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Category: Business

  • MIL-Evening Report: Quantum navigation could transform how we travel. So what is it, and how does it work?

    Source: The Conversation (Au and NZ) – By Allison Kealy, Director, Innovative Planet Institute, Swinburne University of Technology

    Triff/Shutterstock

    Quantum technology is no longer confined to the lab – it’s making its way into our everyday lives. Now, it’s about to transform something even more fundamental: how we navigate the world.

    Imagine submarines travelling beneath the ocean, never needing to surface for location updates. Planes flying across continents with unshakeable precision, unaffected by signal disruptions.

    Emergency responders could navigate smoke-filled buildings or underground tunnels with flawless accuracy, while autonomous vehicles chart perfect courses through dense urban environments.

    These scenarios might sound like science fiction, but they can all be made possible with an emerging approach known as quantum navigation.

    This game-changing tech will one day redefine movement, exploration and connectivity in ways we’re only just beginning to imagine. So, what is it?

    Satellite navigation is at the heart of many things

    Global navigation satellite systems, like GPS, are deeply embedded in modern society. We use them daily for navigation, ordering deliveries and tagging photo locations. But their impact goes far beyond convenience.

    Timing signals from satellites in Earth’s orbit authenticate stock market trades and help balance the electricity grid. In agriculture, satellite navigation guides autonomous tractors and helps muster cattle.

    Emergency services rely on navigation satellite systems for rapid response, reducing the time it takes to reach those in need.

    Despite their benefits, systems like GPS are quite vulnerable. Satellite signals can be jammed or interfered with. This can be due to active warfare, terrorism or for legitimate (or illegitimate) privacy concerns. Maps like GPSJAM show real-time interference hotspots, such as those in the Middle East, areas around Russia and Ukraine, and Myanmar.

    The environment of space isn’t constant, either. The Sun regularly ejects giant balls of plasma, causing what we know as solar storms. These emissions slam into Earth’s magnetic field, disrupting satellites and GPS signals. Often these effects are temporary, but they can also cause significant damage, depending on the severity of the storm.

    An outage of global navigation satellite systems would be more than an inconvenience – it would disrupt our most critical infrastructure.

    Estimates suggest a loss of GPS would cost just the United States economy about US$1 billion per day (A$1.5 billion), causing cascading failures across interconnected systems.

    Quantum navigation to the rescue

    In some environments, navigation signals from satellites don’t work very well. They don’t penetrate water or underground spaces, for example.

    If you’ve ever tried to use Google Maps in a built-up city with skyscrapers, you may have run into issues. Tall buildings cause signal reflections that degrade accuracy, and signals are weakened or completely unavailable inside buildings.

    This is where quantum navigation could step in one day.

    Quantum science describes the behaviour of particles at scales smaller than an atom. It reveals mind-boggling effects like superposition – particles existing in multiple states simultaneously – and entanglement (when particles are connected through space and time in ways that defy classical understanding).

    These effects are fragile and typically collapse under observation, which is why we don’t notice them in everyday life. But the very fragility of quantum processes also lets them work as exquisite sensors.

    A sensor is a device that detects changes in the world around it and turns that information into a signal we can measure or use. Think automatic doors that open when we walk near them, or phone screens that respond to our touch.

    Quantum sensors are so sensitive because quantum particles react to tiny changes in their environment. Unlike normal sensors, which can miss weak signals, quantum sensors are extremely good at detecting even the smallest changes in things like time, gravity or magnetic fields.

    Their sensitivity comes from how easily quantum states change when something in their surroundings shifts, allowing us to measure things with much greater accuracy than before.

    This precision is critical for robust navigation systems.

    Our team is researching new ways to use quantum sensors to measure Earth’s magnetic field for navigation. By using quantum effects in diamonds, we can detect Earth’s magnetic field in real time and compare the measurements to pre-existing magnetic field maps, providing a resilient alternative to satellite navigation like GPS.

    Since magnetic signals are unaffected by jamming and work underwater, they offer a promising backup system.

    A quantum magnetometer used in our research.
    Swinburne University/RMIT/Phasor

    The future of navigation

    The future of navigation will integrate quantum sensors to enhance location accuracy (via Earth’s magnetic and gravitational fields), improve orientation (via quantum gyroscopes), and enable superior timing (through compact atomic clocks and interconnected timekeeping systems).

    These technologies promise to complement and, in some cases, provide alternatives to traditional satellite-based navigation.

    However, while the potential of quantum navigation is clear, making it a practical reality remains a significant challenge. Researchers and companies worldwide are working to refine these technologies, with major efforts underway in academia, government labs and industry.

    Startups and established players are developing prototypes of quantum accelerometers (devices that measure movement) and gyroscopes, but most remain in early testing phases or specialised applications.

    Key hurdles include reducing the size and power demands of quantum sensors, improving their stability outside of controlled laboratory settings, and integrating them into existing navigation systems.

    Cost is another barrier – today’s quantum devices are expensive and complex, meaning widespread adoption is still years away.

    If these challenges can be overcome, quantum navigation could reshape everyday life in subtle but profound ways. While quantum navigation won’t replace GPS overnight, it could become an essential part of the infrastructure that keeps the world moving.

    Allison Kealy is affiliated with Quantum Australia as a board member.

    Allison Kealy is a research collaborator with RMIT University and Phasor Quantum.

    – ref. Quantum navigation could transform how we travel. So what is it, and how does it work? – https://theconversation.com/quantum-navigation-could-transform-how-we-travel-so-what-is-it-and-how-does-it-work-250285

    MIL OSI Analysis – EveningReport.nz –

    February 27, 2025

  • MIL-OSI Australia: ACCC authorises major supermarkets to continue cooperation on soft plastics recycling

    Source: Australian Competition and Consumer Commission

    The ACCC has granted authorisation with conditions to the major supermarkets Coles Group, Woolworths Group and ALDI Stores, to continue their collaboration to recycle stockpiled soft plastics and implement the pilot in-store collection program until 31 July 2026.

    The ACCC first authorised this collaboration granting interim authorisation in November 2022, following the collapse of REDcycle, which operated a nationwide soft plastics collection and recycling program.

    “Our decision today allows the supermarkets to continue working together to process the remaining REDcycle legacy stockpiles,” ACCC Deputy Chair Mick Keogh said.

    “Whilst it is encouraging to see that some progress is now being made as processing capacity improves, the ACCC expects that the supermarkets will continue to prioritise stockpile remediation efforts to prevent further delays.”

    The ACCC has decided to impose the same reporting conditions as the previous authorisation, requiring the major supermarkets to provide the ACCC with quarterly progress reports and minutes of each meeting of the Soft Plastics Taskforce. These reports and minutes will be published on the ACCC’s public register.

    It is also a condition that all arrangements must immediately stop when the authorisation expires or is revoked.

    “This is a significant issue for many consumers, so continued transparency about what progress the supermarkets are making in their processing of the soft plastic stockpiles is important,” Mr Keogh said.

    Authorisation will also allow the soft plastics instore collection pilot program to continue operating in Victoria and New South Wales and expand to other areas.

    “It has been encouraging to see the pilot program expand under the current interim authorisation,” Mr Keogh said.

    “Whilst we recognise that further expansion needs to be in line with available processing capacity, the ACCC expects that the supermarkets will continue with some urgency to expand these operations so that more consumers have the option of recycling their soft plastics.”

    The ACCC’s authorisation is also subject to a new condition to prevent the major supermarkets from restricting recycling or logistic providers from supplying services to another customer.

    Following the ACCC’s draft determination proposing to grant authorisation in December 2024, the ACCC received a small number of submissions, some of which were supportive while others called for broader involvement of the supermarkets in developing industry solutions to soft plastics.

    The ACCC understands that any long-term soft plastics solution, whether in the form of an industry-led stewardship scheme or otherwise, is likely to be the subject of a separate, future application for authorisation and considers that the proposed conditions by interested parties are outside the scope of this authorisation.

    Today’s authorisation does not include authorisation for any conduct of the supermarkets and their program partners with respect to any proposed stewardship scheme.

    More information about the application including a copy of the decision is available here on  the ACCC’s website.

    Note to editors

    ACCC authorisation provides statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act (CCA).

    Section 91 of the CCA allows the ACCC to grant interim authorisation when it considers it is appropriate and in the public benefit. This allows the parties to engage in proposed conduct while the ACCC is considering the merits of the substantive CCA authorisation application.

    Broadly, the ACCC may grant an authorisation when it is satisfied that the public benefit from the conduct outweighs any public detriment.

    Background

    REDcycle was an industry-led return-to-store soft plastics collection and recycling program developed and operated by RG Programs and Services Pty Ltd. The major supermarkets partnered with REDcycle to provide collection points for consumers to return their soft plastics instore for collection by REDcycle for processing into durable recycled plastic products.

    On 8 November 2022, REDcycle announced the indefinite suspension of its soft plastics collection program as its recycling partners had temporarily stopped accepting and processing soft plastics. Following REDcycle’s announcement, Coles and Woolworths each announced the suspension of soft plastic collections from their stores until further notice.

    The supermarkets sought authorisation from the ACCC in November 2022 to enable them to collaborate to consider and develop solutions for the recycling of soft plastics. The ACCC’s interim authorisation on 25 November 2022 led to the establishment of the Soft Plastics Taskforce, chaired by the Department of Climate Change, Energy, the Environment and Water.

    On 26 February 2023, the supermarkets assumed responsibility for the REDcycle stockpiles. It was later reported that approximately 11,000 tonnes of soft plastics had been stockpiled in over 44 locations. REDcycle’s parent company was declared insolvent on 27 February 2023 with a liquidator appointed.

    The ACCC granted authorisation on 30 June 2023 for a period of 12 months to allow the supermarkets to collaborate with the Soft Plastics Task force to process the soft plastic stockpiles.

    On 18 July 2024, the ACCC granted interim authorisation for substantially the same conduct authorised on 30 June 2023 while the ACCC considered the merits of the substantive application.

    As part of the authorisation the supermarkets must submit a quarterly progress report to the ACCC. The 22 January 2025 Progress Report provided by the supermarkets details the level of stockpiles remaining in each state and territory:

    • Victoria current stockpiles are approximately 2,200 tonnes
    • NSW current stockpiles are approximately 1,700 tonnes
    • South Australia current stockpiles are approximately 3,500 tonnes

    Processing of stockpiles in Queensland and Western Australia has been completed.

    The supermarkets report that as at end of December 2024, 45 tonnes of soft plastics have been collected through the instore collection pilot program, which is now operating in 107 stores across New South Wales and Victoria.

    MIL OSI News –

    February 27, 2025

  • MIL-OSI Australia: Independent experts selected to advise Government on investments from Regional Development Trust

    Source: New South Wales Government 2

    Headline: Independent experts selected to advise Government on investments from Regional Development Trust

    Published: 27 February 2025

    Released by: Minister for Regional NSW

    Six independent experts across regional and rural economics, primary industries, natural resources, and Aboriginal economic development have been appointed to help guide the NSW Government as it invests in new regional businesses and job creation projects throughout NSW.

    The NSW Government’s Regional Development Trust and its Advisory Council are part of the Minns Labor Government’s long-term commitment to regional NSW, jobs creation and businesses development and a direct response to a decade of pork barrelling and poor decision making by the previous National Liberal Government.

    The 2025 Regional Development Advisory Council has been appointed by the Minister for Regional NSW, Tara Moriarty, to ensure regional and rural communities continue to be placed at the centre of government investment decision making.

    Through the Advisory Council the Minns Government has restored integrity to how government funds are used, ensuring they reflect the needs of regional communities and deliver real outcomes.

    The Council provides independent and strategic advice to support investment decisions made from the Regional Development Trust, ensuring independent oversight and transparency for the allocation of public funds.

    Since the Regional Development Trust was announced in September 2023 more than $37 million has been invested in strategic initiatives that are evidence-based, meet regional needs and achieve real outcomes for communities, including:

    • $15 million to upgrade airstrips in Deniliquin, Bourke and White Cliffs to future proof access to essential services in these communities.
    • $10 million to improve workforce participation in Western NSW by supporting increased childcare availability and service upgrades in Bourke, Broken Hill and Cobar.
    • $5 million to support Aboriginal businesses and organisations in regional NSW to expand and reach their potential, delivering improved economic and employment outcomes.
    • $5 million for alow interest loans pilot program to enable eligible small and medium enterprises in the food and beverage manufacturing sectors to increase productivity and create jobs in regional NSW.
    • $2 million to support the continuation of subsidised commercial flights to Cobar, Bourke, Walgett and Lightning Ridge.

    In addition, a further $50 million is currently being assessed to fund regional projects and programs. Successful applicants will be announced within the coming months following advice from the new Advisory Council.

    The 2025 Advisory Council members have been appointed for a 12-month term following an extensive public expression of interest process.

    Regional Development Advisory Council members

    Professor Alison Sheridan – Chairperson  

    Professor Alison Sheridan is Emeritus Professor at the University of New England (UNE). Professor Sheridan holds a Bachelor of Agricultural Economics (Hons) from the University of Sydney and PhD in Management from the University of New England (UNE).

    Professor Sheridan has been based in regional NSW for 35 years and was previously head of UNE’s Business School. In this role, she led the establishment of the UNE Smart Region Incubator and co-led the development of the Master of Economic and Regional Development course.

    Alison Stone – Member

    Alison Stone is an executive leader with 40 years’ experience working across rural and regional communities in the public sector, board and advisory roles. Ms Stone specialises in land and infrastructure management and development, fire and emergency management and primary industries at state and national levels. Ms Stone is also the first statutory Agriculture Commissioner for NSW.  

    David Harding – Member

    David Harding is Executive Director at Business NSW. In this role, he provides leadership and a voice to businesses across metropolitan and regional NSW.  Mr Harding is experienced in policy and major projects development working with all three levels of government.

    Dianna Somerville – Ex-Officio member

    Dianna Somerville is Chairperson of Regional Development Australia Riverina. She holds a Bachelor of Arts from the Australian Defence Force Academy University of New South Wales.

    Mrs Somerville has extensive experience working across the public and not-for-profit sectors including with defence industries.

    Phil Usher – Member

    Phil Usher is a Wiradjuri man, born and raised on Gomeroi Country. 

    Mr Usher is the CEO of First Nations Foundation, which works to build capacity and financial prosperity of Aboriginal organisations, businesses and communities. 

    Thomas McKeon – Member

    Thomas McKeon is an accomplished professional with over 40 years of experience in the agriculture, asset, and investment management industries.

    Based in South East NSW, and having strong connections to regional areas and communities, Mr McKeon has an extensive background in senior and executive management roles both in Australia and internationally.

    For more information visit the Regional Development Advisory Council webpage.

    Minister for Regional NSW Tara Moriarty said:

    “The Regional Development Advisory Council and the Regional Development Trust Fund ensure NSW Government investments are made where they are needed most in regional NSW.”

    “The 2025 Advisory Council members have been appointed following an extensive public expression of interest process. I congratulate all the members on their appointment and look forward to working with them for the next year.”

    “I’d also like to congratulate the Interim Council who helped steer the Trust investment decisions over the course of its 12-month term.”

    “The Regional Development Trust and its Advisory Council marks a completely new direction in the way the NSW Government supports rural and regional development in NSW.”

    “After a decade of waste and poor decision making by the former Government, the establishment of the Regional Development Advisory Council is an important step towards the provision of independent and expert advice on what projects and programs should be funded.”

    “Our intention is to ensure rural, remote and regional communities receive their fair share and money is spent on projects that are actually needed and will be delivered.”

    Advisory Council Chairperson Professor Alison Sheridan said:

    “This is a wonderful opportunity to deliver robust and sustainable investment for regional and rural NSW, knowing how important strategic investment is for achieving real outcomes for our communities.”

    MIL OSI News –

    February 27, 2025

  • MIL-OSI United Kingdom: Growth and security at heart of Prime Minister’s meeting with President Trump

    Source: United Kingdom – Executive Government & Departments

    Press release

    Growth and security at heart of Prime Minister’s meeting with President Trump

    The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

    • Prosperity and security for working people focus of Prime Minister’s meeting with President Trump.   

    • Special relationship between UK and US critical to deliver growth and security, with further collaboration on AI and tech.    

    • Prime Minister to reiterate shared US-UK commitment to reaching a durable and lasting peace in Ukraine, and the need for Europe to step up to the challenge.

    The Prime Minister will be focused on delivering prosperity and security for the British people, when he meets President Trump today (Thursday 27 February) in Washington D.C.

    The UK and the US share a unique and historic relationship, based on shared values and a mutual commitment to economic and defence cooperation.  

    The UK and the US have one of the biggest trading relationships of any two countries in the world, worth around 400 billion dollars and supporting over 2.5 million jobs across both countries.     

    This visit comes just days after the third anniversary of Russia’s illegal invasion of Ukraine. The Prime Minister and President Trump share a commitment to delivering lasting peace in Ukraine, and the Prime Minister will reiterate the UK’s commitment to securing a just and enduring peace, bringing an end to Russia’s illegal war.     

    The Prime Minister will be clear that there can be no negotiations about Ukraine, without Ukraine and will recognise the need for Europe to play its part on global defence and step up for the good of collective European security.    

    On Tuesday, the Prime Minister announced that defence spending will increase to 2.5% of GDP from April 2027, with an ambition to reach 3% in the next parliament. This will drive economic growth and create jobs across the UK, while bolstering national security and protecting borders.   

    Prime Minister Keir Starmer said:    

    The world is becoming ever more dangerous, and it is more important than ever that we are united with our allies.     

    A stable economy, secure borders and national security are the foundations of my Plan for Change, and the US-UK relationship is integral to delivering them. These principles will be at the heart of discussions with President Trump today.     

    There are huge opportunities for us to deepen our special relationship, deliver growth and security, and improve the lives of working people in both our great nations.

    Both countries are world leaders in AI and advanced technologies, and the Prime Minister will be looking to build on these strong foundations to create jobs and economic growth.     

    The discussion will have a particular focus on the opportunities that further technology and AI partnerships could deliver. These include a proposal of high-ambition shared moonshot missions across top technologies including quantum and AI, and a deeper partnership on space.     

    The US and UK are the only two allied countries with trillion-dollar technology eco-systems, and the Prime Minister will make the case for further integration between the two countries’ tech sectors to make them the most efficient, ambitious technology sectors in the world.     

    In October, US tech firms announced a £6.3 billion package of investment to support UK data centres – a central pillar of the government’s plan to ramp up the country’s AI capacity. In January a further £12 billion investment from Vantage Data Centers created over 11,500 jobs as the government published its AI Opportunities Action Plan.   

    These investments represent just one facet of the deepening science, innovation, and technology collaboration between both countries. In AI, researchers from both sides of the Atlantic have dedicated research exchange programmes to share knowledge and expertise in delivering the next wave of cutting-edge innovations that improve people’s lives in areas such as personalised care, autonomous surgeries, and cancer diagnosis – on top of a broader AI partnership which has also been signed by the AI Institutes of both countries. 

    On a visit to the West Coast at the end of last year Technology Secretary Peter Kyle met a range of companies to bang the drum for further investment in the UK’s technology sector. Just two weeks ago, he also put pen to paper on a new partnership with leading AI firm Anthropic which will explore how the technology can be put to work to transform the public services that UK citizens rely on, and deliver on the government’s Plan for Change.   

    The Prime Minister will join President Trump at the White House on Thursday, where he will be greeted by the President before signing the White House Guest Book and a tete a tete at the Oval Office. This will be followed by a bilateral lunch, and a joint press conference. He will also carry out a defence focused visit.   

    On arrival on Wednesday night, he will meet a select group of CEOs from large US businesses to discuss their existing and growing presence in the UK, and the importance of UK-US trade and investment. He will outline the strength of the UK offer to investors: policy stability; an active partnership with government; an open, trading economy; and a reform agenda focused on making it easier to do business.   

    The Prime Minister will be accompanied by the Foreign Secretary David Lammy, who will join the Prime Minister’s programme at the White House.

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    Updates to this page

    Published 26 February 2025

    MIL OSI United Kingdom –

    February 27, 2025

  • MIL-OSI Australia: Appointments to National Gallery of Australia Council

    Source: Australian Ministers for Regional Development

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News –

    February 27, 2025

  • MIL-OSI: Aktia launches an acceleration programme to implement its revised strategic plan with new long-term financial targets and updates its dividend policy

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    27 February 2025 at 1.00 a.m.

    Aktia launches an acceleration programme to implement its revised strategic plan with new long-term financial targets and updates its dividend policy

    Aktia Bank Plc’s Board of Directors has approved the company’s updated strategy with new long-term financial targets and an updated dividend policy. An acceleration programme is being launched to drive the implementation of the strategic plan focusing on organic growth in wealth management.

    The core of Aktia’s growth strategy is to accelerate our journey towards becoming a unique, leading wealth manager empowered by a strong banking heritage. Aktia has a strong customer base and high customer satisfaction in the core segments, Premium and Private Banking, demonstrating the value of our personalised advisory services and product quality.

    During the strategic plan period 2025–2029, we will strengthen our focus on the strategic customer segments Premium, Private Banking, small and medium-sized enterprises (SMEs), and institutions. In these customer segments, we aim for growth and an excellent customer experience. Efficiency and outstanding processes are ensured, for example, through investments in digital development. Aktia stands out by high-quality, personal, and attentive service and comprehensive financial solutions offered to a growing customer base.

    Programme for accelerated strategy implementation

    An acceleration programme is launched to strengthen the implementation of the revised strategic plan and strategic priorities. The objective of the programme is to generate comparable operating profit annualised run rate improvements of approximately EUR 7 million by the end of 2025, and a total of approximately EUR 20 million by the end of 2026 – aligned with, Aktia’s new long-term financial targets. The programme is expected to generate one-off costs, which do not affect the comparable operating result, of approximately EUR 6 million in 2025. The costs relate mainly to external advisory services and are dependent on the financial performance of the programme.

    “Our three strategic priorities are active wealth management, growth in our core segments and a first-class customer experience – enabled by investments in digital development, streamlining our business processes, and developing the Aktia way of working. A cornerstone of our revised strategic plan is to increase the availability of personal service and wealth management solutions for a wider customer base. We intend to go beyond the established segment borders in the market and democratise private banking services. In this way, we want to give more customers the opportunity to benefit from our award-winning asset management, our peak competence in wealth management and our unique customer experience. With a robust financial basis, a unique market position, skilled employees and an ambitious leadership team, we are well equipped to deliver results and drive profitable growth. I strongly believe in our ability to achieve our new financial targets, especially with the acceleration programme now launched to implement our strategic plan,” says Aleksi Lehtonen, CEO of Aktia.

