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Category: Business

  • MIL-OSI Australia: Australians at risk: how deceptive online tactics are manipulating us

    Source: University of South Australia

    27 February 2025

    Australians are being manipulated online every day through digital tactics designed to trick them into handing over personal data, making unintended purchases and engaging with online platforms in ways they had never intended.

    A new report by the University of South Australia reveals that these deceptive patterns – also known as ‘dark patterns’ – are found in 95% of the world’s most popular apps, and more than 11% of major online shopping platforms.

    They are widespread across social media, e-commerce and mobile applications, posing significant risks to consumers’ autonomy, privacy and financial security.

    The report, commissioned by the Federal Treasury, highlights the deceptive patterns that influence and manipulate consumer behaviour.

    These include misleading countdown timers that create a sense of urgency, hidden fees, pre-selected consent options, and obstacles to unsubscribing from services and websites.

    Lead author of the report, Dr James Baumeister from UniSA’s Australian Research Centre for Interactive and Virtual Environments (IVE) says that deceptive patterns have become a major consumer protection issue, with Australians spending more time and money online.

    “These tactics are designed to manipulate users into actions they wouldn’t normally take, whether it’s making an unintended purchase, giving away more data than necessary, or simply struggling to cancel an unwanted subscription,” Dr Baumeister says.

    The report reveals that no one is immune to deceptive patterns, but some groups are more vulnerable than others.

    Older Australians and those with lower digital literacy are at higher risk, often failing to recognise misleading online tactics. Teenagers are also targeted through social media platforms, where deceptive engagement techniques keep them scrolling for hours longer than intended.

    “The financial impact is substantial,” Dr Baumeister says. “One in four Australians report difficulty understanding promotional price tags in physical stores and this issue is exacerbated online, with hidden fees and misleading sales tactics leading to unexpected costs.”

    Report co-author, UniSA Enterprise Fellow Dr James Walsh, says companies are using artificial intelligence profiling to predict and manipulate user behaviour with increasing accuracy.

    “Fake reviews, manipulative cookie consent pop-ups, and misleading product recommendations are all being enhanced through AI technologies, making consumers even more vulnerable,” Dr Walsh says.

    The report argues that awareness alone is not enough to protect consumers. Regulatory reform and enforcement are urgently needed to curb deceptive practices and hold companies to account.

    “While Australian consumer laws address some blatant deceptive patterns, many subtle tactics still fall through legal loopholes.

    “We need a multi-faceted approach. Regulators must act, companies need to be held accountable, and consumers should be equipped with the knowledge and tools to protect themselves,” Dr Walsh says.

    Note to editors

    The report, titled “Patterns in the Dark: Deceptive Practices in Online Interactions,” was prepared by IVE researchers Dr James Baumeister, Ji-Young Park, Dr Andrew Cunningham, Associate Professor Stewart Von Itzstein, Professor Ian Gwilt, Dr Aaron Davis and Dr James Walsh.

    For a copy of the report please email candy.gibson@unisa.edu.au

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Research contact: Dr James Baumeister E: james.baumeister@unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI New Zealand: Changes to SafePlus online self-assessment tool coming soon

    Source: Worksafe New Zealand

    From April there will be a new way of doing a SafePlus self-assessment.

    The current SafePlus online tool is at the end of its life and would require significant resource to rebuild.

    It is being replaced with downloadable questions – in multiple languages – that can be used much more flexibly as a paper-based survey or in any online survey tool (at the user’s cost).

    Registered users of the online tool have been contacted to let them know that no new assessments using the current tool can be started after 11 April 2025.

    Those who have run a previous assessment using the tool can access their data and reports until 12 June 2025. After 12 June 2025, the personal data put into the tool by users will be destroyed, to meet Privacy Act requirements.

    See our FAQs for more information(external link) including data export instructions. 

    From April the survey questions and a results calculator will be available to download from the SafePlus section of the WorkSafe website. Businesses can use the questions either as a paper-based survey, or in their own choice of online survey platform.

    They are the same questions currently used in the online tool. The questions were developed using the SafePlus framework. They focus on three key areas of health and safety – leadership, worker engagement, and risk management.

    Businesses can use their workers’ responses to the questions to calculate a SafePlus health and safety maturity rating in the three key areas, and they can repeat the survey to see their progress year on year.

    WorkSafe will not have access to the data. The questions and results calculator are downloadable files, so the business using them will save them in their own system. This means all data will remain with the business itself.

    Providing the survey questions for businesses to pick up and use means more flexibility to run their own surveys using their own choice of survey tool. The new way of providing the survey questions also means we can incorporate user-requested enhancements to provide a paper-based option for completing surveys and translation of the questions into multiple languages.

    The survey questions and results calculator will be free to use. However, WorkSafe will no longer provide the survey functionality, so if a business decides to use an online survey tool then that may have some cost to them to use.

    Onsite assessments by independent SafePlus assessors are also available.

    You can find out more on the SafePlus section of the WorkSafe website

    We aim to make it easy for businesses to do regular self-assessments of their health and safety environment to identify areas they can improve.

    We would like to thank everyone who has used the SafePlus online tool to help keep people healthy and safe at work.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Attorney General James Announces Indictment of Queens Residents for Deed Theft and Forgery Scam That Stole Over $1.5 Million from Elderly Queens Resident

    Source: US State of New York

    NEW YORK – New York Attorney General Letitia James today announced the indictment and arraignment of Satwattie Martinez, 58, of Queens, and Joseph Uwagba, 68, of Queens, for their roles in stealing the home and personal funds of Martinez’s elderly and vulnerable neighbor. Martinez used forged documents notarized by Uwagba to steal her neighbor’s home and approximately $790,000 of the neighbor’s personal funds. Martinez then used the stolen funds for personal expenditures, including paying off credit card balances, shopping, travel, and remodeling the home that she stole. Martinez and Uwagba were each charged for forging documents and Martinez was separately charged with additional crimes for stealing her neighbor’s home and money. Using the documents that she forged and Uwagba falsely notarized, Martinez stole her elderly neighbor’s home and personal funds, together totaling more than $1.5 million.

    “Deed theft is a heartless, terrible crime that robs innocent people of their most valuable possession: their home,” said Attorney General James. “No one should ever have to fear their home being stolen out from underneath them, especially not from their own neighbor. Satwattie Martinez targeted her elderly neighbor to steal generational wealth that he built for himself and his family. I will continue to fight for New York homeowners and do everything in my power to keep them in their homes.”

    The Office of the Attorney General’s (OAG) investigation found that starting in November 2021, Martinez preyed upon her elderly and vulnerable neighbor, who had been hospitalized and was residing in a nursing home prior to his death. Martinez allegedly forged a deed and filed falsified documents, which were notarized by Uwagba, to transfer her neighbor’s home located at 133-12 128th Street in Queens to herself as sole owner.

    In addition to forging the deed and stealing her elderly neighbor’s home, Martinez also falsified a power of attorney and appointed herself as the legal agent for her neighbor by forging the names of unsuspecting friends as witnesses. Martinez then used the power of attorney to steal more than $790,000 from her neighbor’s investment account and unsuccessfully attempted to steal additional funds from his bank account and other accounts. Martinez used part of the stolen funds for personal expenditures, including remodeling the stolen home, which her daughter and son-in-law moved into and currently reside in.

    Martinez also created a joint bank account using her neighbor’s personal information to steal additional funds. She deposited checks that were payable to her elderly neighbor and used these stolen funds for personal expenses.

    After forging the deed to her neighbor’s home and stealing his personal finances, Martinez also falsified a last will and testament for him by forging the signatures of the same two unsuspecting friends. In the will, Martinez falsely indicated that her neighbor had no family and that all of his property was bequeathed to her. Martinez was communicating with her neighbor’s brother, who resides outside the United States, and represented herself as his caregiver and friend.

    Upon discovery of Martinez’s thefts by a concerned citizen who reported the suspected crimes to the New York City Sheriff’s Office, Martinez tried to move her neighbor to a different nursing home and directed nursing home staff not to let anyone visit him. The deed, power of attorney, last will and testament, and other forged documents were falsely notarized by Uwagba, a notary qualified in Queens County.

    Martinez and Uwagba were arraigned today before Supreme Court Judge Leigh Cheng in Queens County. Following the arrests and arraignments, Martinez was ordered to surrender her passports and released on supervised release. Uwagba was released on his own recognizance.

    Martinez was charged with the following crimes:

    • Grand Larceny in the First Degree, a class B felony;
    • Criminal Possession of Stolen Property in the First Degree, a class B felony;
    • Burglary in the Second Degree, a class C violent felony;
    • Grand Larceny in the Second Degree, a class C felony;
    • Criminal Possession of Stolen Property in the Second Degree, a class C felony;
    • Money Laundering in the Second Degree, a class C felony;
    • Forgery in the Second Degree, a class D felony;
    • Criminal Possession of a Forged Instrument in the Second Degree, a class D felony;
    • Offering a False Instrument for Filing in the First Degree, a class E felony; and
    • Identity Theft in the Second Degree, a class E felony.

    The maximum sentence on the top count is 25 years. Uwagba was charged with Forgery in the Second Degree, a class D felony. The maximum sentence is seven years. The charges against the defendants are merely accusations and the defendants are presumed innocent until and unless proven guilty in a court of law.

    This is the latest action in Attorney General James’ efforts to protect New York homeowners from deed theft and other housing-related scams. In October 2024, Attorney General James and Bronx District Attorney Darcel Clark announced the arrests of three real estate scammers for stealing over $250,000 from New Yorkers and for their roles in a deed theft scheme to steal the childhood home of a Bronx resident. In July 2024, Attorney General James announced the conviction and sentencing of the leader of a Queens deed theft ring that stole homes in Jamaica and St. Albans, Queens. In July 2023, she announced the indictment and arraignment of Joseph Makhani of Long Island for deed theft. In April 2023, Attorney General James announced two pieces of legislation to strengthen protections and remedies for victims of deed theft, which have both been signed into law. In February 2021, Attorney General James announced an $800,000 grant to combat deed theft in vulnerable neighborhoods. Attorney General James also launched the Protect Our Homes initiative in January 2020 and the formation of an interagency law enforcement task force to respond to deed theft and other real estate fraud.

    The OAG thanks the New York State Police for the criminal referral and its assistance with this investigation and prosecution. The OAG also thanks the New York City Sheriff’s Office and the New York City Department of Finance for their assistance.

    The case was investigated by Detectives Sal Ventola and Teresa Russo under the direction of Supervising Detectives Anna Ospanova and Walter Lynch, and all under the supervision of Deputy Chief Juanita Bright. The Investigations Bureau is led by Chief Oliver Pu-Folkes. The audit function was undertaken by Senior Auditor Investigator Brenna Magruder under the supervision of Deputy Chief Auditor Sandy Bizzarro. The audit team is led by Chief Auditor Kristen Fabbri.

    Assistant Attorney General Lauren Sass is handling the prosecution in this matter under the supervision of the Real Estate Enforcement Unit Section Chief Nicholas John Batsidis, Public Integrity Bureau Chief Gerard Murphy, and Deputy Chief Kiran Heer, with assistance from Legal Support Analyst Meredith Youngblood and Legal Assistant Glenis Biscette. Both the Investigations Bureau and the Public Integrity Bureau are part of the Division for Criminal Justice. The Division for Criminal Justice is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI: Board of Directors’ proposals to Aktia Bank Plc’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    26.2.2025 at 11.40 p.m.

    Board of Directors’ proposals to Aktia Bank Plc’s Annual General Meeting 2025

    The Board of Directors of Aktia Bank Plc (hereinafter “Aktia” or “company”) has decided that the Annual General Meeting will be held on 3 April 2025 at 4.00 p.m. at Pikku-Finlandia, Karamzininranta 4 in Helsinki.

    The company will publish the invitation to the Annual General Meeting separately later. The invitation will contain more detailed information on registration and attendance at the General Meeting.

    In addition to the proposals set forth by the Board of Directors below, the proposals of the Shareholders’ Nomination Board for the Annual General Meeting 2025 concerning the number of members and election of the Board of Directors and the remuneration of the Board of Directors have been published in a separate Stock Exchange Release on 31 January 2025.

    Adoption of the financial statements and the consolidated financial statements

    The Board of Directors proposes that the Annual General Meeting will decide on adopting the financial statements. The company’s auditor has recommended adopting the financial statements.

    Resolution on the use of the profit shown in the balance sheet and the payment of dividend

    The Board of Directors proposes that a dividend of EUR 0.82 per share shall be paid for the financial year 2024.

    Shareholders registered in the register of shareholders of the company maintained by Euroclear Finland Ltd on the record date for the dividend payment 7 April 2025 are entitled to the dividend. The Board of Directors proposes that the dividend shall be paid out on 14 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    Aktia Bank Plc’s Remuneration Report for 2024

    The Board of Directors proposes to the Annual General Meeting that the Remuneration Report for the company’s governing bodies be confirmed. The Remuneration Report is expected to be published on or about 13 March 2025.

    Resolution on the auditor’s and sustainability reporting assurance provider’s remuneration

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that remuneration shall be paid to the auditor against the auditor’s reasonable invoice. The Board of Directors also proposes that remuneration shall be paid to the sustainability reporting assurance provider against a reasonable invoice for measures related to the assurance of sustainability reporting.

    Determination of the number of auditors and sustainability reporting assurance providers

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that the number of auditors and sustainability reporting assurance providers shall be one (1).

    Election of the auditor and the sustainability reporting assurance provider

    The Board of Directors proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, a firm of authorised public accountants, shall be elected as auditor, with Tiia Kataja, APA, as auditor-in-charge. The Board of Directors also proposes, based on the recommendation of the Board of Directors’ Audit Committee, that KPMG Oy Ab, an Authorised Sustainability Audit Firm, shall be elected as sustainability reporting assurance provider, with Tiia Kataja, Authorised Sustainability Auditor (ASA), as sustainability reporting assurance provider-in-charge. The auditor and the sustainability reporting assurance provider shall be elected for a term of office beginning when the Annual General Meeting 2025 has ended and continuing up until the Annual General Meeting 2026 has ended.

    Authorising the Board of Directors to decide on issue of shares or special rights entitling to shares referred to in Chapter 10 of the Companies Act in one or several tranches

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to issue shares, or special rights entitling to shares referred to in Chapter 10 of the Companies Act, as follows:

    A maximum amount of 7,316,000 shares can be issued based on this authorisation, which corresponds to approximately 10% of all shares in the company.

    The Board of Directors is authorised to decide on all terms for issues of shares and of special rights entitling to shares. The authorisation concerns the issuance of new shares. Issues of shares or of special rights entitling to shares can be carried out in deviation from the shareholders’ pre-emptive subscription right to the company’s shares (directed share issue).

    The Board of Directors has the right to use this authorisation, among other things, to strengthen the company’s capital base, for the company’s share-based incentive scheme, acquisitions and/or other corporate transactions.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the issue authorisation given by the Annual General Meeting on 3 April 2024.

    Authorising the Board of Directors to decide on acquisition of own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on the acquisition of 500,000 shares at a maximum, corresponding to approximately 0.7% of the total number of shares in the company.

    The company’s own shares may be acquired in one or several tranches using the unrestricted equity of the company.

    The company’s own shares may be acquired at a price formed in public trading on the date of the acquisition, or at a price otherwise prevailing on the market. The company’s own shares may be acquired in a proportion other than that of the shares held by the shareholders (directed acquisition).

    The company’s own shares may be acquired to be used in the company’s share-based incentive schemes and/or for the remuneration of the members of the Board of Directors, for further transfer, retention, or cancellation.

    The Board of Directors is authorised to decide on all additional terms concerning the acquisition of the company’s own shares.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to purchase the company’s own shares given by the Annual General Meeting on 3 April 2024.

    Authorising the Board of Directors to decide to divest the company’s own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to decide on divesting own shares held by the company, as follows.

    Based on the authorisation, a maximum of 500,000 shares may be divested.

    Board of Directors is authorised to decide on all additional terms concerning the divestment of the company’s own shares. The divestment of the company’s own shares can be carried out in deviation from the shareholders’ pre-emptive subscription rights to shares in the company (directed share issue), e.g., for implementing the company’s incentive programs and for remuneration, including divesting the company’s own shares to board members for payment of board remuneration.

    The authorisation is effective for 18 months from the resolution by the General Meeting and revokes the authorisation to divest the company’s own shares given by the Annual General Meeting on 3 April 2024.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, 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 860 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 –

  • MIL-OSI: Compass Point and Sea Court Management Announce Strategic Partnership

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — Compass Point Research & Trading, LLC (“Compass Point”), a leading middle market investment bank, is pleased to announce its partnership with Sea Court Management (“Sea Court”), an alternative investment management firm. Founded by industry veterans James DeNaut, Steven Quamme, and Patrick English, Sea Court shares Compass Point’s deep sector expertise and strategic focus, enabling both firms to leverage their collective knowledge and relationships to deliver capital raising and tailored advisory solutions to its clients.

    Sea Court recently closed the Sea Court Opportunity Fund I (the “Fund”), with $50 million in committed capital. The Fund is designed to support a curated group of early-and mid-stage investments, and will leverage Compass Point’s investment banking, capital markets, and research capabilities.

    Burke Hayes, Chief Executive Officer, and Head of Investment Banking for Compass Point said, “We are excited to partner with the Sea Court team, as we see this as a unique opportunity to support innovative growth companies and their investors in the early-and-mid-stages of their lifecycle. Sea Court’s expertise identifying and investing in differentiated companies makes them an ideal partner for us”.

    Jim DeNaut, Chief Executive Officer of Sea Court said “We are thrilled about our partnership with Compass Point which will enhance our ability to provide trusted advice and full cycle capital to a broader set of platform companies and sectors. Compass Point shares our focus of bringing high quality innovative and disruptive solutions companies to an expanded group of investors”.

    Over the course of his career, Jim DeNaut has advised numerous M&A, capital markets, and asset management clients. Additionally, he has more than fifteen years of experience advising and allocating capital for a variety of institutions, family offices and endowments. Prior to forming Sea Court, from 2010 to 2022, Jim served as President and Chief Executive Officer, Senior Managing Director and Head of International Investment Banking at Nomura Securities International, Inc. He also served on the Board of Directors of Nomura Holdings America, Inc. Prior to Nomura, Jim served as Senior Managing Director, Head of Global Banking Americas, and Head of Corporate and Investment Banking, Americas (2000 to 2010) at Deutsche Bank Securities, Inc. Prior to Deutsche Bank, Jim was a Managing Director in the Investment Banking Division at Morgan Stanley, Inc.

    Steven Quamme serves as Managing Partner of Sea Court. Prior to forming Sea Court, Steve was co-founder and President of Cartica Management, LLC, a $3 billion SEC-registered investment advisor focused exclusively on the emerging markets. Cartica’s institutional investor base included many of the world’s largest pension plans, university endowments, family offices and sovereign wealth funds. Prior to forming Cartica, Steve was the Chief Operating Officer of Breeden Partners, a $2 billion U.S. activist fund. Formerly, Steve was the founder and co-CEO of Milestone Merchant Partners (subsequently acquired by Houlihan Lokey), a full-service merchant bank that provided investment banking services and managed a series of private equity funds focused on the US and India.

    Patrick English serves as Managing Partner of Sea Court. Patrick has 25 years of experience in a broad range of professional capacities in the private equity, venture capital, real estate, hedge fund, and institutional securities industries. Prior to Sea Court, Patrick served as Partner and Chief Operating Officer at Three Mountain Capital, a discretionary global macro hedge fund that he co-founded. 

    About Compass Point

    Compass Point Research & Trading LLC is a leading full-service middle market investment bank. Our broad range of capabilities include public and private capital raising, corporate advisory services, fundamental research, Washington policy analysis and execution services. We provide innovative solutions for entrepreneurial businesses and their investors.

    Headquartered in Washington, D.C., with offices in Charleston, SC, New York, NY, and Orange County, CA, Compass Point is a member of FINRA and SIPC. For further information about Compass Point, please visit our website at www.compasspointllc.com.

    About Sea Court Management
    Sea Court Management is an alternative investment management firm that invests in early-and-mid-stage growth companies. Sea Court focuses on identifying and investing in companies with innovative technologies and businesses. Recent investments include companies in healthcare, life sciences, digital asset and technology sectors. www.seacourtcapital.com

    Media Contact:
    Christopher Nealon
    202.540.7315
    cnealon@compasspointllc.com

    The MIL Network –

  • MIL-OSI: Ormat Technologies Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRATEGIC PORTFOLIO EXPANSION SUPPORTS CONTINUED REVENUE AND ADJUSTED EBITDA GROWTH

    STRONG FULL-YEAR RESULTS REINFORCES ORMAT’S MOMENTUM, REMAINING ON PACE TO ACHIEVE GENERATING CAPACITY GOALS OF 2.6 TO 2.8 GW BY 2028

    HIGHLIGHTS

    • TOTAL REVENUES FOR THE FULL-YEAR INCREASED 6.1% COMPARED TO 2023, DRIVEN BY GROWTH IN ALL THREE SEGMENTS
    • FULL YEAR OPERATING INCOME AND ADJUSTED EBITDA IMPROVED 3.5% AND 14.3%, RESPECTIVELY
    • FOURTH QUARTER NET INCOME AND ADJUSTED NET INCOME IMPROVED BY 14.3% AND 7.7% YEAR-OVER-YEAR, RESPECTIVELY
    • ORMAT ANNOUNCES FULL YEAR 2025 OUTLOOK AND GROWTH EXPECTATIONS

    RENO, Nev., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ormat Technologies, Inc. (NYSE: ORA) (the “Company” or “Ormat”), a leading renewable energy company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

    KEY FINANCIAL RESULTS

      Q4
    2024    		 Q4
    2023    		 Change (%) 12 months 2024 12 months 2023 Change (%)  
    GAAP Measures              
    Revenues ($ millions)              
    Electricity 180.1   183.9   (2.1)%   702.3   666.8   5.3%    
    Product 39.6   50.4   (21.4)%   139.7   133.8   4.4%    
    Energy Storage 11.0   7.0   56.7%   37.7   28.9   30.6%    
    Total Revenues 230.7   241.3   (4.4)%   879.7   829.4   6.1%    
    Gross Profit              
    73.6   78.5   (6.2)%   272.6   264.0   3.3%    
    Gross margin (%)              
    Electricity 34.9%   39.5%     34.6%   36.6%      
    Product 24.5%   12.6%     18.4%   13.4%      
    Energy Storage 9.5%   (8.9)%     10.9%   6.4%      
    Gross margin (%) 31.9%   32.5%     31.0%   31.8%      
                   
    Operating income ($ millions) 49.1   51.6   (4.9)%   172.5   166.6   3.5%    
    Net income attributable to the Company’s stockholders 40.8   35.7   14.3%   123.7   124.4   (0.5)%    
    Diluted EPS ($) 0.67   0.59   13.6%   2.04   2.08   (1.9)%    
                   
    Non-GAAP Measures              
    Adjusted Net income attributable to the Company’s stockholders 43.6   40.5   7.7%   133.7   121.9   9.7%    
    Adjusted Diluted EPS ($) 0.72   0.67   7.5%   2.20   2.05   7.3%    
    Adjusted EBITDA1($ millions) 145.5   139.0   4.6%   550.5   481.7   14.3%    

    “2024 was another successful year for Ormat and our growth trajectory, highlighted by a top-line improvement of 6.1%, translating into a 3.5% increase in operating income and a 14.3% increase in adjusted EBITDA, with solid growth performance across all three of our business segments,” said Doron Blachar, Chief Executive Officer of Ormat Technologies. “In 2024, we added 253MW of new capacity organically and through strategic, accretive M&A, with 133MW added to our Electricity segment and 120MW to our Energy Storage business.”

    “Within our Electricity segment, the Enel assets Ormat acquired at the beginning of the year have been immediately accretive and have played a key role in our year-over-year growth. Our performance was further supported by the Heber complex repowering project, the enhanced output at the Olkaria power plant, and the improved generation performance and pricing at the Puna power plant, helping to more than offset the impact of unplanned maintenance at Dixie Valley and the previously disclosed curtailments in the U.S.”

    “We continue to make great progress towards improving the revenue and margin profile of our Energy Storage business, positioning the segment to become a more stable and consistent factor in our consolidated growth. This strategic effort is reflected by the 56.7% and 30.6% increase in revenue on a quarter-over-quarter and year-over-year basis, respectively. We expect this improved performance to carry forward into 2025 as we begin to recognize the benefits of the recent CODs at our 80MW/320MWh Bottleneck and 20MW/20MWh Montague facilities, as well as the other Energy Storage projects in our development pipeline that are expected to come online later this year.”

    Blachar continued, “Looking ahead, we expect to benefit from the growing global demand for renewable power needed to support data centers and the transition to a cleaner energy future. We are currently in negotiations for approximately 250MW with hyper-scalers with favorable conditions for both new projects and expiring PPAs at rates exceeding $100 per MWh. To help ensure that we are well-positioned to meet the growing level of demand we have taken strategic actions to safe harbor, for PTC eligibility (pursuant to the current provisions of the Inflation Reduction Act and related guidance), all geothermal projects with expected CODs through 2028, as well as the associated ITC benefits for all energy storage projects through 2026. This has strengthened our confidence in our trajectory, and we believe will help us remain on track to achieve our generating capacity goals of 2.6 to 2.8 GW by the end of 2028.”

    FINANCIAL HIGHLIGHTS

    • Net income attributable to the Company’s stockholders for the fourth quarter and for the full year 2024 was $40.8 million and $123.7 million, respectively, an increase of 14.3% and a decrease of 0.5%, respectively, compared to last year. Diluted EPS for the fourth quarter and for the full year 2024 were $0.67 and $2.04 per share, respectively, an increase of 13.6% and a decrease of 1.9%, respectively, compared to last year.
    • Adjusted net income attributable to the Company’s stockholders and diluted EPS for the fourth quarter increased 7.7% and 7.5% compared to last year. Adjusted net income attributable to the Company’s stockholders and diluted EPS for the full year 2024 increased 9.7% and 7.3% compared to last year.
    • Adjusted EBITDA for the fourth quarter and for the year was $145.5 million, and $550.5 million, respectively, an increase of 4.6% and 14.3%, respectively, compared to 2023. The year-over-year increase in Adjusted EBITDA was driven, in the Electricity segment, by the contribution of the acquired assets in the first quarter of 2024, the improved performance of the Olkaria complex in Kenya, higher pricing of our Puna power plant and the sale of tax benefits from newly built plants. In the Product segment, the increase was derived from the improved contracts’ margin and Energy Storage drove improved performance due to the contribution of the new assets as well as a legal settlement with a battery supplier, which we expect to continue to receive over the next 5 quarters, to compensate us for lost revenues as a result of battery non- supply.
    • Electricity segment revenues decreased by 2.1% for the fourth quarter and increased by 5.3% in the full year 2024, compared to 2023. The year-over-year decrease in fourth quarter revenue was driven by the partial outage at our Dixie Valley power plant, which returned to full operation in November 2024. Additionally, in the fourth quarter we experienced heavy curtailments mainly to our McGinness complex due to maintenance on the transmission line by the local grid operator. Full-year revenue growth was driven by the contribution of our acquired Enel assets, Heber complex repowering, and higher generation and pricing at Puna.
    • Product segment revenues decreased by 21.4% in the fourth quarter and increased by 4.4% in the full year 2024, largely due to the timing of revenue recognition. Gross margin increased from 12.6% in the fourth quarter 2023 to 24.5% in 2024 and from 13.4% in the full year 2023 to 18.4% in 2024.
    • Product segment backlog stands at a record of approximately $340.0 million as of February 25, 2025, and includes approximately $210.0 million from the recently signed Engineering, Procurement, and Construction (EPC) contract for the development of the Te Mihi Stage 2 geothermal plant in New Zealand.
    • Energy Storage segment revenues increased 56.7% for the fourth quarter and 30.6% for the full year compared to 2023, supported by a total of 120MW/360 MWh of new capacity that started operation since the beginning of 2024 as well as new assets that came online during the second half of 2023.

    BUSINESS HIGHLIGHTS:

    • Won a tender, in February 2025, issued by the Israeli Electricity Authority and was awarded two separate 15-year tolling agreements for two energy storage facilities. The facilities under the tolling agreements are expected to have a combined capacity of approximately 300MW/1200MWh and we will have 50% equity interest.
    • In February 2025, commenced commercial operations of the 35MW Ijen geothermal power plant in Indonesia, in which the Company holds a 49% equity interest.
    • Signed a 10-year Power Purchase Agreement (PPA), in January 2025, with Calpine Energy Solutions for up to 15MW of carbon-free geothermal capacity at favorable terms that will replace the current lower price PPA with Southern California Edison for Mammoth 2 in the first quarter of 2027.
    • In December 2024, commenced commercial operations at the Montague energy storage facility to deliver 20MW/20MWh of energy storage capacity to the PJM market.
    • In October 2024, commenced commercial operations of the 80MW/320MWh Bottleneck Energy Storage facility in the Central Valley of California. The Bottleneck facility is the Company’s largest energy storage facility in its portfolio.

    2025 GUIDANCE TBU

    • Total revenues of between $935 million and $975 million.
    • Electricity segment revenues between $710 million and $725 million.
    • Product segment revenues of between $172 million and $187 million.
    • Energy Storage revenues of between $53 million and $63 million.
    • Adjusted EBITDA to be between $563 million and $593 million.
      • Adjusted EBITDA attributable to minority interest of approximately $23 million.

    The Company provides a reconciliation of Adjusted EBITDA, a non-GAAP financial measure for the three and twelve months ended December 31, 2024. However, the Company does not provide guidance on net income and is unable to provide a reconciliation for its Adjusted EBITDA guidance range to net income without unreasonable efforts due to high variability and complexity with respect to estimating certain forward-looking amounts. These include impairments and disposition and acquisition of business interests, income tax expense, and other non-cash expenses and adjusting items that are excluded from the calculation of Adjusted EBITDA.

    DIVIDEND

    On February 26, 2025, the Company’s Board of Directors declared, approved, and authorized payment of a quarterly dividend of $0.12 per share pursuant to the Company’s dividend policy. The dividend will be paid on March 26, 2025, to stockholders of record as of the close of business on March 12, 2025. In addition, the Company expects to pay a quarterly dividend of $0.12 per share in each of the next three quarters.

    CONFERENCE CALL DETAILS

    Ormat will host a conference call to discuss its financial results and other matters discussed in this press release on Thursday, February 27, 2025, at 10:00 a.m. ET.

    Participants within the United States and Canada, please dial +1-800-715-9871, approximately 15 minutes prior to the scheduled start of the call. If you are calling outside of the United States and Canada, please dial +1-646-960-0440. The access code for the call is 9044930. Please request the “Ormat Technologies, Inc. call” when prompted by the conference call operator. The conference call will also be accompanied by a live webcast which will be hosted on the Investor Relations section of the Company’s website.

    A replay will be available one hour after the end of the conference call. To access the replay within the United States and Canada, please dial 1-800-770-2030. From outside of the United States and Canada, please dial +1-647-362-9199. Please use the replay access code 9044930. The webcast will also be archived on the Investor Relations section of the Company’s website.

    ABOUT ORMAT TECHNOLOGIES

    With over five decades of experience, Ormat Technologies, Inc. is a leading geothermal company and the only vertically integrated company engaged in geothermal and recovered energy generation (“REG”), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400 MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company’s activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat’s current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S.

