Business – Page 1383 – NewzIntel.com

MIL-OSI: Nutanix to Present at Upcoming Investor Conference

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced that its management will present at the following upcoming financial community event:

Morgan Stanley Technology, Media & Telecom Conference
Thursday, March 6, 2025
8:30 a.m. PST; 11:30 a.m. EST

A live webcast and replay of the presentation will be accessible on the Nutanix Investor Relations website at ir.nutanix.com

About Nutanix
Nutanix is a global leader in cloud software, offering organizations a single platform for running applications and managing data, anywhere. With Nutanix, companies can reduce complexity and simplify operations, freeing them to focus on their business outcomes. Building on its legacy as the pioneer of hyperconverged infrastructure, Nutanix is trusted by companies worldwide to power hybrid multicloud environments consistently, simply, and cost-effectively. Learn more at www.nutanix.com or follow us on social media @nutanix.

© 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. in the United States and other countries. Other brand names and marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s).

Investor Contact
Richard Valera
ir@nutanix.com

The MIL Network –

February 28, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

NO-HEADQUARTERS/REDWOOD CITY, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today reported financial results for the fourth quarter and fiscal year ended December 31, 2024.

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

Fiscal Year 2024 Financial Highlights

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

Fourth Quarter 2024 Financial Highlights

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

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

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

Business Highlights

Omnichannel platform drives revenue in key secular growth areas

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

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

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

Focused investments drive long-term growth opportunities

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

Recent product launches

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

2024 operating priorities drove profitable growth

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

Financial Outlook

Q1 outlook includes the continued headwind from one of our top DSP buyers that revised its auction approach in late May 2024. Adjusted EBITDA expectation assumes a negative FX impact predominately from Euro and Pound Sterling expenses. It also assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.

Accordingly, we estimate the following:

For the first quarter of 2025, we expect the following:

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

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

Conference Call and Webcast details

PubMatic will host a conference call to discuss its financial results on Thursday, February 27, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.

Non-GAAP Financial Measures

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

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

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

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

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

Because of these and other limitations, you should consider adjusted EBITDA and non-GAAP net income along with other GAAP-based financial performance measures, including net income and our GAAP financial results.

Forward Looking Statements

This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the first quarter of 2025, our expectations regarding our adjusted EBITDA, free cash flow, capital expenditures, future hiring, future market growth, our long-term revenue growth, target revenue and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; the war between Ukraine and Russia and the resumption of conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation as well as fiscal tightening and volatile interest rates; public health crises, including the resulting global economic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on From 10-Q, copies of are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. All information in this press release is as of February 27, 2025. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

About PubMatic

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



CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited)

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


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

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

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

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

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


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

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


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

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

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

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


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

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

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

¹ Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended December 31, 2023 (“Prior Period Revenue”). We then calculate the revenue from these same publishers in the trailing twelve months ended December 31, 2024 (“Current Period Revenue”). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods.
² Fiscal year 2023 GAAP net income includes approximately $5.7 million of incremental bad debt expense related to the bankruptcy of a Demand Side Platform buyer of our platform.
³ Omnichannel video spans across desktop, mobile and CTV devices.

The MIL Network –

February 28, 2025

MIL-OSI: American Coastal Insurance Corporation Reports Financial Results for Its Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Company to Host Quarterly Conference Call at 5:00 P.M. ET on February 27, 2025
The information in this press release should be read in conjunction with an earnings presentation that is available on the Company’s website at investors.amcoastal.com/Presentations.

ST. PETERSBURG, Fla., Feb. 27, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq: ACIC) (“ACIC” or the “Company”), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and year ended December 31, 2024.


($ in thousands, except for per share data)	Three Months Ended								Year Ended
($ in thousands, except for per share data)	December 31,								December 31,
		2024			2023		Change			2024			2023		Change
Gross premiums written	$	140,739		$	128,260		9.7	%	$	647,805		$	635,709		1.9	%
Gross premiums earned		162,710			159,094		2.3			638,608			604,683		5.6
Net premiums earned		73,492			49,141		49.6			273,990			262,060		4.6
Total revenue		79,267			51,251		54.7			296,657			264,400		12.2
Income from continuing operations, net of tax		5,868			17,380		(66.2	)		76,319			85,204		(10.4	)
Income (loss) from discontinued operations, net of tax		(922	)		(3,096	)	70.2			(601	)		224,707		NM
Consolidated net income	$	4,946		$	14,284		(65.4	)%	$	75,718		$	309,911		NM

Net income available to ACIC stockholders per diluted share
Continuing Operations	$	0.12		$	0.38		(68.4	)%	$	1.55		$	1.92		(19.3	)%
Discontinued Operations	$	(0.02	)	$	(0.07	)	71.4			(0.01	)		5.06		NM
Total	$	0.10		$	0.31		(67.7	)%	$	1.54		$	6.98		NM

Reconciliation of net income to core income:
Plus: Non-cash amortization of intangible assets and goodwill impairment	$	608		$	811		(25.0	)%	$	2,639		$	3,247		(18.7	)%
Less: Income (loss) from discontinued operations, net of tax		(922	)		(3,096	)	70.2			(601	)		224,707		NM
Less: Net realized losses on investment portfolio		—			(2	)	NM			(124	)		(6,789	)	98.2
Less: Unrealized gains on equity securities		454			22		NM			1,996			814		NM
Less: Net tax impact ⁽¹⁾		32			166		(80.7	)%		161			1,937		(91.7	)
Core income⁽²⁾		5,990			18,005		(66.7	)		76,925			92,489		(16.8	)
Core income per diluted share ⁽²⁾	$	0.12		$	0.39		(69.2	)%	$	1.56		$	2.08		(25.0	)%

Book value per share									$	4.89		$	3.61		35.5	%

NM = Not Meaningful
⁽¹⁾	In order to reconcile net income to the core income measures, the Company included the tax impact of all adjustments using the 21% federal corporate tax rate.
⁽²⁾	Core income and core income per diluted share, both of which are measures that are not based on generally accepted accounting principles (“GAAP”), are reconciled above to net income and net income per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section, below.

Comments from Chief Executive Officer, B. Bradford Martz:

“American Coastal, our insurance subsidiary, remains a leader in the Florida commercial residential market. The Company remained profitable in the 2024 fourth quarter with a combined ratio of 91.9%, despite the devastating impact and full catastrophe retention from Hurricane Milton, leading to a 67.5% combined ratio for the full year. This underscores the strength of our reinsurance strategy in safeguarding our balance sheet while mitigating the financial impact of catastrophic events.

Furthermore, American Coastal’s written premium increased 9.7% from the prior year fourth quarter and renewal retention remained steady. In December, we announced the launch of our apartment program, and, to date, we have received hundreds of high-quality submissions from our six broker partners, affirming the strong demand for American Coastal’s products.”

Return on Equity and Core Return on Equity

The calculations of the Company’s return on equity and core return on equity are shown below.


($ in thousands)	Three Months Ended						Year Ended
($ in thousands)	December 31,						December 31,
		2024			2023			2024			2023
Income from continuing operations, net of tax	$	5,868		$	17,380		$	76,319		$	85,204
Return on equity based on GAAP income from continuing operations, net of tax ⁽¹⁾		10.4	%		98.6	%		33.7	%		120.8	%

Income (loss) from discontinued operations, net of tax	$	(922	)	$	(3,096	)	$	(601	)	$	224,707
Return on equity based on GAAP income (loss) from discontinued operations, net of tax ⁽¹⁾		(1.6	)%		(17.6	)%		(0.3	)%	NM

Consolidated net income	$	4,946		$	14,284		$	75,718		$	309,911
Return on equity based on GAAP net income ⁽¹⁾		8.7	%		81.0	%		33.5	%	NM

Core income	$	5,990		$	18,005		$	76,925		$	92,489
Core return on equity ⁽¹⁾⁽²⁾		10.6	%		102.1	%		34.0	%		131.1	%

⁽¹⁾	Return on equity for the three months and years ended December 31, 2024 and 2023 is calculated on an annualized basis by dividing the net income or core income for the period by the average stockholders’ equity for the trailing twelve months.
⁽²⁾	Core return on equity, a measure that is not based on GAAP, is calculated based on core income, which is reconciled on the first page of this press release to net income, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section below.

Combined Ratio and Underlying Ratio

The calculations of the Company’s combined ratio and underlying combined ratio on a consolidated basis and attributable to Interboro Insurance Company (“IIC”), now captured within discontinued operations, are shown below.


($ in thousands)	Three Months Ended					Year Ended
($ in thousands)	December 31,					December 31,
	2024		2023		Change	2024		2023		Change
Consolidated
Loss ratio, net⁽¹⁾	40.5	%	13.7	%	26.8 pts	25.3	%	17.8	%	7.5 pts
Expense ratio, net⁽²⁾	51.4	%	46.2	%	5.2 pts	42.2	%	43.1	%	(0.9) pts
Combined ratio (CR)⁽³⁾	91.9	%	59.9	%	32.0 pts	67.5	%	60.9	%	6.6 pts
Effect of current year catastrophe losses on CR	27.8	%	(0.8	)%	28.6 pts	9.3	%	4.9	%	4.4 pts
Effect of prior year favorable development on CR	(1.8	)%	(3.0	)%	1.2 pts	(1.4	)%	(4.9	)%	3.5 pts
Underlying combined ratio⁽⁴⁾	65.9	%	63.7	%	2.2 pts	59.6	%	60.9	%	(1.3) pts

IIC
Loss ratio, net⁽¹⁾	73.4	%	78.5	%	(5.1) pts	71.2	%	81.6	%	(10.4) pts
Expense ratio, net⁽²⁾	47.1	%	39.0	%	8.1 pts	43.4	%	50.8	%	(7.4) pts
Combined ratio (CR)⁽³⁾	120.5	%	117.5	%	3.0 pts	114.6	%	132.4	%	(17.8) pts
Effect of current year catastrophe losses on CR	0.8	%	10.6	%	(9.8) pts	4.1	%	12.6	%	(8.5) pts
Effect of prior year favorable development on CR	(0.7	)%	13.2	%	(13.9) pts	(3.6	)%	2.0	%	(5.6) pts
Underlying combined ratio⁽⁴⁾	120.4	%	93.7	%	26.7 pts	114.1	%	117.8	%	(3.7) pts

⁽¹⁾	Loss ratio, net is calculated as losses and loss adjustment expenses (“LAE”), net of losses ceded to reinsurers, relative to net premiums earned.
⁽²⁾	Expense ratio, net is calculated as the sum of all operating expenses, less interest expense relative to net premiums earned.
⁽³⁾	Combined ratio is the sum of the loss ratio, net and expense ratio, net.
⁽⁴⁾	Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section below.

Combined Ratio Analysis

The calculations of the Company’s loss ratios and underlying loss ratios are shown below.


($ in thousands)	Three Months Ended								Year Ended
	December 31,								December 31,
		2024			2023		Change			2024			2023		Change
Loss and LAE	$	29,794		$	6,710		$	23,084	$	69,319		$	46,678		$	22,641
% of Gross earned premiums		18.3	%		4.2	%	14.1 pts			10.9	%		7.7	%	3.2 pts
% of Net earned premiums		40.5	%		13.7	%	26.8 pts			25.3	%		17.8	%	7.5 pts
Less:
Current year catastrophe losses	$	20,405		$	(406	)	$	20,811	$	25,561		$	12,783		$	12,778
Prior year reserve favorable development		(1,325	)		(1,482	)		157		(3,704	)		(12,694	)		8,990
Underlying loss and LAE ⁽¹⁾	$	10,714		$	8,598		$	2,116	$	47,462		$	46,589		$	873
% of Gross earned premiums		6.6	%		5.4	%	1.2 pts			7.4	%		7.7	%	(0.3) pts
% of Net earned premiums		14.5	%		17.5	%	(3.0) pts			17.3	%		17.8	%	(0.5) pts

⁽¹⁾	Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section, below.

The calculations of the Company’s expense ratios are shown below.


($ in thousands)	Three Months Ended								Year Ended
	December 31,								December 31,
		2024			2023		Change			2024			2023		Change
Policy acquisition costs	$	26,514		$	13,138		$	13,376	$	70,990		$	75,436		$	(4,446	)
General and administrative		11,277			9,561			1,716		44,756			37,559			7,197
Total Operating Expenses	$	37,791		$	22,699		$	15,092	$	115,746		$	112,995		$	2,751
% of Gross earned premiums		23.2	%		14.3	%	8.9 pts			18.1	%		18.7	%	(0.6) pts
% of Net earned premiums		51.4	%		46.2	%	5.2 pts			42.2	%		43.1	%	(0.9) pts

Quarterly Financial Results

Net income for the fourth quarter of 2024 was $4.9 million, or $0.10 per diluted share, compared to $14.3 million, or $0.31 per diluted share, for the fourth quarter of 2023. Of this income, $5.9 million is attributable to continuing operations for the three months ended December 31, 2024, a decrease of $11.5 million from net income of $17.4 million for the same period in 2023. Quarter-over-quarter revenues increased, driven by a decrease in ceded premiums earned, and an increase in gross premiums earned and net investment income. This was offset by increased expenses quarter-over-quarter, driven by an increase in loss and LAE and policy acquisition costs, as described below. The Company’s loss from discontinued operations, also contributed to this change in net income, with the loss decreasing $2.2 million quarter-over-quarter, as the deconsolidation of the Company’s former subsidiary, United Property and Casualty Insurance Company (“UPC”), is not impacting the Company in 2024.

The Company’s total gross written premium increased $12.5 million, or 9.7%, to $140.7 million for the fourth quarter of 2024, from $128.3 million for the fourth quarter of 2023. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by state and gross written premium by line of business are shown in the table below.


($ in thousands)	Three Months Ended December 31,
		2024		2023	Change $		Change %
Direct Written and Assumed Premium by State
Florida	$	135,661	$	128,260	$	7,401	5.8	%
New York		—		—		—	—
Total direct written premium by state		135,661		128,260		7,401	5.8
Assumed premium		5,078		—		5,078	100.0
Total gross written premium by state	$	140,739	$	128,260	$	12,479	9.7	%

Gross Written Premium by Line of Business
Commercial property	$	140,739	$	128,260	$	12,479	9.7	%
Personal property		—		—		—	—
Total gross written premium by line of business	$	140,739	$	128,260	$	12,479	9.7	%

Loss and LAE increased by $23.1 million, or 344.8%, to $29.8 million for the fourth quarter of 2024, from $6.7 million for the fourth quarter of 2023. Loss and LAE expense as a percentage of net earned premiums increased 26.8 points to 40.5% for the fourth quarter of 2024, compared to 13.7% for the fourth quarter of 2023. Excluding catastrophe losses and reserve development, the Company’s gross underlying loss and LAE ratio for the fourth quarter of 2024 would have been 6.6%, a 1.2 point increase from the fourth quarter of 2023.

Policy acquisition costs increased by $13.4 million, or 102.3%, to $26.5 million for the fourth quarter of 2024, from $13.1 million for the fourth quarter of 2023, primarily due to a decrease in reinsurance commission income attributable to the change in our quota share reinsurance cession rate from 40% to 20% effective June 1, 2024. In addition, our management fees attributable to our commercial property premiums increased as the result of additional premiums written quarter-over-quarter.

General and administrative expenses increased by $1.7 million, or 17.7%, to $11.3 million for the fourth quarter of 2024, from $9.6 million for the fourth quarter of 2023, driven by increased overhead costs, such as amortization of capitalized software, equipment costs and salaries, and external spend for audit, actuarial and legal services.

IIC Quarterly Results Highlights

Net loss attributable to IIC totaled $633 thousand for the fourth quarter of 2024 compared to a net loss of $274 thousand for the fourth quarter of 2023. Drivers of the quarter-over-quarter increase included: an increase in general and administrative expenses of $406 thousand as the result of increased costs such as software licensing costs and salary expenses, offset by increased revenues of $355 thousand, which were driven by an increase in gross earned premiums of $1.4 million, offset by increased ceded premiums earned of $1.0 million.

Annual Financial Results

Net income attributable to the Company for the year ended December 31, 2024 was $75.7 million, or $1.54 per diluted share, compared to net income of $309.9 million, or $6.98 per diluted share, for the year ended December 31, 2023. Drivers of net income during 2024 included increased gross premiums earned partially offset by increased ceded premiums earned. Net investment income also increased, driving additional total revenues year-over-year. This increase in revenue was offset by increased expenses year-over-year, driven by increases in losses and LAE incurred and general and administrative expenses, partially offset by decreased policy acquisition costs. During 2024, the Company experienced a net loss attributable to discontinued operations of $601 thousand, compared to $224.7 million of net income attributable to discontinued operations during 2023, as the deconsolidation of the Company’s former subsidiary, UPC, is not impacting the Company in 2024.

The Company’s total gross written premium increased by $12.1 million, or 1.9%, to $647.8 million for the year ended December 31, 2024, from $635.7 million for the year ended December 31, 2023. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by state and gross written premium by line of business are shown in the table below.