    Aktia’s strategic priorities are:

    1. Active Wealth Management

    As wealth transitions across generations, customers need accessible, sustainable financial solutions. Aktia helps customers grow and transfer wealth with clear, long-term plans and a holistic approach.

    2. Winning in Strategic Segments

    Finland’s growth relies on bold investments, cross-generational legacies and work, and thriving communities. Aktia takes an active role by driving success in Premium, Private Banking, small and medium-sized enterprises (SMEs), and institutional segments.

    3. The Aktia Experience

    We will stand out by specialising in attentive personal service for a growing customer base and by bringing them the Aktia experience. Skilled and committed employees work together to deliver tailored solutions and to respond to the customers’ financial needs and goals.

    Key enabler: Powered by Data and Technology​

    Enhancing our IT setup to enable growth in a scalable and efficient way.

    Long-term financial targets for 2029:

    • Comparable return on equity (ROE) over 15 per cent by 2029
    • Assets under management over EUR 25 billion* by 2029
    • Organic net commission income growth over 5 per cent per year
    • Common Equity Tier 1 (CET1) ratio 2–4 percentage points above the regulatory requirement.

    * This figure reflects gross AuM, corresponding to all AuM in the asset management business for which Aktia receives fee commissions. In the future, Aktia will report both gross and net AuM, rather than only net.

    Updated dividend policy:

    Aktia’s goal is to offer its shareholders a competitive total return, including dividends, the amount of which depends on the Group’s profit development as well as growth and investment needs. In addition, Aktia wants to ensure sufficient capital adequacy in changing market circumstances. Aktia’s capital and dividend policy has been updated.

    Updated dividend policy: Aktia intends to pay a dividend of approximately 60 per cent of the profit for the reporting period to its shareholders.

    In addition, excess capital may be distributed to shareholders using e.g. extra dividends or share buy-backs.

    (Previous dividend policy:  Aktia intends to pay out a dividend of approximately 60 per cent of the profit for the reporting period to its shareholders.)

    Investor Event 27 February 2025:

    Aktia invites investors, analysts and media representatives to an investor event on 27 February 2025 at 12:30 p.m. During the investor event, CEO Aleksi Lehtonen, together with other members of Aktia’s Executive Committee, will present the company’s updated strategic priorities and an overview of the acceleration programme for the implementation of the strategic plan with new financial targets. The event will be held in English.

    You can follow the investor event via a live webcast or a post-event recording on https://aktia.events.inderes.com/2025-investor-event. Participants will have the opportunity to ask questions of Aktia’s Executive Committee during the event. The presentation will be available on Aktia’s website www.aktia.com prior to the event.

    Aktia Bank Plc

    For more information, please contact:
    Oscar Taimitarha, Director of Investor Relations, tel. +358 40 562 2315, ir (at) aktia.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 31 December 2024 amounted to EUR 14.0 billion, and the balance sheet total was EUR 11.9 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network –

    February 27, 2025

  • MIL-OSI Australia: Australian Deputy PM: Appointments to National Gallery of Australia Council

    Source: Minister of Infrastructure

    The Australian Government has appointed Mrs Penny Fowler AM and Mr Jay Weatherill AO and reappointed Ms Ilana Atlas AO as members of the Council of the National Gallery of Australia for three-year terms.

    The Council is responsible for overseeing the Gallery’s strategic and organisational goals and positioning it for the future so it can continue to deliver on its aim to inspire all Australians through art.

    Minister for the Arts, Tony Burke, congratulated the new and returning appointees.

    “Ilana has been serving on the Council since 2022 and was appointed as Deputy Chair by the Council in November 2023 and we’re thankful she’s agreed to continuing lending her talents. 

    “I’d also like to welcome Jay and Penny. As former Premier of South Australia and Minister for the Arts, Jay was a strong advocate for the sector and will be an excellent addition to the board. 

    “Penny has been the Chair of the National Portrait Gallery Board and understands the important role institutions have in preserving and showcasing some of our nation’s greatest treasures.”

    The National Gallery is dedicated to collecting, sharing and celebrating art from Australia and the world. It is home to the country’s most valuable collection of art, with 155,000 works worth around $7 billion. This includes the world’s largest collection of Aboriginal and Torres Strait Islander art.

    Ms Ilana Atlas AO has served on the National Gallery of Australia Council since March 2022 and was elected Deputy Chair by Council members in November 2023. She is Chair of Jarwun Limited and Scentre Group Limited and is a non-executive director of Origin Energy Limited, the Paul Ramsay Foundation and is also a Panel Member of Adara Partners and a director of Adara Development. Her previous non-executive director roles include Chairman of the Bell Shakespeare Company and Coca-Cola Amatil Limited and Director of ANZ Banking Group and the Human Rights Law Centre. Prior to serving on these Boards, Ms Atlas had a 10 year career at Westpac. Ms Atlas was also a partner in law firm Mallesons Stephen Jaques (now known as King & Wood Mallesons). In 2020 she was appointed an Officer of the Order of Australia for distinguished service to the financial and manufacturing sectors, to education, and to the arts.

    Mr Jay Weatherill AO is the former Premier of South Australia from 2011 to 2018. He currently leads the Thrive by Five campaign within the Minderoo Foundation and is an Ambassador for Reggio Children. He will soon join the Susan McKinnon Foundation pursuing their democracy reform agenda. Previously Mr Weatherill worked as a lawyer between 1987 to 1995 becoming the founder and principal  of his own firm between 1995 and 2002. In 2002 he became a member for the Parliament of South Australia and later Premier where he oversaw various portfolios including Minister for the Arts. Following his term Mr Weatherill became an Industry Professor at the University of South Australia from 2019 to 2024. He serves on several government and industry and philanthropic boards. In 2021 Mr Weatherill was appointed an Officer of the Order of Australia for distinguished service to the people and Parliament of South Australia, particularly as Premier, and to early childhood and tertiary education.

    Mrs Penny Fowler AM is Chairman of the Herald & Weekly Times and is News Corp Australia’s Community Ambassador. Mrs Fowler has been a member of the National Portrait Gallery Board since March 2016 and served as Chair since January 2022 (her term will end on 8 March 2025). She chairs the Royal Children’s Hospital Good Friday Appeal, the Royal Botanic Gardens Victoria and the Tourism Australia Board. She is also on the Advisory Board of Visy/Pratt USA and is a board member of Tech Mahindra & the Bank of Melbourne (St. George) Foundation. Mrs Fowler is a member of Chief Executive Women and an Ambassador for the Australian Indigenous Education Foundation and SecondBite. In 2024 Mrs Fowler was appointed a Member of the Order of Australia for significant service to the community through a range of organisations.

    MIL OSI News –

    February 27, 2025

  • MIL-OSI: SEACOR Marine Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2024.

    SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

    Notable fourth quarter items include:

    • 4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
    • Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
    • 72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
    • DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
    • Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
    • In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
    • Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

    For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

    Chief Executive Officer John Gellert commented:

    “The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

    Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

    As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

    I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
    _______________

    (1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
       

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended December 31,     Year ended December 31,  
        2024     2023     2024     2023  
    Operating Revenues   $ 69,808     $ 73,083     $ 271,361     $ 279,511  
    Costs and Expenses:                        
    Operating     46,726       43,269       197,252       159,650  
    Administrative and general     10,888       11,547       44,713       49,183  
    Lease expense     347       679       1,678       2,748  
    Depreciation and amortization     12,879       13,022       51,628       53,821  
          70,840       68,517       295,271       265,402  
    Gains on Asset Dispositions and Impairments, Net     11,624       18,057       13,481       21,409  
    Operating Income (Loss)     10,592       22,623       (10,429 )     35,518  
    Other Income (Expense):                        
    Interest income     372       222       1,768       1,444  
    Interest expense     (10,001 )     (10,444 )     (40,627 )     (37,504 )
    Loss on debt extinguishment     (31,923 )     —       (31,923 )     (2,004 )
    Derivative (losses) gains, net     (536 )     608       (908 )     608  
    Foreign currency gains (losses), net     1,308       (1,276 )     (1,049 )     (2,133 )
    Other, net     187       —       121       —  
          (40,593 )     (10,890 )     (72,618 )     (39,589 )
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (30,001 )     11,733       (83,047 )     (4,071 )
    Income Tax (Benefit) Expense     (2,345 )     6,378       (2,615 )     8,799  
    (Loss) Income Before Equity in Earnings of 50% or Less Owned Companies     (27,656 )     5,355       (80,432 )     (12,870 )
    Equity in Earnings of 50% or Less Owned Companies     1,430       374       2,308       3,556  
    Net (Loss) Income   $ (26,226 )   $ 5,729     $ (78,124 )   $ (9,314 )
                             
    Net (Loss) Earnings Per Share:                        
    Basic   $ (0.94 )   $ 0.21     $ (2.82 )   $ (0.34 )
    Diluted   $ (0.94 )   $ 0.20     $ (2.82 )   $ (0.34 )
    Weighted Average Common Stock and Warrants Outstanding:                        
    Basic     27,773,200       27,182,496       27,655,289       27,082,391  
    Diluted     27,773,200       28,400,684       27,655,289       27,082,391  
                                     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Time Charter Statistics:                                
    Average Rates Per Day   $ 18,901     $ 18,879     $ 19,141     $ 19,042     $ 18,031    
    Fleet Utilization     72 %     67 %     69 %     62 %     71 %  
    Fleet Available Days (2)     4,870       5,026       4,994       5,005       5,170    
    Operating Revenues:                                
    Time charter   $ 66,095     $ 63,313     $ 65,649     $ 59,263     $ 66,498    
    Bareboat charter     364       372       364       364       368    
    Other marine services     3,349       5,231       3,854       3,143       6,217    
          69,808       68,916       69,867       62,770       73,083    
    Costs and Expenses:                                
    Operating:                                
    Personnel     20,365       21,940       21,566       21,670       22,080    
    Repairs and maintenance     10,433       9,945       10,244       9,763       7,604    
    Drydocking     2,467       6,068       6,210       6,706       2,561    
    Insurance and loss reserves     2,473       2,584       3,099       1,738       2,944    
    Fuel, lubes and supplies     4,884       6,574       3,966       4,523       3,683    
    Other     6,104       5,796       4,435       3,699       4,397    
          46,726       52,907       49,520       48,099       43,269    
    Direct Vessel Profit (1)     23,082       16,009       20,347       14,671       29,814    
    Other Costs and Expenses:                                
    Lease expense     347       364       486       481       679    
    Administrative and general     10,888       11,019       10,889       11,917       11,547    
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
          24,114       24,311       24,314       25,280       25,248    
    Gains (Losses) on Asset Dispositions and Impairments, Net     11,624       1,821       37       (1 )     18,057    
    Operating Income (Loss)     10,592       (6,481 )     (3,930 )     (10,610 )     22,623    
    Other Income (Expense):                                
    Interest income     372       358       445       593       222    
    Interest expense     (10,001 )     (10,127 )     (10,190 )     (10,309 )     (10,444 )  
    Derivative (losses) gains, net     (536 )     67       104       (543 )     608    
    Loss on debt extinguishment     (31,923 )     —       —       —       —    
    Foreign currency gains (losses), net     1,308       (1,717 )     (560 )     (80 )     (1,276 )  
    Other, net     187       29       —       (95 )     —    
          (40,593 )     (11,390 )     (10,201 )     (10,434 )     (10,890 )  
    (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (30,001 )     (17,871 )     (14,131 )     (21,044 )     11,733    
    Income Tax (Benefit) Expense     (2,345 )     (513 )     (682 )     925       6,378    
    (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (27,656 )     (17,358 )     (13,449 )     (21,969 )     5,355    
    Equity in Earnings (Losses) of 50% or Less Owned Companies     1,430       1,012       966       (1,100 )     374    
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
                                     
    Net (Loss) Earnings Per Share:                                
    Basic   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.21    
    Diluted   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )   $ 0.20    
    Weighted Average Common Stock and Warrants Outstanding:                                
    Basic     27,773       27,773       27,729       27,344       27,182    
    Diluted     27,773       27,773       27,729       27,344       28,401    
    Common Shares and Warrants Outstanding at Period End     28,950       28,950       28,941       28,906       28,489    

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    United States, primarily Gulf of America                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 26,116     $ 17,188     $ 22,356     $ 28,156     $ 22,584    
    Fleet utilization     45 %     42 %     37 %     27 %     50 %  
    Fleet available days     920       920       921       927       1,152    
    Out-of-service days for repairs, maintenance and drydockings     75       116       179       137       61    
    Out-of-service days for cold-stacked status (2)     184       175       127       182       254    
    Operating Revenues:                                
    Time charter   $ 10,744     $ 6,593     $ 7,697     $ 6,957     $ 12,929    
    Other marine services     1,114       1,188       480       1,026       5,346    
          11,858       7,781       8,177       7,983       18,275    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     6,097       6,297       6,284       5,781       6,906    
    Repairs and maintenance     1,680       1,655       1,879       1,404       819    
    Drydocking     1,451       2,615       2,570       1,968       303    
    Insurance and loss reserves     854       799       943       396       1,297    
    Fuel, lubes and supplies     854       964       866       667       1,032    
    Other     229       225       226       (171 )     475    
          11,165       12,555       12,768       10,045       10,832    
    Direct Vessel Profit (Loss) (1)   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )   $ 7,443    
    Other Costs and Expenses:                                
    Lease expense   $ 136     $ 140     $ 141     $ 138     $ 141    
    Depreciation and amortization     3,196       3,194       3,194       2,750       3,479    
                                     
    Africa and Europe                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 16,895     $ 18,875     $ 18,580     $ 15,197     $ 15,233    
    Fleet utilization     73 %     77 %     74 %     76 %     82 %  
    Fleet available days     1,856       1,990       1,969       1,775       1,748    
    Out-of-service days for repairs, maintenance and drydockings     180       203       203       238       124    
    Out-of-service days for cold-stacked status     —       58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 22,999     $ 28,809     $ 27,047     $ 20,555     $ 21,791    
    Other marine services     1,027       3,048       1,028       169       189    
          24,026       31,857       28,075       20,724       21,980    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel     5,654       6,083       4,969       5,181       6,007    
    Repairs and maintenance     3,712       3,455       3,161       3,209       2,807    
    Drydocking     835       681       1,226       2,032       1,298    
    Insurance and loss reserves     577       599       819       334       416    
    Fuel, lubes and supplies     2,226       2,514       1,170       1,287       623    
    Other     3,748       3,975       2,801       2,199       2,267    
          16,752       17,307       14,146       14,242       13,418    
    Direct Vessel Profit (1)   $ 7,274     $ 14,550     $ 13,929     $ 6,482     $ 8,562    
    Other Costs and Expenses:                                
    Lease expense   $ 82     $ 75     $ 172     $ 178     $ 289    
    Depreciation and amortization     4,477       4,540       4,565       3,915       3,747    

     _______________

    (1) See full description of footnote above.
    (2) Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.
       
           
    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
           
        Three Months Ended  
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023  
    Middle East and Asia                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 17,337     $ 17,825     $ 17,083     $ 16,934     $ 17,590  
    Fleet utilization     88 %     71 %     82 %     71 %     69 %
    Fleet available days     1,266       1,288       1,296       1,365       1,461  
    Out-of-service days for repairs, maintenance and drydockings     30       229       168       224       360  
    Operating Revenues:                              
    Time charter   $ 19,385     $ 16,411     $ 18,073     $ 16,477     $ 17,729  
    Other marine services     635       375       619       350       539  
          20,020       16,786       18,692       16,827       18,268  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     5,470       5,769       6,930       5,963       5,522  
    Repairs and maintenance     3,574       3,318       3,443       2,712       2,590  
    Drydocking     (226 )     832       707       1,483       624  
    Insurance and loss reserves     804       927       798       618       1,022  
    Fuel, lubes and supplies     840       1,043       1,103       1,198       1,242  
    Other     1,305       1,131       989       1,000       1,133  
          11,767       13,020       13,970       12,974       12,133  
    Direct Vessel Profit (1)   $ 8,253     $ 3,766     $ 4,722     $ 3,853     $ 6,135  
    Other Costs and Expenses:                              
    Lease expense   $ 72     $ 73     $ 71     $ 85     $ 158  
    Depreciation and amortization     3,272       3,261       3,247       3,496       3,643  
                                   
    Latin America                              
    Time Charter Statistics:                              
    Average rates per day worked   $ 21,390     $ 21,984     $ 22,437     $ 28,308     $ 20,745  
    Fleet utilization     73 %     63 %     71 %     58 %     84 %
    Fleet available days (2)     828       828       808       938       809  
    Out-of-service days for repairs, maintenance and drydockings     20       94       41       1       —  
    Operating Revenues:                              
    Time charter   $ 12,967     $ 11,500     $ 12,832     $ 15,274     $ 14,049  
    Bareboat charter     364       372       364       364       368  
    Other marine services     573       620       1,727       1,598       143  
          13,904       12,492       14,923       17,236       14,560  
    Direct Costs and Expenses:                              
    Operating:                              
    Personnel     3,144       3,791       3,383       4,745       3,645  
    Repairs and maintenance     1,467       1,517       1,761       2,438       1,388  
    Drydocking     407       1,940       1,707       1,223       336  
    Insurance and loss reserves     238       259       539       390       209  
    Fuel, lubes and supplies     964       2,053       827       1,371       786  
    Other     822       465       419       671       522  
          7,042       10,025       8,636       10,838       6,886  
    Direct Vessel Profit (1)   $ 6,862     $ 2,467     $ 6,287     $ 6,398     $ 7,674  
    Other Costs and Expenses:                              
    Lease expense   $ 57     $ 76     $ 102     $ 80     $ 91  
    Depreciation and amortization     1,934       1,933       1,933       2,721       2,153  

     _______________

    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    AHTS                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 10,410     $ 10,316     $ 8,125     $ 8,538     $ 8,937    
    Fleet utilization     79 %     46 %     49 %     75 %     64 %  
    Fleet available days     178       334       364       364       368    
    Out-of-service days for repairs, maintenance and drydockings     28       87       29       —       41    
    Out-of-service days for cold-stacked status     —       58       91       91       92    
    Operating Revenues:                                
    Time charter   $ 1,465     $ 1,576     $ 1,459     $ 2,331     $ 2,102    
    Other marine services     —       13       219       —       6    
          1,465       1,589       1,678       2,331       2,108    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 595     $ 981     $ 1,045     $ 1,064     $ 944    
    Repairs and maintenance     128       239       465       220       612    
    Drydocking     5       436       280       68       58    
    Insurance and loss reserves     49       66       97       43       73    
    Fuel, lubes and supplies     25       90       69       616       375    
    Other     210       263       230       287       295    
          1,012       2,075       2,186       2,298       2,357    
    Other Costs and Expenses:                                
    Lease expense   $ 7     $ 4     $ 164     $ 171     $ 253    
    Depreciation and amortization     122       175       175       175       175    
                                     
    FSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 13,643     $ 13,102     $ 12,978     $ 11,834     $ 11,841    
    Fleet utilization     72 %     81 %     80 %     72 %     74 %  
    Fleet available days     2,024       2,024       2,002       2,002       2,105    
    Out-of-service days for repairs, maintenance and drydockings     118       96       128       216       337    
    Out-of-service days for cold-stacked status     92       83       36       91       92    
    Operating Revenues:                                
    Time charter   $ 19,992     $ 21,606     $ 20,698     $ 17,081     $ 18,502    
    Other marine services     416       1,012       516       126       163    
          20,408       22,618       21,214       17,207       18,665    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,078     $ 5,637     $ 5,829     $ 5,649     $ 5,320    
    Repairs and maintenance     4,480       4,378       4,572       3,093       2,691    
    Drydocking     426       448       457       1,869       1,710    
    Insurance and loss reserves     422       532       546       277       507    
    Fuel, lubes and supplies     1,586       1,962       993       1,051       1,441    
    Other     2,456       2,238       1,850       1,649       1,632    
          14,448       15,195       14,247       13,588       13,301    
    Other Costs and Expenses:                                
    Depreciation and amortization   $ 4,746     $ 4,744     $ 4,746     $ 4,744     $ 4,879    
                                               
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    PSV                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 17,912     $ 21,819     $ 20,952     $ 19,133     $ 19,778    
    Fleet utilization     72 %     58 %     66 %     53 %     77 %  
    Fleet available days (1)     1,932       1,932       1,900       1,911       1,902    
    Out-of-service days for repairs, maintenance and drydockings     117       349       291       307       109    
    Operating Revenues:                                
    Time charter   $ 24,865     $ 24,488     $ 26,390     $ 19,390     $ 29,140    
    Bareboat charter     364       372       364       364       368    
    Other marine services     1,561       2,855       2,266       416       595    
          26,790       27,715       29,020       20,170       30,103    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 8,999     $ 9,360     $ 8,979     $ 8,850     $ 9,017    
    Repairs and maintenance     4,101       3,798       3,151       4,393       3,520    
    Drydocking     1,046       2,629       2,616       3,386       472    
    Insurance and loss reserves     618       636       1,037       395       690    
    Fuel, lubes and supplies     2,379       3,594       1,575       1,889       1,027    
    Other     2,566       2,821       1,850       1,395       1,922    
          19,709       22,838       19,208       20,308       16,648    
    Other Costs and Expenses:                                
    Lease expense   $ —     $ (3 )   $ 3     $ —     $ —    
    Depreciation and amortization     4,122       4,117       4,128       4,073       4,073    

     _______________

    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
       
         
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
         
        Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Liftboats                                
    Time Charter Statistics:                                
    Average rates per day worked   $ 39,326     $ 36,423     $ 43,204     $ 53,506     $ 40,181    
    Fleet utilization     68 %     58 %     54 %     53 %     52 %  
    Fleet available days     736       736       728       728       795    
    Out-of-service days for repairs, maintenance and drydockings     41       109       143       78       60    
    Out-of-service days for cold-stacked status     92       92       91       91       162    
    Operating Revenues:                                
    Time charter   $ 19,773     $ 15,643     $ 17,102     $ 20,461     $ 16,754    
    Other marine services     1,177       1,142       666       1,772       4,666    
          20,950       16,785       17,768       22,233       21,420    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 5,678     $ 5,926     $ 6,842     $ 6,140     $ 5,316    
    Repairs and maintenance     1,722       1,531       2,054       2,035       769    
    Drydocking     990       2,555       2,857       1,383       321    
    Insurance and loss reserves     1,384       1,334       1,482       1,282       1,554    
    Fuel, lubes and supplies     894       928       1,329       967       838    
    Other     860       473       519       343       531    
          11,528       12,747       15,083       12,150       9,329    
    Other Costs and Expenses:                                
    Depreciation and amortization     3,866       3,866       3,865       3,866       3,867    
                                     