    ORMAT’S SAFE HARBOR STATEMENT

    Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and incentives and the growth of our business and operations, are forward-looking statements. When used in this press release, the words “may”, “will”, “could”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “projects”, “potential”, or “contemplate” or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat’s plans, objectives and expectations for future operations and are based upon its management’s current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under “Risk Factors” as described in Ormat’s most recent annual report, and in subsequent filings.

    These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Statement of Operations
    For the three and twelve month periods Ended December 31, 2024, and 2023

      Three Months Ended
    December 31,    		 Year Ended 
    December 31,
      2024   2023   2024   2023  
      (Dollars in thousands, except per share data)
    Revenues:        
    Electricity 180,147   183,921   702,264   666,767  
    Product 39,643   50,432   139,661   133,763  
    Energy storage 10,951   6,987   37,729   28,894  
    Total revenues 230,741   241,340   879,654   829,424  
    Cost of revenues:        
    Electricity 117,340   111,201   459,526   422,549  
    Product 29,929   44,073   113,911   115,802  
    Energy storage 9,911   7,610   33,598   27,055  
    Total cost of revenues 157,180   162,884   607,035   565,406  
    Gross profit 73,561   78,456   272,619   264,018  
    Operating expenses:        
    Research and development expenses 1,391   2,452   6,501   7,215  
    Selling and marketing expenses 4,153   4,307   17,694   18,306  
    General and administrative expenses 19,583   18,654   80,119   68,179  
    Other operating income (3,125)   —   (9,375)   —  
    Impairment of long-lived assets —   —   1,280   —  
    Write-off of unsuccessful exploration activities and storage activities 2,474   1,415   3,930   3,733  
    Operating income 49,085   51,628   172,470   166,585  
    Other income (expense):        
    Interest income 1,389   2,363   7,883   11,983  
    Interest expense, net (34,525)   (25,803)   (134,031)   (98,881)  
    Derivatives and foreign currency transaction gains (losses) (4,319)   712   (4,187)   (3,278)  
    Income attributable to sale of tax benefits 20,020   18,676   73,054   61,157  
    Other non-operating income (expense), net 66   1,272   188   1,519  
    Income from operations before income tax and equity in earnings (losses) of investees 31,716   48,848   115,377   139,085  
    Income tax (provision) benefit 11,771   (8,188)   16,289   (5,983)  
    Equity in earnings (losses) of investees (862)   (1,827)   (425)   35  
    Net income 42,625   38,833   131,241   133,137  
    Net income attributable to noncontrolling interest (1,804)   (3,107)   (7,508)   (8,738)  
    Net income attributable to the Company’s stockholders 40,821   35,726   123,733   124,399  
    Earnings per share attributable to the Company’s stockholders:        
    Basic: 0.67   0.59   2.05   2.09  
    Diluted: 0.67   0.59   2.04   2.08  
    Weighted average number of shares used in computation of earnings per share attributable to the Company’s stockholders:        
    Basic 60,480   60,367   60,455   59,424  
    Diluted 60,770   60,505   60,790   59,762  
             

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Condensed Consolidated Balance Sheet
    For the Periods Ended December 31, 2024, and 2023

      December 31,
    2024    		   December 31,
    2023
    ASSETS
    Current assets:      
    Cash and cash equivalents 94,395     195,808  
    Restricted cash and cash equivalents (primarily related to VIEs) 111,377     91,962  
    Receivables:      
    Trade less allowance for credit losses of $224 and $90, respectively (primarily related to VIEs) 164,050     208,704  
    Other 50,792     44,530  
    Inventories 38,092     45,037  
    Costs and estimated earnings in excess of billings on uncompleted contracts 29,243     18,367  
    Prepaid expenses and other 59,173     41,595  
    Total current assets 547,122     646,003  
    Investment in an unconsolidated company 144,585     125,439  
    Deposits and other 75,383     44,631  
    Deferred income taxes 153,936     152,570  
    Property, plant and equipment, net ($3,271,248 and $2,802,920 related to VIEs, respectively) 3,501,886     2,998,949  
    Construction-in-process ($251,442 and $376,602 related to VIEs, respectively) 755,589     814,967  
    Operating leases right of use ($13,989 and $9,326 related to VIEs, respectively) 32,114     24,057  
    Finance leases right of use (none related to VIEs) 2,841     3,510  
    Intangible assets, net 301,745     307,609  
    Goodwill 151,023     90,544  
    Total assets 5,666,224     5,208,279  
           
    LIABILITIES AND EQUITY
    Current liabilities:      
    Accounts payable and accrued expenses 234,334     214,518  
    Short term revolving credit lines with banks (full recourse) —     20,000  
    Commercial paper (less deferred financing costs of $23 and $29, respectively) 99,977     99,971  
    Billings in excess of costs and estimated earnings on uncompleted contracts 23,091     18,669  
    Current portion of long-term debt:      
    Limited and non-recourse (primarily related to VIEs):
    (primarily related to VIEs and less deferred financing costs of $8,473 and $7,889, respectively)    		 70,262     57,207  
    Full recourse 161,313     116,864  
    Financing Liability 4,093     5,141  
    Operating lease liabilities 3,633     3,329  
    Finance lease liabilities 1,375     1,313  
    Total current liabilities 598,078     537,012  
    Long-term debt, net of current portion:      
    Limited and non-recourse (primarily related to VIEs and less deferred financing costs of $8,849 and $7,889, respectively) 578,204     447,389  
    Full recourse (less deferred financing costs of $4,671 and $3,056, respectively) 822,828     698,187  
    Convertible senior notes (less deferred financing costs of $6,820 and $8,146, respectively) 469,617     423,104  
    LT Financing liability-Dixie 216,476     220,619  
    Operating lease liabilities 22,523     19,790  
    Finance lease liabilities 1,529     2,238  
    Liability associated with sale of tax benefits 152,292     184,612  
    Deferred income taxes 68,616     66,748  
    Liability for unrecognized tax benefits 6,272     8,673  
    Liabilities for severance pay 10,488     11,844  
    Asset retirement obligation 129,651     114,370  
    Other long-term liabilities 29,270     22,107  
    Total liabilities 3,105,844     2,756,693  
           
    Redeemable noncontrolling interest 9,448     10,599  
           
    Equity:      
    The Company’s stockholders’ equity:      
    Common stock, par value $0.001 per share; 200,000,000 shares authorized; 60,500,580 and 60,358,887 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 61     60  
    Additional paid-in capital 1,635,245     1,614,769  
    Treasury stock, at cost (258,667 shares held as of December 31, 2024 and 2023, respectively) (17,964)     (17,964)  
    Retained earnings 814,518     719,894  
    Accumulated other comprehensive loss (6,731)     (1,332)  
    Total stockholders’ equity attributable to Company’s stockholders 2,425,129     2,315,427  
    Noncontrolling interest 125,803     125,560  
    Total equity 2,550,932     2,440,987  
    Total liabilities, redeemable noncontrolling interest and equity 5,666,224     5,208,279  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of EBITDA and Adjusted EBITDA
    For the three and twelve month period ended December 31, 2024 and 2023

    We calculate EBITDA as net income before interest, taxes, depreciation, amortization and accretion. We calculate Adjusted EBITDA as net income before interest, taxes, depreciation, amortization and accretion, adjusted for (i) mark-to-market gains or losses from accounting for derivatives not designated as hedging instruments; (ii) stock-based compensation, (iii) merger and acquisition transaction costs; (iv) gain or loss from extinguishment of liabilities; (v) costs related to a settlement agreement; (vi) non-cash impairment charges; (vii) write-off of unsuccessful exploration activities; and (viii) other unusual or non-recurring items. We adjust for these factors as they may be non-cash, unusual in nature and/or are not factors used by management for evaluating operating performance. We believe that presentation of these measures will enhance an investor’s ability to evaluate our financial and operating performance. EBITDA and Adjusted EBITDA are not measurements of financial performance or liquidity under accounting principles generally accepted in the United States, or U.S. GAAP, and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net earnings as indicators of our operating performance or any other measures of performance derived in accordance with U.S. GAAP. Our Board of Directors and senior management use EBITDA and Adjusted EBITDA to evaluate our financial performance. However, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than we do.

    The following table reconciles net income to EBITDA and Adjusted EBITDA for the three and twelve month periods ended December 31, 2024, and 2023:

      Three Months Ended
    December 31,    		   Year Ended December 31,
      2024     2023     2024     2023  
      (Dollars in thousands)   (Dollars in thousands)
    Net income 42,625     38,833     131,241     133,137  
    Adjusted for:              
    Interest expense, net (including amortization of deferred financing costs) 33,136     23,440     126,148     86,898  
    Income tax provision (benefit) (11,771)     8,188     (16,289)     5,983  
    Adjustment to investment in unconsolidated companies: our Proportionate share in interest expense, tax and depreciation and amortization in Sarulla and Ijen 4,964     5,243     17,637     16,069  
    Depreciation, amortization and accretion 68,907     59,331     259,151     221,415  
    EBITDA 137,861     135,035     517,888     463,502  
    Mark-to-market on derivative instruments (14)     (2,490)     856     (2,206)  
    Stock-based compensation 5,310     4,243     20,197     15,478  
    Impairment of long-lived assets —     —     1,280     —  
    Allowance for bad debts 13     —     355     —  
    Merger and acquisition transaction costs 570     816     1,949     1,234  
    Legal fees related to a settlement agreement with a third-party battery systems supplier (750)     —     4,000     —  
    Write-off of unsuccessful exploration and Storage activities 2,474     1,415     3,930     3,733  
    Adjusted EBITDA 145,464     139,019     550,455     481,741  

    ORMAT TECHNOLOGIES, INC AND SUBSIDIARIES
    Reconciliation of Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS
    For the Three and twelve-month periods ended December 31, 2024, and 2023

    Adjusted Net Income attributable to the Company’s stockholders and Adjusted EPS are adjusted for one-time expense items that are not representative of our ongoing business and operations. The use of Adjusted Net income attributable to the Company’s stockholders and Adjusted EPS is intended to enhance the usefulness of our financial information by providing measures to assess the overall performance of our ongoing business.

    The following tables reconciles Net income attributable to the Company’s stockholders and Adjusted EPS for the three and twelve -month periods ended December 31, 2024, and 2023.

                   
      Three Months Ended December 31,   Twelve Months Ended December 31,
      2024     2023   2024   2023  
                   
    GAAP Net income attributable to the Company’s stockholders 40.8     35.7   123.7   124.4  
    Impact of changes in the Kenya Finance Act 2023 —     2.0   —   (7.4)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.9     1.0   0.9   1.0  
    Impairment of long-lived assets —     —   1.0   —  
    Write-off of unsuccessful exploration activities and Storage activities 2.0     1.1   3.1   2.9  
    Merger and acquisition transaction costs 0.5     0.6   1.5   1.0  
    Allowance for bad debts 0.0     —   0.3   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.6)     —   3.2   —  
    Adjusted Net income attributable to the Company’s stockholders 43.6     40.5   133.7   121.9  
    GAAP diluted EPS 0.67     0.59   2.04   2.08  
    Impact of changes in the Kenya Finance Act 2023 —     0.03   —   (0.12)  
    Tax asset write-off in Sarulla, our unconsolidated company 0.01     0.02   0.01   0.02  
    Impairment of long-lived assets         0.02    
    Write-off of unsuccessful exploration activities and Storage activities 0.03     0.02   0.05   0.05  
    Merger and acquisition transaction costs 0.01     0.01   0.03   0.02  
    Allowance for bad debts 0.00     —   0.00   —  
    Legal fees related to a settlement agreement with a third-party battery supplier (0.01)     —   0.05   —  
    Diluted Adjusted EPS ($) 0.72     0.67   2.20   2.05  
    Ormat Technologies Contact: Investor Relations Agency Contact:
    Smadar Lavi Joseph Caminiti or Josh Carroll
    VP Head of IR and ESG Planning & Reporting Alpha IR Group
    775-356-9029 (ext. 65726) 312-445-2870
    slavi@ormat.com ORA@alpha-ir.com

    The MIL Network –

  • MIL-OSI: Trupanion to Participate in the 46th Annual Raymond James Institutional Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    SEATTLE, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trupanion, Inc. (Nasdaq: TRUP), a leader in medical insurance for cats and dogs, announced today that Fawwad Qureshi, Chief Financial Officer, will present at the 46th Annual Raymond James Institutional Investor Conference on Monday, March 3, 2025, at 8:05 a.m. ET and will participate in meetings with investors throughout the day.

    The presentation will be webcast live and can be accessed on Trupanion’s Investor Relations website at http://investors.trupanion.com.

    About Trupanion:

    Trupanion is a leader in medical insurance for cats and dogs throughout the United States, Canada, certain countries in Continental Europe, and Australia with over 1,000,000 pets currently enrolled. For over two decades, Trupanion has given pet owners peace of mind so they can focus on their pet’s recovery, not financial stress. Trupanion is committed to providing pet parents with the highest value in pet medical insurance with unlimited payouts for the life of their pets. With its patented process, Trupanion is the only North American provider with the technology to pay veterinarians directly in seconds at the time of checkout. Trupanion is listed on NASDAQ under the symbol “TRUP”. The company was founded in 2000 and is headquartered in Seattle, WA. Trupanion policies are issued, in the United States, by its wholly-owned insurance entity American Pet Insurance Company and, in Canada, by Accelerant Insurance Company of Canada. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. Policies are sold and administered in Canada by Canada Pet Health Insurance Services, Inc. dba Trupanion 309-1277 Lynn Valley Road, North Vancouver, BC V7J 0A2 and in the United States by Trupanion Managers USA, Inc. (CA license No. 0G22803, NPN 9588590). Canada Pet Health Insurance Services, Inc. is a registered damage insurance agency and claims adjuster in Quebec #603927. Trupanion Australia is a partnership between Trupanion and Hollard Insurance Company. For more information, please visit trupanion.com.

    Contact: 

    Laura Bainbridge, Senior Vice President, Corporate Communications
    Gil Melchior, Director, Investor Relations
    Investor.Relations@trupanion.com

    The MIL Network –

  • MIL-OSI: Athene Names Louis-Jacques Tanguy Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    WEST DES MOINES, Iowa, Feb. 26, 2025 (GLOBE NEWSWIRE) — Athene Holding Ltd. (“Athene”), the leading retirement services company and subsidiary of Apollo Global Management, Inc. (NYSE:APO), announced today that it has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025.

    LJ has served as the Chief Accounting Officer for Apollo since early 2022 and has over 25 years of extensive accounting and financial experience. Prior to joining Apollo, he spent 13 years at Deutsche Bank as a Managing Director in various finance leadership roles in London and New York. Prior to that, LJ was the Head of the Asia Pacific Product Valuation Group for Merrill Lynch Japan Securities in Tokyo and has also worked at Société Générale in Paris and Asia in various roles in Finance and Risk. He holds a Ph.D. in Business Management, a Master’s in Finance and a Bachelor’s in Economics from the University of Aix-Marseille.

    “We are very pleased that LJ will be Athene’s new CFO,” said Jim Belardi, CEO of Athene. “As Apollo’s Chief Accounting Officer, he successfully built and led a multifaceted organization spanning across the asset manager and retirement services businesses and played a key role in our successful merger. LJ is a champion for excellence and cross-functional collaboration, and his appointment appropriately supports the business now and for the long term.”

    “I am excited to support the continued growth and innovation of our firm by serving as Athene’s next CFO,” said Tanguy. “I look forward to working even more closely with my outstanding colleagues who have driven Athene to be the leading retirement services provider and partnering with them to achieve the next phase of our growth.”

    About Athene
    Athene is the leading retirement services company, with over $360 billion of total assets as of December 31, 2024 and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.

    Contact:
    Jeanne Hess
    Vice President, External Relations
    +1 646 768 7319
    jeanne.hess@athene.com

    The MIL Network –

  • MIL-OSI: NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2025

    Source: GlobeNewswire (MIL-OSI)

    • Record quarterly revenue of $39.3 billion, up 12% from Q3 and up 78% from a year ago
    • Record quarterly Data Center revenue of $35.6 billion, up 16% from Q3 and up 93% from a year ago
    • Record full-year revenue of $130.5 billion, up 114%

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — NVIDIA (NASDAQ: NVDA) today reported revenue for the fourth quarter ended January 26, 2025, of $39.3 billion, up 12% from the previous quarter and up 78% from a year ago.

    For the quarter, GAAP earnings per diluted share was $0.89, up 14% from the previous quarter and up 82% from a year ago. Non-GAAP earnings per diluted share was $0.89, up 10% from the previous quarter and up 71% from a year ago.

    For fiscal 2025, revenue was $130.5 billion, up 114% from a year ago. GAAP earnings per diluted share was $2.94, up 147% from a year ago. Non-GAAP earnings per diluted share was $2.99, up 130% from a year ago.

    “Demand for Blackwell is amazing as reasoning AI adds another scaling law — increasing compute for training makes models smarter and increasing compute for long thinking makes the answer smarter,” said Jensen Huang, founder and CEO of NVIDIA.

    “We’ve successfully ramped up the massive-scale production of Blackwell AI supercomputers, achieving billions of dollars in sales in its first quarter. AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”

    NVIDIA will pay its next quarterly cash dividend of $0.01 per share on April 2, 2025, to all shareholders of record on March 12, 2025.

    Q4 Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		 Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.0% 74.6% 76.0% Down 1.6 pts Down 3.0 pts
    Operating expenses $4,689 $4,287 $3,176 Up 9% Up 48%
    Operating income $24,034 $21,869 $13,615 Up 10% Up 77%
    Net income $22,091 $19,309 $12,285 Up 14% Up 80%
    Diluted earnings per share* $0.89 $0.78 $0.49 Up 14% Up 82%
    Non-GAAP
    ($ in millions, except earnings
    per share)    		 Q4 FY25 Q3 FY25 Q4 FY24 Q/Q Y/Y
    Revenue $39,331 $35,082 $22,103 Up 12% Up 78%
    Gross margin 73.5% 75.0% 76.7% Down 1.5 pts Down 3.2 pts
    Operating expenses $3,378 $3,046 $2,210 Up 11% Up 53%
    Operating income $25,516 $23,276 $14,749 Up 10% Up 73%
    Net income $22,066 $20,010 $12,839 Up 10% Up 72%
    Diluted earnings per share* $0.89 $0.81 $0.52 Up 10% Up 71%


    Fiscal 2025 Summary

    GAAP
    ($ in millions, except earnings
    per share)    		 FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.0% 72.7% Up 2.3 pts
    Operating expenses $16,405 $11,329 Up 45%
    Operating income $81,453 $32,972 Up 147%
    Net income $72,880 $29,760 Up 145%
    Diluted earnings per share* $2.94 $1.19 Up 147%
    Non-GAAP
    ($ in millions, except earnings
    per share)    		 FY25 FY24 Y/Y
    Revenue $130,497 $60,922 Up 114%
    Gross margin 75.5% 73.8% Up 1.7 pts
    Operating expenses $11,716 $7,825 Up 50%
    Operating income $86,789 $37,134 Up 134%
    Net income $74,265 $32,312 Up 130%
    Diluted earnings per share* $2.99 $1.30 Up 130%

    *All per share amounts presented herein have been retroactively adjusted to reflect the ten-for-one stock split, which was effective June 7, 2024.

    Outlook
    NVIDIA’s outlook for the first quarter of fiscal 2026 is as follows:

    • Revenue is expected to be $43.0 billion, plus or minus 2%.
    • GAAP and non-GAAP gross margins are expected to be 70.6% and 71.0%, respectively, plus or minus 50 basis points.
    • GAAP and non-GAAP operating expenses are expected to be approximately $5.2 billion and $3.6 billion, respectively.
    • GAAP and non-GAAP other income and expense are expected to be an income of approximately $400 million, excluding gains and losses from non-marketable and publicly-held equity securities.
    • GAAP and non-GAAP tax rates are expected to be 17.0%, plus or minus 1%, excluding any discrete items.

    Highlights

    NVIDIA achieved progress since its previous earnings announcement in these areas: 

    Data Center

    • Fourth-quarter revenue was a record $35.6 billion, up 16% from the previous quarter and up 93% from a year ago. Full-year revenue rose 142% to a record $115.2 billion.
    • Announced that NVIDIA will serve as a key technology partner for the $500 billion Stargate Project.
    • Revealed that cloud service providers AWS, CoreWeave, Google Cloud Platform (GCP), Microsoft Azure and Oracle Cloud Infrastructure (OCI) are bringing NVIDIA® GB200 systems to cloud regions around the world to meet surging customer demand for AI.
    • Partnered with AWS to make the NVIDIA DGX™ Cloud AI computing platform and NVIDIA NIM™ microservices available through AWS Marketplace.
    • Revealed that Cisco will integrate NVIDIA Spectrum-X™ into its networking portfolio to help enterprises build AI infrastructure.
    • Revealed that more than 75% of the systems on the TOP500 list of the world’s most powerful supercomputers are powered by NVIDIA technologies.
    • Announced a collaboration with Verizon to integrate NVIDIA AI Enterprise, NIM and accelerated computing with Verizon’s private 5G network to power a range of edge enterprise AI applications and services.
    • Unveiled partnerships with industry leaders including IQVIA, Illumina, Mayo Clinic and Arc Institute to advance genomics, drug discovery and healthcare.
    • Launched NVIDIA AI Blueprints and Llama Nemotron model families for building AI agents and released NVIDIA NIM microservices to safeguard applications for agentic AI.
    • Announced the opening of NVIDIA’s first R&D center in Vietnam.
    • Revealed that Siemens Healthineers has adopted MONAI Deploy for medical imaging AI.

    Gaming and AI PC

    • Fourth-quarter Gaming revenue was $2.5 billion, down 22% from the previous quarter and down 11% from a year ago. Full-year revenue rose 9% to $11.4 billion.
    • Announced new GeForce RTX™ 50 Series graphics cards and laptops powered by the NVIDIA Blackwell architecture, delivering breakthroughs in AI-driven rendering to gamers, creators and developers.
    • Launched GeForce RTX 5090 and 5080 graphics cards, delivering up to a 2x performance improvement over the prior generation.
    • Introduced NVIDIA DLSS 4 with Multi Frame Generation and image quality enhancements, with 75 games and apps supporting it at launch, and unveiled NVIDIA Reflex 2 technology, which can reduce PC latency by up to 75%.
    • Unveiled NVIDIA NIM microservices, AI Blueprints and the Llama Nemotron family of open models for RTX AI PCs to help developers and enthusiasts build AI agents and creative workflows.

    Professional Visualization

    • Fourth-quarter revenue was $511 million, up 5% from the previous quarter and up 10% from a year ago. Full-year revenue rose 21% to $1.9 billion.
    • Unveiled NVIDIA Project DIGITS, a personal AI supercomputer that provides AI researchers, data scientists and students worldwide with access to the power of the NVIDIA Grace™ Blackwell platform.
    • Announced generative AI models and blueprints that expand NVIDIA Omniverse™ integration further into physical AI applications, including robotics, autonomous vehicles and vision AI.
    • Introduced NVIDIA Media2, an AI-powered initiative transforming content creation, streaming and live media experiences, built on NIM and AI Blueprints.

    Automotive and Robotics

    • Fourth-quarter Automotive revenue was $570 million, up 27% from the previous quarter and up 103% from a year ago. Full-year revenue rose 55% to $1.7 billion.
    • Announced that Toyota, the world’s largest automaker, will build its next-generation vehicles on NVIDIA DRIVE AGX Orin™ running the safety-certified NVIDIA DriveOS operating system.  
    • Partnered with Hyundai Motor Group to create safer, smarter vehicles, supercharge manufacturing and deploy cutting-edge robotics with NVIDIA AI and NVIDIA Omniverse.
    • Announced that the NVIDIA DriveOS safe autonomous driving operating system received ASIL-D functional safety certification and launched the NVIDIA DRIVE™ AI Systems Inspection Lab.
    • Launched NVIDIA Cosmos™, a platform comprising state-of-the-art generative world foundation models, to accelerate physical AI development, with adoption by leading robotics and automotive companies 1X, Agile Robots, Waabi, Uber and others.
    • Unveiled the NVIDIA Jetson Orin Nano™ Super, which delivers up to a 1.7x gain in generative AI performance.

    CFO Commentary
    Commentary on the quarter by Colette Kress, NVIDIA’s executive vice president and chief financial officer, is available at https://investor.nvidia.com.

    Conference Call and Webcast Information
    NVIDIA will conduct a conference call with analysts and investors to discuss its fourth quarter and fiscal 2025 financial results and current financial prospects today at 2 p.m. Pacific time (5 p.m. Eastern time). A live webcast (listen-only mode) of the conference call will be accessible at NVIDIA’s investor relations website, https://investor.nvidia.com. The webcast will be recorded and available for replay until NVIDIA’s conference call to discuss its financial results for its first quarter of fiscal 2026.

    Non-GAAP Measures
    To supplement NVIDIA’s condensed consolidated financial statements presented in accordance with GAAP, the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP other income (expense), net, non-GAAP net income, non-GAAP net income, or earnings, per diluted share, and free cash flow. For NVIDIA’s investors to be better able to compare its current results with those of previous periods, the company has shown a reconciliation of GAAP to non-GAAP financial measures. These reconciliations adjust the related GAAP financial measures to exclude stock-based compensation expense, acquisition-related and other costs, other, gains from non-marketable and publicly-held equity securities, net, interest expense related to amortization of debt discount, and the associated tax impact of these items where applicable. Free cash flow is calculated as GAAP net cash provided by operating activities less both purchases related to property and equipment and intangible assets and principal payments on property and equipment and intangible assets. NVIDIA believes the presentation of its non-GAAP financial measures enhances the user’s overall understanding of the company’s historical financial performance. The presentation of the company’s non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the company’s financial results prepared in accordance with GAAP, and the company’s non-GAAP measures may be different from non-GAAP measures used by other companies.

     NVIDIA CORPORATION 
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME 
     (In millions, except per share data) 
     (Unaudited) 
                       
          Three Months Ended   Twelve Months Ended
          January 26,   January 28,   January 26,   January 28,
            2025       2024       2025       2024  
                       
    Revenue $ 39,331     $ 22,103     $ 130,497     $ 60,922  
    Cost of revenue    10,608       5,312       32,639       16,621  
    Gross profit   28,723       16,791       97,858       44,301  
                       
    Operating expenses              
      Research and development     3,714       2,465       12,914       8,675  
      Sales, general and administrative   975       711       3,491       2,654  
        Total operating expenses   4,689       3,176       16,405       11,329  
                       
    Operating income   24,034       13,615       81,453       32,972  
      Interest income   511       294       1,786       866  
      Interest expense   (61 )     (63 )     (247 )     (257 )
      Other, net   733       260       1,034       237  
        Other income (expense), net   1,183       491       2,573       846  
                       
    Income before income tax   25,217       14,106       84,026       33,818  
    Income tax expense   3,126       1,821       11,146       4,058  
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
                       
    Net income per share:              
      Basic $ 0.90     $ 0.51     $ 2.97     $ 1.21  
      Diluted $ 0.89     $ 0.49     $ 2.94     $ 1.19  
                       
    Weighted average shares used in per share computation:              
      Basic   24,489       24,660       24,555       24,690  
      Diluted   24,706       24,900       24,804       24,940  
    NVIDIA CORPORATION
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In millions)
    (Unaudited)
                 
            January 26,   January 28,
            2025   2024
    ASSETS        
                 
    Current assets:        
      Cash, cash equivalents and marketable securities   $ 43,210   $ 25,984
      Accounts receivable, net     23,065     9,999
      Inventories     10,080     5,282
      Prepaid expenses and other current assets     3,771     3,080
        Total current assets     80,126     44,345
                 
    Property and equipment, net     6,283     3,914
    Operating lease assets     1,793     1,346
    Goodwill     5,188     4,430
    Intangible assets, net     807     1,112
    Deferred income tax assets     10,979     6,081
    Other assets      6,425     4,500
        Total assets   $ 111,601   $ 65,728
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY
                 
    Current liabilities:        
      Accounts payable   $ 6,310   $ 2,699
      Accrued and other current liabilities     11,737     6,682
      Short-term debt     –     1,250
        Total current liabilities     18,047     10,631
                 
    Long-term debt     8,463     8,459
    Long-term operating lease liabilities     1,519     1,119
    Other long-term liabilities     4,245     2,541
        Total liabilities     32,274     22,750
                 
    Shareholders’ equity     79,327     42,978
        Total liabilities and shareholders’ equity   $ 111,601   $ 65,728
     NVIDIA CORPORATION 
     CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
     (In millions) 
     (Unaudited) 
                     
          Three Months Ended     Twelve Months Ended 
         January 26,   January 28,   January 26,   January 28,
           2025       2024       2025       2024  
                      
    Cash flows from operating activities:              
    Net income $ 22,091     $ 12,285     $ 72,880     $ 29,760  
    Adjustments to reconcile net income to net cash              
    provided by operating activities:              
      Stock-based compensation expense   1,321       993       4,737       3,549  
      Depreciation and amortization   543       387       1,864       1,508  
      Deferred income taxes   (598 )     (78 )     (4,477 )     (2,489 )
      Gains on non-marketable equity securities and publicly-held equity securities, net   (727 )     (260 )     (1,030 )     (238 )
      Other   (138 )     (109 )     (502 )     (278 )
    Changes in operating assets and liabilities, net of acquisitions:              
      Accounts receivable   (5,370 )     (1,690 )     (13,063 )     (6,172 )
      Inventories   (2,424 )     (503 )     (4,781 )     (98 )
      Prepaid expenses and other assets   331       (1,184 )     (395 )     (1,522 )
      Accounts payable   867       281       3,357       1,531  
      Accrued and other current liabilities   360       1,072       4,278       2,025  
      Other long-term liabilities   372       305       1,221       514  
    Net cash provided by operating activities   16,628       11,499       64,089       28,090  
                      
    Cash flows from investing activities:              
      Proceeds from maturities of marketable securities   1,710       1,731       11,195       9,732  
      Proceeds from sales of marketable securities   177       50       495       50  
      Proceeds from sales of non-marketable equity securities   –       –       171       1  
      Purchases of marketable securities   (7,010 )     (7,524 )     (26,575 )     (18,211 )
      Purchase related to property and equipment and intangible assets   (1,077 )     (253 )     (3,236 )     (1,069 )
      Purchases of non-marketable equity securities   (478 )     (113 )     (1,486 )     (862 )
      Acquisitions, net of cash acquired   (542 )     –       (1,007 )     (83 )
      Other   22       –       22       (124 )
    Net cash used in investing activities   (7,198 )     (6,109 )     (20,421 )     (10,566 )
                      
    Cash flows from financing activities:              
      Proceeds related to employee stock plans   –       –       490       403  
      Payments related to repurchases of common stock   (7,810 )     (2,660 )     (33,706 )     (9,533 )
      Payments related to tax on restricted stock units   (1,861 )     (841 )     (6,930 )     (2,783 )
      Repayment of debt   –       –       (1,250 )     (1,250 )
      Dividends paid   (245 )     (99 )     (834 )     (395 )
      Principal payments on property and equipment and intangible assets   (32 )     (29 )     (129 )     (74 )
      Other   –       –       –       (1 )
    Net cash used in financing activities   (9,948 )     (3,629 )     (42,359 )     (13,633 )
                      
    Change in cash, cash equivalents, and restricted cash   (518 )     1,761       1,309       3,891  
    Cash, cash equivalents, and restricted cash at beginning of period   9,107       5,519       7,280       3,389  
    Cash, cash equivalents, and restricted cash at end of period $ 8,589     $ 7,280     $ 8,589     $ 7,280  
                      
