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MIL-OSI: YieldMax™ ETFs Announces Distributions on YBIT (65.28%), TSLY (60.58%), TSMY (54.47%), YMAX (66.23%), YMAG (41.16%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share	Distribution Frequency	Distribution Rate^2,4,5	30-Day SEC Yield³	Ex-Date & Record Date	Payment Date
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$0.2247	*Weekly*	66.23%	50.85%	10/31/24	11/1/2024
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$0.1528	*Weekly*	41.16%	62.93%	10/31/24	11/1/2024
TSLY	YieldMax™ TSLA Option Income Strategy ETF	TSLA	$0.5986	Every 4 Weeks	60.58%	3.09%	10/31/24	11/1/2024
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	TSLA	$0.4489	Every 4 Weeks	51.38%	3.61%	10/31/24	11/1/2024
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	GOOGL	$0.3771	Every 4 Weeks	31.69%	3.28%	10/31/24	11/1/2024
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Bitcoin ETP	$0.6717	Every 4 Weeks	65.28%	4.07%	10/31/24	11/1/2024
OARK	YieldMax™ Innovation Option Income Strategy ETF	ARKK	$0.2818	Every 4 Weeks	35.18%	3.37%	10/31/24	11/1/2024
XOMO	YieldMax™ XOM Option Income Strategy ETF	XOM	$0.3373	Every 4 Weeks	26.26%	3.32%	10/31/24	11/1/2024
SNOY	YieldMax™ SNOW Option Income Strategy ETF	SNOW	$0.5589	Every 4 Weeks	43.15%	3.44%	10/31/24	11/1/2024
TSMY	YieldMax™ TSM Option Income Strategy ETF	TSM	$0.8897	Every 4 Weeks	54.47%	3.48%	10/31/24	11/1/2024
Scheduled for next week: YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

¹ All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

² The Distribution Rate shown is as of close on October 29, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ YieldMax™ ETF distributions may contain return of capital, but an estimate cannot be provided at this time. Please refer to the 19a-1 notices here for additional details regarding the distributions’ composition, once available.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here.

Prospectuses

Click here.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX^®), which subjects the Fund to some of the same risks as if it owned GDX^®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

The MIL Network –

January 25, 2025

MIL-OSI: Dayforce Reports Third Quarter 2024 Results¹

Source: GlobeNewswire (MIL-OSI)

Dayforce® recurring revenue of $333.2 million, up 19%

Total revenue of $440.0 million, up 17%

Year-to-date net cash provided by operating activities of $200.1 million, up 54%

MINNEAPOLIS and TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the third quarter ended September 30, 2024.

“Our dedicated team achieved excellent results in the third quarter, positioning us to finish 2024 with strength,” said David Ossip, Chair and CEO of Dayforce. “Dayforce recurring revenue grew 19% year-over-year, and year-to-date cash flows from operating activities were up 54%, underscoring our ability to both grow and generate profits at scale. We continue to see organizations across the globe realize greater value as they simplify their people operations with the all-in-one Dayforce platform.”

“In the third quarter, we repurchased approximately $30 million worth of shares under our $500 million share repurchase program that we launched last quarter highlighting our progress in enhancing our overall profit profile and the flexibility of our cash-generative business model,” said Jeremy Johnson, CFO of Dayforce. “Looking forward, we are excited to meet many of our investors in-person at our inaugural Investor Day alongside our Dayforce Discover conference in Las Vegas where we will outline our strategy for future growth.”

Financial Highlights for the Third Quarter 2024¹

Total revenue was $440.0 million, an increase of 16.6%, or 16.7% on a constant currency basis.
Dayforce recurring revenue was $333.2 million, an increase of 19.2%, or 19.3% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $292.0 million, an increase of 18.9%, or 19.0% on a constant currency basis.
Cloud recurring gross margin was 79.0%, compared to 77.0%. Adjusted cloud recurring gross margin was 79.9%, compared to 78.3%.
Operating profit was $20.8 million compared to $26.5 million. Adjusted operating profit was $103.2 million compared to $89.4 million.
Net income was $2.0 million, compared to net loss of $3.8 million. Adjusted net income was $74.5 million, compared to $58.3 million.
Adjusted EBITDA was $126.1 million, compared to $107.2 million.
Diluted net income per share was $0.01, compared to diluted net loss per share of $0.02. Adjusted diluted net income per share was $0.47, compared to $0.37.
Net cash provided by operating activities for the nine months ended September 30, 2024 was $200.1 million, compared to $129.6 million for the nine months ended September 30, 2023. Free cash flow for the nine months ended September 30, 2024 was $117.3 million, compared to $41.3 million for the nine months ended September 30, 2023.

Supplemental Detail

6,730 customers were live on the Dayforce platform as of September 30, 2024, an increase of 73 customers since June 30, 2024 and an increase of 384 customers since September 30, 2023, or 6.1% year-over-year.²
Dayforce recurring revenue per customer was $159,496 for the trailing twelve months ended September 30, 2024, an increase of 14.9%.³
The average float balance for Dayforce’s customer funds during the quarter was $4.48 billion and the average yield on Dayforce’s float balance was 4.0%, an increase of 20 basis points year-over-year. Float revenue from invested customer funds was $45.6 million for the three months ended September 30, 2024.
The average U.S. dollar to Canadian dollar foreign exchange rate was $1.36 for the three months ended September 30, 2024, compared to $1.34 for the three months ended September 30, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

¹ The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
² Excluding Ascender, ADAM HCM, and eloomi.
³ Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

Business Highlights

Dayforce was named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for the fifth consecutive year in October 2024. The Company also scored highest in both North American Compliance Suite 1,000-2,500 and North American Compliance Suite 2,500+ in the 2024 Critical Capabilities report for Cloud HCM Suites for Enterprises with 1000+ Employees.
The Company earned a 2024 Top HR Products of the Year Award from Human Resources Executive Magazine for Dayforce Career Explorer and placed on the Constellation ShortList™ within four categories: Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
Dayforce attained a five-star rating for the second year in a row on Newsweek’s list of America’s Greenest Companies 2025, recognized by TIME Magazine as one of the World’s Most Sustainable Companies 2024, named a Top 10 company for workers by JUST Capital, placed on the Most Loved Workplaces list for young professionals, and awarded a TrustRadius Tech Cares award for the company’s efforts in social responsibility and volunteerism.

Sales Highlights

A North American hospitality company that specializes in managing and developing luxury hotels and resorts selected the full Dayforce suite to support 22,000 employees across U.S., Mexico, and Canada.
A major multi-brand Australian retailer has selected Dayforce as its unified HCM solution to support their 12,000 employees across Australia and New Zealand.
A global manufacturing and distribution leader, operating in over 12 countries, selected the full Dayforce suite to enhance the experience of 8,500 employees across the United States and Canada.
A wholesale distributor of food service and janitorial supplies, with 7,200 employees in the U.S. and Canada chose Dayforce as its comprehensive human capital management solution, opting for the full Dayforce suite of products with Managed Benefits.
A world-leading manufacturer and retailer of footwear chose the full Dayforce suite to support its 5,300 employees globally.
A U.S.-based online gaming and sports entertainment company chose Dayforce Managed Payroll Services to support its 4,100 employees across the U.S., Canada, and the United Kingdom (“U.K.”).
A U.K.-based clothing retailer chose the full Dayforce Talent suite and Global Payroll to effectively manage its workforce of 3,800 employees across 12 countries.
A U.S. construction company selected the full Dayforce suite for consolidating and modernizing its systems across 48 states and 32 unique FEINs for its 3,500 employees.
A regional commuter railroad corporation in the U.S. has chosen Dayforce as its unified HCM solution, including the full Talent Suite, to effectively manage its workforce of 3,300 employees.
A global manufacturer and distributor of medical devices operating in 33 countries, chose Dayforce for Global Pay, Time, and Managed Benefits in the U.S. to support 2,300 employees.

New Customer Highlights

A British multinational hotel and restaurant company with 38,000 employees went live across the U.K. with Dayforce Managed Payroll, HR, Workforce Management, and Talent.
A prominent U.S. manufacturer recently went live with Dayforce HR, Payroll, Time, Wallet, Document Management for its 10,000 employees.
A U.K. fashion retailer with 400 stores and 10,000 employees has recently implemented Dayforce HR, Workforce Management, Payroll, and Dayforce Wallet.
A leading senior living organization recently deployed the full Dayforce suite, supporting 6,300 active employees across the U.S.
A well-established U.S. logistics company has gone live with the full Dayforce suite to support its 5,200 employees.
A well-established U.S.-based insurance company has gone live with the full Dayforce suite supporting its 4,800 employees across North America.
A North American technology company migrated to Dayforce Managed Payroll to support nearly 4,700 U.S. employees.
A global office furniture manufacturer has implemented Dayforce HR, Payroll, Time, Analytics, and Dayforce Wallet for almost 4,000 U.S. employees.
A U.S.-based energy services company with 1,200 employees has implemented Dayforce Payroll, Benefits, Time, Core HR, Onboarding, and Recruiting.
A nonprofit organization dedicated to the governance and promotion of golf in America recently undertook a full-suite implementation of Dayforce to support its 400 employees.

Product Roadmap Highlights

In the third quarter, Dayforce launched new product capabilities to help Dayforce customers realize quantifiable value through enriched workforce engagement, enhanced analytics, and improved employee financial wellness, and to update their compliance capabilities.

The new Dayforce Learning was announced, with enhancements that will better equip organizations with the advanced learning and development capabilities needed to grow, engage, and enrich their workforces.
Dayforce People Analytics enhancements include:
- Measures, a new KPI and performance management tool, that surfaces performance across 28+ metrics, allowing organizations to configure intelligent nudges that can surface changes requiring their attention
- Data Cards display Measures in the Advanced Experience Hub, embedding awareness of performance metrics across the organization
- Machine learning enhanced prediction gives organizations a view into future performance
Dayforce Wallet updates include a new Savings feature, which allows users to route some of their earnings into a saving plan, a new Cashless Tips feature, which allows employers to pay out pre-tax or net tips by automating their distribution at the end of a shift, and a new Dayforce Wallet widget that integrates on-demand pay into Dayforce Hub, allowing employees to view and request available pay directly. As of September 30, 2024, over 1,290 customers were live on Dayforce Wallet.
Dayforce Payroll enhancements include a reimagined payroll experience that offers real-time insight into pay variances, helping users detect anomalies by highlighting areas needing attention.
240+ compliance updates up to the end of the third quarter, will bolster the Company’s industry-leading position in compliance by addressing changes in regional taxes, workers’ compensation, garnishments, and multiple state and city rate changes.

Business Outlook

Based on information available as of October 30, 2024, Dayforce is issuing the following guidance for the fourth quarter and full year of 2024 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

Guided Metrics	Full Year 2024	Fourth Quarter 2024
Total revenue	$1,747 million to $1,752 million, an increase of 15% to 16% on a GAAP basis or 16% on a constant currency basis.	$452 million to $457 million, an increase of 13% to 14% on a GAAP basis or 13% to 15% on a constant currency basis.
Dayforce recurring revenue, excluding float	$1,163 million to $1,168 million, an increase of 21% on a GAAP and on a constant currency basis.	$311 million to $316 million, an increase of 21% to 23% on a GAAP and on a constant currency basis.
Float revenue	$192 million	$37 million
Adjusted EBITDA	$492 million to $507 million	$120 million to $135 million

Dayforce is also providing an initial outlook for full year 2025 as follows:

Total revenue growth, excluding float, between 14% and 15%, on a constant currency basis
Adjusted EBITDA margin above 31%
Free cash flow as a percentage of total revenue above 12%

Dayforce has not reconciled the Adjusted EBITDA ranges, Adjusted EBITDA margin, or free cash flow for the fourth quarter or full years of 2024 or 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

Foreign Exchange

For the fourth quarter of 2024, Dayforce’s guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.38, which results in an average rate of $1.37 for the full year of 2024, compared to an average rate of $1.36 and $1.35 for the fourth quarter and full year of 2023, respectively.

Conference Call Details

Dayforce will host a live webcast and conference call to discuss the third quarter 2024 earnings at 8:00 a.m. Eastern Time on October 30, 2024. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

About Dayforce

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the fourth quarter and full fiscal years of 2024 and 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of customers;
its failure to manage its aging technical operations infrastructure;
system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
its failure to properly update its solutions to enable its customers to comply with applicable laws;
its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
its inability to offer and deliver high-quality technical support, implementation, and professional services;
its inability to attract and retain senior management employees and highly skilled employees;
the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
the impact of adverse economic and market conditions on its business, operating results, or financial condition.

Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.


Dayforce, Inc. Condensed Consolidated Balance Sheets (Unaudited)

	September 30,			December 31,
	2024			2023
(In millions, except per share data)
Assets
Current assets:
Cash and equivalents	$	494.1		$	570.3
Restricted cash		—			0.8
Trade and other receivables, net		255.8			228.8
Prepaid expenses and other current assets		153.3			126.7
Total current assets before customer funds		903.2			926.6
Customer funds		4,000.7			5,028.6
Total current assets		4,903.9			5,955.2
Right of use lease assets, net		14.7			19.1
Property, plant, and equipment, net		228.3			210.1
Goodwill		2,394.5			2,293.9
Other intangible assets, net		228.3			230.2
Deferred sales commissions		215.6			192.1
Other assets		131.7			110.3
Total assets	$	8,117.0		$	9,010.9

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	7.3		$	7.6
Current portion of long-term lease liabilities		6.0			7.0
Accounts payable		73.1			66.7
Deferred revenue		42.7			40.2
Employee compensation and benefits		77.9			92.9
Other accrued expenses		66.3			30.4
Total current liabilities before customer funds obligations		273.3			244.8
Customer funds obligations		4,004.6			5,090.1
Total current liabilities		4,277.9			5,334.9
Long-term debt, less current portion		1,209.9			1,210.1
Employee benefit plans		25.0			27.7
Long-term lease liabilities, less current portion		14.0			18.9
Other liabilities		34.2			21.1
Total liabilities		5,561.0			6,612.7
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par, 500.0 shares authorized, 157.8 and 156.3 shares issued and outstanding, respectively		1.6			1.6
Additional paid in capital		3,291.5			3,151.1
Accumulated deficit		(340.5	)		(317.8	)
Accumulated other comprehensive loss		(396.6	)		(436.7	)
Total stockholders’ equity		2,556.0			2,398.2
Total liabilities and stockholders’ equity	$	8,117.0		$	9,010.9


Dayforce, Inc. Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024		2023
(In millions, except per share data)
Revenue:
Recurring	$	375.9		$	325.4		$	1,123.6	$	958.2
Professional services and other		64.1			52.1			171.2		155.8
Total revenue		440.0			377.5			1,294.8		1,114.0
Cost of revenue:
Recurring		87.4			80.5			265.1		239.4
Professional services and other		75.1			66.1			210.8		197.0
Product development and management		55.4			53.3			166.8		153.5
Depreciation and amortization		20.8			17.1			58.6		47.4
Total cost of revenue		238.7			217.0			701.3		637.3
Gross profit		201.3			160.5			593.5		476.7
Selling and marketing		86.4			61.8			248.5		177.5
General and administrative		94.1			72.2			269.4		204.9
Operating profit		20.8			26.5			75.6		94.3
Interest expense, net		8.8			8.9			33.2		27.2
Other (income) expense, net		(6.3	)		5.1			5.7		6.6
Income before income taxes		18.3			12.5			36.7		60.5
Income tax expense		16.3			16.3			29.4		51.3
Net income (loss)	$	2.0		$	(3.8	)	$	7.3	$	9.2
Net income (loss) per share:
Basic	$	0.01		$	(0.02	)	$	0.05	$	0.06
Diluted	$	0.01		$	(0.02	)	$	0.05	$	0.06
Weighted average shares outstanding:
Basic		158.1			155.7			157.6		155.0
Diluted		159.7			155.7			159.9		158.2


Dayforce, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
	2024			2023
(In millions)
Cash flows from operating activities
Net income	$	7.3		$	9.2
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit) expense		(27.5	)		13.9
Depreciation and amortization		151.5			84.1
Amortization of debt issuance costs and debt discount		3.2			3.3
Loss on debt extinguishment		4.3			—
Provision for doubtful accounts		4.7			4.2
Net periodic pension and postretirement cost		7.6			0.9
Share-based compensation expense		118.4			118.0
Change in fair value of contingent consideration		9.0			11.8
Other		(1.2	)		0.3
Changes in operating assets and liabilities, excluding effects of acquisitions:
Trade and other receivables		(26.2	)		(62.0	)
Prepaid expenses and other current assets		(4.5	)		(20.1	)
Deferred sales commissions		(22.9	)		(25.9	)
Accounts payable and other accrued expenses		5.9			8.5
Deferred revenue		(6.5	)		7.5
Employee compensation and benefits		(16.1	)		(23.2	)
Accrued taxes		22.5			11.0
Payment of contingent consideration		(20.9	)		—
Other assets and liabilities		(8.5	)		(11.9	)
Net cash provided by operating activities		200.1			129.6

Cash flows from investing activities
Purchases of customer funds marketable securities		(483.2	)		(252.0	)
Proceeds from sale and maturity of customer funds marketable securities		283.4			326.4
Purchases of marketable securities		(10.0	)		—
Proceeds from sale and maturity of marketable securities		7.6			—
Expenditures for property, plant, and equipment		(8.7	)		(15.4	)
Expenditures for software and technology		(74.1	)		(72.9	)
Acquisition costs, net of cash acquired		(173.1	)		—
Other		—			(1.0	)
Net cash used in investing activities		(458.1	)		(14.9	)

Cash flows from financing activities
(Decrease) increase in customer funds obligations, net		(1,049.9	)		311.0
Proceeds from issuance of common stock under share-based compensation plans		22.0			40.3
Repurchases of common stock		(28.8	)		—
Proceeds from debt issuance		650.0			—
Repayment of long-term debt obligations		(646.5	)		(6.0	)
Payment of debt refinancing costs		(11.4	)		—
Payment of contingent consideration		(3.0	)		—
Net cash (used in) provided by financing activities		(1,067.6	)		345.3

Effect of exchange rate changes on cash, restricted cash, and equivalents		(18.2	)		5.1
Net (decrease) increase in cash, restricted cash, and equivalents		(1,343.8	)		465.1
Cash, restricted cash, and equivalents at beginning of period		3,421.4			3,151.2
Cash, restricted cash, and equivalents at end of period	$	2,077.6		$	3,616.3

Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets
Cash and equivalents	$	494.1		$	510.3
Restricted cash		—			0.8
Restricted cash and equivalents included in customer funds		1,583.5			3,105.2
Total cash, restricted cash, and equivalents	$	2,077.6		$	3,616.3


Dayforce, Inc. Revenue Financial Measures (Unaudited)

	Three Months Ended September 30,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	292.0	$	245.6		18.9	%		(0.1	)%		19.0	%
Dayforce float		41.2		34.0		21.2	%		(0.3	)%		21.5	%
Total Dayforce recurring		333.2		279.6		19.2	%		(0.1	)%		19.3	%
Powerpay recurring, excluding float		20.2		19.6		3.1	%		(2.0	)%		5.1	%
Powerpay float		4.2		4.4		(4.5	)%		(2.2	)%		(2.3	)%
Total Powerpay recurring		24.4		24.0		1.7	%		(2.0	)%		3.7	%
Total Cloud recurring		357.6		303.6		17.8	%		(0.3	)%		18.1	%
Other recurring (b)		18.3		21.8		(16.1	)%		0.9	%		(17.0	)%
Total recurring revenue		375.9		325.4		15.5	%		(0.2	)%		15.7	%
Professional services and other (c)		64.1		52.1		23.0	%		(—	)%		23.0	%
Total revenue	$	440.0	$	377.5		16.6	%		(0.1	)%		16.7	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.2 million and $0.4 million for the three months ended September 30, 2024, and 2023, respectively.
c)	For the three months ended September 30, 2024, Professional services and other consisted of $61.8 million and $2.3 million associated with Dayforce and Other, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $48.2 million, $3.8 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.

	Nine Months Ended September 30,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	852.1	$	706.5		20.6	%		(0.2	)%		20.8	%
Dayforce float		139.9		112.5		24.4	%		(0.2	)%		24.6	%
Total Dayforce recurring		992.0		819.0		21.1	%		(0.2	)%		21.3	%
Powerpay recurring, excluding float		60.6		58.8		3.1	%		(1.2	)%		4.3	%
Powerpay float		14.4		13.4		7.5	%		(0.7	)%		8.2	%
Total Powerpay recurring		75.0		72.2		3.9	%		(1.1	)%		5.0	%
Total Cloud recurring		1,067.0		891.2		19.7	%		(0.3	)%		20.0	%
Other recurring (b)		56.6		67.0		(15.5	)%		(1.0	)%		(14.5	)%
Total recurring revenue		1,123.6		958.2		17.3	%		(0.3	)%		17.6	%
Professional services and other (c)		171.2		155.8		9.9	%		(0.2	)%		10.1	%
Total revenue	$	1,294.8	$	1,114.0		16.2	%		(0.3	)%		16.5	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.9 million and $1.6 million for the nine months ended September 30, 2024, and 2023, respectively.
c)	For the nine months ended September 30, 2024, Professional services and other consisted of $164.4 million, $6.6 million, and $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $144.6 million, $11.1 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.


Dayforce, Inc. Share-Based Compensation Expense and Related Employer Taxes (Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Cost of revenue – Cloud	$	3.0	$	3.9	$	9.6	$	11.9
Cost of revenue – Other		0.6		0.5		1.7		1.2
Professional services and other		4.0		4.4		11.7		13.5
Product development and management		8.1		7.8		25.0		25.7
Sales and marketing		9.4		6.4		27.2		19.0
General and administrative		14.5		13.4		43.2		47.0
Total	$	39.6	$	36.4	$	118.4	$	118.3


Dayforce, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:

	Three Months Ended September 30, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	75.1		79.0	%	$	3.0	$	—	$	0.1		$	72.0		79.9	%

Operating profit	$	20.8		4.7	%	$	39.6	$	29.6	$	13.2		$	103.2		23.5	%

Net income	$	2.0		0.5	%	$	39.6	$	29.6	$	3.3		$	74.5		16.9	%
Interest expense, net		8.8					—		—		—			8.8
Income tax expense (c)		16.3					—		—		(4.0	)		20.3
Depreciation and amortization		52.1					—		29.6		—			22.5
EBITDA	$	79.2				$	39.6	$	—	$	7.3		$	126.1		28.7	%

Net income per share – diluted (d)	$	0.01				$	0.25	$	0.19	$	0.02		$	0.47

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net (loss) income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $3.2 million of restructuring expenses, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, $1.0 million of fees associated with initiating the receivables securitization program, and $9.1 million of foreign exchange gain, along with a $4.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 159.7 million weighted average shares of common stock.

	Three Months Ended September 30, 2023
	As reported			As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	69.9			77.0	%	$	3.9	$	—	$	—		$	66.0		78.3	%

Operating profit	$	26.5			7.0	%	$	36.4	$	20.5	$	6.0		$	89.4		23.7	%

Net (loss) income	$	(3.8	)		(1.0	)%	$	36.4	$	20.5	$	5.2		$	58.3		15.4	%
Interest expense, net		8.9						—		—		—			8.9
Income tax expense (c)		16.3						—		—		(5.5	)		21.8
Depreciation and amortization		38.7						—		20.5		—			18.2
EBITDA	$	60.1					$	36.4	$	—	$	10.7		$	107.2		28.4	%

Net (loss) income per share – diluted (d)	$	(0.02	)				$	0.23	$	0.13	$	0.03		$	0.37

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $4.7 million of foreign exchange loss, $4.6 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $1.2 million of restructuring expenses, and $0.2 million related to the abandonment of certain leased facilities, along with a $5.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP diluted net loss per share is calculated based upon 155.7 weighted average shares of common stock, and Adjusted diluted net income per share is calculated based upon 158.8 million weighted average shares of common stock.

	Nine Months Ended September 30, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	228.5		78.6	%	$	9.6	$	—	$	0.9		$	218.0		79.6	%

Operating profit	$	75.6		5.8	%	$	118.4	$	87.5	$	25.7		$	307.2		23.7	%

Net income	$	7.3		0.6	%	$	118.4	$	87.5	$	5.5		$	218.7		16.9	%
Interest expense, net		33.2					—		—		—			33.2
Income tax expense (c)		29.4					—		—		(27.0	)		56.4
Depreciation and amortization		151.5					—		87.5		—			64.0
EBITDA	$	221.4				$	118.4	$	—	$	32.5		$	372.3		28.8	%

Net income per share – diluted (d)	$	0.05				$	0.74	$	0.55	$	0.03		$	1.37

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $15.7 million of restructuring expenses, $9.7 million of costs associated with the planned termination of its frozen U.S. pension plan, $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $1.0 million of fees associated with initiating the receivables securitization program, and $2.9 million of foreign exchange gain, along with a $27.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 159.9 million weighted average shares of common stock.

	Nine Months Ended September 30, 2023
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	204.8		77.0	%	$	11.9	$	—	$	—		$	192.9		78.4	%

Operating profit	$	94.3		8.5	%	$	118.3	$	32.7	$	15.6		$	260.9		23.4	%

Net income	$	9.2		0.8	%	$	118.3	$	32.7	$	(1.8	)	$	158.4		14.2	%
Interest expense, net		27.2					—		—		—			27.2
Income tax expense (c)		51.3					—		—		(22.7	)		74.0
Depreciation and amortization		84.1					—		32.7		—			51.4
EBITDA	$	171.8				$	118.3	$	—	$	20.9		$	311.0		27.9	%

Net income per share – diluted (d)	$	0.06				$	0.75	$	0.21	$	(0.01	)	$	1.00

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $11.8 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $5.3 million of foreign exchange loss, $3.4 million of restructuring expenses, and $0.4 million related to the abandonment of certain leased facilities, along with a $22.7 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 158.2 million weighted average shares of common stock.


Dayforce, Inc. Reconciliation of Free Cash Flow (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In millions)
Net cash provided by operating activities	$	91.8		$	36.6		$	200.1		$	129.6
Expenditures for property, plant, and equipment		(2.0	)		(5.3	)		(8.7	)		(15.4	)
Expenditures for software and technology		(26.4	)		(26.5	)		(74.1	)		(72.9	)
Free cash flow	$	63.4		$	4.8		$	117.3		$	41.3

Non-GAAP Financial Measures

Dayforce uses certain non-GAAP financial measures in this release including:

Non-GAAP Financial Measure		GAAP Financial Measure
EBITDA		Net (loss) income
Adjusted EBITDA		Net (loss) income
Adjusted EBITDA margin		Net profit margin
Adjusted Cloud recurring gross margin		Cloud recurring gross margin
Adjusted operating profit		Operating profit
Adjusted operating profit margin		Operating profit margin
Adjusted net income		Net (loss) income
Adjusted net profit margin		Net profit margin
Adjusted diluted net income per share		Diluted net (loss) income per share
Free cash flow		Net cash provided by operating activities
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis		Percentage change in revenue, including total revenue and revenue by solution
Dayforce recurring revenue per customer		No directly comparable GAAP measure

Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

Dayforce defines its non-GAAP financial measures as follows:

EBITDA is defined as net (loss) income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
Adjusted net income is defined as net (loss) income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, the Company starts with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. The Company has not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

Source: Dayforce, Inc.

For further information, please contact:

Investor Relations
1-844-829-9499
investors@dayforce.com

Public Relations
1-647-417-2117
teri.murphy@dayforce.com

The MIL Network –

January 25, 2025

MIL-OSI: Banco Santander-Chile Announces Third Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Oct. 30, 2024 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the nine-month period ended September 30, 2024, and third quarter 2024 (3Q24).

ROAE²of 23.1% in 3Q24³and 18.2% in 9M24⁴.

In the third quarter of 2024 (3Q24), the Bank’s net income attributable to shareholders totaled $243,133 million ($1.29 per share and US$ 0.58 per ADR), reflecting an increase of 11.7% compared to the previous quarter (2Q24), with an ROAE of 23.1%.

