes including murder and torture. While Mrndzic was interviewed by investigators in connection with that case in 1996, he was not charged by international authorities. Mrndzic subsequently concocted a scheme to leave Bosnia by crossing the border into Croatia and applying to immigrate to the United States using a fabricated story. In his immigration application and interview, he falsely claimed to U.S. immigration authorities that he fled his home after he was captured, interrogated and abused by Serb forces, and could not return home for fear of future persecution. As the government argued at trial, Mrndzic used his own experience as a persecutor to press a false narrative that he had been persecuted. He was admitted to the U.S. in 1999, and ultimately became a naturalized U.S. citizen in 2009.

    Many Celebici survivors became refugees during and after the Bosnian War. Some came to the United States and have since become U.S. citizens. The survivors living in the United States played a central role in the investigation and prosecution of this case. They provided critical trial testimony and submitted moving victim impact statements.

    The investigation was led by HSI New England’s Document and Benefit Fraud Task Force and HSI’s Human Rights Violators & War Crimes Center (HRVWCC) with assistance from the Social Security Administration Office of Inspector General’s Boston Field Office; the U.S. Department of State’s Diplomatic Security Service, Boston Field Office; and U.S. Customs and Border Protection, Boston Field Office. Additional support was provided by the Justice Department’s Office of International Affairs, U.S. Citizen and Immigration Services, DOJ’s Criminal Division’s Human Rights and Special Prosecutions Section and the U.S. Embassies in Sarajevo, Belgrade and Helsinki. The United Nations International Residual Mechanism for Criminal Tribunals (IRMCT) in The Hague, Netherlands, the Australian Federal Police, Bosnian and Herzegovinian Ministry of Justice, Serbian Ministry of Justice, law enforcement authorities in Finland and the Royal Canadian Mounted Police all provided valuable assistance as did the Cook County Sheriff’s Office in Illinois and the Swampscott Police Department in Massachusetts.

    The HRVWCC is led by HSI and leverages the expertise of criminal investigators, attorneys, historians, intelligence analysts and federal partners to provide a whole of government approach to prevent the United States from becoming a safe haven for individuals who commit war crimes, genocide, torture and other human rights abuses around the globe. Currently, HSI has more than 180 active investigations into suspected human rights violators and is pursuing more than 1,945 leads and removals cases involving suspected human rights violators from 95 different countries. Since 2003, the HRVWCC has issued more than 79,000 lookouts for potential perpetrators of human rights abuses, and stopped over 390 human rights violators and war crimes suspects from entering the U.S.

    MIL OSI USA News –