    Other Activity                                
    Operating Revenues:                                
    Other marine services   $ 195     $ 209     $ 187     $ 829     $ 787    
          195       209       187       829       787    
    Direct Costs and Expenses:                                
    Operating:                                
    Personnel   $ 15     $ 36     $ (1,129 )   $ (33 )   $ 1,483    
    Repairs and maintenance     2       (1 )     2       22       12    
    Insurance and loss reserves     —       16       (63 )     (259 )     120    
    Fuel, lubes and supplies     —       —       —       —       2    
    Other     12       1       (14 )     25       17    
          29       52       (1,204 )     (245 )     1,634    
    Other Costs and Expenses:                                
    Lease expense   $ 340     $ 363     $ 319     $ 310     $ 426    
    Depreciation and amortization     23       26       25       24       28    
                                               
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    ASSETS                                
    Current Assets:                                
    Cash and cash equivalents   $ 59,491     $ 35,601     $ 40,605     $ 59,593     $ 67,455    
    Restricted cash     16,649       2,263       2,255       2,566       16,676    
    Receivables:                                
    Trade, net of allowance for credit loss     69,888       76,497       70,770       58,272       63,728    
    Other     7,913       7,841       6,210       12,210       11,049    
    Tax receivable     1,601       983       983       983       983    
    Inventories     2,760       3,139       3,117       2,516       1,609    
    Prepaid expenses and other     4,406       4,840       5,659       3,425       2,686    
    Assets held for sale     10,943       —       500       500       500    
    Total current assets     173,651       131,164       130,099       140,065       164,686    
    Property and Equipment:                                
    Historical cost     900,414       921,445       921,443       919,139       918,823    
    Accumulated depreciation     (367,448 )     (362,604 )     (349,799 )     (337,001 )     (324,141 )  
          532,966       558,841       571,644       582,138       594,682    
    Construction in progress     11,904       11,935       11,518       13,410       10,362    
    Net property and equipment     544,870       570,776       583,162       595,548       605,044    
    Right-of-use asset – operating leases     3,436       3,575       3,683       3,988       4,291    
    Right-of-use asset – finance leases     36       19       28       29       37    
    Investments, at equity, and advances to 50% or less owned companies     3,541       2,046       2,641       3,122       4,125    
    Other assets     1,577       1,864       1,953       2,094       2,153    
    Total assets   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
    LIABILITIES AND EQUITY                                
    Current Liabilities:                                
    Current portion of operating lease liabilities   $ 606     $ 494     $ 861     $ 1,285     $ 1,591    
    Current portion of finance lease liabilities     17       17       26       33       35    
    Current portion of long-term debt     27,500       28,605       28,605       28,605       28,365    
    Accounts payable     29,236       22,744       17,790       23,453       27,562    
    Other current liabilities     27,683       28,808       23,795       21,067       19,533    
    Total current liabilities     85,042       80,668       71,077       74,443       77,086    
    Long-term operating lease liabilities     2,982       3,221       3,276       3,390       3,529    
    Long-term finance lease liabilities     20       4       5       —       6    
    Long-term debt     317,339       272,325       277,740       281,989       287,544    
    Deferred income taxes     22,037       26,802       30,083       33,873       35,718    
    Deferred gains and other liabilities     1,369       1,416       1,447       2,285       2,229    
    Total liabilities     428,789       384,436       383,628       395,980       406,112    
    Equity:                                
    SEACOR Marine Holdings Inc. stockholders’ equity:                                
    Common stock     287       287       286       286       280    
    Additional paid-in capital     479,283       477,661       476,020       474,433       472,692    
    Accumulated deficit     (180,600 )     (154,374 )     (138,028 )     (125,609 )     (102,425 )  
    Shares held in treasury     (8,110 )     (8,110 )     (8,110 )     (8,071 )     (4,221 )  
    Accumulated other comprehensive income, net of tax     7,141       9,223       7,449       7,506       7,577    
          298,001       324,687       337,617       348,545       373,903    
    Noncontrolling interests in subsidiaries     321       321       321       321       321    
    Total equity     298,322       325,008       337,938       348,866       374,224    
    Total liabilities and equity   $ 727,111     $ 709,444     $ 721,566     $ 744,846     $ 780,336    
     
               
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
               
              Three Months Ended
        Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024     Dec. 31, 2023    
    Cash Flows from Operating Activities:                                
    Net (Loss) Income   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )   $ 5,729    
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                                
    Depreciation and amortization     12,879       12,928       12,939       12,882       13,022    
    Deferred financing costs amortization     254       298       297       295       279    
    Stock-based compensation expense     1,622       1,604       1,587       1,645       1,510    
    Debt discount amortization     1,799       2,061       1,993       1,926       1,862    
    Allowance for credit losses     59       101       39       3       266    
    (Gains) losses from equipment sales, retirements or impairments     (11,624 )     (1,821 )     (37 )     1       (18,057 )  
    Losses on debt extinguishment     28,252       —       —       —       —    
    Derivative losses (gains)     536       (67 )     (104 )     543       (608 )  
    Interest on finance lease     2       —       1       —       1    
    Settlements on derivative transactions, net     —       —       —       164       —    
    Currency (gains) losses     (1,308 )     1,717       560       80       1,276    
    Deferred income taxes     (4,766 )     (3,281 )     (3,790 )     (1,845 )     2,640    
    Equity (earnings) losses     (1,430 )     (1,012 )     (966 )     1,100       (374 )  
    Dividends received from equity investees     —       1,498       1,418       —       166    
    Changes in Operating Assets and Liabilities:                                
    Accounts receivables     5,448       (7,411 )     (6,928 )     4,291       (3,472 )  
    Other assets     1,338       1,032       (2,395 )     (1,290 )     733    
    Accounts payable and accrued liabilities     1,693       9,325       (4,378 )     (3,895 )     (6,456 )  
    Net cash provided by (used in) operating activities     8,528       626       (12,247 )     (7,169 )     (1,483 )  
    Cash Flows from Investing Activities:                                
    Purchases of property and equipment     (3,010 )     (210 )     (658 )     (3,416 )     (3,644 )  
    Proceeds from disposition of property and equipment     22,441       2,331       86       —       36,692    
    Net cash provided by (used in) investing activities     19,431       2,121       (572 )     (3,416 )     33,048    
    Cash Flows from Financing Activities:                                
    Payments on long-term debt     (2,479 )     (7,770 )     (6,533 )     (7,530 )     (6,173 )  
    Payments on debt extinguishment     (328,712 )     —       —       —       —    
    Payments on debt extinguishment cost     (3,671 )     —       —       —       —    
    Proceeds from issuance of long-term debt, net of debt discount and issue costs     345,192       —       —       —       87    
    Payments on finance leases     (13 )     (10 )     (9 )     (9 )     (9 )  
    Proceeds from issuance of common stock, net of issue costs     —       —       —       —       24    
    Proceeds from exercise of stock options and warrants     —       38       102       —       —    
    Tax withholdings on restricted stock vesting     —       —       (39 )     (3,850 )     —    
    Net cash provided by (used in) financing activities     10,317       (7,742 )     (6,479 )     (11,389 )     (6,071 )  
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents     —       (1 )     (1 )     2       1    
    Net Change in Cash, Restricted Cash and Cash Equivalents     38,276       (4,996 )     (19,299 )     (21,972 )     25,495    
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period     37,864       42,860       62,159       84,131       58,636    
    Cash, Restricted Cash and Cash Equivalents, End of Period   $ 76,140     $ 37,864     $ 42,860     $ 62,159     $ 84,131    
     
     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Leased-in     Managed     Total  
    December 31, 2024                        
    AHTS     —       —       2       2  
    FSV     22       —       1       23  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          51       —       3       54  
    December 31, 2023                        
    AHTS     3       1       —       4  
    FSV     22       —       3       25  
    PSV     21       —       —       21  
    Liftboats     8       —       —       8  
          54       1       3       58  

    The MIL Network –

    February 27, 2025

  • MIL-OSI: ArrowMark Financial Corp. Releases Month End Estimated Net Asset Value as of January 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, Feb. 26, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp., (NASDAQ: BANX) (“ArrowMark Financial”), today announced that BANX’s estimated and unaudited Net Asset Value (“NAV”) as of January 31, 2025, was $22.11.

    This estimated NAV is not a comprehensive statement of our financial condition or results for the month January 31, 2025.

    About ArrowMark Financial Corp.
    ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. BANX pursues its objective by investing primarily in regulatory capital securities of financial institutions. BANX is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com, or contact Destra at 877.855.3434 or by email at BANX@destracapital.com.

    Disclaimer and Risk Factors:
    There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

    The Annual Report, Semi-Annual Report and other regulatory filings of the Company with the SEC are accessible on the SEC’s website at www.sec.gov and on the BANX’s website at ir.arrowmarkfinancialcorp.com.

    Contact:
    BANX@destracapital.com

    The MIL Network –

    February 27, 2025

  • MIL-OSI Economics: Xbox reveals agenda for developers at GDC 2025 March 17-21

    Source: Microsoft

    Headline: Xbox reveals agenda for developers at GDC 2025 March 17-21

    As we gear up for the Game Developers Conference (GDC) 2025, we couldn’t be more excited to meet up with our friends and colleagues in the industry and explore the many incredible new opportunities that await. This year, GDC takes place from March 17-21 at the Moscone Convention Center in San Francisco, California. We’ll host partner meetings, participate in conference sessions, and sponsor events like the IGF Awards and the ESA Foundation’s Nite to Unite. Attendees that come by the Xbox Lounge in Moscone South will have a chance to see the latest Xbox experience on PC, join a Q&A with an Xbox development expert, and learn about the opportunities and benefits of building with Xbox across PC, Cloud and Console.

    Xbox is expanding to any screen on any device, making it easier for anyone to play with the friends they want – whether they choose to play with Xbox console, PC, Smart TV or mobile. At GDC, we’re inviting game developers to go behind the scenes to better understand what it means for Xbox to be playable on any screen. We’re committed to empowering game developers to tap into that opportunity by building cross-capable games that take advantage of Xbox across devices. Our presence will reveal the many ways game developers can reach more players with Xbox and showcase success stories of developers who are maximizing the opportunity.

    Whether you’re an indie developer or a seasoned professional, Xbox speakers will be presenting insights for every stage of your development journey. Check out the full schedule below. If you will be engaging remotely, you can learn more by visiting our Game Development Resource Hub here and to learn more about AI for Gaming, check out our Gaming AI Resource Hub here.

    For us, GDC 2025 is as much about showcasing the Xbox developer experience as it is about fostering collaboration with partners and driving our gaming future, together. See you there!

    Monday, March 17

    UX Summit: UX Writing: A New(ish) Craft in Mobile Games
    Speaker: Patricia Gomez (King)
    Date: Monday, March 17
    Time: 9:30am – 10:30am
    Location: Room 2010, West Hall

    Community Management Summit: Social Media Microtalks: Authenticity from You and the Business “We”
    Speaker: Cindy Tran (Obsidian Entertainment), Antonio Cara (DeNA Corp.), Harper Jay MacIntyre (Double Fine Productions Inc), Livvy Hall (Xbox Game Studios Publishing), Megan Spurr (Microsoft)
    Date: Monday, March 17
    Time: 10:50am – 11:50am
    Location: Room 2014, West Hall

    Live Service Games Summit: Reinventing ‘Candy Crush Soda’ for the Next 10 years
    Speaker: Abigail Rindo (King), Paul Hellier (King)
    Date: Monday, March 17
    Time: 10:50am – 11:50am
    Location: Room 2006, West Hall

    Animation Summit: ‘Diablo 4’: Bringing to Life the Priestess of Hatred
     Speaker: Chad Waldschmidt (Blizzard Entertainment)
    Date: Monday, March 17
    Time: 3:50 pm – 4:20 pm
    Location: Room 2018, West Hall

    UX Summit: Making the World Playful: The Importance of Accessible Mobile Games
    Speaker:     Emilio Jeldrez (King)
    Date: Monday, March 17
    Time: 5:30pm – 6:00pm
    Location: Room 2010, West Hall

    Tuesday, March 18

    Live Service Games Summit: Mass Engagement Winning Strategies: The 15M Player Tournament of ‘Candy Crush Saga’
    Speaker: Margaux Diaz (King), Roberto Kusabbi (King)
    Date: Tuesday, March 18
    Time: 9:30am – 10:30am
    Location: Room 2006, West Hall

    Thriving Players Summit: Prosocial Design Workshop
    Speaker:     Natasha Miller (Blizzard Entertainment), Weszt Hart (Riot Games)
    Date: Tuesday, March 18
    Time: 9:30am – 11;50am
    Location: Room 3005, West Hall

    The Climate Crisis Workshop
    Speaker: Grant Shonkwiler (Shonkventures LLC), Trevin York (Dire Lark), Paula Angela Escuadra (Microsoft / Xbox), Jennifer Estaris (ustwo games), Arnaud Fayolle (Ubisoft)
    Date: Tuesday, March 18
    Time: 10:00am – 6:00pm
    Location: Room 204, South Hall

    Gaming Reimagined: Mobile’s Impact on Play Today (Presented by King)
    Speaker: Todd Green (King), Paula Ingvar (King), Peiwen Yao (Blizzard Entertainment)
    Date: Tuesday, March 18
    Time: 10:50am – 11:50am
    Location: Room 2000, West Hall

    Unpacking Anti-Toxicity Strategy in “Call of Duty” (Presented by Community Clubhouse)
    Speaker: Mark Frumkin (Modulate), Grant Cahill (Activision)
    Date: Tuesday, March 18
    Time: 2:40pm – 3:40pm
    Location: Esplanade 158, South Hall

    Live Service Games Summit: Game Designer’s Notebook
    Speakers: Marta Cortiñas (King), Kenny Dinkin (King)
    Time: 2:40pm – 3:40pm
    Location: Room 2006, West Hall

    Wednesday, March 19

    Opening a Billion Doors with Xbox (Presented by Microsoft)
    Speaker: Leo Olebe (Microsoft), Chris Charla (Microsoft)
    Date: Wednesday, March 19
    Time: 12:30pm – 1:30pm
    Location: Room 3022, West Hall

    Accelerating Your Inner Loop with Visual Studio and GitHub Copilot AI (Presented by Microsoft)
    Speaker: David Li (Microsoft), Michael Price (Microsoft)
    Date: Wednesday, March 19
    Time: 12:30pm – 1:30pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Grow Your Audience with the Updated Xbox Experience on PC (Presented by Microsoft)
    Speaker:     Tila Nguyen (Microsoft), Jose Rady (Microsoft)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Make your Game Available ANYWHERE with Xbox Cloud Gaming (Presented by Microsoft)
    Speaker: Harrison Hoffman (Microsoft), Jordan Cohen (Microsoft)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: Room 2000, West Hall

    Masterworking Systems: Lessons Learned from the Engineering of Season of Loot Reborn in ‘Diablo IV’
     Speaker: Patrick Ferland (Blizzard Entertainment)
    Date: Wednesday, March 19
    Time: 2:00pm – 3:00pm
    Location: Room 2006, West Hall

    Ask Game Lawyers Anything Roundtable Day 1
    Speaker: Ryan Black (DLA Piper (Canada) LLP), Brandon Huffman (Odin Law and Media), Angelo Alcid (Microsoft Corp.), Yan Perng (Netflix)
    Date: Wednesday, March 19
    Time: 3:30pm – 4:30pm
    Location: Room 308, South Hall

    Xbox Game Studios Panel: Scaling Cross-Platform Development Across Xbox and PC (Presented by Microsoft)
    Speaker: Kate Rayner (Microsoft), Soren Hannibal Nielsen (Microsoft, Chuck Rozhon (Obsidion Entertainment), Chad Dawson (Double Fine Productions) Phil Cousins (Microsoft), Magnus Auvinen (Machine Games)
    Date: Wednesday, March 19
    Time: 3:30pm – 4:30pm
    Location: Room 2000, West Hall

    Thursday, March 20

    DirectX State of the Union: Raytracing and PIX Workflows (Presented by Microsoft)
    Speaker: Claire Andrews (Microsoft), Austin Kinross (Microsoft)
    Date: Thursday, March 20
    Time: 9:30am – 10:30am
    Location: Room 2009, West Hall

    VFX Storytelling: How “Hearthstone” Breathes Life Into Hundreds of Cards
    Speaker: Alex Cortes (Blizzard Entertainment)
    Date: Thursday, March 20
    Time: 11:00am – 12:00pm
    Location: Room 2006, West Hall

    Strategies for Indie Devs: How to Succeed with Xbox (Presented by Microsoft)
    Speaker: James Lewis (Microsoft)
    Date: Thursday, March 20
    Time: 11:30am – 12:30pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    G.A.N.G. Demo Derby: Sound Design
    Speaker: Nick Hartman (Sound Lab), Scott Gershin (Sound Lab), Charles Deenen (Source Sound Inc), Gary Miranda (Injected Senses Audio), Brian Farr (Blizzard Entertainment)
    Date: Thursday, March 20
    Time: 12:15pm – 1:45pm
    Location: Room 3018, West Hall

    From Idea to Action: Lessons from a New Accessibility Initiative (Presented by The Entertainment Software Association)
    Speaker: Aubrey Quinn  (Entertainment Software Association), Paul Amadeus Lane  (Amadeus 4th Corp), Amy Lazarus  (Electronic Arts), Dara Monasch  (Google), Anna Waismeyer  (Microsoft/Xbox), Steven Evans  (Nintendo of America), David Tisserand  (Ubisoft)
    Date: Thursday, March 20
    Time: 12:15pm – 1:15pm
    Location: GDC Main Stage, West Hall, Street Level

    Windows Productivity Tools for Game Developers (Presented by Microsoft)
    Speaker: Demitrius Nelon (Microsoft), Kayla Cinnamon (Microsoft)
    Date: Thursday, March 20
    Time: 12:15pm – 1:15pm
    Location: Room 2024, West Hall

    Securing the Joy of Gaming: Xbox’s Commitment to Gaming Security and Innovation (Presented by Microsoft)
    Speaker: Temi Adebambo (Microsoft)
    Date: Thursday, March 20
    Time: 2:00pm – 3:00pm
    Location: GDC Industry Stage, Expo Floor, South Hall

    Xbox Play Anywhere Developer Roundtable (Presented by Microsoft)
    Speaker: Chris Charla (Microsoft)
    Date: Thursday, March 20
    Time: 2:00pm – 3:00pm
    Location: Room 2004, West Hall

    King: Enhancing Mobile Audio with Accessibility and Inclusion
    Speaker: Eduardo Broseta  (King)
    Date: Thursday, March 20
    Time: 2:30pm – 3:00pm
    Location: Room 3024, West Hall

    Friday, March 21

    Game Career Seminar: STR, DEX and INT: A Genre-Spanning Way to Think About Gameplay
    Speaker: Joseph Shely  (Blizzard Entertainment)
    Date: Friday, March 21
    Time: 11:50am – 12:20pm
    Location: Room 3005, West Hall

    Game Career Seminar: Killer Portfolio or Portfolio Killer Part 2: Portfolio Reviews
    Speakers:     Greg Foertsch  (Bit Reactor), Sarah LeBlanc  (Bit Reactor), Rembert Montald  (Lightspeed LA), David Yee  (Unannounced), Jeffrey Johnson  (inXile Entertainment), Jade Law  (Wardog Studios), Gaurav Mathur  (E-Line Media), Jessica Kutrakun  (Hypixel Studios), Inmar Salvatier  (Maxis), Jeff Parrott  (Blizzard), Daanish Syed  (Bit Reactor), David Johnson  (UndertoneFX), Jeff Skalski  (Yellow Brick Games)
    Date:     Friday, March 21
    Time:     2:00pm – 5:00pm
    Location:     Room 3000, West Hall

    MIL OSI Economics –

    February 27, 2025

  • MIL-OSI USA: Baldwin Demands Trump’s USDA Restart Payments Guaranteed to 88 Wisconsin Dairy Farmers

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) demanded the United States Department of Agriculture (USDA) restart payments already committed to Wisconsin Dairy Business Innovation (DBI) Initiative recipients. Baldwin’s call comes as bipartisan federal funding that was approved by Congress, signed into law, and already awarded to farmers has been halted at the direction of the Trump Administration – leaving 88 dairy businesses in Wisconsin waiting on a collective $6.5 million for reimbursement.
    “The uncertainty surrounding DBI funding is incredibly alarming because it threatens the future of many dairy businesses that were promised this support to grow and remain competitive,” wrote Senator Baldwin in a letter to Secretary Rollins. “Many of the farmers and processors operate with limited resources and cannot afford disruptions in funding. Therefore, this unnecessary and ill-advised disruption could have widespread economic consequences, particularly, for small dairy operations in Wisconsin that drive our rural economies”
    In addition to the 88 dairy businesses in Wisconsin waiting on a collective $6.5 million in reimbursements for funds appropriated in Fiscal Year 2023, the Wisconsin Initiative has been told they may not receive funding they were guaranteed for Fiscal Year 2024 – despite having already expended nearly $500,000.
    “Given the importance of this program to dairy businesses across the country, I urge you to provide immediate clarification on the status of DBI Initiatives funding to the program’s stakeholders, as well as ensure that funds are reimbursed expeditiously,” Baldwin concluded.
    Senator Baldwin successfully created the DBI program in the 2018 Farm Bill. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin. Earlier this month, Senators Baldwin and Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.
    A full version of Baldwin’s letter is available here and below.
    Dear Secretary Rollins,
    I am writing to express my deep concern that the United States Department of Agriculture (USDA) has halted payments promised to farmers and processors through the Dairy Business Innovation (DBI) Initiatives. This federal funding commitment to dairy businesses has been approved by Congress and signed into law. The program has bipartisan support because of the critical role it plays in supporting small- to medium-sized dairy processors and family farm operations in the development, production, marketing, and distribution of dairy products. I urge you to restart these payments without delay, as farmers in my state wait to be repaid for investments they have already made in line with the active grant awards.
     The Dairy Business Innovation Act has become, and remains, a success story for the dairy industry since its enactment into law in the 2018 Farm bill. I have been proud to lead a bipartisan coalition to secure annual appropriations dedicated to the four DBI Initiatives that provide services across the country, including in Wisconsin. To date, the program has supported over 100 dairy farmers and processors in Wisconsin and over 250 across the Midwest.
     I understand that funding appropriated in Fiscal Year (FY) 2023 for Dairy Business Innovation Initiatives has not been reimbursed to the Wisconsin Initiative at the direction of the Trump Administration. This means that 88 dairy businesses in Wisconsin are waiting on a collective $6.5 million for reimbursement. The Wisconsin Initiative has now been told they may not be reimbursed for FY2024 at all after expending nearly $500,000, even after USDA’s earlier directive for the Centers to move forward with selecting awards with those appropriated funds. This federal funding has been promised to dairy farmers who anticipated using the funds to help grow their businesses, and many have already made financial commitments based on this expected support. It is imperative that these commitments are honored to avoid undue financial hardship for these farmers and their family-owned small businesses.
     At a time when it is needed most, the DBI Initiatives have been a vital lifeline to farmers and processors because they are designed to strengthen the dairy industry by:
    Diversifying dairy product markets to reduce risk and create higher-value uses for dairy products.
    Promoting business development strategies that increase farmer income through processing and marketing innovations.
    Encouraging the use of regional milk production to strengthen local economies.
    These initiatives support dairy farmers and processors through direct farm technical assistance, business consulting, strategic planning, marketing, product development, and distribution. Additionally, a significant portion of DBI funds are dedicated as small dollar grants to small- and medium-sized, family-owned businesses.
    The uncertainty surrounding DBI funding is incredibly alarming because it threatens the future of many dairy businesses that were promised this support to grow and remain competitive. Many of the farmers and processors operate with limited resources and cannot afford disruptions in funding. Therefore, this unnecessary and ill-advised disruption could have widespread economic consequences, particularly, for small dairy operations in Wisconsin that drive our rural economies.
    Given the importance of this program to dairy businesses across the country, I urge you to provide immediate clarification on the status of DBI Initiatives funding to the program’s stakeholders, as well as ensure that funds are reimbursed expeditiously. I appreciate your urgent attention on this matter.
    Sincerely,
    An online version of this release is available here.