As of September 30, 2024, the Bank’s net income attributable to shareholders totaled $581.109 billion ($3.08 per share and US$1.37 per ADR), reflecting an increase of 81.9% compared to the same period of the previous year and with an ROAE of 18.2%.

The increase in results in the quarter is explained by an increase in the Bank’s main income lines, with operating income increasing by 6.3% in the quarter, driven by a better interest margin and readjustments.

Strong recovery of NIM⁵to 3.9% in 3Q24 and 3.4% in 9M24.

Net interest and readjustment income (NII) accumulated as of September 30, 2024 increased by 74.8% compared to the same period in 2023. This increase in NII was due to higher interest income due to improvements in the cost of funds resulting from a lower monetary policy rate, partially offset by lower readjustment income due to lower inflation in the period.

In 3Q24, total net interest and readjustment income increased by 4.2% compared to 2Q24. This is explained by higher net interest income due to lower funding costs and better investment portfolio performance, offset by lower net readjustment income due to lower UF variation in the quarter.

Net fees increase 8.3% in the quarter, reaching recurrence⁶levels of 63.4%.

Net fees increased 8.3% QoQ due to increased customer numbers and greater use of products such as mutual funds, cards and current accounts. With this, the recurrence ratio (total net fees divided by total core expenses) is 63.4% in 3Q24, demonstrating that more than half of the Bank’s expenses are financed by fees generated by our customers.

In the nine months to September 30, 2024, fees increased by 5.4% compared to the same period in 2023, mainly due to higher fees from current accounts, mutual fund brokerage and Getnet. This was partially offset by the impact of interchange fee regulation.

Getnet’s customer base continues to grow and its expansion continues

As a result of our strategy to strengthen digital products, the Bank’s market share in current accounts remains strong. According to the latest publicly available information, which is as of July 2024, our market share reaches 23.8% in current accounts, which includes products such as Santander Life and PYME Life, while our US$ current account solution is already attracting 41.2% of customers in this market. In total, our digital customers total around 2.2 million and represent 86% of our active customers, with the products with the greatest traction being deposits, credit cards, investment funds and general insurance brokerage.

Getnet’s entry into the Chilean acquiring market continues to surprise with good results, with net commissions of $54 billion in 9M24 (not including operating expenses). Customer reception has been high, with more than 182 thousand affiliated merchants and more than 243 thousand operational POSs, with a strong demand from SME clients and an expansion towards larger clients that require a Host to Host solution, offering an integrated payment system for more sophisticated clients. Thanks to Getnet and other initiatives such as the Cuenta Pyme Life, we are seeing significant growth in current accounts for SMEs and companies, growing 26.7% YoY by July 2024, and with a market share of 39.3% according to the CMF.

For the fifth consecutive year we are Top 1 in NPS among our Chilean peers

As a result of all our efforts, our customers are the most satisfied with us. As of September 2024, our NPS is 59 points, top 1 among our peers. We also rank first in net satisfaction in the evaluation of our account executives and contact center with 66 and 72 points respectively. Regarding digital channels, they also continue to be a strength, with the website standing out with a net satisfaction of 72 and the App with 74 points.

Efficiency ratio of 36.3% in the quarter as income improves and costs remain under control

The Bank’s efficiency ratio reached 40.0% as of September 30, 2024, better than the 48.0% of the same period last year, with a quarterly efficiency ratio of 36.3%, explained by the recovery of revenues in the quarter and solid cost control.

Core support expenses (salaries, administration and amortization) grew 4.4% in 9M24 compared to 9M23 and 0.4% compared to 2Q24, in line with the growth of inflation, as we mentioned in our previous guidance. Total operating expenses (which includes other expenses) increased 13.1% in 9M24 compared to the same period in 2023 driven by higher other operating expenses, related to a provision for the restructuring of our branch network and the transformation to Work/Café and also the progress in Digital Banking.

Cost of credit of 1.28% in 9M24, in line with the evolution of asset quality given the economic scenario.

During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients’ performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to 3.1% and the impaired portfolio to 6.7% at September 2024. Overall the cost of credit remained stable at 1.28% in the quarter.

Solid capital levels with a BIS⁷ratio of 17.2% and a CET1⁸of 10.7%.

Our total BIS ratio reached 17.2% as of September 30, 2024 and the CET1 ratio remains solid at 10.7%, even considering that we increased the dividend provision for the 2024 income from 30% to 60% in June 2024 and then to 70% in September 2024. Risk-weighted assets (RWA) increased 0.8% since December 31, 2023 and 0.3% QoQ, explained by a growth in market risk-weighted assets offset by a decrease in credit risk-weighted assets. Additionally, in January 2024, the CMF announced the Pillar II charges for six banks in the Chilean system, and we highlight that, on this occasion, they did not assign a charge to the Bank.

Upgrading guidance for 2024 and soft guidance for 2025

Given the strong recovery in our results and our current economic estimates for the fourth quarter, we are improving our ROAE guidance for 2024 to 18%-19%. We have upgraded our medium term guidance for ROAEs to 18%-20% and our soft guidance for 2025 indicates a ROAE within this range.

Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a Stable Outlook.

As of September 30, 2024, the Bank has total assets of $65,890,254 million (US$73,419 million), total gross loans (including loans to banks) at amortized cost of $40,362,740 million (US$44,975 million), total deposits of $29,617,085 million (US$33,001 million) and shareholders’ equity of $4,218,883 million (US$4,701 million). The BIS capital ratio was 17.2%, with a core capital ratio of 10.7%. As of September 30, 2024, Santander Chile employed 8,861 people and has 234 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

^¹ The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
^² Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
^³ The third quarter of 2024
^⁴ The nine months accumulated as of September 30, 2024
^⁵ NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
^⁶Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
^⁷ Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
^⁸ Core capital divided by risk-weighted assets, according to CMF BIS III definitions.

The MIL Network –

January 25, 2025

MIL-OSI Europe: Written question – The urgent need to control children’s access to the internet – E-002210/2024

Source: European Parliament

22.10.2024

Question for written answer E-002210/2024
to the Commission
Rule 144
Eleonora Meleti (PPE)

Europe is very concerned to be witnessing the ever increasing use of the internet and social media by children and adolescents. Such use is often linked to addiction problems, mental health issues and aggressive behaviour in the real world. Young people spend a significant amount of time online and are exposed to a plethora of false information and bad role models, leading to increased levels of anxiety, depression and isolation, with worrying consequences for the development of their personality and their healthy mental development.

Countries such as Australia are planning to impose age restrictions on social media use, while others like Belgium and Greece are outlawing the use of mobile phones in schools.

In view of the above:

1.Does the Commission plan on adopting EU-wide measures to restrict children’s access to social media, bearing in mind their effects on mental health and the concerns about addiction and violence?
2.How does it intend to boost children’s digital education so that they learn from a young age how to protect themselves from the dangers of the internet, following up also on the new European strategy for a better internet for kids (BIK+)?

Submitted: 22.10.2024

Last updated: 30 October 2024

MIL OSI Europe News –

January 25, 2025

MIL-OSI United Kingdom: Building partnerships to protect the UK from cyber crime

Source: United Kingdom – Government Statements

Security Minister, Dan Jarvis, delivered a speech at the PREDICT 2024 Conference on 22 October.

Delivered on:: 22 October 2024 (Transcript of the speech, exactly as it was delivered)

Thank you and good morning.

It’s a great privilege to be with you at PREDICT 2024 today taking place right in the very heart of London’s thriving knowledge quarter.

I’d like at the outset to take this opportunity to thank Recorded Future for your hard work in bringing us together over these 2 days.

Not least because I think that forums like these provide us with a crucial platform to connect, share ideas and to learn from one another.

When our world feels increasingly less certain and increasingly more volatile, it is reassuring to know that last night, as with every night, many of you here today, made it safer.

Across the UK, millions of phones charging next to our beds were patched whilst we were sleeping – better protecting our messages, our photos and our personal information, frankly, our entire lives these days from constantly mutating cyber threats.

For ministers like me, there will be 2, maybe even 3, phones next to our beds, but add them to millions more devices and their networks that our world now relies on to function.

The role that the global community of defenders plays in disrupting and defeating cyber-crime is more than just vital – it’s existential.

So, I want to say this morning that this country, our country, is enormously in the debt of many of you in this room who strive, day in, day out to protect us all.

Your work, your dedication and your accomplishments have never been more important.

Yet, it may be the case, that they have never been more taken for granted, because most will only notice, could only ever notice, when things go wrong.

Who knew what Synnovis were and the vital service they provide to the NHS until ransomware criminals struck?

Outside of tech circles, who knew the name Crowdstrike before a wayward patch ground international aviation to a halt?

How many of the millions of Australian or US citizens, who relied on their services, could have identified the logos of Colonial Pipeline or Medibank before they were attacked? So today, I want to focus on this unnoticed and often unappreciated reality.

I want to talk about the need for constant vigilance in defending our digital world and how we can do so better and together.

Now, as I’ve already touched upon, our international rules-based system is being severely tested and technological advances continue to evolve at pace.

Advances in technology bring both risks and opportunities for us all.

We have all moved our lives online. In this respect, the UK stands out from other countries in its digital development.

Indeed, it was national news when the card machine stopped working across Greggs’ stores one morning in March this year. Alongside paying for sausage rolls with our smart watches, there are opportunities to harness technology’s vast potential in areas such as healthcare, education and, of course, security.

But we must also address the evolving risks and maintain a posture of constant vigilance, including by keeping up with developments in artificial intelligence, which show unstoppable momentum.

Emerging technologies are changing the nature of diplomacy, trade and competition, driving it online and thus onto our devices and into our pockets.

The much bigger global IT outage in July demonstrated our near universal dependence on technology.

For businesses, physical premises are interchangeable with digital platforms when it comes to delivering services and making money.

Beyond AI, quantum technologies, future, telecoms, connected devices, robotics and drones are rapidly reshaping the landscape.

Put simply, cyber security is national security.

Therefore, cyber incidents such as ransomware attacks, network intrusions for cyber espionage or IP theft have significant and complex consequences.

When organisations are targeted, there can be knock on effects on the UK’s economic resilience.

Data is becoming an ever more valuable commodity. Last year, the UK saw over a million reported Computer Misuse Act offences, most of which sort out personal data.

These crimes are estimated to cost the UK economy billions of pounds every year.

When public services or critical national infrastructure are targeted, there are implications for our national security.

Criminals exploit this and are early adopters of the latest technology.

The UK, and the international response must keep pace, and where possible, develop a competitive edge to mitigate these risks.

If misused, artificial intelligence and machine learning can intensify the impact and scale of cyber-crime.

Criminals are offering exploitation kits and hacking as a service, making it systems and data compromise increasingly accessible network attack surfaces and opportunities to target third party suppliers are expanding exponentially.

Unauthorised computer access can lead to a wide range of frauds, theft, extortion, and can also facilitate stalking, domestic abuse and harassment.

These crimes cause significant harm to the UK, destroying businesses and ruining lives.

That’s why the government is reviewing the threats that we face and addressing priority cyber threats like ransomware, which is the most acute cyber threat facing most UK organisations.

It’s also why we are making progress on counter ransomware, and the UK continues to lead international efforts, including through the counter ransomware initiative and by sanctioning 36 cyber-criminal actors since 2021, including ransomware actors like Evil Corps, the clue is in the name, LockBit and Trickbot.

This year, the UK’s National Crime Agency also led a global effort to disrupt LockBit, the world’s most prolific ransomware group.

Now we are increasingly seeing the impactful effects of combining law enforcement efforts, disruptive operations and interventions like sanctions that de-anonymise, disrupt and deter cyber criminals through a whole government response.

But there is much more that we need to do.

We are considering all options available to us, including reviewing the Computer Misuse Act to strengthen our response to the threat.

But it’s not only criminals who use cyber to target the UK.

Our intelligence agencies and international partners work around the clock to expose and counter malicious activities that threaten our interests.

As Mi5 Director General Ken McCallum set out earlier this month, autocratic states persist in their efforts to undermine UK security.

States, including Russia and China, are investing in advanced cyber operations, and it is a national security priority to detect, disrupt and deter this activity.

Russia is home to one of the most expansive and destructive cyber-criminal communities in the world, which targets global businesses with ransomware and other forms of cyber-attack for profit.

The Kremlin deliberately turns a blind eye to the activities of many cyber criminals within its jurisdiction, choosing not to prosecute, as long as their crimes serve the regime’s interests.

But the Russian state also has extensive cyber capabilities of its own.

The National Cyber Security Centre (NCSC), has confirmed Russian attempts to target key sectors of the British economy, including the UK media, telecommunications, political and democratic institutions and energy infrastructure.

We will not tolerate Russian cyber interference and will continue to work with our international allies to expose Russian cyber aggression and hold the Kremlin to account for its malign activity.

Compared to Russia, China presents a more complex and significant long term cyber challenge, and there have been a number of high-profile China linked cyber-attacks over the past few years, varying in intensity and sophistication.

We will continue to engage with China, and we want to see a constructive debate aimed at making cyberspace a safer place to do business for companies and consumers.

That is why we regularly raise issues with China, and we will keep calling out all state and non-state actors for malicious activity when it is necessary to do so.

For instance, the UK supported by global allies, publicly attributed and sanctioned Chinese state-affiliated actors responsible for malicious cyber campaigns targeting the UK democratic institutions.

Working alongside our Five Eyes partners and others, the UK continues to strengthen our defences, safeguard our institutions and protect sensitive data from these ever-growing threats.

NCSC, combining its cyber expertise with unique intelligence insights, remains decisive in ensuring that the UK stays ahead of these state sponsored threats.

As this year is a year of elections around the world with around 4 billion people going to vote, and we know that malign actors target the freedoms and democratic processes which are integral to our way of life.

Foreign states and domestic actors use disinformation and harmful material online in a bid to undermine our democratic institutions.

The recent general election here in the UK was a prime opportunity for our adversaries to mount a major information attack on the UK in an attempt to affect the outcome.

Government planned for such an incident, but fortunately, this did not happen.

Although attempts at interference do not stop with electoral events, and we are alive to this ever present-threat to our democracy, especially the use of disinformation.

Vigilance and effective cross government working is especially needed as AI technology threatens to exacerbate existing information threats, enabling harmful messages to spread at speed and scale, and making disinformation more difficult to spot.

We are particularly concerned that a steady stream of disinformation and harmful material online can lead to a slow poisoning of our public discourse that attempts to divide our communities.

We saw some of this play out during the summer with false information and inflammatory content spread rapidly online, contributing to violent disorder in some parts of our country.

These are complex issues which many democracies face, and that’s why we are working with international allies to share learning and expertise and with social media companies to hold them accountable for keeping online users safe.

The defending democracy Task Force is at the heart of much of this work. It is an enduring function that coordinates government’s response to these ever-present threats to our democracy.

The first duty of any government is to protect the nation and in an ever-evolving world with new and complex threats, collaborative working across government, law enforcement, industry and civil society is absolutely fundamental to driving innovative approaches to the UK’s most pressing challenges.

This can only be achieved if our work to keep our country safe and secure goes hand in hand with our plan to improve UK prosperity.

Without national security, we cannot kick start economic growth, become a clean energy superpower, take back our streets, break down barriers to opportunity, or build an NHS fit for the future.

Our work in National Security provides the foundation to enable these missions.

Breaking down barriers to opportunity enhances the protective factors for those vulnerable to radicalisation, mis and disinformation, or serious and organised crime. We continuously seek to support and strengthen our national security machinery.

The government is reviewing several policy areas, especially in light of the spending review. The perspectives of the private sector, will be pivotal in these decisions and discussions.

Indeed, collaboration between the government, the private, and third sectors are key to addressing national security risks.

By building an enduring and balanced partnership, we can work together to strengthen the UK’s response and resilience.

The NCSC leads the industry 100 i 100 initiative which enables diverse minds to challenge thinking and tackle systemic vulnerabilities in cyber security.

The cyber insurance industry is another key partner and is crucial in the cyber threat mitigation ecosystem, providing protection from cyber based risks such as ransomware and hacking.

In May of this year, 3 major UK insurance bodies, the Association of British Insurers, the British Insurers Brokers Association and the International Underwriting Association, united with the NCSC to publish joint guidance. This guidance, aimed at 14 cyber-criminals’ profits by reducing the number of ransoms paid by UK ransomware victims, was a powerful show of collaborative government and industry working.

Since then, and with continued partnership from the three insurance bodies, this guidance has since been internationalised through the Counter Ransomware Initiative, with 40 countries and 8 global insurance bodies signing up.

The government will continue to work closely with industry researchers, academics and the wider public sector to collectively address risks to our national security.

The work done across these sectors by organisations like Recorded Future, and those here in the room today, are vital to securing the UK’s National Security.

To conclude, the threats that we face are evolving rapidly, but so too are the opportunities for innovation and collaboration.

The challenge for all of us, whatever our sector or discipline, is to stay ahead of the threats whilst maximising the opportunities.

That is why events like PREDICT 2024 are so important, and it is why we must tackle this critical mission together in a spirit of true partnership and collaboration.

Thank you.

Published 30 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Economics: W&T Offshore Announces Timing of Third Quarter 2024 Earnings Release and Conference Call

Source: W & T Offshore Inc

Headline: W&T Offshore Announces Timing of Third Quarter 2024 Earnings Release and Conference Call

HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company”) today announced the timing of its third quarter 2024 earnings release and conference call.

The Company said it will issue its third quarter 2024 earnings release on Thursday, November 7, 2024, after the close of trading on the NYSE and host a conference call to discuss financial and operational results on Friday morning, November 8, 2024, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time.)

Interested parties may participate by dialing (844) 739-3797. International parties may dial (412) 317-5713. Participants should request to be joined to the “W&T Offshore, Inc. Conference Call.” This call will also be webcast and available on W&T Offshore’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. As of June 30, 2024, the Company had working interests in 63 fields in federal and state waters (which include 55 fields in federal waters and eight in state waters). The Company has under lease approximately 678,100 gross acres (520,400 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 519,000 gross acres on the conventional shelf, approximately 153,500 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.


CONTACTS:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

This press release was published by a CLEAR® Verified individual.

Source: W&T Offshore, Inc.

Released October 30, 2024

MIL OSI Economics –

January 25, 2025

MIL-OSI Submissions: Universities – New genetic web tool to help restore climate-resilient marine ecosystems – Flinders

Source: Flinders University

Australians love their coastal and marine environments but much of the world’s ecosystems are in various stages of decline and in urgent need of restoration.

In the face of increased human pressures and climate change, a team of Australian scientists led by Dr Georgina Wood at Flinders University have launched a new online tool to assist marine managers and restoration experts to bolster the resilience of marine habitat-forming species. (ref. https://www.reefadapt.org/ )

The ‘Reef Adapt’ initiative, developed by experts from the NSW Department of Primary Industries and Regional Development (NSW DPIRD), Flinders University and The University of Western Australia (UWA), aims to expand the tools available to promote diverse, adaptable and resilient ecosystems.

Described in a new article in Communications Biology, Reef Adapt harnesses genetic data from diverse marine species – including key reef-building corals and habitat-forming kelps, but with scope to expand to other taxa – to map out areas likely to harbour populations adapted to current and future environmental conditions.
The innovative web platform is designed for the rapid inclusion of genetic, biophysical and environmental data into planning of marine restoration and assisted conservation initiatives.

The tool provides users with maps that identify areas with populations suited to their specific restoration sites under current and future climate scenarios. The platform will initially house data for 27 species collected from 420 sample locations across the globe. Users will also be able to upload their own data to the site, further supporting the conservation of other species and areas.

While guidelines for terrestrial ecosystem restoration seed-sourcing exists, for example, the US National Seed Strategy and Australia’s Florabank, Reef Adapt is one of the first tool of its kind for marine environments.

The project follows similar projects on land, such as Australia’s NSW Restore and Renew program, to remove barriers of access to genetic data and improve restoration and assisted gene flow.

Dr Georgina Wood, an Australian Research Council Early Career Industry Fellow with Flinders University and Adjunct Research Fellow at UWA, says global efforts to restore ecosystems are intensifying, including the Convention on Biological Diversity’s recent adoption of the Kunming-Montreal Global Biodiversity Framework which aims to put 30% of degraded ecosystems under effective restoration by 2030.

“Alongside the increase in scale of marine restoration projects, there is a need ensure that restoration practices keep up with the latest available science, including the use of cutting-edge genomic information to make informed decisions about where to source restoration stock material,” says researcher Dr Wood.

“Our world is changing now more rapidly than ever before. Ideally, every restoration project would incorporate climate adaptation into their design, but the data needed for this are typically difficult to access. Reef Adapt puts this information directly into the hands of both managers and practitioners,” she says.

The easy-to-use web platform hosts vital genetic information for government, not-for-profit and community organisations – removing barriers of access to vital information that the team hopes will improve both immediate and long-term restoration outcomes.

Dr Melinda Coleman, NSW DPIRD Senior Principal Research Scientist, says the Reef Adapt online webtool will help guide marine restoration and assisted adaptation programs now and into the future.

“The revolutionary new Reef Adapt tool will use cutting-edge genomic data and seascape analyses to help marine managers, restoration practitioners and other stakeholders including aquaculture make informed decisions about where to source stock for restoration or aquaculture as well as help select climate proof stock that will withstand future ocean conditions,” explains says Dr Coleman.

“We hope that this webtool will be used broadly across marine and conservation managers, community groups or anyone embarking on marine restoration as well as aquaculture proponents.”

Dr Wood says the new Nature article and user manual give examples, with several case studies of ecologically and evolutionarily diverse taxa, including the staghorn coral (Acropora kentii), cauliflower coral (Pocillopora damicornis), golden kelp (Ecklonia radiata) and crayweed (Phyllospora comosa).

Development of the tool required collection of almost 10,000 reference data points from published population genetic literature, as well as a suite of environmental data and oceanographic models.

The article, ‘Reef Adapt: A tool to inform climate-smart marine restoration and management decisions’ (2024) by GV Wood (Flinders), KJ Griffin (UWA), M van der Mheen (UWA), MF Breed (Flinders), JM Edgeloe (UWA), C Grimaldi (UWA / Australian Institute of Marine Science, Perth), A Minne (UWA), I Popovic (University of Queensland), K Filbee-Dexter (UWA / Institute of Marine Research, Norway), MJH van Oppen (Australian Institute of Marine Science, Townsville / University of Melbourne), T Wernberg (UWA / Institute of Marine Research, Norway) and MA Coleman (UWA / NSW DPI, Fisheries) has been published in Communications Biology DOI: 10.1038/s42003-024-06970-4 (link to come).

Dr Georgina (‘George’) Wood will present on the use of digital tools to progress marine restoration at the 10th Western Society of Naturalists’ annual meeting in Oregon, US next month. Dr Wood and Dr Coleman also presented on Reef Adapt at the Adapt NSW 2024 conference in Sydney this week.

Acknowledgements: The researchers received support from an ARC Linkage grant and ARC Industry Fellowship to GV Wood, the NSW Marine Estate Management Strategy and NSW DPIRD, as well as the Norwegian Research Council GecoKelp Project.

MIL OSI – Submitted News –

January 25, 2025

MIL-OSI: Four in Five Recent Home Buyers May Look to Refinance in the Next 12 Months to Help Alleviate Strain on Personal Finances

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — A new TransUnion (NYSE: TRU) survey found that many consumers feel their existing auto and new mortgage payments are putting a strain on their household finances, and the prospect of falling interest rates has them ready to consider refinancing those loans.

The surveys of current auto loan customers and those consumers who have taken out a mortgage in the last 24 months were conducted between September 18 and September 27, 2024. They resulted in responses from 1,002 and 1,025 auto and mortgage loan customers, respectively.

“We surveyed this specific group of recent borrowers to better understand the drivers of refinance for both mortgages and auto loans,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Millions of people financed homes and autos during this period of high interest rates, and many will look to refinance as interest rates decline.”

TransUnion’s survey found four in five recent home buyers say their mortgage payments are straining their finances and are looking to refinance their mortgage payments in the next 12 months.

Many Recent Home Buyers Say Their Current Mortgage Payment is a Strain on Their Personal Finances

Opinions/Generation	All Consumers	Gen Z	Millennials	Gen X	Baby Boomers
Strongly Agree or Agree	80.1%	79.7%	88.7%	75.3%	54.9%
Neither Agree nor Disagree	8.0%	10.6%	4.6%	9.8%	12.1%
Disagree or Strongly Disagree	11.9%	9.7%	6.7%	14.9%	33.0%

Percent of Recent Home Buyers Who Anticipate Refinancing Their Mortgage in the Next Twelve Months if Rates Fall

Opinions/Generation	All Consumers	Gen Z	Millennials	Gen X	Baby Boomers
Very Likely or Likely	80.0%	77.0%	89.6%	78.5%	46.2%
Neither Likely nor Unlikely	7.1%	10.2%	4.2%	7.3%	13.2%
Unlikely or Very Unlikely	12.9%	12.8%	6.2%	14.2%	40.6%

Source: TransUnion U.S. consumer survey

When asked the biggest factor that would ultimately drive them to pull the trigger on a refinancing decision, 70% of these recent home buyers said that a more favorable loan term would be a key driver for them. However, a nearly identical percentage said that better interest rates (67%) and a cash-out refinance (61%) would also be significant drivers, reflecting broad economic interest.

“For many of these recent home buyers, their mortgage payment is their largest single payment each month,” said Satyan Merchant, senior vice president and mortgage and auto business leader for TransUnion. “The upside is that it is a payment that can be refinanced if the economic climate allows for it, and as interest rates begin to fall, this group of consumers should begin exploring this option. Conversely, lenders should be actively marketing to these refinance candidates, regardless of what their primary motivation to refinance may be.”

Similar Consumer Sentiments Found When Asked About Auto Loans

The survey also examined consumer sentiment towards their existing auto loans, payments and interest rates along with future plans regarding refinancing. Results indicated that there was a similar eagerness to refinance when interest rates eventually fall, and a similar response among consumers when asked if they feel that their current auto loan payments represent a strain on their household finances.

When asked the extent to which they agree that their current auto loan payment represented a strain on their personal finances, 65% of respondents indicated that they agree or strongly agree with this statement as opposed to 20% who disagree or strongly disagree. Nearly the same percentage of respondents, 63%, indicated that they were likely or very likely to refinance their existing auto loans if it could save them money on their monthly payments. 52% of respondents indicated they would consider refinancing if it would save them between $50 and $149 monthly.

The research also explored the sentiment of consumers who have already refinanced despite the relatively high interest rates. Many of these borrowers derived lower payments through longer terms.

From this standpoint, TransUnion data shows that credit unions continue to lead the way with 67% of the refinance share in 2023. Banks had the second largest share, at 20%. These figures have remained relatively stable in recent years and underscore consumers’ favorable perception of credit unions when they begin exploring refinancing opportunities.

“Credit unions may be able to offer their members rates and service that larger more traditional banks cannot,” said Sean Flynn, senior director of community financial institutions at TransUnion. “Credit unions should lean into this fact and leverage available tools such as trended data and advanced analytics to seek out those consumers who may be able to refinance.”

To learn more about how TruIQ™ by TransUnion helps lenders make better, data-driven decisions faster with advanced analytics consulting services and enabling technologies, click here. To learn how TruVision™ allows lenders to use trended data to more precisely balance risk and opportunity with risk management products that identify and manage best-fit customers across the account lifecycle, click here.

To learn more about the analysis above, click here.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business

Contact	Dave Blumberg
	TransUnion

E-mail	david.blumberg@transunion.com

Telephone	312-972-6646

The MIL Network –

January 25, 2025

MIL-OSI: Bitget Announces the Listing of Act I: The AI Prophecy (ACT) in AI & Meme Zone with Airdrops in Rewards

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bitget, the world’s leading crypto exchange and Web3 company, has listed Act I: The AI Prophecy (ACT) in its Innovation, AI, and Meme Zone, enhancing access to this cutting-edge AI-driven project. The listing is now live with trading available under the ACT/USDT pair, allowing users to engage with ACT through various market activities, including deposits, trading, and a unique airdrop promotion.