($ in thousands)	Year Ended December 31,
		2024		2023		Change $		Change %
Direct Written and Assumed Premium by State ⁽¹⁾
Florida	$	642,727	$	635,602		$	7,125	1.1	%
New York		—		—			—	—
Texas		—		(9	)		9	(100.0	)
Total direct written premium by state		642,727		635,593			7,134	1.1
Assumed premium ⁽²⁾		5,078		116			4,962	4,277.6
Total gross written premium by state	$	647,805	$	635,709		$	12,096	1.9	%

Gross Written Premium by Line of Business
Commercial property	$	647,805	$	635,709		$	12,096	1.9	%
Personal property		—		—			—	—
Total gross written premium by line of business	$	647,805	$	635,709		$	12,096	1.9	%

⁽¹⁾	The Company ceased writing in Texas as of May 31, 2022.
⁽²⁾	Assumed premium written for 2023 and 2024 primarily included commercial property business assumed from unaffiliated insurers.

Loss and LAE increased by $22.6 million, or 48.4%, to $69.3 million for the year ended December 31, 2024, from $46.7 million for the year ended December 31, 2023. Loss and LAE expense as a percentage of net earned premiums increased 7.5 points to 25.3% for the year ended December 31, 2024, compared to 17.8% for the year ended December 31, 2023. Excluding catastrophe losses and reserve development, the Company’s gross underlying loss and LAE ratio for the year ended December 31, 2024, would have been 7.4%, a decrease of 0.3 points from 7.7% for the year ended December 31, 2023.

Policy acquisition costs decreased by $4.4 million, or 5.9%, to $71.0 million for the year ended December 31, 2024, from $75.4 million for the year ended December 31, 2023, primarily due to an increase in ceding commission income as the result of the Company including quota share reinsurance coverage in their core catastrophe reinsurance programs beginning June 1, 2023. This resulted in ceding commission income for the full year ended December 31, 2024, compared to only seven months of the year ended December 31, 2023. This was partially offset by increased external management fees and premium taxes related to the Company’s increased commercial lines gross written premium.

General and administrative expenses increased by $7.2 million, or 19.1%, to $44.8 million for the year ended December 31, 2024, from $37.6 million for the year ended December 31, 2023, driven by increased overhead costs, such as amortization of capitalized software and salaries, as well as external spend for audit, actuarial and legal services.

IIC Annual Results Highlights

Net loss attributable to IIC totaled $1.3 million for the year ended December 31, 2024, compared to a net loss of $3.0 million for the year ended December 31, 2023. Drivers of the year-over-year decreased loss included: an increase in net premiums earned of $6.5 million, driven by an increase in gross premiums earned of $5.1 million, while ceded premiums earned decreased $1.4 million. This was partially offset by increased expenses of $3.9 million, driven by an increase in loss and LAE incurred of $2.6 million, which was driven by current year non-catastrophe losses, and an increase in general and administrative expenses of $853 thousand as the result of increased costs, such as software licensing costs and salary expenses. IIC’s policy acquisition costs also increased $426 thousand, driven by the increase in premiums described above.

Reinsurance Costs as a Percentage of Gross Earned Premium

Reinsurance costs as a percentage of gross earned premium in the fourth quarter of 2024 and 2023 were as follows:


	2024	2023
Non-at-Risk	(0.3) %	(0.2) %
Quota Share	(16.2) %	(31.4) %
All Other	(38.3) %	(37.4) %
Total Ceding Ratio	(54.8) %	(69.0) %

Ceded premiums earned related to the Company’s catastrophe excess of loss contracts remained relatively flat quarter-over-quarter. The Company’s utilization of quota share reinsurance coverage resulted in less excess of loss coverage needed for the 2023-2024 catastrophe year; however, the cost savings associated with this reduction in necessary coverage were offset by rate increases on catastrophe excess of loss coverage for the same period. This utilization of quota share reinsurance coverage increased the Company’s ceding ratio overall during 2023. Effective June 1, 2024, the Company decreased its quota share reinsurance coverage from 40% to 20%, lowering the Company’s quota share ceding ratio and overall ceding ratio.

Reinsurance costs as a percentage of gross earned premium in the fourth quarter of 2024 and 2023 for IIC, captured within discontinued operations, were as follows:


	IIC
	2024	2023
Non-at-Risk	(2.4) %	(2.7) %
Quota Share	— %	— %
All Other	(28.4) %	(20.9) %
Total Ceding Ratio	(30.8) %	(23.6) %

Investment Portfolio Highlights

The Company’s cash, restricted cash and investment holdings increased from $311.9 million at December 31, 2023, to $540.8 million at December 31, 2024. This increase is driven by positive cash flows from operations. The Company’s cash and investment holdings consist of investments in U.S. government and agency securities, corporate debt and investment grade money market instruments. Fixed maturities represented approximately 82.3% of total investments at December 31, 2024, compared to 89.4% of total investments at December 31, 2023. The Company’s fixed maturity investments had a modified duration of 2.2 years at December 31, 2024, compared to 3.4 years at December 31, 2023.

Book Value Analysis

Book value per common share increased 35.5% from $3.61 at December 31, 2023, to $4.89 at December 31, 2024. Underlying book value per common share increased 31.2% from $3.97 at December 31, 2023, to $5.21 at December 31, 2024. An increase in the Company’s retained earnings as a result of net income for the year ended December 31, 2024, drove the increase in the Company’s book value per share. As shown in the table below, removing the effect of Accumulated Other Comprehensive Income (“AOCI”), caused by capital market conditions, increases the Company’s book value per common share at December 31, 2024.


($ in thousands, except for share and per share data)	December 31, 2024			December 31, 2023
	December 31, 2024			December 31, 2023
Book Value per Share
Numerator:
Common stockholders’ equity	$	235,660		$	168,765
Denominator:
Total Shares Outstanding		48,204,962			46,777,006
Book Value Per Common Share	$	4.89		$	3.61

Book Value per Share, Excluding the Impact of AOCI
Numerator:
Common stockholders’ equity	$	235,660		$	168,765
Less: Accumulated other comprehensive loss		(15,666	)		(17,137	)
Stockholders’ Equity, excluding AOCI	$	251,326		$	185,902
Denominator:
Total Shares Outstanding		48,204,962			46,777,006
Underlying Book Value Per Common Share⁽¹⁾	$	5.21		$	3.97

⁽¹⁾	Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the “Definitions of Non-GAAP Measures” section below.

Conference Call Details

About American Coastal Insurance Corporation

American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, “Exceptional” from Demotech, and maintains an “A-” insurance financial strength rating with a Stable outlook by Kroll. ACIC maintains a ‘BB+’ issuer rating with a Stable outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corp.
investorrelations@amcoastal.com
(727) 425-8076

Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@equityny.com
(212) 836-9623

Definitions of Non-GAAP Measures

The Company believes that investors’ understanding of ACIC’s performance is enhanced by the Company’s disclosure of the following non-GAAP measures. The Company’s methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Net income (loss) excluding the effects of amortization of intangible assets, income (loss) from discontinued operations, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core income (loss)) is a non-GAAP measure that is computed by adding amortization, net of tax, to net income (loss) and subtracting income (loss) from discontinued operations, net of tax, realized gains (losses) on the Company’s investment portfolio, net of tax, and unrealized gains (losses) on the Company’s equity securities, net of tax, from net income (loss). Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company’s operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company’s performance. The most directly comparable GAAP measure is net income (loss). The core income (loss) measure should not be considered a substitute for net income (loss) and does not reflect the overall profitability of the Company’s business.

Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core income (loss) for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core income (loss) is an after-tax non-GAAP measure that is calculated by excluding from net income (loss) the effect of income (loss) from discontinued operations, net of tax, non-cash amortization of intangible assets, including goodwill, unrealized gains or losses on the Company’s equity security investments and net realized gains or losses on the Company’s investment portfolio. In the opinion of the Company’s management, core income (loss), core income (loss) per share and core return on equity are meaningful indicators to investors of the Company’s underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core income (loss), core income (loss) per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company’s business.

Combined ratio excluding the effects of current year catastrophe losses and prior year reserve development (underlying combined ratio) is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company’s business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company’s loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company’s performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company’s business.

Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE) is a non-GAAP measure that is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company’s loss trends that may be impacted by current year catastrophe losses and prior year development on the Company’s reserves. As discussed previously, these two items can have a significant impact on the Company’s loss trends in a given period. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company’s performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company’s business.

Book value per common share, excluding the impact of accumulated other comprehensive loss (underlying book value per common share), is a non-GAAP measure that is computed by dividing common stockholders’ equity after excluding accumulated other comprehensive income (loss), by total common shares outstanding plus dilutive potential common shares outstanding. The Company uses the trend in book value per common share, excluding the impact of accumulated other comprehensive income (loss), in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes this non-GAAP measure is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors that are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income (loss), should not be considered a substitute for book value per common share and does not reflect the recorded net worth of the Company’s business.

Discontinued Operations

On May 9, 2024, the Company entered into the Sale Agreement with Forza Insurance Holdings, LLC (“Forza”) in which ACIC will sell and Forza will acquire 100% of the issued and outstanding stock of the Company’s subsidiary, IIC. Forza’s application to acquire IIC was approved by the New York Department of Financial Services on February 13, 2025. The Company and Forza have agreed to close on April 1, 2025.

In addition, on February 27, 2023, the Florida Department of Financial Services was appointed as receiver of the Company’s former subsidiary, UPC. As such, prior year financial results and Consolidated Balance Sheet components have been reclassified to reflect continuing and discontinued operations appropriately.

Forward-Looking Statements

Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements”. The Company believes these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions, or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in, or implied by, the forward-looking statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” “endeavor,” “project,” “believe,” “plan,” “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. Factors that could cause actual results to differ materially may be found in the Company’s filings with the U.S. Securities and Exchange Commission, in the “Risk Factors” section in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.


Consolidated Statements of Comprehensive Income In thousands, except share and per share amounts

	Three Months Ended						Year Ended
	December 31,						December 31,
		2024			2023			2024			2023
REVENUE:
Gross premiums written	$	140,739		$	128,260		$	647,805		$	635,709
Change in gross unearned premiums		21,971			30,834			(9,197	)		(31,026	)
Gross premiums earned		162,710			159,094			638,608			604,683
Ceded premiums earned		(89,218	)		(109,953	)		(364,618	)		(342,623	)
Net premiums earned		73,492			49,141			273,990			262,060
Net investment income		5,321			2,075			20,795			8,300
Net realized investment losses		—			(2	)		(124	)		(6,789	)
Net unrealized gains on equity securities		454			22			1,996			814
Other revenue		—			15			—			15
Total revenues	$	79,267		$	51,251		$	296,657		$	264,400
EXPENSES:
Losses and loss adjustment expenses		29,794			6,710			69,319			46,678
Policy acquisition costs		26,514			13,138			70,990			75,436
General and administrative expenses		11,277			9,561			44,756			37,559
Interest expense		2,784			2,719			11,996			10,875
Total expenses		70,369			32,128			197,061			170,548
Income before other income		8,898			19,123			99,596			93,852
Other income (loss)		(11	)		1,071			2,063			2,228
Income before income taxes		8,887			20,194			101,659			96,080
Provision for income taxes		3,019			2,814			25,340			10,876
Income from continuing operations, net of tax	$	5,868		$	17,380		$	76,319		$	85,204
Income (loss) from discontinued operations, net of tax		(922	)		(3,096	)		(601	)		224,707
Net income	$	4,946		$	14,284		$	75,718		$	309,911
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains (losses) on investments		(4,049	)		6,696			3,355			5,998
Reclassification adjustment for net realized investment losses		—			2			124			6,808
Income tax benefit related to items of other comprehensive income		—			—			—			—
Total comprehensive income	$	897		$	20,982		$	79,197		$	322,717

Weighted average shares outstanding
Basic		48,095,488			44,713,148			47,831,412			43,596,432
Diluted		49,589,458			45,712,715			49,362,985			44,388,804

Earnings available to ACIC common stockholders per share
Basic
Continuing operations	$	0.12		$	0.39		$	1.60		$	1.96
Discontinued operations		(0.02	)		(0.07	)		(0.01	)		5.15
Total	$	0.10		$	0.32		$	1.59		$	7.11
Diluted
Continuing operations	$	0.12		$	0.38		$	1.55		$	1.92
Discontinued operations		(0.02	)		(0.07	)		(0.01	)		5.06
Total	$	0.10		$	0.31		$	1.54		$	6.98

Dividends declared per share	$	0.50		$	—		$	0.50		$	—


Consolidated Balance Sheets In thousands, except share amounts

	December 31, 2024			December 31, 2023
ASSETS
Investments, at fair value:
Fixed maturities, available-for-sale	$	281,001		$	138,387
Equity securities		36,794			—
Other investments		23,623			16,487
Total investments	$	341,418		$	154,874
Cash and cash equivalents		137,036			138,930
Restricted cash		62,357			18,070
Accrued investment income		2,964			1,767
Property and equipment, net		5,736			3,658
Premiums receivable, net		46,564			45,924
Reinsurance recoverable on paid and unpaid losses		263,419			340,820
Ceded unearned premiums		160,893			155,301
Goodwill		59,476			59,476
Deferred policy acquisition costs		40,282			21,149
Intangible assets, net		5,908			8,548
Other assets		16,816			36,718
Assets held for sale		73,243			77,143
Total Assets	$	1,216,112		$	1,062,378
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	322,087		$	347,738
Unearned premiums		285,354			276,157
Reinsurance payable on premiums		83,130			—
Payments outstanding		699			706
Accounts payable and accrued expenses		86,140			74,783
Operating lease liability		3,323			739
Other liabilities		757			672
Notes payable, net		149,020			148,688
Liabilities held for sale		49,942			44,130
Total Liabilities	$	980,452		$	893,613
Commitments and contingencies
Stockholders’ Equity:
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued or outstanding		—			—
Common stock, $0.0001 par value; 100,000,000 shares authorized; 48,417,045 and 46,989,089 issued, respectively; 48,204,962 and 46,777,006 outstanding, respectively		5			5
Additional paid-in capital		436,524			423,717
Treasury shares, at cost; 212,083 shares		(431	)		(431	)
Accumulated other comprehensive loss		(15,666	)		(17,137	)
Retained earnings (deficit)		(184,772	)		(237,389	)
Total Stockholders’ Equity	$	235,660		$	168,765
Total Liabilities and Stockholders’ Equity	$	1,216,112		$	1,062,378

The MIL Network –

February 28, 2025

MIL-OSI: ARRAY Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2024

Source: GlobeNewswire (MIL-OSI)

Fourth Quarter 2024 Financial Highlights

Revenue of $275.2 million
Gross Margin of 28.5%
Adjusted gross margin⁽¹⁾ of 29.8%
Net loss to common shareholders of $(141.2) million
- Net loss to common shareholders inclusive of $74.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
Adjusted EBITDA⁽¹⁾ of $45.2 million
Net loss per basic and diluted share of $(0.93)
Adjusted net income per diluted share⁽¹⁾ of $0.16

Full Year 2024 Financial Highlights

Revenue of $915.8 million
Gross Margin of 32.5%
Adjusted gross margin ⁽¹⁾ of 34.1%
Net loss to common shareholders of $(296.1) million
- Net loss to common shareholders inclusive of $236.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
Adjusted EBITDA⁽¹⁾ of $173.6 million
Net loss per basic and diluted share of $(1.95)
Adjusted net income per diluted share⁽¹⁾ of $0.60
Free cash flow⁽¹⁾ of $135.4 million
Total executed contracts and awarded orders at December 31, 2024 were $2.0 billion

ALBUQUERQUE, N.M., Feb. 27, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a global leader in utility-scale solar tracking, today announced financial results for its fourth quarter and full year ended December 31, 2024.

“ARRAY delivered strong fourth quarter and full year 2024 results, we exceeded the mid-point of our fourth quarter revenue guidance and achieved record gross margin on the full year. Our ongoing focus on operational execution continues to translate into robust profitability and healthy cash flow. We finished 2024 with an orderbook of $2 billion, representing 10% year-on-year growth. We are pleased with our results, which delivered significant progress in both market share and commercial growth. Thank you to our employees for their continued focus and hard work. Additionally, we are on track to deliver 100% domestic content solar trackers by the first half of 2025. Our OmniTrack™ product continues to gain traction in the market, and now accounts for over 20% of our orderbook. We are excited about our investment in Swap Robotics, a disruptive technology driving automation in PV installations. We believe the integration of Swap Robotics technology into our product portfolio will drive project efficiencies and cost savings for our customers,” said Chief Executive Officer, Kevin G. Hostetler.

Mr. Hostetler continued, “While persistent headwinds, including permitting and interconnection delays, shortages of high-voltage circuit breakers and transformers, and labor constraints—continue to impact project timelines in the United States, we experienced the market stabilizing by year-end, in contrast to the delays experienced in the middle of the year. In Europe, we anticipate modest growth in 2025 as we are well positioned to capture additional market share. However, in Brazil, macro factors such as currency devaluation, volatile interest rates, and newly introduced tariffs on solar components have impacted growth. For 2025, at the midpoint of our guidance, ARRAY expects to deliver over 20% year-over-year revenue growth. We are optimistic about future demand growth for utility-scale solar energy both domestically and internationally and confident that our value proposition in the industry will continue to propel growth for years to come.”