    MIL OSI USA News –

    February 27, 2025

  • MIL-OSI USA: US Department of Labor appoints Randel Johnson as Administrative Review Board Chair

    Source: US Department of Labor

    WASHINGTON – The U.S. Department of Labor today announced the appointment of Randel Johnson as the Chair of the Administrative Review Board. The board issues agency decisions in cases arising from worker protection laws, including whistleblower and public contract laws.

    From August 2020 to 2022, Johnson served as an ARB judge and later as an academic fellow at Cornell Law School and as a distinguished lecturer at Syracuse College of Law. He was formerly partner with the law firm of Seyfarth Shaw LLP and was based in Washington, D.C.

    In addition to his time with the department’s ARB, Johnson has also served as labor counsel to the U.S. House of Representatives’ Education and Workforce Committee and worked as senior vice president for Labor Immigration & Employee Benefits at the U.S. Chamber of Commerce.  

    “Returning to the U.S. Department of Labor is truly an honor,” Johnson said. “As chair of its Administrative Review Board, I am committed to ensuring justice is done by rendering legally correct and well-reasoned appellate decisions and treating those who come before the board fairly and impartially while concurrently managing resources as efficiently as possible.”

    A graduate of the University of Maryland Law School, Judge Johnson holds a Master of Laws from the Georgetown University Law Center and a Graduate Certificate from Harvard University’s Senior Managers in Government Program. He is a member of the Maryland, District of Columbia, and various federal bars, and a member of the College of Labor and Employment Lawyers. 

    Johnson cites his work supporting the enactments of the Americans with Disabilities Act and the Congressional Accountability Act which, for the first time, extended private sector employment laws to the Congress, as bookend achievements of his time on Capitol Hill.

    MIL OSI USA News –

    February 27, 2025

  • MIL-OSI Security: Federal Grand Jury Indicts Four Men for Wire Fraud, Wire Fraud Conspiracy, and Aggravated Identity Theft

    Source: Office of United States Attorneys

    Louisville, KY – A federal grand jury in Louisville returned an indictment on February 19, 2025, charging four Jefferson County, Kentucky men with wire fraud, wire fraud conspiracy, and aggravated identity theft.

    U.S. Attorney Michael A. Bennett of the Western District of Kentucky, Special Agent in Charge Karen Wingerd of the Internal Revenue Service, Criminal Investigation, Cincinnati Field Office, and Chief Richard Sanders of the Jeffersontown Police Department made the announcement.

    According to the indictment, between at least May 1, 2023, and November 14, 2023, Anthony Phillips, 61, Aubrey Walker, Sr., 50, William Walker, 49, and Robert Lewis, 44, conspired to defraud a victim company by falsely representing they were representatives of the company’s small business clients to make purchases from the victim company and charge them to the client accounts. The defendants are also charged with several counts of execution of this wire fraud scheme. In executing this scheme, the defendants caused wires to be transmitted in interstate commerce from the Western District of Kentucky to outside of Kentucky. Anthony Phillips is also charged with transferring, possessing, or using a means of identification of another person, without lawful authority, during and in relation to the wire fraud.

    The defendants made their initial court appearances this week before a U.S. Magistrate Judge of the U.S. District Court for the Western District of Kentucky. If convicted, Anthony Phillips faces a mandatory minimum sentence of 2 years and a maximum sentence of 26 years in prison. If convicted Aubrey Walker, Sr., William Walker, and Robert Lewis each face a maximum sentence of 20 years in prison. A federal district court judge will determine any sentence after considering the sentencing guidelines and other statutory factors.

    There is no parole in the federal system.     

    This case is being investigated by the IRS CI and the Jeffersontown Police Department.

    Assistant U.S. Attorney Erin McKenzie is prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

    February 27, 2025

  • MIL-OSI Security: Pair Of Charlotte Businessmen Convicted Failing To Account For And Pay Over Trust Fund Taxes Are Sentenced

    Source: Office of United States Attorneys

    CHARLOTTE, N.C. – A pair of Charlotte businessmen were sentenced today in federal court for failing to account for and pay over to the Internal Revenue Service (IRS) more than $150,000 in trust fund taxes over five quarters in 2016 and 2017, announced Lawrence J. Cameron, Acting U.S. Attorney for the Western District of North Carolina.

    Donald “Trey” Eakins, Special Agent in Charge of the IRS, Criminal Investigation (IRS-CI), Charlotte Field Office, joins Acting U.S. Attorney Cameron in making todays’ announcement.

    Richard Brasser, 58, and Gregory Gentner, 54, were sentenced to 12 months and 1 day in prison, respectively, followed by a one-year term of supervised release. In March 2024, a federal jury found Brasser and Gentner guilty of multiple counts of failing to account for and pay over trust funds taxes.

    According to today’s sentencing hearing, evidence presented at trial, and other court documents, rFactr was a company with offices in Charlotte, that sold software that leveraged social media for sales platforms. Brasser was rFactr’s Chief Executive Officer and Gentner the Chief Operating Officer. Trial evidence established that from 2015 through 2017, Brasser and Gentner caused rFactr to collect more than $600,000 in trust fund taxes from the wages of its employees but did not account for the taxes by filing Forms 941 with the IRS. Moreover, the defendants did not pay over the withheld taxes to the IRS in a timely manner.

    According to trial evidence, Brasser and Gentner had a history of noncompliance with rFactr’s employment tax obligations. Specifically, between 2013 and 2017, Brasser and Gentner failed to comply with rFactr’s employment tax obligations by failing to timely file rFactr’s employment tax returns and failing to timely pay over to the IRS rFactr’s employment taxes. In total, between 2015 and 2017, Brasser and Gentner caused rFactr to owe more than $1.1 million in employment taxes.

    In making today’s announcement, Acting U.S. Attorney Cameron commended IRS-Criminal Investigation for their investigation of the case.

    Assistant U.S. Attorney Caryn Finley and Special Assistant U.S. Attorney Eric Frick of the U.S. Attorney’s Office in Charlotte prosecuted the case.

    MIL Security OSI –

    February 27, 2025

  • MIL-OSI: UPDATE — Helium 10 Ushers in a Bold New Era of AI-Powered Advertising for Sellers with Helium 10 Ads Powered by Pacvue

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 26, 2025 (GLOBE NEWSWIRE) — Helium 10, the leading provider of e-commerce marketplace research data and cutting-edge e-commerce solutions for sellers, brands and agencies, today announced the launch of Helium 10 Ads, an unprecedented fusion of the industry’s best search optimization insights and enterprise-grade ad technology, powered by Pacvue, the leading commerce acceleration platform approaching $20 billion in ad spend managed. The new solution combines Pacvue’s enterprise-grade advertising technology with Helium 10 to help sellers of all experience levels unlock smarter advertising at scale and drive greater profitability.

    “In an industry where advertising is essential to stay ahead and every dollar matters, sellers and SMBs need tools they can trust without constant manual intervention,” said Zoe Lu, Senior Vice President of SMB at Pacvue. “Helium 10 Ads powered by Pacvue democratizes access to best-in-class AI advertising capabilities that automatically manage campaigns and optimize performance, so sellers can focus on what matters – growing their businesses. We’ve brought AI Advertising into Helium 10’s most popular plan at no additional cost for our Platinum customers, further lowering the barrier to entry for customers to quickly launch and scale advertising campaigns.”

    With Helium 10 Ads, sellers can now:

    • Effortlessly launch ad campaigns in minutes: AI-driven automation takes the complexity out of running ads across the top e-commerce marketplaces. Sellers can simply choose the product, advertising cost of sales (ACoS) target and daily budget, and AI Advertising handles the rest.
    • Fine tune ad campaigns with flexible, granular control: Rules-based advertising offers over a dozen criteria and actions to choose from and automate for experienced sellers looking for more control over their campaigns.
    • Leverage industry-leading research data: Improve discoverability with intelligence that helps sellers rank, boost visibility and convert by ensuring customers can find products when they search for them using Helium 10’s best-in-class keyword research database.
    • Access built-in best practices: Automatically applied proven PPC strategies ensure campaigns run more effectively, delivering better results with less manual intervention.
    • Gain enterprise-level ad technology: E-commerce Sellers and SMBs can now tap into the same advertising engine used by Fortune 100 brands, enabling access to the latest cutting-edge technology and APIs, robust automation, AI advancements, retailer expansion and future innovation.

    Helium 10 Ads has already delivered impressive results for sellers managing large volumes of SKUs. During beta testing, it enabled a seller to automate and streamline their campaigns, which resulted in a 20% reduction in ACoS while driving increased sales.

    “Helium 10 processes over two billion data points every day and offers the most powerful research database spanning 450M+ products to drive retail readiness at every stage across product discovery, keyword research and listing optimization. And now, with Pacvue’s powerful AI ad technology, sellers can reach their target audience with greater precision, scale smarter and drive sustainable growth with ease,” said Alfred Wang, Director of Data and Product Solutions at Pacvue.

    Pacvue is the first-to-market commerce platform integrating retail media, commerce management and measurement. Pacvue now works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. By combining Pacvue technology with Helium 10’s leading-edge research solutions, sellers are equipped with the competitive edge to compete at scale and increase profitability through automation.

    For more information about Helium 10 Ads, please visit helium10.com.

    About Pacvue
    Pacvue is the leading commerce acceleration platform that integrates retail media, commerce management and measurement. The company’s first-to-market platform drives incrementality, profitability and market share for brands, while turning insights into actionable recommendations. Backed by a global team of experts, Pacvue works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. With the incorporation of Pacvue’s enterprise solution with Helium 10 for SMBs, Pacvue is now the most comprehensive commerce and retail media platform available in the market. Founded in 2018, their global presence includes locations in Seattle, New York, Los Angeles, Washington DC, London, Shanghai and Tokyo. For more information, visit www.pacvue.com.

    About Helium 10
    Helium 10 is the leading all-in-one software platform for brands, agencies and sellers, delivering accurate, data-driven solutions. From opportunity seekers to solopreneurs, to full-time sellers, enterprises, agencies, and everyone in between, Helium 10 champions entrepreneurship at all stages with the playbook to build, grow and scale a meaningful and steadfast e-commerce business.

    The MIL Network –

    February 27, 2025

  • MIL-OSI: Constellation Software Inc. and Topicus.Com Inc. Announce Results for Topicus.com Inc. for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Topicus.com Inc. (TSXV:TOI) in a joint release with Constellation Software Inc. (TSX:CSU) today announced financial results for Topicus.com Inc. (“Topicus” or the “Company”) for the fourth quarter and year ended December 31, 2024. Please note that all amounts referred to in this press release are in Euros unless otherwise stated.

    The following press release should be read in conjunction with the Annual Consolidated Financial Statements of Topicus.com Inc. (or the “Company”) for the year ended December 31, 2024, which we prepared in accordance with International Financial Reporting Standards (“IFRS”) and the Company’s annual Management’s Discussion and Analysis for the year ended December 31, 2024, which can be found on SEDAR+ at www.sedarplus.com and on Topicus.com Inc.’s website www.topicus.com. Additional information about Topicus.com Inc. is also available on SEDAR+ at www.sedarplus.com.

    Q4 2024 Headlines:

    • Revenue increased 18% (5% organic growth) to €364.9 million compared to €309.7 million in Q4 2023.
    • Net income increased 32% to €56.2 million (€0.40 on a diluted per share basis) from €42.5 million (€0.31 on a diluted per share basis) in Q4 2023.
    • Acquisitions were completed for aggregate cash consideration of €47.9 million (which includes acquired cash). Deferred payments associated with these acquisitions have an estimated value of €6.7 million resulting in total consideration of €54.6 million.
    • Cash flows from operations (“CFO”) increased 28% to €79.6 million compared to €62.4 million in Q4 2023.
    • Free cash flow available to shareholders1 (“FCFA2S”) increased 27% to €36.6 million compared to €28.9 million in Q4 2023.

    2024 Headlines:

    • Revenue increased 15% (5% organic growth) to €1,294.9 million compared to €1,125.0 million in 2023.
    • Net income increased 30% to €149.5 million (€1.11 on a diluted per share basis) from €115.4 million (€0.88 on a diluted per share basis) in 2023.
    • A number of acquisitions were completed for total consideration of €153.4 million including holdbacks and contingent consideration.
    • Cash flows from operations (“CFO”) increased 41% to €347.6 million compared to €246.6 million in 2023.
    • Free cash flow available to shareholders1 (“FCFA2S”) increased 44% to €177.4 million compared to €123.4 million in 2023.

    Total revenue for the quarter ended December 31, 2024 was €364.9 million, an increase of 18%, or €55.2 million, compared to €309.7 million for the comparable period in 2023. For the year ended December 31, 2024 total revenues were €1,294.9 million, an increase of 15%, or €169.9 million, compared to €1,125.0 million for the comparable period in 2023. The increase for both the three months and 12 months ended December 31, 2024 compared to the same periods in the prior year is primarily attributable to growth from acquisitions as the Company experienced organic growth of 5% for each of the periods. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

    Net income for the quarter ended December 31, 2024 increased €13.7 million to €56.2 million compared to €42.5 million for the same period in 2023. On a per share basis, this translated into net income per basic and diluted share of €0.40 in the quarter ended December 31, 2024 compared to €0.31 for the same period in 2023. For the twelve months ended December 31, 2024 net income increased €34.1 million to €149.5 million compared to €115.4 million for the same period in 2023. On a per share basis, this translated into net income per basic and diluted share of €1.11 in the twelve months ended December 31, 2024 compared to €0.88 for the same period in 2023.

    For the quarter ended December 31, 2024, CFO increased €17.2 million to €79.6 million compared to €62.4 million for the same period in 2023 representing an increase of 28%. Many of the businesses invoice customers for annual software maintenance fees in Q1 each year resulting in a disproportionate amount of cash being received in the first quarter as compared to the remaining three quarters. For the twelve months ended December 31, 2024, CFO increased €101.1 million to €347.6 million compared to €246.6 million for the same period in 2023 representing an increase of 41%.

    For the quarter ended December 31, 2024, FCFA2S increased €7.7 million to €36.6 million compared to €28.9 million for the same period in 2023 representing an increase of 27%. For the twelve months ended December 31, 2024, FCFA2S increased €54.0 million to €177.4 million compared to €123.4 million for the same period in 2023 representing an increase of 44%.

    1. See Non-IFRS measures.

    Forward Looking Statements

    Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Topicus or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Topicus assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

    Non-IFRS Measures

    Free cash flow available to shareholders ‘‘FCFA2S’’ refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on other facilities, credit facility transaction costs, repayments of lease obligations, dividends paid to redeemable preferred securities holders, and property and equipment purchased, and includes interest and dividends received, and the proceeds from sale of interest rate caps. The portion of this amount applicable to non-controlling interests is then deducted. Topicus believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Topicus does not make any acquisitions, or investments, and does not repay any debts. While Topicus could use the FCFA2S to pay dividends or repurchase shares, Topicus’ objective is to invest all of our FCFA2S in acquisitions which meet Topicus’ hurdle rate.

    FCFA2S is not a recognized measure under IFRS and, accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

    The following table reconciles FCFA2S to net cash flows from operating activities:

          Three months ended
    December 31,    		       Year ended
    December 31,    		  
          2024 2023       2024 2023  
        (€ in millions)   (€ in millions)
                         
    Net cash flows from operating activities     79.6   62.4         347.6   246.6    
    Adjusted for:                    
    Interest paid on lease obligations     (0.6 ) (0.4 )       (2.1 ) (1.4 )  
    Interest paid on other facilities     (5.7 ) (4.4 )       (21.1 ) (15.8 )  
    Proceeds from sale of interest rate cap     –   –         –   4.8    
    Credit facility transaction costs     (0.3 ) (0.0 )       (1.3 ) (0.3 )  
    Payments of lease obligations     (6.5 ) (5.5 )       (24.6 ) (21.8 )  
    Property and equipment purchased     (1.9 ) (2.5 )       (8.3 ) (7.8 )  
                         
          64.5   49.5         290.3   204.3    
    Less amount attributable to                    
      non-controlling interests     (27.9 ) (20.6 )       (112.9 ) (81.0 )  
                         
    Free cash flow available to shareholders     36.6   28.9         177.4   123.4    
                         
    Due to rounding, certain totals may not foot.                    
     

    About Topicus.com Inc.

    Topicus’ subordinate voting shares are listed on the Toronto Venture Stock Exchange under the symbol “TOI”. Topicus acquires, manages and builds vertical market software businesses.

    About Constellation Software Inc.

    Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation acquires, manages and builds vertical market software businesses.

    For further information:
    Jamal Baksh
    Chief Financial Officer
    jbaksh@csisoftware.com
    info@topicus.com
    www.topicus.com

    SOURCE: TOPICUS.COM INC.

     
    Topicus.com Inc.
    Consolidated Statements of Financial Position        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
               
               
            December 31, 2024 December 31, 2023
               
    Assets        
               
    Current assets:        
      Cash     206,157 179,059
      Accounts receivable     142,791 134,079
      Unbilled revenue     45,415 44,838
      Inventories     4,930 4,517
      Other assets     55,107 55,250
            454,400 417,742
               
    Non-current assets:        
      Property and equipment     23,245 20,030
      Right of use assets     75,666 61,066
      Deferred income taxes     19,905 16,412
      Other assets     11,983 13,824
      Intangible assets 950,670 903,709
            1,081,470 1,015,042
               
    Total assets     1,535,870 1,432,784
               
    Liabilities and Shareholders’ Equity        
               
    Current liabilities:        
      Topicus Revolving Credit Facility and current portion of term and other loans 225,718 161,077
      Accounts payable and accrued liabilities     250,361 211,423
      Deferred revenue     166,593 138,854
      Provisions     2,582 1,708
      Acquisition holdback payables     13,073 12,292
      Lease obligations     23,629 20,614
      Income taxes payable     18,233 20,068
            700,189 566,035
               
    Non-current liabilities:        
      Term and other loans     49,300 64,615
      Deferred income taxes     145,911 137,155
      Acquisition holdback payables     10,061 1,339
      Lease obligations     53,188 41,524
      Other liabilities     45,825 29,632
            304,285 274,266
               
    Total liabilities     1,004,474 840,301
               
               
    Shareholders’ Equity:        
      Capital stock     39,412 39,412
      Accumulated other comprehensive income (loss)     5,584 2,390
      Retained earnings     266,281 297,382
      Non-controlling interests     220,119 253,299
            531,396 592,483
               
               
               
    Total liabilities and shareholders’ equity     1,535,870 1,432,784
               
    Topicus.com Inc.          
    Consolidated Statements of Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
               
             
               
          Year ended December 31,
          2024     2023  
               
    Revenue          
    License     43,507     35,458  
    Professional services     326,877     297,669  
    Hardware and other     24,819     18,045  
    Maintenance and other recurring     899,659     773,801  
          1,294,862     1,124,973  
    Expenses          
    Staff     706,579     625,200  
    Hardware     16,851     12,068  
    Third party license, maintenance and professional services   100,085     88,074  
    Occupancy     10,951     8,351  
    Travel, telecommunications, supplies, software and equipment   50,382     43,639  
    Professional fees     20,722     15,318  
    Other, net     13,427     15,422  
    Depreciation     34,088     30,586  
    Amortization of intangible assets     135,499     121,124  
          1,088,584     959,782  
               
    Impairment of intangible and other non-financial assets   617     –  
    Bargain purchase (gain)     (517 )   –  
    Finance and other expenses (income)     22,705     20,426  
          22,804     20,426  
               
    Income (loss) before income taxes     183,474     144,766  
               
    Current income tax expense (recovery)     62,413     53,098  
    Deferred income tax expense (recovery)     (28,410 )   (23,759 )
    Income tax expense (recovery)     34,004     29,338  
               
    Net income (loss)     149,470     115,427  
               
    Net income (loss) attributable to:          
    Equity holders of Topicus     91,994     71,753  
    Non-controlling interests     57,476     43,674  
    Net income (loss)     149,470     115,427  
               
    Weighted average shares          
    Basic shares outstanding     82,766,336     81,889,764  
    Diluted shares outstanding     129,841,819     129,841,819  
               
    Earnings (loss) per common share of Topicus          
    Basic     1.11     0.88  
    Diluted     1.11     0.88  
               
               
    Topicus.com Inc.          
    Consolidated Statements of Comprehensive Income (Loss)        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
               
             
             