The promotional event, CandyBomb, offers Bitget users the chance to earn ACT through deposits and trading activity. A total of 1,388,888 ACT tokens have been allocated for this campaign, which runs from 29 October to 5 November 2024. Participants can join the CandyBomb page, where valid deposit and trading activity will automatically count toward the ACT airdrop, divided into net deposits and spot trading pools. The first 833,333 ACT will be distributed based on net deposits, while new spot traders will have exclusive access to the remaining 555,555 ACT, providing a significant incentive for both experienced and new traders alike.

As an innovative project, Act I: The AI Prophecy is reshaping the interaction paradigm within artificial intelligence, aiming to break away from traditional user-assistant interactions. Instead, ACT envisions an egalitarian digital space where both users and bots interact as equals, exploring more collaborative and integrated AI interactions. Built on the Solana blockchain, ACT provides a streamlined user experience with scalable infrastructure, inviting more extensive engagement in the rapidly expanding AI MEME ecosystem.

This listing positions ACT within Bitget’s expanding portfolio of AI and meme-focused projects, underlining the platform’s commitment to offering users access to the most forward-looking digital assets. As ACT gains traction in both centralized and decentralized trading venues, this listing on Bitget will allow a broader audience to participate in its ecosystem, aligned with the rising interest in AI-powered crypto assets. With a vibrant community and strong online engagement, ACT presents an opportunity for users interested in emerging AI trends in the blockchain space.

Bitget has consistently expanded its market share in both spot and derivatives trading among centralized exchanges. With a focus on providing users with opportunities to invest in popular and valuable projects, the platform is now one of the top 10 crypto spot trading platforms with over 800 coins and over 900 pairs, including tokens from ecosystems such as Ethereum, Solana, Base, and more recently TON.

For more information on ACT on Bitget Spot, please visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, Bitget is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bb88e9e-8f39-426a-bc37-f14cba8c75bb

The MIL Network –

January 25, 2025

MIL-OSI Economics: Samsung and Designer LaQuan Smith Offer Students an Inside Look at the Fashion Industry

Source: Samsung

Following their collaboration on the Lucid Dream sleepwear line unveiled at New York Fashion Week, Samsung extended its partnership with fashion icon LaQuan Smith, highlighting the connection between cutting-edge technology and fashion, and Samsung’s commitment to inspiring people to pursue their creative passions.
In support of that goal, Samsung hosted three of LaQuan’s mentees, who are part of a program designed to uplift the next generation of designers. These up-and-coming fashion students took an exclusive tour of LaQuan’s studio and enjoyed insider access to the prestigious CFDA Fashion Awards. The night was filled with uplifting messages aimed at the next generation of fashion industry leaders, and a recognition that mentorship is key to their success.

We’ve equipped these future designers and creatives with the Galaxy Z Flip6, Galaxy Tab S10 Ultra, and Galaxy Ring to have all the tools on hand whenever inspiration strikes, from the classroom to the streets of the city. These devices offer groundbreaking experiences, whether they’re looking to create content while wearing their latest look, mock-up a design using their S Pen, research fashion trends while on social media with Circle to Search, or ensure they receive a good night’s rest after a long day.
LaQuan Provides a Sneak Peak of His Designs

LaQuan invited his mentees to tour his studio and get an early look at the outfits he designed for Victoria Monét and Teyana Taylor’s appearance at the 2024 CFDA Fashion Awards.

Highlights from the CFDA Fashion Awards
Each year, the CFDA Fashion Awards honor the best in American design and feature some of the most talked about outfits of the year. Recently, LaQuan dressed Khloe Kardashian and Lenny Kravitz for the CFDA awards — and in 2022 he was nominated for American Womenswear Designer of the Year. Samsung and LaQuan hosted his mentees so they could experience the event firsthand, learn from fashion icons, and see how creative design was intentionally woven throughout the entire evening — from the clothes to the décor, to the meticulous run of show. The awards featured stunning outfits, and exciting victories by some of the most influential figures in the industry.

MIL OSI Economics –

January 25, 2025

MIL-OSI: Vail is not the most popular ski destination in the world but ranks 9th according to the Travel App, Visited

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Arriving In High Heels Corporation, the company behind the popular travel tracking app, Visited, has published a list of top 25 most popular ski destinations in the world. Based on mountain ranges the most popular locations are the Alps, Dolomites and the Rockies. The top ski destinations around the world include:

Dolomites
Chamonix
Innsbruck
Zermatt
Sudtirol

Of the US ski destinations, only Vail makes it to the top 10 list at number 9. Park City is the 2nd most popular destination in the U.S. and ranks 18th in the world while Aspen is the 3rd most popular ski destination in the U.S. and is ranked 19th in the world.

Canadian ski destinations have only 2 that made the list which include Whistler in BC in 17th place & Banff in 25th.

The full ski destination list ranked by popularity is available in the travel map app, Visited which can be downloaded for free on iOS or Android. Users can select destinations as ‘been’ or ‘want’ which helps them see their personal travel stats and build their ultimate bucket-list. There are over 150 travel lists available in the app including: cruise ports, diving/snorkelling, film locations, opera houses and more. Other features of the app include the ability to generate a personalized travel map of countries, regions and cities visited as well as a travel itinerary to build the ultimate to visit list by country.

To learn more about the Visited Map App, visit https://visitedapp.com.

About Visited Travel App
Popular travel map app, Visited, was designed to keep track of all countries, regions and cities that you have been to or want to visit in the future. A new feature of the app allows users to receive professionally printed posts of their travels. To help keep track of all the unique places and experiences users had, they can select destinations by travel categories. There are over 150 travel lists to choose from including ski destinations, golf destinations, national parks and more. For those that have a hard time choosing where to go next, Visited, displays countries based on the total places of interest and experiences they want to do in that country, taking away the guess work of where to next. It is the ultimate travel bucket list and travel tracking app.

About Arriving In High Heels Corporation
Arriving In High Heels Corporation is a mobile app company with apps including Pay Off Debt, X-Walk and Visited, their most popular app.

Contact:
Anna Kayfitz
anna@arrivinginhighheels.com

The MIL Network –

January 25, 2025

MIL-OSI: TopLine Financial Credit Union Receives a Star Tribune 2024 Minnesota’s Best Award

Source: GlobeNewswire (MIL-OSI)

MAPLE GROVE, Minn., Oct. 30, 2024 (GLOBE NEWSWIRE) — TopLine Financial Credit Union, a Twin Cities-based member-owned financial services cooperative, has been voted a 2024 Minnesota’s Best bronze winner in the Insurance Company category.

As Minnesota’s number one local choice for news, information and advertising, the Star Tribune’s Minnesota’s Best program recognizes the best Minnesota businesses from over 390 categories. The Minnesota’s Best Awards are determined by the votes of Minnesota Star Tribune readers, celebrating the businesses and services that stand out in the community. A complete list of winners is available online at https://www.votedminnesotasbest.com/categories/2024 and published in the 2024 Winners Guide.

The communities the credit union serves has recognized TopLine as one of the most appreciated and trustworthy insurance companies in Minnesota. Several qualities that make TopLine stand out include the credit union’s dedication to our mission of “Connected, We All Do Better” by providing affordable and competitive financial services, commitment of employees to help consumers achieve their financial goals, positively making a local and global impact through community outreach activities through non-profit TopLine Credit Union Foundation, and helping consumers with homeownership and investment-related services.

“We are grateful to our members, communities and Minnesota Star Tribune readers who selected us as the Star Tribune’s Minnesota’s Best bronze award recipient in the Insurance Company category,” says Mick Olson, President and CEO of TopLine Financial Credit Union. “Our TopLine Insurance Agency team is dedicated in providing personal service, and ensuring individuals and families have the proper coverage to protect against unforeseen circumstances.”

The Star Tribune Minnesota’s Best Awards recognize the top businesses and organizations in the Twin Cities metro area, as voted by the community. The awards celebrate excellence across various industries, highlighting those who consistently deliver outstanding service and contribute to the vibrancy of the region. For more information, visit www.votedminnesotabest.com.

TopLine Financial Credit Union, a Twin Cities-based credit union, is Minnesota’s 9^th largest credit union, with assets of over $1.1 billion and serves over 70,000 members. Established in 1935, the not-for-profit financial cooperative offers a complete line of financial services from its ten branch locations — in Bloomington, Brooklyn Park, Champlin, Circle Pines, Coon Rapids, Forest Lake, Maple Grove, Plymouth, St. Francis and in St. Paul’s Como Park — as well as by phone and online at www.TopLinecu.com or www.ahcu.coop. Membership is available to anyone who lives, works, worships, attends school or volunteers in Anoka, Benton, Carver, Chisago, Dakota, Hennepin, Isanti, Kanabec, Mille Lacs, Pine, Ramsey, Scott, Sherburne, Washington and Wright counties in Minnesota and their immediate family members, as well as employees and retirees of Anoka Hennepin School District #11, Anoka Technical College, Federal Premium Ammunition, Hoffman Enclosures, Inc., GRACO, Inc., and their subsidiaries. Visit us on our Facebook or Instagram. To learn more about the credit union’s foundation, visit www.TopLinecu.com/Foundation.

CONTACT:
Vicki Roscoe Erickson
Senior Vice President and Chief Marketing Officer
TopLine Financial Credit Union
verickson@toplinecu.com | 763.391.0872

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5086f707-3428-447c-9b49-ae4b0175c78e

The MIL Network –

January 25, 2025

MIL-OSI Africa: Mining must become more responsible and sustainable. Where hi-tech solutions fit in

Source: The Conversation – Africa – By Rennie Naidoo, Professor of Information Systems, University of the Witwatersrand

If you visit a commercial mining operation anywhere in the world today, some sights and sounds – workers descending in elevators to underground shafts, the roar of truck engines – will be much the same as they have been for decades.

But, like many other industries, mining is changing. Digital mining involves the use of digital technologies to make mining operations more efficient, safer, and sustainable. This industry emerged about a decade ago and has developed quickly over the past few years. This uptick is the result of recent advances in sensor technology, data analytics and artificial intelligence (AI), including machine learning.

However, while technology improves, old problems persist. Large-scale mining causes massive deforestation in regions like the Amazon. It also threatens and displaces communities, as in the case of Brazil’s Xikrin and Kayapó people. In the Democratic Republic of Congo (DRC), the mining of cobalt, copper and coltan (all crucial for modern technology) contaminates local water supplies and puts workers – including children – in danger.

Is it time to make mining obsolete? This is not a realistic solution, at least not in the near future. Many modern technologies, like smartphones, electric vehicles, solar panels and wind turbines, depend on minerals extracted through mining. The global move towards renewable energy and low-carbon technologies means demand for minerals like lithium and cobalt is rising.

So, while mining has environmental costs, it’s also critical in the shift to a greener economy. And mining is economically important in many parts of the world. In African countries it supports millions of jobs and contributes significantly to GDP.

This is why sustainable mining is crucial. I am a professor of information systems. I investigate the complex interactions between technology, people and organisations in achieving sustainability goals. In a recent paper with a co-author, I examined how digital technologies could help mining operations to balance economic objectives with environmental and social sustainability.

The findings make it clear that digital technologies can transform mining practices and achieve sustainability goals at the same time.

Economic outcomes

Our paper took the form of a case study. We interviewed professionals from a leading digital mining solutions company. It has operations in South Africa, Australia, Brazil, Chile and the United States. The interviewees were engineers, senior managers and executives. They offered a glimpse into how their large-scale mining clients were using digital technologies like automated haul trucks and collision avoidance systems.

We wanted to know how their clients saw the role of digital technology in balancing business and other goals. They outlined some successful cases and others where companies were struggling to align all their aims.

It was clear that the company and its clients recognised the importance of safety and environmental issues in their work. But they saw these issues through the lens of business sustainability. For instance, while some mining companies pursued safety improvements, they did it primarily to boost productivity and bring down costs.

One interviewee gave the example of collision avoidance systems. Companies valued these because they reduced downtime and improved productivity. They focused on immediate business needs.

A balancing act

It’s time for mining companies that are serious about sustainability to shift their focus. Rather than simply looking to make immediate profits, they need to consider environmental and social impacts – and the role digital technology can play.

As a simple example, AI can predict when machinery is likely to fail. This allows companies to carry out timely maintenance. Equipment lifespan is extended. Downtime and repair costs are reduced. And worker safety is improved because there are fewer unexpected breakdowns. This is the kind of sustainable approach, underpinned by digital technology, that can help mining companies tick all the right boxes.

Mining leaders must not exclude employees and stakeholders when considering these issues. Environmental advocates have a role to play, too: companies must work with these groups and with local communities. A shared understanding of how digital technologies can meet both financial and sustainability targets is key.

Mining companies are more likely to change if there are clear financial benefits or penalties tied to sustainability. Governments can help by introducing stricter environmental regulations and offering incentives to adopt sustainable digital technologies. In South Africa, for instance, there are tax incentives and subsidies to encourage the use of renewable energy in mining. These measures, expanded recently in response to the country’s energy crisis, have sparked significant investment in solar power.

When paired with digital monitoring systems, renewable energy solutions can enhance efficiency by optimising energy consumption and reducing carbon emissions. Technologies like AI-driven energy management systems can help mines integrate renewable sources with less energy wastage. Thus, tax breaks or subsidies for digital solutions that support green energy adoption could motivate companies to embrace greener and more tech-driven mining practices.

Consumers and investors, meanwhile, should invest in those mining companies that demonstrate responsible practices. Ethical investment funds need to support companies with strong environmental, social, and governance credentials.

– Mining must become more responsible and sustainable. Where hi-tech solutions fit in
– https://theconversation.com/mining-must-become-more-responsible-and-sustainable-where-hi-tech-solutions-fit-in-240558

MIL OSI Africa –

January 25, 2025

MIL-OSI Global: Mining must become more responsible and sustainable. Where hi-tech solutions fit in

Source: The Conversation – Africa – By Rennie Naidoo, Professor of Information Systems, University of the Witwatersrand

Digital technologies can make mining more sustainable. Sunshine Seeds/Shutterstock/For editorial use only

If you visit a commercial mining operation anywhere in the world today, some sights and sounds – workers descending in elevators to underground shafts, the roar of truck engines – will be much the same as they have been for decades.

But, like many other industries, mining is changing. Digital mining involves the use of digital technologies to make mining operations more efficient, safer, and sustainable. This industry emerged about a decade ago and has developed quickly over the past few years. This uptick is the result of recent advances in sensor technology, data analytics and artificial intelligence (AI), including machine learning.

However, while technology improves, old problems persist. Large-scale mining causes massive deforestation in regions like the Amazon. It also threatens and displaces communities, as in the case of Brazil’s Xikrin and Kayapó people. In the Democratic Republic of Congo (DRC), the mining of cobalt, copper and coltan (all crucial for modern technology) contaminates local water supplies and puts workers – including children – in danger.

Is it time to make mining obsolete? This is not a realistic solution, at least not in the near future. Many modern technologies, like smartphones, electric vehicles, solar panels and wind turbines, depend on minerals extracted through mining. The global move towards renewable energy and low-carbon technologies means demand for minerals like lithium and cobalt is rising.

So, while mining has environmental costs, it’s also critical in the shift to a greener economy. And mining is economically important in many parts of the world. In African countries it supports millions of jobs and contributes significantly to GDP.

This is why sustainable mining is crucial. I am a professor of information systems. I investigate the complex interactions between technology, people and organisations in achieving sustainability goals. In a recent paper with a co-author, I examined how digital technologies could help mining operations to balance economic objectives with environmental and social sustainability.

The findings make it clear that digital technologies can transform mining practices and achieve sustainability goals at the same time.

Economic outcomes

Our paper took the form of a case study. We interviewed professionals from a leading digital mining solutions company. It has operations in South Africa, Australia, Brazil, Chile and the United States. The interviewees were engineers, senior managers and executives. They offered a glimpse into how their large-scale mining clients were using digital technologies like automated haul trucks and collision avoidance systems.

We wanted to know how their clients saw the role of digital technology in balancing business and other goals. They outlined some successful cases and others where companies were struggling to align all their aims.

It was clear that the company and its clients recognised the importance of safety and environmental issues in their work. But they saw these issues through the lens of business sustainability. For instance, while some mining companies pursued safety improvements, they did it primarily to boost productivity and bring down costs.

One interviewee gave the example of collision avoidance systems. Companies valued these because they reduced downtime and improved productivity. They focused on immediate business needs.

A balancing act

It’s time for mining companies that are serious about sustainability to shift their focus. Rather than simply looking to make immediate profits, they need to consider environmental and social impacts – and the role digital technology can play.

As a simple example, AI can predict when machinery is likely to fail. This allows companies to carry out timely maintenance. Equipment lifespan is extended. Downtime and repair costs are reduced. And worker safety is improved because there are fewer unexpected breakdowns. This is the kind of sustainable approach, underpinned by digital technology, that can help mining companies tick all the right boxes.

Mining leaders must not exclude employees and stakeholders when considering these issues. Environmental advocates have a role to play, too: companies must work with these groups and with local communities. A shared understanding of how digital technologies can meet both financial and sustainability targets is key.

Mining companies are more likely to change if there are clear financial benefits or penalties tied to sustainability. Governments can help by introducing stricter environmental regulations and offering incentives to adopt sustainable digital technologies. In South Africa, for instance, there are tax incentives and subsidies to encourage the use of renewable energy in mining. These measures, expanded recently in response to the country’s energy crisis, have sparked significant investment in solar power.

When paired with digital monitoring systems, renewable energy solutions can enhance efficiency by optimising energy consumption and reducing carbon emissions. Technologies like AI-driven energy management systems can help mines integrate renewable sources with less energy wastage. Thus, tax breaks or subsidies for digital solutions that support green energy adoption could motivate companies to embrace greener and more tech-driven mining practices.

Consumers and investors, meanwhile, should invest in those mining companies that demonstrate responsible practices. Ethical investment funds need to support companies with strong environmental, social, and governance credentials.

Rennie Naidoo 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. Mining must become more responsible and sustainable. Where hi-tech solutions fit in – https://theconversation.com/mining-must-become-more-responsible-and-sustainable-where-hi-tech-solutions-fit-in-240558

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Security: Defense News: NSWC PCD hosts NavalX Gulf Coast Tech Bridge Integration Experiment

Source: United States Navy

More than 45 participants from four NavalX Gulf Coast Tech Bridge partner commands—Naval Surface Warfare Center Panama City Division (NSWC PCD), the Naval Research Lab (NRL) Stennis, the Naval Meteorological and Oceanography Command (CNMOC), and Naval Oceanographic Office (NAVO)—collaborated to demonstrate the acceleration of technology development. This exercise successfully integrated multiple unmanned systems from contracting partners to collect and transmit real-time environmental data to a forward-deployed shore station. The experiment also tested novel data exfiltration methods, demonstrated regional partnering, and leveraged prior Navy and non-Navy development efforts to advance subsea warfare (SSW) mission capabilities.

“This experiment was important because it demonstrated a process for rapidly moving from focusing on the warfighter need, sourcing technologies and industry partners, understanding lessons learned from the fleet from using relevant systems, understanding how to accelerate capabilities, and then executing an experiment to demonstrate the sourced capabilities,” said Holly Gardner, NSWC PCD director of Strategic Engagement and NavalX Gulf Coast Tech Bridge director. “It highlights our command’s capabilities and expertise as leaders not only in unmanned systems, but also in systems engineering, integration and test and evaluation. It also highlights NSWC PCD’s role as the lead command in the NavalX Gulf Coast Tech Bridge.”

This exercise illustrated a process for rapidly moving from focusing on warfighters’ needs, to sourcing technologies, and executing successful experiments to demonstrate emerging capabilities. The initial integration testing was completed on schedule, followed by at-sea testing, real-time data collection and processing.

“As a project lead in developing systems, I really appreciate events that focus on integration and forward progress versus ‘demos’ that show the same capabilities over and over,” said Erica Davis, NSWC PCD Skylla Project lead. “This event allowed for development and integration of the systems with the people who support them at other commands. Instead of reinventing the wheel, we worked directly with the teams who are experts in their systems and we all gained a lot of knowledge in other systems and came away with creative ideas how we could integrate in the future.”

This effort was the culmination of nearly a year’s worth of planning that began with an initial workshop focused on developing a collaborative vision for the Gulf of Mexico ranges and selecting capabilities that address undersea warfare mission needs. The experiment included at-sea testing, the collection, fusing and display of data collected from those systems in real-time at a forward-deployed shore station, and transmission of the data to NAVO for further analysis. The experiment is a precursor to CNMOC’s Advanced Naval Technology Exercise (ANTX) 2025 event series, which consists of technical vignettes occurring throughout FY24 & 25 and ends with a culminating event which will be held in conjunction with the Marine Technology Society’s (MTS) Gulf Coast Oceans-In-Action Workshop in April 2025.

It also included four Navy STEM students from programs like SSEP (STEM Student Employment Program), Pathways, and NREIP (Naval Research Enterprise Internship Program) who participated in a real-life, mission scenario experiment. They provided at-sea support and gained exposure to cutting-edge concept of operations, demonstrating the Navy’s commitment to fostering future STEM leaders.

“The demonstration team’s success is the result of planning, passion, commitment and a lot of hard work dedicated to delivering capabilities to the fleet,” said CNMOC Commander Rear Adm. Ron Piret. “Over the past year, our ANTX 2025 team, which is comprised of industry, academia and Navy partners, has focused on proving and integrating technologies through a series of test cases in preparation for the OCEANS In Action 2025 culminating event. The results have been inspiring, and by gauging the team’s enthusiasm – innovation can be great fun.”

The geographical location of NSWC PCD demonstrates the value of the Eastern Gulf Test and Training Range, the largest military test and training range in the continental United States, a national asset. The experiment took place in the Panama City Operations Area’s Surface and Subsurface Range and also highlights the multi-domain SSW operations, which play a critical role in its recent organizational re-alignment to support the U.S. Navy.

MIL Security OSI –

January 25, 2025

MIL-OSI Russia: The Secret of Creativity: What is Needed for Industry Development

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

On the first day of the conference, four thematic sessions were held. The first was dedicated to creative cities. “This is a complex topic, and now in Russia it is very acute, very relevant, popular. In 2020, this was completely different, four years have changed everything. Our measurements show that creative industries are incredibly unevenly distributed across regions and cities and are concentrated in certain places. That is, they are very selective. This is very important knowledge, and of course, I want to understand what kind of cities and spaces are that attract the creative industry, and what their secret is,” shared the session moderator, Director Center “Russian Cluster Observatory” Evgeny Kutsenko, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics.

Head of Department “Creative Industries Research Laboratory” Victoria Boos, Institute for Statistical Studies and Economics of Knowledge, National Research University Higher School of Economics, presented Rating of innovative attractiveness of world citieswith an analysis of the distribution of creative industries around the world.

“The key feature of our rating is that it provides an information base for making management decisions in the field of urban management. Another feature is a truly unique system of indicators: we do not use municipal statistics, we do not use expert assessments, we use data from independent platforms that aggregate information about the best representatives of creative industries, that is, about the leaders of creative industries,” she said.

The study included eight industries that together account for about 90% of the income of the entire creative sector in the world. These are cinema and animation, computer games, music, fashion, advertising and PR, architecture, industrial design and art, which includes literature, performing arts and contemporary art.

The top 5 cities with the highest concentration of creative industry leaders include London, New York, Tokyo, Los Angeles and Paris. “If we look at this rating, we will see that in the top twenty there is parity between the East and the West, and in the top thirty there are more Western cities. Accordingly, we can say that the East is declaring itself as a full-fledged participant in the creative industries market,” Victoria Boos noted.

At the same time, the study showed that the top five cities are distinguished by a very large gap from all other cities. “You shouldn’t think that mega-creative cities only do what they do, pull creative leaders away from other settlements. The fact is that these mega-creative cities develop themselves and create creative leaders themselves,” the speaker emphasized.

The researchers also noted that over the past two years, the proportion between developed countries and the Global South in terms of the number of creative industry representatives has changed. Today, every tenth artist who has released the most downloaded music tracks is a representative of Latin America, while 150 of the most popular fashion brands, designers, and architectural firms are concentrated in the countries of North Africa and West Asia.

Creative industries are also developing in small towns – they have their own special style of creativity. It turned out that in some industries, more than 5% of stars are concentrated in cities with a population of less than 250 thousand people.

Over the past year, many cities have shown impressive dynamics, the speaker noted. For example, Dubai rose from 76th to 38th place, and Tokyo entered the top three. Victoria Boos emphasized that creative support measures are needed to develop creative industries. For example, a special economic zone for creative industries is being developed in Dubai. Similar zones have recently begun to appear and develop in China. In Australia, there are three professional associations in the field of architecture and sustainable construction. In Chile, localized music streaming services are developing. Korea subsidizes cable TV prices. India and Russia are creating film cities.

Also speaking at the session were the Chairperson of the Board of Trustees of the Creative Initiatives and Cultural Heritage Foundation (Kazakhstan) Dina Abdrakhmet, the co-founder and Chairman of the Expert Council of the Agency for Strategic Development “CENTER” Sergey Georgievsky and the Chairman of RuGBC Guy Ims.

The second session was devoted to the management of creative industries in Russia, the third to strategic planning of creative industries and best global practices, and the fourth to education and skills in this area.

On the second day of the session, October 31, the IV International Forum of Young Researchers of the Creative Economy will take place. The authors of scientific papers that have passed the competitive selection will present their reports.

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

MIL OSI Russia News –

January 25, 2025

MIL-OSI: Felix partners with Zero Hash to expand its simplified, borderless remittance solution

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Felix, the chat-based platform that combines Stablecoins and AI to make remittances as easy as sending a WhatsApp, has partnered with Zero Hash, the leading crypto and stablecoin infrastructure platform. Leveraging Zero Hash’s infrastructure that seamlessly connects fiat, crypto and stablecoins, with broad regulatory coverage (across 52 US jurisdictions), Felix now offers their simplified cross-border payments solution to more than 60 million US-based Latinos, who collectively send $150bn to their families every year.

In just two years, Felix has grown over 500x in payment volume helping hundreds of thousands of Latinos in the US sending money back home to family and friends. In May 2024, Félix Pago raised $15.5 million in Series A funding, and in 2023 they won a prestigious award from CrossTech: ‘Fintech Making a Difference’.

Felix has identified a crucial need in the Latino immigrant community, where sending money back home using traditional methods is often a complex, slow and expensive process. By integrating their service with Whatsapp, an app used by 85% of Latinos, and using stablecoins to move money across borders 24/7/365 and in near real-time, Felix has created a user-friendly, more cost-efficient solution for sending remittances.

Through embedding Zero Hash’s infrastructure natively into the Felix service, Felix is able to control the front end customer experience, while Zero Hash handles the end-to-end technical and regulatory compliant money movement on the back end; receiving and converting USD to USDC, and then sending to global partners instantly, who convert the USDC to the local currency, and send the funds to the receiver. Leveraging stablecoins offer a faster and more affordable way to remit money from the US to Mexico.

“One of the biggest indicators of our success is our NPS score of 90, which is more than double the typical score in the remittance industry. We’re extremely proud of that number. It’s a testament of our success in delivering user-friendly, efficient remittance solutions for the Latino community. By combining a familiar messaging application with stablecoin technology, we’re not just transferring money – we’re ensuring that more of the money that is sent goes to the recipient.” said Manuel J Godoy, Co-Founder & CEO at Felix. ” Zero Hash’s seamless, connected and safe stablecoin infrastructure, abstracts the complexity for us, and means Felix can focus on building the best remittance experience, for the millions of Latinos sending money back home.”

“This remittance flow, powered by stablecoin technology as the ‘network of networks’, enables sender and receiver to operate in fiat, without having to interact with stablecoins,” said Edward Woodford, Founder and CEO of Zero Hash. “We have always believed that the adoption of crypto and stablecoins will happen when the technology moves from the foreground to the background, and are delighted that the partnership between Zero Hash and Felix achieves that; resulting in simple, instant, and cheap money transfers.”