    Supplemental disclosures of cash flow information:              
    Cash paid for income taxes, net $ 4,129     $ 1,874     $ 15,118     $ 6,549  
    Cash paid for interest $ 22     $ 26     $ 246     $ 252  
       NVIDIA CORPORATION 
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES 
       (In millions, except per share data) 
       (Unaudited) 
                         
             Three Months Ended      Twelve Months Ended 
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
                             
      GAAP cost of revenue $ 10,608     $ 8,926     $ 5,312     $ 32,639     $ 16,621  
      GAAP gross profit $ 28,723     $ 26,156     $ 16,791     $ 97,858     $ 44,301  
        GAAP gross margin   73.0 %     74.6 %     76.0 %     75.0 %     72.7 %
        Acquisition-related and other costs (A)   118       116       119       472       477  
        Stock-based compensation expense (B)   53       50       45       178       141  
        Other (C)     –       –       4       (3 )     40  
      Non-GAAP cost of revenue $ 10,437     $ 8,759     $ 5,144     $ 31,992     $ 15,963  
      Non-GAAP gross profit $ 28,894     $ 26,322     $ 16,959     $ 98,505     $ 44,959  
        Non-GAAP gross margin   73.5 %     75.0 %     76.7 %     75.5 %     73.8 %
                             
      GAAP operating expenses $ 4,689     $ 4,287     $ 3,176     $ 16,405     $ 11,329  
        Stock-based compensation expense (B)     (1,268 )     (1,202 )     (948 )     (4,559 )     (3,408 )
        Acquisition-related and other costs (A)   (43 )     (39 )     (18 )     (130 )     (106 )
        Other (C)     –       –       –       –       10  
      Non-GAAP operating expenses $ 3,378     $ 3,046     $ 2,210     $ 11,716     $ 7,825  
                             
      GAAP operating income $ 24,034     $ 21,869     $ 13,615     $ 81,453     $ 32,972  
        Total impact of non-GAAP adjustments to operating income   1,482       1,407       1,134       5,336       4,162  
      Non-GAAP operating income $ 25,516     $ 23,276     $ 14,749     $ 86,789     $ 37,134  
                             
      GAAP other income (expense), net $ 1,183     $ 447     $ 491     $ 2,573     $ 846  
        Gains from non-marketable equity securities and publicly-held equity securities, net   (727 )     (37 )     (260 )     (1,030 )     (238 )
        Interest expense related to amortization of debt discount   1       1       1       4       4  
      Non-GAAP other income (expense), net $ 457     $ 411     $ 232     $ 1,547     $ 612  
                             
      GAAP net income $ 22,091     $ 19,309     $ 12,285     $ 72,880     $ 29,760  
        Total pre-tax impact of non-GAAP adjustments   756       1,371       875       4,310       3,928  
        Income tax impact of non-GAAP adjustments (D)   (781 )     (670 )     (321 )     (2,925 )     (1,376 )
      Non-GAAP net income  $ 22,066     $ 20,010     $ 12,839     $ 74,265     $ 32,312  
                             
      Diluted net income per share (E)                  
        GAAP   $ 0.89     $ 0.78     $ 0.49     $ 2.94     $ 1.19  
        Non-GAAP    $ 0.89     $ 0.81     $ 0.52     $ 2.99     $ 1.30  
                             
      Weighted average shares used in diluted net income per share computation (E)   24,706       24,774       24,900       24,804       24,936  
                             
      GAAP net cash provided by operating activities $ 16,628     $ 17,629     $ 11,499     $ 64,089     $ 28,090  
        Purchases related to property and equipment and intangible assets   (1,077 )     (813 )     (253 )     (3,236 )     (1,069 )
        Principal payments on property and equipment and intangible assets   (32 )     (29 )     (29 )     (129 )     (74 )
      Free cash flow   $ 15,519     $ 16,787     $ 11,217     $ 60,724     $ 26,947  
                             
       
                             
      (A) Acquisition-related and other costs are comprised of amortization of intangible assets, transaction costs, and certain compensation charges and are included in the following line items:
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 118     $ 116     $ 119     $ 472     $ 477  
        Research and development   $ 27     $ 23     $ 12     $ 79     $ 49  
        Sales, general and administrative   $ 16     $ 16     $ 6     $ 51     $ 57  
                             
      (B) Stock-based compensation consists of the following:      
            Three Months Ended   Twelve Months Ended
            January 26,   October 27,   January 28,   January 26,   January 28,
              2025       2024       2024       2025       2024  
        Cost of revenue   $ 53     $ 50     $ 45     $ 178     $ 141  
        Research and development   $ 955     $ 910     $ 706     $ 3,423     $ 2,532  
        Sales, general and administrative   $ 313     $ 292     $ 242     $ 1,136     $ 876  
                             
      (C) Other consists of IP-related costs and assets held for sale related adjustments
     
      (D) Income tax impact of non-GAAP adjustments, including the recognition of excess tax benefits or deficiencies related to stock-based compensation under GAAP accounting standard (ASU 2016-09).
                             
      (E) Reflects a ten-for-one stock split on June 7, 2024
     NVIDIA CORPORATION 
     RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK 
         
         Q1 FY2026 Outlook 
        ($ in millions)
         
    GAAP gross margin   70.6 %
      Impact of stock-based compensation expense, acquisition-related costs, and other costs   0.4 %
    Non-GAAP gross margin   71.0 %
         
    GAAP operating expenses $ 5,150  
      Stock-based compensation expense, acquisition-related costs, and other costs   (1,550 )
    Non-GAAP operating expenses $ 3,600  
           

    About NVIDIA
    NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

    Certain statements in this press release including, but not limited to, statements as to: AI advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries; expectations with respect to growth, performance and benefits of NVIDIA’s products, services and technologies, including Blackwell, and related trends and drivers; expectations with respect to supply and demand for NVIDIA’s products, services and technologies, including Blackwell, and related matters including inventory, production and distribution; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments and related trends and drivers; future NVIDIA cash dividends or other returns to stockholders; NVIDIA’s financial and business outlook for the first quarter of fiscal 2026 and beyond; projected market growth and trends; expectations with respect to AI and related industries; and other statements that are not historical facts are risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

    © 2025 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo, GeForce RTX, NVIDIA Cosmos, NVIDIA Spectrum-X, NVIDIA DGX, NVIDIA DRIVE, NVIDIA DRIVE AGX Orin, NVIDIA Grace, NVIDIA Jetson Orin Nano, NVIDIA NIM and NVIDIA Omniverse are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aabe86db-ce89-4434-b83c-495082979801

    The MIL Network –

  • MIL-OSI: APA Corporation Announces Fourth-Quarter and Full-Year 2024 Financial and Operational Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) — APA Corporation (Nasdaq: APA) today announced fourth-quarter and full-year 2024 results. Results can be found on the company’s website by visiting www.apacorp.com or investor.apacorp.com.

    APA will host a conference call on Feb. 27 at 10 a.m. Central time via the webcast link available on the company website to discuss the results. Following the conference call, a replay will be available for one year on the “Investors” page of the company’s website.

    About APA

    APA Corporation owns consolidated subsidiaries that explore for and produce oil and natural gas in the United States, Egypt and the United Kingdom and that explore for oil and natural gas offshore Suriname and elsewhere. APA posts announcements, operational updates, investor information and press releases on its website, www.apacorp.com.

    Contacts

    Investor: (281) 302-2286
    Media: (713) 296-7276
    Website: www.apacorp.com
       

    APA-F

    The MIL Network –

  • MIL-OSI: Aktia Bank Plc’s Board of Directors resolves to establish a new Long-term Share-based Incentive Plan and a Bridge Plan, and to continue the Share Savings Plan

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Stock Exchange Release
    26 February 2025 at 11.30 p.m.

    Aktia Bank Plc’s Board of Directors resolves to establish a new Long-term Share-based Incentive Plan and a Bridge Plan, and to continue the Share Savings Plan

    The Board of Directors of Aktia Bank Plc has resolved to establish a new long-term share-based incentive plan for selected key employees of the group. The purpose of the plan is to align the interests of the company’s shareholders and key employees in order to increase the company’s value in the long term, to commit key employees to implement the company’s strategy, objectives and long-term interest and to offer them a competitive incentive plan based on earning the company’s shares.

    The plan consists of one three-year performance period, which covers the financial years 2025–2027.

    In the plan, the target group has the opportunity to earn Aktia Bank Plc’s shares based on performance. The performance criteria of the plan are tied to absolute and relative Total Shareholder Return (TSR), Return on Equity and ESG criteria. For certain key persons in asset management, a part of the reward is earned based on income on AuM. The target group may consist of a maximum of 50 key employees, including the CEO and members of the Executive Committee.

    The potential rewards from the plan will be paid after the end of the performance period within approximately four (4) years in five (5) instalments, in accordance with the financial sector legislation. Before payment, the rewards may be reduced based on risk adjustments. The payment of each reward instalment is followed by a one-year (1) retention period, during which the participant cannot dispose of the shares paid as a reward.

    The value of the rewards to be paid on the basis of the plan corresponds to a maximum total of 500 000 shares of Aktia Bank Plc, including also the proportion to be paid in cash. The potential reward will be paid partly in Aktia Bank Plc’s shares and partly in cash. The cash proportion of the reward is intended to cover taxes and statutory social security contributions. As a rule, no reward will be paid if the key employee’s employment or director contract terminates before the end of the performance period.

    The CEO and the Executive Committee members must hold 50 per cent of the received shares, until the value of their total shareholding in the company equals their annual base salary for the previous calendar year. Such number of shares must be held for as long as the membership in the Executive Committee continues.

    Bridge Plan

    The Board of Directors of Aktia Bank Plc has resolved to establish a bridge plan for key employees of the group, including CEO and group Executive Committee. The objective of the plan is to support the company’s strategy by motivating the key employees to achieve financial and strategic targets set for the group. In addition, the purpose of the plan is to bridge the transfer from the previous incentive plan with one-year performance periods to the plan with three-year performance periods.

    The plan includes one one-year performance period (calendar year 2025). During the performance period 2025, the reward from the plan is based on group comparable operating profit targets and operating profit run-rate targets decided by the Board of Directors, and individual targets related to each participant’s own area of responsibility and strategy execution within the participant’s own area of responsibility. 

    Half of the cash reward earned, based on the performance period will be converted into Aktia shares after the performance period and will be paid in five instalments in 2026, 2027, 2028, 2029 and 2030. Shares received as a reward cannot be transferred within one year of the payment of the reward instalment.

    At the target level, the maximum value of the reward based on the performance period is EUR 2,000,000 in total upon the launch of the plan. The final cost of the plan depends on the achievement of the targets of the performance criteria of the performance period and on the conversion price of the share after the end of the performance period. During the performance period 2025, approximately 20 key employees belong to the target group of the plan.

    Share Savings Plan

    The Board of Directors of Aktia Bank Plc has decided on a continuation of AktiaUna, a long-term share savings plan for the employees of the Aktia Group, that was launched in 2018 to support the implementation of Aktia’s strategy.

    The objective of the share savings plan is to motivate Aktia’s employees to invest in Aktia shares and to own shares in Aktia. The objective is also to align the interests and commitment of the employees and management to work for a good value development and increased shareholder value in the long-term.

    AktiaUna share savings plan offers approximately 850 Aktia employees the opportunity to save 2–6% of their salaries (the members of the Group’s Executive Committee up to 12% and selected key employees up to 7%) and with this savings amount regularly acquire Aktia shares at a 10% discount. Furthermore, the participants are motivated by granting them free matching shares against shares acquired in AktiaUna share savings plan after approximately two years. The prerequisite for receiving matching shares is that an employee holds the acquired shares until the end of the holding period, and their employment at Aktia has not terminated before the end of the holding period.

    The value of the matching shares during the savings period 2025–2026 amounts to a maximum total of EUR 3,500,000 upon the launch of the plan. At an Aktia share price of EUR 10.16, this amount corresponds to the value of approximately 345,000 Aktia shares. The final cost of the plan depends on the number of participants and shares acquired in the plan by the employees.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, 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 –

  • MIL-OSI: NTA and Enlight Sign a $22m Power Purchase Agreement

    Source: GlobeNewswire (MIL-OSI)

    NTA, a government-owned company building the light rail and metro in the Tel Aviv metropolitan region, will operate the mass transit network using clean energy supplied by Enlight

    The agreement significantly reduces NTA’s electricity costs

    TEL AVIV, Israel, Feb. 26, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that NTA Metropolitan Mass Transit System Ltd. (“NTA”) has signed a 5-year PPA with an aggregate value of $22m, and also includes an option to significantly increase purchase volumes through the life of the contract.

    The agreement was signed within the framework of Israel’s deregulated electricity market, which allows independent power producers to enter into direct sales agreements with consumers. The agreement follows others reached by Enlight in recent months, with NTA joining Big Shopping Centers, SodaStream, Applied Materials, Amdocs, and other noteworthy companies in purchasing green electricity from Enlight. Serving as examples of environmental responsibility, these firms’ decision to switch to clean energy consumption will positively impact Israel’s economy. In January 2025, the Weizmann Institute of Science, based in Rehovot, signed an agreement with Enlight to supply all of the Institute’s electricity needs for the next 12 years.

    The agreement with Enlight will help NTA, which is building the light rail and metro networks in the Tel Aviv metropolitan region, to reduce its electricity costs significantly. It will also reduce annual carbon emissions equivalent to the planting of approximately 380,000 new trees per year or removing about 9,000 private fuel-powered vehicles from the road annually.

    Itamar Ben Meir, CEO of NTA, commented, “We welcome this important agreement with Enlight. The mass transit system being built by NTA is good news for the congested Tel Aviv region, and is similar to advanced countries around the world in its use of renewable energy. Green power dramatically cuts air pollution as well as representing a significant cost savings. Each light rail train removes more than 100 private cars from the road, reducing traffic congestion and wasted time, while increasing comfort and safety.”

    Gilad Peled, CEO of Enlight MENA, commented, “Enlight congratulates NTA on its transition to clean and environmentally friendly energy. The deal with Enlight will allow NTA to save millions of Shekels of public funds on its electricity bill, while simultaneously serving as an environmental leader. The agreement drives Enlight MENA’s growth further after doubling our revenues in Israel last year to over $150m. This agreement further reinforces the fact that today, clean energy is also the cheapest form of energy. Moreover, clean energy’s rising share of the deregulated power market leads to greater competition and lower electricity prices for all Israeli consumers.”

    About NTA

    NTA is a government-owned company building metropolitan Tel Aviv’s mass transit network as part of the largest infrastructure project ever initiated in Israel. The network comprises three light rail lines, including the Red Line, which already transports millions of passengers every month, and the Green and Purple Lines, which are expected to begin commercial operation in the coming years. The light rail network will be joined by three metro lines that will connect into the Tel Aviv region from Rehovot in the south and Kfar Saba in the north. With an annual expected ridership of 850 million passengers and 2 million trips per day, the project’s total cost is estimated at approximately ILS 200bn.

    About Enlight Renewable Energy

    Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at www.enlightenergy.co.il.

    Contacts:

    Yonah Weisz
    Director IR
    investors@enlightenergy.co.il

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    +1 617 542 6180
    investors@enlightenergy.co.il

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

    These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    The MIL Network –

  • MIL-OSI Australia: Negotiations for social security agreement with Sweden to begin

    Source: Ministers for Social Services

    Joint with:

    The Hon Amanda Rishworth MP
    Minister for Social Services 
    Minister for the National Disability Insurance Scheme
    Member for Kingston

    Senator the Hon Penny Wong 
    Leader of the Government in the Senate
    Minister for Foreign Affairs 
    Senator for South Australia

    The Albanese Labor Government will soon commence negotiations with the Swedish Government on a bilateral social security agreement.

    An agreement would boost access to certain Australian and Swedish social security benefits for eligible people who have lived or worked in both countries.

    Minister for Social Services Amanda Rishworth said Australia has much to gain from an agreement and she looks forward to strengthening the ties between our two countries.

    “It’s great to see negotiations will soon get underway for a social security agreement with Sweden, giving people greater freedom and choice in how and where they spend their retirement, secure in the knowledge they will be supported,” Minister Rishworth said.

    “Businesses operating across both countries may also benefit, with this arrangement ensuring they don’t have to pay compulsory superannuation and insurance contributions in both countries for seconded employees.”

    Minister for Foreign Affairs Penny Wong said the agreement will be an important step in deepening the Australia-Sweden relationship.

    “With growing family and community links between Sweden and Australia, more Australians are dividing their lives between the countries,” Minister Wong said.

    “This agreement will provide greater choice for retiring Australians with Swedish connections, and will help to remove burdens for Australian and Swedish businesses seeking to invest in each other’s economy.”

    Swedish Ambassador Pontus Melander said an agreement would be a significant milestone in growing Australia’s relationship with Sweden.

    “Agreements like this are very important to facilitate for our citizens and bring Australia and Sweden even closer together,” Mr Melander said.

    “We are already close friends and partners, and it is excellent that negotiations on a bilateral social security agreement have started.”

    Australia has social security agreements with 32 countries.

    More information is available on the Department of Social Services website.

    MIL OSI News –

  • MIL-OSI Russia: Government meeting (2025, No. 6)

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    1. On the draft federal law “On Amendments to Article 2232 of the Federal Law “On Insolvency (Bankruptcy)”

    The development of the bill is due to the need to provide additional support to participants in the special military operation.

    2. On the draft federal law “On Amendments to Articles 28 and 2137 of the Federal Law “On Insolvency (Bankruptcy)”

    The bill is aimed at regulating the issue of the date from which the ten-day period for the execution by the bankruptcy trustee of the obligation to include in the Unified Federal Register of Bankruptcy Information a notice of completion of the procedure applied in the bankruptcy case should be calculated.

    3. On amendments to certain acts of the Government of the Russian Federation (in terms of amendments to the Regulation on the Ministry of Economic Development of the Russian Federation)

    The draft act is aimed at updating the normative legal regulation in the area of preferential regimes for the implementation of economic activities.

    4. On the draft federal law “On Amendments to the Federal Law “On Veterans””

    The bill is aimed at granting the status of veteran and disabled person of combat operations to military personnel (employees) who carried out tasks to repel an armed invasion of the country’s territory, as well as during an armed provocation on the state border of Russia and in the territories of the country’s subjects adjacent to the areas where a special military operation is being conducted.

    5. On the draft federal law “On Amending Article 26 of the Federal Law “On Road Safety””

    The bill is aimed at improving the quality of training for vehicle drivers.

    6. On amendments to the Decree of the Government of the Russian Federation of July 20, 2011 No. 590 (in terms of amendments to the Regulation on the Ministry of Culture of the Russian Federation)

    The draft resolution is aimed at ensuring that the activities of the Ministry of Culture of Russia comply with the provisions of the Federal Law of December 13, 2024 No. 472 “On Amendments to the Federal Law “On Cultural Heritage Sites (Historical and Cultural Monuments) of the Peoples of the Russian Federation”.

    7. On the allocation of budgetary allocations for the financial support of the one-time payment to certain categories of citizens of the Russian Federation established by Decree of the President of the Russian Federation of January 15, 2025 No. 15 in connection with the 80th anniversary of the Victory in the Great Patriotic War of 1941-1945.

    The draft order is aimed at providing support to disabled people and participants of the Great Patriotic War, as well as categories of citizens equivalent to them.

    Moscow, February 26, 2025

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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

    MIL OSI Russia News –

  • MIL-OSI Security: Shelbyville Woman Pleads Guilty To Employment Tax And Wire Fraud Charges; Agrees To Pay More Than $1.1. Million In Restitution

    Source: Office of United States Attorneys

    CHATTANOOGA, Tenn. – On February 26, 2025, Rebekah Proctor, 33, of Shelbyville, Tennessee, pleaded guilty in the United States District Court for the Eastern District of Tennessee in Chattanooga to one count of willful failure to collect, account for, and pay over a tax, in violation of Title 26, United States Code, Section 7202, and one count of wire fraud, in violation of Title 18, United States Code, Section 1343.               

    Proctor will be sentenced on July 11, 2025, by the Honorable Travis R. McDonough, United States District Judge. She faces up to five years of imprisonment on the tax offense and up to 30 years of imprisonment for wire fraud.

    According to the plea agreement filed in this case, Proctor operated Franklin Springs Academy, a daycare business in middle Tennessee.  Although she withheld income taxes and Federal Insurance Contributions Act (“FICA”) taxes (commonly known as Social Security and Medicare taxes) from her employees’ paychecks and additionally owed the employer’s portion of the FICA taxes, Proctor willfully failed to truthfully account for and pay such taxes to the IRS for the first quarter of 2022.  For that quarter alone, she owed tens of thousands of dollars in unpaid taxes.

    Proctor also fraudulently applied for and received a COVID-relief Paycheck Protection Program (“PPP”) loan to which she was not entitled.  Proctor made several false certifications on her April 4, 2020, application for over $100,000 in PPP funds, including that she was current on her federal tax obligations and that the loan funds would be used to retain workers and for other business expenses.  In fact, Proctor used the funds for her own personal expenses and for her husband’s personal expenses.

    As set forth in her plea agreement with the government, Proctor agreed that the restitution owed to the IRS, for her employment taxes only, is $893,232.26, which includes unpaid taxes plus penalties and interest required by law.  She further agreed that the restitution owed to the Small Business Association is $223,800, which is comprised of the $105,800 in PPP loan proceeds she received in April 2020 and $118,000 in additional fraudulently obtained PPP loan proceeds she received in February 2021.

    United States Attorney Francis M. Hamilton III of the Eastern District of Tennessee and Special Agent in Charge Donald “Trey” Eakins of IRS Criminal Investigation, Charlotte Field Office, made the announcement.

    Assistant United States Attorney Joseph G. DeGaetano represents the United States.  

                                                                                                       ###

    MIL Security OSI –

  • MIL-OSI USA: Scott, Wicker, Griffith Push Back on EPA Overreach

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — U.S. Senator Tim Scott (R-S.C.), Senator Roger Wicker (R-Miss.), and Congressman Morgan Griffith (R-Va.) introduced a Congressional Review Act (CRA) resolution to overturn the U.S. Environmental Protection Agency’s (EPA) Rubber Tire Manufacturing National Emissions Standards for Hazardous Air Pollutants (NESHAP) rule. Amendments to NESHAP were finalized by the Biden administration in November 2024, despite the EPA’s own risk review finding that the rule was not necessary to protect public health or the environment and could not quantify any public health benefits from the rule.
    “The amended Biden NESHAP rule is counterproductive in every sense and the type of government inefficiency and overreach Americans are sick of. It will increase emissions and cost job creators millions in compliance expenses each year,” said Senator Scott.“I’m proud to join my Republican colleagues in pushing back on this rule that only serves to hurt South Carolina workers, businesses, and our economy.”
    “As Chairman of the House Committee on Energy and Commerce Subcommittee on Environment, a key focus of mine is to get the EPA back to a compliance-focused regulatory regime,” said Representative Griffith. “In the waning days of the Biden Administration, scores of ill-advised, unreasonable regulations were issued to overburden American industry. Rubber tire manufacturers already comply with stringent air emission rules. I am introducing this CRA resolution to roll back a last-minute Biden EPA regulation that was based on questionable data and imposes onerous one-size-fits-all pollution controls. I am glad to join this legislative fight with strong leaders like Senators Tim Scott and Roger Wicker.”
    “In the final weeks of the Biden-Harris Administration, the EPA implemented burdensome rules that increase costs and harm American manufactures,” said House Committee on Energy and Commerce Chairman Guthrie. “Unsurprisingly, the EPA failed to collect the necessary and specific data needed to inform this rulemaking, but went ahead and implemented a new set of emissions standards that will raise prices for consumers and put family-sustaining jobs at risk anyway. I’m grateful to Chairman Griffith for his work and look forward to working with my Energy and Commerce Committee colleagues as well as President Trump and Administrator Zeldin to address this issue.” 
    “Tire manufacturing facilities have long understood and complied with the existing National Emission Standards for Hazardous Air Pollutants (NESHAP) standards to reduce hazardous air pollutant emissions from rubber mixers. However, the agency’s revised final NESHAP rule actually creates an adverse environmental impact, while imposing significant financial burdens on tire manufacturing facilities and providing negligible, if any, benefits. While we continue to work with the EPA, we urge Congress to take action to undo this final rule in order to limit the deleterious effects on the U.S. tire manufacturing industry, the U.S. economy, and the environment,” said Anne Forristall Luke, President and CEO, U.S. Tire Manufacturers Association (USTMA).
    In addition to Senators Scott and Wicker, the resolution is cosponsored by Senators Lindsey Graham (R-S.C.), Shelley Moore Capito (R-W.Va.), Marsha Blackburn (R-Tenn.), Cindy Hyde-Smith (R-Miss.), and Tim Sheehy (R-Mont.).
    In the House of Representatives, additional cosponsors include Reps. Troy Balderson (R-Ohio), Randy Weber (R-Texas), Dan Crenshaw (R-Texas), Bob Latta (R-Ohio), and Buddy Carter (R-Ga.).
    BACKGROUND
    The Rubber Tire Manufacturing source category is comprised of facilities that produce rubber components such as rubber compounds, tread, tire cords, and liners. The category is split into rubber processing, tire production, tire cord production, and puncture seal application subcategories. 
    In 2002, the original Rubber Tire Manufacturing NESHAP established emissions limits for the tire production, tire cord production, and puncture seal application subcategories.
    In 2020, a residual risk and technology review (RTR) found that the current NESHAP provided an ample margin of safety to protect public health and that the risk associated with air emissions from rubber tire manufacturing was acceptable. The RTR also clarified that emissions during startup, shutdown, and malfunction are subject to the NESHAP.
    The DC Court determined in Louisiana Environmental Action Network v. EPA that the agency should address unregulated emissions from a source category when the EPA conducts an eight-year technological review as required by the Clean Air Act.
    On November 16, 2023, the EPA proposed the emission standards to address unregulated hazardous air pollutants from the rubber processing subcategory pursuant to the decision in Louisiana Environmental Action Network.
    The EPA’s risk review found that the rule was not necessary to protect public health or the environment and could not quantify any public health benefits from the rule.
    To comply with the rule, tire manufacturers will have to install regenerative thermal oxidizers (RTOs), which will cause an increase in CO2 emissions. As a result, the EPA quantified public health disbenefits associated with the rule ranging from $2.7 million to $8.1 million per year, in addition to $13.3 million per year in compliance costs.
    Full text of the resolution can be found here. 

    MIL OSI USA News –

  • MIL-OSI: Medallion Financial Corp. to Report 2024 Fourth Quarter and Full-Year Results on Tuesday, March 4, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as loan products and services offered through fintech strategic partners, announced today that it will report its results for the quarter and full-year ended December 31, 2024, after the market closes on Tuesday, March 4, 2025.

    CONFERENCE CALL AND WEBCAST INFORMATION

    A conference call to discuss the financial results will be held the next morning, March 5, 2025.

    How to Participate

    • Date: Wednesday, March 5, 2025
    • Time: 9:00 a.m. Eastern time
    • U.S. dial-in number: (833) 816-1412
    • International dial-in number: (412) 317-0504
    • Live webcast: Link to Webcast of 4Q24 Earnings Call

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The webcast replay will be available at the Company’s IR website until the next quarter’s results are announced.

    The conference call replay will be available following the end of the call through Wednesday, March 12.

    • U.S. dial-in number: (844) 512-2921
    • International dial-in number: (412) 317-6671
    • Passcode: 1019 6407

    INDIVIDUAL MEETING INFORMATION

    To increase relations with institutional investors, management has dedicated time to hosting individual meetings with portfolio managers and analysts after its earnings conference call. If you are interested in scheduling a meeting with management, please contact investorrelations@medallion.com or (212) 328-2176.

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ:MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries, and loan products and services offered through fintech strategic partners. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Company Contact:

    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    The MIL Network –

  • MIL-OSI: Expand Energy Corporation Reports Fourth Quarter and Full-Year 2024 Results, Issues 2025 Outlook

    Source: GlobeNewswire (MIL-OSI)

    OKLAHOMA CITY, Feb. 26, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ:EXE) (“Expand Energy” or the “Company”) today reported fourth quarter and full-year 2024 financial and operating results and issued its 2025 outlook.

    Fourth Quarter Highlights

    • Net cash provided by operating activities of $382 million
    • Net loss of $399 million, or $1.72 per fully diluted share; adjusted net income(1)of $131 million, or $0.55 per share
    • Adjusted EBITDAX(1)of $964 million
    • Produced approximately 6.41 Bcfe/d net (91% natural gas)
    • Debut $750 million Investment Grade issuance, setting record spread for energy rising star (+132 bps to 10-year Treasury)

    2025 Outlook

    • Increasing expected synergy capture to ~$400 million in 2025, with the total target of $500 million in annual synergies expected to be achieved by year end 2026
    • Quarterly base dividend of $0.575 per common share to be paid in March 2025, 16th straight quarter paying a dividend
    • Expected to produce ~7.1 Bcfe/d for ~$2.7 billion of capital and deploy $300 million of incremental capital to create an additional ~300 MMcfe/d of productive capacity in 2026

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

    “The global need for reliable, affordable, lower carbon energy has never been greater. Our strong fourth quarter results and 2025 outlook clearly demonstrate, as the nation’s largest gas producer, we are ready to answer the call and expand opportunity for consumers and investors alike,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “The powerful combination of our attractive, market-connected portfolio, peer-leading returns program, and resilient financial foundation is distinctly unique among domestic natural gas producers. Our focus on integration and operational execution continues to deliver, allowing us to capture 80% of our $500 million synergy target in 2025 as we drive to lower our breakeven costs and more efficiently reach markets in need. Importantly, our capital plan positions us to continue our strategy to build productive capacity, positioning the company to efficiently and rapidly respond with production in 2026 should market conditions warrant.”

    Operations Update

    In the fourth quarter, Expand Energy operated an average of twelve rigs to drill 44 wells and turned 41 wells in line, resulting in net production of approximately 6.41 Bcfe per day (91% natural gas). A detailed breakdown of fourth quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    2025 Annual Synergy, Capital and Operating Outlook

    In 2025, Expand Energy expects to run ~12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7.1 Bcfe/d. The company intends to build incremental productive capacity for an additional $300 million by running ~15 rigs in the second half of the year. This positions the company to efficiently grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.

    Expand Energy is increasing its 2025 expected annual synergy target by $175 million to approximately $400 million. The company expects to achieve the full $500 million in annual synergies by year end 2026.

    A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

    Shareholder Returns Update

    Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce net debt. The company plans to pay its quarterly base dividend of $0.575 per share on March 27, 2025 to shareholders of record at the close of business on March 11, 2025. The company expects to allocate $500 million to net debt reduction in 2025, and at current market conditions, to have additional free cash flow available to allocate to the combination of variable dividends, share repurchases, and the balance sheet.

    Conference Call Information

    A conference call to discuss Expand Energy’s fourth quarter and full-year 2024 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on February 27, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/jwd532c5/. Participants who would like to ask a question, can register at https://register.vevent.com/register/BIada59e18f58249708a9b9b311a92efae, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.

    Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections

    This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the company’s 2024 fourth quarter and full-year financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the company’s website at www.expandenergy.com.