First Quarter and Full Year 2025 Guidance

Given the uncertainty in the utility-scale solar energy market and headwinds we experienced during 2024 which pushed out project timelines, we are providing guidance for the first quarter of 2025. It is not our intention to provide quarterly guidance in the future. For the quarter ending March 31, 2025, the Company expects:

Revenue to be in the range of $260 million to $270 million
Adjusted EBITDA margin⁽²⁾ to be in the range of 11% to 13%

For the year ending December 31, 2025, the Company expects:

Revenue to be in the range of $1.05 billion to $1.15 billion
Adjusted EBITDA⁽²⁾ to be in the range of $180 million to $200 million
Adjusted net income per share⁽²⁾ to be in the range of $0.60 to $0.70

Supplemental Presentation and Conference Call Information

ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (February 27, 2025) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international) and entering the passcode 13750627 or via webcast of the live conference call by logging onto the Investor Relations sections of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international) with the passcode 13750627. The replay will be available until 11:59 p.m. (ET) on March 13, 2025. The online replay will be available for 30 days on the same website immediately following the call.

About ARRAY Technologies, Inc.

ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

Investor Relations Contact:
Keith Jennings
505-437-0010
investors@arraytechinc.com

Media Contact:
Nicole Stewart
505-589-8257

Forward-Looking Statements

This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “anticipates,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.

ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or rate of growth in demand for solar energy projects; competitive pressures within our industry; factors affecting viability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea, conflict in the Middle East, and inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act or any repeal thereof; and the other risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website, www.arraytechinc.com.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Non-GAAP Financial Information

This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.

We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and (ii) other costs if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax (benefit) expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) impairment of long-lived assets, (xii) goodwill impairment, (xiii) certain legal expenses, and (xiv) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) preferred accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) impairment of long-lived assets, (viii) goodwill impairment, (ix) certain legal expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity based compensation, (ii) certain legal expenses, (iii) other costs and (iv) income tax expense adjustments. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment and cash payments for the acquisition of right-of-use assets.

A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this presentation. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.

You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.

⁽¹⁾ A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.
⁽²⁾ A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 outlook, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

Array Technologies, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) (in thousands, except per share and share amounts)

	December 31,
		2024			2023
ASSETS
Current assets
Cash and cash equivalents	$	362,992		$	249,080
Restricted cash		1,149			—
Accounts receivable, net		275,838			332,152
Inventories		200,818			161,964
Prepaid expenses and other		157,927			89,085
Total current assets		998,724			832,281

Property, plant and equipment, net		26,222			27,893
Goodwill		160,189			435,591
Other intangible assets, net		181,409			354,389
Deferred income tax assets		17,754			15,870
Other assets		41,701			40,717
Total assets	$	1,425,999		$	1,706,741

LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	172,368		$	119,498
Accrued expenses and other		91,183			70,211
Accrued warranty reserve		2,063			2,790
Income tax payable		5,227			5,754
Deferred revenue		119,775			66,488
Current portion of contingent consideration		1,193			1,427
Current portion of debt		30,714			21,472
Other current liabilities		15,291			48,051
Total current liabilities		437,814			335,691

Deferred income tax liabilities		21,398			66,858
Contingent consideration, net of current portion		7,868			8,936
Other long-term liabilities		18,684			20,428
Long-term warranty		4,830			3,372
Long-term debt, net of current portion		646,570			660,948
Total liabilities		1,137,164			1,096,233

Commitments and contingencies (Note 16)

Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 460,920 and 432,759 issued, respectively; liquidation preference of $493.1 million at both dates		406,931			351,260

Stockholders’ equity
Preferred stock $0.001 par value – 4,500,000 shares authorized; none issued at respective dates		—			—
Common stock $0.001 par value – 1,000,000,000 shares authorized; 151,951,652 and 151,242,120 shares issued at respective dates		151			151
Additional paid-in capital		297,780			344,517
Accumulated deficit		(370,624	)		(130,230	)
Accumulated other comprehensive income (loss)		(45,403	)		44,810
Total stockholders’ equity		(118,096	)		259,248
Total liabilities, redeemable perpetual preferred stock and stockholders’ equity	$	1,425,999		$	1,706,741

Array Technologies, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) (in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024				2023
Revenue	$	275,232		$	341,615		$	915,807			$	1,576,551
Cost of revenue:
Cost of product and service revenue		193,273			253,746			603,572				1,146,442
Amortization of developed technology		3,640			3,640			14,558				14,558
Total cost of revenue		196,913			257,386			618,130				1,161,000
Gross profit		78,319			84,229			297,677				415,551

Operating expenses:
General and administrative		45,663			43,710			160,567				159,535
Change in fair value of contingent consideration		396			732			125				2,964
Depreciation and amortization		8,702			9,567			36,086				38,928
Long-lived assets impairment		91,904			—			91,904		—		—
Goodwill impairment		74,000			—			236,000				—
Total operating expenses		220,665			54,009			524,682				201,427

(Loss) income from operations		(142,346	)		30,220			(227,005	)			214,124

Other income (expense), net		654			(888	)		(1,008	)			(1,015	)
Interest income		4,092			2,206			16,777				8,330
Foreign currency (loss) gain, net		(3,442	)		(326	)		(4,515	)			(53	)
Interest expense		(9,007	)		(8,857	)		(34,825	)			(44,229	)
Total other (expense) income		(7,703	)		(7,865	)		(23,571	)			(36,967	)

(Loss) income before income tax expense (benefit)		(150,049	)		22,355			(250,576	)			177,157
Income tax (benefit) expense		(23,146	)		3,013			(10,182	)			39,917
Net (loss) income		(126,903	)		19,342			(240,394	)			137,240
Preferred dividends and accretion		14,338			13,332			55,670				51,691
Net (loss) income to common shareholders	$	(141,241	)	$	6,010		$	(296,064	)		$	85,549

(Loss) income per common share
Basic	$	(0.93	)	$	0.04		$	(1.95	)		$	0.57
Diluted	$	(0.93	)	$	0.04		$	(1.95	)		$	0.56

Weighted average common shares outstanding
Basic		151,944			151,175			151,754				150,942
Diluted		151,944			152,110			151,754				152,022

Array Technologies, Inc. and Subsidiaries Consolidated Statements of Cash Flows (unaudited) (in thousands)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Operating activities:
Net income (loss)	$	(126,903	)	$	19,342		$	(240,394	)	$	137,240
Adjustments to net income (loss):
Goodwill impairment		74,000			—			236,000			—
Impairment of long-lived assets		91,904			—			91,904			—
Provision for bad debts		(1,357	)		2,644			2,058			2,527
Deferred tax benefit		(30,371	)		(6,534	)		(37,650	)		(8,862	)
Depreciation and amortization		9,206			9,950			38,221			40,268
Amortization of developed technology		3,640			3,640			14,558			14,558
Amortization of debt discount and issuance costs		1,435			1,447			6,087			10,570
Gain on debt refinancing		—			(457	)		—			(457	)
Equity-based compensation		3,498			2,845			10,349			14,540
Change in fair value of contingent consideration		396			732			125			2,964
Warranty provision		3,127			1,075			3,163			4,666
Write-down of inventories		442			1,844			2,923			6,431
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable		(442	)		99,164			41,423			92,800
Inventories		(14,823	)		54,189			(44,787	)		66,743
Income tax receivables		33			(3,156	)		(4,112	)		9
Prepaid expenses and other		(24,505	)		(8,700	)		(69,708	)		(10,840	)
Accounts payable		24,475			(52,097	)		58,180			(37,654	)
Accrued expenses and other		34,492			(10,019	)		(436	)		5,325
Income tax payable		3,790			2,666			(863	)		1,936
Lease liabilities		(2,894	)		9,227			(8,624	)		1,177
Deferred revenue		8,443			(33,821	)		55,563			(111,986	)
Net cash provided by operating activities		57,586			93,981			153,980			231,955
Investing activities
Purchase of property, plant and equipment		(1,701	)		(5,374	)		(7,305	)		(16,989	)
Retirement/disposal of property, plant and equipment		(4	)		168			34			168
Cash payments for the acquisition of right-of-use assets		(11,276	)		—			(11,276	)		—
SAFE Investment		(3,000	)		—			(3,000	)		—
Sale of equity investment		—			—			11,975			—
Net cash used in investing activities		(15,981	)		(5,206	)		(9,572	)		(16,821	)
Financing activities
Series A equity issuance costs		—			—			—			(1,509	)
Tax withholding related to vesting of equity-based compensation		(18	)		—			(1,752	)		—
Proceeds from issuance of other debt		74,035			2,795			93,059			63,311
Principal payments on term loan facility		(1,075	)		(1,075	)		(4,300	)		(74,300	)
Principal payments on other debt		(72,545	)		(19,039	)		(97,424	)		(88,063	)
Contingent consideration payments		—			—			(1,427	)		(1,200	)
Net cash used in financing activities		397			(17,319	)		(11,844	)		(101,761	)
Effect of exchange rate changes on cash and cash equivalent balances		(10,233	)		3,614			(17,503	)		1,806
Net change in cash and cash equivalents		31,769			75,070			115,061			115,179
Cash and cash equivalents and restricted cash, beginning of period		332,372			174,010			249,080			133,901
Cash and cash equivalents and restricted cash, end of period	$	364,141		$	249,080		$	364,141		$	249,080

Supplemental cash flow information
Cash paid for interest	$	8,989		$	8,995		$	38,655		$	43,949
Cash paid for income taxes (net of refunds)	$	2,746		$	9,145		$	27,966		$	45,942

Non-cash investing and financing
Dividends accrued on Series A	$	(13,668	)	$	6,803		$	7,246		$	26,370

Array Technologies, Inc.
Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense, and Free Cash Flow Reconciliation (unaudited)
(in thousands, except per share amounts)

The following table reconciles Gross profit to Adjusted gross profit:

	Three Months Ended December 31,					Year Ended December 31,
		2024		2023			2024		2023
Revenue		275,232		341,615			915,807		1,576,551
Cost of revenue		196,913		257,386			618,130		1,161,000
Gross profit		78,319		84,229			297,677		415,551
Gross margin		28.5	%	24.7	%		32.5	%	26.4	%

Amortization of developed technology		3,640		3,640			14,558		14,558
Adjusted gross profit		81,959		87,869			312,235		430,109
Adjusted gross margin		29.8	%	25.7	%		34.1	%	27.3	%

The following table reconciles Net income to Adjusted EBITDA:

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net (loss) income	$	(126,903	)	$	19,342		$	(240,394	)	$	137,240
Preferred dividends and accretion		14,338			13,332			55,670			51,691
Net (loss) income to common shareholders	$	(141,241	)	$	6,010		$	(296,064	)	$	85,549
Other expense, net		(4,746	)		(1,318	)		(15,769	)		(7,315	)
Foreign currency loss (gain), net		3,442			326			4,515			53
Preferred dividends and accretion		14,338			13,332			55,670			51,691
Interest expense		9,007			8,857			34,825			44,229
Income tax (benefit) expense		(23,146	)		3,013			(10,182	)		39,917
Depreciation expense		1,140			772			4,410			2,669
Amortization of intangibles		8,142			9,186			33,811			37,607
Amortization of developed technology		3,640			3,640			14,558			14,558
Equity-based compensation		3,498			2,648			10,349			14,578
Change in fair value of contingent consideration		396			732			125			2,964
Long-lived assets impairment		91,904			—			91,904			—
Goodwill impairment		74,000			—			236,000			—
Certain legal expenses^(a)		2,240			244			6,773			898
Other costs^(b)		2,586			736			2,628			736
Adjusted EBITDA	$	45,200		$	48,178		$	173,553		$	288,134

^(a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

^(b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a regional tax dispute. For the three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

The following table reconciles Net income to Adjusted net income:

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net (loss) income	$	(126,903	)	$	19,342		$	(240,394	)	$	137,240
Preferred dividends and accretion		14,338			13,332			55,670			51,691
Net (loss) income to common shareholders	$	(141,241	)	$	6,010		$	(296,064	)	$	85,549
Amortization of intangibles		8,142			9,187			33,811			37,607
Amortization of developed technology		3,640			3,640			14,558			14,558
Amortization of debt discount and issuance costs		1,547			1,447			6,199			10,570
Preferred accretion		7,093			6,528			27,510			25,320
Equity based compensation		3,498			2,648			10,349			14,578
Change in fair value of contingent consideration		396			732			125			2,964
Impairment of long-lived assets		91,904			—			91,904			—
Goodwill impairment		74,000			—			236,000			—
Certain legal expenses^(a)		2,240			244			6,773			898
Other costs^(b)		2,586			736			2,628			736
Income tax expense adjustments^(c)		(28,688	)		(4,757	)		(42,596	)		(20,863	)
Adjusted net income	$	25,117		$	26,415		$	91,197		$	171,917

(Loss) income per common share
Basic	$	(0.93	)	$	0.04		$	(1.95	)	$	0.57
Diluted	$	(0.93	)	$	0.04		$	(1.95	)	$	0.56
Weighted average number of common shares outstanding
Basic		151,944			151,175			151,754			150,942
Diluted		151,944			152,110			151,754			152,022

Adjusted net income per common share
Basic	$	0.17		$	0.17		$	0.60		$	1.14
Diluted	$	0.16		$	0.17		$	0.60		$	1.13
Weighted average number of common shares outstanding
Basic		151,944			151,175			151,754			150,942
Diluted		152,255			152,110			152,285			152,022

^(a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

^(b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a tax dispute. For the three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

^(c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

The following table reconciles General and administrative expense to Adjusted general and administrative expense:


	Three Months Ended December 31,					Year Ended December 31,
		2024		2023			2024		2023
General and administrative expense		45,663		43,710			160,567		159,535
Equity based compensation		3,498		2,648			10,349		14,578
Certain legal expenses^(a)		2,240		244			6,773		898
Other costs^(b)		2,586		736			2,628		736
Income tax expense adjustments^(c)		(28,688	)	(4,757	)		(42,596	)	(20,863	)
Adjusted general and administrative expense		25,299		42,581			137,721		154,884

^(a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

^(b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a tax dispute. For the Three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

^(c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

The following table reconciles new cash provided by operating activities to Free cash flow:

	Three Months Ended December 31,					Year Ended December 31,
		2024		2023			2024		2023
Net cash provided by operating activities		57,586		93,981			153,980		231,955
Purchase of property, plant and equipment		(1,701	)	(5,374	)		(7,305	)	(16,989	)
Cash payments for the acquisition of right-of-use assets		(11,276	)	—			(11,276	)	—
Free cash flow		44,609		88,607			135,399		214,966

The MIL Network –

February 28, 2025

MIL-OSI: Definitive Healthcare Reports Financial Results for Fourth Quarter and Full Fiscal Year 2024

Source: GlobeNewswire (MIL-OSI)

FRAMINGHAM, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) — Definitive Healthcare Corp. (“Definitive Healthcare” or the “Company”) (Nasdaq: DH), an industry leader in healthcare commercial intelligence, today announced financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights:

Revenue was $62.3 million, a decrease of 6% from $65.9 million in Q4 2023.
Net Loss, inclusive of goodwill impairment charges of $97.1 million, was $(84.7) million, or (136)% of revenue, compared to $(13.4) million or (20)% of revenue in Q4 2023.
Adjusted Net Income was $12.6 million, compared to $10.6 million in Q4 2023.
Adjusted EBITDA was $17.5 million, or 28% of revenue, compared to $19.8 million, or 30% of revenue in Q4 2023.
Cash Flow from Operations was $8.1 million in the quarter.
Unlevered Free Cash Flow was $(1.6) million in the quarter.

Full Year 2024 Financial Highlights:

Revenue was $252.2 million, compared to $251.4 million for the full year 2023.
Net Loss, inclusive of goodwill impairment charges of $688.9 million, was $(591.4) million, or (235)% of revenue, compared to $(289.6) million, inclusive of goodwill impairment charges of $287.4 million, or (115)% of revenue for the full year 2023.
Adjusted Net Income was $55.1 million, compared to $46.7 million for the full year 2023.
Adjusted EBITDA was $79.1 million, or 31% of revenue, compared to $74.5 million, or 30% of revenue for the full year 2023.
Cash Flow from Operations was $58.2 million for the full year 2024, up 41% from $41.2 million for the full year 2023.
Unlevered Free Cash Flow was $72.5 million for the full year 2024, up 6% from $68.6 million for the full year 2023.

“Revenue and adjusted EBITDA were above the high end of our guided ranges despite challenging commercial conditions,” said Kevin Coop, CEO of Definitive Healthcare. “We executed on delivering new business growth, securing new logos and expanding relationships with existing customers through upsell and cross-sell opportunities. We are committed to building on this momentum as we move into 2025.

“I’m also pleased to announce that after a thorough search process, Casey Heller, our Senior Vice President of Finance, will assume the role of Chief Financial Officer, effective on June 2, 2025. We expect a smooth transition as she is already responsible for a significant portion of the company’s financial functions, including all aspects of commercial and operational finance, FP&A, and investor relations. In addition, Rick Booth will continue to serve as CFO until early June to give us time to backfill Casey’s current position and enable her to hit the ground running as CFO with a full team.”