About Felix

Félix is a chat-based platform that enables Latinos in the US to send money abroad. We combine Blockchain and Artificial Intelligence to disrupt how remittances are done today and build the future of cross-border payments.

Felix launched its services in the summer of 2022 and since then has supported hundreds of thousands of Latinos to send money back home in seconds and at a fraction of the cost of traditional methods. Felix has raised $20m+ in capital from investors including Castle Island Ventures, Switch Ventures, HTwenty, Contour and MELI Capital (the corporate VC of Mercado Libre)

About Zero Hash

Zero Hash is a B2B2C crypto-as-a-service infrastructure platform that allows any platform to embed digital assets natively into their own customer experience quickly and easily through a matter of API endpoints. Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer crypto products.

Zero Hash Holdings, through its subsidiaries, powers neo-banks, broker-dealers, payment groups as well as non-financial brands to offer crypto and stablecoin powered products.

Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

Connect with Zero Hash

Website | Twitter | LinkedIn | Medium

Zero Hash Contact

Shaun O’keeffe

(855) 744-7333

media@zerohash.com

Zero Hash Disclosures

Zero Hash services and product offerings may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers.

The MIL Network –

January 25, 2025

MIL-OSI Economics: Apple introduces M4 Pro and M4 Max

Source: Apple

Headline: Apple introduces M4 Pro and M4 Max

October 30, 2024

PRESS RELEASE

Apple introduces M4 Pro and M4 Max

M4 Pro and M4 Max join M4 to form the most advanced family of chips ever built for a personal computer

CUPERTINO, CALIFORNIA Apple today announced M4 Pro and M4 Max, two new chips that — along with M4 — bring far more power-efficient performance and advanced capabilities to the Mac. All three chips are built using industry-leading, second-generation 3-nanometer technology, which improves performance and power efficiency. The CPUs across the M4 family feature the world’s fastest CPU core, delivering the industry’s best single-threaded performance, and dramatically faster multithreaded performance.¹ The GPUs build on the breakthrough graphics architecture introduced in the previous generation, with faster cores and a 2x faster ray-tracing engine. M4 Pro and M4 Max enable Thunderbolt 5 for the Mac for the first time, and unified memory bandwidth is greatly increased — up to 75 percent. Combined with a Neural Engine that’s up to 2x faster than the previous generation and enhanced machine learning (ML) accelerators in the CPUs, the M4 family of chips brings incredible performance for pro and AI workloads. And they deliver blazing performance for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves, while protecting their privacy.

“Apple silicon has taken the Mac to unprecedented heights, and the rapid pace of innovation continues with M4 Pro and M4 Max,” said Johny Srouji, Apple’s senior vice president of Hardware Technologies. “With the world’s fastest CPU core, immensely more powerful GPUs, and the fastest Neural Engine ever, the power-efficient performance and capabilities of the M4 family extend its lead as the most advanced lineup of chips in the industry.”

M4: Phenomenal Performance and New Capabilities

For entrepreneurs, students, creators, and more, the phenomenal performance of M4 comes to Mac for the first time. M4 features an up to 10-core CPU, with four performance cores and up to six efficiency cores. It’s up to 1.8x faster than M1, so multitasking across apps like Safari and Excel is lightning fast. A 10-core GPU provides incredible graphics performance, up to 2x faster than M1, making everything from editing photos to AAA gameplay exceptionally fast and smooth. And the faster 16-core Neural Engine is great for Apple Intelligence features like Writing Tools and other AI workloads.

M4 supports up to 32GB of unified memory and has higher memory bandwidth of 120GB/s. The display engine of the M4 family is enhanced to support two external displays in addition to a built-in display. And M4 now supports up to four Thunderbolt 4 ports, providing fast data transfer speeds and even more flexibility across peripherals.

M4 Pro: Far More Powerful and Capable than Any AI PC Chip

M4 Pro takes the advanced technologies debuted in M4 and scales them up for researchers, developers, engineers, creative pros, and other users with more demanding workflows. M4 Pro features an up to 14-core CPU consisting of up to 10 performance cores and four efficiency cores. It’s up to 1.9x faster than the CPU of M1 Pro, and up to 2.1x faster than the latest AI PC chip.² The GPU features up to 20 cores for graphics performance that is 2x that of M4, and up to 2.4x faster than the latest AI PC chip.² This huge boost in performance makes building and testing apps across multiple simulators in Xcode quicker than ever. And with the improved hardware-accelerated ray-tracing engine in the M4 family GPU, games like Control look more compelling, and pro 3D renderers can produce stunning imagery in even less time.

M4 Pro supports up to 64GB of fast unified memory and 273GB/s of memory bandwidth, which is a massive 75 percent increase over M3 Pro and 2x the bandwidth of any AI PC chip.³ This, combined with the faster Neural Engine of the M4 family, means on-device Apple Intelligence models run at blazing speed. M4 Pro also supports Thunderbolt 5 on Mac, delivering up to 120Gb/s data transfer speeds, which more than doubles the throughput of Thunderbolt 4. For professionals working on larger file sizes across AI, video, code bases, and more, M4 Pro offers stunning performance and Apple silicon’s legendary power efficiency.

M4 Max: The Most Powerful Chip for a Pro Laptop

M4 Max is the ultimate choice for data scientists, 3D artists, and composers who push pro workflows to the limit. It has an up to 16-core CPU, with up to 12 performance cores and four efficiency cores. It’s up to 2.2x faster than the CPU in M1 Max and up to 2.5x faster than the latest AI PC chip.² The GPU has up to 40 cores for performance that is up to 1.9x faster than M1 Max and up to an astounding 4x faster than the latest AI PC chip.² So heavy workloads like de-noising raw video footage in DaVinci Resolve Studio can now run in real time.

M4 Max supports up to 128GB of fast unified memory and up to 546GB/s of memory bandwidth, which is 4x the bandwidth of the latest AI PC chip.³ This allows developers to easily interact with large language models that have nearly 200 billion parameters. The enhanced Media Engine of M4 Max includes two video encode engines and two ProRes accelerators, making it the ultimate choice for video professionals. And like M4 Pro, M4 Max also supports Thunderbolt 5 with up to 120Gb/s data transfer capability. M4 Max rips through the most challenging pro workloads and, thanks to the energy efficiency of Apple silicon, delivers exceptional battery life in a laptop.

Apple Silicon Powers Apple Intelligence

M4, M4 Pro, and M4 Max are built for Apple Intelligence.⁴ Ushering in a new era for the Mac, Apple Intelligence brings personal intelligence to the personal computer. Combining powerful generative models with industry-first privacy protections, Apple Intelligence harnesses the power of Apple silicon and the Neural Engine to unlock new ways for users to work, communicate, and express themselves on Mac. It is available in U.S. English with macOS Sequoia 15.1. With systemwide Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write. With the newly redesigned Siri, users can move fluidly between spoken and typed requests to accelerate tasks throughout their day, and Siri can answer thousands of questions about Mac and other Apple products. New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months. Image Playground gives users a new way to create fun original images, and Genmoji allows them to create custom emoji in seconds. Siri will become even more capable, with the ability to take actions across the system and draw on a user’s personal context to deliver intelligence that is tailored to them. In December, ChatGPT will be integrated into Siri and Writing Tools, allowing users to access its expertise without needing to jump between tools.

Apple Intelligence does all this while protecting users’ privacy at every step. At its core is on-device processing, and for more complex tasks, Private Cloud Compute gives users access to Apple’s even larger, server-based models and offers groundbreaking protections for personal information. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.

Better for the Environment

The power-efficient performance of M4, M4 Pro, and M4 Max helps the all-new MacBook Pro lineup meet Apple’s high standards for energy efficiency and deliver up to 24 hours of battery life.⁵ This results in less time needing to be plugged in and less energy consumed over its lifetime. And for desktop systems like iMac and Mac mini, the energy efficiency of Apple silicon also reduces the total amount of energy used. Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.

About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Testing was conducted by Apple in October 2024 using shipping competitive systems and select industry-standard benchmarks.
Testing was conducted by Apple in October 2024 using select industry-standard benchmarks. AI PC chip performance data from testing MSI Prestige 13 AI+ Evo (A2VMG-014US) with Core Ultra 7 258V.
Based on published technical specifications of shipping competitive chips as of October 2024.
Apple Intelligence is available now as a free software update for Mac with M1 and later, and can be accessed in most regions around the world when the device and Siri language are set to U.S. English. The first set of features is in beta and available with macOS Sequoia 15.1, with more features rolling out in the months to come. Apple Intelligence is quickly adding support for more languages. In December, Apple Intelligence will add support for localized English in Australia, Canada, Ireland, New Zealand, South Africa, and the U.K., and in April, a software update will deliver expanded language support, with more coming throughout the year. Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and other languages will be supported.
Testing was conducted by Apple from August through October 2024. Battery life varies by use and configuration. See apple.com/macbook-pro for more information.

Press Contacts

Todd Wilder

Apple

Apple Media Helpline

MIL-OSI Economics: New MacBook Pro features M4 family of chips and Apple Intelligence

Source: Apple

Headline: New MacBook Pro features M4 family of chips and Apple Intelligence

October 30, 2024

PRESS RELEASE

Apple’s new MacBook Pro features the incredibly powerful M4 family of chips and ushers in a new era with Apple Intelligence

With an advanced 12MP Center Stage camera, Thunderbolt 5 on M4 Pro and M4 Max models, and an all-new nano-texture display option, MacBook Pro gets even more capable and even more pro

CUPERTINO, CALIFORNIA Apple today unveiled the new MacBook Pro, powered by the M4 family of chips — M4, M4 Pro, and M4 Max — delivering much faster performance and enhanced capabilities. The new MacBook Pro is built for Apple Intelligence, the personal intelligence system that transforms how users work, communicate, and express themselves, while protecting their privacy. Now available in space black and silver finishes, the 14-inch MacBook Pro includes the blazing-fast performance of M4 and three Thunderbolt 4 ports, starting with 16GB of memory, all at just $1,599. The 14- and 16-inch models with M4 Pro and M4 Max offer Thunderbolt 5 for faster transfer speeds and advanced connectivity. All models include a Liquid Retina XDR display that gets even better with an all-new nano-texture display option and up to 1000 nits of brightness for SDR content, an advanced 12MP Center Stage camera, along with up to 24 hours of battery life, the longest ever in a Mac.¹ The new MacBook Pro is available to pre-order today, with availability beginning November 8.

“MacBook Pro is an incredibly powerful tool that millions of people use to do their life’s best work, and today we’re making it even better,” said John Ternus, Apple’s senior vice president of Hardware Engineering. “With the powerful M4 family of chips, and packed with pro features like Thunderbolt 5, an advanced 12MP Center Stage camera, an all-new nano-texture display option, and Apple Intelligence, the new MacBook Pro continues to be, by far, the world’s best pro laptop.”

Supercharged by the M4 Family of Chips

Built using second-generation 3-nanometer technology, the M4 family is the most advanced lineup of chips for a personal computer. The M4 family features phenomenal single-threaded CPU performance with the world’s fastest CPU core,² along with outstanding multithreaded CPU performance for the most demanding workloads. Combined with machine learning accelerators in the CPU, an advanced GPU, and a faster and more efficient Neural Engine, Apple silicon is built from the ground up to deliver incredible performance for AI. Together with faster unified memory, each chip also includes increased memory bandwidth, so large language models (LLMs) and other large projects run smoothly and on device. Additionally, the industry-leading performance per watt of the M4 family means that users get up to 24 hours of battery life, raising the bar of what users can do on a single charge.

New 14-inch MacBook Pro with M4

The 14-inch MacBook Pro with M4 is the ideal choice for entrepreneurs, students, creators, or anyone doing what they love. Featuring a more powerful 10-core CPU, with four performance cores and six efficiency cores, and a faster 10-core GPU with Apple’s most advanced graphics architecture, the new MacBook Pro starts with 16GB of faster unified memory with support for up to 32GB, along with 120GB/s of memory bandwidth. With M4, MacBook Pro is up to 1.8x faster than the 13-inch MacBook Pro with M1 for tasks like editing gigapixel photos, and even more demanding workloads like rendering complex scenes in Blender are up to 3.4x faster.¹ With a Neural Engine that’s over 3x more powerful than in M1, it’s great for features in Apple Intelligence and other AI workloads. The M4 model also supports two high-resolution external displays in addition to the built-in display, and now features three Thunderbolt 4 ports so users can connect all their peripherals.

MacBook Pro with M4 delivers:¹

Up to 7x faster image processing in Affinity Photo when compared to the 13‑inch MacBook Pro with Core i7, and up to 1.8x faster when compared to the 13-inch MacBook Pro with M1.

Up to 10.9x faster 3D rendering in Blender when compared to the 13‑inch MacBook Pro with Core i7, and up to 3.4x faster when compared to the 13‑inch MacBook Pro with M1.

Up to 9.8x faster scene edit detection in Adobe Premiere Pro when compared to the 13‑inch MacBook Pro with Core i7, and up to 1.7x faster when compared to the 13‑inch MacBook Pro with M1.

MacBook Pro with M4 Pro: A Pro Powerhouse

For researchers, developers, engineers, creative pros, or anyone that needs even faster performance for more demanding workflows, MacBook Pro with M4 Pro offers a tremendous performance boost. M4 Pro features a powerful 14-core CPU with 10 performance cores and four efficiency cores for a jump in multicore performance, along with up to a 20-core GPU that is twice as powerful as M4. With M4 Pro, the new MacBook Pro gets a massive 75 percent increase in memory bandwidth over the prior generation — double that of any AI PC chip.³ The new MacBook Pro with M4 Pro is up to 3x faster than models with M1 Pro, speeding up workflows like geo mapping, structural engineering, and data modeling.¹

MacBook Pro with M4 Pro offers:¹

Up to 4x faster scene rendering performance with Maxon Redshift when compared to the 16-inch MacBook Pro with Core i9, and up to 3x faster when compared to the 16-inch MacBook Pro with M1 Pro.

Up to 5x faster simulation of dynamical systems in MathWorks MATLAB when compared to the 16-inch MacBook Pro with Core i9, and up to 2.2x faster when compared to the 16-inch MacBook Pro with M1 Pro.

Up to 23.8x faster basecalling for DNA sequencing in Oxford Nanopore MinKNOW when compared to the 16-inch MacBook Pro with Core i9, and up to 1.8x faster when compared to the 16-inch MacBook Pro with M1 Pro.

MacBook Pro with M4 Max: The Ultimate in Pro Performance

Designed for pros like data scientists, 3D artists, and composers who constantly push workflows to the limit, MacBook Pro with M4 Max empowers users to work on projects that were previously only imaginable on a desktop. M4 Max brings up to a 16-core CPU, up to a 40-core GPU, over half a terabyte per second of unified memory bandwidth, and a Neural Engine that is over 3x faster than M1 Max, allowing on-device AI models to run faster than ever. With M4 Max, MacBook Pro delivers up to 3.5x the performance of M1 Max, ripping through heavy creative workloads like visual effects, 3D animation, and film scoring.¹ It also supports up to 128GB of unified memory, so developers can easily interact with LLMs that have nearly 200 billion parameters. And with the powerful Media Engine in M4 Max, which features two ProRes accelerators, MacBook Pro performance is amazing even when taking 4K120 fps ProRes video captured with the new iPhone 16 Pro and editing it in Final Cut Pro.

MacBook Pro with M4 Max enables:¹

Up to 7.8x faster scene rendering performance with Maxon Redshift when compared to the 16-inch MacBook Pro with Intel Core i9, and up to 3.5x faster when compared to the 16-inch MacBook Pro with M1 Max.

Up to 4.6x faster build performance when compiling code in Xcode when compared to the 16‑inch MacBook Pro with Intel Core i9, and up to 2.2x faster when compared to the 16‑inch MacBook Pro with M1 Max.

Up to 30.8x faster video processing performance in Topaz Video AI when compared to the 16‑inch MacBook Pro with Intel Core i9, and up to 1.6x faster when compared to the 16-inch MacBook Pro with M1 Max.

Industry-Leading Liquid XDR Display Gets Even Better

The new MacBook Pro introduces an all-new nano-texture display option that dramatically reduces glare and distractions from reflections. In bright lighting conditions, the new MacBook Pro can now show SDR content at up to 1000 nits and still displays HDR content at up to 1600 nits of peak brightness. All together, it’s a game-changing experience for users working outdoors.

New 12MP Center Stage Camera

MacBook Pro includes a new 12MP Center Stage camera that delivers enhanced video quality in challenging lighting conditions. Video calls are even more engaging with Center Stage, which automatically keeps users centered in the frame as they move around. The new camera also supports Desk View, which adds a whole new dimension to video calls. And with studio-quality mics and a phenomenal six-speaker sound system with support for Spatial Audio, MacBook Pro delivers an incredibly immersive audio experience whether users are listening to music or watching a movie in Dolby Atmos.

Thunderbolt 5 Comes to the Mac

MacBook Pro with M4 Pro and M4 Max features Thunderbolt 5 ports that more than double transfer speeds up to 120 Gb/s, enabling faster external storage, expansion chassis, and powerful docking and hub solutions. For example, by connecting just a single cable, pros like music producers can now light up their entire studio. All MacBook Pro models feature an HDMI port that supports up to 8K resolution, a SDXC card slot, a MagSafe 3 port for charging, and a headphone jack, along with support for Wi-Fi 6E and Bluetooth 5.3.

A New Era with Apple Intelligence on the Mac

Apple Intelligence ushers in a new era for the Mac, bringing personal intelligence to the personal computer. Combining powerful generative models with industry-first privacy protections, Apple Intelligence harnesses the power of Apple silicon and the Neural Engine to unlock new ways for users to work, communicate, and express themselves on Mac. It is available in U.S. English with macOS Sequoia 15.1. With systemwide Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write. With the newly redesigned Siri, users can move fluidly between spoken and typed requests to accelerate tasks throughout their day, and Siri can answer thousands of questions about Mac and other Apple products. New Apple Intelligence features will be available in December, with additional capabilities rolling out in the coming months. Image Playground gives users a new way to create fun original images, and Genmoji allows them to create custom emoji in seconds. Siri will become even more capable, with the ability to take actions across the system and draw on a user’s personal context to deliver intelligence that is tailored to them. In December, ChatGPT will be integrated into Siri and Writing Tools, allowing users to access its expertise without needing to jump between tools.

Apple Intelligence does all this while protecting users’ privacy at every step. At its core is on-device processing, and for more complex tasks, Private Cloud Compute gives users access to Apple’s even larger, server-based models and offers groundbreaking protections for personal information. In addition, users can access ChatGPT for free without creating an account, and privacy protections are built in — their IP addresses are obscured and OpenAI won’t store requests. For those who choose to connect their account, OpenAI’s data-use policies apply.

An Unrivaled Experience with macOS Sequoia

macOS Sequoia completes the new MacBook Pro experience with a host of exciting features, including iPhone Mirroring, allowing users to wirelessly interact with their iPhone, its apps, and notifications directly from their Mac.⁴ Safari, the world’s fastest browser,⁵ now offers Highlights, which quickly pulls up relevant information from a site; a smarter, redesigned Reader with a table of contents and high-level summary; and a new Video Viewer to watch videos without distractions. With Distraction Control, users can hide items on a webpage that they may find disruptive to their browsing. Gaming gets even more immersive with features like Personalized Spatial Audio and improvements to Game Mode, along with a breadth of exciting titles, including the upcoming Assassin’s Creed Shadows. Easier window tiling means users can stay organized with a windows layout that works best for them. The all-new Passwords app gives convenient access to passwords, passkeys, and other credentials, all stored in one place. And users can apply new beautiful built-in backgrounds for video calls, which include a variety of color gradients and system wallpapers, or upload their own photos.

The Perfect Time to Upgrade or Switch to a Mac

Upgraders will get monumental improvements over Intel-based MacBook Pro models, including the amazing features of Apple Intelligence. When compared to an Intel-based MacBook Pro, the new MacBook Pro provides nearly 10x faster performance for AI-based workloads,¹ and for graphics-intensive workloads, users get up to 20x faster performance.⁶ With battery life on the new MacBook Pro now up to 24 hours, upgraders will also experience up to 14 additional hours. And with the Liquid Retina XDR display, a new 12MP Center Stage camera, an immersive six-speaker sound system, the unrivaled experience of macOS Sequoia, and more, there’s never been a better time to upgrade or switch to MacBook Pro.

MacBook Air: The World’s Most Popular Laptop Now Starts at 16GB

MacBook Air is the world’s most popular laptop, and with Apple Intelligence, it’s even better. Now, models with M2 and M3 double the starting memory to 16GB, while keeping the starting price at just $999 — a terrific value for the world’s best-selling laptop.

Better for the Environment

The new MacBook Pro is built to last and incredibly durable, created from a custom alloy that uses 100 percent recycled aluminum in the enclosure. It also uses 100 percent recycled rare earth elements in all magnets, and 100 percent recycled tin soldering, gold plating, and copper in multiple printed circuit boards. The packaging for the 14-inch MacBook Pro is now entirely fiber-based, joining the 16-inch MacBook Pro and bringing Apple closer to its goal to remove plastic from its packaging by 2025.

Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.

Pricing and Availability

Customers can pre-order the new MacBook Pro starting today, October 30, on apple.com/store and in the Apple Store app in 28 countries and regions, including the U.S. It will begin arriving to customers, and will be in Apple Store locations and Apple Authorized Resellers, beginning Friday, November 8.

The 14-inch MacBook Pro with M4 starts at $1,599 (U.S.) and $1,499 (U.S.) for education; the 14‑inch MacBook Pro with M4 Pro starts at $1,999 (U.S.) and $1,849 (U.S.) for education; and the 16‑inch MacBook Pro starts at $2,499 (U.S.) and $2,299 (U.S.) for education. All models are available in space black and silver.

Additional technical specifications, including the nano-texture display and configure-to-order options, are available at apple.com/mac.

MacBook Air with M2 and M3 comes standard with 16GB of unified memory, and is available in midnight, starlight, silver, and space gray, starting at $999 (U.S.) and $899 (U.S.) for education.

New accessories with USB-C — including Magic Keyboard ($99 U.S.), Magic Keyboard with Touch ID ($149 U.S.), Magic Keyboard with Touch ID and Numeric Keypad ($179 U.S.), Magic Trackpad ($129 U.S.), Magic Mouse ($79 U.S.), and Thunderbolt 5 Pro Cable ($69) — are available at apple.com/store.

Apple Intelligence is available now as a free software update for Mac with M1 and later, and can be accessed in most regions around the world when the device and Siri language are set to U.S. English. The first set of features is in beta and available with macOS Sequoia 15.1, with more features rolling out in the months to come.

Apple Intelligence is quickly adding support for more languages. In December, Apple Intelligence will add support for localized English in Australia, Canada, Ireland, New Zealand, South Africa, and the U.K., and in April, a software update will deliver expanded language support, with more coming throughout the year. Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and other languages will be supported.

With Apple Trade In, customers can trade in their current computer and get credit toward a new Mac. Customers can visit apple.com/shop/trade-in to see what their device is worth.

AppleCare+ for Mac provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know Mac best.

Every customer who buys directly from Apple Retail gets access to Personal Setup. In these guided online sessions, a Specialist can walk them through setup, or focus on features that help them make the most of their new device. Customers can also learn more about getting started with their new device with a Today at Apple session at their nearest Apple Store.

About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Testing was conducted by Apple from August through October 2024. Battery life varies by use and configuration. See apple.com/macbook-pro for more information.
Testing was conducted by Apple in October 2024 using shipping competitive systems and select industry-standard benchmarks.
Based on published technical specifications of shipping competitive chips as of October 2024.
Available on Mac computers with Apple silicon and Intel-based Mac computers with a T2 Security Chip. Requires that the user’s iPhone and Mac are signed in with the same Apple Account using two-factor authentication, their iPhone and Mac are near each other and have Bluetooth and Wi-Fi turned on, and their Mac is not using AirPlay or Sidecar. Some iPhone features (e.g., camera and microphone) are not compatible with iPhone Mirroring.
Testing was conducted by Apple in August 2024. See apple.com/safari for more information.
Results are compared to previous-generation 1.7GHz quad-core Intel Core i7-based 13-inch MacBook Pro systems with Intel Iris Plus Graphics 645, 16GB of RAM, and 2TB SSD.

Press Contacts

Michelle Del Rio

Apple

mr_delrio@apple.com

Starlayne Meza

Apple

starlayne_meza@apple.com

Apple Media Helpline

media.help@apple.com

MIL OSI Economics –

January 25, 2025

MIL-OSI United Kingdom: Capital funding for three city centre projects withdrawn

Source: Scotland – City of Perth

The money, from the previous Conservative UK Government’s Department of Levelling Up, Housing and Communities, had been earmarked for three projects to support culture and regeneration in Perth city centre.

These projects were to create a visitor attraction and office space at Lower City Mills, to create an exhibition and retail space at The Ironworks and a high street outlet for micro producers.

Perth and Kinross Council leader Councillor Grant Laing said: “We are all well aware of the financial challenges facing the UK but this is an extremely disappointing – and, in my opinion, short-sighted – decision.

“We have three excellent projects ready to start, all of which would help to breathe new life into Perth city centre for the benefit of residents, businesses and visitors.

“Perth fought hard for a share of funding. When the £5 million was announced in March this year I was pleased the UK government had finally recognised the value of investing in Perth and Kinross, even if we received a smaller share than many other areas.

“To have the rug pulled out from under us by the new Labour government now simply adds insult to injury.

“We will look to see if other sources of funding is possible for these three projects and continue our ongoing efforts to regenerate Perth city centre.”

Perth and Kinross Council Chief Executive Thomas Glen said: “It is extremely disappointing the new UK Government has chosen not to uphold the pledge made to Perth and Kinross in March.

“These three projects are part of our ambitious plans to regenerate Perth city centre but they require funding to become a reality.

“Consultation on the Perth City Centre Design and Development Framework, which sets out our ambitions for the city, will begin in November.”

MIL OSI United Kingdom –

January 25, 2025

MIL-Evening Report: Australia’s new digital ID scheme falls short of global privacy standards. Here’s how it can be fixed

Source: The Conversation (Au and NZ) – By Ashish Nanda, Research Fellow, Deakin Cyber Research and Innovation Centre, Deakin University

mayam_studio/Shutterstock

Australia’s new digital ID system promises to transform the way we live. All of our key documents, such as driver’s licences and Medicare cards, will be in a single digital wallet, making it easier for us to access a range of services.

The federal government is still developing the system, with a pilot expected to run next year. Known as the “Trust Exchange”, it is part of the Trusted Digital Identity Framework, which is designed to securely verify people’s identities using digital tokens.

Earlier this year, in a speech to the National Press Club in Canberra, Federal Minister for Government Services Bill Shorten, called the new digital ID system “world leading”. However, it has several privacy issues, especially when compared to international standards like those in the European Union.

So how can it be fixed?

What is Trust Exchange?

Trust Exchange – or TEx – is designed to simplify how we prove who we are online. It will work alongside the myID (formerly myGovID) platform, where Australians can store and manage their digital ID documents.

The platform is intended to be both secure and convenient. Users would be able to access services ranging from banking to applying for government services without juggling paperwork.

Think of the system as a way to prove your identity and share personal information such as your age, visa status or licence number — without handing over any physical documents or revealing too much personal information.

For example, instead of showing your full driver’s licence to enter a licensed premises, you can use a digital token that confirms, “Yes, this person is over 18”.

But what will happen to all that sensitive data behind the scenes?

Falling short of global standards

The World Wide Web Consortium sets global standards around digital identity management. These standards ensure people only share the minimum required information and retain control over their digital identities without relying on centralised bodies.

The European Union’s digital identity system regulation builds on these standards. It creates a secure, privacy-centric digital identity framework across its member states. It is decentralised, giving users full control over their credentials.

In its proposed form, however, Australia’s digital ID system falls short of these global standards in several key ways.