          Year ended December 31,
          2024   2023
               
    Net income (loss)     149,470   115,427
               
    Items that are or may be reclassified subsequently to net income (loss):        
               
    Foreign currency translation differences from foreign operations and other   7,241   2,344
               
    Other comprehensive (loss) income for the period, net of income tax   7,241   2,344
               
    Total comprehensive income (loss) for the period   156,711   117,771
               
    Total other comprehensive income (loss) attributable to:        
    Equity holders of Topicus     3,193   1,201
    Non-controlling interests     4,048   1,143
    Total other comprehensive income (loss)     7,241   2,344
               
    Total comprehensive income (loss) attributable to:        
    Equity holders of Topicus     95,187   72,954
    Non-controlling interests     61,524   44,817
    Total comprehensive income (loss)     156,711   117,771
                 
    Topicus.com Inc.            
    Consolidated Statement of Changes in Shareholders’ Equity        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                   
                   
    Year ended December 31, 2024            
             
        Capital Stock Accumulated other
    comprehensive
    (loss) income    		 Retained
    earnings    		   Total   Non-controlling
    interests    		   Total equity  
                   
    Balance at January 1, 2024 39,412 2,390 297,382   339,185   253,299   592,483  
                   
    Total comprehensive income (loss) for the period:            
                   
    Net income (loss) – – 91,994   91,994   57,476   149,470  
                   
    Other comprehensive income (loss)            
                   
    Foreign currency translation differences from            
      foreign operations and other, net of income tax – 3,193 –   3,193   4,048   7,241  
                   
    Total other comprehensive income (loss)            
      for the period – 3,193 –   3,193   4,048   7,241  
                   
    Total comprehensive income (loss) for the period – 3,193 91,994   95,187   61,524   156,711  
                   
    Transactions with owners, recorded directly in equity            
                   
      Other movements in non-controlling interests and equity – – (251 ) (251 ) (369 ) (620 )
                   
      Exchange of Topicus Coop ordinary units held by non-controlling interests to subordinate voting shares of Topicus – – 4,797   4,797   (4,797 ) –  
                   
      Dividends paid to shareholders of the Company – – (127,641 ) (127,641 ) –   (127,641 )
                   
      Return of capital to non-controlling interests         (9,048 ) (9,048 )
                   
      Dividends paid to non-controlling interests – – –   –   (80,489 ) (80,489 )
                   
    Balance at December 31, 2024 39,412 5,584 266,281   311,277   220,119   531,396  
                   
    Topicus.com Inc.            
    Consolidated Statement of Changes in Shareholders’ Equity        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                   
                   
    Year ended December 31, 2023            
                   
             
        Capital Stock Accumulated other
    comprehensive
    (loss) income    		   Retained
    earnings    		   Total Non-controlling
    interests    		   Total equity  
                   
    Balance at January 1, 2023 39,412 (232 ) 226,919   266,099 201,685   467,784  
                   
    Total comprehensive income (loss) for the period:            
                   
    Net income (loss) – –   71,753   71,753 43,674   115,427  
                   
    Other comprehensive income (loss)            
                   
    Foreign currency translation differences from            
      foreign operations and other, net of income tax – 1,201   –   1,201 1,143   2,344  
                   
    Total other comprehensive income (loss) for the period – 1,201   –   1,201 1,143   2,344  
                   
    Total comprehensive income (loss) for the period – 1,201   71,753   72,954 44,817   117,771  
                   
                   
    Transactions with owners, recorded directly in equity            
                   
      Other movements in non-controlling interests and equity – 1,422   (1,290 ) 131 (203 ) (72 )
                   
      Contribution by non-controlling interests – –   –   – 9,617   9,617  
                   
      Acquisition of non-controlling interests – –   –   – (803 ) (803 )
                   
      Dividends paid to non-controlling interests – –   –   – (1,814 ) (1,814 )
                   
    Balance at December 31, 2023 39,412 2,390   297,382   339,185 253,299   592,483  
                   
    Topicus.com Inc.        
    Consolidated Statements of Cash Flows        
    (In thousands of euros, except per share amounts. Due to rounding, numbers presented may not foot.)
                 
             
                 
            Year ended December 31,
            2024     2023  
                 
    Cash flows from (used in) operating activities:        
      Net income (loss)   149,470     115,427  
      Adjustments for:        
        Depreciation   34,088     30,586  
        Amortization of intangible assets   135,499     121,124  
        Impairment of intangible and other non-financial assets   617     –  
        Bargain purchase (gain)   (517 )   –  
        Finance and other expenses (income)   22,705     20,426  
        Income tax expense (recovery)   34,004     29,338  
      Change in non-cash operating assets and liabilities        
        exclusive of effects of business combinations   27,106     (20,062 )
      Income taxes (paid) received   (55,344 )   (50,281 )
      Net cash flows from (used in) operating activities   347,627     246,558  
                 
    Cash flows from (used in) financing activities:        
      Interest paid on lease obligations   (2,054 )   (1,422 )
      Interest paid on other facilities   (21,124 )   (15,779 )
      Proceeds from sale of interest rate cap   –     4,809  
      Net increase (decrease) in Topicus Revolving Credit Facility   65,000     25,000  
      Proceeds from issuance of term and other loans   30,238     37,010  
      Increase (decrease) in bank indebtedness   7,873     –  
      Repayment of loan from CSI   –     (29,878 )
      Increase (decrease) in loan from Vela Software Group   (300 )   1,342  
      Contribution from Vela Software Group into GeoSoftware and Geoactive   –     9,617  
      Return of capital to non-controlling interests   (9,048 )   –  
      Repayments of term and other loans   (47,786 )   (84,226 )
      Credit facility transaction costs   (1,321 )   (278 )
      Payments of lease obligations   (24,594 )   (21,784 )
      Other financing activities   (356 )   (573 )
      Dividends paid to non-controlling interests   (80,489 )   (1,814 )
      Dividends paid to shareholders of the Company   (127,641 )   –  
      Net cash flows from (used in) in financing activities   (211,602 )   (77,977 )
                 
    Cash flows from (used in) investing activities:        
      Acquisition of businesses   (112,952 )   (113,846 )
      Cash obtained with acquired businesses   35,532     12,291  
      Post-acquisition settlement payments, net of receipts   (22,385 )   (17,622 )
      Purchases of other investments   –     (248 )
      (Increase) decrease in restricted cash   (2,128 )   –  
      Property and equipment purchased   (8,283 )   (7,778 )
      Net cash flows from (used in) investing activities   (110,217 )   (127,203 )
                 
    Effect of foreign currency on        
      cash and cash equivalents   1,291     909  
                 
    Increase (decrease) in cash   27,099     42,287  
                 
    Cash, beginning of period   179,059     136,772  
                 
    Cash, end of period   206,157     179,059  

    The MIL Network –

    February 27, 2025

  • MIL-OSI: TRC Announces Termination of the Tender Offer for Canadian Natural Resources Limited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — TRC Capital Investment Corporation (“TRC”) announced today that it has terminated its previously announced cash tender offer to purchase up to 2,500,000 common shares (the “Shares”) of Canadian Natural Resources Limited. All Shares that have been validly tendered (and not validly withdrawn) will be returned promptly to the respective holders thereof without any action required on the part of the holders. No consideration will be paid in the Tender Offer for any tendered Shares.

    Consummation of the Tender Offer was subject to the satisfaction or waiver of the conditions set forth in the offer to purchase dated January 15, 2025 (the “Offer to Purchase”), including the general political, market, economic or financial condition described therein, which was not satisfied. TRC has decided to withdraw this transaction. This notice confirms the termination of the Tender Offer.

    This notice is neither an offer to purchase nor a solicitation of an offer to sell any Shares or any other securities. Persons with questions regarding the Tender Offer should contact the information agent, CNRA Financial Services Inc. at (416) 861-9446.

    For further information, contact:
    Contact: Lorne H. Albaum, President
    Phone: (416) 304-1474

          
            

    The MIL Network –

    February 27, 2025

  • MIL-OSI: Urgently Announces Capital Structure Improvements and Secures up to $20 Million in New Financing

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders resulting in significant capital structure improvements. Urgently has entered into a new credit agreement for an asset-based revolving credit facility for up to $20 million with MidCap Financial, which will be used to repay existing indebtedness to its first lien lenders and to help the Company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies.

    “We are pleased to have announced our new credit facility, as well as the repayment of a significant amount of debt to our existing lenders,” said Tim Huffmyer, Chief Financial Officer of Urgently. “The new debt facility will support the business as we continue to transform the legacy roadside assistance market and to develop new connected mobility assistance services on a global scale. We appreciate MidCap Financial’s partnership and relationship-oriented approach.”

    Garrett Fletcher, President of Structured Finance at MidCap Financial, commented, “Urgently is a leading mobility services platform that utilizes technology to improve the consumer roadside experience. Given their continued improvement in financial performance, we are excited to partner with Urgently and support their ongoing efforts to capitalize and further strengthen their business.”

    Certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), Onex Credit and Whitebox Advisors have also agreed to forego the repayment of certain fees under the company’s second lien agreements in exchange for the issuance of 1,358,073 shares of Urgently’s common stock and an extension of its second lien term loans until July 31, 2026.

    “We appreciate the support of Highbridge, Onex Credit and Whitebox Advisors as they extend their partnership with the Urgently team,” said Matt Booth, CEO of Urgently. “Their continued support is indicative of the confidence that exists among leading financial, automotive, mobility and strategic investors in the strong business we’ve built. These capital structure improvements will allow us to strengthen our commitment to our partners, service providers and consumers, as we continue to transform the market with our market-leading digital platforms, products and solutions.”

    Chardan served as exclusive financial advisor to Urgently to support the transaction.

    About Urgently

    Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.

    For media and investment inquiries, please contact:

    Press: media@geturgently.com

    Investor Relations: investorrelations@geturgently.com

    About MidCap Financial

    MidCap Financial is a middle-market focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2024, MidCap Financial provides administrative or other services for over $53 billion of commitments*. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc, pursuant to an investment management agreement. Apollo had assets under management of approximately $751 billion as of December 31, 2024, in credit, private equity and real assets funds. 

    For more information about MidCap Financial, please visit http://www.midcapfinancial.com.

    For more information about Apollo, please visit http://www.apollo.com.

    *Including commitments managed by MidCap Financial Services Capital Management LLC, a registered investment adviser, as reported under Item 5.F on Part 1 of its Form ADV

    Forward-Looking Statements

    This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding Urgently’s ability to successfully deploy the capital from the new debt facility and repay its new and existing debt facilities, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.

    The MIL Network –

    February 27, 2025

  • MIL-OSI: Element Reports Fourth Quarter and Record 2024 Financial Results; Reaffirms Full-Year 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Amounts in US$ unless otherwise noted
     
    • Record 2024 net revenue of $1.1 billion driving record adjusted operating income, adjusted earnings per share and adjusted free cash flow per share
    • Record performance in 2024 underpinned by an 18% year-over-year increase in services revenue, and a 9% year-over-year increase in net financing revenue associated with higher net earning assets
       
    • Strong performance allowed for acceleration of strategic investments to position us for future success while delivering full-year adjusted operating margins within guidance range
       
    • Robust client demand, strong and growing pipeline, and a high-recurring-revenue business model, combined with the benefits of investments made in 2024, to drive continued growth across key financial metrics
       
    • Reaffirming 2025 guidance for net revenue growth of 6.5 to 8.5%, positive adjusted operating leverage, and high single- to low double-digit growth in each of adjusted operating income, adjusted EPS, and adjusted free cash flow per share

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the largest publicly traded, pure-play automotive fleet manager in the world, today announced financial and operating results for the three months ended December 31, 2024 and record results for full-year 2024.  The following table presents Element’s selected financial results.

      Q4 20241 Q3 20241 Q4 20231 QoQ YoY 2024   2023   YoY
    In US$ millions, except percentages and per share amount       % %     %
    Selected results – as reported                
    Net revenue 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Pre-tax income 121.4   134.0   103.4   (9)% 17% 513.6   448.9   14%
    Pre-tax income margin 44.8 % 47.9 % 42.2 % (310) bps 260  bps 47.2 % 46.8 % 40  bps
    Earnings per share (EPS) [basic] 0.23   0.24   0.20   (1)% 3% 0.96   0.84   12%
    EPS [basic] [$CAD] 0.32   0.33   0.27   (3)% 19% 1.31   1.13   16%
    Adjusted results (excludes one-time strategic project costs in  2024)1                
    Adjusted net revenue2 270.9   279.6   245.1   (3)% 11% 1,087.6   959.1   13%
    Adjusted operating income (AOI)2 143.3   161.4   134.9   (11)% 6% 601.2   530.5   13%
    Adjusted operating margin2 52.9 % 57.7 % 55.0 % (480) bps (210) bps 55.3 % 55.3 % — bps
    Adjusted EPS2 [basic] 0.27   0.29   0.25   (7)% 8% 1.12   0.98   14%
    Adjusted EPS2[basic] [$CAD] 0.37   0.40   0.33   (8)% 12% 1.53   1.32   16%
    Other highlights:                
    Adjusted free cash flow per share2(FCF/sh) 0.30   0.36   0.29   (17)% 3% 1.38   1.24   11%
    Adjusted2 (FCF/sh) [$CAD] 0.41   0.49   0.40   (16)% 2% 1.89   1.67   13%
    Originations 1,498   1,716   1,490   (13)% 1% 6,732   6,340   6%
                               
    1. Strategic project costs totaled $20 million, of which $14 million was incurred in 2023 and $6 million in 2024, These costs were, attributable to leasing initiatives in Ireland, and were $2 million below planned investment as previously communicated. These costs for the quarterly periods in the above table were as follows: Q4 2023 ($11 million), Q3 2024 ($2 million), and Nil in Q4 2024. Additionally, Q3 2024 also included $7 million in acquisition-related costs, including severance, in connection with the Autofleet transaction.
    2. Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP  under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the “IFRS to Non-GAAP Reconciliations” section in this earnings release. The Company uses “Adjusted Results” because it believes that they provide useful information to investors regarding its performance and results of operations.

    “In 2024, we continued to execute our global growth strategy that builds on our considerable business momentum, delivering record results and value to clients, team members, and our shareholders. At the core of our efforts is a digital-first mindset and an unwavering commitment to operational excellence and prioritizing client success,” said Laura Dottori-Attanasio, Chief Executive Officer of Element. “Our robust performance relative to our plan allowed us to accelerate strategic investments aimed at enhancing our client experience, modernizing operations through digitization and automation, and strengthening our teams and culture. We achieved this while delivering within our full-year adjusted operating margin guidance and exceeding other key financial metrics. With these investments, we are building a stronger, more agile, and more innovative foundation to lead in defining the future of mobility. 

    Dottori-Attanasio continued, “We expect expense growth to moderate considerably in 2025 as the acceleration and benefits of this year’s investments begin to materialize. By optimizing costs and driving operational efficiencies through digital innovation, our disciplined approach to strategic investing in the areas that are critical to client success positions us well to both deliver on our financial targets and sustain success well into the future.”

    Net revenue growth

    Element grew 2024 net revenue 13% over 2023 (“year-over-year”) to $1.1 billion led largely by double-digit services revenue growth and higher net financing revenue.

    Q4 2024 net revenue increased $26 million or 11% on a year-over-year basis led largely by robust services revenue growth.  Q4 2024 net revenue decreased $9 million or 3% from a record Q3 2024 led largely by lower net financing revenue, lower syndication revenue and seasonal factors impacting Gains on Sale (“GOS”). This was partly offset by higher services revenue quarter-over-quarter.

    Service revenue

    Element’s largely unlevered services revenue is the key pillar of its capital-light business model, which also improves the Company’s return on equity profile.

    2024 services revenue increased a strong 18% year-over-year to $596 million driven primarily by higher penetration and utilization rates of our service offerings from new and existing clients and higher origination volumes.

    Q4 2024 services revenue grew a robust 25% year-over-year and  10% quarter-over-quarter driven primarily by higher penetration and utilization rates.

    Net financing revenue

    2024 net financing revenue grew $38 million or 9% year-over-year led largely by higher net earning assets resulting from higher originations across all geographies. This increase was partly offset by higher funding costs, including higher interest expense largely associated with financing the redemptions of our preferred shares (previously recorded below the AOI line). GOS was largely unchanged year-over-year, as increased volumes of vehicles for sale continue to mitigate used vehicle price normalization.

    Q4 2024 net financing revenue increased $1 million or 1% year-over-year led largely by the same reasons cited in the full-year 2024 explanation above. This increase was partly offset by a year-over-year decrease in GOS, and higher funding costs. A higher volume of vehicles for sale was more than offset by a decrease in used vehicle pricing in Mexico and ANZ.

    Q4 2024 net financing revenue decreased $13 million or 11% from Q3 2024. This quarter-over-quarter decrease was materially led by seasonal factors affecting GOS and for the same reasons cited directly above. Lower net earning assets and higher interest expense associated with financing the redemption of our preferred shares on September 30, 2024, and the impact of incremental debt due to the acquisition of Autofleet also contributed to the decrease.

    Syndication volume

    The Company syndicated a record $3.5 billion of assets in 2024, an increase of $984 million or 40% from 2023, and $1.0 billion in Q4 2024 – $330 million or 47% higher than Q4 2023. This growth was largely associated with higher origination volume, the Company’s ongoing focus on its capital lighter model, and management of its tangible leverage.  Overall, investor demand remains robust.

    2024 syndication revenue decreased $3 million or 6% year-over-year led largely by the bulk syndication of a Canadian lease portfolio in December 2024 (the “Bulk Sale”) in the amount of $346 million (CAD$474 million). This Bulk Sale further diversified our funding sources. Initial sale and setup costs impacted yields. Yields were further impacted by the Company’s syndication mix and scheduled reduction in bonus depreciation driving lower net yields. Gross yield, which is a measure of the value and demand for our core syndication product, was relatively unchanged from 2023. For further information on the Bulk Sale, please refer to the Element announces new strategic funding relationship section in this press release.

    Q4 2024 syndication revenue decreased $7 million or 55% year-over-year for the same reasons cited above for the full year 2024, and $11 million or 64% quarter-over-quarter largely due to lower net yields and setup costs associated with the sale of the Canadian portfolio. 

    Adjusted operating income and adjusted operating margins

    AOI was a record $601 million in 2024, an increase of $71 million or 13% year-over-year. This resulted in adjusted EPS of $1.12 in 2024, which is a 14% increase year-over-year. 2024 adjusted operating margin was 55.3%, unchanged from last year and at the mid-point of the Company’s revised 2024 guidance range between 55.0 to 55.5%. Excluding Autofleet, adjusted operating margins would have expanded 30 basis points year-over-year to 55.6%.

    Q4 2024 AOI was $143 million, an increase of $8 million or 6% year-over-year. Q4 2024 adjusted operating margin was 52.9% influenced by accelerated strategic investments, seasonal factors impacting GOS, $3 million in Autofleet operating costs, and the impact of the bulk sale of a portfolio of Canadian leases, which the Company believes will benefit 2025 and beyond. Excluding Autofleet, Q4 2024 adjusted operating margin was 54.1%.  

    Q4 2024 AOI decreased $18 million or 11% quarter-over-quarter led largely by the same reasons cited in the preceding paragraph. 

    Originations

    Element originated $6.7 billion of assets in 2024, which is a $392 million or 6% increase year-over-year led by growth across all regions. 

    Q4 2024 originations of $1.5 billion increased $8 million or 1% year-over-year; however, originations decreased $218 million or 13% quarter-over-quarter led largely by seasonal factors including historically slower client order volume during the summer months.

    Order volumes increased significantly in the last four months of 2024, reaching a record monthly high in December. This momentum, bolstered by improvements made through our U.S. & Canada Leasing strategic initiative based in Ireland, is expected to drive solid origination volumes in the first half of 2025.

    The table below sets out the geographic distribution of Element’s originations for 2024 and 2023:

    (in US$000’s for stated values) December 31, 2024 December 31, 2023
      $ % $ %
    United States and Canada 5,206,339 77.34 % 4,850,411 76.50  %
    Mexico 1,035,249 15.38 % 1,028,165 16.22 %
    Australia and New Zealand 489,960 7.28 % 461,451 7.28 %
    Total 6,731,548 100.00 % 6,340,027 100.00 %
                 

    Adjusted free cash flow per share and returns to shareholders

    On an adjusted basis, Element generated $1.38 of adjusted free cash flow (“FCF”) per share in 2024; up 11% year-over-year driven by growth in net revenues and higher originations, while investing approximately $77 million in total capital investments during the year. In Q4 2024, Element accelerated approximately $47 million of tax payments to the Australian Tax Office relating to the 2025 to 2027 taxation years. The tax payments relate to cash tax timing benefits received due to temporary accelerated depreciation available during the pandemic, effectively providing the Company with a tax deferral. The accelerated payment allows for future adjusted free cash flow to better represent the cash taxes that would be paid in the normal course of operations during those future years. This acceleration of Australian cash taxes is excluded from adjusted free cash flow per share.

    Element returned $336 million of cash to shareholders through common share dividends, common share buybacks and preferred share redemptions in 2024.

    Common dividend and share repurchases

    On February 26, 2025, the Board of Directors (the “Board”) authorized and declared a quarterly cash dividend of CAD$0.13 per common share of Element for the first quarter of 2025. The dividend will be payable on April 15, 2025 to shareholders of record as at the close of business on March 31, 2025.

    The Company’s common dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

    In furtherance of the Company’s return of capital plan, Element renewed its normal course issuer bid (the “NCIB”) for its common shares. Under the NCIB, the Company has approval from the TSX to purchase up to 40,386,699 common shares during the period from November 20, 2024, to November 19, 2025. The Company intends to be more active under its NCIB in 2025. The actual number of the Company’s common shares, if any, that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). There cannot be any assurance as to how many common shares, if any, will ultimately be purchased pursuant to the NCIB. Any subsequent renewals of the NCIB will be in the discretion of the Company and subject to further TSX approval.

    During 2024, the Company purchased 630,657 Common Shares for cancellation under its normal course issuer bids, for an aggregate amount of approximately $11 million at a volume weighted average price of CAD$23.77 per Common Share. During Q4 2024, the Company purchased 175,357 Common Shares under its NCIB, for cancellation, for an aggregate amount of approximately $4 million at a volume weighted average price of CAD$28.51 per Common Share.  During January and February 2025, the Company purchased 1.1 million Common Shares under its latest NCIB, for cancellation, for an aggregate amount of approximately $22 million at a volume weighted average price of CAD $28.75 per Common Share.