Recent Business and Operating Highlights:

Customer Wins

In the fourth quarter, Definitive Healthcare continued to win new logos across all end-markets, by providing the data, insights, and integrations that drive their critical business use cases. Customer wins for the quarter included:

A behavioral and mental health screening company is leveraging our reference, affiliation, and claims data to identify and build stronger relationships with the right doctors and practices. They’ve also created an AI-powered tool that leverages insights from our data to compare physician prescribing habits, helping health systems improve care and drive growth.
A leading U.S. supplier of industrial, medical, and specialty gases chose us to gain insights into complex IDN hierarchies, identify high-volume facilities, navigate the Healthcare RFP process, and expand into new markets like surgery centers and post-acute facilities. This partnership also helps them connect with key nursing, procurement, and purchasing executives at both the facility and group purchasing organization (GPO) levels.
A large pharmaceutical company is leveraging our data along with their own internal and third-party data inside a robust master data management (MDM) system they have built, to develop a sophisticated patient and provider segmentation machine learning model, along with a next-best action program, to support the launch of a new pain medication. Definitive not only provides critical data and services to enable this integration, but our expertise also increases the value the customer derives from their existing platform investments.

Business Outlook

Based on information as of February 27, 2025, the Company is issuing the following financial guidance.

First Quarter 2025:

Revenue is expected to be in the range of $55.5 – $57.0 million.
Adjusted Operating Income is expected to be in the range of $7.5 – $8.5 million.
Adjusted EBITDA is expected to be in the range of $10.5 – $11.5 million, and 19 – 20% adjusted EBITDA margin.
Adjusted Net Income is expected to be $3.0 – $4.0 million.
Adjusted Net Income Per Diluted Share is expected to be approximately $0.02 per share on approximately 153.3 million weighted-average shares outstanding.

Full Year 2025:

Revenue is expected to be in the range of $230.0 – $240.0 million.
Adjusted Operating Income is expected to be in the range of $49.0 – $53.0 million.
Adjusted EBITDA is expected to be in the range of $61.0 – $65.0 million, for a full-year adjusted EBITDA margin ranging from 26 – 28%.
Adjusted Net Income is expected to be $30.0 – $34.0 million.
Adjusted Net Income Per Diluted Share is expected to be $0.19 – $0.22 per share on approximately 153.9 million weighted-average shares outstanding.

We do not provide a quantitative reconciliation of the forward-looking non-GAAP financial measures included in this press release to the most directly comparable GAAP measures due to the high variability and difficulty in predicting certain items excluded from these non-GAAP financial measures; in particular, the effects of equity-based compensation expense, taxes and amounts under the tax receivable agreement, deferred tax assets and deferred tax liabilities, and transaction, integration, and restructuring expenses. We expect the variability of these excluded items may have a significant and potentially unpredictable impact on our future GAAP financial results.

Conference Call Information

Definitive Healthcare will host a conference call today February 27, 2025, at 5:00 p.m. (Eastern Time) to discuss the Company’s full financial results and current business outlook. Participants may access the call at 1-877-358-7298 or 1-848-488-9244. Shortly after the conclusion of the call, a replay of this conference call will be available through March 29, 2025, at 1-800-645-7964 or 1-757-849-6722. The replay passcode is 1765#. A live audio webcast of the event will be available on Definitive Healthcare’s Investor Relations website at https://ir.definitivehc.com/.

About Definitive Healthcare

At Definitive Healthcare, our passion is to transform data, analytics and expertise into healthcare commercial intelligence. We help clients uncover the right markets, opportunities and people, so they can shape tomorrow’s healthcare industry. Learn more at definitivehc.com.

Forward-Looking Statements

This press release includes forward-looking statements that reflect our current views with respect to future events and financial performance. Such statements are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can generally be identified by words or phrases written in the future tense and/or preceded by words such as “likely,” “will,” “should,” “may,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “assumes,” “would,” “potentially” or similar words or variations thereof, or the negative thereof, references to future periods, or by the inclusion of forecasts or projections, but these terms are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding our outlook, financial guidance, the benefits of our healthcare commercial intelligence solutions, our overall future prospects, customer behaviors and use of our solutions, the market, industry and macroeconomic environment, our plans to improve our operational and financial performance and our business, our ability to execute on our plans, customer growth, including our upsell and cross-sell opportunities, and our ability to successfully transition executive leadership. Forward-looking statements in this press release are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the following: global geopolitical tension and difficult macroeconomic conditions; actual or potential changes in international, national, regional and local economic, business and financial conditions, including trade tensions, recessions, inflation, high interest rates, volatility in the capital markets and related market uncertainty; our inability to acquire new customers and generate additional revenue from existing customers; our inability to generate sales of subscriptions to our platform or any decline in demand for our platform and the data we offer; the competitiveness of the market in which we operate and our ability to compete effectively; the failure to maintain and improve our platform, or develop new modules or insights for healthcare commercial intelligence; the inability to obtain and maintain accurate, comprehensive or reliable data, which could result in reduced demand for our platform; the loss of our access to our data providers; the failure to respond to advances in healthcare commercial intelligence; an inability to attract new customers and expand subscriptions of current customers; our ability to successfully transition executive leadership; the possibility that our security measures are breached or unauthorized access to data is otherwise obtained; and the risks of being required to collect sales or other related taxes for subscriptions to our platform in jurisdictions where we have not historically done so.

Additional factors or events that could cause our actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual financial condition, results of operations, future performance and business may vary in material respects from the performance projected in these forward-looking statements.

For additional discussion of factors that could impact our operational and financial results, refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 that will be filed following this earnings release, as well as our Current Reports on Form 8-K and other subsequent SEC filings, which are or will be available on the Investor Relations page of our website at ir.definitivehc.com and on the SEC website at www.sec.gov.

All information in this press release speaks only as of the date on which it is made. We undertake no obligation to publicly update this information, whether as a result of new information, future developments or otherwise, except as may be required by law.

Website

Definitive Healthcare intends to use its website as a distribution channel of material company information. Financial and other important information regarding the Company is routinely posted on and accessible through the Company’s website at https://www.definitivehc.com/. Accordingly, you should monitor the investor relations portion of our website at https://ir.definitivehc.com/ in addition to following our press releases, SEC filings, and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting the “Email Alerts” section of our investor relations page at https://ir.definitivehc.com/.

Non-GAAP Financial Measures

We have presented supplemental non-GAAP financial measures as part of this earnings release. We believe that these supplemental non-GAAP financial measures are useful to investors because they allow for an evaluation of the Company with a focus on the performance of its core operations, including providing meaningful comparisons of financial results to historical periods and to the financial results of peer and competitor companies. Our use of these non-GAAP terms may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies and are not measures of performance calculated in accordance with GAAP. Our presentation of these non-GAAP financial measures are intended as supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures should not be considered as alternatives to loss from operations, net loss, earnings per share, or any other performance measures derived in accordance with GAAP or as measures of operating cash flows or liquidity. A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. In evaluating our non-GAAP financial measures, you should be aware that in the future, we may incur expenses similar to those eliminated in these presentations.

We refer to Unlevered Free Cash Flow, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income and Adjusted Net Income Per Diluted Share as non-GAAP financial measures. These non-GAAP financial measures are not required by or prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”). These are supplemental financial measures of our performance and should not be considered substitutes for cash provided by (used in) operating activities, loss from operations, net (loss) income, net (loss) income margin, gross profit, gross margin, or any other measure derived in accordance with GAAP.

We define Unlevered Free Cash Flow as net cash provided by operating activities less purchases of property, equipment and other assets, plus cash interest expense, and cash payments related to transaction, integration, and restructuring related expenses, earnouts, and other non-core items. Unlevered Free Cash Flow does not represent residual cash flow available for discretionary expenditures since, among other things, we have mandatory debt service requirements.

We define EBITDA as earnings before debt-related costs, including interest expense, net, income taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted to exclude certain items of a significant or unusual nature, including other income, net, equity-based compensation, transaction, integration, and restructuring expenses, goodwill impairments and other non-core expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA and Adjusted EBITDA Margin are key metrics used by management and our board of directors to assess the profitability of our operations. We believe that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to help investors to assess our operating performance because these metrics eliminate non-core and unusual items and non-cash expenses, which we do not consider indicative of ongoing operational performance. We believe that these metrics are helpful to investors in measuring the profitability of our operations on a consolidated level.

We define Adjusted Gross Profit as gross profit excluding acquisition-related amortization and equity-based compensation costs and Adjusted Gross Margin is defined as Adjusted Gross Profit as a percentage of revenue. Adjusted Gross Profit and Adjusted Gross Margin are key metrics used by management and our board of directors to assess our operations. We exclude acquisition-related depreciation and amortization expenses as they have no direct correlation to the cost of operating our business on an ongoing basis. A small portion of equity-based compensation is included in cost of revenue in accordance with GAAP but is excluded from our Adjusted Gross Profit calculations due to its non-cash nature.

We define Adjusted Operating Income as loss from operations plus acquisition related amortization, equity-based compensation, transaction, integration, and restructuring expenses, goodwill impairments and other non-core expenses.

We define Adjusted Net Income as Adjusted Operating Income less interest (expense), income net, recurring income tax (provision) benefit, foreign currency gain (loss), and tax impacts of adjustments. We define Adjusted Net Income Per Diluted Share as Adjusted Net Income divided by diluted outstanding shares.

In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to those eliminated in these presentations.

Investor Contact:
Brian Denyeau
ICR for Definitive Healthcare
brian.denyeau@icrinc.com
646-277-1251

Media Contact:
Bethany Swackhamer
bswackhamer@definitivehc.com


Definitive Healthcare Corp.
Consolidated Balance Sheets
(amounts in thousands, except number of shares and par value; unaudited)

	December 31, 2024			December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	105,378		$	130,976
Short-term investments		184,786			177,092
Accounts receivable, net		53,232			59,249
Prepaid expenses and other assets		13,040			13,120
Deferred contract costs		13,736			13,490
Total current assets		370,172			393,927
Property and equipment, net		3,791			4,471
Operating lease right-of-use assets, net		7,521			9,594
Other assets		2,300			2,388
Deferred contract costs		14,389			17,320
Intangible assets, net		297,933			323,121
Goodwill		393,283			1,075,080
Total assets	$	1,089,389		$	1,825,901
Liabilities and Equity
Current liabilities:
Accounts payable	$	10,763		$	5,787
Accrued expenses and other liabilities		40,896			51,529
Deferred revenue		93,344			97,377
Term loan		13,750			13,750
Operating lease liabilities		2,408			2,239
Total current liabilities		161,161			170,682
Long-term liabilities:
Deferred revenue		32			9
Term loan		229,368			242,567
Operating lease liabilities		7,586			9,372
Tax receivable agreements liability		49,511			127,000
Deferred tax liabilities		25,088			67,163
Other liabilities		9,449			9,934
Total liabilities		482,195			626,727

Equity:
Class A Common Stock, par value $0.001, 600,000,000 shares authorized, 113,953,554 and 116,562,252 shares issued and outstanding at December 31, 2024 and 2023, respectively		114			117
Class B Common Stock, par value $0.00001, 65,000,000 shares authorized, 39,439,198 and 39,375,806 shares issued and outstanding, respectively, at December 31, 2024, and 39,762,700 and 39,168,047 shares issued and outstanding, respectively, at December 31, 2023		—			—
Additional paid-in capital		1,085,445			1,086,581
Accumulated other comprehensive (deficit) income		(610	)		2,109
Accumulated deficit		(640,574	)		(227,450	)
Noncontrolling interests		162,819			337,817
Total equity		607,194			1,199,174
Total liabilities and equity	$	1,089,389		$	1,825,901

Definitive Healthcare Corp.
Consolidated Statements of Operations
(amounts in thousands, except share amounts and per share data; unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Revenue	$	62,288		$	65,932		$	252,202		$	251,415
Cost of revenue:
Cost of revenue exclusive of amortization ⁽¹⁾		10,967			9,447			40,684			34,740
Amortization		3,719			3,066			14,049			12,742
Gross profit		47,602			53,419			197,469			203,933
Operating expenses:
Sales and marketing ⁽¹⁾		20,372			23,605			83,807			94,534
Product development ⁽¹⁾		8,982			11,569			36,518			42,441
General and administrative ⁽¹⁾		8,503			16,567			49,267			58,861
Depreciation and amortization		9,413			9,935			37,618			39,008
Transaction, integration, and restructuring expenses		2,835			1,823			12,225			11,489
Goodwill impairment		97,060			—			688,854			287,400
Total operating expenses		147,165			63,499			908,289			533,733
Loss from operations		(99,563	)		(10,080	)		(710,820	)		(329,800	)
Other (expense) income, net:
Interest expense, net		(303	)		(125	)		(245	)		(1,559	)
Other income (expense), net		9,254			(1,982	)		77,320			23,179
Total other income (expense), net		8,951			(2,107	)		77,075			21,620
Loss before income taxes		(90,612	)		(12,187	)		(633,745	)		(308,180	)
Benefit from (provision for) income taxes		5,895			(1,175	)		42,299			18,553
Net loss		(84,717	)		(13,362	)		(591,446	)		(289,627	)
Less: Net loss attributable to noncontrolling interests		(25,642	)		(3,129	)		(178,322	)		(87,239	)
Net loss attributable to Definitive Healthcare Corp.	$	(59,075	)	$	(10,233	)	$	(413,124	)	$	(202,388	)
Net loss per share of Class A Common Stock:
Basic	$	(0.51	)	$	(0.09	)	$	(3.54	)	$	(1.79	)
Diluted	$	(0.51	)	$	(0.09	)	$	(3.54	)	$	(1.79	)
Weighted average Common Stock outstanding:
Basic		115,015,489			116,418,495			116,640,183			112,764,537
Diluted		115,015,489			116,418,495			116,640,183			112,764,537

⁽¹⁾ Amounts include equity-based compensation expense as follows:

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Cost of revenue	$	171		$	267		$	839		$	1,097
Sales and marketing		1,449			3,110			6,235			11,407
Product development		1,651			3,572			8,579			13,138
General and administrative		4,094			6,305			22,432			23,097
Total equity-based compensation expense	$	7,365		$	13,254		$	38,085		$	48,739

Definitive Healthcare Corp.
Consolidated Statements of Cash Flows
(amounts in thousands; unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Cash flows provided by (used in) operating activities:
Net loss	$	(84,717	)	$	(13,362	)	$	(591,446	)	$	(289,627	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		526			562			2,245			1,953
Amortization of intangible assets		12,606			12,439			49,422			49,797
Amortization of deferred contract costs		3,978			3,488			15,441			12,963
Equity-based compensation		7,365			13,254			38,085			48,739
Amortization of debt issuance costs		175			175			702			702
Provision for bad debt expense		—			554			947			1,374
Non-cash restructuring charges		192			—			1,239			155
Goodwill impairment charges		97,060			—			688,854			287,400
Tax receivable agreement remeasurement		(8,758	)		1,507			(76,909	)		(23,470	)
Changes in fair value of contingent consideration		1,460			302			(1,780	)		302
Deferred income taxes		(6,061	)		1,015			(42,670	)		(18,713	)
Changes in operating assets and liabilities:
Accounts receivable		(17,455	)		(18,559	)		5,693			811
Prepaid expenses and other assets		(627	)		(1,348	)		(7,832	)		(7,156	)
Deferred contract costs		(4,481	)		(5,770	)		(12,756	)		(18,790	)
Contingent consideration		—			—			(602	)		—
Accounts payable, accrued expenses, and other liabilities		(285	)		2,919			(5,458	)		1,330
Deferred revenue		7,157			7,533			(4,979	)		(6,580	)
Net cash provided by operating activities		8,135			4,709			58,196			41,190
Cash flows (used in) provided by investing activities:
Purchases of property, equipment, and other assets		(10,901	)		(594	)		(12,344	)		(2,977	)
Purchases of short-term investments		(111,634	)		(45,595	)		(304,304	)		(259,208	)
Maturities of short-term investments		96,265			100,596			303,769			275,426
Cash paid for acquisitions and investments, net of cash acquired		—			—			(13,530	)		(45,023	)
Net cash (used in) provided by investing activities		(26,270	)		54,407			(26,409	)		(31,782	)
Cash flows used in financing activities:
Repayments of term loans		(3,437	)		(3,438	)		(13,750	)		(8,594	)
Taxes paid related to net share settlement of equity awards		(278	)		(1,035	)		(7,548	)		(4,432	)
Repurchases of Class A Common Stock		(7,329	)		—			(22,366	)		—
Payments of contingent consideration		—			—			(1,000	)		—
Payments under tax receivable agreement		—			—			(6,950	)		(246	)
Payments of equity offering issuance costs		—			—			—			(30	)
Member distributions		(2,324	)		(1,589	)		(5,135	)		(12,282	)
Net cash used in financing activities		(13,368	)		(6,062	)		(56,749	)		(25,584	)
Net (decrease) increase in cash and cash equivalents		(31,503	)		53,054			(24,962	)		(16,176	)
Effect of exchange rate changes on cash and cash equivalents		(728	)		462			(636	)		218
Cash and cash equivalents, beginning of year		137,609			77,460			130,976			146,934
Cash and cash equivalents, end of year	$	105,378		$	130,976		$	105,378		$	130,976
Supplemental cash flow disclosures:
Cash paid during the period for:
Interest	$	3,310		$	3,684		$	14,196		$	14,456
Income taxes		—			—			—			136
Acquisitions:
Net assets acquired, net of cash acquired	$	—		$	—		$	13,675		$	52,678
Working capital adjustment receivable		—			—			(145	)		145
Contingent consideration		—			—			—			(7,800	)
Net cash paid for acquisitions	$	—		$	—		$	13,530		$	45,023

Supplemental disclosure of non-cash investing activities:
Capital expenditures included in accounts payable and accrued expenses and other liabilities	$	6,870		$	47		$	6,870		$	47

Definitive Healthcare Corp.
Reconciliations of Non-GAAP Financial Measures to Closest GAAP Equivalent

Reconciliation of GAAP Operating Cash Flow to Unlevered Free Cash Flow
(in thousands; unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	8,135		$	4,709		$	58,196		$	41,190
Purchases of property, equipment, and other assets		(10,901	)		(594	)		(12,344	)		(2,977	)
Interest paid in cash		3,310			3,684			14,196			14,456
Transaction, integration, and restructuring expenses paid in cash ^(a)		1,183			1,521			12,766			11,032
Earnout payment ^(b)		—			—			602			—
Other non-core items ^(c)		(3,311	)		1,803			(936	)		4,875
Unlevered Free Cash Flow	$	(1,584	)	$	11,123		$	72,480		$	68,576

(a) Transaction and integration expenses paid in cash primarily represent legal, accounting, and consulting expenses related to our acquisitions. Restructuring expenses paid in cash relate to our restructuring plans announced in the first quarter of 2024 and the first and third quarters of 2023, along with exit costs related to office relocations. (b) Earnout payment represents final settlement of contingent consideration included in cash flow from operations. (c) Other non-core items represent expenses driven by events that are typically by nature one-time, non-operational, and/or unrelated to our core operations.