First, it is a centralised system. Everything will be monitored, managed and stored by a single government agency. This will make it more vulnerable to breaches and diminishes users’ control over their digital identities.

Second, the system does not align with the World Wide Web Consortium’s verifiable credentials standards. These standards are meant to give users full control to selectively disclose personal attributes, such as proof of age, revealing only the minimum personal information needed to access a service.

As a result, the system increases the likelihood of over-disclosure of personal information.

Third, global standards emphasise preventing what’s known as “linkability”. This means users’ interactions with different services remain distinct, and their data isn’t aggregated across multiple platforms.

But the token-based system behind Australia’s digital ID system creates the risk that different service providers could track users across services and potentially profile their behaviours. By comparison, the EU’s system has explicit safeguards to prevent this kind of tracking – unless explicitly authorised by the user.

Finally, Australia’s framework lacks the stringent rules found in the EU which require explicit consent for collecting and processing biometric data, including facial recognition and fingerprint data.

Filling the gaps

It is crucial the federal government addresses these issues to ensure its digital ID system is successful. Our award-winning research offers a path forward.

The digital ID system should simplify the verification process by automating the selection of an optimal, varied set of credentials for each verification.

This will reduce the risk of user profiling, by preventing a single credential from being overly associated with a particular service. It will also reduce the risk of a person being “singled out” if they are using an obscure credential, such as an overseas drivers licence.

Importantly, it will make the system easier to use.

The system should also be decentralised, similar to the EU’s, giving users control over their digital identities. This reduces the risk of centralised data breaches. It also ensures users are not reliant on a single government agency to manage their credentials.

Australia’s digital ID system is a step in the right direction, offering greater convenience and security for everyday transactions. However, the government must address the gaps in its current framework to ensure this system also balances Australians’ privacy and security.

The work has been supported by the Cyber Security Cooperative Research Centre Limited, whose activities are partially funded by the Australian government’s Cooperative Research Centres Programme.

The work has been supported by the Cyber Security Cooperative Research Centre Limited whose activities are partially funded by the Australian government’s Cooperative Research Centres Programme.

The work has been supported by the Cyber Security Cooperative Research Centre Limited, whose activities are partially funded by the Australian government’s Cooperative Research Centres Programme.

– ref. Australia’s new digital ID scheme falls short of global privacy standards. Here’s how it can be fixed – https://theconversation.com/australias-new-digital-id-scheme-falls-short-of-global-privacy-standards-heres-how-it-can-be-fixed-241797

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI: AML GO Launches Its Anti-Money Laundering Online System at the Consumer Credit Conference

Source: GlobeNewswire (MIL-OSI)

JOHANNESBURG, South Africa, Oct. 29, 2024 (GLOBE NEWSWIRE) — UPAY Inc. (“UPAY” or the “Company”) (OTCQB: UPYY), through its South African subsidiary, AML GO (Pty) Ltd, is excited to announce the official launch of the AML GO Anti-Money Laundering (AML) online system. The launch will take place at the prestigious Consumer Credit Conference on 30 and 31 October 2024, hosted at the Indaba Hotel in Fourways, Johannesburg.

AML GO’s cutting-edge online platform is designed to provide financial institutions, credit providers, and businesses with powerful tools for AML compliance in today’s dynamically digital world. With a focus on retail credit risk management and regulatory compliance, the system offers a robust solution for identifying, assessing, and mitigating the risks associated with money laundering and related financial crimes.

Key Features of the AML GO System:

Advanced AML Screening: Real-time monitoring and screening against global databases to ensure compliance with the latest AML regulations.
Seamless Integration: Easy integration into existing financial workflows, providing automated and comprehensive compliance checks.
Customizable Alerts and Reports: Tailored reporting tools that enable financial institutions to track and report suspicious activity efficiently.
User-Friendly Interface: A simple yet effective dashboard, allowing users to manage compliance requirements with ease.

About AML GO (Pty) Ltd:
AML GO is your trusted partner for cutting-edge Anti-Money Laundering (AML) and credit risk solutions. Our streamlined Client Onboarding Platform offers seamless access to AML, Politically Exposed Persons (PEP), and sanctions screening, along with risk rating assessments, bank account verification, and bank statement verification. In addition, we provide comprehensive credit risk assessment, identity verification, affordability calculations, and proof of address confirmation. AML GO ensures that your organization stays compliant with the Financial Intelligence Centre Act (FICA) while optimizing operations for enhanced efficiency and reduced risk.

Jaco Fölscher, CEO of UPAY Inc., shared his enthusiasm for the system’s launch: “The introduction of the AML GO online platform marks a pivotal moment for UPAY and AML GO. We are thrilled to offer this innovative solution at such a critical time for the consumer credit industry. As financial institutions face growing regulatory pressures, AML GO provides the technology needed to enhance compliance and safeguard against financial crimes.”

About the Consumer Credit Conference 2024:
The Consumer Credit Conference is a key industry event that brings together professionals in retail credit, unsecured lending, and risk management to explore strategies for managing credit risks in an increasingly digital world. The conference will cover topics such as credit scoring models, digital lending platforms, risk management strategies, and regulatory compliance. AML GO’s launch at this event highlights the importance of integrating cutting-edge technology in addressing compliance challenges in today’s financial landscape.

Attendees of the conference will have the opportunity to see the AML GO platform in action and engage in interactive sessions to understand how it addresses their specific compliance needs.

Mia-Daniel Bester COO of AML GO (Pty) Ltd, commented: “AML GO is proud to be launching at the Consumer Credit Conference. Our platform not only addresses the current compliance challenges but also looks ahead to the future of AML management, ensuring businesses stay ahead in the face of evolving regulations.”

The launch of the AML GO system reinforces UPAY’s commitment to providing innovative solutions that empower financial institutions in South Africa and beyond. The company continues to set the standard in compliance and risk management technology, driving both innovation and regulatory excellence.

For more information about AML GO and its new anti-money laundering online system, please visit www.amlgo.co.za

CONTACT INFORMATION
UPAY Inc.
Email: info@upaytechnology.com

About UPAY Inc.:
UPAY Inc. is a forward-thinking US public company dedicated to delivering cutting-edge financial solutions across the fintech sector. With a strong focus on innovation, UPAY remains a leader in AML compliance technology and financial risk management.

About AML GO (Pty) Ltd:
AML GO is a South African subsidiary of UPAY Inc., specializing in providing anti-money laundering compliance and credit risk solutions for financial institutions. The company’s mission is to empower businesses to meet stringent regulatory requirements through innovative, user-centric technology.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of UPAY Inc. This publication contains forward-looking statements, which are not guarantees of future performance. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Investing in the first peatland UNESCO world heritage site in the world

Source: Scotland – Highland Council

The Flow Country Partnership has received funding from the Community Loan Fund towards their pioneering peatland restoration project in Sutherland. The fund is delivered by Highland Opportunity (Investments) Limited, HOIL, on behalf of The Highland Council.

The Community Loan fund aims to encourage and support Highland based community and third sector organisations to start up and grow and contribute to a thriving and sustainable Highland and Scottish economy. Loans can be used for capital start up-costs, growth of an existing organisation, working capital and bridging finance, with a repayment period of 1 to 10 years.

Peatland restoration is a vital part of Scotland’s twin goals of reducing emissions and restoring nature. The Flow Country Partnership was founded in 2006 and became a Scottish Charitable Incorporated Organisation (SCIO) in February 2024 to bring together a community including crofters, farmers, landowners/managers, local businesses, residents, ecologists and local government to grow the resilience of the Flow Country and its people. This restoration will help achieve emission reduction by restoring the capacity of the peatlands to store carbon and improving biodiversity in the first and only peatland UNESCO World Heritage Site in the World.

The partnership approached HOIL for funding to finance the peatlands restoration project on a farming and sporting estate. Securing loan funding before the sale of carbon credits will support its long-term aspirations to become a self-sustaining organisation whilst restoring and protecting the ecosystem.

The Flow Country Partnership is a SCIO, with a trading subsidiary, Flow Country Restoration Limited and blends public and private finance to deliver its objectives. This project is supported by The Facility for Investment Ready Nature in Scotland (FIRNS) and is being delivered by NatureScot in collaboration with The Scottish Government and in partnership with the National Lottery Heritage Fund and the Scottish Government’s Peatland ACTION Fund. Trustees, initiative partners and stakeholders, amongst others are The Highland Council, Highlands & Islands Enterprise, Skills Development Scotland, RSPB, North Highland Initiative, the Environmental Research Institute UHI and local landowners, farmers, crofters and estate owners.

Councillor Paul Oldham, Chair of HOIl said: “I welcome this opportunity to help The Flow Country Partnership move forward with their Peatland Restoration project which not only helps improve the environment and create carbon storage but also brings local work to Caithness and Sutherland.

“The Community Loan Fund which is managed by HOIL provides accessible and affordable finance for community projects across the Highlands and is one of several funds we can use to help projects across the area.”

Graham Neville, Flow Country Partnership Vice-chair and director of Flow Country Restoration Limited added: “We are pleased to have the support of Highland Opportunity (Investments) Limited for our peatland restoration project. This funding is a key step in restoring this vital landscape, which plays a crucial role in carbon storage and biodiversity, while also contributing to Scotland’s Net Zero ambitions. By working with local partners, we aim to create lasting community benefits, support sustainable carbon investments, and protect The Flow Country.”

To find out more about the support HOIL can provide to Highland community organisations and businesses please visit their website

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Asia-Pac: CCI approves the proposed combination involving acquisition of additional shareholding in Thoughtworks Holding, Inc. by AP Funds and Temasek

Source: Government of India (2)

Posted On: 29 OCT 2024 9:15PM by PIB Delhi

The Competition Commission of India has approved the proposed combination involving acquisition of additional shareholding in Thoughtworks Holding, Inc. by AP Funds and Temasek

Tasmania Midco LLC (Acquirer) is an SPV indirectly wholly-owned by the Apax Partners LLP (AP). AP is a limited liability partnership incorporated under the laws of United Kingdom and the parent of a number of entities which provide investment advisory services to private equity funds investing in a range of industry sectors.

Nevado Investments Pte. Ltd. (Nevado) is a limited company incorporated in Singapore. It is an investment holding company and does not have any business operations other than holding investments. It is an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (Temasek).

Thoughtworks Holding, Inc. (Target) is a global technology consultancy corporation, providing IT consultancy and application implementation and managed services.

The Proposed Transaction concerns an acquisition by the investment funds advised by Apax Partners LLP (AP) (the “AP Funds“) of additional shareholding in the Target such that post consummation of the proposed transaction the Target will be wholly owned by the AP Funds (through the Acquirer) with Temasek (through Nevado) holding approximately 10% of the Target’s equity as a minority non-controlling passive investor (Proposed Combination).

Detailed order of the Commission will follow.

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: Expand Energy Corporation Reports Third Quarter 2024 Results, Provides Preliminary 2025 Capital and Operating Plan and Announces Enhanced Capital Return Framework

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, Oct. 29, 2024 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “company”) today reported third quarter 2024 financial and operating results. In addition, the company provided its preliminary 2025 capital and operating plan and announced details regarding its enhanced capital return framework. On October 1, 2024, Expand Energy announced the completion of the previously disclosed merger between Chesapeake Energy Corporation (“Chesapeake”) and Southwestern Energy Company (“Southwestern”).

Legacy Chesapeake Third Quarter Highlights

Net cash provided by operating activities of $422 million
Net loss of $114 million, or $0.85 per fully diluted share; adjusted net income⁽¹⁾of $22 million, or $0.16 per share
Adjusted EBITDAX⁽¹⁾of $365 million
Produced approximately 2.65 bcf/d net (100% natural gas)

Expand Energy Highlights

Raised annual synergy target by $100 million; expected to achieve approximately $225 million in 2025 and approximately $500 million in annual synergies by year end 2027
Upgraded at the start of fourth quarter to Investment Grade credit rating from S&P (BBB-) and Fitch (BBB-)
Quarterly base dividend of $0.575 per common share to be paid in December 2024, 15th straight quarter paying a dividend
2025 capital expenditures expected to be approximately $2.7 billion, yielding net production of approximately 7 bcf/day (~91% natural gas)
Enhanced capital return framework to more effectively return cash to shareholders and reduce net debt; announced new $1 billion share repurchase authorization

^{(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.}

“Our strong third quarter results, recent Investment Grade rating and preliminary 2025 outlook demonstrate the power of our advantaged portfolio and resilient financial foundation,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “Our integration efforts are already delivering, allowing us to raise our annual synergy expectations by 25% to $500 million, as we drive to lower our breakeven costs and more efficiently reach markets in need. As the largest domestic producer of natural gas, and a top producer globally, we are built to answer the call for affordable, reliable, lower carbon energy and expand opportunity for all stakeholders.”
Operations Update

In the third quarter, legacy Chesapeake operated an average of seven rigs to drill 30 wells and turned seven wells in line, resulting in net production of approximately 2.65 bcfe per day (100% natural gas). Additionally, the company built an inventory of 18 drilled but uncompleted (“DUCs”) wells and 12 deferred turn in lines (“TILs”). A detailed breakdown of third quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

Expand Energy continues to execute its previously disclosed plan to defer completions and new TILs. As of October 1, 2024, the combined company had 58 DUCs, excluding working inventory, and 58 deferred TILs. The company intends to prudently activate production as market conditions warrant.

Expand Energy is currently running 12 rigs (8 in Haynesville, 2 in Northeast Appalachia, and 2 in Southwest Appalachia) and 6 completion crews (3 in Haynesville, 2 in Northeast Appalachia, and 1 in Southwest Appalachia). At current market conditions, the company expects to drop two rigs in the first quarter of 2025.

Annual Synergy Outlook and Preliminary 2025 Capital & Operating Program

Expand Energy increased its expected annual synergy outlook by $100 million to $500 million. The company expects to achieve approximately $225 million in synergies in 2025 and to achieve the full $500 million in annual synergies by year end 2027.

In 2025, at current market conditions, the company expects to run 10 to 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7 bcfe per day. Expand Energy will provide complete guidance in early 2025.

Shareholder Returns Update

Expand Energy plans to pay its quarterly base dividend of $0.575 per share on December 4, 2024 to shareholders of record at the close of business on November 14, 2024.

The company announced today its enhanced capital return framework which is designed to more effectively return cash to shareholders and reduce net debt. The plan is expected to go into effect January 1, 2025, and prioritizes the base dividend of $2.30 per share and $500 million of annual net debt reduction. Once both have been funded, it is anticipated that 75% of remaining free cash flow be distributed as market conditions warrant, between share repurchases and additional dividend payments. The remaining free cash flow would be maintained on the balance sheet.

In conjunction with the enhanced framework, Expand Energy’s Board of Directors approved a $1 billion repurchase authorization.

Conference Call Information

A conference call to discuss the results and preliminary 2025 plan has been scheduled for 9 a.m. EDT on October 30, 2024. 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.

Financial Statements, Non-GAAP Financial Measures and 2024 Guidance and Outlook Projections

Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the company’s 2024 third quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by certain securities analysts, are available on the company’s website. Non-GAAP measures should not be considered as an alternative to GAAP measures. Management’s updated guidance for 2024 and preliminary plan for 2025 can be found on the company’s website at www.expandenergy.com.

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.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to the combined company after the merger with Southwestern Energy Company (“Southwestern”), armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our ESG initiatives. Forward-looking and other statements in this release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

conservation measures and technological advances could reduce demand for natural gas and oil;
negative public perceptions of our industry;
competition in the natural gas and oil exploration and production industry;
the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
write-downs of our natural gas and oil asset carrying values due to low commodity prices;
significant capital expenditures are required to replace our reserves and conduct our business;
our ability to replace reserves and sustain production;
uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
drilling and operating risks and resulting liabilities;
our ability to generate profits or achieve targeted results in drilling and well operations;
leasehold terms expiring before production can be established;
risks from our commodity price risk management activities;
uncertainties, risks and costs associated with natural gas and oil operations;
our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
pipeline and gathering system capacity constraints and transportation interruptions;
our plans to participate in the LNG export industry;
terrorist activities and/or cyber-attacks adversely impacting our operations;
risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
disruption of our business by natural or human causes beyond our control;
a deterioration in general economic, business or industry conditions;
the impact of inflation and commodity price volatility, including as a result of armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
our inability to access the capital markets on favorable terms;
the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
our actual financial results after emergence from bankruptcy may not be comparable to our historical financial information;
risks related to acquisitions or dispositions, or potential acquisitions or dispositions, including risks related to the merger with Southwestern, such as risks related to loss of management personnel, other key employees, customers, suppliers, vendors, landlords, joint venture partners and other business partners following the merger; risks related to disruption of management time from ongoing business operations due to integration; the risk of any litigation relating to the transaction; the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; and the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the transaction or it may take longer than expected to achieve those synergies or benefits;
our ability to achieve and maintain ESG certifications, goals and commitments;
legislative, regulatory and ESG initiatives, addressing environmental concerns, including initiatives addressing the impact of global climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
federal and state tax proposals affecting our industry;
risks related to an annual limitation on the utilization of our tax attributes, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K.

We caution you not to place undue reliance on the forward-looking statements contained in this release, which speak only as of the filing date, and we undertake no obligation to update this information. We urge you to carefully review and consider the disclosures in this release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)

($ in millions, except per share data)	September 30, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	1,044		$	1,079
Restricted cash		76			74
Accounts receivable, net		261			593
Derivative assets		199			637
Other current assets		217			226
Total current assets		1,797			2,609
Property and equipment:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties		12,373			11,468
Unproved properties		1,806			1,806
Other property and equipment		518			497
Total property and equipment		14,697			13,771
Less: accumulated depreciation, depletion and amortization		(4,743	)		(3,674	)
Total property and equipment, net		9,954			10,097
Long-term derivative assets		15			74
Deferred income tax assets		1,038			933
Other long-term assets		588			663
Total assets	$	13,392		$	14,376

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	264		$	425
Accrued interest		41			39
Derivative liabilities		5			3
Other current liabilities		589			847
Total current liabilities		899			1,314
Long-term debt, net		2,017			2,028
Long-term derivative liabilities		—			9
Asset retirement obligations, net of current portion		271			265
Other long-term liabilities		17			31
Total liabilities		3,204			3,647
Contingencies and commitments
Stockholders’ equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 135,107,576 and 130,789,936 shares issued		1			1
Additional paid-in capital		5,778			5,754
Retained earnings		4,409			4,974
Total stockholders’ equity		10,188			10,729
Total liabilities and stockholders’ equity	$	13,392		$	14,376

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
($ in millions, except per share data)
Revenues and other:
Natural gas, oil and NGL	$	407		$	682		$	1,374		$	2,784
Marketing		193			724			641			1,987
Natural gas and oil derivatives		46			106			207			1,195
Gains on sales of assets		2			—			12			807
Total revenues and other		648			1,512			2,234			6,773
Operating expenses:
Production		50			73			158			293
Gathering, processing and transportation		152			192			479			663
Severance and ad valorem taxes		11			27			58			136
Exploration		2			4			7			19
Marketing		192			723			656			1,985
General and administrative		39			29			133			95
Separation and other termination costs		—			—			23			3
Depreciation, depletion and amortization		335			382			1,082			1,148
Other operating expense, net		22			3			55			15
Total operating expenses		803			1,433			2,651			4,357
Income (loss) from operations		(155	)		79			(417	)		2,416
Other income (expense):
Interest expense		(20	)		(23	)		(59	)		(82	)
Losses on purchases, exchanges or extinguishments of debt		—			—			(2	)		—
Other income		17			15			58			48
Total other income (expense)		(3	)		(8	)		(3	)		(34	)
Income (loss) before income taxes		(158	)		71			(420	)		2,382
Income tax expense (benefit)		(44	)		1			(105	)		532
Net income (loss)	$	(114	)	$	70		$	(315	)	$	1,850
Earnings (loss) per common share:
Basic	$	(0.85	)	$	0.53		$	(2.39	)	$	13.86
Diluted	$	(0.85	)	$	0.49		$	(2.39	)	$	12.90
Weighted average common shares outstanding (in thousands):
Basic		133,794			132,153			131,958			133,460
Diluted		133,794			142,348			131,958			143,463

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)		2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	(114	)	$	70		$	(315	)	$	1,850
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization		335			382			1,082			1,148
Deferred income tax expense (benefit)		(44	)		(80	)		(105	)		319
Derivative gains, net		(46	)		(106	)		(207	)		(1,195	)
Cash receipts on derivative settlements, net		207			216			695			167
Share-based compensation		10			9			29			25
Gains on sales of assets		(2	)		—			(12	)		(807	)
Losses on purchases, exchanges or extinguishments of debt		—			—			2			—
Other		(9	)		6			(16	)		35
Changes in assets and liabilities		85			9			30			368
Net cash provided by operating activities		422			506			1,183			1,910
Cash flows from investing activities:
Capital expenditures		(298	)		(423	)		(1,021	)		(1,450	)
Receipts of deferred consideration		—			—			116			—
Contributions to investments		(26	)		(61	)		(71	)		(149	)
Proceeds from divestitures of property and equipment		5			4			17			1,967
Net cash provided by (used in) investing activities		(319	)		(480	)		(959	)		368
Cash flows from financing activities:
Proceeds from Credit Facility		—			—			—			1,125
Payments on Credit Facility		—			—			—			(2,175	)
Funds held for transition services		—			(6	)		—			91
Proceeds from warrant exercise		—			—			1			—
Debt issuance and other financing costs		—			—			(4	)		—
Cash paid to repurchase and retire common stock		—			(132	)		—			(313	)
Cash paid for common stock dividends		(78	)		(77	)		(254	)		(412	)
Net cash used in financing activities		(78	)		(215	)		(257	)		(1,684	)
Net increase (decrease) in cash, cash equivalents and restricted cash		25			(189	)		(33	)		594
Cash, cash equivalents and restricted cash, beginning of period		1,095			975			1,153			192
Cash, cash equivalents and restricted cash, end of period	$	1,120		$	786		$	1,120		$	786

Cash and cash equivalents	$	1,044		$	713		$	1,044		$	713
Restricted cash		76			73			76			73
Total cash, cash equivalents and restricted cash	$	1,120		$	786		$	1,120		$	786

NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)

	Three Months Ended September 30, 2024
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,531	1.51	—	—	—	—	1,531	1.51
Haynesville	1,116	1.88	—	—	—	—	1,116	1.88
Total	2,647	1.67	—	—	—	—	2,647	1.67

Average NYMEX Price		2.16		—
Average Realized Price (including realized derivatives)		2.51		—		—		2.51

	Three Months Ended September 30, 2023
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,734	1.63	—	—	—	—	1,734	1.63
Haynesville	1,568	2.15	—	—	—	—	1,568	2.15
Eagle Ford	76	2.52	9	82.33	10	25.76	193	6.36
Total	3,378	1.89	9	82.33	10	25.76	3,495	2.12

Average NYMEX Price		2.55		82.26
Average Realized Price (including realized derivatives)		2.58		82.33		25.76		2.79

	Nine Months Ended September 30, 2024
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,601	1.65	—	—	—	—	1,601	1.65
Haynesville	1,261	1.88	—	—	—	—	1,261	1.88
Total	2,862	1.75	—	—	—	—	2,862	1.75

Average NYMEX Price		2.10		—
Average Realized Price (including realized derivatives)		2.64		—		—		2.64

	Nine Months Ended September 30, 2023
	Natural Gas		Oil		NGL		Total
	MMcf per day	$/Mcf	MBbl per day	$/Bbl	MBbl per day	$/Bbl	MMcfe per day	$/Mcfe
Marcellus	1,845	2.24	—	—	—	—	1,845	2.24
Haynesville	1,569	2.26	—	—	—	—	1,569	2.26
Eagle Ford	96	2.22	26	77.41	12	25.61	323	7.82
Total	3,510	2.25	26	77.41	12	25.61	3,737	2.73

Average NYMEX Price		2.69		77.39
Average Realized Price (including realized derivatives)		2.56		72.10		25.61		2.99

CAPITAL EXPENDITURES ACCRUED (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
($ in millions)
Drilling and completion capital expenditures:
Marcellus	$	82	$	91	$	280	$	324
Haynesville		151		191		477		704
Eagle Ford		—		9		—		222
Total drilling and completion capital expenditures		233		291		757		1,250
Non-drilling and completion – field		32		48		106		100
Non-drilling and completion – corporate		24		18		73		56
Total capital expenditures	$	289	$	357	$	936	$	1,406

NON-GAAP FINANCIAL MEASURES

As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the company’s trends and performance, (b) these financial measures are comparable to estimates provided by certain securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.

Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.

Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the company’s period-over-period performance, which many investors use in making investment decisions and evaluating operational trends and performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the company’s period-over-period performance, which many investors use in making investment decisions and evaluating operational trends and performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.

Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.

Free Cash Flow: Free Cash Flow is defined as net cash provided by (used in) operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by (used in) operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s returns framework payout. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.

Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
($ in millions)		2024			2023			2024			2023
Net income (loss) (GAAP)	$	(114	)	$	70		$	(315	)	$	1,850

Adjustments:
Unrealized (gains) losses on natural gas and oil derivatives		160			110			489			(931	)
Separation and other termination costs		—			—			23			3
Gains on sales of assets		(2	)		—			(12	)		(807	)
Other operating expense, net		23			3			58			18
Losses on purchases, exchanges or extinguishments of debt		—			—			2			—
Other		(4	)		(4	)		(17	)		(19	)
Tax effect of adjustments^(a)		(41	)		(24	)		(125	)		403
Adjusted net income (Non-GAAP)	$	22		$	155		$	103		$	517

(a)	The three- and nine-month periods ended September 30, 2024 and September 30, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.

RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
($/share)		2024			2023			2024			2023
Earnings (loss) per common share (GAAP)	$	(0.85	)	$	0.53		$	(2.39	)	$	13.86
Effect of dilutive securities		—			(0.04	)		—			(0.96	)
Diluted earnings (loss) per common share (GAAP)	$	(0.85	)	$	0.49		$	(2.39	)	$	12.90

Adjustments:
Unrealized (gains) losses on natural gas and oil derivatives		1.20			0.78			3.70			(6.49	)
Separation and other termination costs		—			—			0.17			0.02
Gains on sales of assets		(0.02	)		—			(0.09	)		(5.63	)
Other operating expense, net		0.17			0.02			0.44			0.13
Losses on purchases, exchanges or extinguishments of debt		—			—			0.01			—
Other		(0.03	)		(0.03	)		(0.13	)		(0.13	)
Tax effect of adjustments^(a)		(0.31	)		(0.17	)		(0.95	)		2.81
Effect of dilutive securities		—			—			(0.03	)		—
Adjusted diluted earnings per common share (Non-GAAP)	$	0.16		$	1.09		$	0.73		$	3.61

(a)	The three- and nine-month periods ended September 30, 2024 and September 30, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
($ in millions)
Net income (loss) (GAAP)	$	(114	)	$	70		$	(315	)	$	1,850

Adjustments:
Interest expense		20			23			59			82
Income tax expense (benefit)		(44	)		1			(105	)		532
Depreciation, depletion and amortization		335			382			1,082			1,148
Exploration		2			4			7			19
Unrealized (gains) losses on natural gas and oil derivatives		160			110			489			(931	)
Separation and other termination costs		—			—			23			3
Gains on sales of assets		(2	)		—			(12	)		(807	)
Other operating expense, net		23			3			58			18
Losses on purchases, exchanges or extinguishments of debt		—			—			2			—
Other		(15	)		(13	)		(57	)		(36	)
Adjusted EBITDAX (Non-GAAP)	$	365		$	580		$	1,231		$	1,878

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024			2023			2024			2023
($ in millions)
Net cash provided by operating activities (GAAP)	$	422		$	506		$	1,183		$	1,910
Cash capital expenditures		(298	)		(423	)		(1,021	)		(1,450	)
Free cash flow (Non-GAAP)		124			83			162			460
Cash contributions to investments		(26	)		(61	)		(71	)		(149	)
Free cash flow associated with divested assets^(a)		—			(57	)		—			(195	)
Adjusted free cash flow (Non-GAAP)	$	98		$	(35	)	$	91		$	116

(a)

In March and April of 2023, we closed two divestitures of certain Eagle Ford assets. Due to the structure of these transactions, both of which had an effective date of October 1, 2022, the cash generated by these assets was delivered to the respective buyers through a reduction in the proceeds we received at the closing of each transaction. Additionally, in August 2023, we entered into an agreement to sell the final portion of our Eagle Ford assets, with an economic effective date of February 1, 2023. Included within the adjustment above reflects the cash flows from the three months ended September 30, 2023, associated with the final portion of our Eagle Ford assets as the cash generated by those assets were delivered to the buyer through a reduction in the proceeds we received once the transaction closed during the fourth quarter of 2023.

RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)

($ in millions)	September 30, 2024
Total debt (GAAP)	$	2,017
Premiums and issuance costs on debt		(67	)
Principal amount of debt		1,950
Cash and cash equivalents		(1,044	)
Net debt (Non-GAAP)	$	906

INVESTOR CONTACT:	MEDIA CONTACT:	EXPAND ENERGY CORPORATION
Chris Ayres	Brooke Coe	6100 North Western Avenue
(405) 935-8870	(405) 935-8878	P.O. Box 18496
ir@expandenergy.com	media@expandenergy.com	Oklahoma City, OK 73154

The MIL Network –

January 25, 2025

MIL-OSI Economics: A NEW SATELLITE AGREEMENT TO STRENGTHEN THE PAN-AFRICAN STRATEGIC PARTNERSHIP BETWEEN FRANCE AND MOROCCO

Source: Thales Group

Headline: A NEW SATELLITE AGREEMENT TO STRENGTHEN THE PAN-AFRICAN STRATEGIC PARTNERSHIP BETWEEN FRANCE AND MOROCCO

French President Emmanuel Macron set to meet with Moroccan King Mohammed VI on a state visit this week.
Morocco’s Panafsat and Thales Alenia Space sign memorandum of understanding to build a pan-African satellite telecommunications system.

Rabat, October 29, 2024 – Moroccan company Panafsat and Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), today announced they had signed a memorandum of understanding (MoU) for the development of a Moroccan satellite communications system. The system will deliver very-high-throughput services (VHTS) to 26 African countries, 23 of them in French-speaking Africa, covering a combined population of around 550 million people over an area spanning 12 million square kilometers.

The memorandum of understanding between the Moroccan operator Panafsat and Thales Alenia Space was signed today as part of the state visit of French President, Emmanuel Macron, to the Kingdom of Morocco,in the presence of Nadia Fettah Alaoui, Moroccan Minister of the Economy and Finance and Antoine Armand, French Minister of the Economy, Finance and Industry.

Under the MoU, Thales Alenia Space will build a very-high-performance flexible satellite. Once in orbit, the satellite will deliver high-speed internet to accelerate the transformation of Africa’s digital landscape. This will be achieved by providing the connectivity required for high value-added services for the benefit of governments, businesses and individuals. It will also help bridge the digital divide in rural and isolated communities.

Chairman and CEO of Panafsat Ahmed Toumi stated: “This project is the next key stage in the digital transformation process and the development of a digital economy in Morocco, and across Africa as a whole. It will change the lives of millions of people, eager to benefit from Internet access and all the essential services they need. We are delighted to be able to draw on the outstanding expertise and capabilities of a partner like Thales Alenia Space. We look forward to working together on this major project, which will bring significant benefits across the continent.”

Thales Alenia Space CEO Hervé Derrey added: “It is a privilege for Thales Alenia Space to be chosen by Panafsat to deliver this new geostationary telecommunications satellite. The project will make a significant contribution to bridging the digital divide in rural areas, as well as boosting economic growth and strengthening digital sovereignty across the African continent. We are honored to embark on this long-term partnership with Africa’s foremost private operator, helping it to expand its capabilities and develop space services for the benefit of the entire continent.”

The MoU is part of a roadmap developed by France and Morocco encompassing digitalization initiatives such as Digital Economy for Africa (DE4A) and Digital Morocco 2030, as well as the hosting of the FIFA World Cup 2030 in Morocco.

About Panafsat

Panafsat SA is a Moroccan private equity firm with Casablanca Finance City (CFC) status.

It was set up by Ahmed Toumi, an elected board member of the ITU (International Telecommunication Union) Radio Regulation Board from 1998 to 2002. Ahmed Toumi was also Chairman and Director-General of ITSO-Intelsat (the International Telecommunications Satellite Organization) from 2001 to 2009. He was awarded the Order of the Throne Officer class. Panafsat is developing Morocco’s first geostationary satellite to provide Internet access for 26 African countries. The project will contribute to the digital transformation of Africa in line with regional and global objectives.

Press contact

Kaoutar HAKAM Tel: +33 7 79 80 39 26 kaoutar.hakam@panafsat.ma

ABOUT THALES ALENIA SPACE

Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 9 countries, with 16 sites in Europe and a plant in the US. www.thalesaleniaspace.com

THALES ALENIA SPACE – PRESS CONTACTS

Tarik Lahlou Tel: +33 (0)6 87 95 89 56 tarik.lahlou@thalesaleniaspace.com

Catherine des Arcis Tel: +33 (0)6 78 64 63 97 catherine.des-arcis@thalesaleniaspace.com

Cinzia Marcanio Tel.: +39 (0)6 415 126 85 cinzia.marcanio@thalesaleniaspace.com

MIL OSI Economics –

January 25, 2025

MIL-OSI Security: Defense News: Chief of Naval Operations, Master Chief Petty Officer of Navy Visit Gulf Coast to Engage with Warfighters

Source: United States Navy

Chief of Naval Operations (CNO) Adm. Lisa Franchetti and Master Chief Petty Officer of the Navy (MCPON) James Honea traveled to the Gulf Coast, Oct. 24-25, to engage with active and reserve Sailors and Navy civilians serving in America’s Warfighting Navy.

This visit underscores the CNO and MCPON’s commitment to warfighting, warfighters and the foundation that supports them.

“Our greatest strength in our Navy is our people,” said Franchetti. “We can have great technology, great platforms, and all the best equipment around the world, but without our amazing people to operate it, we can’t go anywhere or do anything.”

At Naval Support Activity (NSA) Panama City, Franchetti and Honea had the opportunity to visit Naval Surface Warfare Center (NSWC) Panama City Division to observe the latest advancements in integrating robotic and autonomous systems in littoral operations and hold discussions with experts in the field about how their work advances one of the Project 33 targets outlined in CNO’s Navigation Plan for America’s Warfighting Navy: “Operationalize robotic and autonomous systems: Move proven systems into the hands of the warfighters.”

“Our Sailors assigned in the area possess the education and skills that undoubtedly improve our readiness and enhance our warfighting advantage,” said Honea.

The CNO expressed her appreciation for the innovative work being done.

“I am inspired by the remarkable technological advancements and the dedication of our Sailors and civilians. The Gulf Coast is home to some of the Navy’s most innovative and talented individuals, and it was an honor to witness their achievements firsthand,” said Franchetti. “Our investments in unmanned warfare technologies are critical to maintaining our maritime superiority and ensuring the safety and security of our Nation.”

The leaders also visited the Naval Diving and Salvage Training Center, which trains military divers from all branches. The center includes diving simulation facilities that can reach depths of 300 feet, along with an aquatics training facility that features the second-largest pool in the U.S.

CNO and MCPON continued their visit at Naval Air Station (NAS) Pensacola engaging with students and staff at Information Warfare Training Command Corry Station. This interaction provided an invaluable opportunity for them to gain insights into the training and education of the Navy’s information warfare professionals.

MCPON commended the students for their dedication and highlighted the vital role the Navy’s information warriors play in providing warfighting capabilities from the seabed to space.

“Our Sailors assigned in the area possess the education and skills that undoubtedly improve our readiness and enhance our warfighting advantage,” said Honea.

Next, the CNO presided over a winging ceremony at NAS Pensacola, where she had the honor of presenting 36 “wings of gold” to new pilots, naval flight officers, and an air vehicle pilot. The ceremony is a tradition that marks the completion of a student’s training and their official designation as a naval aviator. The CNO expressed her pride in the newly winged aviators and their commitment to upholding the highest standards of excellence in naval aviation.

“I’d like to leave you with one final thought. The skill sets, tactics, and training you’ve learned during flight school will stay with you for the rest of your lives, forming the foundation of your careers,” said Franchetti. “Remember the importance of Crew Resource Management and Operational Risk Management, and never forget to aviate, navigate, and communicate.”

Following the winging ceremony CNO and MCPON hosted a roundtable discussion with Pensacola area Major Commanders and their senior enlisted leaders to discuss the NAVPLAN and gain their perspective on the experiences of our Sailors, civilians, and families in the “cradle of naval aviation.” They also conducted all hands calls at Panama City, Corry Station, and NAS Pensacola.

They closed out their trip with a visit to the Transaction Service Center (TSC) Pensacola, where CNO and MCPON met with the Sailors and Navy civilians responsible for overseeing all East Coast gains, losses, and military pay, expressing gratitude for their essential work.

Last year, TSC Pensacola utilized the Get Real Get Better toolset, achieving 99.9 percent accuracy in Sailor pay. This milestone was reached by expanding Human Resources (HR) Service Center workflows, enhancing command triad visibility of Sailor pay and HR professional performance, and collaborating closely with Fleet Commanders.

NAS Pensacola, the proud home of the Blue Angels, will host the NAS Pensacola Blue Angels Homecoming Air Show, featuring a combined performance with the U.S. Air Force Thunderbirds, on Nov. 1-2, 2024. This event is one of Pensacola’s largest, attracting between 150,000 and 180,000 spectators over the two days. Admission is free and open to the public, with gates opening at 8 a.m. Attendees are encouraged to bring their own seating, or they can opt for paid seating available for purchase.

MIL Security OSI –

January 25, 2025

MIL-OSI Australia: All Tasmanian public schools to be fully funded by the beginning of 2026

Source: Australian Ministers for Education

All Tasmanian public schools will be fully and fairly funded in 2026 following a historic bilateral agreement signed today by the Albanese and Rockliff Governments.

The bilateral agreement formalises the Statement of Intent signed by both Governments in September and confirms all Tasmanian public schools will get to 100 per cent of the Schooling Resource Standard (SRS) from January 2026.

Tasmania becomes the third state or territory to sign on to the Better and Fairer Schools Agreement, delivering record funding to its schools and introducing targeted reforms which will help Tasmanian students to catch up, keep up and finish school.

Under the agreement, the Albanese Government will invest an estimated additional $153.5 million from 2025 to 2029 in Tasmanian public schools.

The Rockliff Government will increase its investment in schools by $195.9 million over the same period. Extra funding will be tied to literacy and numeracy, student wellbeing and workforce initiatives.

To meet this commitment additional new funding will be provided by the Tasmanian Government on top of commitments already announced in this year’s budget and the recent teachers wage agreement.

This means the Commonwealth will increase its share of funding from 20 per cent to 21.25 per cent in January next year and to 22.5 per cent of the SRS from January 2026, and the Tasmanian Government will increase its funding share to at least 77.5 per cent of the SRS from 2026.

Funding will be tied to reforms in the Better and Fairer Schools Agreement, including:

Year 1 phonics and early years numeracy checks to identify students in the early years of school who need additional help.
Evidence-based teaching and targeted and intensive supports such as small-group or catch-up tutoring to help students who fall behind.
Accelerating the implementation of the school-based recommendations of Tasmania’s Lifting Literacy implementation plan, including a minimum schooling guarantee for reading across all schools in Tasmania.
Support for students to come to school ready to learn, including greater access to mental health supports.
Reducing absence at school by prioritising evidence-based approaches to improving attendance and strengthening re-engagement support programs.
Establishing and strengthening relationships and collaboration with Tasmanian Aboriginal Community Controlled Organisations and First Nations peoples and communities within Tasmania to support increased cultural safety and responsiveness in the Tasmanian education system.
Support for VET specialist teachers and piloting incentive packages for attracting staff into remote and regional areas.

The Tasmanian bilateral agreement can be accessed here. The BFSA Heads of Agreement can be accessed here.

This Agreement is reliant on the Better and Fairer Schools (Funding and Reform) Bill 2024 being passed by the Parliament.

The Albanese Government has put a record $16 billion of additional investment for public schools on the table which, if accepted by all jurisdictions, would represent the biggest extra investment in public education by any Commonwealth government.

Quotes attributable to Minister for Education Jason Clare:

“Five weeks ago, we signed a Statement of Intent to fully fund Tassie public schools no later than 2029.

“Today’s agreement confirms that all Tassie public schools will start to receive full funding in just over 12 months – in January 2026.

“This is fantastic news for Tassie students and for public education it shows what can be done when governments work together.

“It shows that we can fully fund public schools and invest in the reforms that will make a real difference to the students who really need it.

“This agreement means that all schools in Tasmania will be fully funded and that funding will be invested in reforms to help students catch up, keep up and finish school.

“The agreements we have struck with Tasmania, WA and the Northern Territory are not blank cheques. Funding will be tied to real and practical reforms to deliver a better and fairer education system, which is what the signing of today’s Bilateral Agreement is all about.”

Quotes attributable to Tasmanian Minister for Education Jo Palmer:

“This is an historic milestone for Tasmanian Government schools, and we are really excited about what it means for our students and workforce.

“All Tasmanian schools will be fully funded from January 2026, which is nine years earlier than was initially proposed by the Federal Government.

“This will support our students to achieve the educational outcomes they need and deserve so they can lead their best lives.

“We are committed to maximising the new investment delivered through this agreement and making sure it flows to our students and our schools and is used to lift educational outcomes.

“Our Government is already rolling out significant educational reform, for example through our Lifting Literacy initiative.

“We are committed to further improving our education system and look forward to receiving the report of the Independent Review into Education in Tasmania, which is currently underway.”

MIL OSI News –

January 25, 2025

MIL-OSI New Zealand: Pacific Trade Invest – Investment Webinar: EXPANDING the HORIZON for Women in Technology

Source: Pacific Trade Invest NZ

Pacific Trade Invest NZ is delighted to invite you to our upcoming hour-long webinar, Expanding the Horizon for Women in Technology.

Join us on Thursday 7 November 2024 at 2:00 PM New Zealand time as industry experts and thought leaders discuss their involvement in the technology sector; what’s on the horizon and the investment possibilities the sector presents for investors.

Register here https://shorturl.at/C34uL

A great line-up of speakers is confirmed:

Julia Arnott-Nene and Eteroa Lafaele, Co-Founders and Directors Fibre Fale
Julia and Eteroa are an award-winning changemaker team in tech, on a mission for Digital Equity and increased representation of Pacific people in technology. Fibre Fale is an innovative Aotearoa collective creating pathways into technology for Pacific people. Fibre Fale builds future tech leaders and prepares the future of the technology industry in the Blue Pacific.

Priyanka Brahmbhatt, Executive Director, Bankai Group and CEO Bankai Technology
Global leader in technology and investments; a member of the Forbes Council. As a UN Youth Delegate she’s advocated for climate action, women in tech, mental health awareness, and socio-economic empowerment of marginalized communities.

Tenanoia Simona, CEO Tuvalu Telecommunications Corporation
An innovator and leader in implementing effective technology in the Blue Pacific. Simona has spearheaded initiatives from satellites, xGPON fibre network roll-out, and 4G LTE deployment in remote islands. She firmly believes that diversity and inclusion are vital for driving innovation and achieving meaningful progress in small island nations.

The speakers will discuss topics such as:

Technology as a rewarding career path for women
The positive role of government and educational institutions, in contributing to this transformation
The Fibre Fale model
How technology has evolved over time.
Investing in women in technology

Register here https://shorturl.at/C34uL

ABOUT PACIFIC TRADE INVEST NZ

Is part of the Pacific Trade Invest Global Network of offices operating in Sydney, Australia; Beijing, People’s Republic of China; Geneva, Switzerland and Auckland, New Zealand.
An agency of Pacific Islands Forum Secretariat (PIFS) and is funded by New Zealand’s Ministry of Foreign Affairs and Trade (MFAT).
Supports the 16 Forum Island countries and Territories: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Republic of the Marshall Islands, Nauru, New Caledonia, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

MIL OSI New Zealand News –

January 25, 2025

MIL-OSI: Heartland Financial USA, Inc. (“HTLF”) Reports Quarterly Results as of September 30, 2024

Source: GlobeNewswire (MIL-OSI)

Third Quarter Highlights

Quarterly net income available to common stockholders of $62.1 million or $1.44 per common share
Adjusted earnings available to common stockholders of $50.6 million or $1.17 adjusted diluted earnings per common share (non-GAAP), which excludes:
- Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
- Loss on security sales of $9.5 million.
- Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
Common equity to total assets increased to 11.11%; while the tangible common equity ratio (non-GAAP) improved 86 basis points to 8.14%.
Net interest margin, full tax-equivalent (non-GAAP) increased to 3.78% for the quarter ended September 30, 2024 up from 3.73% for the quarter ended June 30, 2024.
Nonperforming loans were $69.9 million or 0.61% of total loans, a decrease of $33.8 million or 33% from the quarter ended June 30, 2024.
- Charge-offs of $32.1 million, of which the majority have been reserved for in prior periods, were recorded for the third quarter.

	For the Quarter Ended									For the Nine Months Ended September 30,
	9/30/2024			6/30/2024			9/30/2023			2024			2023
Earnings Summary:
Net income/(loss) available to common stockholders (in millions)	$	62.1		$	37.7		$	46.1		$	149.6		$	144.2
Diluted earnings/(loss) per common share		1.44			0.88			1.08			3.47			3.37
Annualized return on average assets		1.38	%		0.84	%		0.94	%		1.10	%		1.00	%
Annualized return on average common equity		12.60			8.14			10.47			10.59			11.28
Annualized return on average tangible common equity (non-GAAP)⁽¹⁾		18.32			12.28			16.32			15.77			17.82
Net interest margin		3.73			3.68			3.14			3.65			3.23
Net interest margin, fully tax-equivalent (non-GAAP)⁽¹⁾		3.78			3.73			3.18			3.69			3.27
Efficiency ratio		48.58			65.69			63.77			58.94			61.86
Adjusted efficiency ratio, fully-tax equivalent (non-GAAP)⁽¹⁾		57.98			57.73			59.95			58.16			58.98

Adjusted Earnings Summary (1):
Adjusted earnings available to common stockholders (in millions)	$	50.6		$	49.6		$	48.1		$	152.7		$	148.3
Adjusted diluted earnings per common share		1.17			1.15			1.12			3.54			3.47
Adjusted annualized return on average assets		1.14	%		1.09	%		0.98	%		1.12	%		1.02	%
Adjusted annualized return on average common equity		10.27			10.71			10.92			10.81			11.60
Adjusted annualized return on average tangible common equity		14.98			16.05			17.02			16.09			18.31

(1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to the financial tables for reconciliations to the most directly comparable GAAP measures.

“HTLF delivered a solid third quarter. Net interest margin increased as we continue to pay down high cost wholesale deposits. Our tangible common equity ratio improved to 8.14%. In July we completed the strategic sale of Rocky Mountain Bank in Montana, resulting in a net gain of $29.7 million. We continue to work closely with our partners at UMB on integration planning for our two companies and we’re excited about closing the transaction, expected in Q1 2025.”

Bruce K. Lee, President and Chief Executive Officer, HTLF

DENVER, Oct. 29, 2024 (GLOBE NEWSWIRE) — Heartland Financial USA, Inc. (NASDAQ: HTLF) today reported the following results for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023:

Net income available to common stockholders of $62.1 million compared to $46.1 million, an increase of $16.1 million or 35%.
Earnings per diluted common share of $1.44 compared to $1.08, an increase of $0.36 or 33%.
Adjusted earnings available to common stockholders⁽¹⁾ of $50.6 million or $1.17 per diluted common share compared to $48.1 million or $1.12 per diluted common share, which excludes:
- Gain on sale, net, of $29.7 million due to the sale of Rocky Mountain Bank branches in Montana.
- Loss on security sales of $9.5 million.
- Loss on fixed assets of $2.9 million due to branch closures and write-downs on properties listed for sale.
Net interest income of $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
Annualized return on average assets of 1.38% compared to 0.94%. Adjusted annualized return on average assets⁽¹⁾ of 1.14% compared to 0.98%.
Annualized return on average common equity of 12.60% compared to 10.47%. Adjusted annualized return on average common equity⁽¹⁾ of 10.27% compared to 10.92%.
Annualized return on average tangible common equity⁽¹⁾ of 18.32% compared to 16.32%. Adjusted annualized return on average tangible common equity⁽¹⁾ of 14.98% compared to 17.02%.

Rocky Mountain Bank Sale

HTLF Bank closed on the sale of the Rocky Mountain Bank branches in Montana in mid-July to two purchasers, which included loans of $343.8 million, deposits of $531.9 million and fixed assets of $13.8 million. The gain on sale, net, of $29.7 million was realized in the third quarter of 2024.

Net Interest Income and Net Interest Margin

Net interest margin, expressed as a percentage of average earning assets, was 3.73% (3.78% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2024 compared to 3.68% (3.73% on a fully tax-equivalent basis, non-GAAP) for the second quarter of 2024, and 3.14% (3.18% on a fully tax-equivalent basis, non-GAAP) for the third quarter of 2023.

Total interest income and average earning asset changes for the third quarter of 2024 compared to the third quarter of 2023 were:

Total interest income was $253.8 million compared to $245.4 million, an increase of $8.4 million or 3%, primarily attributable to an increase in yields on average earning assets. During the third quarter of 2024, HTLF recorded $5.3 million in additional interest income for a security that paid off.
Total interest income on a tax-equivalent basis (non-GAAP) was $255.8 million, an increase of $8.2 million or 3%, from $247.6 million. Subsequent to September 30, 2024, the fair value hedges were terminated in favorable market conditions in early October. HTLF recorded $10.3 million of interest income associated with the fair value hedges in the third quarter of 2024 in comparison to $5.6 million in the third quarter of 2023. As a result of the fair value hedge terminations, no additional interest income will be recorded.
Average earning assets decreased $1.60 billion or 9% to $16.84 billion compared to $18.44 billion, primarily due to the sale of $865.4 million of securities during the fourth quarter of 2023, $108.4 million of securities sold during the second quarter of 2024, and $40.3 million of securities sold during the third quarter of 2024. The proceeds were utilized to pay down high-cost wholesale deposits and borrowings.
The average rate on earning assets increased 71 basis points to 6.04% from 5.33%, primarily due to recent interest rate increases on earning assets.

Total interest expense and average interest-bearing liability changes for the third quarter of 2024 compared to the third quarter of 2023 were:

Total interest expense was $95.9 million, a decrease of $3.8 million from $99.7 million, primarily due to a decrease in average interest-bearing liabilities.
The average interest rate paid on interest-bearing liabilities increased 17 basis points to 3.18% from 3.01%.
Average interest-bearing deposits decreased $1.65 billion or 13% to $11.03 billion from $12.68 billion.
The average interest rate paid on interest-bearing deposits decreased 4 basis points to 2.86% from 2.90%.
Average borrowings and term debt increased $478.2 million to $953.9 million from $475.7 million, and the average interest rate paid on borrowings decreased 40 basis points to 5.39% from 5.78%.

Net interest income changes for the third quarter of 2024 compared to the third quarter of 2023 were:

Net interest income totaled $157.9 million compared to $145.8 million, an increase of $12.1 million or 8%.
Net interest income on a tax-equivalent basis (non-GAAP) totaled $159.9 million compared to $147.9 million, an increase of $12.0 million or 8%.

Noninterest Income and Noninterest Expense

Total noninterest income was $19.0 million during the third quarter of 2024 compared to $28.4 million during the third quarter of 2023, a decrease of $9.4 million or 33%. Significant changes within the noninterest income category for the third quarter of 2024 compared to the third quarter of 2023 were:

Service charges and fees decreased $1.5 million or 8% to $17.1 million from $18.6 million, primarily attributable to a decrease in consumer NSF and overdraft fees. In the fourth quarter of 2023, HTLF instituted a new fee policy across our single charter customer base in response to industry changes related to consumer overdraft fees.
Net security losses increased $9.4 million to $9.5 million compared to net security losses of $114,000.
Net gains on sales of loans held for sale decreased to $0 from $905,000, due to HTLF ceasing originations of residential mortgage loans to be sold to the secondary market.
Other noninterest income increased $957,000 to $1.6 million from $619,000, primarily due to an increase in deferred compensation income of $1.0 million to $1.5 million from $433,000.

Total noninterest expense was $85.9 million during the third quarter of 2024 compared to $111.1 million during the third quarter of 2023, a decrease of $25.1 million or 23%. Significant changes within the noninterest expense category for the third quarter of 2024 compared to the third quarter of 2023 were:

Salaries and employee benefits totaled $62.7 million compared to $62.3 million, an increase of $480,000 or 1%. The increase was attributable to higher benefit costs including incentive compensation and benefit expenses partially offset by a reduction of full-time equivalent employees. Full-time equivalent employees totaled 1,725 compared to 1,965, a decrease of 240 or 12%.
Professional fees totaled $17.4 million compared to $13.6 million, an increase of $3.8 million or 28%, primarily due to an increase legal expenses, including those associated with special asset loans.
Gain on sale of assets, net, totaled $26.4 million compared to a loss on sale of assets of $108,000. As discussed earlier, Rocky Mountain Bank, a division of HTLF Bank, was sold during the third quarter of 2024 which generated a gain on sale, net, of $29.7 million.

The effective tax rate was 24.25% for the third quarter of 2024 compared to 21.89% for third quarter of 2023. The following items impacted the third quarter 2024 and 2023 tax calculations:

Various tax credits of $629,000 compared to $1.6 million.
Tax-exempt interest income as a percentage of pre-tax income of 8.92% compared to 13.14%.
Tax benefit of $140,000 compared to a tax expense of $41,000 resulting from the vesting of restricted stock units.
Tax expense of $1.1 million compared to $1.6 million resulting from the disallowed interest expense related to tax-exempt loans and securities.

Total Assets, Total Loans and Total Deposits

Total assets were $18.27 billion at September 30, 2024, compared to $18.81 billion at June 30, 2024, and $19.41 billion at December 31, 2023. Total assets decreased $540.1 million or 3% during the third quarter of 2024 and $1.14 billion or 6% since year-end 2023. Securities represented 27% and 29% of total assets at September 30, 2024, and December 31, 2023, respectively.

Total loans held to maturity were $11.44 billion at September 30, 2024, compared to $11.61 billion at June 30, 2024, and $12.07 billion at December 31, 2023. Loans decreased $167.4 million or 1% during the third quarter of 2024 and $627.7 million or 5% since year-end 2023. Excluding the impact of Rocky Mountain Bank, loans held to maturity decreased $172.4 million or 1% during the third quarter of 2024 and decreased $284.0 million or 2% since year-end 2023.

Significant changes by loan category at September 30, 2024 compared to June 30, 2024 included:

Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $262.7 million or 4% to $5.99 billion compared to $6.26 billion. Excluding the impact of Rocky Mountain Bank, commercial and business lending decreased $119.4 million or 2%.
Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, decreased $3.3 million, or less than 1%, to $3.58 billion compared to $3.58 billion. Excluding the impact of Rocky Mountain Bank, commercial real estate lending increased $67.0 million or 2%.
Agricultural and agricultural real estate loans decreased $167.2 million or 19% to $701.2 million compared to $868.4 million. Excluding the impact of Rocky Mountain Bank, agricultural and agricultural real estate loans decreased $99.9 million or 12%.
Residential mortgage loans decreased $56.7 million or 7% to $708.0 million compared to $764.7 million. Excluding the impact of Rocky Mountain Bank, residential mortgage loans decreased $25.7 million or 3%.