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

    Forward-Looking Statements

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

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

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

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

    All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

             
    CONSOLIDATED BALANCE SHEETS (unaudited)        
             
    ($ in millions, except per share data)   December 31, 2024   December 31, 2023
    Assets        
    Current assets:        
    Cash and cash equivalents   $ 317     $ 1,079  
    Restricted cash     78       74  
    Accounts receivable, net     1,226       593  
    Derivative assets     84       637  
    Other current assets     292       226  
    Total current assets     1,997       2,609  
    Property and equipment:        
    Natural gas and oil properties, successful efforts method        
    Proved natural gas and oil properties     23,093       11,468  
    Unproved properties     5,897       1,806  
    Other property and equipment     654       497  
    Total property and equipment     29,644       13,771  
    Less: accumulated depreciation, depletion and amortization     (5,362 )     (3,674 )
    Total property and equipment, net     24,282       10,097  
    Long-term derivative assets     1       74  
    Deferred income tax assets     589       933  
    Other long-term assets     1,025       663  
    Total assets   $ 27,894     $ 14,376  
             
    Liabilities and stockholders’ equity        
    Current liabilities:        
    Accounts payable   $ 777     $ 425  
    Current maturities of long-term debt, net     389       —  
    Accrued interest     100       39  
    Derivative liabilities     71       3  
    Other current liabilities     1,786       847  
    Total current liabilities     3,123       1,314  
    Long-term debt, net     5,291       2,028  
    Long-term derivative liabilities     68       9  
    Asset retirement obligations, net of current portion     499       265  
    Long-term contract liabilities     1,227       —  
    Other long-term liabilities     121       31  
    Total liabilities     10,329       3,647  
    Contingencies and commitments        
    Stockholders’ equity:        
    Common stock, $0.01 par value, 450,000,000 shares authorized: 231,769,886 and 130,789,936 shares issued     2       1  
    Additional paid-in capital     13,687       5,754  
    Retained earnings     3,876       4,974  
    Total stockholders’ equity     17,565       10,729  
    Total liabilities and stockholders’ equity   $ 27,894     $ 14,376  
                     
         
    CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    ($ in millions, except per share data)                
    Revenues and other:                
    Natural gas, oil and NGL   $ 1,595     $ 763     $ 2,969     $ 3,547  
    Marketing     649       513       1,290       2,500  
    Natural gas, oil and NGL derivatives     (245 )     533       (38 )     1,728  
    Gains on sales of assets     2       139       14       946  
    Total revenues and other     2,001       1,948       4,235       8,721  
    Operating expenses:                
    Production     158       63       316       356  
    Gathering, processing and transportation     556       190       1,035       853  
    Severance and ad valorem taxes     39       31       97       167  
    Exploration     3       8       10       27  
    Marketing     654       514       1,310       2,499  
    General and administrative     53       32       186       127  
    Separation and other termination costs     —       2       23       5  
    Depreciation, depletion and amortization     647       379       1,729       1,527  
    Other operating expense, net     277       3       332       18  
    Total operating expenses     2,387       1,222       5,038       5,579  
    Income (loss) from operations     (386 )     726       (803 )     3,142  
    Other income (expense):                
    Interest expense     (64 )     (22 )     (123 )     (104 )
    Gains (losses) on purchases, exchanges or extinguishments of debt     1       —       (1 )     —  
    Other income, net     28       31       86       79  
    Total other income (expense)     (35 )     9       (38 )     (25 )
    Income (loss) before income taxes     (421 )     735       (841 )     3,117  
    Income tax expense (benefit)     (22 )     166       (127 )     698  
    Net income (loss)   $ (399 )   $ 569     $ (714 )   $ 2,419  
    Earnings (loss) per common share:                
    Basic   $ (1.72 )   $ 4.34     $ (4.55 )   $ 18.21  
    Diluted   $ (1.72 )   $ 4.02     $ (4.55 )   $ 16.92  
    Weighted average common shares outstanding (in thousands):                
    Basic     231,539       130,999       156,989       132,840  
    Diluted     231,539       141,491       156,989       142,976  
                                     
         
    CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
    ($ in millions)   2024   2023   2024   2023
    Cash flows from operating activities:                
    Net income (loss)   $ (399 )   $ 569     $ (714 )   $ 2,419  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation, depletion and amortization     647       379       1,729       1,527  
    Deferred income tax expense (benefit)     (18 )     109       (123 )     428  
    Derivative (gains) losses, net     245       (533 )     38       (1,728 )
    Cash receipts on derivative settlements, net     252       187       947       354  
    Share-based compensation     9       8       38       33  
    Gains on sales of assets     (2 )     (139 )     (14 )     (946 )
    Contract amortization     (57 )     —       (57 )     —  
    (Gains) losses on purchases, exchanges or extinguishments of debt     (1 )     —       1       —  
    Other     51       (17 )     35       18  
    Changes in assets and liabilities     (345 )     (93 )     (315 )     275  
    Net cash provided by operating activities     382       470       1,565       2,380  
    Cash flows from investing activities:                
    Capital expenditures     (536 )     (379 )     (1,557 )     (1,829 )
    Receipts of deferred consideration     50       —       166       —  
    Business combination, net     (459 )     —       (459 )     —  
    Contributions to investments     (4 )     (82 )     (75 )     (231 )
    Proceeds from divestitures of property and equipment     4       566       21       2,533  
    Net cash provided by (used in) investing activities     (945 )     105       (1,904 )     473  
    Cash flows from financing activities:                
    Proceeds from Credit Facility     20       —       20       1,125  
    Payments on Credit Facility     (20 )     —       (20 )     (2,175 )
    Proceeds from issuance of senior notes, net     747       —       747       —  
    Funds held for transition services     —       (91 )     —       —  
    Proceeds from warrant exercise     2       —       3       —  
    Debt issuance and other financing costs     (7 )     —       (11 )     —  
    Cash paid to repurchase and retire common stock     —       (42 )     —       (355 )
    Cash paid to purchase debt     (767 )     —       (767 )     —  
    Cash paid for common stock dividends     (134 )     (75 )     (388 )     (487 )
    Other     (3 )     —       (3 )     —  
    Net cash used in financing activities     (162 )     (208 )     (419 )     (1,892 )
    Net increase (decrease) in cash, cash equivalents and restricted cash     (725 )     367       (758 )     961  
    Cash, cash equivalents and restricted cash, beginning of period     1,120       786       1,153       192  
    Cash, cash equivalents and restricted cash, end of period   $ 395     $ 1,153     $ 395     $ 1,153  
                     
    Cash and cash equivalents   $ 317     $ 1,079     $ 317     $ 1,079  
    Restricted cash     78       74       78       74  
    Total cash, cash equivalents and restricted cash   $ 395     $ 1,153     $ 395     $ 1,153  
                                     
             
    NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)        
                                     
        Three Months Ended December 31, 2024
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   2,338   2.57   —   —   —   —   2,338   2.57
    Northeast Appalachia   2,425   2.34   —   —   —   —   2,425   2.34
    Southwest Appalachia   1,067   2.42   12   60.41   85   27.44   1,649   3.42
    Total   5,830   2.45   12   60.41   85   27.44   6,412   2.70
                                     
    Average NYMEX Price       2.79       70.27                
    Average Realized Price (including realized derivatives)       2.91       61.28       26.90       3.11
        Three Months Ended December 31, 2023
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,497   2.41   —   —   —   —   1,497   2.41
    Northeast Appalachia   1,801   2.15   —   —   —   —   1,801   2.15
    Eagle Ford   52   2.42   6   82.49   7   25.67   129   6.30
    Total   3,350   2.27   6   82.49   7   25.67   3,427   2.42
                                     
    Average NYMEX Price       2.88       78.35                
    Average Realized Price (including realized derivatives)       2.87       82.49       25.67       3.01
        Year Ended December 31, 2024
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,532   2.14   —   —   —   —   1,532   2.14
    Northeast Appalachia   1,809   1.88   —   —   —   —   1,809   1.88
    Southwest Appalachia   270   2.42   3   60.41   21   27.44   417   3.42
    Total   3,611   2.03   3   60.41   21   27.44   3,758   2.16
                                     
    Average NYMEX Price       2.27       75.72                
    Average Realized Price (including realized derivatives)       2.75       61.04       26.91       2.84
        Year Ended December 31, 2023
        Natural Gas   Oil   NGL   Total
        MMcf per day   $/Mcf   MBbl per day   $/Bbl   MBbl per day   $/Bbl   MMcfe per day   $/Mcfe
    Haynesville   1,551   2.30   —   —   —   —   1,551   2.30
    Northeast Appalachia   1,834   2.22   —   —   —   —   1,834   2.22
    Eagle Ford   85   2.25   21   77.80   10   25.62   274   7.64
    Total   3,470   2.25   21   77.80   10   25.62   3,659   2.66
                                     
    Average NYMEX Price       2.74       77.63                
    Average Realized Price (including realized derivatives)       2.64       72.89       25.62       2.99
                                     
         
    CAPITAL EXPENDITURES ACCRUED (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024
    		   2023
    		   2024
    		   2023
    ($ in millions)                
    Drilling and completion capital expenditures:                
    Haynesville   $ 300     $ 187     $ 777     $ 891  
    Northeast Appalachia     97       119       377       443  
    Southwest Appalachia     103       —       103       —  
    Eagle Ford     —       —       —       222  
    Total drilling and completion capital expenditures     500       306       1,257       1,556  
    Non-drilling and completion – field     51       50       157       150  
    Non-drilling and completion – corporate     42       20       115       76  
    Total capital expenditures   $ 593     $ 376     $ 1,529     $ 1,782  
                                     
       
    NON-GAAP FINANCIAL MEASURES  
       

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

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

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

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

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

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

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

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

    Present Value of Estimated Future Net Revenues or PV-10: Present Value of Estimated Future Net Revenues or PV-10 is defined as the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development costs, using prices calculated as the average natural gas and oil price during the preceding 12-month period prior to the end of the current reporting period, (determined as the unweighted arithmetic average of prices on the first day of each month within the 12-month period) and costs in effect at the determination date (unless such costs are subject to change pursuant to contractual provisions), without giving effect to non-property related expenses such as general and administrative expenses, debt service and future income tax expense or to depreciation, depletion and amortization, discounted using an annual discount rate of 10%. PV-10 is derived from the standardized measure, which is the most directly comparable financial measure computed using GAAP and differs in that PV-10 does not include the effects of income taxes on future net revenues. Management uses PV-10, which is calculated without deducting estimated future income tax expenses, as a measure of the value of the Company’s current proved reserves and to compare relative values among peer companies. Present Value of Estimated Future Net Revenues or PV-10 should not be considered an alternative to, or more meaningful than, the standardized measure presented in accordance with GAAP. Neither PV-10 nor the standardized measure represents an estimate of the fair market value of the Company’s natural gas and oil properties.

         
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
    ($ in millions)   2024   2023   2024   2023
    Net income (loss) (GAAP)   $ (399 )   $ 569     $ (714 )   $ 2,419  
                     
    Adjustments:                
    Unrealized (gains) losses on natural gas and oil derivatives     490       (347 )     979       (1,278 )
    Separation and other termination costs     —       2       23       5  
    Gains on sales of assets     (2 )     (139 )     (14 )     (946 )
    Other operating expense, net(a)     267       4       325       22  
    (Gains) losses on purchases, exchanges or extinguishments of debt     (1 )     —       1       —  
    Contract amortization     (57 )     —       (57 )     —  
    Other     (21 )     (18 )     (38 )     (37 )
    Tax effect of adjustments(b)     (146 )     114       (271 )     517  
    Adjusted net income (Non-GAAP)   $ 131     $ 185     $ 234     $ 702  
    (a)   The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger.
    (b)   The three- and twelve-month periods ended December 31, 2024 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22% and the three- and twelve-month periods December 31, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.
         
         
    RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
    ($/share)   2024   2023   2024   2023
    Earnings (loss) per common share (GAAP)   $ (1.72 )   $ 4.34     $ (4.55 )   $ 18.21  
    Effect of dilutive securities     —       (0.32 )     —       (1.29 )
    Diluted earnings (loss) per common share (GAAP)   $ (1.72 )   $ 4.02     $ (4.55 )   $ 16.92  
                     
    Adjustments:                
    Unrealized (gains) losses on natural gas and oil derivatives     2.12       (2.44 )     6.24       (8.94 )
    Separation and other termination costs     —       0.01       0.14       0.04  
    Gains on sales of assets     (0.01 )     (0.99 )     (0.09 )     (6.62 )
    Other operating expense, net(a)     1.16       0.03       2.07       0.15  
    (Gains) losses on purchases, exchanges or extinguishments of debt     —       —       0.01       —  
    Contract amortization     (0.24 )     —       (0.36 )     —  
    Other     (0.09 )     (0.13 )     (0.24 )     (0.26 )
    Tax effect of adjustments(b)     (0.64 )     0.81       (1.73 )     3.62  
    Effect of dilutive securities     (0.03 )     —       (0.08 )     —  
    Adjusted diluted earnings per common share (Non-GAAP)   $ 0.55     $ 1.31     $ 1.41     $ 4.91  
    (a)   The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger.
    (b)   The three- and twelve-month periods ended December 31, 2024 include a tax effect attributed to the reconciling adjustments using a statutory rate of 22% and the three- and twelve-month periods December 31, 2023 include a tax effect attributed to the reconciling adjustments using a statutory rate of 23%.
         
         
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    ($ in millions)                
    Net income (loss) (GAAP)   $ (399 )   $ 569     $ (714 )   $ 2,419  
                     
    Adjustments:                
    Interest expense     64       22       123       104  
    Income tax expense (benefit)     (22 )     166       (127 )     698  
    Depreciation, depletion and amortization     647       379       1,729       1,527  
    Exploration     3       8       10       27  
    Unrealized (gains) losses on natural gas and oil derivatives     490       (347 )     979       (1,278 )
    Separation and other termination costs     —       2       23       5  
    Gains on sales of assets     (2 )     (139 )     (14 )     (946 )
    Other operating expense, net(a)     267       4       325       22  
    (Gains) losses on purchases, exchanges or extinguishments of debt     (1 )     —       1       —  
    Contract amortization     (57 )     —       (57 )     —  
    Other     (26 )     (29 )     (83 )     (65 )
    Adjusted EBITDAX (Non-GAAP)   $ 964     $ 635     $ 2,195     $ 2,513  
    (a)   The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger.
         
         
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)    
             
        Three Months Ended December 31,   Year Ended December 31,
        2024   2023   2024   2023
    ($ in millions)                
    Net cash provided by operating activities (GAAP)   $ 382     $ 470     $ 1,565     $ 2,380  
    Cash capital expenditures     (536 )     (379 )     (1,557 )     (1,829 )
    Free cash flow (Non-GAAP)     (154 )     91       8       551  
    Cash paid for merger expenses     231       —       269       —  
    Cash contributions to investments     (4 )     (82 )     (75 )     (231 )
    Free cash flow associated with divested assets(a)     —       (48 )     —       (243 )
    Adjusted free cash flow (Non-GAAP)   $ 73     $ (39 )   $ 202     $ 77  
    (a)   In March and April of 2023, we closed two divestitures of certain Eagle Ford assets. Due to the structure of these transactions, both of which had an effective date of October 1, 2022, the cash generated by these assets was delivered to the respective buyers through a reduction in the proceeds we received at the closing of each transaction. Additionally, in November 2023, we closed the divestiture of the final portion of our Eagle Ford assets, with an effective date of February 1, 2023 and the cash generated by these assets was delivered to the buyer through a reduction in the proceeds we received at the closing of the transaction.
         
         
    RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)    
         
    ($ in millions)   December 31, 2024
    Total debt (GAAP)   $ 5,680  
    Premiums, discounts and issuance costs on debt     6  
    Principal amount of debt     5,686  
    Cash and cash equivalents     (317 )
    Net debt (Non-GAAP)   $ 5,369  
             
             
    PROVED RESERVES (unaudited)        
             
        SEC pricing(a)   Five-year strip pricing(b)
    ($ in millions)        
    Proved reserves (Bcfe)     20,800       26,816  
    Standardized measure   $ 7,531     $ 22,120  
    PV-10(c)   $ 7,567     $ 25,975  
    (a)   SEC proved reserves as of December 31, 2024 were based on a natural gas price of $2.13 per Mcf and an oil price of $75.48 per barrel of oil and NGL. Pricing was determined in accordance with the SEC requirement using the unweighted arithmetic average of the prices on the first day of each month within the 12-month period ended December 31, 2024. The average adjusted product prices weighted by production over the remaining lives of the properties are $0.65 per Mcf of gas, $65.16 per barrel of oil and $15.20 per barrel of NGL.
    (b)   Pricing used in the five-year strip pricing sensitivity reflects five-year strip pricing as of February 19, 2025 and held constant thereafter using (i) the NYMEX five-year strip adjusted for regional differentials using Henry Hub for gas and (ii) the NYMEX West Texas Intermediate five-year strip for oil, adjusted for regional differentials consistent with those used in the SEC pricing, and holding all other assumptions constant. The average adjusted product prices weighted by production over the remaining lives of the properties would be $2.35 per Mcf of gas, $54.16 per barrel of oil, and $12.86 per barrel of NGL.

    The NYMEX strip price for proved reserves and related metrics are intended to illustrate reserve sensitivities to market expectations of commodity prices and should not be confused with SEC pricing for proved reserves and do not comply with SEC pricing assumptions. Management believes that the presentation of reserve volume and related metrics using NYMEX forward strip prices provides investors with additional useful information about the Company’s reserves because the forward prices are based on the market’s forward-looking expectations of oil and gas prices as of a certain date. The price at which the Company can sell its production in the future is the major determinant of the likely economic producibility of the Company’s reserves. The Company hedges certain amounts of future production based on futures prices. In addition, the Company uses such forward-looking market-based data in developing its drilling plans, assessing its capital expenditure needs and projecting future cash flows. While NYMEX strip prices represent a consensus estimate of future pricing, such prices are only an estimate and are not necessarily an accurate projection of future oil and gas prices. Actual future prices may vary significantly from NYMEX prices; therefore, actual revenue and value generated may be more or less than the amounts disclosed. Investors should be careful to consider forward prices in addition to, and not as a substitute for, SEC pricing, when considering the Company’s reserves.
    (c)   PV-10 differs from the standardized measure because the former does not include the effects of estimated future income tax expense. PV-10 using SEC pricing excludes $36 million of estimated future income tax expense, and PV-10 using February 19, 2025 strip pricing excludes $3,855 million of estimated future income tax expense.
         
         
    INVESTOR CONTACT: MEDIA CONTACT: EXPAND ENERGY CORPORATION
    Chris Ayres Brooke Coe 6100 North Western Avenue
    (405) 935-8870 (405) 935-8878 P.O. Box 18496
    ir@expandenergy.com media@expandenergy.com Oklahoma City, OK 73154
         

    The MIL Network –

  • MIL-OSI: Nutanix Reports Second Quarter Fiscal 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Delivers Outperformance Across All Guided Metrics

    Reports 19% YoY ARR Growth and Strong Free Cash Flow

    SAN JOSE, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Nutanix, Inc. (NASDAQ: NTNX), a leader in hybrid multicloud computing, today announced financial results for its second quarter ended January 31, 2025.

    “During our second quarter we delivered outperformance across our guided metrics,” said Rajiv Ramaswami, President and CEO of Nutanix. “Our results are benefiting from the strength of the Nutanix Cloud Platform, demand from businesses looking for a trusted long-term partner committed to innovation and customer care, and go-to-market leverage from our partnerships and programs.”

    “Our second quarter results included 19% year-over-year ARR growth and strong year-to-date free cash flow generation, reflecting our focus on delivering sustainable, profitable growth,” said Rukmini Sivaraman, CFO of Nutanix. “We also recently strengthened our balance sheet and increased our financial flexibility with the issuance of convertible notes at attractive terms and by establishing a new revolving credit facility.”

    Second Quarter Fiscal 2025 Financial Summary

      Q2 FY’25 Q2 FY’24 Y/Y Change
    Annual Recurring Revenue (ARR)¹ $2.06 billion $1.74 billion 19%
    Average Contract Duration² 3.0 years 2.8 years 0.2 year
    Revenue $654.7 million $565.2 million 16%
    GAAP Gross Margin 87.0% 85.6% 140 bps
    Non-GAAP Gross Margin 88.3% 87.3% 100 bps
    GAAP Operating Expenses $504.0 million $446.6 million 13%
    Non-GAAP Operating Expenses $417.0 million $369.4 million 13%
    GAAP Operating Income $65.4 million $37.0 million $28.4 million
    Non-GAAP Operating Income $161.3 million $123.9 million $37.4 million
    GAAP Operating Margin 10.0% 6.6% 340 bps
    Non-GAAP Operating Margin 24.6% 21.9% 270 bps
    Net Cash Provided by Operating Activities $221.7 million $186.4 million $35.3 million
    Free Cash Flow $187.1 million $162.6 million $24.5 million

    Reconciliations between GAAP and non-GAAP financial measures and key performance measures, to the extent available, are provided in the tables of this press release.

    Recent Company Highlights

    Third Quarter Fiscal 2025 Outlook

       
    Revenue $620 – $630 million
    Non-GAAP Operating Margin 17% to 18%
    Weighted Average Shares Outstanding (Diluted)³ Approximately 296 million


    Fiscal 2025 Outlook

       
    Revenue $2.495 – $2.515 billion
    Non-GAAP Operating Margin 17.5% to 18.5%
    Free Cash Flow $650 – $700 million

    Supplementary materials to this press release, including our second quarter fiscal 2025 earnings presentation, can be found at https://ir.nutanix.com/financial/quarterly-results.

    Webcast and Conference Call Information

    Nutanix executives will discuss the Company’s second quarter fiscal 2025 financial results on a conference call today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Interested parties may access the conference call by registering at this link to receive dial in details and a unique PIN number. The conference call will also be webcast live on the Nutanix Investor Relations website at ir.nutanix.com. An archived replay of the webcast will be available on the Nutanix Investor Relations website at ir.nutanix.com shortly after the call.

    Footnotes

    ¹Annual Recurring Revenue, or ARR, for any given period, is defined as the sum of ACV for all subscription contracts in effect as of the end of a specific period. For the purposes of this calculation, we assume that the contract term begins on the date a contract is booked, unless the terms of such contract prevent us from fulfilling our obligations until a later period, and irrespective of the periods in which we would recognize revenue for such contract. Excludes all life-of-device contracts. ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated by dividing the total value of the contract by the number of years in the term of such contract. Excludes amounts related to professional services and hardware.

    ²Average Contract Duration represents the dollar-weighted term, calculated on a billings basis, across all subscription contracts, as well as our limited number of life-of-device contracts, using an assumed term of five years for life-of-device licenses, executed in the period.

    ³Weighted average share count used in computing diluted non-GAAP net income per share.

    Non-GAAP Financial Measures and Other Key Performance Measures

    To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, this press release includes the following non-GAAP financial and other key performance measures: non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, free cash flow, Annual Recurring Revenue (or ARR), and Average Contract Duration. In computing non-GAAP financial measures, we exclude certain items such as stock-based compensation and the related income tax impact, costs associated with our acquisitions (such as amortization of acquired intangible assets, income tax-related impact, and other acquisition-related costs), restructuring charges, litigation settlement accruals and legal fees related to certain litigation matters, the amortization and conversion of the debt discount and issuance costs related to convertible senior notes, interest expense related to convertible senior notes, inducement expense related to the repurchase of convertible senior notes, and other non-recurring transactions and the related tax impact. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, and non-GAAP operating margin are financial measures which we believe provide useful information to investors because they provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures such as stock-based compensation expense that may not be indicative of our ongoing core business operating results. Free cash flow is a performance measure that we believe provides useful information to our management and investors about the amount of cash generated by the business after capital expenditures, and we define free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment. ARR is a performance measure that we believe provides useful information to our management and investors as it allows us to better track the topline growth of our subscription business because it takes into account variability in term lengths. We use these non-GAAP financial and key performance measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and free cash flow are not substitutes for gross margin, operating expenses, operating income (loss), operating margin, or net cash provided by (used in) operating activities, respectively. There is no GAAP measure that is comparable to ARR or Average Contract Duration, so we have not reconciled the ARR or Average Contract Duration data included in this press release to any GAAP measure. In addition, other companies, including companies in our industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures and key performance measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures and key performance measures to the most directly comparable GAAP financial measures included below in the tables captioned “Reconciliation of GAAP to Non-GAAP Profit Measures” and “Reconciliation of GAAP Net Cash Provided By Operating Activities to Non-GAAP Free Cash Flow,” and not to rely on any single financial measure to evaluate our business. This press release also includes the following forward-looking non-GAAP financial measures as part of our third quarter fiscal 2025 outlook and/or our fiscal 2025 outlook: non-GAAP operating margin and free cash flow. We are unable to reconcile these forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures without unreasonable efforts, as we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact the GAAP financial measures for these periods but would not impact the non-GAAP financial measures.

    Forward-Looking Statements

    This press release contains express and implied forward-looking statements, including, but not limited to, statements regarding: our business momentum and prospects, including the strength of our platform, demand from businesses looking for a long-term partner committed to innovation and customer care, and go-to-market leverage from our partnerships; our focus on delivering sustainable, profitable growth; our third quarter fiscal 2025 outlook; and our fiscal 2025 outlook.

    These forward-looking statements are not historical facts and instead are based on our current expectations, estimates, opinions, and beliefs. Consequently, you should not rely on these forward-looking statements. The accuracy of these forward-looking statements depends upon future events and involves risks, uncertainties, and other factors, including factors that may be beyond our control, that may cause these statements to be inaccurate and cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by such statements, including, among others: the inherent uncertainty or assumptions and estimates underlying our projections and guidance, which are necessarily speculative in nature; any failure to successfully implement or realize the full benefits of, or unexpected difficulties or delays in successfully implementing or realizing the full benefits of, our business plans, strategies, initiatives, vision, objectives, momentum, prospects and outlook; our ability to achieve, sustain and/or manage future growth effectively; the rapid evolution of the markets in which we compete, including the introduction, or acceleration of adoption of, competing solutions, including public cloud infrastructure; failure to timely and successfully meet our customer needs; delays in or lack of customer or market acceptance of our new solutions, products, services, product features or technology; macroeconomic or geopolitical uncertainty; our ability to attract, recruit, train, retain, and, where applicable, ramp to full productivity, qualified employees and key personnel; factors that could result in the significant fluctuation of our future quarterly operating results (including anticipated changes to our revenue and product mix, the timing and magnitude of orders, shipments and acceptance of our solutions in any given quarter, our ability to attract new and retain existing end-customers, changes in the pricing and availability of certain components of our solutions, and fluctuations in demand and competitive pricing pressures for our solutions); our ability to form new or maintain and strengthen existing strategic alliances and partnerships, as well as our ability to manage any changes thereto; our ability to make share repurchases; and other risks detailed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2024 filed with the U.S. Securities and Exchange Commission, or the SEC, on September 19, 2024 and our subsequent Quarterly Reports on Form 10-Q filed with the SEC. Additional information will be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2025, which should be read in conjunction with this press release and the financial results included herein. Our SEC filings are available on the Investor Relations section of our website at ir.nutanix.com and on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this press release and, except as required by law, we assume no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any of these forward-looking statements to reflect actual results or subsequent events or circumstances.

    About Nutanix

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

    © 2025 Nutanix, Inc. All rights reserved. Nutanix, the Nutanix logo, and all Nutanix product and service names mentioned herein are registered trademarks or unregistered trademarks of Nutanix, Inc. (“Nutanix”) in the United States and other countries. Other brand names or marks mentioned herein are for identification purposes only and may be the trademarks of their respective holder(s). This press release is for informational purposes only and nothing herein constitutes a warranty or other binding commitment by Nutanix.

    Investor Contact:
    Richard Valera
    ir@nutanix.com

    Media Contact:
    Jennifer Massaro
    pr@nutanix.com

     
    NUTANIX, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
        As of
        July 31,
    2024    		   January 31,
    2025
        (in thousands)
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 655,270     $ 1,072,161  
    Short-term investments     339,072       670,686  
    Accounts receivable, net     229,796       327,294  
    Deferred commissions—current     159,849       153,330  
    Prepaid expenses and other current assets     97,307       111,923  
    Total current assets     1,481,294       2,335,394  
    Property and equipment, net     136,180       138,753  
    Operating lease right-of-use assets     109,133       112,051  
    Deferred commissions—non-current     198,962       184,904  
    Intangible assets, net     5,153       3,443  
    Goodwill     185,235       185,235  
    Other assets—non-current     27,961       29,210  
    Total assets   $ 2,143,918     $ 2,988,990  
    Liabilities and Stockholders’ Deficit            
    Current liabilities:            
    Accounts payable   $ 45,066     $ 45,903  
    Accrued compensation and benefits     195,602       203,040  
    Accrued expenses and other current liabilities     24,967       22,428  
    Deferred revenue—current     954,543       1,024,364  
    Operating lease liabilities—current     24,163       21,819  
    Total current liabilities     1,244,341       1,317,554  
    Deferred revenue—non-current     918,163       995,173  
    Operating lease liabilities—non-current     90,359       93,828  
    Convertible senior notes, net     570,073       1,341,388  
    Other liabilities—non-current     49,130       48,721  
    Total liabilities     2,872,066       3,796,664  
    Stockholders’ deficit:            
    Common stock     7       7  
    Additional paid-in capital     4,118,898       4,120,529  
    Accumulated other comprehensive loss     146       404  
    Accumulated deficit     (4,847,199 )     (4,928,614 )
    Total stockholders’ deficit     (728,148 )     (807,674 )
    Total liabilities and stockholders’ deficit   $ 2,143,918     $ 2,988,990  
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands, except per share data)
    Revenue:                        
    Product   $ 299,660     $ 354,187     $ 546,582     $ 656,106  
    Support, entitlements and other services     265,573       300,534       529,705       589,571  
    Total revenue     565,233       654,721       1,076,287       1,245,677  
    Cost of revenue:                        
    Product (1)(2)     9,402       8,823       19,636       17,193  
    Support, entitlements and other services (1)     72,154       76,465       143,879       150,765  
    Total cost of revenue     81,556       85,288       163,515       167,958  
    Gross profit     483,677       569,433       912,772       1,077,719  
    Operating expenses:                        
    Sales and marketing (1)(2)     236,702       261,382       472,025       514,783  
    Research and development (1)     160,401       182,785       312,376       356,744  
    General and administrative (1)     49,529       59,828       97,032       113,504  
    Total operating expenses     446,632       503,995       881,433       985,031  
    Income from operations     37,045       65,438       31,339       92,688  
    Other income (expense), net     2,096       (355 )     (3,179 )     9,218  
    Income before provision for income taxes     39,141       65,083       28,160       101,906  
    Provision for income taxes     6,346       8,656       11,218       15,553  
    Net income   $ 32,795     $ 56,427     $ 16,942     $ 86,353  
    Net income per share attributable to Class A common stockholders, basic   $ 0.13     $ 0.21     $ 0.07     $ 0.32  
    Net income per share attributable to Class A common stockholders, diluted   $ 0.12     $ 0.19     $ 0.09     $ 0.30  
    Weighted average shares used in computing net income per share attributable to Class A common stockholders, basic     243,853       267,138       242,667       266,842  
    Weighted average shares used in computing net income per share attributable to Class A common stockholders, diluted     298,540       293,351       294,851       291,086  

    ____________________________
    (1) Includes the following stock-based compensation expense:

        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Product cost of revenue   $ 1,697     $ 812     $ 3,625     $ 2,024  
    Support, entitlements and other services cost of revenue     7,183       7,325       14,299       14,145  
    Sales and marketing     20,738       21,397       42,209       42,045  
    Research and development     40,541       46,765       78,945       90,327  
    General and administrative     15,810       17,129       30,889       33,636  
    Total stock-based compensation expense   $ 85,969     $ 93,428     $ 169,967     $ 182,177  

    ____________________________
    (2) Includes the following amortization of intangible assets:

        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Product cost of revenue   $ 749     $ 767     $ 1,860     $ 1,534  
    Sales and marketing     82       88       119       176  
    Total amortization of intangible assets   $ 831     $ 855     $ 1,979     $ 1,710  
    NUTANIX, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Six Months Ended
    January 31,
        2024   2025
        (in thousands)
    Cash flows from operating activities:            
    Net income   $ 16,942     $ 86,353  
    Adjustments to reconcile net income to net cash provided by operating activities:            
    Depreciation and amortization     36,389       36,427  
    Stock-based compensation     169,967       182,177  
    Amortization of debt discount and issuance costs     22,300       1,185  
    Inducement expense from partial repurchase of the 2027 Notes     —       11,347  
    Operating lease cost, net of accretion     16,046       13,962  
    Non-cash interest expense     10,064       —  
    Other     (8,859 )     (2,130 )
    Changes in operating assets and liabilities:            
    Accounts receivable, net     (19,662 )     (72,745 )
    Deferred commissions     4,830       20,577  
    Prepaid expenses and other assets     40,575       (5,833 )
    Accounts payable     8,695       (334 )
    Accrued compensation and benefits     34,158       7,792  
    Accrued expenses and other liabilities     (86,009 )     (1,680 )
    Operating leases, net     (14,884 )     (15,754 )
    Deferred revenue     101,329       122,077  
        Net cash provided by operating activities     331,881       383,421  
    Cash flows from investing activities:            
    Maturities of investments     429,219       162,139  
    Purchases of investments     (455,254 )     (493,156 )
    Payments for acquisitions, net of cash acquired     (4,500 )     —  
    Purchases of property and equipment     (36,784 )     (44,438 )
        Net cash used in investing activities     (67,319 )     (375,455 )
    Cash flows from financing activities:            
    Proceeds from sales of shares through employee equity incentive plans     15,153       29,300  
    Taxes paid related to net share settlement of equity awards     (53,180 )     (148,194 )
    Proceeds from the issuance of convertible notes, net of issuance costs     —       848,010  
    Payment of third-party debt issuance costs     —       (2,771 )
    Partial repurchase of the 2027 Notes     —       (95,453 )
    Repurchases of common stock     (59,192 )     (220,100 )
    Payment of finance lease obligations     (1,758 )     (1,945 )
        Net cash (used in) provided by financing activities     (98,977 )     408,847  
    Net increase in cash, cash equivalents and restricted cash   $ 165,585     $ 416,813  
    Cash, cash equivalents and restricted cash—beginning of period     515,771       655,662  
    Cash, cash equivalents and restricted cash—end of period   $ 681,356     $ 1,072,475  
    Restricted cash(1)     2,110       314  
    Cash and cash equivalents—end of period   $ 679,246     $ 1,072,161  
    Supplemental disclosures of cash flow information:            
    Cash paid for income taxes   $ 14,168     $ 19,283  
    Supplemental disclosures of non-cash investing and financing information:            
    Purchases of property and equipment included in accounts payable and accrued and other liabilities   $ 1,648     $ 1,601  
    Unpaid taxes related to net share settlement of equity awards included in accrued expenses and other liabilities   $ —     $ 11,460  

    ____________________________
    (1) Included within other assets—non-current in the condensed consolidated balance sheets.