Reconciliation of GAAP Net Loss to Adjusted Net Income and
GAAP Operating Loss to Adjusted Operating Income
(in thousands, except per share amounts; unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net loss	$	(84,717	)	$	(13,362	)	$	(591,446	)	$	(289,627	)
Add: Income tax (benefit) provision		(5,895	)		1,175			(42,299	)		(18,553	)
Add: Interest expense, net		303			125			245			1,559
Add: Other (income) expense, net		(9,254	)		1,982			(77,320	)		(23,179	)
Loss from operations		(99,563	)		(10,080	)		(710,820	)		(329,800	)
Add: Amortization of intangible assets acquired through business combinations		11,370			11,510			45,239			46,099
Add: Equity-based compensation		7,365			13,254			38,085			48,739
Add: Transaction, integration, and restructuring expenses		2,835			1,823			12,225			11,489
Add: Goodwill impairment		97,060			—			688,854			287,400
Add: Other non-core items		(3,311	)		1,803			(936	)		4,875
Adjusted Operating Income		15,756			18,310			72,647			68,802
Less: Interest expense, net		(303	)		(125	)		(245	)		(1,559	)
Less: Recurring income tax benefit (provision) ^(a)		60			(1,175	)		669			1,374
Less: Foreign currency gain (loss)		496			(475	)		411			(291	)
Less: Tax impacts of adjustments to net loss		(3,458	)		(5,886	)		(18,341	)		(21,633	)
Adjusted Net Income	$	12,551		$	10,649		$	55,141		$	46,693
Shares for Adjusted Net Income Per Diluted Share ^(b)		154,404,162			155,560,756			155,853,282			154,836,706
Adjusted Net Income Per Diluted Share	$	0.08		$	0.07		$	0.35		$	0.30

(a) Recurring income tax benefit (provision) excludes the income tax impact of goodwill impairment charges. (b) Diluted Adjusted Net Income Per Share is computed by giving effect to all potential weighted average Class A common stock and any securities that are convertible into Class A common stock, including Definitive OpCo units and restricted stock units. The dilutive effect of outstanding awards and convertible securities is reflected in diluted earnings per share by application of the treasury stock method assuming proceeds from unrecognized compensation as required by GAAP. Fully diluted shares are 162,498,543 and 163,153,442 as of December 31, 2024 and 2023, respectively.

Reconciliation of GAAP Gross Profit and Margin to Adjusted Gross Profit and Margin
(in thousands; unaudited)

	Three Months Ended December 31,								Year Ended December 31,
		2024				2023				2024				2023
(in thousands)	Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue		Amount		% of Revenue
Reported gross profit and margin	$	47,602	76	%	$	53,419	81	%	$	197,469	78	%	$	203,933	81	%
Amortization of intangible assets resulting from acquisition-related purchase accounting adjustments		2,483	4	%		2,137	3	%		9,866	4	%		9,044	4	%
Equity-based compensation costs		171	0	%		267	0	%		839	0	%		1,097	0	%
Adjusted gross profit and margin	$	50,256	81	%	$	55,823	85	%	$	208,174	83	%	$	214,074	85	%

Reconciliation of GAAP Net Loss to Adjusted EBITDA
(in thousands; unaudited)

	Three Months Ended December 31,												Year Ended December 31,
		2024						2023						2024					2023
	Amount			% of Revenue			Amount			% of Revenue			Amount			% of Revenue		Amount			% of Revenue
Net loss and margin	$	(84,717	)		(136	)%	$	(13,362	)		(20	)%	$	(591,446	)	(235	)%	$	(289,627	)	(115	)%
Interest expense, net		303			0	%		125			0	%		245		0	%		1,559		1	%
Income tax (benefit) provision		(5,895	)		(9	)%		1,175			2	%		(42,299	)	(17	)%		(18,553	)	(7	)%
Depreciation & amortization		13,132			21	%		13,001			20	%		51,667		20	%		51,750		21	%
EBITDA and margin		(77,177	)		(124	)%		939			1	%		(581,833	)	(231	)%		(254,871	)	(101	)%
Other (income) expense, net ^(a)		(9,254	)		(15	)%		1,982			3	%		(77,320	)	(31	)%		(23,179	)	(9	)%
Equity-based compensation ^(b)		7,365			12	%		13,254			20	%		38,085		15	%		48,739		19	%
Transaction, integration, and restructuring expenses ^(c)		2,835			5	%		1,823			3	%		12,225		5	%		11,489		5	%
Goodwill impairment ^(d)		97,060			156	%		—			0	%		688,854		273	%		287,400		114	%
Other non-core items ^(e)		(3,311	)		(5	)%		1,803			3	%		(936	)	(0	)%		4,875		2	%
Adjusted EBITDA and margin	$	17,518			28	%	$	19,801			30	%	$	79,075		31	%	$	74,453		30	%

(a) Primarily represents TRA liability remeasurement and foreign exchange gains and losses. (b) Equity-based compensation represents non-cash compensation expense recognized in association with equity awards made to employees and directors. (c) Transaction and integration expenses primarily represent legal, accounting, and consulting expenses and fair value adjustments for contingent consideration related to our acquisitions and strategic partnerships. Restructuring expenses relate to the 2024 Restructuring Plan and those we committed to during the first and third quarters of 2023, as well as impairment and restructuring charges related to office closures, relocations, and consolidations.

	Three Months Ended December 31,						Year Ended December 31,
(in thousands)		2024			2023			2024			2023
Merger and acquisition due diligence and transaction costs	$	919		$	1,309		$	3,329		$	5,419
Integration costs		176			129			1,115			934
Fair value adjustment for contingent consideration		1,460			302			(1,780	)		302
Restructuring charges for severance and other separation costs		88			83			8,097			4,679
Office closure and relocation restructuring charges and impairments		192			—			1,464			155
Total transaction, integration and restructuring expense	$	2,835		$	1,823		$	12,225		$	11,489

(d) Goodwill impairment charges represent non-cash, pre-tax, goodwill impairment charges. We experienced declines in our market capitalization as a result of sustained decreases in our stock price, which represented triggering events requiring our management to perform quantitative goodwill impairment tests multiple times in 2024 and during the third quarter of 2023. As a result of the impairment tests conducted in each respective period, we determined that the fair value of our single reporting unit was lower than its carrying value and, accordingly, recorded these impairment charges. (e) Other non-core items represent expenses driven by events that are typically by nature one-time, non-operational, and/or unrelated to our core operations. These expenses are comprised of non-core legal and regulatory costs isolated to unique and extraordinary litigation, legal and regulatory matters that are not considered normal and recurring business activity, including sales tax accrual adjustments inclusive of penalties and interest for sales taxes that we may have been required to collect from customers in 2024 and in certain previous years, and other non-recurring legal and regulatory matters. Other non-core items also include consulting fees and severance costs associated with strategic transition initiatives, as well as professional fees related to financing, capital structure changes, and other non-core items.

	Three Months Ended December 31,						Year Ended December 31,
(in thousands)		2024			2023			2024			2023
Non-core legal and regulatory	$	(3,438	)	$	(60	)	$	(3,439	)	$	2,370
Consulting and severance costs for strategic transition initiatives		1		$	1,977			2,219		$	1,977
Other non-core expenses		126			(114	)		284			528
Total other non-core items	$	(3,311	)	$	1,803		$	(936	)	$	4,875

The MIL Network –

February 28, 2025

MIL-OSI: SPS Commerce to Present at the Morgan Stanley Technology, Media & Telecom Conference

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Feb. 27, 2025 (GLOBE NEWSWIRE) — SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail supply chain cloud services, today announced that management will present at the Morgan Stanley Technology, Media & Telecom Conference on Thursday, March 6, 2025, at 8:30 AM P.T.

A webcast of the presentation will be available on the company’s investor relations website at http://investors.spscommerce.com/events.cfm.

About SPS Commerce

SPS Commerce is the world’s leading retail network, connecting trading partners around the globe to optimize supply chain operations for all retail partners. We support data-driven partnerships with innovative cloud technology, customer-obsessed service, and accessible experts so our customers can focus on what they do best. Over 45,000 recurring revenue customers in retail, grocery, distribution, supply, manufacturing, and logistics are using SPS as their retail network. SPS has achieved 96 consecutive quarters of revenue growth and is headquartered in Minneapolis. For additional information, contact SPS at 866-245-8100 or visit www.spscommerce.com.

SPS COMMERCE, SPS, SPS logo and INFINITE RETAIL POWER are marks of SPS Commerce, Inc. and registered in the U.S. Patent and Trademark Office, along with other SPS marks. Such marks may also be registered or otherwise protected in other countries.

Contact:
Investor Relations
The Blueshirt Group
Irmina Blaszczyk & Lisa Laukkanen
SPSC@blueshirtgroup.com
415-217-4962

SPS-F

The MIL Network –

February 28, 2025

MIL-OSI: Jamf Releases Fourth Quarter and Fiscal Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Feb. 27, 2025 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its fourth quarter and full year ended December 31, 2024, through an earnings release available on the company’s Investor Relations website at https://ir.jamf.com. The earnings release will be furnished to the SEC on Form 8-K.

Jamf will host a conference call and live webcast for analysts and investors at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on February 27, 2025.

The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com. Those parties interested in participating via telephone may register on Jamf’s Investor Relations website. The financial tables, earnings presentation, and investor presentation provided in connection with this press release and the accompanying conference call will also be available on Jamf’s Investor Relations website.

A replay of the call will be available on the Investor Relations website beginning on February 27, 2025, at approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).

Please note that Jamf uses its https://ir.jamf.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

About Jamf

Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment designed to be enterprise secure, consumer simple and protect personal privacy. To learn more, visit www.jamf.com.

Investor Contact
Jennifer Gaumond
ir@jamf.com

Media Contact
Natali Brockett
media@jamf.com

The MIL Network –

February 28, 2025

MIL-OSI USA: Murphy, Senate Foreign Relations Committee Democrats Statement On Trump Administration’s Reckless Termination Of U.S. Foreign Assistance Programs

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

February 27, 2025

WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Thursday joined U.S. Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), and U.S. Senators Chris Coons (D-Del.), Tim Kaine (D-Va.), Jeff Merkley (D-Ore.), Cory Booker (D-N.J.), Brian Schatz (D-Hawaii), Chris Van Hollen (D-Md.), Tammy Duckworth (D-Ill.) and Jacky Rosen (D-Nev.) in issuing the following statement on the Trump Administration’s reckless termination of nearly all U.S. foreign assistance programs:
“It is clear that the Trump Administration’s foreign assistance ‘review’ was not a serious effort or attempt at reform but rather a pretext to dismantle decades of U.S. investment that makes America safer, stronger and more prosperous. There is no indication Secretary Rubio conducted a program-by-program review of the more than 9,000 awards or considered the dire national security implications of these rash actions. Ending programs first and asking questions later only jeopardizes millions of lives and creates a power vacuum for our adversaries like China and Russia to fill.
“While it’s easy to assume that these cuts will only affect people thousands of miles away, the fact is, the impact will be felt by American farmers who will no longer get top dollar for their crops to feed the hungry, churches who will no longer have the support of the U.S. government in their missions, American families who fall sick when diseases like Zika, Ebola and Malaria once again reach our shores and U.S. biotech companies who will no longer sell their drugs to treat the vulnerable overseas. Secretary Rubio should immediately come before our Committee. We expect him to not only consult with Congress but follow the law.”

MIL OSI USA News –

February 28, 2025

MIL-OSI: NOTICE TO DISREGARD — Go SBA Express by Radix

Source: GlobeNewswire (MIL-OSI)

SEATTLE, Feb. 27, 2025 (GLOBE NEWSWIRE) — We are advised by Go SBA Express by Radix that journalists and other readers should disregard the news release, “Radix Provides a Unique SBA Loan Designed to Protect Small Business Owners from Predatory Lending,” issued today at 8:31 AM ET over GlobeNewswire.

The MIL Network –

February 28, 2025

MIL-OSI: Electric Hydrogen selects Ingeteam for green hydrogen projects in Europe

Source: GlobeNewswire (MIL-OSI)

DEVENS, Mass., Feb. 27, 2025 (GLOBE NEWSWIRE) — Electric Hydrogen, manufacturer of large-scale, cost-competitive electrolyzers, has selected Ingeteam, an established leader in power conversion systems with manufacturing in Europe, for its projects. Ingeteam’s best-in-class power systems have been successfully commissioned at Electric Hydrogen’s plants in San Jose, California and Devens, Massachusetts and Ingeteam will now supply rectifier systems to Electric Hydrogen for integration into its complete solution 100 megawatt (MW) electrolyzer plants in Europe.

Electric Hydrogen has a growing customer base in Europe and is committed to working with suppliers that champion the European Union’s goals of decarbonization, industrial competitiveness and technology innovation. This collaboration between the two companies ensures that the combined strength of both European and American manufacturing maintains its competitiveness in the growing clean hydrogen industry.

“Ingeteam’s power conversion technology helps us push the boundaries of performance and cost. This collaboration, which includes extensive interoperability testing, de-risks the critical interface between electrolysis and power systems in our 100MW Plant and leverages Ingeteam’s experience and scaled supply chain,” said Raffi Garabedian, CEO and Co-founder of Electric Hydrogen.

Power systems, which convert AC power to DC, comprise a significant portion of the cost of a green hydrogen plant today, creating opportunity for innovative cost-reduction. The two companies have co-optimized their respective system components to minimize integration risk within Electric Hydrogen’s 100MW plant. Through this partnership and other product innovations, Electric Hydrogen has already decreased total project costs by up to 60% compared with industry benchmarks.

“This collaboration with Electric Hydrogen allows us to apply more than 50 years’ experience in power electronics to one of the most promising emerging industries. Our combined strength will enable customers around the globe to optimize costs and increase energy independence. Our technology is purpose-built for industrial applications and we are proud to support Electric Hydrogen’s effort to drive down the cost of clean hydrogen for customers in Spain, Europe and worldwide,” said Adolfo Rebollo, Ingeteam CEO.

About Electric Hydrogen
Electric Hydrogen manufactures, delivers and commissions the world’s most powerful electrolyzers to make clean hydrogen projects economically viable today. The company’s complete 100 megawatt (MW) Plant includes all system components required to turn water and electricity into the lowest cost clean hydrogen using its proprietary advanced proton exchange membrane (PEM) technology. Electric Hydrogen has a team of more than 300 people in the United States and Europe. The company was founded in 2020 and is headquartered in Devens, Massachusetts. To learn more about how critical industries leverage Electric Hydrogen’s 100MW Plant to achieve their decarbonization and energy security objectives, visit https://eh2.com/.

Contact
V2 Communications for Electric Hydrogen
electrichydrogen@v2comms.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58d4ba47-4892-4e5a-8b17-fab60a9b1dbf

The MIL Network –

February 28, 2025

MIL-OSI USA: Sen. Moran to Chair the Senate Commerce Subcommittee on Aviation, Space, and Innovation

US Senate News:

Source: United States Senator for Kansas – Jerry Moran

WASHINGTON – The U.S. Senate Committee on Commerce, Science, and Transportation recently announced U.S. Senator Jerry Moran (R-Kan.) will serve as the Chair of the Subcommittee on Aviation, Space, and Innovation.

“The subcommittee will work on legislation to advance policies that put safety first while bolstering innovation and efficiency,” said Sen. Moran. “Recent tragedies demonstrate that our nation’s aviation system is facing a critical inflection point, and as Chairman, I will work to make certain air travel remains the safest method of transportation. I also look forward to supporting our nation’s rapidly evolving commercial space sector by advancing policies which promote the industry’s growth and capabilities. Kansas is home to the Air Capital of the World, and my work on this subcommittee will be informed by the global aviation and aerospace companies that call our state home and the small businesses that fill critical links in our supply chains.”

The Senate Commerce Subcommittee on Aviation, Space, and Innovation has jurisdiction over the Federal Aviation Administration (FAA), National Aeronautics and Space Administration (NASA), and the civil aviation and space policy functions of the Department of Transportation, Department of Commerce and National Space Council within the Executive Office of the President.