    Element applies trade date accounting in determining the date on which the share repurchase is reflected in the consolidated financial statements. Trade date accounting is the date on which the Company commits itself to purchase the shares.

    Preparing Element for the future

    In 2024, Element was purposeful in accelerating strategic investments in support of future growth.  The Company prioritized initiatives that elevate the client experience, modernize operations through digitization and automation, strengthen its teams and culture, and emphasized these efforts through the acquisition of Autofleet. While pursuing these strategic advancements, the Company exercised operational discipline to ensure that financial targets were achieved, maintaining operating margins within its 2024 guidance range of 55.0 to 55.5%. The Company expects expense growth to moderate considerably in 2025 as the benefits of these investments begin to materialize.

    Notable achievements include:

    • Centralizing accountability for its U.S. and Canadian leasing operations in Ireland and establishing a strategic sourcing presence in Singapore, with these initiatives expected to generate between $30 – $45 million of run-rate net revenue, and between $22 – $37 million of run-rate adjusted operating income (“AOI”), by full-year 2028. Both units are fully operational with an expected payback period from the Company’s investments at less than 2.5 years. 
       
    • Acquiring Autofleet’s robust and highly scalable fleet optimization technology platform to substantially accelerate its digitization and automation initiatives, enhance the client experience and accelerate operational scalability, unlocking new growth and value creation potential.  The integration of Autofleet will enhance the Company’s position in the evolving mobility and vehicle connectivity landscape. Priorities include developing a Digital Driver Experience app, building a digital client reporting portal, and gradually migrating Element’s applications to Autofleet’s cloud and AI-based platform.
       
    • Launching an Acceleration Office, to fast-track and prioritize strategic initiatives like our holistic digital and data analytics transformation, and our expansion into both Insurance and the Small-to Medium-Sized Fleets space.
       
    • In January 2025, the Company expanded beyond its core by announcing a new Insurance Risk solution – a fully integrated insurance and risk management offering. This new service, launched in a strategic partnership with Hub International Limited (“HUB”), a leading global insurance brokerage and financial services firm servicing commercial fleets, is designed to transform how clients insure and manage commercial fleets. The new service bundles insurance coverage solutions, including accident management, subrogation, driver safety programs, and telematics, to deliver a seamless, vehicle life-cycle experience for clients.

    Guidance

    Full-year 2024 Guidance

    Element delivered full-year 2024 results within or above the high end of its previously provided guidance ranges on key metrics, with the exception of originations. The following table highlights our full-year 2024 guidance (as was updated alongside its Q2 2024 results release) compared to the full-year 2024 results.

    In US$, except per share amounts Full-year 2024 Guidance Full-year 2024 Actuals
    Net revenue $1.060 – $1.080 billion $1.088 billion
    YoY Growth 11-13 % 13%
    Adjusted operating margin1 55.0% – 55.5% 55.3%
    Adjusted operating income $575 – 595 million $601 million
    YoY Growth 8-12 % 13%
    Adjusted EPS [basic] $1.07 – $1.11 $1.12
    YoY Growth 9-13 % 14%
    Adjusted free cash flow per share $1.32 – 1.36 1.38
    YoY Growth 6-10 % 11%
    Originations $7.0 – 7.4 billion $6.7 billion
    YoY Growth 11-17 % 6%

     1. Excluding Autofleet, adjusted operating margin was 55.6% in 2024; representing adjusting operating margin expansion of 30 basis points year-over-year.     

    Certain year-over-year growth amounts shown in this table may not calculate exactly due to rounding.

    Full-year 2025 Guidance

    The Company expects to see continued growth in its client base and net revenue, driven by the ongoing transition to self-managed fleets and robust demand for its services and solutions. Strong order volumes over the last four months of 2024, bolstered by enhancements made through our U.S. and Canada leasing initiative in Ireland, is expected to drive solid originations volume in the first half of 2025. Originations are preceded by vehicle orders, which are binding commitments by clients to lease or purchase vehicles from Element.

    Element is committed to generating positive operating leverage in 2025, and expects to begin realizing the benefits of the investments undertaken in 2024.

    In US$, except per share amounts Full-year 2025 Initial  Guidance Full-year 2025 Guidance
    Net revenue 6.5 – 8.5% $1.160 – $1.185 billion
    Adjusted operating income High-single to low-double digit $645 – $670 million
    Adjusted operating margins   55.5 – 56.5%
    Adjusted EPS [basic] High-single to low-double digit $1.20 – $1.25
    Adjusted free cash flow per share High-single to low-double digit $1.48- $1.53
    Originations Low- to mid-single digit $6.9 – $7.1 billion

    The Company’s guidance for 2025 incorporates the effects of several anticipated revenue headwinds, including the depreciation of the Mexican Peso (the Company has assumed an MXN-to-USD exchange rate of 20.5:1), higher interest expenses due to increased local Peso funding in 2025, and financing the redemption of the preferred shares. In addition, the scheduled reduction in bonus depreciation in the U.S. is likely to impact syndication yields. We also anticipate that our 2025 effective tax rate will average between 24.5% to 26.5%.

    The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada.

    Simplified capital structure

    To further optimize the Company’s balance sheet and simplify its capital structure, the Company redeemed the following during 2024: (1) all of its 5,126,400 issued and outstanding 6.21% Cumulative 5-Year Rate Reset Preferred Shares Series C (the “Series C Shares”) on June 20, 2024, at a price of CAD$25.00 per Series C Share for an aggregate total amount of approximately US$91.2 million; (2) all of its 5,321,900 issued and outstanding 5.903% Cumulative 5-Year Rate Reset Preferred Shares Series E (the “Series E Shares”) on September 30, 2024, at a price of CAD$25.00 per Series E Share for an aggregate amount of US$95 million approximately; and (3) all of its remaining outstanding 4.25% Convertible Unsecured Subordinated Debentures due June 30, 2024 for consideration of approximately 14.6 million Common Shares, issued from Treasury and delivered to beneficial holders.

    Following the redemption of its Series E preferred shares, the Company no longer has any preferred shares outstanding.

    As at December 31, 2024, total Common Shares issued and outstanding were 404.5 million.

    Element announces new strategic funding relationship

    In December 2024, Element established a new strategic funding relationship with affiliates of Blackstone’s Infrastructure & Asset-Based Credit Group (“Blackstone”) involving a portfolio of Canadian fleet lease receivables valued at approximately $346 million (CAD$474 million). This initial transaction, which took place on December 20, 2024, has characteristics similar to that of a bulk syndication. Through this arrangement Element benefits from substantial derecognition of these finance lease receivables, diversifying and optimizing its funding profile, validating the high-quality of its asset origination platform, and supporting the Company’s continued growth. 

    This transaction further assists in diversifying the Company’s funding sources, reducing leverage and driving our capital lighter model. However, due to the initial sale, overall yield was negatively impacted by setup costs. These costs are not expected to recur in future transactions. Consequently, the Company expects higher syndication yields in 2025, while also benefiting from the derecognition of finance lease receivables that similar transactions would offer.

    Transitioning to debt-to-capital vs. tangible leverage ratio (“TLR”)

    In Q4 2024, in collaboration with its partners, the Company changed its banking covenants from TLR to debt-to-capital, which the Company believes is a more meaningful measure of its leverage. Commencing in Q4 2024, the Company will prioritize the reporting and management of debt-to-capital metrics, though TLR will be still disclosed this quarter for consistency. The bank covenants are set at 80% of debt-to-capital, and the Company targets a range between 73% to 77%. The Company remains committed to maintaining a strong investment grade balance sheet and will continue to monitor TLR as a key internal metric, but it will be of reduced importance as an operating constraint.

    At December 31, 2024, the Company’s debt-to-capital ratio was 74.1% (December 31, 2023 72%) and its TLR was 7.56:1 (December 31, 2023 5.99:1).

    Conference call and webcast

    A conference call to discuss these results will be held on Thursday, February 27, 2025 at 8:00 a.m. Eastern Time.

    The conference call and webcast can be accessed as follows:

    A taped recording of the conference call may be accessed through March 27, 2025 by dialing 1-855-669-9658 (Canada/U.S. Toll Free) or 1-412-317-0088 (International Toll) and entering the access code 3917835.

    IFRS to Non-GAAP Reconciliations, Non-GAAP Measures and Supplemental Information

    The Company’s audited consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and the accounting policies we adopted in accordance with IFRS. These audited consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary to present fairly our financial position as at December 31, 2024 and December 31, 2023, the results of operations, comprehensive income and cash flows for the three- and 12-month periods-ended December 31, 2024 and December 31, 2023.

    Non-GAAP and IFRS key annualized operating ratios and per share information of the operations of the Company:

        As at and for the three-month
     period ended    		 For the year ended
    (in US$000’s except ratios and per share amounts or unless otherwise noted)   December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
                 
    Key annualized operating ratios            
                 
    Leverage ratios            
    Financial leverage ratio P/(P+R)   74.1 %   74.3 %   72.4 %   74.1 %   72.4 %
    Tangible leverage ratio P/
    (R-K)    		   7.56     7.00     5.98     7.56     5.99  
    Average financial leverage ratio Q/(Q+V)   75.0 %   75.1 %   72.6 %   74.7 %   71.6 %
    Average tangible leverage ratio Q/(V-L)   7.60     6.80     5.75     6.72     5.53  
                 
    Other key operating ratios            
    Allowance for credit losses as a % of total finance receivables before allowance F/E   0.08 %   0.08 %   0.08 %   0.08 %   0.08 %
    Adjusted operating income on average net earning assets B/J   7.31 %   8.01 %   7.20 %   7.53 %   7.57 %
    Adjusted operating income on average tangible total equity of Element D/(V-L)   39.34 %   37.91 %   29.34 %   35.76 %   30.08 %
                 
    Per share information            
    Number of shares outstanding W   404,502     403,609     389,169     404,502     389,169  
    Weighted average number of shares outstanding [basic] X   404,578     403,609     389,115     396,880     390,297  
    Pro forma diluted average number of shares outstanding Y   404,726     403,768     404,068     404,164     405,242  
    Cumulative preferred share dividends during the period Z   —     1,434     4,418     7,222     17,625  
    Other effects of dilution on an adjusted operating income basis AA $ —   $ 0   $ 1,184   $ 2,412   $ 4,859  
    Net income per share [basic] (A-Z)/X $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    Net income per share [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
                 
    Adjusted EPS [basic] (D1)/X $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.99  
    Adjusted EPS [diluted] (D1+AA)/Y $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    Management also uses a variety of both IFRS and non-GAAP and Supplemental Measures, and non-GAAP ratios to monitor and assess their operating performance. The Company uses these non-GAAP and Supplemental Financial Measures because they believe that they may provide useful information to investors regarding their performance and results of operations.

    The following table provides a reconciliation of certain IFRS to non-GAAP measures related to the operations of the Company and other supplemental information.

                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
    Reported results   US$ US$ US$ US$ US$
    Services income, net     161,461     146,903     129,657     595,540     502,659  
    Net financing revenue     103,453     116,090     102,211     449,130     410,853  
    Syndication revenue, net     5,976     16,643     13,261     42,890     45,587  
    Net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Operating expenses     141,234     139,367     134,085     544,681     481,749  
    Operating income     129,656     140,269     111,044     542,879     477,350  
    Operating margin     47.9 %   50.2 %   45.3 %   49.9 %   49.8 %
    Total expenses     149,463     145,669     141,716     574,003     510,153  
    Income before income taxes     121,427     133,967     103,413     513,557     448,946  
    Net income     92,057     98,565     81,567     387,137     345,599  
    EPS [basic]   $ 0.23   $ 0.24   $ 0.20   $ 0.96   $ 0.84  
    EPS [diluted]   $ 0.23   $ 0.24   $ 0.19   $ 0.95   $ 0.82  
    Adjusting items            
    Impact of adjusting items on operating expenses:            
    Strategic initiatives costs – Salaries, wages, and benefits     —     4,633     5,329     5,593     5,329  
    Strategic initiatives costs – General and administrative expenses     —     4,283     5,437     7,806     8,342  
       Share-based compensation     13,687     12,242     12,346     43,435     36,429  
       Amortization of convertible debenture discount     —     —     772     1,517     3,038  
    Total impact of adjusting items on operating expenses     13,687     21,158     23,884     58,351     53,138  
    Total pre-tax impact of adjusting items     13,687     21,158     23,884     58,351     53,138  
    Total after-tax impact of adjusting items     10,265     15,667     17,667     43,763     27,478  
    Total impact of adjusting items on EPS [basic]     0.03     0.04     0.05     0.11     0.07  
    Total impact of adjusting items on EPS [diluted]     0.03     0.04     0.04     0.11     0.06  
                                     
                                For the three-month period ended For the year ended
    (in US$000’s  except per share amounts or unless otherwise noted)   December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
    Adjusted results   US$ US$ US$ US$ US$
    Adjusted net revenue     270,890     279,636     245,129     1,087,560     959,099  
    Adjusted operating expenses     127,547     118,209     110,201     486,330     428,611  
    Adjusted operating income     143,343     161,427     134,928     601,230     530,488  
    Adjusted operating margin     52.9 %   57.7 %   55.0 %   55.3 %   55.3 %
    Provision for income taxes     29,370     35,402     21,846     126,420     103,347  
    Adjustments:            
    Pre-tax income     5,481     6,213     8,184     22,465     21,153  
    Foreign tax rate differential and other     985     275     5,092     1,474     5,607  
    Provision for taxes applicable to adjusted results     35,836     41,890     35,122     150,359     130,107  
    Adjusted net income     107,507     119,537     99,806     450,871     400,381  
    Adjusted EPS [basic]   $ 0.27   $ 0.29   $ 0.25   $ 1.12   $ 0.98  
    Adjusted EPS [diluted]   $ 0.27   $ 0.29   $ 0.24   $ 1.10   $ 0.96  
                                     

    The following table summarizes key statement of financial position amounts for the periods presented.

    Selected statement of financial position amounts                           For the three-month period ended For the year ended
    (in US$000’s unless otherwise noted)   December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
        US$ US$ US$ US$ US$
    Total Finance receivables, before allowance for credit losses E 7,576,386   7,612,881   7,225,093   7,576,386   7,225,093  
    Allowance for credit losses F 6,168   6,069   5,539   6,168   5,539  
    Net investment in finance receivable G 4,968,294   5,251,679   4,964,175   4,968,294   4,964,175  
    Equipment under operating leases H 2,435,430   2,537,369   2,646,158   2,435,430   2,646,158  
    Net earning assets I=G+H 7,403,724   7,789,048   7,610,333   7,403,724   7,610,333  
    Average net earning assets J 7,848,023   8,059,992   7,494,361   7,980,144   7,008,655  
    Goodwill and intangible assets K 1,672,701   1,581,560   1,596,323   1,672,701   1,596,323  
    Average goodwill and intangible assets L 1,675,336   1,581,776   1,589,182   1,607,766   1,590,290  
    Borrowings M 8,463,789   8,472,130   8,018,132   8,463,789   8,018,132  
    Unsecured convertible debentures N —   —   127,816   —   127,816  
    Less: continuing involvement liability O (132,683 ) (125,225 ) (81,851 ) (132,683 ) (81,851 )
    Total debt P=M+N-O 8,331,106   8,346,905   8,064,097   8,331,106   8,064,097  
    Cash and restricted funds P1 408,621   337,247   350,637   408,621   350,637  
    Total net debt P2 = P-P1 7,922,485   8,009,658   7,713,460   7,922,485   7,713,460  
    Average debt Q 8,313,527   8,582,383   7,829,218   8,473,105   7,361,960  
    Total shareholders’ equity R 2,774,315   2,774,502   2,943,828   2,774,315   2,943,828  
    Preferred shares S —   —   181,077   —   181,077  
    Common shareholders’ equity T=R-S 2,774,315   2,774,502   2,762,751   2,774,315   2,762,751  
    Average common shareholders’ equity U 2,768,504   2,781,421   2,713,843   2,770,044   2,664,760  
    Average total shareholders’ equity V 2,768,504   2,843,024   2,949,789   2,868,593   2,921,281  
                           

    Throughout this press release, management uses the following terms and ratios which do not have a standardized meaning under IFRS and are unlikely to be comparable to similar measures presented by other organizations. Non-GAAP measures are reported in addition to, and should not be considered alternatives to, measures of performance according to IFRS.

    Adjusted operating expenses

    Adjusted operating expenses are equal to salaries, wages and benefits, general and administrative expenses, and depreciation and amortization less adjusting items impacting operating expenses. The following table reconciles the Company’s reported expenses to adjusted operating expenses.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      US$ US$ US$ US$ US$
    Reported Expenses 149,463 145,669   141,716 574,003 510,153
    Less:          
    Amortization of intangible assets from acquisitions 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Operating expenses 141,234 139,367   134,085 544,681 481,749
    Less:          
      Amortization of convertible debenture discount — —   772 1,517 3,038
      Share-based compensation 13,687 12,242   12,346 43,435 36,429
      Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
      Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total adjustments 13,687 21,158   23,884 58,351 53,138
    Adjusted operating expenses 127,547 118,209   110,201 486,330 428,611
                 

    Adjusted operating income or Pre-tax adjusted operating income

    Adjusted operating income reflects net income or loss for the period adjusted for the amortization of debenture discount, share-based compensation, amortization of intangible assets from acquisitions, provision for or recovery of income taxes, loss or income on investments, and adjusting items from the table below.

    The following tables reconciles income before taxes to adjusted operating income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      US$ US$ US$ US$ US$
    Income before income taxes 121,427 133,967   103,413 513,557 448,946
    Adjustments:          
    Amortization of convertible debenture discount — —   772 1,517 3,038
    Share-based compensation 13,687 12,242   12,346 43,435 36,429
    Amortization of intangible assets from acquisition 7,819 6,970   6,971 28,734 27,912
    Loss (gain) on investments 410 (668 ) 660 588 492
    Adjusting Items:          
    Strategic initiatives costs – Salaries, wages and benefits — 4,633   5,329 5,593 5,329
    Strategic initiatives costs – General and administrative expenses — 4,283   5,437 7,806 8,342
    Total pre-tax impact of adjusting items — 8,916   10,766 13,399 13,671
    Adjusted operating income 143,343 161,427   134,928 601,230 530,488
                 

    Adjusted operating margin

    Adjusted operating margin is the adjusted operating income before taxes for the period divided by the net revenue for the period.

    After-tax adjusted operating income

    After-tax adjusted operating income reflects the adjusted operating income after the application of the Company’s effective tax rates.

    Adjusted net income

    Adjusted net income reflects reported net income less the after-tax impacts of adjusting items. The following table reconciles reported net income to adjusted net income.

                              For the three-month period ended For the year ended
    (in US$000’s except per share amounts or unless otherwise noted) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		 December 31,
    2024    		 December 31,
    2023
      US$ US$ US$ US$ US$
    Net income 92,057   98,565   81,567   387,137   345,599  
    Amortization of convertible debenture discount —   —   772   1,517   3,038  
    Share-based compensation 13,687   12,242   12,346   43,435   36,429  
    Amortization of intangible assets from acquisition 7,819   6,970   6,971   28,734   27,912  
    Loss (gain) on investments 410   (668 ) 660   588   492  
    Strategic initiatives costs – Salaries, wages and benefits —   4,633   5,329   5,593   5,329  
    Strategic initiatives costs – General and administrative expenses —   4,283   5,437   7,806   8,342  
    Provision for income taxes 29,370   35,402   21,846   126,420   103,347  
    Provision for taxes applicable to adjusted results (35,836 ) (41,890 ) (35,122 ) (150,359 ) (130,107 )
    Adjusted net income 107,507   119,537   99,806   450,871   400,381  
                         

    After-tax adjusted operating income attributable to common shareholders

    After-tax adjusted operating income attributable to common shareholders is computed as after-tax adjusted operating income less the cumulative preferred share dividends for the period.

    About Element Fleet Management

    Element Fleet Management (TSX: EFN) is the largest publicly traded pure-play automotive fleet manager in the world. As a Purpose-driven company, we provide a full range of sustainable and intelligent mobility solutions to optimize and enhance fleet performance for our clients across North America, Australia, and New Zealand. Our services address every aspect of our clients’ fleet requirements, from vehicle acquisition, maintenance, route optimization, risk management, and remarketing, to advising on decarbonization efforts, integration of electric vehicles and managing the complexity of gradual fleet electrification. Clients benefit from Element’s expertise as one of the largest fleet solutions providers in its markets, offering economies of scale and insight used to reduce operating costs and enhance efficiency and performance. At Element, we maximize our clients’ fleet so they can focus on growing their business. For more information, please visit: https://www.elementfleet.com

    This press release includes forward-looking statements regarding Element and its business. Such statements are based on management’s current expectations and views of future events. In some cases the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements, including, among others, statements regarding Element’s financial performance, enhancements to clients’ service experience and service levels; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element’s ability to achieve its sustainability objectives; Element achieving its digital platform ambitions; the Autofleet acquisition enabling the Company to scale its business more quickly, achieve operational efficiencies, increase client and shareholder value and unlock new revenues streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios;  and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element’s actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the fleet management and finance industries, economic factors, regulatory landscape and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element’s annual MD&A, and Annual Information Form for the year ended December 31, 2023, each of which has been filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

    The MIL Network –

    February 27, 2025

  • MIL-OSI: Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated.

    • Total revenue reaches $13.7 million in the fourth quarter, an increase of 40% year over year
    • Fourth-quarter gross profit grew 48% year over year to $10.4 million
    • Annual Recurring Revenue (ARR)1 at December 31, 2024, reaches $59.7 million, an increase of 60% year over year

    “Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation’s transition to digital is set to continue, with Kneat leading the way.”

    – said Eddie Ryan, Chief Executive Officer of Kneat. 

    Q4 2024 Highlights

    • Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023.
    • SaaS revenue for the fourth quarter of 2024 grew 41% to $12.5 million, versus $8.9 million for the fourth quarter of 2023.
    • Fourth-quarter 2024 gross profit was $10.4 million, up 48% from $7.0 million (adjusted)2 in gross profit for the fourth quarter of 2023.
    • Gross margin in the fourth quarter of 2024 was 75%, compared to 71% (adjusted)2 for the fourth quarter of 2023.
    • EBITDA3 in the fourth quarter of 2024 was $1.1 million, compared with ($0.1) million (adjusted)2 for the fourth quarter of 2023.
    • Adjusted EBITDA3 in the fourth quarter of 2024 was $2.6 million, compared with ($0.3) million (adjusted)2 for the fourth quarter of 2023.
    • Total ARR1, which includes SaaS license and recurring maintenance fees, was $59.7 million at December 31, 2024, an increase of 60% from $37.4 million at December 31, 2023.
    • SaaS ARR1, the proportion of ARR attributable to SaaS licenses, was $59.6 million at December 31, 2024, an increase of 60% from $37.3 million at December 31, 2023.