    Reconciliation of Revenue to Billings
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Total revenue   $ 565,233     $ 654,721     $ 1,076,287     $ 1,245,677  
    Change in deferred revenue     51,250       121,637       101,329       122,077  
    Total billings   $ 616,483     $ 776,358     $ 1,177,616     $ 1,367,754  
    Disaggregation of Revenue and Billings
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)
    Disaggregation of revenue:                        
    Subscription revenue   $ 531,983     $ 624,418     $ 1,011,461     $ 1,185,114  
    Professional services revenue     25,008       28,030       47,843       55,315  
    Other non-subscription product revenue     8,242       2,273       16,983       5,248  
    Total revenue   $ 565,233     $ 654,721     $ 1,076,287     $ 1,245,677  
    Disaggregation of billings:                        
    Subscription billings   $ 572,759     $ 733,737     $ 1,101,673     $ 1,298,029  
    Professional services billings     35,482       40,348       58,960       64,477  
    Other non-subscription product billings     8,242       2,273       16,983       5,248  
    Total billings   $ 616,483     $ 776,358     $ 1,177,616     $ 1,367,754  


    Subscription revenue —     Subscription revenue includes any performance obligation which has a defined term, and is generated from the sales of software entitlement and support subscriptions, subscription software licenses and cloud-based software-as-a-service, or SaaS, offerings.

    • Ratable — We recognize revenue from software entitlement and support subscriptions and SaaS offerings ratably over the contractual service period, the substantial majority of which relate to software entitlement and support subscriptions.
    • Upfront — Revenue from our subscription software licenses is generally recognized upfront upon transfer of control to the customer, which happens when we make the software available to the customer.

    Professional services revenue — We also sell professional services with our products. We recognize revenue related to professional services as they are performed.

    Other non-subscription product revenue — Other non-subscription product revenue includes approximately $7.0 million and $15.2 million of non-portable software revenue for the three and six months ended January 31, 2024, respectively, $0.5 million and $2.3 million of non-portable software revenue for the three and six months ended January 31, 2025, respectively, $1.2 million and $1.8 million of hardware revenue for the three and six months ended January 31, 2024, respectively, and $1.8 million and $2.9 million of hardware revenue for the three and six months ended January 31, 2025, respectively.

    • Non-portable software revenue — Non-portable software revenue includes sales of our platform when delivered on a configured-to-order appliance by us or one of our OEM partners. The software licenses associated with these sales are typically non-portable and can be used over the life of the appliance on which the software is delivered. Revenue from our non-portable software products is generally recognized upon transfer of control to the customer.
    • Hardware revenue — In the infrequent transactions where the hardware appliance is purchased directly from Nutanix, we consider ourselves to be the principal in the transaction and we record revenue and costs of goods sold on a gross basis. We consider the amount allocated to hardware revenue to be equivalent to the cost of the hardware procured. Hardware revenue is generally recognized upon transfer of control to the customer.
    Annual Recurring Revenue
    (Unaudited)
     
        Three Months Ended
    January 31,
    		   Six Months Ended
    January 31,
        2024
    		   2025
    		   2024
    		   2025
        (in thousands)
    Annual Recurring Revenue (ARR)   $ 1,737,364     $ 2,059,506     $ 1,737,364     $ 2,059,506  
    Reconciliation of GAAP to Non-GAAP Profit Measures
    (Unaudited)
     
        GAAP   Non-GAAP Adjustments   Non-GAAP
        Three Months Ended January 31, 2025   (1)   (2)   (3)   (4)   (5)   (6)   (7)   Three Months Ended January 31, 2025
        (in thousands, except percentages and per share data)
    Gross profit   $ 569,433     $ 8,137     $ 767     $ —     $ —     $ —     $ —     $ —     $ 578,337  
    Gross margin     87.0 %     1.2 %     0.1 %     —       —       —       —       —       88.3 %
    Operating expenses:                                                      
    Sales and marketing     261,382       (21,397 )     (88 )     —       —       —       —       —       239,897  
    Research and development     182,785       (46,765 )     —       —       —       —       —       —       136,020  
    General and administrative     59,828       (17,129 )     —       (1,568 )     —       —       —       —       41,131  
    Total operating expenses     503,995       (85,291 )     (88 )     (1,568 )     —       —       —       —       417,048  
    Income from operations     65,438       93,428       855       1,568       —       —       —       —       161,289  
    Operating margin     10.0 %     14.3 %     0.1 %     0.2 %     —       —       —       —       24.6 %
    Net income   $ 56,427     $ 93,428     $ 855     $ 1,568     $ (20 )   $ 1,674     $ 11,347     $ (151 )   $ 165,128  
    Weighted shares outstanding, basic     267,138                                                 267,138  
    Weighted shares outstanding, diluted (8)     293,351                                                 293,351  
    Net income per share, basic   $ 0.21     $ 0.35     $ –     $ 0.01     $ –     $ 0.01     $ 0.04     $ –     $ 0.62  
    Net income per share, diluted (9)   $ 0.19                                               $ 0.56  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Legal fees
    (4) Other
    (5) Amortization of debt issuance costs and interest expense related to convertible senior notes
    (6) Inducement expense related to partial repurchase of the 2027 Notes
    (7) Income tax effect primarily related to stock-based compensation expense
    (8) Includes 26,214 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (9) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $691 of interest expense related to the convertible senior notes

        GAAP   Non-GAAP Adjustments   Non-GAAP
        Six Months Ended January 31, 2025   (1)   (2)   (3)   (4)   (5)   (6)   (7)   Six Months Ended January 31, 2025
        (in thousands, except percentages and per share data)
    Gross profit   $ 1,077,719     $ 16,169     $ 1,534     $ —     $ —     $ —     $ —     $ —     $ 1,095,422  
    Gross margin     86.5 %     1.3 %     0.1 %     —       —       —       —       —       87.9 %
    Operating expenses:                                                      
    Sales and marketing     514,783       (42,045 )     (176 )     —       —       —       —       —       472,562  
    Research and development     356,744       (90,327 )     —       —       —       —       —       —       266,417  
    General and administrative     113,504       (33,636 )     —       (2,935 )     —       —       —       —       76,933  
    Total operating expenses     985,031       (166,008 )     (176 )     (2,935 )     —       —       —       —       815,912  
    Income from operations     92,688       182,177       1,710       2,935       —       —       —       —       279,510  
    Operating margin     7.4 %     14.7 %     0.1 %     0.2 %     —       —       —       —       22.4 %
    Net income   $ 86,353     $ 182,177     $ 1,710     $ 2,935     $ (130 )   $ 11,347     $ 2,419     $ 90     $ 286,901  
    Weighted shares outstanding, basic     266,842                                                 266,842  
    Weighted shares outstanding, diluted (8)     291,086                                                 291,086  
    Net income per share, basic   $ 0.32     $ 0.69     $ 0.01     $ 0.01     $ –     $ 0.04     $ 0.01     $ –     $ 1.08  
    Net income per share, diluted (9)   $ 0.30                                               $ 0.99  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Legal fees
    (4) Other
    (5) Inducement expense related to partial repurchase of the 2027 Notes
    (6) Amortization of debt issuance costs and interest expense related to convertible senior notes
    (7) Income tax effect primarily related to stock-based compensation expense
    (8) Includes 24,243 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (9) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $975 of interest expense related to the convertible senior notes

        GAAP
    		   Non-GAAP Adjustments   Non-GAAP
        Three Months Ended January 31, 2024   (1)   (2)   (3)   (4)   (5)   (6)   Three Months Ended January 31, 2024
        (in thousands, except percentages and per share data)
    Gross profit   $ 483,677     $ 8,880     $ 749     $ —     $ —     $ —     $ —     $ 493,306  
    Gross margin     85.6 %     1.6 %     0.1 %     —       —       —       —       87.3 %
    Operating expenses:                                                
    Sales and marketing     236,702       (20,738 )     (82 )     194       —       —       —       216,076  
    Research and development     160,401       (40,541 )     —       —       —       —       —       119,860  
    General and administrative     49,529       (15,810 )     —       —       (227 )     —       —       33,492  
    Total operating expenses     446,632       (77,089 )     (82 )     194       (227 )     —       —       369,428  
    Income from operations     37,045       85,969       831       (194 )     227       —       —       123,878  
    Operating margin     6.6 %     15.2 %     0.1 %     —       —       —       —       21.9 %
    Net income   $ 32,795     $ 85,969     $ 831     $ (194 )   $ 117     $ 16,651     $ 177     $ 136,346  
    Weighted shares outstanding, basic     243,853                                           243,853  
    Weighted shares outstanding, diluted (7)     298,540                                           298,540  
    Net income per share, basic   $ 0.13     $ 0.36     $ –     $ –     $ –     $ 0.07     $ –     $ 0.56  
    Net income per share, diluted (8)   $ 0.12                                         $ 0.46  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Restructuring charges (reversals)
    (4) Other
    (5) Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
    (6) Income tax effect primarily related to stock-based compensation expense
    (7) Includes 54,687 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (8) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $4,271 of interest expense related to the convertible senior notes

        GAAP   Non-GAAP Adjustments   Non-GAAP
        Six Months Ended January 31, 2024   (1)   (2)   (3)   (4)   (5)   (6)   Six Months Ended January 31, 2024
        (in thousands, except percentages and per share data)
    Gross profit   $ 912,772     $ 17,924     $ 1,860     $ —     $ —     $ —     $ —     $ 932,556  
    Gross margin     84.8 %     1.6 %     0.2 %     —       —       —       —       86.6 %
    Operating expenses:                                                
    Sales and marketing     472,025       (42,209 )     (119 )     194       —       —       —       429,891  
    Research and development     312,376       (78,945 )     —       —       —       —       —       233,431  
    General and administrative     97,032       (30,889 )     —       —       (273 )     —       —       65,870  
    Total operating expenses     881,433       (152,043 )     (119 )     194       (273 )     —       —       729,192  
    Income from operations     31,339       169,967       1,979       (194 )     273       —       —       203,364  
    Operating margin     2.9 %     15.8 %     0.2 %     —       —       —       —       18.9 %
    Net income   $ 16,942     $ 169,967     $ 1,979     $ (194 )   $ 1,083     $ 32,998     $ 451     $ 223,226  
    Weighted shares outstanding, basic     242,667                                           242,667  
    Weighted shares outstanding, diluted(7)     294,851                                           294,851  
    Net income per share, basic   $ 0.07     $ 0.70     $ 0.01     $ –     $ –     $ 0.14     $ –     $ 0.92  
    Net income per share, diluted(8)   $ 0.09                                         $ 0.76  

    ____________________________
    (1) Stock-based compensation expense
    (2) Amortization of intangible assets
    (3) Restructuring charges (reversals)
    (4) Other
    (5) Amortization of debt discount and issuance costs and interest expense related to convertible senior notes
    (6) Income tax effect primarily related to stock-based compensation expense
    (7) Includes 52,184 potentially dilutive shares related to convertible senior notes and the issuance of shares under employee equity incentive plans
    (8) In accordance with ASC 260, in order to calculate GAAP net income per share, diluted, the numerator has been adjusted to add back $8,451 of interest expense related to the convertible senior notes

    Reconciliation of GAAP Net Cash Provided by Operating Activities to Non-GAAP Free Cash Flow
    (Unaudited)
     
        Three Months Ended
    January 31,    		   Six Months Ended
    January 31,
        2024   2025   2024   2025
        (in thousands)  
    Net cash provided by operating activities   $ 186,408     $ 221,670     $ 331,881     $ 383,421  
    Purchases of property and equipment     (23,764 )     (34,607 )     (36,784 )     (44,438 )
    Free cash flow   $ 162,644     $ 187,063     $ 295,097     $ 338,983  

    The MIL Network –

  • MIL-OSI: Gibson Energy Announces 2024 Key Industry-Leading Sustainability Achievements and Safety Leadership

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 26, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (“Gibson” or the “Company”), a leading North American energy infrastructure company, today highlights the significant progress in its annual sustainability performance. The Company’s exceptional operational management and safety commitment to achieve zero harm to people, the environment and assets is foundational to these efforts. 2024 marked the Company’s latest safety leadership milestone by recording 8.8 million hours without a lost time injury for its employee and contract workforce.

    “Sustainable practices and operational safety will always be embedded into our day-to-day, and I’m proud of our team reaching this latest safety milestone,” said Curtis Philippon, President and Chief Executive Officer. “Looking broadly at our sustainability commitments, to be externally recognized by key global rating agencies, including the A- we recently received from the Climate Disclosure Project, scoring 96 out of 100 points in the Globe and Mail Board Games Governance Ranking and placing in the 97th percentile of all energy companies by the S&P Global Corporate Sustainability Assessment, reinforces the progress we made this year. Our focus will not change in 2025, we remain committed to safety, innovation, collaboration and accountability as we continue to work toward our ambitious goals.”

    Gibson’s sustainability strategy is built on strong governance and strategic initiatives that focus on long-term value for our shareholders, employees, communities, Indigenous Peoples, governments, customers and suppliers.

    “On behalf of the Management team, I’d also like to extend sincere thanks to our employees for their commitment to safety and our sustainability goals,” said Riley Hicks, Senior Vice President, Chief Financial Officer. “We will continue to build off this momentum, further leverage our world-class asset base and identify additional strategic growth opportunities to meet the evolving global energy demands.”

    2024 Ratings:

    The Company is proud to continue to rank at the top among its Canadian and US midstream peers, reaffirming its position as a global leader in sustainability.

    Rating Agency   Score / Ranking   Description of Score / Ranking
             
    MSCI ESG Risk Ratings   AAA   Gibson is one of only 10% of companies globally in the Oil & Gas Refining, Marketing, Transportation & Storage industry to receive this leadership rating

    Measurement of resilience to long-term, industry material ESG risks on a relative ranking from AAA being the best to CCC being the worst

    More information is available at www.msci.com
    CDP – Climate Change   A-   Maintained this leadership position within the CDP and among midstream peers for the fifth year in a row

    A- Supplier Engagement Rating

    A detailed and independent methodology is used by CDP with more information available at www.cdp.net
    S&P Global Corporate Sustainability Assessment   66   Gibson placed in the 97th percentile of all energy companies and was the highest scoring Canadian midstream company

    Gibson was recognized in the S&P Global Sustainability Yearbook for the fourth year in a row

    More information about The Sustainability Yearbook can be found here
    Sustainalytics ESG Risk Rating   16.0   Top 1% within Refiners & Pipelines industry group (2nd out of 208 companies)

    Gibson was once again recognized on the Sustainalytics 2024 Industry Top-Rated List

    More information about Sustainalytics is available at www.sustainalytics.com
    Globe and Mail Board Games Governance Ranking   12th   Top quartile, ranking 12th out of 215 companies and trusts in the S&P/TSX Composite Index

    Received a score of 96 based on a rigorous set of governance criteria on a scale of 100 being the best to 1 being the worst, tying the Company with a peer as the highest ranked energy company
             
    ISS Governance Quality Score   1   Denotes decile ranking score on a scale of 1 being the best to 10 being the worst, with a score of 1 indicating top 10% performance within Energy industry group
           
    ISS Environmental Quality Score   1  
           
    ISS Social Quality Score   2  


    Note: ESG ratings as at February 21, 2025

    Key Achievements:

    Environmental and Operations Impact

    • Published the 2023 Sustainability Report, detailing progress toward ambitious 2025 and 2030 ESG targets, including the Net Zero by 2050 commitment for Scope 1 and 2 emissions
    • Gibson, in its pursuit of Mission Zero, recorded 8.8 million hours without a lost time injury for its employee and contract workforce
    • Successfully completed the Gateway Terminal acquisition and implemented several key mitigation strategies to safeguard marine environments
    • Gibson received the ‘Union Pacific Railroad Pinnacle Award’, which recognizes customers who implement release prevention protocols, corrective action plans and have zero non-accident releases of regulated hazardous materials shipments
    • Continued to regularly conduct Process Hazard Analysis to proactively identify, monitor and mitigate any potential impacts to operational excellence

    Social Responsibility

    • Exceeded its 2025 target with over 24% racial and ethnic minority representation and 5% Indigenous representation in the workforce
    • Successfully implemented Gibson’s inaugural Indigenous Peoples Development Program and announced a partnership with the Canadian Council for Indigenous Business by participating in the PAIR program at the Committed level, both of which further embeds Indigenous Peoples culture, decision-making and business practices at all levels of the organization
    • Named as one of Alberta’s Top Employers and Canada’s Best Diversity Employers by the annual Canada’s Top 100 Employers Project for the third consecutive year
    • Maintained a best-in-class position in employee participation in our community giving program with a rate of 94%
    • Gibson was awarded the ‘Better Benefits Award’ from Fertility Matters Canada for its leadership position in creating a family-friendly benefit plan and also, the ‘Best Wellness Program’ at the Canada’s Safest Employers Awards

    Governance and Transparency

    • In the Globe & Mail annual Board Games results, Gibson ranked 12th out of 215 companies, scoring 96 out of 100 points, which recognized the company’s approach to strong governance practices and tied the Company with a peer as the highest ranked energy company
    • Ahead of the 2025 target dates, achieved both Governance ESG targets by having 50% female representation and three racial, ethnic and or Indigenous representation on its Board of Directors
    • In line with the Canada’s Fighting Against Forced Labour and Child Labour in Supply Chains Act, published its inaugural Modern Slavery Report
    • Demonstrated a commitment to responsible procurement with 100% participation and completion of Supply Chain Human Rights training by members of Supply Chain Management, Legal and Sustainability teams
    • Published Gibson’s Sustainability Policy, which formalizes the Company’s long-standing sustainability commitments and enhances the governance approach

    Additional information on Gibson’s approach to Sustainability and ESG, is available at: https://www.gibsonenergy.com/sustainability.

    About Gibson
    Gibson is a leading liquids infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

    Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

    Advisory Statements

    Definitions
    Scope 1 emissions are direct emissions from facilities owned and operated by Gibson.

    Scope 2 emissions are indirect emissions from the generation of purchased energy for Gibson’s owned and operated facilities.

    All references in this press release to Net Zero include Scope 1 and Scope 2 emissions only. Targets currently do not include the Gateway Terminal.

    All references in this press release to Gibson’s business and asset base are only inclusive of the equity portion of facilities Gibson owns and operates.

    Forward-Looking Statements

    Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “aim”, “target”, “goal”, “contemplate”, “continue”, “commit”, “estimate”, “expect”, “future”, “forecast”, “forward”, “further”, “intend”, “long-term”, “propose”, “might”, “may”, “maintain”, “will”, “shall”, “project”, “should”, “could”, “would”, “believe”, “opportunity”, “predict”, “pursue”, “potential” and “progress” and similar expressions are intended to identify forward-looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, its commitment to sustainability, ESG leadership and strong governance practices, its focus areas for 2025, its commitment to, and ability to maintain, its position as an industry ESG and sustainability leader; its ability to identify and realize opportunities to advance its sustainability journey and leverage its asset base and growth opportunities to a more secure and resilient energy future; its commitment to a safe and effective working environment; its sustainability strategy generating long-term value for key stakeholders; its Mission Zero commitment and the efforts undertaken to achieve such goal; the anticipated benefits of its renewable PPA and the timing thereof; the impact of the acquisition of STGT on Gibson’s sustainability profile; its ability to improve its operations, including with respect to emission reductions, biodiversity and Indigenous relations; its ESG goals, including its 2025 and 2030 ESG goals and its Net Zero by 2050 commitment; embedding Truth and Reconciliation principles into its culture and business practices; Gibson’s future climate and ESG targets and metrics and future ambitions, the global energy transition, and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein.

    Forward-looking statements involve known and unknown risks, assumptions, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, Gibson’s ability to execute its current strategy, related milestones; Gibson’s ability to meet its sustainability and ESG goals; risks inherent in applicable laws and government policies; economic, societal, political and industry trends; Gibson’s ability to access capital; Gibson’s ability to obtain the anticipated benefits of the acquisition of STGT and its renewable PPA; risks inherent our business and the businesses of our industry partners; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, materials, services and infrastructure; the development and execution of projects; prices of crude oil, natural gas, natural gas liquids and renewable energy; the development, performance and viability of technology and new energy efficient products, services and programs including but not limited to the use of zero-emission and renewable fuels, carbon capture and storage, electrification of equipment powered by zero-emission energy sources and utilization and availability of carbon offsets; assumptions relating to long-term energy future scenarios; carbon price outlook; the cooperation of joint venture partners in reaching the Net Zero by 2050 commitment and other ESG goals; the power system transformation and grid modernization; levels of demand for our services and the rate of return for such services; the likelihood, timing and financial impact of certain risks and uncertainties described under the heading “Risk Factors” and “Forward-Looking Information” in our current annual and interim management’s discussion and analysis and Annual Information Form (“AIF”) and identified in other documents the Company files from time to time with securities regulatory authorities, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    The forward-looking statements contained in this press release represent Gibson’s expectations as of the date hereof and are subject to change after such date. Gibson disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable laws. ​Readers are cautioned that the foregoing lists are not exhaustive. For a full discussion of our material risk factors, see “Risk Factors” in our current annual and interim management’s discussion and analysis and AIF, in each case as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

    For further information, please contact:

    Investor Relations:
    (403) 776-3077
    investor.relations@gibsonenergy.com

    Media Relations:
    (403) 476-6334
    communications@gibsonenergy.com

    The MIL Network –

  • MIL-OSI: Ambarella, Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 26, 2025 (GLOBE NEWSWIRE) — Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced fourth quarter and full year fiscal 2025 financial results for the period ended January 31, 2025.

    • Revenue for the fourth quarter of fiscal 2025 was $84.0 million, up 62.8% from $51.6 million in the same period in fiscal 2024. For the fiscal year ended January 31, 2025, revenue was $284.9 million, up 25.8% from $226.5 million for the fiscal year ended January 31, 2024.
    • Gross margin under U.S. generally accepted accounting principles (GAAP) for the fourth quarter of fiscal 2025 was 60.0%, compared with 59.8% for the same period in fiscal 2024. For the fiscal year ended January 31, 2025, GAAP gross margin was 60.5%, compared with 60.4% for the fiscal year ended January 31, 2024.
    • GAAP net loss for the fourth quarter of fiscal 2025 was $20.2 million, or loss per diluted ordinary share of $0.48, compared with a GAAP net loss of $60.6 million, or loss per diluted ordinary share of $1.50, for the same period in fiscal 2024. GAAP net loss for the fiscal year ended January 31, 2025 was $117.1 million, or loss per diluted ordinary share of $2.84. This compares with GAAP net loss of $169.4 million, or loss per diluted ordinary share of $4.25, for the fiscal year ended January 31, 2024.

    Financial results on a non-GAAP basis for the fourth quarter and full year fiscal 2025 are as follows:

    • Gross margin on a non-GAAP basis for the fourth quarter of fiscal 2025 was 62.0%, compared with 62.5% for the same period in fiscal 2024. For the fiscal year ended January 31, 2025, non-GAAP gross margin was 62.7%, compared with 63.3% for the fiscal year ended January 31, 2024.
    • Non-GAAP net profit for the fourth quarter of fiscal 2025 was $4.8 million, or earnings per diluted ordinary share of $0.11. This compares with non-GAAP net loss of $9.8 million, or loss per diluted ordinary share of $0.24, for the same period in fiscal 2024. Non-GAAP net loss for the fiscal year ended January 31, 2025 was $6.8 million, or loss per diluted ordinary share of $0.16. This compares with non-GAAP net loss of $33.1 million, or loss per diluted ordinary share of $0.83, for the fiscal year ended January 31, 2024.

    Based on information available as of today, Ambarella is offering the following guidance for the first quarter of fiscal year 2026, ending April 30, 2025:

    • Revenue is expected to be between $81.0 million and $87.0 million
    • Gross margin on a non-GAAP basis is expected to be between 61.0% and 62.5%
    • Non-GAAP operating expenses are expected to be between $50.0 million and $53.0 million

    Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation, acquisition-related costs and restructuring expense adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. Non-GAAP financial information also excludes the impact of the recognition or release of a valuation allowance on certain deferred tax assets. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release.

    Total cash, cash equivalents and marketable debt securities on hand at the end of the fourth quarter of fiscal 2025 was $250.3 million, compared with $226.5 million at the end of the prior quarter and $219.9 million at the end of the same quarter a year ago.

    “We finished fiscal 2025 with strong results and are starting the new year with positive momentum. We exited the year with more than 70% of our total revenue from edge AI, representing both a quarterly and annual record. Cumulatively, we have shipped about 30 million edge AI processors, with each SoC integrating our proprietary deep learning AI accelerator,” said Fermi Wang, President & CEO. “In fiscal 2026, we anticipate mid to high teens revenue growth, led by our 5nm products, including the ongoing ramp in the CV5 family and now the CV7 family, which generated production revenue for the first time in Q4. Together with a focus on efficient operations, we intend to continue to drive positive operating leverage.”

    Quarterly Conference Call

    Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and John Young, Chief Financial Officer, to discuss the fourth quarter of fiscal year 2025 results. A live and archived webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ for up to 30 days after the call.

    About Ambarella

    Ambarella’s products are used in a wide variety of human vision and edge AI applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) offer high-resolution video compression, advanced image and radar processing, and powerful deep neural network processing to enable intelligent perception, fusion and planning. For more information, please visit www.ambarella.com.

    “Safe harbor” statement under the Private Securities Litigation Reform Act of 1995

    This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as “outlook,” “projected,” “intends,” “will,” “estimates,” “anticipates,” “expects,” “believes,” “could,” “should,” or similar expressions, including the guidance for the first quarter of fiscal year 2026 ending April 30, 2025, and the comments of our CEO relating to our expectation of future revenue growth, customer demand and the growth potential for our edge AI inference products, including our CV5 and CV7 families of products, and our ability to generate positive operating leverage in future periods. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance.

    The risks and uncertainties referred to above include, but are not limited to, global economic and political conditions; changes in government policies, including possible trade tariffs and restrictions; revenue being generated from new customers or design wins, neither of which is assured; the commercial success of our customers’ products; our customers’ ability to manage their inventory requirements; our growth strategy; our ability to anticipate future market demands and future needs of our customers, particularly for AI inference applications; our ability to introduce, and to generate revenue from, new and enhanced solutions; our ability to develop, and to generate revenue from, new advanced technologies, such as computer vision, AI functionality and advanced networks, including vision-language models and GenAI; our ability to retain and expand customer relationships and to achieve design wins; the expansion of our current markets and our ability to successfully enter new markets, such as the OEM automotive and robotics markets; anticipated trends and challenges, including competition, in the markets in which we operate; risks associated with global health conditions and associated risk mitigation measures; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation.

    Further information on these and other factors that could affect our financial results is included in the company’s Annual Report on Form 10-K for our 2024 fiscal year, which is on file with the Securities and Exchange Commission. Additional information will also set forth in the company’s quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings the company makes with the Securities and Exchange Commission from time to time, copies of which may be obtained by visiting the Investor Relations portion of our web site at www.ambarella.com or the SEC’s web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. The results we report in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 could differ from the preliminary results announced in this press release.

    Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law.

    Non-GAAP Financial Measures

    The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the consolidated financial statements, which are prepared in accordance with generally accepted accounting principles (“GAAP”). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies.

    With respect to its financial results for the fourth quarter of fiscal year 2025, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the first quarter of fiscal year 2026, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results.