Chairman Moran’s Priorities for the 119th Congress:

Aviation Safety: Investigating recent aviation accidents and subsequent safety reports to make certain our nation’s aviation safety regulators are equipped and able to effectively manage our air travel equipment and systems.
Oversight: Ensuring the proper implementation the FAA Reauthorization Act of 2024, which Sen. Moran helped draft and unanimously pass in both chambers of Congress, to address the current and future demands of the aviation industry.
Space Exploration: Supporting critical NASA programs, including the Artemis campaign, and prioritizing STEM education to equip the next generation to further our nation’s space goals.
Commercial Space Growth: Enabling growth in the commercial space sector, which is already supporting critical national security missions and bolstering the U.S. in our space race against China and other adversaries.

MIL OSI USA News –

February 28, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 27.02.2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
27 February 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 27.02.2025

Espoo, Finland – On 27 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,400,000	4.72
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,400,000	4.72

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 27 February 2025 was EUR 6,604,220. After the disclosed transactions, Nokia Corporation holds 261,317,814 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

Daily Report 2025-02-27

The MIL Network –

February 28, 2025

MIL-OSI: Atomic Data and Minnesota United FC Extend Partnership for Five Years

Source: GlobeNewswire (MIL-OSI)

MINNEAPOLIS, Feb. 27, 2025 (GLOBE NEWSWIRE) — Atomic Data and Minnesota United FC (MNUFC) announced today that they have renewed their long-standing partnership through 2029. The agreement marks the latest step in a partnership that has served cutting-edge stadium technology, next-gen Wi-Fi, and modern work solutions to hundreds of thousands of fans and staff alike.

Atomic Data and MNUFC have built a true partnership of trust that began many years before Allianz Field opened its doors in 2019. From the pre-MLS days at National Sports Center, to the temporary home at Huntington Bank Stadium, and finally to Allianz Field in Saint Paul and the Golden Valley team headquarters, Atomic Data and MNUFC have grown and won together since 2012.

“Minnesota United is thrilled to announce the extension of our partnership with one of our most valued and long-standing supporters, Atomic Data. Atomic Data has been the driving force behind the development of our technology infrastructure, designing and implementing the IT platforms that support our offices and Allianz Field,” said MNUFC Chief Administrative Officer and Chief Financial Officer Gretchen Korf. “Their expertise and support has been instrumental throughout our club’s journey. We are deeply grateful for their continued partnership and look forward to the continued success we can achieve together.”

MNUFC and Allianz Field will continue to benefit from Atomic Data’s sports and entertainment suite of services known as Game Day Technologies®. The venue and office solutions include match day IT support, 24×7 monitoring, cybersecurity services, and network infrastructure management.

Yagya Mahadevan, Game Day Technology Director at Atomic Data, relayed his excitement about the extended deal: “Minnesota United FC is one of Atomic Data’s oldest partners, and much of what we do for venues today was initially conceived and implemented for them. The trust that MNUFC continues to place in Atomic Data is humbling and we’re all excited to see what we’ll achieve together over the next five years and beyond.”

About Atomic Data & Game Day Technologies
Atomic Data, trusted IT provider for hundreds of enterprises, sports teams, and large venues, is on a mission to deliver always-on, custom-tailored technology solutions and objective IT leadership.

Game Day Technologies® powered by Atomic Data enables owners and teams to right size and modernize their venues, districts, training facilities, and back offices with objective, holistic technology oversight and activation.

About Minnesota United:

Professional soccer has been a part of Minnesota for over four decades, and since 2013, Minnesota United FC has been at the forefront of growing the game at all levels. MNUFC currently competes in three different levels established by Major League Soccer: Minnesota United FC (MLS), MNUFC2 (MLS NEXT Pro) and the MNUFC Academy (MLS NEXT). Allianz Field – constructed in 2019 in the Midway neighborhood of Saint Paul, Minnesota – is the home to Minnesota United games, and the club trains at the National Sports Center in Blaine, Minnesota. In 2025, MNUFC’s first team returns to the pitch for its ninth season in MLS.

The MIL Network –

February 28, 2025

MIL-OSI Video: EU-India Summit: European Commission President von der Leyen and the College in New Delhi

Source: European Commission (video statements)

“In this era of intense geostrategic competition, Europe stands for openness, partnership, and outreach. We seek to deepen ties with one of our most trusted friends and allies—India. Europe and India are like-minded partners, bound by the shared conviction that democracy best serves the people. That’s why one of the first visits of the new Commission is to India. We are committed to strengthening our strategic partnership to advance trade, economic security, and resilient supply chains, along with a common tech agenda and reinforced security and defence cooperation.” Commission President von der Leyen

On the 27th and 28th of February, President Ursula von der Leyen will visit New Delhi accompanied by the College of Commissioners to meet Prime Minister Narendra Modi and the Indian Government.

The unprecedented visit, one of the first by the College of Commissioners in the new mandate, highlights the strong momentum in EU-India relations. It follows President von der Leyen’s announcement of a new strategic agenda with India to be presented this year at the EU-India Summit. The visit emphasises the importance of strengthening ties in key areas vital to the prosperity and security of both Europe and India.

Read the press release here https://ec.europa.eu/commission/presscorner/home/en
Audiovisual material on the EC AV Portal https://audiovisual.ec.europa.eu/en

Follow us on:
-X: https://twitter.com/EU_Commission
-Instagram: https://www.instagram.com/europeancommission/
-Facebook: https://www.facebook.com/EuropeanCommission
-LinkedIn: https://www.linkedin.com/company/european-commission/
-Medium: https://medium.com/@EuropeanCommission

Visit our website: http://ec.europa.eu

https://www.youtube.com/watch?v=IH9n2BLMc7k

MIL OSI Video –

February 28, 2025

MIL-OSI USA: Wyden, Colleagues Introduce Legislation to Help Make College Textbooks More Affordable

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)

February 27, 2025

Washington D.C.— U.S. Senator Ron Wyden said today he has joined Senate colleagues to introduce legislation designed to help students manage costs by making high quality textbooks easily accessible to students, professors, and the public for free.

“With the cost of college attendance skyrocketing, students shouldn’t also have to spend hundreds, or in some cases thousands, of dollars extra to access textbooks that they will use for a few classes,” Wyden said. “Open textbooks will ensure that students get all the essential academic tools they need at their fingertips for free.”

The legislation, known as the Affordable College Textbook Act, would authorize a competitive grant program to support the creation and expansion of open college textbooks—textbooks that are available under an open license, allowing professors, students, researchers, and others to freely access the materials.

Textbook costs are one of the most overlooked costs of going to college, but they can be a substantial barrier to pursuing a college education. According to the College Board, the average student at a four-year public institution of higher education spent $1,290 on college books and supplies during the 2024-2025 academic year. In a 2020 U.S. PIRG survey, 65 percent of students decided not to buy a textbook because of the cost, and 94 percent of those students were worried it would affect their grade negatively.

The Affordable College Textbook Act expands and updates provisions from the College Textbook Affordability Act contained in the 2008 Higher Education Opportunity Act. The provisions aimed to make more information available to students looking to manage college textbook costs. The 2008 law required textbook publishers to disclose to faculty the cost of a textbook to their students, required schools to publish textbook price information in course catalogues when practicable, and required publishers to offer unbundled supplemental materials so that students had choices. The provisions took effect on July 1, 2010.

Specifically, the Affordable College Textbook Act would do the following:

Authorize a grant program, similar to the Open Textbook Pilot program for which Congress already has appropriated $54 million and saved students more than $250 million. The grant would support projects at colleges to create and expand the use of open textbooks, with priority for programs that would achieve the highest savings for students;
Ensure that any open textbooks or educational materials created using program funds would be free and easily accessible to the public;
Require entities who receive funds to complete a report on the effectiveness of the program in achieving savings for students;
Improve and update existing requirements for publishers and institutions that provide information on textbook costs, including new disclosure requirements to students on how companies providing digital materials may use student data; and
Require the Government Accountability Office to report to Congress with an update on the price trends of college textbooks.

In addition to Wyden, the legislation was introduced by Senators Dick Durbin, D-Ill., Angus King, I-Maine, and Tina Smith, D-Minn, with U.S. Representative Joe Neguse, D-Colo, introducing companion legislation in the House.

The Affordable College Textbook Act is supported by SPARC, National Association of College Stores, Student PIRGs, U.S. PIRG, American Federation of Teachers, American Association of Community Colleges, Association of Assistive Technology Act Programs, Association of Community College Trustees, Association of College & Research Libraries, Association of Research Libraries, CAST, Creative Commons, National Education Association, Open Oregon Educational Resources, the Council of Administrators of Special Education, Today’s Students Coalition, UNCF, and Young Invincibles.

MIL OSI USA News –

February 28, 2025

MIL-OSI USA: Wyden, Merkley, Colleagues Press Feds on Threat of Rising Housing Costs from Plan to Reprivatize Fannie Mae and Freddie Mac

US Senate News:

Source: United States Senator Ron Wyden (D-Ore)

February 27, 2025

Oregon senators: Privatization a giveaway for hedge funds, wealthy investors; could hurt homebuyers

Washington D.C.—U.S. Senators Ron Wyden and Jeff Merkley said today they have joined Senate colleagues to press the Department of Housing and Urban Development on whether its plan to reprivatize Fannie Mae and Freddie Mac will make mortgages more expensive.

“During your confirmation process, you repeatedly spoke of the desire to reduce housing costs, a goal we share. However, right out of the gate, you are actively advocating for policy changes that would likely raise housing costs for hard working Americans,” the senators wrote HUD Secretary Scott Turner, who said right after his confirmation that he would act as “quarterback” in the Trump Administration’s plan to reprivatize the multi-trillion dollar companies.

“Changes to the ownership of Fannie Mae and Freddie Mac would be a monumental undertaking that would affect our entire housing system and touch the lives of homeowners and renters across the country,” they wrote. “If mismanaged, ending the conservatorships and Treasury’s role with Fannie Mae and Freddie Mac could make mortgages more expensive, cut off access to mortgage credit, destroy many of the important reforms made over the past 16 years, and compromise our entire housing market and the broader U.S. economy.”

The senators also raised concerns that privatization could result in a taxpayer-funded giveaway worth billions for wealthy investors and hedge funds, quoting one investor’s optimism that “Trump and his team will get the job done.” The senators asked Turner to commit to ensuring that any changes to Fannie Mae and Freddie Mac will not result in higher rents or mortgage costs for Americans while rewarding hedge funds and the wealthy.

“Our housing finance system is a complex, multi-trillion dollar market that touches the lives of every American family. It is critical that any effort to reprivatize Fannie Mac and Freddie Mac does not result in windfalls for wealthy investors while raising housing costs for American families. We look forward to your prompt and thorough reply on this urgent matter,” wrote the senators.

The letter was led by U.S. Senator Elizabeth Warren, D-Mass., and Minority Leader Chuck Schumer, D-N.Y. In addition to Wyden and Merkley, the letter was also signed by Senators Richard Blumenthal, D-Conn., Lisa Blunt Rochester, D-Del., Cory Booker, D-N.J., Dick Durbin D-Ill., Andy Kim, D-N.J., Chris Murphy, D-Conn., and Jack Reed, D-R.I.

The full text of the letter is here.

MIL OSI USA News –

February 28, 2025

MIL-OSI USA: Warner, Thune, Malliotakis & Peters Introduce Legislation to Address Student Debt Crisis

US Senate News:

Source: United States Senator for Commonwealth of Virginia Mark R Warner

WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and John Thune (R-SD), alongside U.S. Reps. Nicole Malliotakis (R-NY-11) and Scott Peters (D-CA-50), introduced the Employer Participation in Repayment Act – bipartisan legislation to help Americans tackle their student loan debt by making permanent a provision that allows employers to contribute up to $5,250 tax-free to their employees’ student loans.

In 2020, Sens. Warner and Thune along with Rep. Peters negotiated the inclusion of a provision in the CARES Act that allowed these contributions temporarily. Later that year, as part of the government spending package, they secured an extension allowing this benefit until January 1, 2026. By making this tax benefit permanent, today’s legislation would provide employees with much-needed relief and employers with a unique and permanent tool to attract and retain talented employees.

“As the first in my family to graduate from college, I wouldn’t have been able to afford my tuition without the help of student loans,” said Sen. Warner. “Unfortunately as the cost of higher education continues to skyrocket, so has the rate of Americans who turn to student loans to pay for college. Today too many Americans are saddled with tough-to-manage student loan debt, with no end in sight. That’s why I’ve teamed up with Sen. Thune to create an innovative, bipartisan approach to help ease the burden of student loans. By making employer student loan repayments tax-exempt, employers will have a tool to recruit and retain a talented workforce while also helping working Americans manage their financial future.”

“Incentivizing employers to help repay their employees’ student loans was a common-sense step Congress took to address the high levels of student debt that borrowers face,” said Sen. Thune. “This bill would permanently equip employers with this unique tool to help attract and retain talented employees while protecting American taxpayers from costly burdens. This is a win-win for graduates and their employers, and I hope it will once again garner strong, bipartisan support.”

“Over the past 20 years, the cost to attend college has risen 45 percent, forcing students to choose between pursuing higher education and taking on tens of thousands of dollars in burdensome student loan debt,” said Rep. Malliotakis. “Our bipartisan legislation enables employers to contribute up to $5,250 per year, tax-free, toward their employees’ student loans—helping those entering the workforce pay down debt faster and build a stronger financial future. This tax incentive will continue to strengthen our workforce, increase our nation’s competitiveness, and provide much-needed economic relief to millions of Americans.”

“I relied on student loans to get through college when the cost of higher education was much lower than it is today. Now, the collective debt among Americans is $1.7 trillion, which limits our economic growth and the economic prospects of young adults,” said Rep. Peters. “Over the last five years, this program has been a huge success — employers have helped pay off thousands of employees’ loans and it gave employers a tool to compete for the best talent. This public-private collaboration has proven itself as a cost-effective solution to the student debt crisis and it is imperative that we make it permanent.”

Americans owe a combined $1.77 trillion dollars in student loan debt, according to the most recent quarterly report from the Federal Reserve. This debt is a significant financial burden that not only influences the way the American workforce saves and spends, but also has a stifling effect on the economy. This legislation would update an existing federal program so that it works better for employees living with the reality of burdensome student loan debt.

The legislation has support from numerous educational organizations and business groups.

“The National Association of Independent Colleges and Universities (NAICU) is pleased to support bipartisan legislation that would make permanent the expansion of IRC Sec. 127. This expansion to allow student loan repayment assistance should absolutely be a permanent benefit and not expire next year as currently scheduled. This assistance helps working students, employers, and ultimately the U.S. economy. Section 127 benefits play a critical role in maintaining U.S. competitiveness and preventing the accumulation of student debt by enabling employers to fund the training, development and education of their employees, without imposing tax burdens on those employees for the education they receive. Employees use these benefits to pursue their educational and career goals and use amounts provided by their employer to either help pay for the cost of tuition or repay student loans,” said Karin Johns, Director of Tax Policy, National Association of Independent Colleges and Universities.

“The bipartisan and bicameral Employer Participation in Repayment Act will reduce borrowers’ student loan burdens and encourage successful repayment. In turn, it gives employers a permanent tool with which to attract a stable workforce. EFC is proud to endorse this legislation, and we look forward to collaborating with you to advance public policies that appropriately balance the interests of student loan borrowers, employers, and taxpayers,” said Gail daMota, President, Education Finance Council.

“The U.S. Chamber supports the Employer Participation in Repayment Act because it allows employers voluntarily to provide a valued employee benefit that helps their employees’ financial well-being,” said Chantel Sheaks, Vice President, Retirement Policy, U.S. Chamber of Commerce

“Candidly has facilitated more than $100M in tax-free Student Loan Employer Contributions to help employees pay down their debt faster, as a workplace benefit, resulting in a whopping 67% reduction in turnover across participating workers. Permanency is crucial to sustaining and scaling this highly efficacious new category of benefit into a new normal,” said Laurel Taylor, CEO, Candidly.

“Fidelity Investments commends the bipartisan re-introduction of the Employer Participation in Repayment Act. Permanently extending this important incentive is critical to the American workforce’s financial wellness. As a market leader for student debt workplace benefits since 2016, Fidelity has enabled hundreds of employers across a wide range of industries to seamlessly contribute to and ease the student debt burden for their employees. To date, these employers have helped more than 100k employees save more than $500mn and an average of 3-4 years in payments. The growth and popularity of these benefits have accelerated since the introduction of this provision as part of the 2020 CARES Act, and we look forward to working with Congress to enact this legislation permanently into law,” said Jesse Moore, Senior Vice President, Head of Student Debt at Fidelity Investments.

“We commend Senators Thune and Warner, along with Representatives Malliotakis and Peters, for their leadership in introducing the Employer Participation in Repayment Act. Making the student loan repayment expansion permanent is a critical step toward easing the financial burden on millions of Americans while empowering businesses to attract and retain top talent. This bipartisan, bicameral effort underscores a shared commitment to workforce development, economic growth, and financial well-being for employees nationwide. We urge Congress to pass this legislation and ensure long-term support for student loan repayment benefits,” said Chatrane Birbal, Vice President of Policy and Government Relations at the HR Policy Association.