    Full Year 2024 Highlights

    • Total revenues for the full year 2024 increased 43% to $48.9 million, compared to $34.2 million for 2023.
    • SaaS revenue grew 48%, reaching $44.6 million for the full year 2024, versus $30.1 million for 2023.
    • Full-year 2024 gross profit was $36.8 million, an increase of 59% compared to $23.1 million (adjusted)2 for the full year 2023.
    • Gross margin for the full year 2024 was 75%, compared to 68% (adjusted)2 for all of 2023.
    • EBITDA3 for the full year 2024 was $5.6 million, compared with ($5.7) million (adjusted)2 for all of 2023.
    • Adjusted EBITDA3 for the full year 2024 was $7.0 million, compared with ($3.2) million (adjusted)2 for all of 2023.
    • Net Revenue Retention Rate (NRR)1, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was 151% for the year ended December 31, 2024.

    2024 Business Highlights

    • Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker.
    • In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers.
    • Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year.
    • Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of $55,625,110.
    • For the fourth consecutive year, Kneat was recognized as one of Ireland’s fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion.

    Kneat’s business momentum continues into 2025:

    • In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini’s expertise in enterprise IT systems integration with Kneat’s digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease.
    • Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes.
    • In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division.

    “We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.”

    – said Hugh Kavanagh, Chief Financial Officer of Kneat. 

    _______________
    1 ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.
    2 The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.
    3 EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the “Supplementary and Non-IFRS Measures” section of this news release.

    Quarterly Conference Call

    Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat’s fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET.

    Interested parties can register for the live webcast via the following link:

    Register Here

    Supplementary and Non-IFRS Financial Measures

    The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company’s performance.

    Annual Recurring Revenue (“ARR”)

    ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Software-as-a-Service Annual Recurring Revenue (“SaaS ARR”)

    SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount.

    Net Revenue Retention Rate (“NRR”)

    We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers.

    Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

    EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)

    Adjusted EBITDA is calculated as net income (loss) attributable to kneat.com excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release.

    About Kneat

    Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

    Cautionary and Forward-Looking Statements

    Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

    Material risks and uncertainties relating to our business are described under the headings “Cautionary Note Regarding Forward-Looking Statements and Information” and “Risk Factors” in our MD&A dated February 26, 2025, under the heading “Risk Factors” in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at www.sedarplus.ca. Forward-looking statements are provided to help readers understand management’s expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor’s own risk.

    For further information:

    Katie Keita, Kneat Investor Relations
    P: + 1 902-706-9074
    E: katie.keita@kneat.com

    kneat.com, inc.
    Consolidated Statements of Loss and Comprehensive Loss
    (expressed in Canadian dollars)
     
      Three-month period ended   Year ended
      December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
          (Adjusted)       (Adjusted)
    Revenue              
    SaaS License fees   12,537,109       8,922,491       44,569,846       30,066,905  
    On-premise license fees   –       –       –       436,126  
    Maintenance fees   123,667       46,819       322,335       277,199  
    Professional services and other   1,072,835       844,689       4,046,238       3,443,178  
    Total Revenue   13,733,611       9,813,999       48,938,419       34,223,408  
                   
    Cost of Revenue   (3,372,387 )     (2,811,181 )     (12,179,880 )     (11,091,576 )
    Gross Profit   10,361,224       7,002,818       36,758,539       23,131,832  
    Gross Margin   75 %     71 %     75 %     68 %
                   
    Expenses              
    Research and development   (4,545,776 )     (3,733,887 )     (17,268,722 )     (15,387,726 )
    Sales and marketing   (4,828,335 )     (4,500,992 )     (17,163,189 )     (14,266,739 )
    General and administrative   (1,823,992 )     (1,925,415 )     (8,273,995 )     (7,411,540 )
    Total Expenses   (11,198,103 )     (10,160,294 )     (42,705,906 )     (37,066,005 )
                   
    Operating Loss   (836,879 )     (3,157,476 )     (5,947,367 )     (13,934,173 )
                   
    Finance Expense   (1,034,424 )     (629,794 )     (3,665,098 )     (1,081,853 )
    Interest income   298,308       621       678,388       6,635  
    Foreign exchange loss/(gain)   (828,354 )     1,083,675       1,399,547       545,776  
                   
    Income (loss) before income taxes   (2,401,349 )     (2,702,974 )     (7,534,530 )     (14,463,615 )
    Income tax expense   (61,907 )     (47,342 )     (192,598 )     (55,891 )
                   
    Net loss for period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
                   
    Other comprehensive loss              
    Foreign currency translation adjustment to presentation currency   411,921       750,382       (995,322 )     (263,950 )
                   
    Comprehensive loss for the period   (2,051,335 )     (1,999,934 )     (8,722,450 )     (14,783,456 )
                   
    Loss per share – Basic and diluted $ (0.03 )   $ (0.04 )   $ (0.09 )   $ (0.19 )
                   
    Weighted Average Number of Common Shares Outstanding – Basic and diluted   93,005,493       78,093,350       86,545,119       77,833,268  
                   
    Reconciliation:              
    Total income (loss) for the period   (2,463,256 )     (2,750,316 )     (7,727,128 )     (14,519,506 )
    Interest expense   863,766       629,794       3,494,441       1,081,853  
    Interest income   (298,308 )     (621 )     (678,388 )     (6,635 )
    Income taxes   61,907       47,342       192,598       55,891  
    Depreciation expense   174,751       192,038       745,639       786,085  
    Amortization expense   2,791,627       1,803,172       9,560,000       6,889,552  
    EBITDA   1,130,487       (78,591 )     5,587,162       (5,712,760 )
                   
    Adjustments to EBITDA              
    Foreign exchange (gain) loss   828,354       (1,083,675 )     (1,399,547 )     (545,776 )
    Stock-based compensation expense   669,201       834,569       2,785,906       3,049,967  
    Adjusted EBITDA   2,628,042       (327,697 )     6,973,521       (3,208,569 )
                                   
    kneat.com, inc.
    Consolidated Statements of Financial Position
    (expressed in Canadian dollars)
                   
      December 31,     December 31,  
      2024     2023  
              (Adjusted)  
    Assets              
                   
    Current assets              
    Cash   58,889,572       15,252,526  
    Amounts receivable   18,377,009       11,601,558  
    Prepayments   1,870,095       1,138,382  
        79,136,676       27,992,466  
    Non-current assets              
    Amounts receivable   2,368,006       1,650,795  
    Property and equipment   6,782,179       7,209,953  
    Intangible assets   36,290,869       29,005,092  
                   
    Total Assets   124,577,730       65,858,306  
                   
    Liabilities              
                   
    Current liabilities              
    Accounts payable and accrued liabilities   8,580,104       7,874,332  
    Contract liabilities   21,631,416       13,647,071  
    Loan payable and accrued interest   4,116,723       –  
    Lease liabilities   434,096       535,832  
        34,762,339       22,057,235  
    Non-current liabilities              
    Contract liabilities   33,393       41,084  
    Lease liabilities   5,671,952       5,976,380  
    Loan payable and accrued interest   19,038,203       21,657,423  
                   
    Total Liabilities   59,505,887       49,732,122  
                   
    Equity              
    Shareholders’ equity   65,071,843       16,126,184  
                   
    Total Liabilities and Equity   124,577,730       65,858,306  
                   
    kneat.com, inc.
    Consolidated Statement of Cash Flows
    (expressed in Canadian dollars)
    For the years ended
           
      December 31,   December 31,
        2024       2023  
          (Adjusted)
    Operating activities      
    Net loss for the year   (7,727,128 )     (14,519,506 )
    Charges to loss not involving cash:      
    Depreciation of property and equipment   745,639       786,085  
    Share-based compensation   3,825,512       3,998,749  
    Interest Expense   3,494,441       1,081,853  
    Tax expense   192,598       55,891  
    Amortization of the intangible asset   9,389,343       6,828,213  
    Amortization of loan issuance costs   171,593       61,164  
    Write-off of property and equipment   –       26,721  
    Impact of lease termination   –       (67,600 )
    Foreign exchange (gain)   (1,399,547 )     (545,776 )
    Decrease in non-current contract liabilities   (9,436 )     (905,846 )
    Net change in non-cash working capital related to operations   1,107,145       2,868,609  
    Net cash provided by/(used in) operating activities   9,790,160       (331,443 )
           
    Financing activities      
    Payment of principal and interest on loans payable   (2,475,283 )     (630,410 )
    Proceeds from the exercise of stock options   2,086,699       295,350  
    Repayment of lease liabilities   (744,061 )     (752,802 )
    Proceeds received from loan financing   –       21,978,000  
    Issuance costs associated with loan financing   –       (624,596 )
    Proceeds received from public equity financing   55,625,110       –  
    Share issuance costs associated with public equity financing   (3,869,212 )     –  
    Net cash provided by financing activities   50,623,253       20,265,542  
           
    Investing activities      
    Additions to the intangible asset   (19,716,562 )     (17,879,014 )
    Collection of research and development tax credits   2,360,342       1,185,720  
    Additions to property and equipment   (165,592 )     (181,358 )
    Net cash used in investing activities   (17,521,812 )     (16,874,652 )
           
    Effects of exchange rates on cash   745,445       (89,399 )
           
    Net change in cash during the year   43,637,046       2,970,048  
           
    Cash – Beginning of year   15,252,526       12,282,478  
           
    Cash – End of year   58,889,572       15,252,526  
                   
                   

    The MIL Network –

    February 27, 2025

  • MIL-OSI Economics: IMF Executive Board Concludes Annual Discussions on CEMAC Common Policies and Common Policies in Support of Member Countries Reform Programs

    Source: International Monetary Fund

    February 26, 2025

    • The CEMAC economy lost momentum in 2023 due to a contraction in hydrocarbon production, while the external position weakened.
    • The commitment expressed at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms offers hope for a more resilient medium-term outlook.
    • Implementing fiscal consolidation in line with these commitments and accelerating structural reforms will be critical to bolstering economic diversification and resilience.

    Washington, DC: On February 24, 2025, the IMF Executive Board concluded the annual discussions with the Central African Economic and Monetary Community (CEMAC) on Common Policies of Member Countries and Common Policies in Support of Member Countries Reform Programs.[1]

    The CEMAC economy slowed in 2023, driven by a decline in hydrocarbon production, with real GDP growth decelerating to 2.5 percent. The external position weakened as the accumulation of foreign exchange (FX) reserves slowed, leaving them below adequate levels. Economic activity is estimated to have gained some momentum in 2024, with real GDP expanding by 3.2 percent, supported by a rebound in hydrocarbon output. However, regional policy assurances on the net foreign assets (NFA) for end-June 2024 (EUR 4.5 billion) were not met, falling short by EUR 4.43 billion. Preliminary data also suggest that the end-December 2024 policy assurances on NFA are unlikely to have been met. This reflects a weakening external position due to lower oil prices and fiscal slippages. Inflation remained persistently high at 4.3 percent in September 2024, exceeding the regional convergence criterion.

    While regional authorities maintained an appropriate monetary policy stance, progress on the reform agenda has slowed somewhat. At its September 2024 meeting, the Central Bank (BEAC) kept the policy rate unchanged at 5 percent and continued its weekly liquidity injections through its main refinancing window to mitigate increased volatility of liquidity conditions in the banking system. BEAC also advanced the enforcement of the FX regulations. BEAC and the Banking Commission of Central Africa (COBAC) remained engaged with banks structurally dependent on BEAC’s refinancing, ensuring they submit credible refinancing plans. The CEMAC Commission has sustained its regional surveillance consultations across member States, while the Permanent Secretariat of CEMAC’s Economic and Financial Reform Program (PREF-CEMAC) has continued implementing the region’s structural reforms action matrix.

    The outlook remains clouded by high uncertainty. Its trajectory depends on the effective implementation of corrective measures by member states, consistent with the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and advance structural reforms. In the near term, real GDP growth is projected to slow to 2.8 percent in 2025, primarily due to weaker oil output. Inflation is projected to decline further to 3.1 percent by end-2025, reflecting the lagged effects of past policy tightening and lower global commodity prices. Significant downside risks remain, including delays in addressing fiscal slippages, declining commodity prices, tighter financial conditions, heightened political uncertainty amid a busy 2025 election calendar, persistent inflation, financial instability, slow structural reform progress, food insecurity, domestic conflicts, and climate-related disruptions.

    In the medium term, growth is projected to strengthen to 3.6 percent by 2029, mainly owing to a rebound in the non-oil sector. Structural reforms aimed at improving governance, enhancing the business climate, and expanding access to finance are expected to bolster potential output. Member states are anticipated to implement sustained fiscal consolidation, with public debt projected to decline to 42 percent of GDP by 2029, down from 50.9 percent of GDP in 2024. The current account balance is projected to deteriorate to -2.2 percent of GDP by 2029, from about -1.2 percent of GDP in 2024, driven mainly by lower hydrocarbon export receipts and production. Member states’ adjustment efforts are expected to stabilize reserve coverage at around 4.3 months of prospective imports in the medium term, slightly below staff’s adequacy metrics for a resource-rich monetary union (5 months).

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They noted the loss of economic momentum due to a contraction in hydrocarbon production and slower non-oil growth. Given the weakening external position, large fiscal imbalances, heightened stress in the regional debt market, and elevated uncertainty, they underscored the urgency of a well calibrated macroeconomic policy mix and sustained reform efforts to enhance resilience to shocks and preserve macroeconomic and financial stability.

    Directors welcomed the commitment made at the extraordinary Heads of State Summit in December 2024 to address macroeconomic imbalances, strengthen regional institutions, and prioritize structural reforms to ensure equitable adjustment burden sharing and enhance the monetary union’s external stability. They urged CEMAC authorities to swiftly implement fiscal consolidation in line with these commitments, noting the need to enhance non-oil tax revenues and improve expenditure efficiency, including completing energy subsidy reforms, while ensuring targeted social safety nets for the most vulnerable. Strengthening public financial management, reinforcing debt management, and addressing arrears will also be critical.

    Directors concurred that BEAC should maintain a tightening monetary policy bias and only reduce interest rates if there is clear evidence of inflation converging toward the regional convergence criterion and diminishing risks to external stability. Considering persistent tight liquidity conditions, BEAC should sustain liquidity providing operations while continuing efforts to address fragmentation within the banking system. Continued enforcement of FX regulations also remains crucial.

    Directors reiterated the need for strong collective action from national and regional authorities to preserve financial stability. Efforts should focus on strengthening COBAC’s supervisory capacity, strictly enforcing regulations for noncompliance, resolutely recapitalizing or resolving weak banks, ensuring that banks adequately account for sovereign exposure, addressing new risks posed by digital payments and assets, and strengthening the AML/CFT framework.

    Directors reiterated the importance of strengthening the regional surveillance framework and called for further efforts towards the adoption of the draft sanction mechanism for breaches of regional surveillance rules.

    Directors stressed the importance of accelerating structural reforms to strengthen governance and regulation, human capital, climate adaptation, and regional trade and infrastructure, which would help boost potential growth, economic diversification, and resilience.

    Directors regretted that BEAC did not meet the authorities’ policy assurance on NFA for June 2024, and that the December 2024 target is unlikely to be met, as committed in June 2024. They assessed that the authorities undertook and committed to sufficient corrective action to address the shortfall during the December 2024 Heads of State meeting and endorsed the authorities’ policy assurance on NFA accumulation for end March 2025 and end June 2025 as committed in February 2025. Directors also supported the new policy assurances on financial stability. They emphasized that implementation of these assurances is critical for the success of Fund supported programs with CEMAC member countries.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of these bilateral Article IV consultations, staff hold separate annual discussions with the regional institutions responsible for common policies in four currency unions—the Euro Area, the Eastern Caribbean Currency Union, the Central African Economic and Monetary Union, and the West African Economic and Monetary Union. For each of the currency unions, staff teams visit the regional institutions responsible for common policies in the currency union, collects economic and financial information, and discusses with officials the currency union’s economic developments and policies. On return to headquarters, staff prepares a report, which forms the basis of discussion by the Executive Board. Both staff’s discussions with the regional institutions and the Board discussion of the annual staff report will be considered an integral part of the Article IV consultation with each member.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’ authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

    February 27, 2025

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the G20 Finance Ministers and Central Bank Meeting Session II: Int’l Financial Architecture [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,
    Let me begin by thanking our South African hosts for their warm hospitality and leadership. 
    Cape Town – this vibrant city where two oceans meet – could not be a more fitting location for a presidency that aims to bridge divides.
    South Africa takes the helm of the G20 at a testing time. 
    Global GDP this year is projected to fall below pre-pandemic averages. 
     Poor countries are no longer converging towards the income levels of rich countries. 
    This “new normal” of low growth affects the possibilities of developing countries to navigate the energy transition, and build resilient, fair societies. 
    It ultimately affects whether people will fulfill their potential or not – and whether the promise of the Sustainable Development Goals will be kept.
    We are especially worried about the halting effect of high uncertainty on investment, the possibility of a new inflationary shock resulting from trade disruptions, and the scope for higher-for-longer interest rates that would exacerbate the debt crisis affecting developing economies. 
    Excellencies,
    To face these challenges, we need an International Financial Architecture that can support economies to grow, liberating them from a vicious cycle where high debt leads to low investment, low investment to low growth, and low growth back to high debt.
    We need an architecture where the cost of capital to developing countries is low, enabling capital to flow where it can be most productive.
    The G20 has a unique responsibility to lead this reform. 
    Three key actions are essential:
    First, we must further strengthen Multilateral Development Banks. The G20 Roadmap for Better, Bigger, and more Effective MDBs points us in the right direction. Now we must accelerate. A successful replenishment of the African Development Fund will be a crucial milestone. 
    Second, we need a comprehensive approach to the debt crisis. Member States have put forward important structural proposals in advance of the Fourth International Conference on Financing for Development, which we look to the G20 to support.
    Third, we must strengthen the global financial safety net, with the IMF at its core, to shield all economies in a shock-prone world. We must channel SDRs to where they are most needed. We urge the G20 to use its voice to support the progress and reform developing countries need. 
    Excellencies,
    With the right reforms, and with sufficient political will, we can transform the relationship between finance and development from a vicious cycle into a virtuous one. This is the promise of South Africa’s G20 presidency – and of your leadership. 
    Thank you.
    [END]
     

    MIL OSI United Nations News –

    February 27, 2025

  • MIL-OSI Australia: Consumer warning as NSW Fair Trading odometer tampering crackdown fines 28 sellers in one month

    Source: New South Wales Ministerial News

    Published: 27 February 2025

    Released by: Minister for Better Regulation and Fair Trading

    Used-car buyers are being urged to check a vehicle’s history before purchase after NSW Fair Trading issued 28 fines in a month and a man was sentenced to a nine-month intensive corrections order for unlicensed motor dealing and odometer tampering.

    During the crackdown, NSW Fair Trading issued 54 penalty notices in relation to car sales and repairs valued at more than $100,000. While more than half were for odometer interference, other offences included the non-supply of goods and services, and unlicensed vehicles and sales.

    Additionally, Andrew Rodney Leech pled guilty to operating without a motor dealer’s licence and odometer tampering. Between 2020 and 2022 Leech sold 16 vehicles while unlicensed, online with one car having an odometer that had been wound back by more than 200,000 kilometres. 

    Buyers of used vehicles are being urged to research the car’s history to ensure it has no outstanding finance, has not been written off in a crash, and has accurate odometer readings. 

    The NSW Government offers a free vehicle registration check where prospective buyers have access to a NSW-registered vehicle’s previous three annual odometer readings, as well as basic details like vehicle make, registration and insurance history.

    Across the motor vehicle industry in 2024, NSW Fair Trading took disciplinary action against 21 licensed motor vehicle dealers and repairers, resulting in 10 licence cancellations, 13 disqualifications including three permanent, and one suspension.

    For more information on consumer protections relating to purchasing a used vehicle visit the NSW Fair Trading website.

    To check registration, including odometer reading visit the website of Service NSW or the Service NSW App.

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

    “Odometer tampering is used by unscrupulous sellers to increase the value of a vehicle leaving the buyer with a vehicle which is not in the condition advertised, and likely to require repairs at cost and inconvenience to the buyer.

    “Sellers of used cars who reduce the number of kilometres displayed on the vehicle can be fined $1,100 per offence, and if taken to court can receive a penalty of up to $55,000 per offence.

    “Any buyer of a used car from any source, whether that be online like Facebook Marketplace or through a licenced car dealer, should do their homework including visiting the Service NSW website to run a free history check on the car they wish to purchase.”

    MIL OSI News –

    February 27, 2025

  • MIL-OSI Australia: Albanese Labor Government building Brisbane’s future

    Source: Australian Ministers 1

    The Albanese Labor Government is building Brisbane’s future, investing over $200 million in transport projects that will revitalise the city and reshape the way we move. 

    People living in Brisbane will have more opportunities to walk, cycle and catch public transport through the city thanks to support from the Albanese Government.

    $50 million will support the delivery of a business case, in partnership with the Queensland Government and Brisbane City Council, to expand the Brisbane Metro to the city’s northern suburbs. 

    This investment builds on $51.5 million of additional funding recently committed to Brisbane Metro to ensure the project’s delivery, taking the Australian Government’s total contribution to this transformative public transport project to over $400 million.

    The Government will also contribute to the development of business cases to improve important transport links and enhance infrastructure across the city, including: 

    • $2.25 million to investigate the cost and scope of works required for the restoration and future maintenance of the iconic Story Bridge.
    • $1 million to deliver an updated business case for the construction of a new active travel bridge from Toowong to West End. 

    The Albanese Government also recently committed $78.5 million towards cost pressures on the Moggill Road Corridor Upgrade project, replacing the Indooroopilly roundabout with an overpass over Moggill Road, upgrading key intersections and providing new on-road cycling facilities and footpaths. This new investment takes the Government’s total contribution to this project to $128.5 million. 

    Brisbane City Council will also receive $5 million towards a $12 million project to construct the Sylvan Road Bikeway under the Albanese Government’s $100 million Active Transport Fund. This will complete the link between the Western Freeway Bikeway and the Bicentennial Bikeway – providing 20 kilometres of continuous dedicated cycling path between Brisbane’s west and the CBD. 