    AMBARELLA, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in thousands, except share and per share data)
    (unaudited)
                     
        Three Months Ended January 31,   Twelve Months Ended January 31,
          2025       2024       2025       2024  
             
    Revenue   $ 84,015     $ 51,616     $ 284,865     $ 226,474  
                     
    Cost of revenue     33,634       20,763       112,535       89,657  
    Gross profit     50,381       30,853       172,330       136,817  
                     
    Operating expenses:                
    Research and development     56,823       51,992       226,109       215,052  
    Selling, general and administrative     18,911       20,575       72,816       76,325  
                     
    Total operating expenses     75,734       72,567       298,925       291,377  
                     
    Loss from operations     (25,353 )     (41,714 )     (126,595 )     (154,560 )
                     
    Other income, net     2,360       2,107       8,867       6,030  
                     
    Loss before income taxes     (22,993 )     (39,607 )     (117,728 )     (148,530 )
                     
    Provision (benefit) for income taxes     (2,759 )     21,000       (602 )     20,887  
                     
    Net loss   $ (20,234 )   $ (60,607 )   $ (117,126 )   $ (169,417 )
                     
    Net loss per share attributable to ordinary shareholders:              
    Basic   $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Diluted   $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Weighted-average shares used to compute net loss per share              
    attributable to ordinary shareholders:                
    Basic     41,828,944       40,384,743       41,303,287       39,878,872  
    Diluted     41,828,944       40,384,743       41,303,287       39,878,872  
                     

    The following tables present details of stock-based compensation, acquisition-related costs and restructuring expense included in each functional line item in the consolidated statements of operations above:

      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Stock-based compensation:              
    Cost of revenue $ 931     $ 647     $ 3,270     $ 3,341  
    Research and development   18,372       17,950       73,025       72,759  
    Selling, general and administrative   8,245       9,923       31,748       35,216  
                   
    Total stock-based compensation $ 27,548     $ 28,520     $ 108,043     $ 111,316  
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Acquisition-related costs:              
    Cost of revenue $ 757     $ 757     $ 3,028     $ 3,028  
    Research and development   —       —       —       —  
    Selling, general and administrative   456       520       2,016       2,080  
                   
    Total acquisition-related costs $ 1,213     $ 1,277     $ 5,044     $ 5,108  
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited, in thousands)
    Restructuring expense:              
    Cost of revenue $ —     $ —     $ —     $ 66  
    Research and development   —       36       —       708  
    Selling, general and administrative   —       68       —       182  
                   
    Total restructuring expense $ —     $ 104     $ —     $ 956  
                   

    The difference between GAAP and non-GAAP gross margin was 2.0% and 2.7%, or $1.7 million and $1.4 million, for the three months ended January 31, 2025 and 2024, respectively. The difference between GAAP and non-GAAP gross margin was 2.2% and 2.9%, or $6.3 million and $6.4 million, for the fiscal years ended January 31, 2025 and 2024, respectively. The differences were due to the effect of stock-based compensation, amortization of acquisition-related costs and restructuring expense.

    AMBARELLA, INC.
    RECONCILIATION OF GAAP TO NON-GAAP DILUTED EARNINGS (LOSSES) PER SHARE
    (in thousands, except share and per share data)
                   
      Three Months Ended January 31,   Twelve Months Ended January 31,
        2025       2024       2025       2024  
      (unaudited)
    GAAP net loss $ (20,234 )   $ (60,607 )   $ (117,126 )   $ (169,417 )
                   
    Non-GAAP adjustments:              
    Stock-based compensation expense   27,548       28,520       108,043       111,316  
    Acquisition-related costs   1,213       1,277       5,044       5,108  
    Restructuring expense   —       104       —       956  
    Income tax effect   (3,760 )     20,881       (2,744 )     18,971  
    Non-GAAP net income (loss) $ 4,767     $ (9,825 )   $ (6,783 )   $ (33,066 )
                   
    GAAP – diluted weighted average shares   41,828,944       40,384,743       41,303,287       39,878,872  
    Non-GAAP – diluted weighted average shares   42,533,654       40,384,743       41,303,287       39,878,872  
                   
    GAAP – diluted net loss per share $ (0.48 )   $ (1.50 )   $ (2.84 )   $ (4.25 )
    Non-GAAP adjustments:              
    Stock-based compensation expense   0.66       0.71       2.62       2.79  
    Acquisition-related costs   0.03       0.03       0.12       0.13  
    Restructuring expense   —       —       —       0.02  
    Income tax effect   (0.09 )     0.52       (0.06 )     0.48  
    Effect of Non-GAAP – diluted weighted average shares   (0.01 )     —       —       —  
    Non-GAAP – diluted net income (loss) per share $ 0.11     $ (0.24 )   $ (0.16 )   $ (0.83 )
                   
    AMBARELLA, INC.
    CONSOLIDATED BALANCE SHEETS
    (unaudited, in thousands)
           
      January 31,   January 31,
        2025       2024  
           
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 144,622     $ 144,914  
    Marketable debt securities   105,643       75,013  
    Accounts receivable, net   29,767       24,950  
    Inventories   34,428       29,043  
    Restricted cash   7       7  
    Prepaid expenses and other current assets   6,084       6,230  
    Total current assets   320,551       280,157  
           
    Property and equipment, net   9,084       10,439  
    Intangible assets, net   47,279       55,136  
    Operating lease right-of-use assets, net   5,188       5,250  
    Goodwill   303,625       303,625  
    Other non-current assets   3,241       3,048  
           
    Total assets $ 688,968     $ 657,655  
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable   21,775       28,503  
    Accrued and other current liabilities   80,781       48,598  
    Operating lease liabilities, current   2,829       3,443  
    Income taxes payable   1,383       1,541  
    Deferred revenue, current   14,226       894  
    Total current liabilities   120,994       82,979  
           
    Operating lease liabilities, non-current   2,436       1,896  
    Other long-term liabilities   4,126       12,909  
           
    Total liabilities   127,556       97,784  
           
    Shareholders’ equity:      
    Preference shares   —       —  
    Ordinary shares   19       18  
    Additional paid-in capital   813,683       694,967  
    Accumulated other comprehensive loss   (233 )     (183 )
    Accumulated deficit   (252,057 )     (134,931 )
    Total shareholders’ equity   561,412       559,871  
           
    Total liabilities and shareholders’ equity $ 688,968     $ 657,655  

    Contact:

    Louis Gerhardy
    408.636.2310
    lgerhardy@ambarella.com

    The MIL Network –

  • MIL-OSI: Genie Energy to Report Fourth Quarter and Full Year 2024 Results 

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, NJ, Feb. 26, 2025 (GLOBE NEWSWIRE) — Genie Energy Ltd., (NYSE: GNE), a leading retail energy and renewable energy solutions provider, will announce financial and operational results for the fourth quarter and full year 2024 on Monday, March 10, 2025.

    Genie Energy will issue an earnings release over a wire service and post it in the “Investors” section of the Genie Energy website (https://genie.com/investors/quarterly-earnings/) at 7:30 AM Eastern. The release also will be filed in a current report (Form 8-K) with the SEC.

    At 8:30 AM Eastern, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook, and strategy. The call will begin with management’s remarks followed by Q&A with investors.

    To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and provide the following participant access code: 481357.

    Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and providing the replay passcode: 52066. The replay will remain available through Monday, March 24, 2025. In addition, a recording of the call will be available for playback on the “Investors” section of the Genie Energy website. 

    In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate, “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise. 

    About Genie Energy Ltd.: 

    Genie Energy Ltd., (NYSE: GNE) is a leading retail energy and renewable energy solutions provider. The Genie Retail Energy division (GRE) supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) is a vertically-integrated provider of community and utility-scale solar energy solutions. For more information, visit Genie.com.

    Contact: 
    Genie Energy Investor Relations
    Bill Ulrey
    E-mail: wulrey@genie.com 

    # # # 

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Total Revenue up 4% & Contribution ex-TAC(1)up 9% in Fourth Quarter

    Contribution ex-TAC(1)from CTV Grows 23% in Fourth Quarter

    Adjusted EBITDA Margin(2)of 42% in Fourth Quarter

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) —  Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company, today reported its results of operations for the fourth quarter and year ended December 31, 2024.

    Recent Highlights:

    • Revenue of $194.0 million for Q4 2024, up 4% from Q4 2023
    • Contribution ex-TAC(1) of $180.2 million for Q4 2024, an increase of 9% from Q4 2023
    • Contribution ex-TAC(1) attributable to CTV for Q4 2024 of $77.9 million, which exceeded guidance of $75 to $77 million, and was up 23% year-over-year
    • Contribution ex-TAC(1) attributable to DV+ for Q4 2024 of $102.3 million, an increase of 1% year-over-year
    • Net income for Q4 2024 of $36.4 million, or $0.24 per diluted share, compared to net income of $30.9 million, or $0.16 per diluted share for Q4 2023
    • Adjusted EBITDA(1) of $76.5 million in Q4 2024 representing a 42% Adjusted EBITDA margin(2), compared to Adjusted EBITDA(1) of $70.4 million for Q4 2023
    • Non-GAAP diluted earnings per share(1) of $0.34 for Q4 2024, compared to non-GAAP diluted earnings per share(1) of $0.29 for Q4 2023
    • Operating cash flow(3) in Q4 2024 of $64.4 million
    • Contribution ex-TAC(1) attributable to CTV for the full-year 2024 of $260.2 million, an increase of 19% year-over-year, representing 43% of total Contribution ex-TAC(1)
    • Adjusted EBITDA(1) for the full-year 2024 of $196.9 million, an increase of 15% from the full-year 2023
    • Ended 2024 with $483.2 million in cash and cash equivalents

    Expectations:

    • Total Contribution ex-TAC(1) for Q1 2025 to be between $140 and $144 million
    • Contribution ex-TAC(1) attributable to CTV for Q1 2025 to be between $61 and $63 million
    • Contribution ex-TAC(1) attributable to DV+ for Q1 2025 to be between $79 and $81 million
    • Adjusted EBITDA operating expenses(4) for Q1 2025 to be between $111 and $113 million
    • Total Contribution ex-TAC(1) growth above 10% for the full-year 2025
    • Excluding political, total 2025 Contribution ex-TAC(1) growth in the mid-teens
    • Adjusted EBITDA margin(2) expansion of at least 100 basis points for 2025
    • Mid-teens percentage growth of Adjusted EBITDA(1) for 2025
    • High-teens to 20% growth in free cash flow(5) for 2025

    “CTV performed well above expectations based on strength from our partnerships with many of the largest industry players. Our DV+ business grew modestly in Q4 due to marketers pausing campaigns after the election, but has rebounded since the start of 2025 and resumed growth in the mid-to-high single digits. We are very encouraged with partner and agency traction to start 2025, and have also made strides to improve efficiency across our business.” said Michael G. Barrett, CEO of Magnite. “We look forward to a solid growth year in 2025, despite a mixed ad spend environment and political comps. We continue to balance top-line growth and profitability to drive free cash flow, which is reflected in our outlook for 2025. Key areas of investment will be live sports, ClearLine, agency marketplaces, curation, AI and overall platform efficiency.”

                         
    Magnite Fourth Quarter 2024 Results Summary
    (in millions, except per share amounts and percentages)
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   Change
    Favorable/
    (Unfavorable)    		   December 31,
    2024    		   December 31,
    2023    		   Change
    Favorable/
    (Unfavorable)
    Revenue $194.0    $186.9   4%   $668.2     $619.7   8%
    Gross profit $126.2    $116.9   8%   $409.3     $209.8   95%
    Contribution ex-TAC(1) $180.2    $165.3   9%   $606.9     $549.1   11%
    Net income (loss) $36.4    $30.9   18%   $22.8     ($159.2)   NM
    Adjusted EBITDA(1) $76.5    $70.4   9%   $196.9     $171.4   15%
    Adjusted EBITDA margin(2)  42%    43%   (1) ppt    32%      31%   1 ppt
    Basic earnings (loss) per share $0.26   $0.22   18%   $0.16     ($1.17)   NM
    Diluted earnings (loss) per share $0.24   $0.16   50%   $0.16     ($1.17)   NM
    Non-GAAP earnings per share(1) $0.34   $0.29   17%   $0.71     $0.54   31%
                             

    NM = Not meaningful

    Notes:
    (1)   Contribution ex-TAC, Adjusted EBITDA, and non-GAAP earnings per share are non-GAAP financial measures. Please see the discussion in the section called “Non-GAAP Financial Measures” and the reconciliations included at the end of this press release.
    (2)   Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Contribution ex-TAC.
    (3)   Operating cash flow is calculated as Adjusted EBITDA less capital expenditures.
    (4)   Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA.
    (5)   Free cash flow is defined as operating cash flow (Adjusted EBITDA less capital expenditures) less net interest expense.
         

    Fourth Quarter 2024 Results Conference Call and Webcast:

    The Company will host a conference call on February 26, 2025 at 1:30 PM (PT) / 4:30 PM (ET) to discuss the results for its fourth quarter of 2024.

       
    Live conference call  
    Toll free number: (844) 875-6911 (for domestic callers)
    Direct dial number: (412) 902-6511 (for international callers)
    Passcode: Ask to join the Magnite conference call
    Simultaneous audio webcast: http://investor.magnite.com, under “Events and Presentations”
       
    Conference call replay  
    Toll free number: (877) 344-7529 (for domestic callers)
    Direct dial number: (412) 317-0088 (for international callers)
    Passcode: 1991482
    Webcast link: http://investor.magnite.com, under “Events and Presentations”

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising platform. Publishers use our technology to monetize their content across all screens and formats, including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile-high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    Forward-Looking Statements:
    This press release and management’s prepared remarks during the conference call referred to above include, and management’s answers to questions during the conference call may include, forward-looking statements, including statements based upon or relating to our expectations, assumptions, estimates, and projections. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “anticipate,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions. Forward-looking statements may include, but are not limited to, statements concerning the Company’s guidance or expectations with respect to future financial performance; acquisitions by the Company, or the anticipated benefits thereof; macroeconomic conditions or concerns related thereto; the growth of ad-supported programmatic connected television; our ability to use and collect data to provide our offerings; the scope and duration of client relationships; the fees we may charge in the future; key strategic objectives; anticipated benefits of new offerings; business mix; sales growth; benefits from supply path optimization; our ability to adapt to advancements in artificial intelligence; the development of identity solutions; client utilization of our offerings; the impact of requests for discounts, rebates or other fee concessions; our competitive differentiation; our market share and leadership position in the industry; market conditions, trends, and opportunities; certain statements regarding future operational performance measures; and other statements that are not historical facts. These statements are not guarantees of future performance; they reflect our current views with respect to future events and are based on assumptions and estimates and subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements.

    We discuss many of these risks and additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in this press release and in other filings we have made and will make from time to time with the Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings. These forward-looking statements represent our estimates and assumptions only as of the date of the report in which they are included. Unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated, to reflect circumstances or events that occur after the statements are made. Without limiting the foregoing, any guidance we may provide will generally be given only in connection with quarterly and annual earnings announcements, without interim updates, and we may appear at industry conferences or make other public statements without disclosing material nonpublic information in our possession. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Investors should read this press release and the documents that we reference in this press release and have filed or will file with the SEC completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

    Non-GAAP Financial Measures and Operational Measures:

    In addition to our GAAP results, we review certain non-GAAP financial measures to help us evaluate our business on a consistent basis, measure our performance, identify trends affecting our business, establish budgets, measure the effectiveness of investments in our technology and development and sales and marketing, and assess our operational efficiencies. These non-GAAP financial measures include Contribution ex-TAC, Adjusted EBITDA, Non-GAAP Income (Loss), and Non-GAAP Earnings (Loss) per share, each of which is discussed below.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitutes for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. You are encouraged to evaluate these adjustments, and review the reconciliation of these non-GAAP financial measures to their most comparable GAAP measures, and the reasons we consider them appropriate. It is important to note that the particular items we exclude from, or include in, our non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies. See “Reconciliation of Revenue to Gross Profit to Contribution ex-TAC,” “Reconciliation of net income (loss) to Adjusted EBITDA,” “Reconciliation of net income (loss) to non-GAAP income (loss),” and “Reconciliation of GAAP earnings (loss) per share to non-GAAP earnings (loss) per share” included as part of this press release.

    We do not provide a reconciliation of our non-GAAP financial expectations for Contribution ex-TAC and Adjusted EBITDA, or a forecast of the most comparable GAAP measures, because the amount and timing of many future charges that impact these measures (such as amortization of future acquired intangible assets, acquisition-related charges, foreign exchange (gain) loss, net, stock-based compensation, impairment charges, provision or benefit for income taxes, and our future revenue mix), which could be material, are variable, uncertain, or out of our control and therefore cannot be reasonably predicted without unreasonable effort, if at all. In addition, we believe such reconciliations or forecasts could imply a degree of precision that might be confusing or misleading to investors.

    Contribution ex-TAC:

    Contribution ex-TAC is calculated as gross profit plus cost of revenue, excluding traffic acquisition cost (“TAC”). Traffic acquisition cost, a component of cost of revenue, represents what we must pay sellers for the sale of advertising inventory through our platform for revenue reported on a gross basis. Contribution ex-TAC is a non-GAAP financial measure that is most comparable to gross profit. We believe Contribution ex-TAC is a useful measure in facilitating a consistent comparison against our core business without considering the impact of traffic acquisition costs related to revenue reported on a gross basis.

    Adjusted EBITDA:

    We define Adjusted EBITDA as net income (loss) adjusted to exclude stock-based compensation expense, depreciation and amortization, amortization of acquired intangible assets, impairment charges, interest income or expense, and other cash and non-cash based income or expenses that we do not consider indicative of our core operating performance, including, but not limited to foreign exchange gains and losses, acquisition and related items, gains or losses on extinguishment of debt, other debt refinancing expenses, non-operational real estate and other expenses (income), net, and provision (benefit) for income taxes. We also track future expenses on an Adjusted EBITDA basis, and describe them as Adjusted EBITDA operating expenses, which includes total operating expenses. Total operating expenses include cost of revenue. Adjusted EBITDA operating expenses is calculated as Contribution ex-TAC less Adjusted EBITDA. We adjust Adjusted EBITDA operating expenses for the same expense items excluded in Adjusted EBITDA. We believe Adjusted EBITDA is useful to investors in evaluating our performance for the following reasons:

    • Adjusted EBITDA is widely used by investors and securities analysts to measure a company’s performance without regard to items such as those we exclude in calculating this measure, which can vary substantially from company to company depending upon their financing, capital structures, and the method by which assets were acquired.
    • Our management uses Adjusted EBITDA in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of performance and the effectiveness of our business strategies, and in communications with our board of directors concerning our performance. Adjusted EBITDA is also used as a metric for determining payment of cash incentive compensation.
    • Adjusted EBITDA provides a measure of consistency and comparability with our past performance that many investors find useful, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Although Adjusted EBITDA is frequently used by investors and securities analysts in their evaluations of companies, Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation or as a substitute for analysis of our results of operations as reported under GAAP. These limitations include:

    • Stock-based compensation is a non-cash charge and will remain an element of our long-term incentive compensation package, although we exclude it as an expense when evaluating our ongoing operating performance for a particular period.
    • Depreciation and amortization are non-cash charges, and the assets being depreciated or amortized will often have to be replaced in the future, but Adjusted EBITDA does not reflect any cash requirements for these replacements.
    • Impairment charges are non-cash charges related to goodwill, intangible assets and/or long-lived assets.
    • Adjusted EBITDA does not reflect certain cash and non-cash charges related to acquisition and related items, such as amortization of acquired intangible assets, merger, acquisition, or restructuring related severance costs, and changes in the fair value of contingent consideration.
    • Adjusted EBITDA does not reflect cash and non-cash charges and changes in, or cash requirements for, acquisition and related items, such as certain transaction expenses.
    • Adjusted EBITDA does not reflect cash and non-cash charges related to certain financing transactions such as gains or losses on extinguishment of debt or other debt refinancing expenses.
    • Adjusted EBITDA does not reflect certain non-operational real estate and other (income) and expense, net, which consists of transactions or expenses that are typically by nature non-operating, one-time items, or unrelated to our core operations.
    • Adjusted EBITDA does not reflect changes in our working capital needs, capital expenditures, or contractual commitments.
    • Adjusted EBITDA does not reflect cash requirements for income taxes and the cash impact of other income or expense.
    • Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

    Our Adjusted EBITDA is influenced by fluctuations in our revenue, cost of revenue, and the timing and amounts of the cost of our operations. Adjusted EBITDA should not be considered as an alternative to net income (loss), income (loss) from operations, or any other measure of financial performance calculated and presented in accordance with GAAP.

    Non-GAAP Income (Loss) and Non-GAAP Earnings (Loss) per Share:
    We define non-GAAP earnings (loss) per share as non-GAAP income (loss) divided by non-GAAP weighted-average shares outstanding. Non-GAAP income (loss) is equal to net income (loss) excluding stock-based compensation, cash and non-cash based merger, acquisition, and restructuring costs, which consist primarily of professional service fees associated with merger and acquisition activities, cash-based employee termination costs, and other restructuring activities, including facility closures, relocation costs, contract termination costs, and impairment costs of abandoned technology associated with restructuring activities, amortization of acquired intangible assets, gains or losses on extinguishment of debt, non-operational real estate and other expenses or income, foreign currency gains and losses, interest expense associated with Convertible Senior Notes, other debt refinance expenses, and the tax impact of these items. In periods in which we have non-GAAP income, non-GAAP weighted-average shares outstanding used to calculate non-GAAP earnings per share includes the impact of potentially dilutive shares. Potentially dilutive shares consist of stock options, restricted stock units, performance stock units, and potential shares issued under the Employee Stock Purchase Plan, each computed using the treasury stock method, and the impact of shares that would be issuable assuming conversion of all of the Convertible Senior Notes, calculated under the if-converted method. We believe non-GAAP earnings (loss) per share is useful to investors in evaluating our ongoing operational performance and our trends on a per share basis, and also facilitates comparison of our financial results on a per share basis with other companies, many of which present a similar non-GAAP measure. However, a potential limitation of our use of non-GAAP earnings (loss) per share is that other companies may define non-GAAP earnings (loss) per share differently, which may make comparison difficult. This measure may also exclude expenses that may have a material impact on our reported financial results. Non-GAAP earnings (loss) per share is a performance measure and should not be used as a measure of liquidity. Because of these limitations, we also consider the comparable GAAP measure of net income (loss).

     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 483,220     $ 326,219  
    Accounts receivable, net   1,200,046       1,176,276  
    Prepaid expenses and other current assets   19,914       20,508  
    TOTAL CURRENT ASSETS   1,703,180       1,523,003  
    Property and equipment, net   68,730       47,371  
    Right-of-use lease asset   50,329       60,549  
    Internal use software development costs, net   26,625       21,926  
    Intangible assets, net   21,309       51,011  
    Goodwill   978,217       978,217  
    Other assets, non-current   6,378       6,729  
    TOTAL ASSETS $ 2,854,768     $ 2,688,806  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued expenses $ 1,466,377     $ 1,372,176  
    Lease liabilities, current   16,086       20,402  
    Debt, current   3,641       3,600  
    Other current liabilities   9,880       5,957  
    TOTAL CURRENT LIABILITIES   1,495,984       1,402,135  
    Debt, non-current, net of debt issuance costs   550,104       532,986  
    Lease liabilities, non-current   38,983       49,665  
    Other liabilities, non-current   1,479       2,337  
    TOTAL LIABILITIES   2,086,550       1,987,123  
    STOCKHOLDERS’ EQUITY      
    Common stock   2       2  
    Additional paid-in capital           1,433,809       1,387,715  
    Accumulated other comprehensive loss   (4,421 )     (2,076 )
    Accumulated deficit   (661,172 )     (683,958 )
    TOTAL STOCKHOLDERS’ EQUITY   768,218       701,683  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,854,768     $ 2,688,806  
     
     
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue $ 193,968     $ 186,932     $ 668,170     $ 619,710  
    Expenses (1)(2):              
    Cost of revenue   67,786       70,025       258,838       409,906  
    Sales and marketing   40,628       37,575       166,142       173,982  
    Technology and development   22,262       23,183       95,243       94,318  
    General and administrative   23,074       21,025       96,860       89,048  
    Merger, acquisition, and restructuring costs   —       —       —       7,465  
    Total expenses   153,750       151,808       617,083       774,719  
    Income (loss) from operations   40,218       35,124       51,087       (155,009 )
    Other expense:              
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt   —       (8,348 )     7,706       (26,480 )
    Other income   (1,170 )     (1,287 )     (5,052 )     (5,304 )
    Total other (income) expense, net   (2,040 )     1,960       24,603       2,538  
    Income (loss) before income taxes   42,258       33,164       26,484       (157,547 )
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Net earnings (loss) per share:              
    Basic $ 0.26     $ 0.22     $ 0.16     $ (1.17 )
    Diluted $ 0.24     $ 0.16     $ 0.16     $ (1.17 )
    Weighted average shares used to compute net earnings (loss) per share:              
    Basic   141,106       138,212       140,557       136,620  
    Diluted   152,434       143,793       146,810       136,620  
     
    (1) Stock-based compensation expense included in our expenses was as follows:
      Three Months Ended   Year Ended
    December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Cost of revenue $ 423   $ 436   $ 1,924   $ 1,809
    Sales and marketing   7,473     6,394     31,436     27,263
    Technology and development   3,617     4,624     18,210     20,542
    General and administrative   5,845     5,701     24,949     22,860
    Merger, acquisition, and restructuring costs   —     —     —     143
    Total stock-based compensation expense $ 17,358   $ 17,155   $ 76,519   $ 72,617
     
    (2) Depreciation and amortization expense included in our expenses was as follows:
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Cost of revenue $ 13,538   $ 13,901   $ 47,570   $ 211,956
    Sales and marketing   2,473     2,628     10,157     27,584
    Technology and development   88     188     460     779
    General and administrative   71     103     323     501
    Total depreciation and amortization expense $ 16,170   $ 16,820   $ 58,510   $ 240,820
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    OPERATING ACTIVITIES:      
    Net income (loss) $ 22,786     $ (159,184 )
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
    Depreciation and amortization   58,510       240,820  
    Stock-based compensation   76,519       72,617  
    (Gain) loss on extinguishment of debt   7,706       (26,480 )
    Provision for doubtful accounts   587       4,666  
    Amortization of debt discount and issuance costs   4,119       6,279  
    Non-cash lease expense   (4,772 )     (1,712 )
    Deferred income taxes   95       (2,379 )
    Unrealized foreign currency (gain) loss, net   (7,001 )     1,266  
    Other items, net   23       3,007  
    Changes in operating assets and liabilities:      
    Accounts receivable   (26,024 )     (220,102 )
    Prepaid expenses and other assets   1,980       1,004  
    Accounts payable and accrued expenses   97,380       294,677  
    Other liabilities   3,293       (112 )
    Net cash provided by operating activities   235,201       214,367  
    INVESTING ACTIVITIES:      
    Purchases of property and equipment   (32,810 )     (26,764 )
    Capitalized internal use software development costs   (14,260 )     (10,619 )
    Other investing activities   (432 )     —  
    Net cash used in investing activities   (47,502 )     (37,383 )
    FINANCING ACTIVITIES:      
    Proceeds from the Term Loan B Facility refinancing and repricing activities, net of debt discount   413,463       —  
    Repayment of the Term Loan B Facility from refinancing and repricing activities   (403,113 )     —  
    Payment for debt issuance costs   (4,547 )     —  
    Repayment of debt   (1,823 )     (3,600 )
    Repurchase of Convertible Senior Notes   —       (165,518 )
    Proceeds from exercise of stock options   572       2,166  
    Proceeds from issuance of common stock under employee stock purchase plan   3,589       3,513  
    Taxes paid related to net share settlement   (22,472 )     (11,814 )
    Purchase of treasury stock   (14,573 )     —  
    Repayment of finance leases   —       (276 )
    Payment of indemnification claims holdback   —       (2,313 )
    Net cash used in financing activities   (28,904 )     (177,842 )
    EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (1,794 )     575  
    CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   157,001       (283 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period   326,219       326,502  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period $ 483,220     $ 326,219  
     
       
    MAGNITE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued)
    (In thousands)
    (unaudited)
       
      Year Ended
      December 31, 2024   December 31, 2023
    SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:      
    Cash paid for income taxes $ 3,870   $ 5,357
    Cash paid for interest $ 36,863   $ 37,028
    Capitalized assets financed by accounts payable and accrued expenses and other liabilities $ 6,742   $ 1,690
    Capitalized stock-based compensation $ 2,459   $ 2,012
    Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 13,628   $ 4,017
    Operating lease right-of-use assets reduction and corresponding adjustment to operating lease liabilities from lease terminations $ 4,622   $ —
    Non-cash financing activity related to Amendment No. 1 to the 2024 Credit Agreement $ 311,974   $ —
               
     
    MAGNITE, INC.
    CALCULATION OF BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
    (In thousands, except per share data)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
       
    Basic and Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Weighted-average common shares outstanding used to compute basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Basic earnings (loss) per share $ 0.26   $ 0.22     $ 0.16   $ (1.17 )
                   
    Diluted Earnings (Loss) Per Share:              
    Net income (loss) $ 36,407   $ 30,914     $ 22,786   $ (159,184 )
    Adjustments:              
    Interest expense, Convertible Senior Notes, net of tax   517     508       —     —  
    Gain on extinguishment of debt, net of tax   —     (8,151 )     —     —  
    Net income (loss) for calculation of diluted income (loss) $ 36,924   $ 23,271     $ 22,786   $ (159,184 )
                   
    Weighted-average common shares used in basic earnings (loss) per share   141,106     138,212       140,557     136,620  
    Dilutive effect of weighted-average restricted stock units   5,044     545       3,731     —  
    Dilutive effect of weighted-average common stock options   2,012     1,156       1,811     —  
    Dilutive effect of weighted-average performance stock units   1,037     —       669     —  
    Dilutive effect of weighted-average ESPP shares   25     15       42     —  
    Dilutive effect of weighted-average convertible notes   3,210     3,865       —     —  
    Weighted-average shares used to compute diluted net earnings (loss) per share   152,434     143,793       146,810     136,620  
    Diluted net earnings (loss) per share $ 0.24   $ 0.16     $ 0.16   $ (1.17 )
     
     
    MAGNITE, INC.
    RECONCILIATION OF REVENUE TO GROSS PROFIT TO CONTRIBUTION EX-TAC
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue $ 193,968   $ 186,932   $ 668,170   $ 619,710
    Less: Cost of revenue   67,786     70,025     258,838     409,906
    Gross Profit   126,182     116,907     409,332     209,804
    Add back: Cost of revenue, excluding TAC   54,016     48,373     197,610     339,343
    Contribution ex-TAC $ 180,198   $ 165,280   $ 606,942   $ 549,147
                   
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Depreciation and amortization expense, excluding amortization of acquired intangible assets   8,698       9,198       28,376       38,330  
    Amortization of acquired intangibles   7,472       7,622       30,134       202,490  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Merger, acquisition, and restructuring costs, excluding stock-based compensation expense   —       —       —       7,322  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Interest expense, net   5,433       8,100       27,032       32,369  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    (Gain) loss on extinguishment of debt   —       (8,348 )     7,706       (26,480 )
    Other debt refinancing expense   —       —       4,103       —  
    Provision for income taxes   5,851       2,250       3,698       1,637  
    Adjusted EBITDA $ 76,513     $ 70,406     $ 196,850     $ 171,364  
     
     
    MAGNITE, INC.
    RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP INCOME (LOSS)
    (In thousands)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Net income (loss) $ 36,407     $ 30,914     $ 22,786     $ (159,184 )
    Add back (deduct):              
    Merger, acquisition, and restructuring costs, including amortization of acquired intangibles and excluding stock-based compensation expense   7,472       7,622       30,134       209,812  
    Stock-based compensation expense   17,358       17,155       76,519       72,617  
    Non-operational real estate and other expense, net   1,597       20       1,579       310  
    Foreign exchange (gain) loss, net   (6,303 )     3,495       (5,083 )     1,953  
    Interest expense, Convertible Senior Notes   421       508       1,686       2,620  
    (Gain) loss on extinguishment of debt   —       (8,348 )     7,706       (26,480 )
    Other debt refinancing expense   —       —       4,103       —  
    Tax effect of Non-GAAP adjustments(1)   (5,339 )     (10,218 )     (32,806 )     (23,740 )
    Non-GAAP income $ 51,613     $ 41,148     $ 106,624     $ 77,908  
     
    (1) Non-GAAP income (loss) includes the estimated tax impact from the reconciling items reconciling between net income (loss) and non-GAAP income (loss).
       