“SHRM strongly supports the reintroduction of the Employer Participation in Repayment Act, a bipartisan bill that would permanently allow employers to assist employees in repaying their student loans. At SHRM, we have long championed policies that empower employers to provide education assistance programs that align with the evolving needs of the workforce. This legislation is key to strengthening the education-to-employment pipeline—ensuring that individuals can pursue and complete their education without being burdened by overwhelming debt, while also helping employers build a skilled and competitive workforce. This legislation provides a commonsense solution that would benefit workers, workplaces, and the economy,” said Emily M. Dickens, Chief of Staff and Head of Government Affairs at the Society for Human Resource Management.

“We commend the introduction of bipartisan legislation to permanently extend the student loan repayment benefit under Section 127. Supporting efforts by employers to offer education or debt relief to their employees is both economically and fiscally responsible. This bill is a crucial step towards modernizing Section 127 of the tax code, addressing the evolving needs of employees, and ensuring our workforce remains competitive. InStride is dedicated to reducing the burden of student debt and expanding economic opportunities through innovative employer-sponsored education programs. This legislative effort aligns with our mission and helps create a more financially resilient workforce,” said Craig Maloney, CEO, InStride.

“The National Association of REALTORS ® (NAR) has long supported efforts to ease the burden of student loan debt. The Employer Participation in Repayment Act is a useful tool in easing the weight of student debt. NAR applauds the leadership from Representatives Peters and Malliotakis and Senators Warner and Thune in making this change permanent. This legislation creates a win-win for both employers in search of attracting and maintaining talented workers and employees who will receive relief on their debt, enabling them to save money for important life decisions like purchasing a home,” said National Association of Realtors® President Kevin Sears.

“Extending the tax exclusion for employer-provided student loan repayment assistance is crucial for today’s U.S. workforce and is 100% aligned with employer perspectives on these benefits,” said Scott Thompson, CEO of Tuition.io. “As the cost of higher education continues to skyrocket, this benefit enables companies to foster a more educated and skilled workforce, while helping their employees cover basic living expenses, a challenge for so many people today. Since Tuition.io started administering contributions in 2016, employers on our platform have helped pay down student loan debt for hundreds of thousands of employees in key sectors like healthcare, manufacturing, and technology. We at Tuition.io strongly support making these benefits under Section 127 permanent, as their removal would be a significant setback for both corporations and their employees.”

“The introduction of this bill is a huge step in the right direction and, when passed, will be a major win for companies, employees, and society at large. Tax-free employer contributions to student loans is a great way to help employees pay back student loans while providing a unique incentive for employees to align with company priorities. As the cost of education has and will likely continue to rise, this benefit will help alleviate the financial stress employees have incurred in order to gain employment. Permanently including employer student loan contributions under tax-free educational assistance will help pave the way for more employers to play a massive role in solving the student debt crisis,” said Mick MackLaverty, CEO of Highway Benefits.

“We are proud to support this initiative and grateful to Congressmember Peters for his dedication to San Diego’s small businesses,” said Jessica Anderson, Interim President and CEO of the San Diego Regional Chamber of Commerce. “The Employer Participation in Repayment Act of 2025 will expand the benefits employers can offer by assisting with student debt repayment, in turn helping small businesses attract and retain talent in a competitive workforce.

Full text of the legislation can be found here. A summary of the legislation can be found here.

MIL OSI USA News –

February 28, 2025

MIL-OSI Canada: B.C. will strengthen biofuel industry with Canadian-content requirements

Source: Government of Canada regional news

The Province is taking action to strengthen British Columbia’s energy resilience and support local biofuel producers, ensuring cleaner transportation fuels and greater energy security for people in B.C.

“British Columbians deserve a reliable, sustainable and Canadian fuel supply,” said Adrian Dix, Minister of Energy and Climate Solutions. “By increasing the Canadian biofuel content in our transportation fuels, we will support local producers, protect jobs and reduce our dependence on foreign energy. This action reflects our commitment to cleaner energy, economic growth and a resilient future for British Columbians.”

B.C. and Canadian biofuel producers have long felt the impact of the competitive advantage American producers have over Canadian producers because of U.S. subsidies, which have increased under the U.S. Inflation Reduction Act.

To support B.C. and Canadian biofuel producers, protect local jobs throughout the supply chain and strengthen British Columbia’s energy security, the Province is making key amendments to regulations under the Low Carbon Fuels Act that prioritize the inclusion of Canadian biofuels in B.C.’s transportation fuels. This action will stabilize the biofuel market and support B.C. companies such as Tidewater Renewables in Prince George, Parkland in Burnaby and Consolidated Biofuels in Delta.

“We welcome the Government of B.C.’s changes to the Low Carbon Fuels Act and the commitment to strengthen the Canadian biofuel sector,” said Jeremy Baines, president and CEO, Tidewater Renewables. “This is a good first step in levelling the playing field with imported biofuels that take advantage of overlapping foreign and Canadian policies, and moving toward an economically viable Canadian renewable fuel industry. Tidewater is committed to being a leader in the energy transition, continuing to develop made-in-B.C. energy solutions, creating good-paying jobs in British Columbia and continuing to supply low-carbon fuels, helping British Columbia and Canada meet emission-reduction targets.”

Effective Jan. 1, 2026, the minimum 5% renewable-fuel requirement for gasoline must be met with eligible renewable fuels produced in Canada. The renewable-fuel requirement for diesel is 4% and will immediately be increased to 8%. Beginning April 1, 2025, the renewable content of diesel fuel must be produced in Canada.

The Province has been working closely with B.C. biofuel producers and suppliers to develop an approach that supports the entire industry and limits price impacts. This aligns with the Province’s commitment to sustainability and competitiveness, balancing environmental goals with economic development, signalling B.C.’s leadership in advancing a cleaner and more resilient energy future.

Quotes:

Dan Treleaven, chief executive officer, Consolidated Biofuels Ltd. –

“This news is welcome support for local homegrown biofuel producers. Securing and growing local production reduces reliance on imports, while maintaining one of the most progressive carbon-reduction programs in Canada.”

Mark Zacharias, executive director, Clean Energy Canada –

“We are pleased to see today’s amendments to the Low Carbon Fuels Regulation. These changes will provide certainty to B.C. and Canadian biofuel producers, while connecting the Canadian biofuel supply chain and supporting the province’s clean-energy economy. In the face of potential U.S. tariffs, these changes will create jobs here in B.C., while doing our part for the climate.”

Learn More:

British Columbia’s Low Carbon Fuel Standard:
https://www2.gov.bc.ca/gov/content/industry/electricity-alternative-energy/transportation-energies/renewable-low-carbon-fuels

A backgrounder follows.

MIL OSI Canada News –

February 28, 2025

MIL-OSI Security: Mount Vernon Native Sentenced To 11 Years In Prison For Orchestrating $7.6 Million COVID-19 Fraud Scheme

Source: Office of United States Attorneys

Jacob Carter Personally Received Over $1.7 Million in Kickbacks for Obtaining U.S. Small Business Administration Economic Injury Disaster Loans for Over 1,000 Applicants

Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that JACOB CARTER, who led a scheme to defraud the U.S. Small Business Administration (“SBA”) of more than $7.6 million, was sentenced by U.S. District Judge Nelson S. Román to 11 years in prison. CARTER and co-defendants Quadri Salahuddin and Anwar Salahuddin were convicted at trial on February 9, 2024, for conspiracy to commit wire fraud, wire fraud, and aggravated identity theft.

Acting U.S. Attorney Matthew Podolsky said: “Jacob Carter took advantage of a taxpayer-funded program intended to help small businesses in desperate need during the COVID-19 pandemic. Some small businesses that were eligible for and deserving of this money did not get it because funds ran out. Carter used his ill-gotten gains for far more selfish pursuits, including expensive jewelry and a Lamborghini. Thanks to the work of our law enforcement partners at the FBI and the career prosecutors of this Office, Carter has now received just punishment.”

According to the Indictment, publics filings, public court proceedings and filings, and the evidence presented at trial and in connection with sentencing:

The SBA is a federal agency of the Executive Branch that administers assistance to American small businesses. This assistance includes making direct loans to applicants through the Economic Injury Disaster Loan (“EIDL”) Program. In response to the COVID-19 pandemic, Congress expanded SBA’s EIDL Program to provide small businesses with low-interest loans of up to $2 million prior to in or about May 2020 and up to $150,000 beginning in or about May 2020, in order to provide vital economic support to help overcome the loss of revenue small businesses are experiencing due to COVID-19. Applicants seeking a loan under the EIDL program were also now permitted to request and receive an advance of approximately $1,000 per employee, for an amount up to $10,000, which the SBA has generally provided while the loan application was pending.

From March through July 2020, CARTER and co-defendants Quadri Salahuddin, Anwar Salahuddin, and Crystal Ransom, used the identities of more than 1,000 other individuals (the “Applicants”) to submit more than 1,000 online applications to the SBA, seeking over $10 million of funds through the SBA’s EIDL Program (the “EIDL Applications”). In connection with the EIDL Applications, CARTER, Quadri Salahuddin, Anwar Salahuddin, and Ransom falsely represented to the SBA that the Applicants were the owners of businesses with 10 or more employees. However, that was a lie – the individuals did not own businesses or employ people. Based on the fraudulent EIDL Applications, the SBA made advance payments of more than $7.6 million to the Applicants, who then kicked back a portion of the advance payments to CARTER, Quadri Salahuddin, Anwar Salahuddin, and Ransom. After the defendants collected millions of dollars in kickback payments, CARTER took photographs of his stacks of cash, purchased expensive jewelry, and leased a Lamborghini.

* * *

In addition to the prison term, CARTER, 39, of Capitol Heights, Maryland, was sentenced to three years of supervised release. CARTER was also ordered to pay restitution in the amount of $7,737,000 to the SBA and forfeiture in the amount of $1,720,950.

Ransom pled guilty to conspiracy to commit wire fraud and was sentenced on April 24, 2024, to two years in prison to be followed by three years of supervised release with the first six months under home confinement. The Court also ordered that Ransom pay restitution in the amount of $7,577,000 to the SBA and forfeiture in the amount of $99,000. Quadri Salahuddin and Anwar Salahuddin are scheduled to be sentenced on March 26, 2025.

Mr. Podolsky praised the outstanding work of the Federal Bureau of Investigation and the Air Force Office of Special Investigations.

The case is being handled by the Office’s White Plains Division. Assistant U.S. Attorneys Jeffrey C. Coffman, Courtney L. Heavey, and Jared D. Hoffman are in charge of the prosecution.

MIL Security OSI –

February 28, 2025

MIL-OSI Submissions: Security Events – NATO JAPCC annual conference to be held jointly with defence trade fair

Source: Euro Defence Expo

Euro Defence Expo gains further cooperation partner
Exhibitors obtain access to a high-calibre international audience.

Essen, February 27, 2025 – Two events, one common goal: Euro Defence Expo (EUDEX) and the annual conference of the NATO Joint Air Power Competence Centre (JAPCC) will be held in parallel in 2026.

While the NATO event brings together high-ranking military representatives from the 32 member nations, the new defence trade fair will showcase innovative security and defence technologies. Together, these events will create a unique platform for exchange, innovation and business relationships at Messe Essen from September 22 to 25, 2026.

The JAPCC Conference gathers over 400 senior military representatives, providing an exclusive opportunity for strategic dialogue. Simultaneously, defence technology companies at EUDEX will present their solutions and applications for current military challenges—directly to the key decision-makers.

Maximum networking, direct exchange

The close integration of the two events creates numerous additional opportunities for valuable discussions between industry and the military. Planned activities so far include a joint evening reception as well as the chance for attendees to visit both events.

Lieutenant Colonel André Haider from the Joint Air Power Competence Centre (JAPCC): “Through this collaboration, we strengthen the dialogue between the military and industry. We look forward to engaging with relevant partners, identifying innovative solutions more efficiently and integrating them more effectively.”

I N F O R M AT I O N

A unique combination of military and civil security

As a new platform for the defence industry, EUDEX offers numerous opportunities for decision-makers, experts and innovators to explore the latest developments in security and defence technologies. A top-class conference program organized by CPM Verlag complements the trade fair. Additionally, EUDEX will run alongside Security Essen, the leading trade fair for civil security – creating a seamless connection between military and civil security.

Julia Jacob, project manager EUDEX: “The JAPCC Conference is another essential component of our holistic approach to security. This partnership creates our exhibitors unique synergies: direct access to international decision-makers, targeted presentation of innovations and strategic partnerships at the highest level.

By combining trade fairs, conferences, and networking opportunities, we are shaping a must-attend event for companies aiming to actively shape the future of the defence and security industries.“

Further information on the trade fair at www.eurodefenceexpo.de For details on the NATO conference and separate registration, visit https://www.japcc.org/conference/

MIL OSI – Submitted News –

February 28, 2025

MIL-OSI USA: Ricketts, Flood Introduce CRA Legislation to Overturn CFPB’s Regulatory Overreach of Consumer Payment Companies

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) and U.S. Representative Mike Flood (R-NE-01) introduced a bicameral Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau (CFPB)’s latest overreach in the digital consumer payment market. The legislation would nullify the CFPB’s burdensome “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications” rule, which took effect on January 9, 2025.
“Following their election loss, the Biden-Harris CFPB rushed an eleventh-hour rule to attack non-bank digital consumer payment applications,” said Senator Ricketts. “This one-size-fits-all solution in search of a problem unnecessarily expands the CFPB’s authority. Our legislation eliminates barriers to innovation, cuts red tape, and supports our job-creators. Thank you, Congressman Flood, for leading this common-sense effort in the House. I urge my colleagues to consider this legislation without delay.”
“Over the last four years, progressive activists sought to dramatically expand the regulatory authority of the Consumer Financial Protection Bureau,” said Representative Flood. “One of the tools they used to achieve their goal was the Larger Participants Rule, which has attempted to leverage the agency’s examination authority to regulate non-bank consumer payments firms. Rolling back this regulation is critical to ensuring that the CFPB doesn’t become a barrier to innovation for job creators across America. Thank you to my colleagues in the House who are joining this effort and to Senator Ricketts for leading on this bicameral effort as well.”
“Technology helps Americans of all backgrounds manage their financial lives. The CFPB’s rule doesn’t benefit consumers or the market, but it would stifle fintech innovation,” said Carl Holshouser, Executive Vice President of TechNet. “The final rule’s one-size-fits-all approach fails to follow applicable law, does not identify any specific consumer harm, and largely ignores stakeholder comments. Instead, the Bureau casts a wide net to turn itself into a general technology regulator instead of a financial one. TechNet is thankful to Representative Flood and Senator Ricketts for introducing this important resolution and looks forward to Congress rescinding the CFPB’s rule.”
“The final rule was deeply flawed, failed to define a market or identify specific risks to consumers, and conflated diverse uses and products into a one-size-fits-all approach,” said Penny Lee, President and CEO of the Financial Technology Association. “This was an overreach by the CFPB as payment companies are well-regulated at the state and federal levels. We applaud Senator Pete Ricketts and Congressman Mike Flood in leading the Congressional Review Act process.”
Bill text can be found here.
BACKGROUND
On November 21, 2024, the CFPB finalized a rule entitled “Defining Larger Participants of a Market for a General-Use Digital Consumer Payment Applications”— one of the Biden Administration’s many midnight rulemakings at the end of the year. Effective Jan. 9, 2025, the rule stretches CFPB’s powers to establish new supervision and examination authority over nonbank entities identified as “larger participants” in the general-use digital consumer payment applications market. These entities include payment apps, digital wallets, peer-to-peer payment apps, and other entities. “Larger participants” are entities that facilitate at least 50 million consumer payment transactions annually. Payment apps like Paypal or Venmo are examples.
Many payment companies are already regulated at the federal and state level. Consumers are having positive experiences in engaging with these services. Despite minimal consumer complaints about payment services—accounting for only 1% of the CFPB’s 1.3 million complaints in 2023—the CFPB chose to layer additional oversight on an already well-regulated industry.
This one-size-fits-all solution in search of a problem expands CFPB’s authority without properly identifying a specific market it seeks to supervise or the risks within a specific market that pose harm to consumers that existing regulation doesn’t already mitigate. It will layer overreaching, duplicative regulation that could stifle innovation and lead to fewer services and increased costs.
Further, the cost-benefit analysis supporting the rule is insufficient, unrealistic, and notably underestimates a CFPB exam to cost just $25,001.

MIL OSI USA News –

February 28, 2025

MIL-OSI USA: ICYMI: Lummis Leads Inaugural Digital Asset Subcommittee Hearing, Lays Foundation for Commonsense Legislative Framework

US Senate News:

Source: United States Senator for Wyoming Cynthia Lummis

February 27, 2025

Washington, D.C. — U.S. Senator Cynthia Lummis (R-WY) led the inaugural Digital Assets Subcommittee hearing where witnesses expressed the need for Congress to provide a clear regulatory framework for digital assets to promote growth and maintain our nation’s reputation as a global leader in financial innovation.

“We have come a long way since I was elected to the Senate in 2020, when many of the members of this body were still trying to wrap their heads around what a bitcoin is, what a stablecoin is, and why the Howey test is important,” said Lummis. “We are on the precipice of finally creating a bipartisan legislative framework for both stablecoins and market structure. I am hopeful that we can get both pieces of legislation to President Trump for his signature this year.”