Significant changes by loan category at September 30, 2024 compared to December 31, 2023 included:

Commercial and business lending, which includes commercial and industrial, PPP and owner occupied commercial real estate loans, decreased $298.6 million or 5% to $5.99 billion compared to $6.29 billion. Excluding the Rocky Mountain Bank loans sold of $143.3 million, commercial and business lending decreased $155.3 million or 2%.
Commercial real estate lending, which includes non-owner occupied commercial real estate and construction loans, increased $9.9 million or less than 1% to $3.58 billion compared to $3.57 billion. Excluding the Rocky Mountain Bank loans sold of $70.3 million, commercial real estate lending increased $80.2 million or 2%.
Agricultural and agricultural real estate loans decreased $218.0 million or 24% to $701.2 million compared to $919.2 million. Excluding the Rocky Mountain Bank loans sold of $67.3 million, agricultural and agricultural real estate loans decreased $150.7 million or 16%.
Residential mortgage loans decreased $89.8 million or 11% to $708.0 million compared to $797.8 million. Excluding the Rocky Mountain Bank loans sold of $31.0 million, residential mortgage loans decreased $58.9 million or 7%.

Total deposits were $14.95 billion as of September 30, 2024, compared to $14.96 billion as of June 30, 2024, a decrease of $3.4 million or less than 1%. Total deposits were $14.95 billion as of September 30, 2024, compared to $16.20 billion at December 31, 2023, which was a decrease of $1.25 billion or 8%. Excluding the impact of Rocky Mountain Bank, deposits decreased $9.8 million or less than 1% during the third quarter of 2024 and decreased $716.6 million or 4% since year-end 2023.

Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.13 billion at June 30, 2024, an increase of $217.6 million or 2%. Excluding the impact of Rocky Mountain Bank, customer deposits increased $211.2 million or 1%. Significant customer deposit changes by category at September 30, 2024, compared to June 30, 2024, included:

Customer demand deposits decreased $367.6 million or 8% to $4.01 billion compared to $4.38 billion. Excluding the impact of Rocky Mountain Bank, customer demand deposits decreased $235.9 million or 6%.
Customer savings deposits increased $270.0 million or 3% to $8.71 billion compared to $8.44 billion. Excluding the impact of Rocky Mountain Bank, customer savings deposits increased $554.4 million or 7%.
Customer time deposits decreased $223.1 million or 12% to $1.63 billion compared to $1.85 billion. Excluding the impact of Rocky Mountain Bank, customer time deposits decreased $107.3 million or 6%.

Total customer deposits were $14.35 billion as of September 30, 2024, compared to $14.86 billion at December 31, 2023, a decrease of $505.1 million or 3%. Excluding the Rocky Mountain Bank customer deposits sold of $531.9 million, customer deposits increased $26.7 million. Significant customer deposit changes by category at September 30, 2024, compared to December 31, 2023, included:

Customer demand deposits decreased $491.1 million or 11% to $4.01 billion compared to $4.50 billion. Excluding the Rocky Mountain Bank customer demand deposits sold of $131.7 million, customer demand deposits decreased $359.3 million or 8%.
Customer savings deposits increased $302.0 million or 4% to $8.71 billion compared to $8.41 billion. Excluding the Rocky Mountain Bank customer savings deposits sold of $284.3 million, customer savings deposits increased $586.3 million or 7%.
Customer time deposits decreased $316.0 million or 16% to $1.63 billion compared to $1.94 billion. Excluding the Rocky Mountain Bank customer time deposits sold of $115.8 million, customer time deposits decreased $200.2 million or 10%.

Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, a decrease of $221.0 million or 27% from $822.9 million at June 30, 2024. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to June 30, 2024 included:

Wholesale and institutional savings deposits decreased $105.7 million or 33% to $213.0 million compared to $318.6 million.
Wholesale time deposits decreased $115.3 million or 23% to $389.0 million compared to $504.3 million.

Total wholesale and institutional deposits were $601.9 million as of September 30, 2024, which was a decrease of $743.4 million or 55% from $1.35 billion at December 31, 2023. Significant wholesale and institutional deposit changes by category at September 30, 2024 compared to December 31, 2023 included:

Wholesale and institutional savings deposits decreased $181.4 million or 46% to $213.0 million compared to $394.4 million.
Wholesale time deposits decreased $562.0 million or 59% to $389.0 million compared to $950.9 million.

Provision and Allowance

Provision and Allowance for Credit Losses for Loans
Provision for credit losses for loans for the third quarter of 2024 was $8.9 million, an increase of $6.2 million from $2.7 million recorded in the third quarter of 2023.

The allowance for credit losses for loans totaled $106.8 million at September 30, 2024 and $122.6 million at December 31, 2023. The following items impacted the allowance for credit losses for loans at September 30, 2024:

Provision expense for the nine months ended September 30, 2024, totaled $22.3 million. Provision expense was primarily impacted in the third quarter of 2024 by a nonperforming food manufacturing syndication loan currently in bankruptcy proceedings. HTLF recorded a charge-off of $19.2 million for this credit during the third quarter of 2024, of which $10.0 million was reserved for in a prior period.
Net charge-offs of $38.0 million, of which the majority have been reserved for in prior periods, were recorded for the first nine months of 2024.

Provision and Allowance for Credit Losses for Unfunded Commitments
The allowance for unfunded commitments decreased $6.0 million or 36% to $10.5 million at September 30, 2024, from $16.5 million at December 31, 2023. The following impacted HTLF’s allowance for credit losses for unfunded commitments during 2024:

Provision benefit for the nine months ended September 30, 2024, totaled $6.0 million.
Reduction of $82.9 million in unfunded commitments for construction loans, which carry the highest loss rate.
Total unfunded commitments decreased $684.5 million or 15% to $3.94 billion at September 30, 2024 compared to $4.63 billion at December 31, 2023.

Total Provision and Allowance for Lending Related Credit Losses
The total provision expense for lending related credit losses was $6.3 million for the third quarter of 2024 compared to $1.5 million for the third quarter of 2023. The total allowance for lending related credit losses was $117.3 million or 1.02% of total loans at September 30, 2024, compared to $139.0 million or 1.15% of total loans as of December 31, 2023.

Nonperforming Assets

Nonperforming assets were $76.8 million or 0.42% of total assets at September 30, 2024, compared to $110.5 million or 0.57% of total assets at December 31, 2023. Nonperforming assets were reduced by charge-offs of $32.1 million and the return to performing status of a $10.4 million owner occupied commercial real estate loan relationship. The reduction was partially offset by the addition of a $10.1 million non-owner commercial real estate loan relationship. Nonperforming loans were $69.9 million or 0.61% of total loans at September 30, 2024, compared to $97.9 million or 0.81% of total loans at December 31, 2023. At September 30, 2024, loans delinquent 30-89 days were 0.26% of total loans compared to 0.09% of total loans at December 31, 2023. The increase in the 30-89 day delinquencies was due to a single $12.8 million real estate construction loan. Other real estate owned, net, decreased $5.7 million or 46% to $6.8 million at September 30, 2024 from $12.5 million at December 31, 2023.

Non-GAAP Financial Measures

This earnings release contains references to financial measures which are not defined by generally accepted accounting principles (“GAAP”). Management believes the non-GAAP measures are helpful for investors to analyze and evaluate the company’s financial condition and operating results. However, these non-GAAP measures have inherent limitations and should not be considered a substitute for operating results determined in accordance with GAAP. Additionally, because non-GAAP measures are not standardized, it may not be possible to compare the non-GAAP measures in this earnings release with other companies’ non-GAAP measures. Reconciliations of each non-GAAP measure to the most directly comparable GAAP measure may be found in the financial tables in this earnings release.

Below are the non-GAAP measures included in this earnings release, management’s reason for including each measure and the method of calculating each measure:

Adjusted earnings available to common stockholders and adjusted diluted earnings per common share, adjust net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes these measures enhance the comparability net income available to common stockholders as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Adjusted annualized return on average assets, adjusts net income for the gain/loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Annualized net interest margin, fully tax-equivalent, adjusts net interest income for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources.
Adjusted efficiency ratio, fully tax equivalent, expresses noninterest expenses as a percentage of fully tax-equivalent net interest income and noninterest income. This efficiency ratio is presented on a tax-equivalent basis which adjusts net interest income and noninterest expenses for the tax favored status of certain loans, securities, and tax credit projects. Management believes the presentation of this non-GAAP measure provides supplemental useful information for proper understanding of the financial results as it enhances the comparability of income and expenses arising from taxable and nontaxable sources and excludes specific items as noted in reconciliation contained in this earnings release.
Net interest income, fully tax equivalent, is net income adjusted for the tax-favored status of certain loans and securities. Management believes this measure enhances the comparability of net interest income arising from taxable and tax-exempt sources. Net interest margin, fully tax equivalent, is net interest income adjusted for the tax-favored status of certain loans and securities divided by average earning assets.
Tangible book value per common share is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by common shares outstanding, net of treasury. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
Tangible common equity ratio is total common equity less goodwill and core deposit and customer relationship intangibles, net, divided by total assets less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate financial condition and capital strength.
Adjusted annualized return on average common equity, adjusts net income for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Annualized return on average tangible common equity is net income excluding intangible amortization calculated as (1) net income excluding tax-effected core deposit and customer relationship intangibles amortization, divided by (2) average common equity less goodwill and core deposit and customer relationship intangibles, net. This measure is included as it is considered to be a critical metric to analyze and evaluate use of equity, financial condition and capital strength.
Adjusted annualized return on average tangible common equity, adjusts net income available to common stockholders for the loss from sale of securities, and other non-operating expenses as well as the tax effect of those transactions. Management believes this measure enhances the comparability of annualized return on average assets as it reflects adjustments commonly made by management, investors and analysts to evaluate the ongoing operations and enhance comparability with the results of prior periods.
Annualized ratio of core expenses to average assets adjusts noninterest expenses to exclude specific items noted in the reconciliation. Management includes this measure as it is considered to be a critical metric to analyze and evaluate controllable expenses related to primary business operations.

About HTLF

Heartland Financial USA, Inc., is a Denver, Colorado-based bank holding company operating under the brand name HTLF, with assets of $18.27 billion as of September 30, 2024. HTLF’s banks serve customers in the West, Southwest and Midwest regions. HTLF is committed to serving the banking needs of privately owned businesses, their owners, executives and employees. Our core commercial business is supported by a strong retail banking operation, in addition to a diversified line of financial services including treasury management, wealth management and investments. Additional information is available at www.htlf.com.

Safe Harbor Statement

This release (including any information incorporated herein by reference), and future oral and written statements of the company and its management, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, with respect to the business, financial condition, results of operations, plans, objectives and future performance of HTLF.

Any statements about the company’s expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements may include information about possible or assumed future results of the company’s operations or performance. These forward-looking statements are generally identified by the use of the words such as “believe”, “expect”, “intent”, “anticipate”, “plan”, “intend”, “estimate”, “project”, “may”, “will”, “would”, “could”, “should”, “may”, “view”, “opportunity”, “potential”, or similar or negative expressions of these words or phrases that are used in this release, and future oral and written statements of the company and its management. Although the company may make these statements based on management’s experience, beliefs, expectations, assumptions and best estimate of future events, the ability of the company to predict results or the actual effect or outcomes of plans or strategies is inherently uncertain, and there may be events or factors that management has not anticipated. Therefore, the accuracy and achievement of such forward-looking statements and estimates are subject to a number of risks, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which the company currently believes could have a material effect on its operations and future prospects, are detailed below and in the risk factors in HTLF’s reports filed with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section under Item 1A of Part I of the company’s Annual Report on Form 10-K for the year ended December 31, 2023 and updates in HTLF’s Forms 10-Q filed thereafter, and include, among others:

Economic and Market Conditions Risks, including risks related to the deterioration of the U.S. economy in general and in the local economies in which HTLF conducts its operations and future civil unrest, natural disasters, pandemics and governmental measures addressing them, climate change and climate-related regulations, persistent inflation, higher interest rates, supply chain issues, labor shortages, terrorist threats or acts of war;
Credit Risks, including risks of increasing credit losses due to deterioration in the financial condition of HTLF’s borrowers, changes in asset and collateral values due to climate and other borrower industry risks, which may impact the provision for credit losses and net charge-offs;
Liquidity and Interest Rate Risks, including the impact of capital market conditions, rising interest rates and changes in monetary policy on our borrowings and net interest income;
Risks related to the planned merger with UMB Financial Corporation (the “Merger”), the fluctuation of the market value of the merger consideration, risks related to combining our businesses, including expenses related to the Merger and integration of the combined entity, risks that the Merger may not occur, and the risk of litigation related to the Merger;
Operational Risks, including processing, information systems, cybersecurity, vendor, business interruption, and fraud risks;
Strategic and External Risks, including economic, political, and competitive forces impacting our business;
Legal, Compliance and Reputational Risks, including regulatory and litigation risks; and
Risks of Owning Stock in HTLF, including stock price volatility and dilution as a result of future equity offerings and acquisitions.

There can be no assurance that other factors not currently anticipated by HTLF will not materially and adversely affect HTLF’s business, financial condition and results of operations. Additionally, all statements in this release, including forward-looking statements speak only as of the date they are made. HTLF does not undertake and specifically disclaims any obligation to publicly release the results of any revisions which may be made to or correct or update any forward-looking statement to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events or to otherwise update any statement in light of new information or future events. Further information concerning HTLF and its business, including additional factors that could materially affect HTLF’s financial results, is included in HTLF’s filings with the SEC.

-FINANCIAL TABLES FOLLOW-

CONTACT:

Kevin L. Thompson

Executive Vice President

Chief Financial Officer

(563) 589-1994

kthompson@htlf.com

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Interest Income
Interest and fees on loans	$	192,506		$	182,394		$	587,328		$	505,136
Interest on securities:
Taxable		51,116			54,800			145,511			168,948
Nontaxable		5,979			6,584			18,062			18,990
Interest on federal funds sold		—			3			—			3
Interest on deposits with other banks and short-term investments		4,193			1,651			10,244			4,833
Total Interest Income		253,794			245,432			761,145			697,910
Interest Expense
Interest on deposits		82,976			92,744			247,609			231,617
Interest on borrowings		7,378			1,167			25,727			4,437
Interest on term debt		5,543			5,765			16,956			16,756
Total Interest Expense		95,897			99,676			290,292			252,810
Net Interest Income		157,897			145,756			470,853			445,100
Provision for credit losses		6,276			1,516			16,270			9,969
Net Interest Income After Provision for Credit Losses		151,621			144,240			454,583			435,131
Noninterest Income
Service charges and fees		17,100			18,553			51,127			55,316
Loan servicing income		111			278			349			1,403
Trust fees		5,272			4,734			15,847			15,810
Brokerage and insurance commissions		853			692			2,501			2,065
Capital markets fees		2,116			1,845			5,003			8,331
Securities gains (losses), net		(9,520	)		(114	)		(19,573	)		(1,532	)
Unrealized gain on equity securities, net		377			13			605			165
Net gains on sale of loans held for sale		—			905			104			3,786
Income on bank owned life insurance		1,107			858			3,610			3,042
Other noninterest income		1,576			619			5,289			2,489
Total Noninterest Income		18,992			28,383			64,862			90,875
Noninterest Expense
Salaries and employee benefits		62,742			62,262			191,817			186,510
Occupancy		6,318			6,438			19,843			20,338
Furniture and equipment		2,062			2,720			6,554			8,698
Professional fees		17,448			13,616			48,351			41,607
FDIC insurance assessments		3,035			3,313			11,344			9,627
Advertising		1,937			1,633			4,663			6,670
Core deposit intangibles amortization		1,345			1,625			4,258			5,128
Other real estate and loan collection expenses, net		395			481			1,422			984
(Gain) loss on sales/valuations of assets, net		(26,419	)		108			(26,012	)		(2,149	)
Acquisition, integration and restructuring costs		2,026			2,429			9,374			5,994
Partnership investment in tax credit projects		222			1,136			938			1,828
Other noninterest expense		14,816			15,292			43,214			46,307
Total Noninterest Expense		85,927			111,053			315,766			331,542
Income Before Income Taxes		84,686			61,570			203,679			194,464
Income taxes		20,533			13,479			48,077			44,181
Net Income/(Loss)		64,153			48,091			155,602			150,283
Preferred dividends		(2,013	)		(2,013	)		(6,038	)		(6,038	)
Net Income/(Loss) Available to Common Stockholders	$	62,140		$	46,078		$	149,564		$	144,245
Earnings/(loss) per common share-diluted	$	1.44		$	1.08		$	3.47		$	3.37
Weighted average shares outstanding-diluted		43,195,257			42,812,563			43,080,422			42,769,872

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Interest Income
Interest and fees on loans	$	192,506		$	199,161		$	195,661		$	192,861		$	182,394
Interest on securities:
Taxable		51,116			47,381			47,014			54,573			54,800
Nontaxable		5,979			6,042			6,041			6,278			6,584
Interest on federal funds sold		—			—			—			—			3
Interest on deposits with other banks and short-term investments		4,193			3,045			3,006			2,174			1,651
Total Interest Income		253,794			255,629			251,722			255,886			245,432
Interest Expense
Interest on deposits		82,976			80,499			84,134			88,071			92,744
Interest on borrowings		7,378			10,825			7,524			5,874			1,167
Interest on term debt		5,543			5,564			5,849			5,804			5,765
Total Interest Expense		95,897			96,888			97,507			99,749			99,676
Net Interest Income		157,897			158,741			154,215			156,137			145,756
Provision for credit losses		6,276			9,008			986			11,738			1,516
Net Interest Income After Provision for Credit Losses		151,621			149,733			153,229			144,399			144,240
Noninterest Income
Service charges and fees		17,100			16,964			17,063			18,708			18,553
Loan servicing income		111			107			131			158			278
Trust fees		5,272			5,532			5,043			4,905			4,734
Brokerage and insurance commissions		853			894			754			729			692
Capital markets fees		2,116			1,996			891			1,676			1,845
Securities gains (losses), net		(9,520	)		(10,111	)		58			(140,007	)		(114	)
Unrealized gain on equity securities, net		377			133			95			75			13
Net gains on sale of loans held for sale		—			—			104			94			905
Income on bank owned life insurance		1,107			1,326			1,177			729			858
Other noninterest income		1,576			1,366			2,347			1,132			619
Total Noninterest Income		18,992			18,207			27,663			(111,801	)		28,383
Noninterest Expense
Salaries and employee benefits		62,742			65,120			63,955			64,766			62,262
Occupancy		6,318			6,262			7,263			6,509			6,438
Furniture and equipment		2,062			2,155			2,337			2,901			2,720
Professional fees		17,448			15,372			15,531			17,060			13,616
FDIC insurance assessments		3,035			3,340			4,969			10,313			3,313
Advertising		1,937			1,368			1,358			1,677			1,633
Core deposit intangibles amortization		1,345			1,421			1,492			1,611			1,625
Other real estate and loan collection expenses, net		395			515			512			505			481
(Gain) loss on sales/valuations of assets, net		(26,419	)		193			214			2,072			108
Acquisition, integration and restructuring costs		2,026			5,973			1,375			4,365			2,429
Partnership investment in tax credit projects		222			222			494			3,573			1,136
Other noninterest expense		14,816			14,303			14,095			14,933			15,292
Total Noninterest Expense		85,927			116,244			113,595			130,285			111,053
Income Before Income Taxes		84,686			51,696			67,297			(97,687	)		61,570
Income taxes		20,533			11,954			15,590			(27,324	)		13,479
Net Income/(Loss)		64,153			39,742			51,707			(70,363	)		48,091
Preferred dividends		(2,013	)		(2,012	)		(2,013	)		(2,012	)		(2,013	)
Net Income/(Loss) Available to Common Stockholders	$	62,140		$	37,730		$	49,694		$	(72,375	)	$	46,078
Earnings/(loss) per common share-diluted	$	1.44		$	0.88		$	1.16		$	(1.69	)	$	1.08
Weighted average shares outstanding-diluted		43,195,257			43,060,354			42,915,768			42,838,405			42,812,563

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Assets
Cash and due from banks	$	228,719		$	226,735		$	208,176		$	275,554		$	248,756
Interest-bearing deposits with other banks and short-term investments		359,675			147,211			236,190			47,459			99,239
Cash and cash equivalents		588,394			373,946			444,366			323,013			347,995
Time deposits in other financial institutions		1,050			1,340			1,240			1,240			1,490
Securities:
Carried at fair value		4,057,335			4,185,054			4,418,222			4,646,891			5,482,687
Held to maturity, at cost		839,623			842,980			841,055			838,241			835,468
Other investments, at cost		69,511			70,684			68,524			91,277			90,001
Loans held for sale		—			348,761			352,744			5,071			6,262
Loans:
Held to maturity		11,440,917			11,608,309			11,644,641			12,068,645			11,872,436
Allowance for credit losses		(106,797	)		(126,861	)		(123,934	)		(122,566	)		(110,208	)
Loans, net		11,334,120			11,481,448			11,520,707			11,946,079			11,762,228
Premises, furniture and equipment, net		155,140			175,953			176,582			181,070			187,436
Goodwill		576,005			576,005			576,005			576,005			576,005
Core deposit intangibles, net		14,157			15,501			16,923			18,415			20,026
Cash surrender value on life insurance		199,998			199,036			197,671			197,085			196,694
Other real estate, net		6,805			7,533			2,590			12,548			14,362
Other assets		430,155			534,429			516,198			574,772			609,139
Total Assets	$	18,272,293		$	18,812,670		$	19,132,827		$	19,411,707		$	20,129,793
Liabilities and Equity
Liabilities
Deposits:
Demand	$	4,009,218		$	4,244,169		$	4,264,390		$	4,500,304		$	4,792,813
Savings		8,926,192			8,470,416			8,669,221			8,805,597			8,754,911
Time		2,017,806			2,242,005			2,368,555			2,895,813			3,553,269
Total deposits		14,953,216			14,956,590			15,302,166			16,201,714			17,100,993
Deposits held for sale		—			538,308			596,328			—			—
Borrowings		546,219			694,909			650,033			622,255			392,634
Term debt		373,324			372,988			372,652			372,396			372,059
Accrued expenses and other liabilities		259,161			222,025			232,815			282,225			438,577
Total Liabilities		16,131,920			16,784,820			17,153,994			17,478,590			18,304,263
Stockholders’ Equity
Preferred equity		110,705			110,705			110,705			110,705			110,705
Common stock		42,884			42,852			42,784			42,688			42,656
Capital surplus		1,098,837			1,096,619			1,093,207			1,090,740			1,088,267
Retained earnings		1,252,247			1,203,092			1,178,330			1,141,501			1,226,740
Accumulated other comprehensive income/(loss)		(364,300	)		(425,418	)		(446,193	)		(452,517	)		(642,838	)
Total Equity		2,140,373			2,027,850			1,978,833			1,933,117			1,825,530
Total Liabilities and Equity	$	18,272,293		$	18,812,670		$	19,132,827		$	19,411,707		$	20,129,793

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Average Balances
Assets	$	18,439,910		$	19,043,362		$	19,296,638		$	19,667,825		$	20,207,920
Loans, net of unearned		11,584,999			12,010,289			12,021,930			11,938,272			11,800,064
Total deposits		15,148,944			15,562,920			16,042,402			16,709,394			17,507,813
Customer deposits		14,347,965			14,768,407			14,816,652			14,969,948			14,699,235
Earning assets		16,838,131			17,331,435			17,597,068			17,853,957			18,439,010
Interest-bearing liabilities		11,986,220			12,461,957			12,607,745			12,721,680			13,158,631
Common equity		1,962,334			1,863,236			1,832,959			1,729,086			1,746,818
Total stockholders’ equity		2,073,039			1,973,941			1,943,664			1,839,791			1,857,523
Tangible common equity (non-GAAP)⁽¹⁾		1,371,515			1,271,046			1,239,313			1,133,888			1,149,992

Key Performance Ratios
Annualized return on average assets		1.38	%		0.84	%		1.08	%	(1.42		)%		0.94	%
Adjusted annualized return on average assets (non-GAAP)⁽¹⁾		1.14			1.09			1.13			0.96			0.98
Annualized return on average common equity (GAAP)		12.60			8.14			10.90			(16.61	)		10.47
Adjusted annualized return on average common equity (non-GAAP)⁽¹⁾		10.27			10.71			11.50			10.46			10.92
Annualized return on average tangible common equity (non-GAAP)⁽¹⁾		18.32			12.28			16.49			(24.89	)		16.32
Adjusted annualized return on average tangible common equity (non-GAAP)⁽¹⁾		14.98			16.05			17.38			16.38			17.02
Annualized ratio of net charge-offs/(recoveries) to average loans		0.99			0.23			0.08			0.01			0.12
Annualized net interest margin (GAAP)		3.73			3.68			3.52			3.47			3.14
Annualized net interest margin, fully tax-equivalent (non-GAAP)⁽¹⁾		3.78			3.73			3.57			3.52			3.18
Annualized cost of deposits		2.18			2.08			2.11			2.09			2.10
Efficiency ratio (GAAP)		48.58			65.69			62.46			293.86			63.77
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)⁽¹⁾		57.98			57.73			58.77			59.31			59.95
Annualized ratio of total noninterest expenses to average assets (GAAP)		1.85			2.46			2.37			2.63			2.18
Annualized ratio of core expenses to average assets (non-GAAP)⁽¹⁾		2.35			2.30			2.25			2.23			2.08

	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
Average Balances
Assets	$	18,439,910		$	20,207,920		$	18,924,862		$	20,182,808
Loans, net of unearned		11,584,999			11,800,064			11,871,358			11,602,741
Total deposits		15,148,944			17,507,813			15,583,165			17,567,614
Customer deposits		14,347,965			14,699,235			14,642,347			14,778,030
Earning assets		16,838,131			18,439,010			17,254,023			18,451,907
Interest-bearing liabilities		11,986,220			13,158,631			12,350,640			12,985,665
Common equity		1,962,334			1,746,818			1,886,454			1,710,230
Total stockholders’ equity		2,073,039			1,857,523			1,997,159			1,820,935
Tangible common equity (non-GAAP)(1)		1,371,515			1,149,992			1,294,241			1,111,724

Key Performance Ratios
Annualized return on average assets		1.38	%		0.94	%		1.10	%		1.00	%
Adjusted annualized return on average assets (non-GAAP)⁽¹⁾		1.14			0.98			1.12			1.02
Annualized return on average common equity (GAAP)		12.60			10.47			10.59			11.28
Adjusted annualized return on average common equity (non-GAAP)⁽¹⁾		10.27			10.92			10.81			11.60
Annualized return on average tangible common equity (non-GAAP)⁽¹⁾		18.32			16.32			15.77			17.82
Adjusted annualized return on average tangible common equity (non-GAAP)⁽¹⁾		14.98			17.02			16.09			18.31
Annualized ratio of net charge-offs/(recoveries) to average loans		0.99			0.12			0.43			0.14
Annualized net interest margin (GAAP)		3.73			3.14			3.65			3.23
Annualized net interest margin, fully tax-equivalent (non-GAAP)⁽¹⁾		3.78			3.18			3.69			3.27
Annualized cost of deposits		2.18			2.10			2.12			1.76
Efficiency ratio (GAAP)		48.58			63.77			58.94			61.86
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)⁽¹⁾		57.98			59.95			58.16			58.98
Annualized ratio of total noninterest expenses to average assets (GAAP)		1.85			2.18			2.23			2.20
Annualized ratio of core expenses to average assets (non-GAAP)⁽¹⁾		2.35			2.08			2.30			2.12

(1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE AND FULL TIME EQUIVALENT EMPLOYEE DATA
	As of and for the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Common Share Data
Book value per common share	$	47.33		$	44.74		$	43.66		$	42.69		$	40.20
Tangible book value per common share (non-GAAP)⁽¹⁾		33.57			30.94			29.81			28.77			26.23
ASC 320 effect on book value per common share		(8.78	)		(10.82	)		(11.18	)		(11.00	)		(16.27	)

Common shares outstanding, net of treasury stock		42,883,865			42,852,180			42,783,670			42,688,008			42,656,303