     
    MAGNITE, INC.
    RECONCILIATION OF GAAP EARNINGS (LOSS) PER SHARE TO NON-GAAP EARNINGS PER SHARE
    (In thousands, except per share amounts)
    (unaudited)
     
      Three Months Ended   Year Ended
      December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    GAAP net earnings (loss) per share (1):              
    Basic $ 0.26   $ 0.22   $ 0.16   $ (1.17 )
    Diluted $ 0.24   $ 0.16   $ 0.16   $ (1.17 )
                   
    Non-GAAP income (2) $ 51,613   $ 41,148   $ 106,624   $ 77,908  
    Non-GAAP earnings per share $ 0.34   $ 0.29   $ 0.71   $ 0.54  
                   
    Weighted-average shares used to compute basic net earnings (loss) per share   141,106     138,212     140,557     136,620  
    Dilutive effect of weighted-average common stock options, RSAs, RSUs, and PSUs   8,093     1,701     6,211     3,258  
    Dilutive effect of weighted-average ESPP shares   25     15     42     31  
    Dilutive effect of weighted-average Convertible Senior Notes   3,210     3,865     3,210     4,981  
    Non-GAAP weighted-average shares outstanding (3)   152,434     143,793     150,020     144,890  
     
    (1) Calculated as net income (loss) divided by basic and diluted weighted-average shares used to compute net income (loss) per share as included in the consolidated statement of operations.
    (2) Refer to reconciliation of net income (loss) to non-GAAP income (loss).
    (3) Non-GAAP earnings per share is computed using the same weighted-average number of shares that are used to compute GAAP net income (loss) per share in periods where there is both a non-GAAP loss and a GAAP net loss.
     
     
    MAGNITE, INC.
    CONTRIBUTION EX-TAC BY CHANNEL
    (In thousands, except percentages)
    (unaudited)
     
      Contribution ex-TAC
      Three Months Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 77,923   43 %   $ 63,530   38 %
    Mobile   71,660   40       71,566   44  
    Desktop   30,615   17       30,184   18  
    Total $ 180,198   100 %   $ 165,280   100 %
     
      Contribution ex-TAC
      Year Ended
      December 31, 2024   December 31, 2023
       
    Channel:              
    CTV $ 260,159   43 %   $ 218,494   40 %
    Mobile   242,018   40       226,826   41  
    Desktop   104,765   17       103,827   19  
    Total $ 606,942   100 %   $ 549,147   100 %

    The MIL Network –

  • MIL-OSI: Horizon Bancorp, Inc. Announces Retirement of Craig Dwight as Chairman and Enhancements to Board of Directors Structure

    Source: GlobeNewswire (MIL-OSI)

    MICHIGAN CITY, Ind., Feb. 26, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) Horizon Bancorp, Inc. (“Horizon” or the “Company”) announced that Craig Dwight, Chairman of Board, will retire from the Board of Directors effective at the expiration of his current term on May 1, 2025. Mr. Dwight provided written notice of his decision on February 24, 2025, which was accepted by the Board on February 25, 2025. Concurrently, the Board of Directors elected Eric Blackhurst to serve as an Independent Chairperson, effective upon Mr. Dwight’s retirement. Mr. Blackhurst has served as a Company Director for over seven years during which time his leadership has been instrumental, notably as Chairperson of Corporate Governance and as a member of the Compensation Committee. Mr. Blackhurst recently retired from an esteemed 35-year career at The Dow Chemical Company where he served as Associate General Counsel, Corporate Transactions and Latin America. His is currently interim president of Alma College. Additionally, with Horizon’s transition to an Independent Chairperson, the role of Independent Lead Director, currently held by Michele Magnuson, will be retired. Ms. Magnuson will remain on the Board and continue to serve on the Compensation and Governance Committees.

    “On behalf of the Board of Directors, Executive Leadership, and Horizon’s Advisors, it is my privilege to thank and congratulate Craig who will retire from the Board upon the expiration of his term in May. For more than 25 years Craig drove the success of Horizon by fostering a winning culture centered on placing client needs first, strengthening the communities Horizon calls home, and delivering significant value for Horizon’s shareholders. His legacy of servant leadership has positively impacted all who have had the pleasure to work with him. We wish Craig and his family the best as he enjoys this richly earned new chapter in life,” said Thomas Prame, Horizon’s President and Chief Executive Officer. “I am also pleased to announce the Board’s election of Eric Blackhurst to Independent Chairperson. Eric’s strategic vision, character and experience make him ideally suited to seamlessly transition into the role of Chairperson. I look forward to our continued positive working relationship and the value he will bring to Horizon in this important new role. Additionally, we would like to thank Michele Magnuson for her impactful stewardship as independent Lead Director over the last 3 years. We are fortunate to have Michele as a Board member, and we look forward to the positive contributions she continues to bring to the Board and organization.”

    In addition to the changes to Horizon’s director roles, Horizon welcomes Larry Magnesen to the Horizon Bank’s Board of Directors effective February 25, 2025. Mr. Magnesen brings to the Bank Board significant experience in marketing and corporate communications resulting from his 20 plus-year career at Fifth Third Bank in various senior leadership roles. “Larry has a vast experience in financial services marketing and corporate communications that will benefit Horizon Bank’s strategic objective of profitably expanding our core banking relationships,” Prame added. “Larry brings a great understanding of attracting and retaining core clients that is combined with an intimate knowledge of our local markets through his former leadership roles. I look forward to the immediate contributions Larry will bring to Horizon’s strategic outlook and the valuable skillset he adds to our already very talented Bank Board.”

    About Horizon Bancorp, Inc.

    Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the nearly 8 billion–asset bank holding company for Horizon Bank, which serves customers across attractive Midwestern markets through convenient digital tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential, indirect auto, and other secured consumer lending, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in–market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

    Contact: Thomas Prame
    Chief Executive Officer and President
    Phone: (219) 814-5983
    Date: February 26, 2025

    The MIL Network –

  • MIL-OSI: ARKO Corp. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., Feb. 26, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced financial results for the fourth quarter and the full year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Key Highlights (vs. Year-Ago Period)1,2

    • Net loss for the quarter was $2.3 million compared to net income of $1.1 million.  For the year, net income was $20.8 million compared to $34.6 million.
    • Adjusted EBITDA for the quarter was $56.8 million compared to $61.8 million.  For the year, Adjusted EBITDA was $248.9 million compared to $276.3 million. 
    • Merchandise margin rate for the quarter increased to 33.0% compared to 32.9%.  For the year, merchandise margin rate increased to 32.8% compared to 31.8%.
    • Merchandise contribution for the quarter was $134.9 million compared to $146.8 million; more than half of the merchandise contribution decline for the quarter was associated with the Company’s accretive dealerization program.  For the year, merchandise contribution was $579.6 million compared to $585.1 million.
    • Retail fuel margin for the quarter was 38.7 cents per gallon compared to 39.2 cents per gallon, resulting from macroeconomically-driven lower fuel prices and reduced price volatility. For the year, retail fuel margin increased to 39.6 cents per gallon compared to 38.8 cents per gallon.
    • Retail fuel contribution for the quarter was $100.2 million compared to $109.3 million. For the year, retail fuel contribution was $428.2 million compared to $435.3 million.

    Other Key Highlights

    • As part of the Company’s developing transformation plan, the Company converted 153 retail stores to dealer sites during the year ended December 31, 2024, including approximately 100 stores converted in the fourth quarter of 2024. The Company expects to convert a meaningful number of additional stores throughout 2025, including another approximately 100 retail stores by the end of the first quarter of 2025. The stores converted to dealer locations in 2024 are expected to produce an annualized benefit to combined wholesale segment and retail segment operating income of approximately $8.5 million. The Company now expects that, at scale, its channel optimization will yield a cumulative annualized benefit of operating income in excess of $20 million. This channel optimization is also expected to enable the Company to better focus and prioritize future investments in its remaining retail stores.
    • In 2024, the Company expanded its planned pipeline of NTI (new-to-industry) stores to eight, including two stores that opened in 2024 and an additional two stores opened in the first quarter of 2025. The Company expects to open the four remaining NTI locations over the course of 2025.
    • The Board declared a quarterly dividend of $0.03 per share of common stock to be paid on March 21, 2025 to stockholders of record as of March 10, 2025.

    1 See Use of Non-GAAP Measures below.
    2 All figures for fuel costs, fuel contribution and fuel margin per gallon exclude the estimated fixed margin or fixed fee paid to the Company’s wholesale fuel distribution subsidiary, GPM Petroleum LP (“GPMP”) for the cost of fuel (intercompany charges by GPMP).

    “We navigated a challenging macroeconomic environment in 2024, while advancing the development of our multi-year transformation plan,” said Arie Kotler, Chairman, President, and CEO of ARKO. “We made progress with our dealerization program by strategically refining our retail footprint, strengthening merchandising initiatives, and enhancing customer engagement through value-driven promotions for in-store merchandise and, more recently, a more aggressive value offer at the pump. Our focus on operational efficiencies and the dealerization program allowed us to manage through industry-wide headwinds while making strategic investments in high-growth areas, such as food service and other tobacco products to meet evolving customer preferences.”

    Mr. Kotler continued: “Looking ahead to 2025, we remain committed to driving sustainable long-term growth and value creation for our stakeholders. We plan to strengthen our competitiveness by continuing to invest in higher-growth categories, delivering further value to our customers and further optimizing our store portfolio. We are acutely focused on delivering innovative, value-driven solutions that enhance the customer experience while maximizing profitability and expanding revenue opportunities.”

    Fourth Quarter and Full Year 2024 Segment Highlights

    Retail

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Fuel gallons sold   258,856       279,035       1,080,990       1,122,321  
    Same store fuel gallons sold decrease (%) 1   (4.4 %)     (7.5 %)     (6.1 %)     (5.3 %)
    Fuel contribution 2 $ 100,212     $ 109,336     $ 428,216     $ 435,322  
    Fuel margin, cents per gallon 3   38.7       39.2       39.6       38.8  
    Same store fuel contribution 1,2 $ 96,830     $ 104,262     $ 403,503     $ 422,090  
    Same store merchandise sales (decrease) increase (%) 1   (4.3 %)     (2.8 %)     (5.4 %)     0.4 %
    Same store merchandise sales excluding cigarettes (decrease) increase (%) 1   (2.1 %)     (1.8 %)     (3.8 %)     2.5 %
    Merchandise revenue $ 408,826     $ 446,727     $ 1,767,345     $ 1,838,001  
    Merchandise contribution 4 $ 134,873     $ 146,773     $ 579,569     $ 585,122  
    Merchandise margin 5   33.0 %     32.9 %     32.8 %     31.8 %
    Same store merchandise contribution 1,4 $ 129,376     $ 135,532     $ 543,368     $ 560,321  
    Same store site operating expenses 1 $ 179,302     $ 181,527     $ 736,727     $ 737,158  
                           
    1 Same store is a common metric used in the convenience store industry. The Company considers a store a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. Refer to Use of Non-GAAP Measures below for discussion of this measure.  
    2 Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
    3 Calculated as fuel contribution divided by fuel gallons sold.  
    4 Calculated as merchandise revenue less merchandise costs.  
    5 Calculated as merchandise contribution divided by merchandise revenue.  
       

    Merchandise contribution for the fourth quarter of 2024 decreased $11.9 million, or 8.1%, compared to the fourth quarter of 2023, while merchandise margin increased to 33.0% in the fourth quarter of 2024 compared to 32.9% in 2023. The decrease in merchandise contribution was due to a decrease in same store merchandise contribution of $6.2 million and a decrease of $7.7 million related to underperforming retail stores that were closed or converted to dealers, partially offset by an increase in merchandise contribution of $2.0 million from the SpeedyQ acquisition that closed in April 2024.  Merchandise contribution at same stores decreased in the fourth quarter of 2024 primarily due to lower contribution from several core destination categories and cigarettes, partially offset by higher contribution from other tobacco products.

    For the year ended December 31, 2024, merchandise contribution decreased $5.6 million, or 0.9%, compared to the year ended December 31, 2023, while merchandise margin increased to 32.8% in 2024 from 31.8% in 2023. The decrease in merchandise contribution was due to a decrease in same store merchandise contribution of $17.0 million and a decrease in merchandise contribution of $11.6 million related to underperforming retail stores that were closed or converted to dealers, partially offset by incremental merchandise contribution from recent acquisitions of $21.7 million.

    For the fourth quarter of 2024, retail fuel contribution decreased $9.1 million to $100.2 million compared to the prior year period, with a same store fuel contribution decrease of $7.4 million attributable to gallon demand declines reflecting the challenging macro-economic environment. Fuel margin of 38.7 cents per gallon was down 0.5 cents per gallon compared to the fourth quarter of 2023, resulting from lower fuel costs and reduced price volatility this year. In addition, a decrease in retail fuel contribution of $3.7 million was related to underperforming retail stores that were closed or converted to dealers, partially offset by incremental fuel contribution from the SpeedyQ acquisition of approximately $1.8 million. 

    For the year ended December 31, 2024, fuel contribution decreased $7.1 million, or 1.6%, compared to the year ended December 31, 2023, while fuel margin per gallon increased. Same store fuel margin per gallon for 2024 increased to 39.7 cents per gallon from 39.0 cents per gallon for 2023. Incremental fuel contribution from recent acquisitions of approximately $16.8 million was more than offset by a decrease in same store fuel contribution of $18.6 million. In addition, a decrease in fuel contribution of $6.1 million was related to underperforming retail stores that were closed or converted to dealers compared to 2023.

    Wholesale

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Fuel gallons sold – fuel supply locations   201,317       199,861       794,796       801,260  
    Fuel gallons sold – consignment agent locations   38,563       40,144       154,560       168,005  
    Fuel contribution 1 – fuel supply locations $ 12,004     $ 11,499     $ 47,930     $ 48,396  
    Fuel contribution 1 – consignment agent locations $ 10,270     $ 10,101     $ 42,420     $ 44,512  
    Fuel margin, cents per gallon 2 – fuel supply locations   6.0       5.8       6.0       6.0  
    Fuel margin, cents per gallon 2 – consignment agent locations   26.6       25.2       27.4       26.5  
                           
    1 Calculated as fuel revenue less fuel costs; excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
    2 Calculated as fuel contribution divided by fuel gallons sold.  
       

    Fuel contribution was approximately $22.3 million for the fourth quarter of 2024 compared to $21.6 million for the fourth quarter of 2023. Fuel contribution for the fourth quarter of 2024 at fuel supply locations increased by $0.5 million, and fuel contribution at consignment agent locations increased by $0.2 million, as compared to the prior year period, with fuel margin increases of 0.2 cents per gallon and 1.4 cents per gallon, respectively. For the fourth quarter of 2024, other revenues, net, increased by approximately $1.8 million, while site operating expenses increased by $0.6 million compared to the prior year period, resulting from the retail stores that were converted to dealers.

    For the year ended December 31, 2024, wholesale operating income increased $0.8 million, compared to 2023. An increase of approximately $3.4 million in other revenues, net, was partially offset by a decrease in fuel contribution of approximately $2.6 million in 2024 compared to 2023. At fuel supply locations, fuel contribution decreased by $0.5 million, and fuel margin per gallon remained consistent with 2023, primarily due to decreased prompt pay discounts related to lower fuel costs and lower volumes at comparable wholesale sites, which was partially offset by incremental contribution from recent acquisitions and the retail stores converted to dealers. At consignment agent locations, fuel contribution decreased $2.1 million while fuel margin per gallon increased for 2024 compared to 2023, primarily due to incremental contribution from recent acquisitions and the retail stores converted to dealers, which was offset by lower rack-to-retail margins and decreased prompt pay discounts related to lower fuel costs.

    Fleet Fueling

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Fuel gallons sold – proprietary cardlock locations   32,888       33,285       136,104       130,995  
    Fuel gallons sold – third-party cardlock locations   3,239       3,201       12,814       9,832  
    Fuel contribution 1 – proprietary cardlock locations $ 15,823     $ 13,146     $ 62,612     $ 54,685  
    Fuel contribution 1 – third-party cardlock locations $ 509     $ 245     $ 1,677     $ 1,215  
    Fuel margin, cents per gallon 2 – proprietary cardlock locations   48.1       39.5       46.0       41.7  
    Fuel margin, cents per gallon 2 – third-party cardlock locations   15.8       7.6       13.1       12.4  
                           
    1 Calculated as fuel revenue less fuel costs; excludes the estimated fixed fee paid to GPMP for the cost of fuel.  
    2 Calculated as fuel contribution divided by fuel gallons sold.  
       

    For the fourth quarter of 2024, fuel contribution increased by $2.9 million compared to the fourth quarter of 2023. At proprietary cardlocks, fuel contribution increased by $2.7 million, and fuel margin per gallon also increased for the fourth quarter of 2024 compared to the fourth quarter of 2023. At third-party cardlock locations, fuel contribution increased by $0.3 million, and fuel margin per gallon also increased for the fourth quarter of 2024 compared to the fourth quarter of 2023.

    For the year ended December 31, 2024, fuel contribution increased by $8.4 million compared to the year ended December 31, 2023. At proprietary cardlocks, fuel contribution increased by $7.9 million, and fuel margin per gallon also increased for the year ended December 31, 2024, compared to the year ended December 31, 2023. At third-party cardlock locations, fuel contribution increased $0.5 million, and fuel margin per gallon also increased for 2024 compared to 2023. These changes were primarily due to higher volumes and the cardlocks acquired in the Company’s acquisition of certain sites from WTG Fuels Holdings, LLC in 2023.

    Site Operating Expenses

    For the quarter ended December 31, 2024, convenience store operating expenses decreased $13.0 million, or 6.5%, compared to the prior year period primarily due to a decrease of $14.3 million from underperforming retail stores that were closed or converted to dealers and a decrease in same store operating expenses of $2.2 million, or 1.2%. The decrease in convenience store operating expenses was partially offset by incremental expenses related to the SpeedyQ acquisition that closed in April 2024.

    For the year ended December 31, 2024, convenience store operating expenses increased $11.2 million, or 1.4%, as compared to the year ended December 31, 2023, primarily due to $33.1 million of incremental expenses related to recent acquisitions. The increase in site operating expenses was partially offset by a decrease in same store operating expenses of $0.4 million, and $22.1 million of reduced expenses for underperforming retail stores that were closed or converted to dealers.

    Liquidity and Capital Expenditures

    As of December 31, 2024, the Company’s total liquidity was approximately $841 million, consisting of approximately $262 million of cash and cash equivalents and approximately $579 million of availability under lines of credit. Outstanding debt was $881 million, resulting in net debt, excluding lease related financing liabilities, of approximately $619 million. Capital expenditures were $36.1 million, and $113.9 million for the quarter and year ended December 31, 2024, respectively. 

    Quarterly Dividend and Share Repurchase Program

    The Company’s ability to return cash to its stockholders through its cash dividend program and share repurchase program is consistent with its capital allocation framework and reflects the Company’s confidence in the strength of its cash generation ability and strong financial position.

    The Board declared a quarterly dividend of $0.03 per share of common stock to be paid on March 21, 2025 to stockholders of record as of March 10, 2025.

    There was approximately $25.7 million remaining under the share repurchase program as of December 31, 2024. 

    Company-Operated Retail Store Count and Segment Update

    The following tables present certain information regarding changes in the retail, wholesale and fleet fueling segments for the periods presented:

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
    Retail Segment 2024     2023     2024     2023  
    Number of sites at beginning of period   1,491       1,552       1,543       1,404  
    Acquired sites   —       —       21       166  
    Newly opened or reopened sites   1       —       3       4  
    Company-controlled sites converted to                      
    consignment or fuel supply locations, net   (102 )     (3 )     (153 )     (16 )
    Sites closed, divested or converted to rentals   (1 )     (6 )     (25 )     (15 )
    Number of sites at end of period   1,389       1,543       1,389       1,543  
                                   
      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
    Wholesale Segment 1 2024     2023     2024     2023  
    Number of sites at beginning of period   1,832       1,825       1,825       1,674  
    Acquired sites   —       —       —       190  
    Newly opened or reopened sites 2   9       25       39       83  
    Consignment or fuel supply locations converted                      
    from Company-controlled or fleet fueling sites, net   102       2       153       15  
    Closed or divested sites   (21 )     (27 )     (95 )     (137 )
    Number of sites at end of period   1,922       1,825       1,922       1,825  
                           
    1 Excludes bulk and spot purchasers.  
    2 Includes all signed fuel supply agreements irrespective of fuel distribution commencement date.  
       
      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
    Fleet Fueling Segment 2024     2023     2024     2023  
    Number of sites at beginning of period   281       295       298       183  
    Acquired sites   —       —       —       111  
    Newly opened or reopened sites   —       2       1       6  
    Fleet fueling locations converted                      
    from fuel supply locations, net   —       1       —       1  
    Closed or divested sites   (1 )     —       (19 )     (3 )
    Number of sites at end of period   280       298       280       298  
                                   

    First Quarter and Full Year 2025 Guidance

    The Company currently expects first quarter 2025 Adjusted EBITDA to range between $27 million and $33 million, with an assumed range of average retail fuel margin from 37.0 to 39.0 cents per gallon. The Company currently expects full year 2025 Adjusted EBITDA to range between $233 million and $253 million, with an assumed range of average retail fuel margin from 39.5 to 41.5 cents per gallon.   

    The Company is not providing guidance on net income at this time due to the volatility of certain required inputs that are not available without unreasonable efforts, including future fair value adjustments associated with its stock price, as well as depreciation and amortization related to its capital allocation as part of its focus on accelerating organic growth.

    Conference Call and Webcast Details

    The Company will host a conference call today, February 26, 2025, to discuss these results at 5:00 p.m. Eastern Time. Investors and analysts interested in participating in the live call can dial 877-605-1792 or 201-689-8728.

    A simultaneous, live webcast will also be available on the Investor Relations section of the Company’s website at https://www.arkocorp.com/news-events/ir-calendar. The webcast will be archived for 30 days.

    About ARKO Corp.

    ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

    Forward-Looking Statements

    This document includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may address, among other things, the Company’s expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by use of words such as “accretive,” “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to, among other things, changes in economic, business and market conditions; the Company’s ability to maintain the listing of its common stock and warrants on the Nasdaq Stock Market; changes in its strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; expansion plans and opportunities; changes in the markets in which it competes; changes in applicable laws or regulations, including those relating to environmental matters; market conditions and global and economic factors beyond its control; and the outcome of any known or unknown litigation and regulatory proceedings. Detailed information about these factors and additional important factors can be found in the documents that the Company files with the Securities and Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. The Company does not undertake an obligation to update forward-looking information, except to the extent required by applicable law.

    Use of Non-GAAP Measures

    The Company discloses certain measures on a “same store basis,” which is a non-GAAP measure. Information disclosed on a “same store basis” excludes the results of any store that is not a “same store” for the applicable period. A store is considered a same store beginning in the first quarter in which the store had a full quarter of activity in the prior year. The Company believes that this information provides greater comparability regarding its ongoing operating performance. Neither this measure nor those described below should be considered an alternative to measurements presented in accordance with generally accepted accounting principles in the United States (“GAAP”).

    The Company defines EBITDA as net income before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA by excluding the gain or loss on disposal of assets, impairment charges, acquisition and divestiture costs, share-based compensation expense, other non-cash items, and other unusual or non-recurring charges. Both EBITDA and Adjusted EBITDA are non-GAAP financial measures.

    The Company uses EBITDA and Adjusted EBITDA for operational and financial decision-making and believe these measures are useful in evaluating its performance because they eliminate certain items that it does not consider indicators of its operating performance. EBITDA and Adjusted EBITDA are also used by many of its investors, securities analysts, and other interested parties in evaluating its operational and financial performance across reporting periods. The Company believes that the presentation of EBITDA and Adjusted EBITDA provides useful information to investors by allowing an understanding of key measures that it uses internally for operational decision-making, budgeting, evaluating acquisition targets, and assessing its operating performance.

    EBITDA and Adjusted EBITDA are not recognized terms under GAAP and should not be considered as a substitute for net income or any other financial measure presented in accordance with GAAP. These measures have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of its results as reported under GAAP. The Company strongly encourages investors to review its financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.

    Because non-GAAP financial measures are not standardized, same store measures, EBITDA and Adjusted EBITDA, as defined by the Company, may not be comparable to similarly titled measures reported by other companies. It therefore may not be possible to compare the Company’s use of these non-GAAP financial measures with those used by other companies.

    Company Contact
    Jordan Mann
    ARKO Corp.
    investors@gpminvestments.com

    Investor Contact
    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    ARKO@elevate-ir.com

      Consolidated Statements of Operations  
      For the Three Months
    Ended December 31,    		     For the Year Ended
    December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 1,556,185     $ 1,759,216     $ 6,858,919     $ 7,464,372  
    Merchandise revenue   408,826       446,727       1,767,345       1,838,001  
    Other revenues, net   27,098       27,217       105,698       110,358  
    Total revenues   1,992,109       2,233,160       8,731,962       9,412,731  
    Operating expenses:                      
    Fuel costs   1,416,234       1,613,230       6,271,696       6,876,084  
    Merchandise costs   273,953       299,954       1,187,776       1,252,879  
    Site operating expenses   209,906       222,751       875,272       860,134  
    General and administrative expenses   39,690       38,102       162,920       165,294  
    Depreciation and amortization   33,989       32,648       132,414       127,597  
    Total operating expenses   1,973,772       2,206,685       8,630,078       9,281,988  
    Other expenses, net   3,962       1,168       7,858       12,729  
    Operating income   14,375       25,307       94,026       118,014  
    Interest and other financial income   4,229       2,197       30,591       20,273  
    Interest and other financial expenses   (23,942 )     (25,099 )     (97,752 )     (91,516 )
    (Loss) income before income taxes   (5,338 )     2,405       26,865       46,771  
    Income tax benefit (expense)   2,995       (1,317 )     (6,144 )     (12,166 )
    Income (loss) from equity investment   45       38       124       (39 )
    Net (loss) income $ (2,298 )   $ 1,126     $ 20,845     $ 34,566  
    Less: Net income attributable to non-controlling interests   —       48       —       197  
    Net (loss) income attributable to ARKO Corp. $ (2,298 )   $ 1,078     $ 20,845     $ 34,369  
    Series A redeemable preferred stock dividends   (1,445 )     (1,449 )     (5,750 )     (5,750 )
    Net (loss) income attributable to common shareholders $ (3,743 )   $ (371 )   $ 15,095     $ 28,619  
    Net (loss) income per share attributable to common shareholders – basic $ (0.03 )   $ (0.00 )   $ 0.13     $ 0.24  
    Net (loss) income per share attributable to common shareholders – diluted $ (0.03 )   $ (0.00 )   $ 0.13     $ 0.24  
    Weighted average shares outstanding:                      
    Basic   115,771       116,638       116,139       118,782  
    Diluted   115,771       116,638       116,949       119,605  
                                   
      Consolidated Balance Sheets  
      December 31, 2024     December 31, 2023  
      (in thousands)  
    Assets          
    Current assets:          
    Cash and cash equivalents $ 261,758     $ 218,120  
    Restricted cash   30,650       23,301  
    Short-term investments   5,330       3,892  
    Trade receivables, net   95,832       134,735  
    Inventory   231,225       250,593  
    Other current assets   97,413       118,472  
    Total current assets   722,208       749,113  
    Non-current assets:          
    Property and equipment, net   747,548       742,610  
    Right-of-use assets under operating leases   1,386,244       1,384,693  
    Right-of-use assets under financing leases, net   157,999       162,668  
    Goodwill   299,973       292,173  
    Intangible assets, net   182,355       214,552  
    Equity investment   3,009       2,885  
    Deferred tax asset   67,689       52,293  
    Other non-current assets   53,633       49,377  
    Total assets $ 3,620,658     $ 3,650,364  
    Liabilities          
    Current liabilities:          
    Long-term debt, current portion $ 12,944     $ 16,792  
    Accounts payable   190,212       213,657  
    Other current liabilities   159,239       179,536  
    Operating leases, current portion   71,580       67,053  
    Financing leases, current portion   11,515       9,186  
    Total current liabilities   445,490       486,224  
    Non-current liabilities:          
    Long-term debt, net   868,055       828,647  
    Asset retirement obligation   87,375       84,710  
    Operating leases   1,408,293       1,395,032  
    Financing leases   211,051       213,032  
    Other non-current liabilities   223,528       266,602  
    Total liabilities   3,243,792       3,274,247  
                   
    Series A redeemable preferred stock   100,000       100,000  
               
    Shareholders’ equity:          
    Common stock   12       12  
    Treasury stock   (106,123 )     (74,134 )
    Additional paid-in capital   276,681       245,007  
    Accumulated other comprehensive income   9,119       9,119  
    Retained earnings   97,177       96,097  
    Total shareholders’ equity   276,866       276,101  
    Non-controlling interest   —       16  
    Total equity   276,866       276,117  
    Total liabilities, redeemable preferred stock and equity $ 3,620,658     $ 3,650,364  
                   
      Consolidated Statements of Cash Flows  
      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Cash flows from operating activities:                      
    Net (loss) income $ (2,298 )   $ 1,126     $ 20,845     $ 34,566  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:                      
    Depreciation and amortization   33,989       32,648       132,414       127,597  
    Deferred income taxes   (9,136 )     (652 )     (12,796 )     (4,680 )
    Loss on disposal of assets and impairment charges   1,661       660       6,798       6,203  
    Foreign currency (gain) loss   (6 )     (101 )     35       29  
    Gain from issuance of shares as payment of deferred consideration related to business acquisition   —       —       (2,681 )     —  
    Gain from settlement related to business acquisition   —       —       (6,356 )     —  
    Amortization of deferred financing costs and debt discount   669       661       2,669       2,518  
    Amortization of deferred income   (4,351 )     (1,840 )     (14,477 )     (8,142 )
    Accretion of asset retirement obligation   661       709       2,532       2,399  
    Non-cash rent   3,530       3,750       14,335       14,168  
    Charges to allowance for credit losses   112       244       845       1,265  
    (Income) loss from equity investment   (45 )     (38 )     (124 )     39  
    Share-based compensation   4,077       1,777       12,339       15,015  
    Fair value adjustment of financial assets and liabilities   (222 )     842       (10,985 )     (10,785 )
    Other operating activities, net   (627 )     352       125       2,631  
    Changes in assets and liabilities:                      
    Decrease (increase) in trade receivables   21,946       44,550       38,058       (17,937 )
    Decrease (increase) in inventory   5,262       15,373       22,689       (2,013 )
    (Increase) decrease in other assets   (16 )     (957 )     13,893       (29,386 )
    Decrease in accounts payable   (18,032 )     (35,836 )     (24,169 )     (6,169 )
    (Decrease) increase in other current liabilities   (20,664 )     (8,002 )     (2,820 )     990  
    Decrease in asset retirement obligation   (634 )     (69 )     (917 )     (23 )
    Increase in non-current liabilities   6,852       2,090       29,606       7,809  
    Net cash provided by operating activities   22,728       57,287       221,858       136,094  
    Cash flows from investing activities:                      
    Purchase of property and equipment   (36,133 )     (35,561 )     (113,914 )     (111,164 )
    Purchase of intangible assets   —       —       —       (45 )
    Proceeds from sale of property and equipment   2,196       3,134       53,549       310,240  
    Business and asset acquisitions, net of cash   —       33       (54,549 )     (494,871 )
    Prepayment for acquisitions   —       (1,000 )     —       (1,000 )
    Loans to equity investment, net   14       18       56       18  
    Net cash used in investing activities   (33,923 )     (33,376 )     (114,858 )     (296,822 )
    Cash flows from financing activities:                      
    Receipt of long-term debt, net   —       20,810       47,556       99,643  
    Repayment of debt   (5,794 )     (5,640 )     (26,357 )     (22,157 )
    Principal payments on financing leases   (1,360 )     (1,260 )     (4,940 )     (5,497 )
    Early settlement of deferred consideration related to business acquisition   —       —       (17,155 )     —  
    Proceeds from sale-leaseback   —       —       —       80,397  
    Payment of Additional Consideration   (3,354 )     (3,505 )     (3,354 )     (3,505 )
    Payment of Ares Put Option   —       —       —       (9,808 )
    Common stock repurchased   —       (8,495 )     (31,989 )     (33,694 )
    Dividends paid on common stock   (3,473 )     (3,497 )     (14,015 )     (14,272 )
    Dividends paid on redeemable preferred stock   (1,445 )     (1,449 )     (5,750 )     (5,750 )
    Net cash (used in) provided by financing activities   (15,426 )     (3,036 )     (56,004 )     85,357  
    Net (decrease) increase in cash and cash equivalents and restricted cash   (26,621 )     20,875       50,996       (75,371 )
    Effect of exchange rate on cash and cash equivalents and restricted cash   18       106       (9 )     23  
    Cash and cash equivalents and restricted cash, beginning of period   319,011       220,440       241,421       316,769  
    Cash and cash equivalents and restricted cash, end of period $ 292,408     $ 241,421     $ 292,408     $ 241,421  
                                   

    Supplemental Disclosure of Non-GAAP Financial Information

      Reconciliation of EBITDA and Adjusted EBITDA  
      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Net (loss) income $ (2,298 )   $ 1,126     $ 20,845     $ 34,566  
    Interest and other financing expenses, net   19,713       22,902       67,161       71,243  
    Income tax (benefit) expense   (2,995 )     1,317       6,144       12,166  
    Depreciation and amortization   33,989       32,648       132,414       127,597  
    EBITDA   48,409       57,993       226,564       245,572  
    Acquisition and divestiture costs (a)   1,249       1,099       5,168       9,079  
    Loss on disposal of assets and impairment charges (b)   1,661       660       6,798       6,203  
    Share-based compensation expense (c)   4,077       1,777       12,339       15,015  
    (Income) loss from equity investment (d)   (45 )     (38 )     (124 )     39  
    Fuel and franchise taxes received in arrears (e)   —       —       (1,427 )     —  
    Adjustment to contingent consideration (f)   978       68       (20 )     (604 )
    Other (g)   519       230       (438 )     956  
    Adjusted EBITDA $ 56,848     $ 61,789     $ 248,860     $ 276,260  
                           
    Additional information                      
    Non-cash rent expense (h)   3,530       3,750       14,335       14,168  
                           
    (a) Eliminates costs incurred that are directly attributable to business acquisitions and divestitures (including conversion of retail stores to dealer sites) and salaries of employees whose primary job function is to execute the Company’s acquisition and divestiture strategy and facilitate integration of acquired operations. 
                           