Members heard testimony from Lewis Cohen, a partner at Cahill, Gordon & Reindel; Jonathan Jachym, Deputy General Counsel and Global Head of Policy with Kraken Digital Asset Exchange; Jai Massari, Chief Legal Officer at Lightspark and Tim Massad, Research Fellow at Harvard University and former Chair of the Commodity Futures Trading Commission (CFTC) where they outlined the need for Congress to act swiftly to provide regulatory clarity.

A full video of her remarks can be found here.

MIL OSI USA News –

February 28, 2025

MIL-OSI: Quanta 100x’s Accountants with AI-Powered Innovation; Secures $4.7M in Funding Led by Accel to Alleviate Pain of Legacy Solutions

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Feb. 27, 2025 (GLOBE NEWSWIRE) — Quanta, the next-generation accounting company powered by AI, today announced the general availability of its platform featuring an intuitive self-serve onboarding process that accomplishes in minutes what typically takes weeks with other solutions. Quanta also raised $4.7 million in seed funding led by Accel with participation from basecase, Comma Capital, Designer Fund, and Operator Collective, as well as prominent angel investors including Elad Gil. This round propels Quanta’s vision of eliminating all non-creative accounting work in order to empower businesses with financial clarity in real-time.

Software companies are on the leading edge of innovation. However, their accounting services have not kept pace. Many organizations face prolonged accounting close cycles, manual workflows, and delayed access to critical financial metrics — which often leaves business leaders to rely on stale or incomplete data that hinders timely decision-making. And other emerging accounting tools over recent years have not been able to utilize AI for automation that allows their business to successfully scale and serve customers’ need for real-time insights.

“During my time as an engineer at Affirm, I built multiple financial systems of record — including its in-house accounting system — as the company scaled from 100 to 2,500 employees. I saw firsthand how far behind accounting software lagged,” said Helen Hastings, founder and CEO of Quanta. “The manual work required to produce data has resulted in a once-per-month reporting cadence that holds businesses back. Quanta’s vision is to automate all repetitive aspects of accounting, so finance teams need only focus on creative work: defining the business model, selecting the appropriate policies, and asking the right questions that will push their business forward. Quanta isn’t just an accounting firm; it’s an exponential upgrade to organizations’ financial operations.”

Quanta developed its own proprietary general ledger and granular subledgers, which, when integrated with its AI-powered engine, automates data population, validation, and interpretation. With this approach, Quanta alleviates the pain of traditional solutions and “100x’s” its accountants — delivering the fastest, most accurate, and easiest to work with service on the market.

“The accounting industry is at a critical juncture where new solutions are required to meet modern demands. AI breakthroughs and the consolidation of financial data in modern cloud services create a unique opportunity for innovation, and Quanta is perfectly positioned to harness it,” said Amit Kumar, partner at Accel. “Helen and the Quanta team are building a system that represents a radical departure from the status quo, delivering a new model of real-time delivery and unparalleled accuracy. I’m excited to join them on their journey to raise the bar for what modern businesses should expect from their accounting services.”

Quanta delivers:

Speed and real-time insights: Powered by proprietary accounting software, Quanta updates in real-time through integrations with customers’ banking systems and existing stack of financial tools including Brex, Gusto, Mercury, Ramp, Stripe, and more. This enables seamless onboarding and unmatched speed compared to competitors relying on manual processes and outsourced bookkeepers.
Unparalleled accuracy: Quanta’s automated validation system ensures all accounting entries comply with each customer’s set policies, and is supported by 40+ daily checks and reconciliations to ensure balances match with source financial tools.
Advanced revenue and accrual functionality: Native tools, including a Stripe integration and contract ingestion system that automates revenue recognition across multiple sources in addition to an accrual system that automatically builds schedules for prepaids and fixed assets. This provides business leaders with greater accuracy, transparency, and efficiency in financial reporting by providing more granular and contextual accounting while reducing manual effort and human error.
Highest quality human service: Each customer is paired with a dedicated financial expert via Slack, offering high-level strategic and creative guidance to drive key business decisions — only made possible due to the automation of routine bookkeeping tasks.

“Quanta is the fastest outsourced accounting service. The efficiency gains since partnering with Quanta have been remarkable. They’ve helped us reduce our closing time by 85%, giving us visibility into our business faster,” said Chris Burgner, Head of Finance & Analytics at Equals. “Now, any time we need to see financial performance, we trust Quanta’s platform reflects the most up-to-date, accurate information. Even more, it is a relief to have them as a thought partner to help lay the right foundation for the future in the ever-changing world of accounting requirements.”

Supporting Resources

About Quanta
Quanta is the AI-powered accounting service for software businesses who want to get their finances right, without delay. Through native integrations with leading financial tools and banking providers, Quanta provides unparalleled access to key business metrics in real-time — giving customers an accurate view of their finances and empowering them with the knowledge they need to make critical business decisions with lightning speed. Quanta is privately held, with funding from Accel, basecase, Comma Capital, Designer Fund, Operator Collective, and more. For more information, please visit https://www.usequanta.com/.

The MIL Network –

February 28, 2025

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

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

studiovin/Shutterstock

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

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

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

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

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

Can mothballed car factories really make houses?

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

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

These automobile factories left behind more than just empty structures.

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

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

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

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

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

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

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

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

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

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

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

Change is coming – but slowly

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

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

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

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

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

What would it take to make this happen?

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

February 28, 2025

MIL-OSI Video: More Support is Available

Source: United States of America – Federal Government Departments (video statements)

Recovery takes a team effort, and FEMA isn’t the only source of help. Many organizations are stepping up to support wildfire survivors.

LA County 211 can help with food, housing assistance, income, employment and more.

The American Red Cross can also provide financial assistance. And the Small Business Administration is offering low-interest loans to help survivors rebuild.

To get a more detailed list of organizations that might be able to help…and to get the latest updates on debris removal, rebuilding, and even school operations, you can visit recovery.LACounty.gov. Don’t wait—take action today!

https://www.youtube.com/watch?v=9B90JwbejmM

MIL OSI Video –

February 28, 2025

MIL-OSI United Nations: Diverse disaster risks in the Arab States have led to inspiring solutions

Source: UNISDR Disaster Risk Reduction

SRSG Kamal Kishore visited Kuwait in February 2025 for the Arab Regional Platform for Disaster Risk Reduction. In this article he reflects on the region’s challenges and successes.

The Arab States region is known for its extremes: some of the world’s harshest conditions, but also the famous hospitality of its inhabitants. It is home to some of the wealthiest nations, but also many amongst the least-developed. It faces serious disaster risks – especially slow onset disasters like drought and desertification – but is also a source of innovative solutions.

I spent the past week in Kuwait where disaster risk management policy makers and practitioners from 22 countries from the Arab States region came together for the 6th Arab Regional Platform for Disaster Risk Reduction. This multi-stakeholder forum was called to take stock of progress against the Sendai Framework for Disaster Risk Reduction and devise ways to accelerate implementation over the next five years. Much of the success can be attributed to the generosity and professionalism of the host country, the State of Kuwait. The excellent organization of the Platform was the result of a tight partnership between the Kuwait Fire Force, the League of Arab States, and UNDRR’s Regional Office for Arab States, lining up a programme that covered a wide array of important topics for the region.

During the five intense days of deliberations, I learned many things. In a region that is beset by many challenges, disaster risk reduction issues do not always spring to mind as the most urgent. However the region has seen some of the worst disasters over the last few years – including floods in Libya (2023), Oman (2024) and UAE (2024); earthquakes in Syria and Morocco (2023); and a string of severe droughts across much of the region.

To say that the Arab States region is highly diverse is to state the obvious. However, this diversity goes beyond the nature of disaster risk (varying hazards, exposure, and socio-economic vulnerability) to the diverse institutional approaches adopted by countries of the region to manage disaster risk. The United Arab Emirates, in particular, have shown great leadership in the region, as champions of urban resilience and hosts of the COP28 UN Climate Change Conference.

During the Regional Platform I had so many enlightening conversations – formal and informal – and participated in numerous events and discussions. Considering all that I learned, I have the following reflections:

The next leap

Most of the countries in the region have established strong national level institutions for disaster risk management (these are variously named Disaster Management Agencies, or Emergency, Crisis and Disaster Management Authorities, and so on) and many have developed multi-year strategies for disaster risk management (for example, Morocco has a strategy for 2020 to 2030).

The next leap would be to pursue more integrative work with all development sectors. Interesting initiatives are already emanating from the region. For example: UNDRR’s Private Sector Alliance for Disaster Resilient Societies (ARISE) has helped develop and apply a resilience tool to aid the real estate sector in Dubai; and Libya and Iraq are modernizing the management of their irrigation dams.

Play closer attention to compounding risks

For example, sand and dust storms are getting more complex – in a region that has rapidly urbanized, not only are the impacts of these hazards evolving (such as the impacts on power transmission networks and renewable energy production), but these hazards are also combining with other threats such as soil and air pollution to create even bigger impacts.

ABCD (Align Biodiversity, Climate Change and Desertification) of Comprehensive Risk Management

This is a region where on-the-ground integration of the three Rio Conventions – Biodiversity, Climate Change, and Desertification – really comes alive. However, taking such a comprehensive approach requires that we align all of these interests across regional, national and sub-national institutions.

Blend tradition and innovation

The region is home to centuries of traditional wisdom to deal with extreme conditions and natural hazards – for example, this can be seen in how traditional housing and clothing have evolved to combat extreme heat. Traditional systems of finance such as Islamic Finance (and the notion of Zakat) provide a solid foundation for society’s financial resilience, particularly for the poorest. At the same time, many countries in the region are at the forefront of cutting-edge innovation – from advances in water management to the application of AI.

We can draw on both traditional wisdom and modern innovation to achieve disaster risk reduction objectives.

The energy and enthusiasm I witnessed during this past week gives me a sense of optimism that if we stay the course, this region can not only demonstrate on-the-ground disaster risk reduction results, but can also inspire action across the world.

The Global Platform for Disaster Risk Reduction, in June this year, will give an opportunity for all of the regions to share the outcomes of the Regional Platforms, and I look forward to the contributions arising from the Arab States Regional Platform.

MIL OSI United Nations News –

February 28, 2025

MIL-OSI USA: NASA Installs Heat Shield on First Private Spacecraft Bound for Venus

Source: NASA

Engineers at NASA’s Ames Research Center in California’s Silicon Valley, Bohdan Wesely, right, and Eli Hiss, left, complete a fit check of the two halves of a space capsule that will study the clouds of Venus for signs of life.
Led by Rocket Lab of Long Beach, California, and their partners at the Massachusetts Institute of Technology in Cambridge, Rocket Lab’s Venus mission will be the first private mission to the planet.
NASA’s role is to help the commercial space endeavor succeed by providing expertise in thermal protection of small spacecraft. Invented at Ames, NASA’s Heatshield for Extreme Entry Environment Technology (HEEET) – the brown, textured material covering the bottom of the capsule in this photo – is a woven heat shield designed to protect spacecraft from temperatures up to 4,500 degrees Fahrenheit. The probe will deploy from Rocket Lab’s Photon spacecraft bus, taking measurements as it descends through the planet’s atmosphere.
Teams at Ames work with private companies, like Rocket Lab, to turn NASA materials into solutions such as the heat shield tailor-made for this spacecraft destined for Venus, supporting growth of the new space economy. NASA’s Small Spacecraft Technology program, part of the agency’s Space Technology Mission Directorate, supported development of the heat shield for Rocket Lab’s Venus mission.

MIL OSI USA News –

February 28, 2025

MIL-OSI USA: Disaster Recovery Center in Richmond County to Permanently Close Feb. 28

Source: US Federal Emergency Management Agency 2

Disaster Recovery Center in Richmond County to Permanently Close Feb. 28

The Disaster Recovery Center in Richmond County is set to permanently close at 5:30 p.m., Friday, Feb. 28. It is currently open 9 a.m. to 5:30 p.m., Monday through Friday.The recovery center is at this location:Diamond Lakes Branch Library101 Diamond Lakes WayHephzibah, GA 30904There are additional ways to check the status of your application or update your contact information:Online at DisasterAssistance.gov.The FEMA App for mobile devicesCall the FEMA Helpline at 800-621-3362. Survivors can also contact the Georgia Call Center Monday through Saturday at 678-547-2861 for assistance with their application.FEMA Staff will also be available at these Small Business Administration locations:Bulloch County Statesboro-Bulloch County Library124 S. Main St.Statesboro, GA 30458Hours: 9 a.m. to 6 p.m. Monday–Friday; 9 a.m. to 4 p.m. Saturday; closed Sunday.Coffee CountySatilla Regional Library200 S Madison AveDouglas, GA 31533Hours: 10 a.m. to 6 p.m. Monday-Thursday; 10 a.m. to 4 p.m. Friday; 10 a.m. to 2 p.m. Saturday; closed Sunday.Lowndes County Lowndes County Civic Center Bldg. D 2102 E. Hill Ave. Valdosta, GA 30601 Hours: 9 a.m. to 5 p.m. Monday-Saturday; closed Sunday.Jeff Davis CountyJeff Davis County Recreation Department83 Buford RoadHazlehurst, GA 31539Hours: 9 a.m. to 6 p.m. Monday–Friday; 9 a.m. to 4 p.m. Saturday; closed Sunday.Telfair CountyTelfair Community Service Center91 Telfair Ave # DMcRae-Helena, GA 31055Hours: 8 a.m. to 5 p.m. Monday – Friday, Closed Saturdays and SundaysFEMA provides help to all disaster survivors, regardless of race, color, national origin, sex, sexual orientation, religion, age, disability, English proficiency or economic status. Our top priority is ensuring that disaster assistance is reaching people in need.
jakia.randolph
Thu, 02/27/2025 – 13:14

MIL OSI USA News –

February 28, 2025

MIL-OSI Europe: Written question – Emergence and monitoring of DeepSeek – E-000712/2025

Source: European Parliament

Question for written answer E-000712/2025
to the Commission
Rule 144
Nadine Morano (PPE)

DeepSeek, the new artificial intelligence platform developed by a Chinese start-up, has been in the headlines for several weeks.

It appears to have been programmed to meet censorship criteria set by the Chinese administration, but it also seems to send its users’ data to China Mobile, a company that has close ties with the Chinese army and is subject to US sanctions. Italy has even banned DeepSeek.

Against this backdrop:

How will the Commission keep a watching brief on DeepSeek and ensure that EU citizens can use it free of risk?

Submitted: 17.2.2025

Last updated: 27 February 2025

MIL OSI Europe News –

February 28, 2025

MIL-OSI Europe: Denmark: Norlase secures €20 million EIB venture debt to advance ophthalmic laser technology.

Source: European Investment Bank

Denmark’s med-tech sector receives a boost as Norlase strengthens its position in the global ophthalmic laser market with EIB venture debt financing.
Norlase will employ the funding for the further development and market access of its innovative portable ophthalmic laser technology.
The EIB’s financing is backed under the European Commission’s InvestEU initiative.

Med-tech company Norlase, a spin-out of the Technical University of Denmark (DTU), has signed a €20 million venture debt financing with the European Investment Bank (EIB). The funding will support the expansion of Norlase’s innovative ophthalmic laser technology, reinforcing Denmark’s position as a hub for world-class med-tech innovation. Ensuring that European companies developing critical technology have the possibility and funding to grow in the EU, is an important building block in European strategic autonomy. The EIB financing is supported by the European Commission’s InvestEU programme.

“Denmark’s efforts in building up its bio- and med-tech ecosystem are definitely paying dividends today. Like other Danish companies we recently financed, Norlase’s technology is top of its class and a real example of excellence in European innovation.” said EIB Vice-President Ioannis Tsakiris. “With the support of InvestEU, the EIB finances projects that advance state-of-the-art medical treatment, and this funding aims to enhance the position of Norlase as a European med-tech champion.”

“As the patient burden continues to grow, the need to accelerate technological innovation in eye care has never been greater. With four product launches in just five years and rapid adoption by the ophthalmic community, Norlase is leading this transformation,” said Norlase CEO and Co-founder Oliver Hvidt. “This funding from the EIB allows us to scale our global presence and push even further beyond the limits of existing technology, solidifying Norlase’s role as a leader in the future of eye care. We’re just getting started.”

The Head of the European Commission Representation to Denmark, Per Haugaard, added: “It’s crucial that European companies develop critical technology and that we secure investments in med-tech companies like Norlase across the continent.”

On a technical level, the financing will support the development and market access of Norlase’s innovative portable ophthalmic lasers, designed to diagnose and treat causes of vision loss and blindness. The project focuses on advancing novel ophthalmic laser technologies and expanding production facilities to support increased demand. The company recently launched its fourth and most innovative device, LYNX, which can reduce treatment time by more than 50%, setting new standards for efficiency, accessibility, and precision in ophthalmic laser treatments.

Background information

The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality. The Group’s AAA rating allows it to borrow at favourable conditions on the global markets, benefiting its clients within the European Union and beyond. The Group has the highest ESG standards and a tier one capital ratio of 32%.

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The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient, and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.

Norlase was founded in Denmark to commercialize patented laser technology developed at the Technical University of Denmark (DTU) and its products are now in use in the top ophthalmic hospitals globally.

MIL OSI Europe News –

February 28, 2025

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