Capital Ratios
Common equity to total assets		11.11	%		10.19	%		9.76	%		9.39	%		8.52	%
Tangible common equity ratio (non-GAAP)⁽¹⁾		8.14			7.28			6.88			6.53			5.73
Tier 1 leverage ratio		10.77			10.13			9.84			9.44			9.59
Common equity tier 1 ratio⁽²⁾		12.66			11.68			11.40			10.97			11.37
Total risk based capital ratio⁽²⁾		16.34			15.32			14.99			14.53			14.90

Other Selected Trend Information
Effective tax rate		24.25	%		23.12	%		23.17	%		27.97	%		21.89	%
Full time equivalent employees		1,725			1,843			1,888			1,970			1,965

Loans Held to Maturity
Commercial and industrial	$	3,503,093		$	3,541,239		$	3,545,051		$	3,652,047		$	3,591,809
Paycheck Protection Program (“PPP”)		1,582			1,864			2,172			2,777			3,750
Owner occupied commercial real estate		2,489,697			2,555,964			2,545,033			2,638,175			2,429,659
Commercial and business lending		5,994,372			6,099,067			6,092,256			6,292,999			6,025,218
Non-owner occupied commercial real estate		2,455,396			2,434,258			2,495,068			2,553,711			2,656,358
Real estate construction		1,119,922			1,082,726			1,041,583			1,011,716			1,029,554
Commercial real estate lending		3,575,318			3,516,984			3,536,651			3,565,427			3,685,912
Total commercial lending		9,569,690			9,616,051			9,628,907			9,858,426			9,711,130
Agricultural and agricultural real estate		701,211			802,958			809,876			919,184			842,116
Residential mortgage		707,984			733,401			756,021			797,829			813,803
Consumer		462,032			455,899			449,837			493,206			505,387
Total loans held to maturity	$	11,440,917		$	11,608,309		$	11,644,641		$	12,068,645		$	11,872,436

Total unfunded loan commitments	$	3,941,268		$	4,381,565		$	4,537,718		$	4,625,768		$	4,813,798

Deposits
Demand-customer	$	4,009,218		$	4,244,169		$	4,264,390		$	4,500,304		$	4,792,813
Savings-customer		8,713,228			8,151,794			8,269,956			8,411,240			8,190,430
Savings-wholesale and institutional		212,964			318,622			399,265			394,357			564,481
Total savings		8,926,192			8,470,416			8,669,221			8,805,597			8,754,911
Time-customer		1,628,856			1,737,723			1,734,971			1,944,884			1,814,335
Time-wholesale		388,950			504,282			633,584			950,929			1,738,934
Total time		2,017,806			2,242,005			2,368,555			2,895,813			3,553,269
Total deposits	$	14,953,216		$	14,956,590		$	15,302,166		$	16,201,714		$	17,100,993

Total customer deposits	$	14,351,302		$	14,133,686		$	14,269,317		$	14,856,428		$	14,797,578
Total wholesale and institutional deposits		601,914			822,904			1,032,849			1,345,286			2,303,415
Total deposits	$	14,953,216		$	14,956,590		$	15,302,166		$	16,201,714		$	17,100,993

(1) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.
(2) September 30, 2024 calculation is preliminary.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	As of and for the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
Allowance for Credit Losses-Loans
Balance, beginning of period	$	126,861		$	123,934		$	122,566		$	110,208		$	111,198
Provision for credit losses		8,871			9,737			3,668			12,750			2,672
Charge-offs		(32,137	)		(7,388	)		(4,093	)		(3,886	)		(3,964	)
Recoveries		3,202			578			1,793			3,494			302
Balance, end of period	$	106,797		$	126,861		$	123,934		$	122,566		$	110,208

Allowance for Unfunded Commitments
Balance, beginning of period	$	13,057		$	13,786		$	16,468		$	17,480		$	18,636
Provision for credit losses		(2,595	)		(729	)		(2,682	)		(1,012	)		(1,156	)
Balance, end of period	$	10,462		$	13,057		$	13,786		$	16,468		$	17,480

Allowance for lending related credit losses	$	117,259		$	139,918		$	137,720		$	139,034		$	127,688

Provision for Credit Losses
Provision for credit losses-loans	$	8,871		$	9,737		$	3,668		$	12,750		$	2,672
Provision for credit losses-unfunded commitments		(2,595	)		(729	)		(2,682	)		(1,012	)		(1,156	)
Total provision (benefit) for credit losses	$	6,276		$	9,008		$	986		$	11,738		$	1,516

Asset Quality
Nonaccrual loans	$	69,115		$	103,123		$	94,800		$	95,426		$	51,304
Loans past due ninety days or more		832			663			611			2,507			511
Other real estate owned		6,805			7,533			2,590			12,548			14,362
Other repossessed assets		—			—			—			—			1
Total nonperforming assets	$	76,752		$	111,319		$	98,001		$	110,481		$	66,178

Nonperforming Assets Activity
Balance, beginning of period	$	111,319		$	98,001		$	110,481		$	66,178		$	66,097
Net loan (charge-offs) recoveries		(28,935	)		(6,810	)		(2,300	)		(392	)		(3,662	)
New nonperforming loans		25,441			48,346			5,470			61,193			19,295
Reduction of nonperforming loans⁽¹⁾		(30,240	)		(28,050	)		(5,692	)		(14,278	)		(14,691	)
OREO/Repossessed assets sales proceeds		(833	)		(168	)		(9,958	)		(2,220	)		(861	)
Balance, end of period	$	76,752		$	111,319		$	98,001		$	110,481		$	66,178

Asset Quality Ratios
Ratio of nonperforming loans to total loans		0.61	%		0.89	%		0.82	%		0.81	%		0.44	%
Ratio of nonperforming assets to total assets		0.42			0.59			0.51			0.57			0.33
Annualized ratio of net loan charge-offs (recoveries) to average loans		0.99			0.23			0.08			0.01			0.12
Allowance for loan credit losses as a percent of loans		0.93			1.09			1.06			1.02			0.93
Allowance for lending related credit losses as a percent of loans		1.02			1.21			1.18			1.15			1.08
Allowance for loan credit losses as a percent of nonperforming loans		152.68			122.23			129.89			125.15			212.70
Loans delinquent 30-89 days as a percent of total loans		0.26			0.25			0.31			0.09			0.12

(1) Includes principal reductions, transfers to performing status and transfers to OREO.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Quarter Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Interest		Rate		Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	4,254,529		$	51,116	4.78	%	$	4,490,407		$	47,381	4.24	%	$	5,726,057		$	54,800	3.80	%
Nontaxable⁽¹⁾		768,483			7,313	3.79			759,234			7,383	3.91			881,162			8,085	3.64
Total securities		5,023,012			58,429	4.63			5,249,641			54,764	4.20			6,607,219			62,885	3.78
Interest on deposits with other banks and short-term investments		355,394			4,193	4.69			194,824			3,045	6.29			142,301			1,651	4.60
Federal funds sold		—			—	—			—			—	—			152			3	7.83
Loans:⁽²⁾
Commercial and industrial⁽¹⁾		3,531,206			65,972	7.43			3,638,004			69,469	7.68			3,610,677			63,001	6.92
PPP loans		1,759			5	1.13			2,242			7	1.26			3,948			11	1.11
Owner occupied commercial real estate		2,527,006			35,189	5.54			2,615,504			37,028	5.69			2,412,501			30,127	4.95
Non-owner occupied commercial real estate		2,474,036			39,536	6.36			2,519,346			39,272	6.27			2,586,011			38,779	5.95
Real estate construction		1,106,387			22,878	8.23			1,093,399			21,770	8.01			1,027,544			19,448	7.51
Agricultural and agricultural real estate		757,745			11,536	6.06			879,707			13,390	6.12			822,957			12,582	6.07
Residential real estate		725,901			9,110	4.99			776,821			9,454	4.89			827,402			9,482	4.55
Consumer		460,959			8,956	7.73			485,266			9,421	7.81			509,024			9,615	7.49
Less: allowance for credit losses		(125,274	)		—	—			(123,319	)		—	—			(110,726	)		—	—
Net loans		11,459,725			193,182	6.71			11,886,970			199,811	6.76			11,689,338			183,045	6.21
Total earning assets		16,838,131			255,804	6.04	%		17,331,435			257,620	5.98	%		18,439,010			247,584	5.33	%
Nonearning Assets		1,601,779							1,711,927							1,768,910
Total Assets	$	18,439,910						$	19,043,362						$	20,207,920
Interest-bearing Liabilities
Savings	$	8,842,494		$	59,307	2.67	%	$	8,834,746		$	55,440	2.52	%	$	8,737,581		$	49,195	2.23	%
Time deposits		2,189,861			23,669	4.30			2,372,653			25,059	4.25			3,945,371			43,549	4.38
Borrowings		580,707			7,378	5.05			881,738			10,825	4.94			103,567			1,167	4.47
Term debt		373,158			5,543	5.91			372,820			5,564	6.00			372,112			5,765	6.15
Total interest-bearing liabilities		11,986,220			95,897	3.18	%		12,461,957			96,888	3.13	%		13,158,631			99,676	3.01	%
Noninterest-bearing Liabilities
Noninterest-bearing deposits		4,116,589							4,355,521							4,824,861
Accrued interest and other liabilities		264,062							251,943							366,905
Total noninterest-bearing liabilities		4,380,651							4,607,464							5,191,766
Stockholders’ Equity		2,073,039							1,973,941							1,857,523
Total Liabilities and Stockholders’ Equity	$	18,439,910						$	19,043,362						$	20,207,920
Net interest income, fully tax-equivalent (non-GAAP)⁽¹⁾⁽³⁾				$	159,907						$	160,732						$	147,908
Net interest spread⁽¹⁾						2.86	%						2.85	%						2.32	%
Net interest income, fully tax-equivalent (non-GAAP^)(1)(3)to total earning assets						3.78	%						3.73	%						3.18	%
Interest-bearing liabilities to earning assets		71.18	%						71.90	%						71.36	%

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
(3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS
	For the Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance			Interest		Rate		Average Balance			Interest		Rate
Earning Assets
Securities:
Taxable	$	4,469,258		$	145,511	4.35	%	$	5,927,026		$	168,948	3.81	%
Nontaxable⁽¹⁾		768,782			22,079	3.84			899,613			23,611	3.51
Total securities		5,238,040			167,590	4.27			6,826,639			192,559	3.77
Interest on deposits with other banks and other short-term investments		268,122			10,244	5.10			133,910			4,833	4.83
Federal funds sold		—			—	—			51			3	7.86
Loans:⁽²⁾
Commercial and industrial⁽¹⁾		3,603,668			202,426	7.50			3,547,256			169,552	6.39
PPP loans		2,195			19	1.16			6,718			61	1.21
Owner occupied commercial real estate		2,583,886			107,734	5.57			2,355,545			84,927	4.82
Non-owner occupied commercial real estate		2,514,452			118,657	6.30			2,459,965			105,111	5.71
Real estate construction		1,087,280			65,497	8.05			1,051,298			56,107	7.14
Agricultural and agricultural real estate		838,395			38,682	6.16			835,673			36,191	5.79
Residential mortgage		764,515			28,699	5.01			840,143			28,138	4.48
Consumer		476,967			27,578	7.72			506,143			26,925	7.11
Less: allowance for credit losses-loans		(123,497	)		—	—			(111,434	)		—	—
Net loans		11,747,861			589,292	6.70			11,491,307			507,012	5.90
Total earning assets		17,254,023			767,126	5.94	%		18,451,907			704,407	5.10	%
Nonearning Assets		1,670,839							1,730,901
Total Assets	$	18,924,862						$	20,182,808
Interest-bearing Liabilities
Savings	$	8,828,973		$	169,414	2.56	%	$	9,130,980		$	128,372	1.88	%
Time deposits		2,447,293			78,195	4.27			3,344,434			103,245	4.13
Borrowings		701,548			25,727	4.90			138,157			4,437	4.29
Term debt		372,826			16,956	6.08			372,094			16,756	6.02
Total interest-bearing liabilities		12,350,640			290,292	3.14	%		12,985,665			252,810	2.60	%
Noninterest-bearing Liabilities
Noninterest-bearing deposits		4,306,899							5,092,200
Accrued interest and other liabilities		270,164							284,008
Total noninterest-bearing liabilities		4,577,063							5,376,208
Stockholders’ Equity		1,997,159							1,820,935
Total Liabilities and Stockholders’ Equity	$	18,924,862						$	20,182,808
Net interest income, fully tax-equivalent (non-GAAP)⁽¹⁾⁽³⁾				$	476,834						$	451,597
Net interest spread⁽¹⁾						2.80	%						2.50	%
Net interest income, fully tax-equivalent (non-GAAP)⁽¹⁾⁽³⁾to total earning assets						3.69	%						3.27	%
Interest-bearing liabilities to earning assets		71.58	%						70.38	%

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Nonaccrual loans and loans held for sale are included in the average loans outstanding.
(3) Refer to “Non-GAAP Measures” in this earnings release for additional information on the usage and presentation of these non-GAAP measures, and refer to these financial tables for the reconciliations to the most directly comparable GAAP measures.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA AND FULL TIME EQUIVALENT EMPLOYEE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
*Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)*
Earnings available to common stockholders (GAAP)	$	62,140		$	37,730		$	49,694		$	(72,375	)	$	46,078
Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,081			1,131			1,229			1,240
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	63,162		$	38,811		$	50,825		$	(71,146	)	$	47,318

Average common equity (GAAP)	$	1,962,334		$	1,863,236		$	1,832,959		$	1,729,086		$	1,746,818
Less average goodwill		576,005			576,005			576,005			576,005			576,005
Less average core deposit intangibles, net		14,814			16,185			17,641			19,193			20,821
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,271,046		$	1,239,313		$	1,133,888		$	1,149,992
Annualized return on average common equity (GAAP)		12.60	%		8.14	%		10.90	%	(16.61		)%		10.47	%
Annualized return on average tangible common equity (non-GAAP)		18.32	%		12.28	%		16.49	%	(24.89		)%		16.32	%

*Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)*
Net Interest Income (GAAP)	$	157,897		$	158,741		$	154,215		$	156,137		$	145,756
Plus tax-equivalent adjustment⁽¹⁾		2,010			1,991			1,981			2,058			2,152
Net interest income, fully tax-equivalent (non-GAAP)	$	159,907		$	160,732		$	156,196		$	158,195		$	147,908

Average earning assets	$	16,838,131		$	17,331,435		$	17,597,068		$	17,853,957		$	18,439,010

Annualized net interest margin (GAAP)		3.73	%		3.68	%		3.52	%		3.47	%		3.14	%
Annualized net interest margin, fully tax-equivalent (non-GAAP)		3.78			3.73			3.57			3.52			3.18
Net purchase accounting discount amortization on loans included in annualized net interest margin		0.02			0.01			0.02			0.02			0.01

*Reconciliation of Tangible Book Value Per Common Share (non-GAAP)*
Common equity (GAAP)	$	2,029,668		$	1,917,145		$	1,868,128		$	1,822,412		$	1,714,825
Less goodwill		576,005			576,005			576,005			576,005			576,005
Less core deposit intangibles, net		14,157			15,501			16,923			18,415			20,026
Tangible common equity (non-GAAP)	$	1,439,506		$	1,325,639		$	1,275,200		$	1,227,992		$	1,118,794

Common shares outstanding, net of treasury stock		42,883,865			42,852,180			42,783,670			42,688,008			42,656,303
Common equity (book value) per share (GAAP)	$	47.33		$	44.74		$	43.66		$	42.69		$	40.20
Tangible book value per common share (non-GAAP)	$	33.57		$	30.94		$	29.81		$	28.77		$	26.23

*Reconciliation of Tangible Common Equity Ratio (non-GAAP)*
Tangible common equity (non-GAAP)	$	1,439,506		$	1,325,639		$	1,275,200		$	1,227,992		$	1,118,794

Total assets (GAAP)	$	18,272,293		$	18,812,670		$	19,132,827		$	19,411,707		$	20,129,793
Less goodwill		576,005			576,005			576,005			576,005			576,005
Less core deposit intangibles, net		14,157			15,501			16,923			18,415			20,026
Total tangible assets (non-GAAP)	$	17,682,131		$	18,221,164		$	18,539,899		$	18,817,287		$	19,533,762
Tangible common equity ratio (non-GAAP)		8.14	%		7.28	%		6.88	%		6.53	%		5.73	%

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
*Reconciliation of Adjusted Efficiency Ratio, fully tax-equivalent (non-GAAP)*
Net interest income (GAAP)	$	157,897		$	158,741		$	154,215		$	156,137		$	145,756
Tax-equivalent adjustment⁽¹⁾		2,010			1,991			1,981			2,058			2,152
Fully tax-equivalent net interest income		159,907			160,732			156,196			158,195			147,908
Noninterest income		18,992			18,207			27,663			(111,801	)		28,383
Securities (gains)/losses, net		9,520			10,111			(58	)		140,007			114
Unrealized gain on equity securities, net		(377	)		(133	)		(95	)		(75	)		(13	)
Adjusted revenue (non-GAAP)	$	188,042		$	188,917		$	183,706		$	186,326		$	176,392

Total noninterest expenses (GAAP)	$	85,927		$	116,244		$	113,595		$	130,285		$	111,053
Less:
Core deposit intangibles amortization		1,345			1,421			1,492			1,611			1,625
Partnership investment in tax credit projects		222			222			494			3,573			1,136
(Gain) loss on sales/valuation of assets, net		(26,419	)		193			214			2,072			108
Acquisition, integration and restructuring costs		2,026			5,973			1,375			4,365			2,429
FDIC special assessment		(267	)		(631	)		2,049			8,145			—
Core expenses (non-GAAP)	$	109,020		$	109,066		$	107,971		$	110,519		$	105,755

Efficiency ratio (GAAP)		48.58	%		65.69	%		62.46	%		293.86	%		63.77	%
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)		57.98	%		57.73	%		58.77	%		59.31	%		59.95	%

*Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)*
Total noninterest expenses (GAAP)	$	85,927		$	116,244		$	113,595		$	130,285		$	111,053
Core expenses (non-GAAP)		109,020			109,066			107,971			110,519			105,755

Average assets	$	18,439,910		$	19,043,362		$	19,296,638		$	19,667,825		$	20,207,920
Total noninterest expenses to average assets (GAAP)		1.85	%		2.46	%		2.37	%		2.63	%		2.18	%
Core expenses to average assets (non-GAAP)		2.35	%		2.30	%		2.25	%		2.23	%		2.08	%

Acquisition, integration and restructuring costs
Salaries and employee benefits	$	58		$	462		$	168		$	1,425		$	94
Occupancy		—			—			—			1,092			—
Furniture and equipment		52			53			—			19			—
Professional fees		1,674			5,385			931			793			1,617
Advertising		—			—			—			28			178
Other noninterest expenses		242			73			276			1,008			540
Total acquisition, integration and restructuring costs	$	2,026		$	5,973		$	1,375		$	4,365		$	2,429

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended
	9/30/2024			6/30/2024			3/31/2024			12/31/2023			9/30/2023
*Reconciliation of Adjusted Earnings*
Net income/(loss)	$	64,153		$	39,742		$	51,707		$	(70,363	)	$	48,091
(Gain)/loss from sale of securities		9,520			10,111			(58	)		140,007			114
(Gain)/loss on sales/valuation of assets, net		(26,419	)		193			214			2,072			108
Acquisition, integration and restructuring costs		2,026			5,973			1,375			4,365			2,429
FDIC special assessment		(267	)		(631	)		2,049			8,145			—
Total adjustments		(15,140	)		15,646			3,580			154,589			2,651
Tax effect of adjustments⁽²⁾		3,634			(3,739	)		(866	)		(36,638	)		(628	)
Adjusted earnings	$	52,647		$	51,649		$	54,421		$	47,588		$	50,114

Preferred dividends		(2,013	)		(2,012	)		(2,013	)		(2,012	)		(2,013	)
Adjusted earnings available to common stockholders	$	50,634		$	49,637		$	52,408		$	45,576		$	48,101

Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,081			1,131			1,229			1,240
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	51,656		$	50,718		$	53,539		$	46,805		$	49,341

*Reconciliation of Adjusted Annualized Return on Average Assets*
Average assets	$	18,439,910		$	19,043,362		$	19,296,638		$	19,667,825		$	20,207,920
Adjusted annualized return on average assets (non-GAAP)		1.14	%		1.09	%		1.13	%		0.96	%		0.98	%

*Reconciliation of Adjusted Annualized Return on Average Common Equity*
Average common stockholders’ equity (GAAP)	$	1,962,334		$	1,863,236		$	1,832,959		$	1,729,086		$	1,746,818
Adjusted annualized average common equity (non-GAAP)		10.27	%		10.71	%		11.50	%		10.46	%		10.92	%

*Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity*
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,271,046		$	1,239,313		$	1,133,888		$	1,149,992
Adjusted annualized average tangible common equity (non-GAAP)		14.98	%		16.05	%		17.38	%		16.38	%		17.02	%

*Reconciliation of Adjusted Diluted Earnings Per Common Share*
Weighted average shares outstanding-diluted		43,195,257			43,060,354			42,915,768			42,838,405			42,812,563
Adjusted diluted earnings per common share	$	1.17		$	1.15		$	1.22		$	1.06		$	1.12

(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
*Reconciliation of Annualized Return on Average Tangible Common Equity (non-GAAP)*
Earnings available to common stockholders (GAAP)	$	62,140		$	46,078		$	149,564		$	144,245
Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,240			3,236			3,908
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	63,162		$	47,318		$	152,800		$	148,153

Average common equity (GAAP)	$	1,962,334		$	1,746,818		$	1,886,454		$	1,710,230
Less average goodwill		576,005			576,005			576,005			576,005
Less average core deposit intangibles, net		14,814			20,821			16,208			22,501
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,149,992		$	1,294,241		$	1,111,724
Annualized return on average common equity (GAAP)		12.60	%		10.47	%		10.59	%		11.28	%
Annualized return on average tangible common equity (non-GAAP)		18.32	%		16.32	%		15.77	%		17.82	%

*Reconciliation of Annualized Net Interest Margin, Fully Tax-Equivalent (non-GAAP)*
Net Interest Income (GAAP)	$	157,897		$	145,756		$	470,853		$	445,100
Plus tax-equivalent adjustment⁽¹⁾		2,010			2,152			5,981			6,497
Net interest income, fully tax-equivalent (non-GAAP)	$	159,907		$	147,908		$	476,834		$	451,597

Average earning assets	$	16,838,131		$	18,439,010		$	17,254,023		$	18,451,907

Annualized net interest margin (GAAP)		3.73	%		3.14	%		3.65	%		3.23	%
Annualized net interest margin, fully tax-equivalent (non-GAAP)		3.78			3.18			3.69			3.27
Net purchase accounting discount amortization on loans included in annualized net interest margin		0.02			0.01			0.02			0.02

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.
(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
*Reconciliation of Adjusted Efficiency Ratio, Fully Tax-Equivalent (non-GAAP)*
Net interest income (GAAP)	$	157,897		$	145,756		$	470,853		$	445,100
Tax-equivalent adjustment⁽¹⁾		2,010			2,152			5,981			6,497
Fully tax-equivalent net interest income		159,907			147,908			476,834			451,597
Noninterest income (GAAP)		18,992			28,383			64,862			90,875
Securities (gains)/losses, net		9,520			114			19,573			1,532
Unrealized gain on equity securities, net		(377	)		(13	)		(605	)		(165	)
Adjusted revenue (non-GAAP)	$	188,042		$	176,392		$	560,664		$	543,839

Total noninterest expenses (GAAP)	$	85,927		$	111,053		$	315,766		$	331,542
Less:
Core deposit intangibles amortization		1,345			1,625			4,258			5,128
Partnership investment in tax credit projects		222			1,136			938			1,828
(Gain)/loss on sales/valuation of assets, net		(26,419	)		108			(26,012	)		(2,149	)
Acquisition, integration and restructuring costs		2,026			2,429			9,374			5,994
FDIC special assessment		(267	)		—			1,151			—
Core expenses (non-GAAP)	$	109,020		$	105,755		$	326,057		$	320,741

Efficiency ratio (GAAP)		48.58	%		63.77	%		58.94	%		61.86	%
Adjusted efficiency ratio, fully tax-equivalent (non-GAAP)		57.98	%		59.95	%		58.16	%		58.98	%

*Reconciliation of Annualized Ratio of Core Expenses to Average Assets (non-GAAP)*
Total noninterest expenses (GAAP)	$	85,927		$	111,053		$	315,766		$	331,542
Core expenses (non-GAAP)		109,020			105,755			326,057			320,741

Average assets	$	18,439,910		$	20,207,920		$	18,924,862		$	20,182,808
Total noninterest expenses to average assets (GAAP)		1.85	%		2.18	%		2.23	%		2.20	%
Core expenses to average assets (non-GAAP)		2.35	%		2.08	%		2.30	%		2.12	%

Acquisition, integration and restructuring costs
Salaries and employee benefits	$	58		$	94		$	689		$	261
Occupancy		—			—			—			—
Furniture and equipment		52			—			105			—
Professional fees		1,674			1,617			7,990			3,619
Advertising		—			178			—			522
Other noninterest expenses		242			540			590			1,592
Total acquisition, integration and restructuring costs	$	2,026		$	2,429		$	9,374		$	5,994

(1) Computed on a tax-equivalent basis using an effective tax rate of 21%.

HEARTLAND FINANCIAL USA, INC.
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
	For the Quarter Ended September 30,						For the Nine Months Ended September 30,
		2024			2023			2024			2023
*Reconciliation of Adjusted Earnings (non-GAAP)*
Net income/(loss)	$	64,153		$	48,091		$	155,602		$	150,283
(Gain)/loss from sale of securities		9,520			114			19,573			1,532
(Gain)/loss on sales/valuation of assets, net		(26,419	)		108			(26,012	)		(2,149	)
Acquisition, integration and restructuring costs		2,026			2,429			9,374			5,994
FDIC special assessment		(267	)		—			1,151			—
Total adjustments		(15,140	)		2,651			4,086			5,377
Tax effect of adjustments⁽²⁾		3,634			(628	)		(981	)		(1,280	)
Adjusted earnings	$	52,647		$	50,114		$	158,707		$	154,380

Preferred dividends		(2,013	)		(2,013	)		(6,038	)		(6,038	)
Adjusted earnings available to common stockholders	$	50,634		$	48,101		$	152,669		$	148,342

Plus core deposit intangibles amortization, net of tax⁽²⁾		1,022			1,240			3,236			3,908
Earnings available to common stockholders excluding intangible amortization (non-GAAP)	$	51,656		$	49,341		$	155,905		$	152,250

*Reconciliation of Adjusted Annualized Return on Average Assets*
Average assets	$	18,439,910		$	20,207,920		$	18,924,862		$	20,182,808
Adjusted annualized return on average assets (non-GAAP)		1.14	%		0.98	%		1.12	%		1.02	%

*Reconciliation of Adjusted Annualized Return on Average Common Equity*
Average common stockholders’ equity (GAAP)	$	1,962,334		$	1,746,818		$	1,886,454		$	1,710,230
Adjusted annualized return on average common equity (non-GAAP)		10.27	%		10.92	%		10.81	%		11.60	%

*Reconciliation of Adjusted Annualized Return on Average Tangible Common Equity*
Average tangible common equity (non-GAAP)	$	1,371,515		$	1,149,992		$	1,294,241		$	1,111,724
Adjusted annualized return on average tangible common equity (non-GAAP)		14.98	%		17.02	%		16.09	%		18.31	%

*Reconciliation of Adjusted Diluted Earnings Per Common Share*
Weighted average shares outstanding-diluted		43,195,257			42,812,563			43,080,422			42,769,872
Adjusted diluted earnings per common share	$	1.17		$	1.12		$	3.54		$	3.47

(2) Tax effect is calculated based on the respective periods’ year-to-date effective tax rate excluding the impact of discrete items.

The MIL Network –

January 25, 2025

Category: Australia

Updates to this page

Economic outcomes

A balancing act

Economic outcomes

A balancing act

What is Trust Exchange?

Falling short of global standards

Filling the gaps

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