    (b) Eliminates the non-cash loss from the sale or disposal of property and equipment, the loss recognized upon the sale of related leased assets, and impairment charges on property and equipment and right-of-use assets related to closed and non-performing sites. 
                           
    (c) Eliminates non-cash share-based compensation expense related to the equity incentive program in place to incentivize, retain, and motivate employees, certain non-employees and members of the Board. 
                           
    (d) Eliminates the Company’s share of (income) loss attributable to its unconsolidated equity investment. 
                           
    (e) Eliminates the receipt of historical fuel and franchise tax amounts for multiple prior periods. 
                           
    (f) Eliminates fair value adjustments to the contingent consideration owed to the seller for the 2020 Empire acquisition. 
                           
    (g) Eliminates other unusual or non-recurring items that the Company does not consider to be meaningful in assessing operating performance. 
                           
    (h) Non-cash rent expense reflects the extent to which GAAP rent expense recognized exceeded (or was less than) cash rent payments. GAAP rent expense varies depending on the terms of the Company’s lease portfolio. For newer leases, rent expense recognized typically exceeds cash rent payments, whereas, for more mature leases, rent expense recognized is typically less than cash rent payments. 
     

    Supplemental Disclosures of Segment Information

    Retail Segment

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 779,352     $ 913,534     $ 3,509,935     $ 3,858,777  
    Merchandise revenue   408,826       446,727       1,767,345       1,838,001  
    Other revenues, net   15,768       17,104       65,264       74,406  
    Total revenues   1,203,946       1,377,365       5,342,544       5,771,184  
    Operating expenses:                      
    Fuel costs 1   679,140       804,198       3,081,719       3,423,455  
    Merchandise costs   273,953       299,954       1,187,776       1,252,879  
    Site operating expenses   187,981       200,952       790,645       779,448  
    Total operating expenses   1,141,074       1,305,104       5,060,140       5,455,782  
    Operating income $ 62,872     $ 72,261     $ 282,404     $ 315,402  
                           
    1 Excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
       

    The table below shows financial information and certain key metrics of the SpeedyQ acquisition in the Retail Segment for which there is no comparable information for any of the prior periods.

      For the Three Months
    Ended December 31, 2024    		     For the Year
    Ended December 31, 2024    		  
      SpeedyQ 1  
      (in thousands)  
    Date of Acquisition: April 9, 2024  
    Revenues:          
    Fuel revenue $ 11,359     $ 38,937  
    Merchandise revenue   6,469       20,719  
    Other revenues, net   311       809  
    Total revenues   18,139       60,465  
    Operating expenses:          
    Fuel costs 2   9,580       33,455  
    Merchandise costs   4,473       14,709  
    Site operating expenses   3,373       9,760  
    Total operating expenses   17,426       57,924  
    Operating income $ 713     $ 2,541  
    Fuel gallons sold   3,768       11,865  
    Fuel contribution 3 $ 1,779     $ 5,482  
    Merchandise contribution 4 $ 1,996     $ 6,010  
    Merchandise margin 5   30.9 %     29.0 %
               
    1 Acquisition of seven Speedy’s retail stores.  
    2 Excludes the estimated fixed margin paid to GPMP for the cost of fuel.  
    3 Calculated as fuel revenue less fuel costs.  
    4 Calculated as merchandise revenue less merchandise costs.  
    5 Calculated as merchandise contribution divided by merchandise revenue.  
       

    Wholesale Segment

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 652,016     $ 700,026     $ 2,799,869     $ 3,039,904  
    Other revenues, net   8,681       6,909       29,140       25,775  
    Total revenues   660,697       706,935       2,829,009       3,065,679  
    Operating expenses:                      
    Fuel costs 1   629,742       678,426       2,709,519       2,946,996  
    Site operating expenses   10,997       10,400       39,679       39,703  
    Total operating expenses   640,739       688,826       2,749,198       2,986,699  
    Operating income $ 19,958     $ 18,109     $ 79,811     $ 78,980  
                           
    1 Excludes the estimated fixed margin or fixed fee paid to GPMP for the cost of fuel.  
       

    Fleet Fueling Segment

      For the Three Months
    Ended December 31,    		     For the Year
    Ended December 31,    		  
      2024     2023     2024     2023  
      (in thousands)  
    Revenues:                      
    Fuel revenue $ 117,196     $ 136,801     $ 515,462     $ 530,937  
    Other revenues, net   2,131       2,616       9,135       7,818  
    Total revenues   119,327       139,417       524,597       538,755  
    Operating expenses:                      
    Fuel costs 1   100,864       123,410       451,173       475,037  
    Site operating expenses   6,056       6,259       24,917       22,298  
    Total operating expenses   106,920       129,669       476,090       497,335  
    Operating income $ 12,407     $ 9,748     $ 48,507     $ 41,420  
                           
    1 Excludes the estimated fixed fee paid to GPMP for the cost of fuel.  

    The MIL Network –

  • MIL-OSI: Encore Capital Group Announces Fourth Quarter and Full-Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • Favorable U.S. market for portfolio supply continues
    • Global portfolio purchases in 2024 up 26% to record $1.35 billion
    • Global collections in 2024 up 16% to $2.16 billion
    • Actions taken to resolve Cabot issues resulted in a loss for the quarter and the year

    SAN DIEGO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (NASDAQ: ECPG), an international specialty finance company, today reported consolidated financial results for the fourth quarter and full year ended December 31, 2024.

    “2024 was a year of significant growth for Encore,” said Ashish Masih, Encore’s President and Chief Executive Officer. “Our global portfolio purchases increased by 26% to an all-time high for us and global collections increased by 16% compared to 2023. Higher portfolio purchasing in recent years is a key driver of our growth in collections and ultimately cash generation growth of 20% for the year.”

    “In the U.S. in 2024, continued growth in bank lending, coupled with rising delinquencies and charge-offs, led to record supply for non-performing loan portfolios and a continuation of the favorable purchasing environment in the U.S. market. As a result, our largest business, MCM, increased U.S. portfolio purchases in 2024 by 23% to a record $1 billion. In addition, anchored by stable consumer payment behavior throughout the year, MCM collections increased by 20% compared to 2023.”

    “For our Cabot business in the U.K. and Europe, 2024 was a year of progress, but also significant restructuring to resolve certain persistent issues and enable future success. Cabot portfolio purchases increased by 36% compared to 2023, driven by exceptional Q4 purchases of $200 million that included large spot-market portfolio purchases at attractive returns. For the year, Cabot collections increased by 8% compared to 2023. Despite these successes, Cabot’s business environment continued to be highly competitive and impacted by macroeconomic factors such as subdued lending growth and low charge-offs. In 2024, we took certain restructuring actions including the exit from two underperforming markets, beginning with the Spanish secured non-performing loan (NPL) market in Q3 followed by the Italian NPL market in Q4. We also made adjustments to Cabot’s estimated remaining collections (ERC), particularly in the fourth quarter. These actions resulted in a $101 million goodwill charge in Q4.”

    “We believe our reported financial results in 2024, and in particular our net loss of $139 million, or ($5.83) per share, are not indicative of the operational performance of our business due to certain non-cash charges, the largest of which were the goodwill impairment related to our Cabot business and the adjustments to Cabot’s ERC in Q4, which reduced earnings for the quarter and the year. We believe these Cabot ERC adjustments, in addition to other actions taken during the year, place Cabot on a more solid footing. We expect Cabot’s future performance to align closely with its rebased ERC.”

    “Looking ahead, guided by our three pillar strategy, we remain committed to our long-standing financial objectives and our capital allocation priorities. We anticipate our global portfolio purchases in 2025 to exceed the $1.35 billion of purchases we made in 2024. We expect global collections in 2025 to increase by 11% to $2.4 billion. As a result of our continued growth in cash generation and its impact on our improving leverage, we plan to resume share repurchases in 2025. We also remain committed to the critical role we play in the consumer credit ecosystem and to helping consumers restore their financial health,” said Masih.

       
    Financial Highlights for the Full Year of 2024:
       
      Year Ended December 31,
    (in thousands, except percentages and earnings per share)   2024       2023     Change
    Collections $ 2,162,478     $ 1,862,567     16 %
    Revenues $ 1,316,361     $ 1,222,680     8 %
    Portfolio purchases(1) $ 1,352,035     $ 1,073,812     26 %
    Estimated Remaining Collections (ERC) $ 8,501,370     $ 8,191,913     4 %
    Operating expenses $ 1,159,031     $ 1,206,145     (4 )%
    GAAP net loss $ (139,244 )   $ (206,492 )   NM
    GAAP loss per share $ (5.83 )   $ (8.72 )   NM

    __________________

    (1) Includes U.S. purchases of $998.9 million and $814.6 million, and Europe purchases of $353.2 million and $259.3 million in 2024 and 2023, respectively.
       
    Financial Highlights for the Fourth Quarter of 2024:
       
      Three Months Ended December 31,
    (in thousands, except percentages and earnings per share)   2024       2023     Change
    Collections $ 554,595     $ 458,350     21 %
    Revenues $ 265,619     $ 277,387     (4 )%
    Portfolio purchases(1) $ 495,144     $ 292,497     69 %
    Operating expenses $ 399,809     $ 494,580     (19 )%
    GAAP net loss $ (225,307 )   $ (270,762 )   NM
    GAAP loss per share $ (9.42 )   $ (11.40 )   NM

    __________________

    (1) Includes U.S. purchases of $295.3 million and $208.5 million, and Europe purchases of $199.8 million and $84.0 million in Q4 2024 and Q4 2023, respectively.
       
    Key Impacts from Cabot Actions and other items for the Fourth Quarter of 2024:
       
      Three Months Ended
    December 31,
    (in thousands, except earnings per share impact)   2024     EPS Impact(1)
    Cabot changes in expected future recoveries $ (129,128 )   $ (5.40 )
    Goodwill impairment $ (100,600 )   $ (4.21 )
    Cabot IT-related asset impairment $ (18,544 )   $ (0.78 )
    Loss on extinguishment of debt $ (7,832 )   $ (0.28 )
    Cabot restructuring charges $ (6,087 )   $ (0.25 )
    Total $ (262,191 )   $ (10.92 )

    __________________

    (1) Basic share count was used to calculate EPS impacts.
       

    Conference Call and Webcast

    The Company will host a conference call and slide presentation today, February 26, 2025, at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss fourth quarter and full year results.

    Members of the public are invited to access the live webcast via the Internet by logging in on the Investor Relations page of Encore’s website at www.encorecapital.com. To access the live conference call by telephone, please pre-register using this link. Registrants will receive confirmation with dial-in details.

    For those who cannot listen to the live broadcast, a replay of the webcast will be available on the Company’s website shortly after the call concludes.

    Non-GAAP Financial Measures

    This news release includes certain financial measures that exclude the impact of certain items and therefore have not been calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company has included information concerning adjusted EBITDA because management utilizes this information in the evaluation of its operations and believes that this measure, when added to collections applied to principal balance, is a useful indicator of the Company’s ability to generate cash collections in excess of operating expenses through the liquidation of its receivable portfolios. Adjusted EBITDA has not been prepared in accordance with GAAP and should not be considered an alternative to, or more meaningful than, net income as an indicator of the Company’s operating performance. Further, this non-GAAP financial measure, as presented by the Company, may not be comparable to similarly titled measures reported by other companies. The Company has attached to this news release a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

    About Encore Capital Group, Inc.

    Encore Capital Group is an international specialty finance company that provides debt recovery solutions and other related services for consumers across a broad range of financial assets. Through its subsidiaries around the globe, Encore purchases portfolios of consumer receivables from major banks, credit unions, and utility providers. 

    Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com.

    Forward Looking Statements
    The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “will,” “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our future operating results (including portfolio purchase volumes, collections and cash generation), performance, business plans or prospects as well as statements regarding future supply, consumer behavior, or macroeconomic environment. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Form 10-K, as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.

    Contact:
    Bruce Thomas
    Encore Capital Group, Inc.
    Vice President, Global Investor Relations
    bruce.thomas@encorecapital.com

    SOURCE: Encore Capital Group, Inc.

    FINANCIAL TABLES FOLLOW

           
    ENCORE CAPITAL GROUP, INC.
    Consolidated Statements of Financial Condition
    (In Thousands, Except Par Value Amounts)
           
      December 31,
    2024    		   December 31,
    2023
    Assets      
    Cash and cash equivalents $ 199,865     $ 158,364  
    Investment in receivable portfolios, net   3,776,369       3,468,432  
    Property and equipment, net   80,597       103,959  
    Other assets   225,090       293,256  
    Goodwill   507,808       606,475  
    Total assets $ 4,789,729     $ 4,630,486  
    Liabilities and Equity      
    Liabilities:      
    Accounts payable and accrued liabilities $ 233,545     $ 189,928  
    Borrowings   3,672,762       3,318,031  
    Other liabilities   116,091       185,989  
    Total liabilities   4,022,398       3,693,948  
    Commitments and contingencies      
    Equity:      
    Convertible preferred stock, $0.01 par value, 5,000 shares authorized, no shares issued and outstanding   —       —  
    Common stock, $0.01 par value, 75,000 shares authorized, 23,691 shares and 23,545 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively   237       235  
    Additional paid-in capital   19,297       11,052  
    Accumulated earnings   909,927       1,049,171  
    Accumulated other comprehensive loss   (162,130 )     (123,920 )
    Total stockholders’ equity   767,331       936,538  
    Total liabilities and stockholders’ equity $ 4,789,729     $ 4,630,486  
                   

    The following table presents certain assets and liabilities of consolidated variable interest entities (“VIEs”) included in the consolidated statements of financial condition above. Most assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs. The liabilities exclude amounts where creditors or beneficial interest holders have recourse to the general credit of the Company.

           
      December 31,
    2024    		   December 31,
    2023
    Assets      
    Cash and cash equivalents $ 23,875   $ 24,472
    Investment in receivable portfolios, net   895,704     717,556
    Other assets   3,699     19,358
    Liabilities      
    Accounts payable and accrued liabilities   2,946     1,854
    Borrowings   599,830     494,925
    Other liabilities   887     2,452
               
               
           
    ENCORE CAPITAL GROUP, INC.
    Consolidated Statements of Operations
    (In Thousands, Except Per Share Amounts)
           
      (Unaudited)
    Three Months Ended
    December 31,    		   Year Ended
    December 31,
        2024       2023       2024       2023  
    Revenues              
    Revenue from receivable portfolios $ 336,666     $ 304,892     $ 1,302,567     $ 1,204,437  
    Changes in recoveries   (95,760 )     (52,476 )     (89,740 )     (82,530 )
    Total debt purchasing revenue   240,906       252,416       1,212,827       1,121,907  
    Servicing revenue   20,525       19,650       84,783       83,136  
    Other revenues   4,188       5,321       18,751       17,637  
    Total revenues   265,619       277,387       1,316,361       1,222,680  
    Operating expenses              
    Salaries and employee benefits   104,616       96,760       422,910       391,532  
    Cost of legal collections   68,989       56,727       259,298       224,252  
    General and administrative expenses   52,019       36,809       163,847       144,862  
    Other operating expenses   37,786       29,315       130,802       111,179  
    Collection agency commissions   8,288       9,074       30,596       35,657  
    Depreciation and amortization   8,967       8,969       32,434       41,737  
    Goodwill impairment   100,600       238,200       100,600       238,200  
    Impairment of assets   18,544       18,726       18,544       18,726  
    Total operating expenses   399,809       494,580       1,159,031       1,206,145  
    (Loss) income from operations   (134,190 )     (217,193 )     157,330       16,535  
    Other expense              
    Interest expense   (68,498 )     (54,501 )     (252,545 )     (201,877 )
    Loss on extinguishment of debt   (7,832 )     —       (7,832 )     —  
    Other income (expense)   541       (2 )     6,832       5,078  
    Total other expense   (75,789 )     (54,503 )     (253,545 )     (196,799 )
    (Loss) income before income taxes   (209,979 )     (271,696 )     (96,215 )     (180,264 )
    (Provision) benefit for income taxes   (15,328 )     934       (43,029 )     (26,228 )
    Net loss $ (225,307 )   $ (270,762 )   $ (139,244 )   $ (206,492 )
                   
    Loss per share:              
    Basic $ (9.42 )   $ (11.40 )   $ (5.83 )   $ (8.72 )
    Diluted $ (9.42 )   $ (11.40 )   $ (5.83 )   $ (8.72 )
                   
    Weighted average shares outstanding:              
    Basic   23,916       23,741       23,873       23,670  
    Diluted   23,916       23,741       23,873       23,670  
                                   
                                   
       
    ENCORE CAPITAL GROUP, INC.
    Consolidated Statements of Cash Flows
    (In Thousands)
       
      Year Ended December 31,
        2024       2023       2022  
    Operating activities:          
    Net (loss) income $ (139,244 )   $ (206,492 )   $ 194,564  
    Adjustments to reconcile net (loss) income to net cash provided by operating activities:          
    Depreciation and amortization   32,434       41,737       46,419  
    Other non-cash interest expense, net   16,325       17,160       15,875  
    Stock-based compensation expense   14,012       13,854       15,402  
    Deferred income taxes   (22,280 )     (55,916 )     46,410  
    Goodwill impairment   100,600       238,200       —  
    Impairment of assets   18,544       18,726       4,075  
    Changes in recoveries   89,740       82,530       (93,145 )
    Other, net   17,880       (2,259 )     18,798  
    Changes in operating assets and liabilities          
    Other assets   (28,245 )     15,894       (6,722 )
    Accounts payable, accrued liabilities and other liabilities   56,402       (10,443 )     (30,995 )
    Net cash provided by operating activities   156,168       152,991       210,681  
    Investing activities:          
    Purchases of receivable portfolios, net of put-backs   (1,336,442 )     (1,060,206 )     (790,569 )
    Collections applied to investment in receivable portfolios, net   859,911       658,130       709,176  
    Purchases of real estate owned   (212 )     (26,901 )     (39,340 )
    Purchases of property and equipment   (29,007 )     (24,807 )     (37,224 )
    Proceeds from sale of real estate owned   56,396       52,636       27,722  
    Other, net   8,924       (793 )     —  
    Net cash used in investing activities   (440,430 )     (401,941 )     (130,235 )
    Financing activities:          
    Payment of loan and debt refinancing costs   (21,418 )     (13,707 )     (1,659 )
    Proceeds from credit facilities   2,031,470       1,196,046       779,513  
    Repayment of credit facilities   (1,868,111 )     (989,627 )     (515,703 )
    Proceeds from senior secured notes   1,000,000       104,188       —  
    Repayment of senior secured notes   (789,106 )     (39,080 )     (39,080 )
    Proceeds from issuance of convertible senior notes   —       230,000       —  
    Repayment of convertible senior notes   —       (212,480 )     (221,153 )
    Payments to settle derivative instruments   (40,038 )     —       —  
    Repurchase and retirement of common stock   —       —       (87,006 )
    Other, net   4,977       (7,040 )     (22,357 )
    Net cash provided by (used in) financing activities   317,774       268,300       (107,445 )
    Net increase (decrease) in cash and cash equivalents   33,512       19,350       (26,999 )
    Effect of exchange rate changes on cash and cash equivalents   7,989       (4,898 )     (18,734 )
    Cash and cash equivalents, beginning of period   158,364       143,912       189,645  
    Cash and cash equivalents, end of period $ 199,865     $ 158,364     $ 143,912  
               
    Supplemental disclosures of cash flow information:          
    Cash paid for interest $ 210,580     $ 163,815     $ 131,391  
    Cash paid for income taxes, net of refunds   67,091       68,522       71,276  
    Supplemental schedule of non-cash investing and financing activities:          
    Investment in receivable portfolios transferred to real estate owned $ 5,966     $ 7,957     $ 1,903  
                           
                           
           
    ENCORE CAPITAL GROUP, INC.
    Supplemental Financial Information
    Reconciliation of Non-GAAP Metrics
           
    Adjusted EBITDA    
           
    (in thousands, unaudited) Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024       2023       2024       2023  
    GAAP net loss, as reported $ (225,307 )   $ (270,762 )   $ (139,244 )   $ (206,492 )
    Adjustments:              
    Interest expense   68,498       54,501       252,545       201,877  
    Loss on extinguishment of debt   7,832       —       7,832       —  
    Interest income   (1,971 )     (1,364 )     (7,008 )     (4,746 )
    Provision (benefit) for income taxes   15,328       (934 )     43,029       26,228  
    Depreciation and amortization   8,967       8,969       32,434       41,737  
    Net loss (gain) on derivative instruments(1)   —       342       (267 )     (3,170 )
    Stock-based compensation expense   2,281       2,837       14,012       13,854  
    Acquisition, integration and restructuring related expenses(2)   6,087       827       10,451       7,401  
    Goodwill Impairment(3)   100,600       238,200       100,600       238,200  
    Impairment of assets(3)   18,544       18,726       18,544       18,726  
    Adjusted EBITDA $ 859     $ 51,342     $ 332,928     $ 333,615  
    Collections applied to principal balance(4) $ 337,464     $ 213,769     $ 1,004,230     $ 776,280  

    ________________________

    (1) Amount represents gain or loss recognized on derivative instruments that are not designated as hedging instruments or gain or loss recognized on derivative instruments upon dedesignation of hedge relationships. We adjust for this amount because we believe the gain or loss on derivative contracts is not indicative of ongoing operations.
    (2) Amount represents acquisition, integration and restructuring related expenses. We adjust for this amount because we believe these expenses are not indicative of ongoing operations; therefore, adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results.
    (3) During the years ended December 31, 2024, and 2023, we recorded a non-cash goodwill impairment charge of $100.6 million and $238.2 million, respectively. We recorded a non-cash impairment of long-lived assets of $18.5 million and a non-cash impairment of intangible assets of $18.7 million during the years ended December 31, 2024, and 2023, respectively. We believe these non-cash impairment charges are not indicative of ongoing operations, therefore adjusting for these expenses enhances comparability to prior periods, anticipated future periods, and our competitors’ results. Refer to “Note 15: Goodwill and Identifiable Intangible Assets” and “Note 5: Composition of Certain Financial Statement Items” to our consolidated financial statements for further details.
    (4) Amount represents (a) gross collections from receivable portfolios less (b) debt purchasing revenue, plus (c) proceeds applied to basis from sales of real estate owned (“REO”) assets and exit activities. A reconciliation of “collections applied to investment in receivable portfolios, net” to “collections applied to principal balance” is available in the Form 10-K for the period ending December 31, 2024.

    The MIL Network –

  • MIL-OSI: Nasdaq Announces Mid-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date February 14, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of February 14, 2025, short interest in 3,121 Nasdaq Global MarketSM securities totaled 12,649,030,702 shares compared with 12,170,722,591 shares in 3,109 Global Market issues reported for the prior settlement date of January 31, 2025. The mid-February short interest represents 2.64 days compared with 2.69 days for the prior reporting period.

    Short interest in 1,629 securities on The Nasdaq Capital MarketSM totaled 2,531,037,044 shares at the end of the settlement date of February 14, 2025, compared with 2,410,655,463 shares in 1,621 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

    In summary, short interest in all 4,750 Nasdaq® securities totaled 15,180,067,746 shares at the February 14, 2025 settlement date, compared with 4,730 issues and 14,581,378,054 shares at the end of the previous reporting period. This is 1.89 days average daily volume, compared with an average of 1.88 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

    About Nasdaq:
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com. 

    Media Contact:
    Camille Stafford
    camille.stafford@nasdaq.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3329bc77-fd0d-4905-ad89-d74de596b45b

    NDAQO

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Record-high Revenue, Net Income, and Adjusted EBITDA for the full year and Q4 2024
    $28.8K direct energy cost per bitcoin for 2024 from owned sites
    BTC yield per share of 62.9% for 2024

    Fort Lauderdale, FL, Feb. 26, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, today announced its fourth quarter and full year 2024 financial results in a letter to shareholders.

    Investors are invited to access the fourth quarter 2024 shareholder letter at MARA’s website at ir.mara.com. A copy of the letter will also be furnished to the Securities and Exchange Commission on a Form 8-K.

    MARA will hold a webcast and conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss these financial results. To register to participate in the conference call, please use this link. The webcast will also be available for replay via the investor relations section of the Company’s website.

    Earnings Webcast and Conference Call Details
    Date: Wednesday, February 26, 2025
    Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
    Registration link: LINK

    If you have any difficulty connecting to the conference call, please contact MARA’s investor relations team at ir@mara.com.

    About MARA
    MARA (NASDAQ: MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    For more information, visit www.mara.com, or follow us on:

    Twitter: @MARAHoldings
    LinkedIn: www.linkedin.com/company/MARAHoldings
    Facebook: www.facebook.com/MARAHoldings
    Instagram: @maraholdingsinc

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: mara@wachsman.com

    The MIL Network –

  • MIL-OSI: Trisura Chief Executive Officer David Clare to Hold Virtual Fireside Chat With TD Securities

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 26, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU) Chief Executive Officer, David Clare, will join TD Securities Analyst, Mario Mendonca, in a virtual fireside chat to discuss the company’s 2024 results and outlook for 2025 on Thursday March 6, 2025 at 10:00 AM ET.

    To listen to the call via live audio webcast, please follow the link below:
    https://www.veracast.com/webcasts/tds/meetings/XL6A16.cfm

    A replay of the call will be available through the link above.

    About Trisura Group

    Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

    Further information is available at https://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

    For more information, please contact:
    Name: Bryan Sinclair
    Tel: 416 607 2135
    Email: bryan.sinclair@trisura.com

    The MIL Network –

  • MIL-OSI: Triumph Financial to Acquire Greenscreens.ai

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 26, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN), a financial and technology company specializing in payments, factoring, banking and intelligence solutions for the transportation industry, has agreed to acquire Greenscreens.ai.

    Greenscreens.ai is a pricing solution for the logistics industry that delivers short-term freight market pricing intelligence and business insights. Using machine learning, their solutions help customers make data-informed pricing and purchasing decisions.

    “The acquisition of Greenscreens.ai marks another significant step in our strategy to transform data into actionable intelligence for the freight industry,” said Aaron P. Graft, founder, vice chairman and chief executive officer of Triumph Financial. “With our recent acquisition of Isometric Technologies, we laid the groundwork for performance-based intelligence. The acquisition of Greenscreens.ai will expand our capabilities into pricing intelligence.”

    Dawn Salvucci-Favier, chief executive officer of Greenscreens.ai, added, “Joining Triumph is an exciting opportunity for Greenscreens.ai. Since day one, our mission has been to provide the industry’s leading neutral platform for pricing and revenue optimization. As a part of Triumph, we can broaden our impact and accelerate innovation in freight pricing.”

    “This acquisition strengthens Triumph’s ability to deliver validated, high-quality data that enhances decision-making and drives efficiency,” Graft said. “As we expand our Intelligence segment, we remain committed to giving customers in our network access to actionable insights into the freight industry so they can transact confidently.”

    Under the terms of the agreement, Triumph will acquire Greenscreens.ai for $140 million in cash and $20 million in TFIN stock. The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to close during the second quarter of 2025. J.P. Morgan is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Triumph Financial in connection with the transaction. DLA Piper is acting as legal counsel to Greenscreens.ai in connection with the transaction.

    About Triumph
    Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring, banking and intelligence. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph, TBK Bank and LoadPay.

    About Greenscreens.ai
    Greenscreens.ai is transforming how the freight industry buys and sells freight through a collaborative and dynamic approach driven by clean data and innovative technology. Leveraging sophisticated machine learning algorithms, Greenscreens.ai provides market intelligence via an intuitive and integrated platform, empowering users to quickly adjust their freight strategies based on powerful real-time data insights. With two distinct products—one serving shippers and one serving brokers—customers buy and sell with confidence, unveil markets, and build resilience.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the ability of Triumph Financial to consummate the pending acquisition of Greenscreens.ai, including the possibility that the expected benefits related to the pending acquisition may not materialize as expected; the pending acquisition of Greenscreens.ai may not be timely completed, if completed at all; prior to the completion of the pending acquisition of Greenscreens.ai, Greenscreens.ai’s business could experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Triumph Financial may be unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies with Greenscreens.ai within Triumph Financial management’s expected timeframes or at all; the ability to satisfy the closing conditions to the Greenscreens.ai transaction in a timely basis or at all; the ability of Triumph Financial or Greenscreens.ai to retain and hire key personnel; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of TBK Bank and Greenscreens.ai to terminate the merger agreement; and the outcome of any legal proceedings that may be instituted against Triumph Financial, Greenscreens.ai or their respective directors, officers or employees. For a discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    The MIL Network –