    The Albanese Government is also contributing a further $20 million for the Brisbane Valley Highway Safety Upgrades project, for a total Australian Government commitment of $40 million. This project will improve road safety and reduce road injuries and fatalities along this important highway. 

    In total, the Australian Government is investing $28.9 billion in transport infrastructure projects in Queensland over the next ten years. 

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister Catherine King:

    “With southeast Queensland being one of the fastest growing regions in the country, we’re delivering the infrastructure Brisbane needs to be well connected – boosting the river city’s liveability and economic activity.

    “I’m proud to be part of a Government which is building this country’s future, partnering with local and state governments to invest in the infrastructure our communities need to thrive.”

    Quotes attributable to Senator the Hon Murray Watt:

    “With Brisbane continuing to grow at a rapid pace, it’s important we invest in projects that improve connectivity and build safe and active transport options for our residents – and that what this funding does.

    “Whether you’re jumping on the new metro, cycling out west or crossing the most quintessential of Brisbane of landmarks, the Story Bridge, the Albanese Government is contributing strongly to keeping this city moving.”

    Quotes attributable to Brisbane Lord Mayor Adrian Schrinner: 

    “Better roads and better transport are critical to keeping Brisbane moving and we need all three levels of government working together to achieve this. 

    “With the Australian Government’s support, we can now progress a rapid business case to progress the expansion of Brisbane Metro to Carseldine, Capalaba, Springwood and out to the airport.

    “This funding will also help us progress a business case to ensure the Story Bridge continues to play a critical role in the national transport network for another 100 years.”

    Quotes attributable to Federal Member for Blair Shayne Neumann: 

    “The Brisbane Valley Highway is a busy highway with a significant number of vehicles using it to travel in and out of Ipswich every day, and I have been strongly advocating for action to address safety concerns. 

    “This additional funding boost to what we have already delivered in our community will greatly improve safety and connectivity along what is the main artery between the Somerset region and South East Queensland.” 

     

    New Projects

    Project name

    AG Commitment ($m)
    Brisbane Metro Expansion

    50.0
    Story Bridge Renewal Business Case

    2.25
    Sylvan Road Bikeway

    5.0
    Bridges for Brisbane

    1.0
    Total

    58.25

     

    Projects receiving additional funding

    Project name

    Additional AG Funding ($m)
    Moggill Road Corridor Upgrade (Indooroopilly Roundabout Project)

    78.5
    Brisbane Metro

    51.5
    Brisbane Valley Highway Safety Upgrades

    20.0
    Total

    150.0

    MIL OSI News –

    February 27, 2025

  • MIL-OSI USA: SBA Relief Still Available to Minnesota Private Nonprofits Affected by Severe Storms and Flooding

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in Minnesota of the March 28, 2025, deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storms and flooding occurring June 16 through July 4, 2024. 

    The disaster declaration covers the counties of Blue Earth, Brown, Carver, Cass, Cook, Cottonwood, Dodge, Faribault, Fillmore, Freeborn, Goodhue, Houston, Itasca, Jackson, Lake, Le Sueur, Martin, McLeod, Mower, Murray, Nicollet, Nobles, Pipestone, Redwood, Renville, Rice, Rock, Sibley, St. Louis, Steele, Wabasha, Waseca, Watonwan and Winona. 

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Example of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.  

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 

    “SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.” 

    The loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.  

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    The deadline to return economic injury applications is March 28, 2025. 

    ### 

    About the U.S. Small Business Administration 

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News –

    February 27, 2025

  • MIL-OSI USA: Chairman Capito Highlights Surface Transportation Successes in IIJA, Areas in Need of Improvement

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    To watch Chairman Capito’s questions, click here.

    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led a hearing examining the implementation of surface transportation policies and funding included in the Infrastructure Investment and Jobs Act (IIJA). During the hearing, Chairman Capito questioned surface transportation stakeholders about their perspective on IIJA implementation.

    HIGHLIGHTS:

    SUCCESSES AND SHORTFALLS:

    Chairman Capito: 

    “You’ve touched on this, all of you have in your statements, but just concisely, what part of the IIJA had the greatest benefit for your experience, and which one has presented the greatest challenge?”

    Russell McMurry, Commissioner, Georgia Department of Transportation on behalf of the American Association of State Highway and Transportation Officials (AASHTO):

    “The greatest benefit comes from what we consider the core formula programs, that being National Highway Priority Program, the Surface Transportation Block Grant Program, which is truly the most flexible to use for the states and MPOs.”

    “Some of those challenges out of the IIJA in Georgia have been some of the new programs, again, to Mr. Carroll’s testimony, things are happening and we need to be able to be responsive.”

    Gary Johnson, Vice President, Granite Construction on behalf of the Transportation Construction Coalition:

    “Chairman, I think obviously the greatest benefit is the amount of money coming down the formula funding. It took a while to get started. It was delayed a little bit from authorization to appropriation in ‘21 and ‘22 but since then, we’ve seen a lot of money coming into the states that we work in.”

    NEVI PROGRAM EFFICIENCY: “A quick comment about the NEVI program…$1.8 billion had been released for that program. But I want to point out that $1.8 billion has resulted in 58 chargers being built in three and a half years, and in 15 states…so, I mean, if we’re – efficiencies and moving things quicker, I’m not sure that that program is a good example of the best way the federal government.”

    Click HERE to watch Chairman Capito’s opening statement.

    Click HERE to watch Chairman Capito’s questions.

    MIL OSI USA News –

    February 27, 2025

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the G20 Tax Side Event – Domestic Resource Mobilisation: Bridging the Tax Gap [as prepared for delivery]

    Source: United Nations secretary general

    H.E. Mr. Enoch Godongwana, Minister of Finance of South Africa, 
    Excellencies,
    It is a pleasure to join you for this important discussion on domestic resource mobilization and bridging the tax gap.
    This challenge stands at the heart of financing sustainable development, and demands our urgent attention.
    We are not on track to achieve the Sustainable Development Goals. 
    We have an estimated $4 trillion sustainable development financing gap annually. 
    Domestic public finance is essential for financing the Sustainable Development Goals, increasing equity and strengthening macroeconomic stability. 
    Robust fiscal systems, including both tax and expenditure, drive economic growth, industrial transformation and environmental sustainability – contributing to alleviating poverty and reducing inequalities. 
    Beyond raising revenue, taxation remains fundamental to fairness, trust, and sovereignty.
    Yet, after significant increases in taxation in developing countries in the decade before 2009, average tax-to-GDP ratios for all developing country groups are below 2010 levels, remaining far below those of developed countries. 
    Successive shocks over the last two decades have severely impacted the mobilization of domestic resources for development.  
    As global crises intensify, it becomes more critical than ever to increase countries’ taxation capabilities. 
    The good news is that there is a large unmet tax potential in many developing countries. 
    Many governments have invested in tax reforms, demonstrating how nations can unlock unmet potential. 
    Strengthening tax systems requires sustained investment in capacity development based on country needs and priorities.  
    As economies evolve, so must tax systems. 
    The increasingly digitalized economy presents new opportunities, but also poses new challenges to an international tax system that has been designed for traditional business models. 
    We must develop future-ready tax policies that ensure global fair taxation without imposing excessive burdens – both on taxpayers and tax authorities. 
    Many organizations – including the UN, IMF, OECD, World Bank, and regional and national tax bodies – are supporting countries in this effort. 
    Initiatives like Tax Inspectors Without Borders help countries enhance domestic revenue mobilization. The Addis Tax Initiative and broader multilateral and regional efforts provide platforms for collaboration, knowledge-sharing, and technical assistance. 
    However, political will remains insufficient – with countries not investing enough in tax system reform and administration capacity, and donors not delivering promised assistance for supporting revenue mobilization.
    The Fourth International Conference on Financing for Development, in Sevilla in June, offers a pivotal moment to turn commitments for domestic tax reforms into actions, and make tax systems more fair, transparent, efficient and effective.
    In our interconnected world, strengthening countries’ fiscal frameworks must go hand-in-hand with international tax cooperation. 
    Every year, billions of dollars that should fund education, healthcare, and infrastructure are lost to tax avoidance and evasion, illicit financial flows, and financial crime. 
    Africa alone loses approximately $88.6 billion annually to illicit financial flows – around 3.7% of the continent’s GDP – draining resources vital for economic development. 
    The G20 has played an important role in advancing tax transparency and tackling tax avoidance. Expanding the automatic exchange of information and enhancing transparency in beneficial ownership remain paramount. 
    But more must be done to ensure that all countries – particularly those with limited administrative capacity – can fully participate in shaping global tax norms. 
    The ongoing negotiations on a UN Framework Convention on International Tax Cooperation, present a historic opportunity for progress toward a fair, inclusive, and effective international tax system.
    Through the Pact for the Future, Member States have committed to improving the inclusiveness and effectiveness of tax cooperation under the UN. 
    Ensuring that international tax rules reflect the diverse needs, priorities, and capacities of all countries is central to this effort.  
    The two early protocols in the UN Convention – on taxation of income from cross-border services in a digitalized and globalized economy and on preventing and resolving tax disputes – can demonstrate an inclusive and impactful approach. 
    The UN process can strengthen global cooperation, enhance legitimacy, certainty, resilience, and fairness of international tax rules, while addressing challenges in domestic resource mobilization and ensuring that all countries have a seat at the table.  
    Today’s discussion is an opportunity to drive forward these critical issues. 
    The United Nations remains fully committed to these efforts.
    Together, we can build a fairer, more transparent, and more effective international tax system – one that provides every country with the means to invest in its future and achieve the Sustainable Development Goals.
    Thank you.

    MIL OSI United Nations News –

    February 27, 2025

  • MIL-OSI USA: Senator Coons, colleagues introduce bipartisan, bicameral bill to restore injunctive relief for patent infringement

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Tom Cotton (R-Ark.) today introduced the Realizing Engineering, Science, and Technology Opportunities by Restoring Exclusive (RESTORE) Patent Rights Act of 2025. This bipartisan, bicameral bill would restore the presumption that courts will issue an injunction to stop patent infringers, strengthening protections for U.S. inventors, entrepreneurs, universities, and startups. This legislation was initially introduced in the 118th Congress. Representatives Nathaniel Moran (R-Texas) and Madeleine Dean (D-Pa.) also introduced the House companion bill. 

    “Thanks to a wrongheaded decision from the Supreme Court, there are now companies who steal patented technologies rather than license them from inventors and then justify their actions as simply the cost of doing business. Innovators at universities and startups who lack resources are often unable to stop patent infringement in court and are forced into licensing deals they do not want,” said Senator Coons. “The RESTORE Patent Rights Act will protect innovators across the country, stop the infringe-now, pay-later model in its tracks, and strengthen America’s economic competitiveness for generations to come.”

    “American ingenuity should be rewarded and protected,” said Senator Cotton. “Current patent law fails to protect inventors and leaves them vulnerable to intellectual property theft from adversaries like China. This bipartisan legislation will help solidify America’s edge in technological innovation.”

    For more than two centuries, courts granted injunctive relief in most patent cases upon a finding of infringement, preventing patent infringers from continuing to produce goods that ran afoul of patent laws. However, this practice was upended in 2006 when the Supreme Court’s decision in eBay v. MercExchange created a four-factor test to determine whether a permanent injunction is warranted in infringement cases, altering the longstanding remedy for patent infringement.

    Since that decision, obtaining injunctive relief in patent cases has become significantly more difficult and rare. A recent study found that requests for permanent injunctions in patent cases fell by 65% for companies that use their patented technology to manufacture a product; grants of permanent injunctions to those companies fell even more significantly. Requests and grants for licensing patent owners like universities and research clinics dropped even further: Requests fell by 85%, and grants fell by 90%. 

    The RESTORE Patent Rights Act would undo the damage of the eBay decision by returning to patent owners a rebuttable presumption that an injunction is warranted after a court makes a final ruling that their rights are being infringed. This would deter predatory infringers and restore meaning to the right to exclude.

    “American innovation is only as strong as the confidence in knowing ideas cannot be stolen by competitors. In the last two decades, innovators have found it harder to obtain a permanent injunction from U.S. courts, which stops bad actors from stealing their intellectual property (IP). Our legislation will restore the rights of American innovators by ensuring permanent injunctions are accessible from U.S. courts. This bill will provide greater certainty in the protection of IP and prevent cases from being taken overseas to countries like China. When U.S. courts enforce the exclusivity of patent rights, America becomes a world leader in innovation,” said Congressman Moran.  

    “Enforceable patents are vital to our ability to invent, improve and advance – yet today, it is increasingly difficult for patent holders to enforce their rights through permanent injunctions, even after proving infringement in court,” said Congresswoman Dean. “The bipartisan, bicameral RESTORE Act addresses this issue and safeguards American innovation. I’m grateful to be joined by Congressman Moran, Senator Coons, and Senator Cotton in our push to protect patentholders, including universities, research laboratories, and startups.”

    The Innovation Alliance, Council for Innovation Promotion, Association of University Technology Managers, Conservatives for Property Rights, Alliance of U.S. Startups & Inventors for Jobs, The Institute of Electrical and Electronics Engineers-USA, Inventors Defense Alliance, and the Medical Device Manufacturers Association have endorsed the RESTORE Patent Rights Act.

    “The Innovation Alliance applauds Senators Coons and Cotton and Representatives Moran and Dean for reintroducing the bipartisan, bicameral RESTORE Patent Rights Act. With a simple, single-sentence clarification of the law, RESTORE will bring balance back to patent law and allow small inventors to stand toe to toe with Big Tech after a court has ruled that Big Tech is stealing their inventions. We urge Congress to pass this vital bill,” said Brian Pomper, Executive Director of the Innovation Alliance.

    “Our nation’s economic success and national security depend on inventors having confidence that their intellectual property will not be unfairly exploited,” said Andrei Iancu, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2018 to 2021. “The RESTORE Patent Rights Act will provide inventors with the reassurance they need to propel American leadership in critical technology fields.”

    “Now more than ever, it’s critical that our leaders stand up for the startups and entrepreneurs who drive our nation’s economy and create life-changing breakthroughs,” said David Kappos, board co-chair of C4IP and former Under Secretary of Commerce for Intellectual Property and USPTO Director from 2009 to 2013. “By passing the RESTORE Patent Rights Act, Congress can reinvigorate the U.S. patent system and reaffirm America’s commitment to protecting its innovators.”

    “AUTM thanks Senator Coons and the other co-sponsors for introducing this legislation. Strengthening the ability of patent holders to protect their patents via injunction is crucial to incentivizing innovation. We look forward to working with the committee on this important legislation,” said Steve Susalka, CEO of AUTM. 

    “The RESTORE Patent Rights Act restores meaning to the promised exclusive rights to one’s invention. Without fully enforceable exclusive rights, the inventor’s end of the ‘patent bargain’ is broken. Since 2006, the Supreme Court’s eBay v. MercExchange ruling has made permanent injunction extremely difficult to obtain in patent infringement cases. Courts have thereby turned the right to exclude into a compulsory licensing clause. This is unjust. The RESTORE Patent Rights Act ends the judicially created categorical rule of routinely denying injunctions. It restores the historical remedy of injunctive relief in patent cases, as it is with other forms of property, including other intellectual property,” said James Edwards, Executive Director, Conservatives for Property Rights. 

    “The RESTORE Patent Rights Act is, perhaps, the most impactful thing that can be done to empower American inventors, entrepreneurs and disruptive startups. The ability to pursue injunctive relief when a competitor infringes on a patented invention was the standard in the United States for over 200 years. The Supreme Court moved the goalposts in 2006 and set up a convoluted test that makes it nearly impossible for a growth tech startup to stop the predatory infringement of their intellectual property by larger competitors. This practice has been perfected by Big Tech companies that now routinely ingest the innovations of disruptive competitors knowing that they cannot be stopped. Patent law and legislation is often complicated. The RESTORE Act is not. It is a clear and unambiguous bill that simply restores balance between large corporations that ingest others’ IP and the startups and entrepreneurs that invent it,” said Chris Israel, Executive Director of The Alliance of U.S. Startups & Inventors for Jobs (USIJ).

    “A functioning IP system must be fair, and as importantly, be perceived to be fair. Nondiscriminatory access to the legal system for enforcing and defending IP property rights is essential for securing the property rights necessary for investment. When innovators are unable to secure the property right embodied in a patent, investment is deterred and commercial activity, innovation and job creation impeded,” said Timothy Lee, IEEE-USA president.

    “The RESTORE Patent Rights Act is a crucial step in safeguarding America’s small businesses, startups, and entrepreneurs from predatory patent infringement. By providing a clear path for justice and injunctive relief, this bill empowers innovators and fosters a more equitable patent system that benefits American inventors and consumers,” said Kristen Osenga, the chief policy counselor at the Inventors Defense Alliance.

    “There unfortunately continues to be ongoing efforts across the world to steal American innovations and intellectual property, and it is critical that Congress establishes new protections so that the United States can remain the global leader in medical technology innovation,” said Mark Leahy, President and CEO, Medical Device Manufacturers Association. “The ‘RESTORE Patent Rights Act’ would help restore a level playing field if enacted, and would codify the presumption that a permanent injunction will be granted after infringement is proven.  MDMA applauds Senators Coons and Cotton and Representatives Moran and Dean for their leadership in helping America’s innovators protect their intellectual property, and we will continue to work closely with them so the medical technology ecosystem can deliver the cures, therapies and diagnostics that patients and providers need.”

    The text of the bill is available here.

    A one-pager is available here.

    MIL OSI USA News –

    February 27, 2025

  • MIL-OSI USA: Luján, Klobuchar, Agriculture Committee Democrats Press USDA on Indiscriminate Layoffs

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Agriculture, Nutrition, and Forestry Committee, joined U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Agriculture, Nutrition, and Forestry Committee, and all Committee Democrats in pressing the U.S. Department of Agriculture (USDA) to explain recent mass layoffs at the Department. The Senators asked how many USDA employees were fired and for a breakdown by state, agency, job position, and veteran status—all details the Administration has not provided to date.

    In a letter to Secretary of Agriculture Brooke Rollins, the Senators wrote: “These widespread layoffs jeopardize USDA’s ability to respond to the ongoing avian flu outbreak, process farm loans, disaster relief and other assistance for farmers, and distribute grants and loans for infrastructure and services that rural Americans rely on.”

    The Senators continued: “We have deep concerns that the termination of thousands of nonpartisan USDA employees and contracts in less than a month will hinder the Department’s ability to address the challenges facing American agriculture and rural America.”

    In addition to Senators Luján and Klobuchar, the letter was joined by Senators Michael Bennet (D-CO), Tina Smith (D-MN), Richard Durbin (D-IL), Cory Booker (D-NJ), Raphael Warnock (D-GA), Peter Welch (D-VT), John Fetterman (D-PA), Adam Schiff (D-CA), and Elissa Slotkin (D-MI).

    Full text of the letter is available here and below.

    Dear Secretary Rollins,

    Amid layoffs across the federal government, we write to express grave concerns regarding the recent layoffs at the U.S. Department of Agriculture (USDA) and how they will affect the Department’s ability to serve farmers, ranchers, and rural America.

    On February 14, USDA issued a statement outlining the actions USDA has taken to eliminate positions at the Department and has reportedly terminated or put on administrative leave thousands of nonpartisan public servants across the Department, including at the Animal and Plant Health Inspection Service’s (APHIS) National Animal Health Laboratory program office, the Forest Service (FS), the National Resources Conservation Service (NRCS), the Farm Service Agency (FSA), and the Rural Development mission area (RD).

    These widespread layoffs jeopardize USDA’s ability to respond to the ongoing avian flu outbreak, process farm loans, disaster relief and other assistance for farmers, and distribute grants and loans for infrastructure and services that rural Americans rely on.

    We request that USDA respond to the following questions:

    1. Please provide a list of the total number of USDA employees terminated or placed on administrative leave since January 20, 2025, with a break down by state, by USDA agency or office (e.g., APHIS, FSA, RD’s Rural Utilities Service and Rural Business and Cooperative Service, FS, NRCS, Food Safety and Inspection Service, Agricultural Research Service, Food and Nutrition Service, Office of General Counsel) by job position, and by veteran status. Please include any individuals whom USDA may have rehired after February 14, 2025.
      1. For the Animal and Plant Health Inspection Service, please provide a breakdown of the number of employees terminated or placed on leave who worked as part of the National Animal Health Laboratory Network, worked in an office handling animal disease prevention or control, or worked as a veterinarian.
      2. For the Food Safety and Inspection Service, please provide a breakdown of the number of employees terminated or placed on leave who worked as a veterinarian.
      3. For the Agricultural Research Service, please provide a breakdown of the number of employees terminated or placed on leave who worked on research related to animal diseases.
      4. For the Farm Service Agency, please provide a breakdown of the number of employees terminated or placed on leave in each state who processed or handled farm loans.
    2. What criteria and process did the Administration use when determining which employees to terminate or put on leave?
      1. Please provide examples of the termination notices sent out by each USDA agency or office, with any personal identification information removed.
      2. Please provide details on any employees exempted from terminations or leave.
    3. Has the Administration conducted any assessments of how the terminations will impact the services provided by each USDA agency and office? If so, please provide a copy of any such assessments.
    4. Has USDA rescinded any termination letters or rehired any individuals who were terminated on or after January 20, 2025?
      1. If so, what is the total number of individuals USDA attempted to rehire? Please provide a list of the positions that USDA rehired or rescinded termination letters to, with a breakdown by state, USDA agency or office, whether the individual was successfully rehired, as well as an explanation for why the individual was rehired.
    5. Does USDA intend to hire new employees to replace the employees who have recently been terminated? If so, please describe in detail the timeline and expected hiring process to replace employees.
    6. Does USDA have any plans to terminate any additional employees? If so, please describe in detail what criteria and process USDA will use to terminate additional employees and the estimated number of employees that will be terminated in each USDA agency and office.

    We have deep concerns that the termination of thousands of nonpartisan USDA employees and contracts in less than a month will hinder the Department’s ability to address the challenges facing American agriculture and rural America. Please provide responses to the information requested in questions 1, 2, 3, and 4 not later than Friday, February 28, and responses to questions 5 and 6 not later than Friday, March 7. Thank you for your attention to this urgent matter.

    MIL OSI USA News –

    February 27, 2025

  • MIL-OSI Canada: RTR Bill Improves Housing, Trades and Charities

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

    February 27, 2025
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